Coal-mining investment returns $300M for Questor.(News)(PinnOak Resources sells coal mining company to Cleveland-Cliffs Inc)

From: Crain's Detroit Business | Date: September 10, 2007| Author: Henderson, Tom | Copyright information

Byline: Tom Henderson

Southfield-based Questor Management Co. L.L.C. has hit what company officials describe as "a home run'' in a deal that sources say returned about $300 million for an initial investment of $11.5 million in 2003.

Questor and its partners in Pennsylvania-based PinnOak Resources L.L.C. sold the coal-mining company to Cleveland-based Cleveland-Cliffs Inc. (NYSE: CLF), in a deal that closed on July 31 for $450 million in cash plus the assumpti...

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