Coal Company Executive Withdraws from Takeover Bid

By Beacon Staff

BILLINGS — A Montana coal executive has dropped out of a group seeking to take control of Stillwater Mining Co. after questions were raised about his academic credentials.

The New York-based Clinton Group, which is leading the takeover attempt, said Tuesday that Signal Peak Energy President John DeMichiei asked to be removed from a slate of new directors proposed for the precious metals miner.

Stillwater CEO Frank McAllister had challenged whether DeMichiei received two degrees listed under his name in a biography circulated by the Clinton Group.

DeMichiei told The Associated Press he earned the equivalent of the Bachelor of Science listed in the biography when he was certified as a federal mining engineer.

He said his Master of Public Administration from American University included coursework identical to the Master of Business Administration cited in the biography.

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