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

By Staff, wire reports@WRAL.com


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?


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”.

John H. Mullin, III
Ridgeway Farm, LLC

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

Martha Brock