Hearing on Duke-Progress by Utilities Commission Tuesday, July 10

By Staff, wire reports@WRAL.com

RALEIGH, N.C. —

The North Carolina Utilities Commission has scheduled a meeting next Tuesday to review the merger of Duke Energy Corp. and Progress Energy Inc. in the wake of the sudden ouster of the combined utility's chief executive.

Separately, North Carolina Attorney General Roy Cooper demanded late Friday that Duke turn over all communications among top executives and board members during the days leading up to and following the merger...

The Commission meeting will be held Tuesday, July 10, in rooom 2115 of the Dobbs Building, 430 N. Salisbury Street, Raleigh, to hear from James Rogers.

Could it be that Duke has po'ed the regulators?

Comments

Former Director calls Duke's CEO change a "corporate hijacking"

Letter to the Editor of the Wall Street Journal re: change in CEO at newly merged Duke-Progress Energy company:

"...as a former Trustee of Putnam’s numerous mutual funds. As a non-continuing director of the combined company I now, along with similarly situated former directors of Progress, find myself without a constituency and without an ability to mount a challenge to what I believe is one of the greatest corporate hijackings in US business history

.

Consequently, this letter is being written in hopes that what I believe to be a deceitful and pre-meditated contravention of good faith negotiations will not go un-noticed in the “court of public opinion”.

Sincerely,
John H. Mullin, III
Chairman
Ridgeway Farm, LLC
Virginia

Wow! Didn't know corporate suits could get so riled up and speak out like this.

Martha Brock

Utilities commission hearing to be webcast Tuesday

Watch coverage of the Utilities Commission hearing LIVE on WRAL.com, starting at 2 p.m. Tuesday.

Martha Brock