You know, skunks get a bad rap! I admit they do get a little funky at times, but mostly when you mess with them or, worse, run over them with your car. But that smell is nothing compared to what’s coming out of the Edison Mission Energy (EME) bankruptcy proceedings.
Seems the US Bankruptcy Court of Chicago saw fit to grant Edison Mission permission to stiff some 300 current and 160 future retirees out of the large sum of money due to them.
According to Industries News Press, Edison Mission originally wanted to cut these folk’s health and retirement benefits more severely, but the impacted employees decided to fight back in an attempt to get the $70,000,000 owed to them.
The Court decided that, instead of paying the full $70 million due, Edison Mission could get away with only paying some $23 million. According to the article, “the settlement says nonunion retirees’ benefits will remain in effect for a short while longer, while union retirees’ benefits will be paid through March 31, 2015.” By my estimate, that’s a $46 million shortfall or, retirees got a third of what was due to them. Keep that number in mind – $46 million.
Maybe, in this time of financial pain, getting a third of what is due to you is considered a victory for the little guy. On the other hand, my cynical nature leads me to suspect the Lawyers representing both sides of the argument are likely pretty happy with their piece of the pie. (And, he says naively … I hope none of the lawyer fees came out of the pensioner’s $23 million.)
You might wonder why I care, since I’m not a past or current employee of Edison Mission. These things happen all the time! Edison Mission is bankrupt so these people are lucky they got anything … stop whining! Besides, the court agrees with the settlement! Time to move on!
Well, here’s what rubs me the wrong way. I live under the Pinnacle wind plant in Keyser, WV. Edison Mission – Pinnacle’s owner of record in August of 2012 received over $44,000,000 (that’s $44 million) from the United States Treasury Taxpayers as a grant simply for building the 23 turbine wind plant on the Allegheny Front.
In December of 2012, just four damned months after receiving the $44 million Taxpayer subsidy for simply building Pinnacle, the company declared themselves bankrupt. Does anyone acutally believe EME and it’s corporate mother Edison International (EI) were not already working on the bankruptcy at the same time they were running to the Bank to cash the $44 million Taxpayer handout! A bankruptcy of this magnitude isn’t decided over lunch, folks.
Something smells!
Want to know what else smells? The US Treasury Taxpayers handing over $44 million to a for-profit company which, in a mere four months, declares bankruptcy and, now, thanks to a court ruling, the bankrupt company, or one of the other corporate players in this saga, not only gets to keep the $44 million corporate welfare check, the court allows EME to rip off its past and current employees for nearly the same amount – $46 million.
I know nearly every lawyer will claim that it’s apples and oranges and the the Court must rule according to the law and blah and blah and blah – it’s the law, its the law! Well, that might be technically correct … but it’s just not right! The US Bankruptcy Court should be savvy enough to smoke this little cash deal out, and, if current law doesn’t protect employees from this financial slight of hand, the Court should demand Congress give them the tools to act fairly.
Adding salt to the Taxpayer and retirees wounds … EME accused it’s corporate mother, EI, of “plundering Edison Mission of hundreds of millions of dollars before the bankruptcy filing.” I can only assume the $44 million and the $46 million were part of the alleged pirate raid.
But, not to worry, these bickering corporations had a “Kumbayah” moment and “reached a settlement that dropped the threat of litigation and set out a plan to share more than a $1 billion in tax benefits.”
Something smells!.
And what of the remaining players – Edison International and NRG Energy?
Edison International Stock was selling for around $45/share in December 2012. Today it is $56. EME’s Momma came out OK, I’d say.
NRG Energy, a huge energy producer, concluded a purchase of Edison Mission Energy in April of this year. If you watch the market reports lately, this newly minted second largest US power company seems to be doing great. The stock seems to be in a steady climb.
Maybe one of these two corporate giants will kick in a little to the pension fund. I’m sure they feel bad about the employees getting stiffed of the $46 million they planned to live on and now have little working life left to recover. Maybe if NRG Energy or Edison International happen to stumble across the $44 million the US Treasury Taxpayers so generously handed the bankrupt for-profit Edison Mission for just one of their projects, they’ll kick in a little to the retirees.
But frankly, I doubt if any of the gang of three will do what’s right. EME practically said they would have taken even more from the pensioners if they could. I hope I’m wrong, but EI and NRG Energy will likely claim a comfortable distance from the bankruptcy ruling which effectively subsidized their profits on the backs of the pensioners and Taxpayers.
Nah … apples and oranges, remember!
And anyway, the $44 million Taxpayer dollars which subsidized a third of the cost of construction at the Pinnacle wind plant in West Virginia is likely lost in the shuffle of billions floating from ledger to ledger. Gone from the US Taxpayer’s pockets and into the pockets of one of the three for-profit corporations.
It’s not surprising that $44 or $46 million gets lost in the shuffle I suppose. When you consider that more than $20,000,000,000.00 ($20 billion) Taxpayer dollars has been handed out to for-profit corporations just from the 1603 Grant program for renewable energy alone and billions and billions of Taxpayer money is forked over to for-profit companies in the form of Production Tax Credits and other tax incentives. It’s either hard to keep track of these paltry millions or …
Something smells!
It’s my opinion that the US Government Taxpayer should not be subsidizing any for-profit company for anything … anything … anything!
Secondly, we need a level of intelligence and fair play much higher than displayed in this bankruptcy action. Any legal process which allows the taking of committed employee benefits due to corporate’s unintended or intentional mismanagement of finances, while walking away with profits, must be changed.
As the dust settles, the Bankruptcy Judge heads home, the attorneys meet at the country club to discuss tactics for the next case and the retirees and lowly Taxpayers scramble to piece together what’s left of their money in order to pay the monthly bills.
Something smells!
Oh, a question for the officials charged with protecting the Taxpayers of tiny Mineral County, WV – has assurance been given that all agreements, including the poorly constructed decommission agreement, are safe from the same peril experienced by the pensioners?
And while you’re at it, with which corporate entity will the County leaders revisit the Decommission Agreement in just a few years? Just kidding … I realize that’s an unfair question. With the way these wind LLC’s change names and ownership passed around like hot potatoes, who knows who will own Pinnacle in 2 – 3 years?
But, look at the bright side … maybe when Pinnacle’s massive Japanese made turbines mounted on the huge Mexican made towers come tumbling down, someone might find the $44 million in subsidies the US Treasury Taxpayers handed to the for-profit Edison Mission Energy four months before it declared bankruptcy tucked away inside. Wouldn’t that be a hoot!
In fairness, there’s no doubt I’m missing something. One of these kindly corporations will let me know I’m wrong and that they are, in fact, looking out for the little guy. I’ll probably get comments from NRG Energy, EI or even EME explaining how they made the retirees whole and how the Taxpayers should be proud of their investment in the now bankrupt EME. Heck, I’ll probably feel so bad that I ranted on about this topic that I’ll immediately begin working on my apology. I’m ready to eat crow!
And, who knows … I might finally hear back from the elected officials I penned the open letter to way back in August of 2011.
But, until all that happens, I hope you don’t mind if I hang out with the skunk!
Advertiser Content
If you’re looking for the best MMA Gym Austin has to offer then look no further. Here at John’s Gym, you’re getting a Mixed Martial Arts gym that delivers the best in Martial Arts for Austin and Martial Arts Cedar Park. They offer Muay Thai Austin services and also Boxing Gym Classes Austin residents need to hear of. They have the best in Brazilian Jiu-Jitsu Austin. Come visit John’s Gym and see why you might be missing out.
It’s important that women in Austin feel empowered and one of the great classes offered by John’s Gym is their self defense classes Austin. They know that it’s important to teach women self-defense and their courses have been showcased on Fox and CBS local news.
One of the benefits of your experience at John’s Gym in Austin will be getting a friendly welcoming environment where you know you can receive the best kickboxing classes Austin has to offer.
For more than 40 years, Dr. Carlson and the 5 Star Dental Group has helped thousands of people in the San Antonio community with his expertise in precise dental care. One of the best in cosmetic dentistry San Antonio has to offer.
Over the years, we have built a special devotion to our community where we believe every patient is a part of our family. When you visit our office, we encourage you to make yourself at home. If you’re looking for the best porcelain dental veneers in San Antonio has to look no further. Just take a look at our porcelain veneers before and after photos.
If you’re looking for the best Veneers San Antonio has to offer then Dr. Craig Carlson and the 5 Star Dental Group can provide you with the best quality of service for your dental needs. Reach out today so you can see the quality of service available.
The great thing is that if you’re looking for Same Day Dental Crowns in San Antonio you can get that done with the 5 Star Dental Group. Sometimes you got to get something out of the way and the great thing with this clinic is that the services are readily available for all.
Get the Best Teeth Whitening San Antonio has available. Many people look for a dentist that can do it all and that’s what you get here. No need to wait and look around for other dental providers when one can do most of it for you. So reach out and get an appointment right away.
Get the finest Smile Makeover in San Antonio and don’t regret what wasn’t done. Get the best in services with the 5 Star Dental Group.
And don’t forget that if you do need a TMJ Dentist San Antonio to reach out to us right away for a non-invasive procedure.
We provide a variety of amenities you can try, such as beverages, warm towels, blankets, soothing headphones, and fresh-baked cookies. We pride ourselves on being more than a typical dental office, in both practice and luxury.
Are you looking to design and build a state-of-the-art, custom home that fits your dreams? Verde Builders is the #1 destination for Luxury Custom Home Builders in Austin TX. For many years, we have worked with thousands of clients to ensure the production of exceptional homes for both buyers and realtors.
Our mission is simple. We are devoted to ensuring the efficient manufacture of your dream home. Our versatile team, backed by our solid relationships with Austin’s finest craftsmen and contractors, will give you the opportunity to receive an extraordinary finished product that you want and are proud of. Verde Builders has the best selection of Smart House Energy Design that works with all the green technologies out there.
Upon our initial consultation, we often realize that most of our clients have a premature idea of how the construction process actually works. While we can transform any design into a masterpiece, we will work closely with you to discuss the practicability of your design and how it can be best implemented into a finished product you want with Home Builders Round Rock TX.
When you decide to work with us, our first objective is to maintain a constant line of communication with you. To accomplish this, our internal team will supply you with all of the information necessary to ensure that your dream home will be built according to your schedule with our Custom Home Builders in Bee Cave TX.
If you’re looking for a New Construction Horseshoe Bay then Verde Builders Custom Homes can help with the best service for that market. There is no better place to go for construction service in that marketplace.
If you’re looking for a Modern Farmhouse Austin Texas really enjoys then this is another service that Verde Builders can provide. When it comes to home construction you can’t get any better than Verde Builders.
And if you’re looking to Build on Your Lot Austin services then Verde can help. In fact, there is no better custom home building option then that one. So, if you want to see the house of your dreams built out in the location of your dreams than Build on your own lot is a great offering for you.
It’s not easy to trust strangers with your personal possessions, which is why people put a lot of time and effort into choosing the right movers. At Best Movers Northern VA, we take this responsibility seriously and make sure all of the client’s possessions reach the destination on-time and without damage.
Best Movers Northern VA understands that different customers require different types of services, which is why we provide a wide range of options to choose from. Our services are flexible and can be customized according to client’s requirements.
Packing is one of the most challenging aspects of the move, especially if there are a lot of items to pack. Many property owners handle this process without professional assistance, which can place their goods at risk. Fairfax County Movers offers extensive packing services at a reasonable cost.
As the best Movers Arlington VA has, we know clients sometimes need some specific additional services. We do our best to accommodate these requests and provide these services. You can discuss the requirements with our customer care team in detail. They will provide solutions that meet your needs and fit into your budget.
Customer support is an essential aspect of the top Movers Alexandria VA has. As a customer-oriented company, we strive to make sure every client has a good experience with us. A well-trained team of service agents will guide you through the scheduling and booking process to ensure the move doesn’t cause too much disruption.
Our Washington DC Movers have been in this industry since 2008 so we have nearly a decade of experience in moving. We’re fully licensed and have ample insurance coverage and our client’s interests are always well-protected.
So if you’re looking for the best Local Movers Leesburg VA has to offer then look no further, here at Best Movers we have you covered. Simply the best out there.
Don’t hesitate or fret, let Best Movers take care of your move. Let the experts take ownership of the arduous process of moving. Reach out to Best Movers and get one of the best Moving Companies Manassas VA has available today!
If you’re a business in search of the best Commercial AV Installation Austin has to offer then look no further. AV Connect has been offering the best services in Audio Visual to businesses for years. They are the prime choice for AV in Austin. They also work with consumers and if you’re looking for the best Austin Media Room Installation you absolutely want to work with AV Connect. They will set up your house with the best Home Theater Installation Austin can offer and will make your place feel like a dream with all the immersive elements in Home Automation Austin can now offer. So if you’re looking for Smart Home Installation Austin services or Surround Sound Installation Austin solutions then look no further and contact AV Connect. We are an experienced Austin TV mounting service providers and have worked on several installations over the years. Our experts have worked with televisions from different brands and of different sizes. Motorized Blinds Austin offers ample benefits over regular shades, which makes them worth the additional initial investment.