At least six major global coal miners have declared force majeure, which means they can miss contractual shipments because of circumstances out of their control.

FORBES: Australian Floods Cause Drought in the Coal Market

In a unified structure, he argues, contractual relationships are simplified and train operators are in sole control of their performance.

ECONOMIST: A better way to run a railway

In a March order, Strine said Black "breached his fiduciary and contractual duties persistently and seriously" at Hollinger International by attempting to sell his voting control to the Barclay brothers behind the backs of the U.S. subsidiary's directors.

FORBES: Lord Black's Bleak Outlook