Coal behemoth Blackjewel, LLC—a name not known widely outside the coal industry, but which until recently stood as one of the largest coal companies in the US by sales volume—imploded in spectacular fashion last week. In the wee hours of July 1, Blackjewel made an emergency bankruptcy filing. Later in the day, the company closed its two giant operations in the Powder River Basin in Wyoming, sending hundreds of workers home even as paychecks started bouncing. After the company made two unsuccessful attempts to secure temporary financing, one investment group agreed to pony up $5 million on the condition that the company’s CEO and all family members resign immediately.

The bankruptcy seemed to take many in the coal world by surprise, but the signs of financial distress have been evident to anyone who cared to look. The company’s CEO, Jeff Hoops, has admitted that he specialized in taking over financially struggling mines. The previous owner of its Wyoming mines actually paid Blackjewel more than $20 million to take them over, provided that the new owners take responsibility for cleanup. And the company had a dismal safety and environmental record, racking up dozens of violations of the Clean Water Act and mining laws, and nearly $1 million in fines and penalties from mine safety regulators.

Meanwhile, Blackjewel acquired a reputation for not paying its bills, particularly tax bills. According to a bankruptcy filing, the company owes $60 million in unpaid royalties to the federal government; $37 million in taxes to Campbell County, Wyoming; $11 million in back taxes to the state of Wyoming; $6 million to the state of Kentucky; $1.6 million to Virginia; $2.2 million to the federal Office of Surface Mining; and well over $100 million more to equipment manufacturers, local vendors, and other creditors.

Evidence presented at a bankruptcy hearing last week only reinforced the idea that Blackjewel suffered from almost unbelievably incompetent management. Below, I’ve listed seven bombshells revealed at a bankruptcy hearing that took place last week.

Bombshell #1: The Hoops coal empire has been tight on cash since 2013. Hoops himself may be well-off. He’s building a $30 million resort, comically named The Grand Patrician, complete with a 3,500-seat arena modeled after a Roman Coliseum. But the companies Hoops runs have been living hand-to-mouth for years.

Here’s how Hoops himself described the situation, in testimony before a West Virginia bankruptcy court: