Not your father's local electric comp...

Not your father's local electric company anymore

There are 12 comments on the Baltimore Sun story from Sep 26, 2008, titled Not your father's local electric company anymore. In it, Baltimore Sun reports that:

The deal his MidAmerican Energy Holdings struck with the board of Constellation Energy Group last week smacks of possible management self-dealing. For accepting Mr.

Join the discussion below, or Read more at Baltimore Sun.

angry

Clarksville, MD

#1 Sep 26, 2008
i'm a bge employee and we are told the management is not sure
about our future including pension, 401k, benefits.
David

Glendale, AZ

#2 Sep 26, 2008
Well as a CEG shareholder, I will vote agaionst it too.

I believe there is more value in the company than $26.50 per share. Obviously Warren Buffett does too.
Jack Noppinger

Sterling Heights, MI

#3 Sep 27, 2008
Is this any less criminal than the Enro debacle, or other corporate misdealings of recent history? I, for one, think not. These corporate boards and executives are in this for noone but themselves. Real estate and facility costs alone make this proposed "deal" an absolute joke...the big problem is that the joke is on the local people who lived and worked for this utility for all their lives, and for those local investors who elected to keep their investments close to their home-grown utility! All for the sake of corporate execs that have an absolute guarantee of wealth, despite what happens to anyone else.
mary

Bowie, MD

#4 Sep 27, 2008
I too am a shareholder. As an older woman who has owned the stock since it was BG&E, I am just so sad at what has happened. The shareholders were not considered when the decision was made to sell at this time and at this price. I understand that there may be a law suit filed. Do you know how I can become part of it?
mary

Bowie, MD

#5 Sep 27, 2008
angry wrote:
i'm a bge employee and we are told the management is not sure
about our future including pension, 401k, benefits.
So....what can we do?
mary

Bowie, MD

#6 Sep 27, 2008
David wrote:
Well as a CEG shareholder, I will vote agaionst it too.
I believe there is more value in the company than $26.50 per share. Obviously Warren Buffett does too.
There must be something we can do other than complain. Will Buffett be the biggest shareholder after last Monday? If so, then our vote will not count very much.
mary

Bowie, MD

#7 Sep 27, 2008
Jack Noppinger wrote:
Is this any less criminal than the Enro debacle, or other corporate misdealings of recent history? I, for one, think not. These corporate boards and executives are in this for noone but themselves. Real estate and facility costs alone make this proposed "deal" an absolute joke...the big problem is that the joke is on the local people who lived and worked for this utility for all their lives, and for those local investors who elected to keep their investments close to their home-grown utility! All for the sake of corporate execs that have an absolute guarantee of wealth, despite what happens to anyone else.
I do not blame Mid American. I do fear that with the cash infusion last Monday, MA will be the biggest shareholder and our vote will not count much. What do you suggest we do?
ron

Huntsville, AL

#8 Sep 29, 2008
All you can do is complain. You should have done your due dillegence. This stopped being just a utility in 2001. This was an investment bank business model that owned generation assets. The business model worked and worked well till the credit markets froze.
I did not hear anyone complaining when this stock was over $100.

You can get mad at the board and Mayo but they tried to avoid this back in 2005 when all you whiners and MD legislators complained about rates going up. Folks Coal is up 300% from 1999. Compared to New England and California we have EXTREMELY cheap power around here. Get over it.

Had they not acted the shares would have went to zero. They had a duty to take the offer. Mayo and the board saved jobs and a mess that would have happened if it went bankrupt.
There is no way in hell EDF would have been approved. NO WAY. The private equity firms that were going to help would have never got approval.

NO one other than Buffet can buy this company because of the regulatory environment in this state. He bid low because the "value" is not there due to the cancer that is the meddling MD legislature. Ask the MBNA and even the COLTS(yes they left because of the meddling MD legislature)

From talking to some folks at CEG the profit centers with all the high salaries are being spun down. This is how Mid-American plans to justify the sale price. These folks are all from NY and Texas and are leaving this socialist regime. If you think that housing is down now wait 6 months from now your going to be shocked.

As for those of you with 2500 shares, you are essentially voiceless. Take what you got and be happy with your mud sandwich. The institutional voters are who you have to care about. Buffet's 1 billion infusion diluted your shares thus why the price is what it is.

Don't be shocked if it goes up to 35 bucks but it will not happen till days before the deal close date to make the big guys happy.

Stop crying and move on.
Surf52

Baltimore, MD

#9 Sep 29, 2008
It's better for the BGE customer. When you call now your choices won't be:

For Francais prezz 1
For Engleesh prezz 2

To hear your bill converted into ze Euros Prezz 1.

To hear your bill converted into ze francs prezz 2

To have your natural gaz odorant converted into Chanel Number 5 prezz 3.

To speak to a cuzteemer reprezentative pleeze call back between 9:00am and 5:00pm Paris time.
joe gomeringer

AOL

#10 Sep 29, 2008
fellow shareholders let's get together and discuss strategy
joe gomeringer

AOL

#11 Sep 29, 2008
warren is not a shareholder yet

our vote does count let's reject this

pass the French's mustard, hold the mayo
Irishpat

Baltimore, MD

#12 Oct 1, 2008
Where were all of you folks when deregulation was first discussed back in the early nineties? When has deregulation ever worked? Look at the airlines , the phone company and any other business that once was regulated.It was regulated for a reason, not for the benefit of a CEO and his hand picked board of directors.Any time a politician and a CEO get together it never benefits anyone but them.

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