Taylor [Assistant Attorney General] said the AG's Office hadn't realized the company's dire position during the earlier hearings. The AG's Office actually recommended a rate reduction.
AG spokesman Phil Sisneros said PNM officials appear to have been "in a panic" since the recommended decision was issued. He said [AG] King also has concerns about consumers "if PNM were to tank."
Where the hell have these guys been? [I'm assuming this isn't all part of a smoke screen to stampede the PRC into granting a rate increase.} If the Assistant AG's claims are correct, the BoD has allowed PNM's situation to deteriorate to the point where it's now "dire" and close to "tanking"? And for that matter where have the clueless Wall Street analysts been? This was a $30+ stock not that long ago.
If all of these dire predictions of doom and gloom are anywhere close to being true, and at this point I am beginning to smell a little BS blowing in the wind, at the minimum it's time to dump the existing BoD and replace them with people who are more interested in running a utility company than playing golf. And a little Spring cleaning at the very top of PNM wouldn't be a bad idea either. Either the sky is falling and nobody saw it coming until a few months ago in which case they're incompetent and need to go or it isn't and this is all a smoke screen to generate a stampede in which case they still need to go because the next time they cry "wolf", the "wolf" may really be at the door.