PROXY STATEMENT
OF WESTMORELAND COAL
Securities and Exchange Commission
Washington D.C. 20549
SCHEDULE 14a INFORMATION
Proxy Statement Pursuant to Sections 14(a) of the
Securities Exchange Act of 1934
Filed by the Registrant [ ]
Filed by a party other than the Registrant [X]
Check the appropriate box:
[ ] Preliminary Proxy Statement
[ ] Confidential, for use of the Commission Only
(as permitted by Rule 14a-6(e)(2))
[ ] Definitive Proxy Statement
[ ] Definitive Materials
[X ] Soliciting Material Pursuant to Rule 14a-11(c) or Rule
14(a)-12
__________________________________________________________________
Westmoreland Coal Company
__________________________________________________________________
(Name of Registrant as Specified in Its Charter)
Westmoreland Committee To Enhance Share Value
__________________________________________________________________
(Name of Person(s) Filing Proxy Statement,
if other than the Registrant)
Payment of Filing Fee (Check the appropriate box):
[X ] No Fee Required.
[ ] Fee computer on table below per Exchange Act Rules 14a-6(i)(l)
and 0-11.
(1) Title of each class of securities to which transaction
applies:
__________________________________________________________________
(2) Aggregate number of securities to which transaction
applies:
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(3) Per Unit price or other underlying value of transaction
computer pursuant to Exchange Act Rule 0-11:
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(4) Proposed maximum aggregate value of transaction:
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(5) Total fee paid:
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[ ] Fee paid previously with preliminary proxy materials.
[ ] Check box if any part of the fee is offset as provided by
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(The following is added text of a Web Site at
freedomforshareholders.com)
FREEDOM FOR SHAREHOLDERS
(This appears on the home page)
(a button on this page takes the viewer to the next page which
offers the following choices)
Filings with SEC
Appraisals
Concerned Shareholder Letters
Other Voices
(the button on Filings with SEC takes the viewer to the recently
filed preliminary proxy statement of the Committee to Enhance
Share Value)
(the remaining pages contain a statement that the page is under
construction)
The new pages are as follows:
1. Meet our team!!
The text for the page is as follows:
On behalf of shareholders, the Committee has recruited and
retained the services a first-rate team of professionals to help
us in our campaign to enhance share value.
Jeff Bodington - As founder and President of Bodington & Company,
Jeff provides management and financial consulting to the electric
power industry. Bodington & Company is helping us to determine how
to ensure the greatest revenue possible for shareholders in
accordance with our plan to sell Westmoreland's Independent Power
Projects (IPPs). Bodington & Company has provided services for 90
clients in more than 250 projects.
John A. Lee - John is a Partner at Andrews & Kurth LLP, Houston,
TX where he focuses primarily on litigation and bankruptcy
practice areas. He was Counsel to the Official Committee of Equity
Security Holders (Equity Committee) which was selected and
appointed by the office of the US Trustee to protect the rights
and interests of Westmoreland shareholders during Westmoreland's
recent bankruptcy case.
Richard Y. Roberts - Rick, a former Commissioner of the Securities
and Exchange Commission (SEC), currently is Of Counsel with the
Business and Finance Department and Utility Services Practices
Groups at Thelen Reid & Priest LLP in Washington, DC
2. Bodington & Company
The text for the page is as follows:
The Committee has retained Bodington & Company to advise it on the
value of WEI's independent power projects (IPP). B&Co has in
depth experience with more than 125 power projects in the U.S. and
is active in advising buyers and sellers of projects like those
owned by WEI. B&Co has begun its appraisal and will complete its
work once it has access to detailed information on the projects.
B&Co characterizes the current market for power projects as a
seller's market. Valuations are high and B&Co has obtained
multiple offers for even troubled projects. High quality projects
bring 5 to 10 competitive offers. The reasons for the current
sellers market include:
There are many buyers. Publicly owned independent power companies
have aggressive growth plans. Many utilities have sold their own
generation and are reinvesting the proceeds in newer, more
efficient power projects. Newer IPPs, such as WEI's facilities,
are 20% to 50% more efficient than older utility-owned power
projects.
The supply of IPPs with power contracts is limited. Nearly all
new projects have no power contract and these new projects are
exposed to the risks of deregulating and volatile markets. WEI's
projects have power contracts with either Public Service of
Colorado or Virginia Power.
Many buyers are public companies involved in early-stage
development of projects that will take several years to place in
service. Acquiring operating projects provides these companies
with current earnings to support their stock prices. All of WEI's
projects are profitable and provide current earnings and cash
flow.
Utilities are showing interest in buying out power contracts, and
the remaining projects still have value. WEI received net
proceeds of over $65 MM for the sale to Niagara Mohawk of its
approximately 42 MW net interest in Rensselaer and Ft. Drum.
Virginia Power has bought out power contracts, and it may be
interested in buying out WEI's net interest of 178 MW in Alta
Vista, Hopwell, Rova I and II, and Southampton. Public Service of
Colorado has also bought out contracts, and it may be interested
in buying out WEI's net interest of 13 MW in Ft. Lupton.
Generation is in demand. Load is growing, and many older
facilities are nearing the ends of their economic lives. New
projects are difficult to permit, develop, and construct.
Existing projects, such as those owned by WEI, are already
operating.
