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crs the owner: <br />This issue has been resolved. The Lehman Brothers Merchant Banking Partners is <br />a shareholder. not an owner, of the P&L Coal Holdings Corporation. [n addition. <br />three other entities have been added as shareholders to the P&L Coal Holdings <br />Corporation; Lehman Brothers Offshore Investment Partners, LB[ Group and Co- <br />[nvestment Partners. The AVS has been chanced by OS~(-AVS to retlect these <br />additions. Seneca supplied revised information to retlect these additions as well. <br />Although not a requirement, the AVS listing for P&L Coal Holdings Corporation <br />does not have beginning dates or AVS entity numbers for Lehman Brothers <br />Merchan[ Banking Partners, Lehman Brothers Offshore Investment Partners, LBI <br />Group and Co-Investment Partners. Seneca might want to add this information in <br />with the next submittal. <br />10. If Lehman Merchant Bank owns P&L Coal Holdings Corporation, please add <br />Lehman tLlerchant Bank to the organizational chart that was provided in the <br />submittal; <br />Seneca has responded that the Lehman Merchant Bank does not have to be added <br />to the oreanizational chart since it is a shareholder. However, under the defmition <br />of"owns or controls", found in Regulation 1.04(83a)(b)(v), an entity is considered <br />a controller if, among other relationships, it holds 10% through 50 % of voting <br />shares. Because Peabody has entered the four companies into AVS as owners or <br />controllers of P&L Coal Holdings Corporation, the Division assumes that one or <br />more relationships of Regulation 1.04(83a) apply, including the relationship of <br />owning 10 % through 50 % of voting shares. If this assumption is incorrect, <br />Seneca can supply evidence to the Office of Surface Mining (OSM) that any or all <br />of the four companies are not owners and controllers of P&L Coal Holdings <br />Corporation, according to the definition in Revelation 1.04(83a), and, then, OSM <br />can remove the four companies from AVS. <br />However. if the Division's assumption of ownership and control is correct, then, <br />Lehman Brothers Merchant Bankins Partners. Lehman Brothers Offshore <br />Investment Partners, LBI Group and Co-Investment Partners are presumed to be <br />controllers of P&L Coal Holdings Corporation. Therefore, Regulation 2.03.4(3) <br />requires that specific information be provided for the owners or controllers of the <br />applicant. Since there are now four new additions to the P&L Coal Holdings <br />Corporation oreanizational tree, the four entities need to be added to the <br />a <br />