No. I'm no expert, but there doesn't seem to be anything holding them legally accountable.
Flawed logic. These are shares of a company, not a piece of furniture. You can't just decide that a merger price is "excellent", and includes the dividend. Operations continued at the same pace, the value of the business increased since the $27.25 price was agreed upon, and a quarter with normal earnings past. Exelon is not paying the dividend because they feel they can get away with it and can't be held accountable.
I imagine if EXC board members held a lot of shares of POM before the merger, they would have declared a POM dividend.
I think the silence probably means no declaration. No board, no declaration.
Got mine in TD at 7:55AM. No word on DIV. Feel like I'm waiting on government cheese.
Both EXC and POM like most companies have always had maximizing shareholder wealth as their primary objective. Paying dividends consistently has been tied to their consistent earnings. Since the PSC caused a delay of the merger, it interrupted business as usual.
By accounting convention and moral obligation the dividend should be paid. The language to hold off paying the dividend was intended to do what was appropriate for shareholders because the sale was expected to occur at the beginning of the quarter. The amount of the 1st quarter dividend was NOT intended to be included as part of the acquisition price.
Unfortunately, a dividend doesn't HAVE TO be paid unless declared. Unless there was something previously implied that lawyers can latch onto, we may not see a declaration.
POM shareholders may no longer be "shareholders", but technically (after the merger) they are now retroactive EXC shareholders for the 1st quarter. Bad business if Exelon doesn't follow through and pay it.
"Exelon has 30 days to agree to the way it wants more than $70 million in payments to be used for customer discounts and energy conservation."
These distribution scenarios have been discussed in detail. Even if they aren't the same as discussed, I can't imagine changes being anything outrageous. 30 days, sigh, what is there to think about? Yes, it's never dull. FX could do a mini-series on it.
Doesn't matter who we vote for, they all want to spend everything we have. I was hoping as shareholders we might be able to vote to shut the power off in DC.
Good thing nobody listened to you and all of your nonsense. You'll probably still keep telling us how smart you are, how you made money, and no one else did. Next we'll hear that you're running for president. I admit I had very little clue how this would turn out when I loaded up after it dropped last month, but obviously I and most everyone else here knew more than you! Good luck with your next EXCeptionall investment.
I watched the meeting online just now. Lasted 5 minutes. Kane voted no and the other 2 members voted yes, so it passed. Looks like trading is halted.
Law of efficient markets hypothesis usually tells us what's really happening because someone always "knows" something and cashes in on it. I originally put better odds on the EXC negotiators but government gridlock (pun intended) seems to be controlling things now. I hope someone will tell us what actually happened if it doesn't go through.
The points with references are repeats of what we already know. READ the summary and recommendation. Try not to get too excited.
It's really kind of funny. 18 pages and it repeats over and over never saying anything other than, "the GSA thinks the deal shouldn't be approved if other people don't think it meets their requirements". A real masterpiece.
...or since PIPKO services regulated markets and has a highly predictable income stream, it is likely to eventually rise if it can maintain operations as before. Won't provide the level of service that Excellelelon would, but has better logic to impose larger rate increases.
Excicillian presents the list of benefits the merger provides but doesn't communicate what is actually lost if it fails. They should make it clear what's at stake and what the politicians are losing for the people (if this is the case). Nobody cares how nice, friendly, or concerned EXC may seem. Show what will be lost. PEPCO also appears to have brand strength and EXC brand weakness in the eyes of the community.
It may be the POM/EXC position, but to make such a statement, "the settling parties are in agreement that the value..is appropriate", would be counter-productive for a CEO if setting parties actually claimed it wasn't enough. If it's not true, someone better send Bruce Willis down to the lobby, fast.
The whole thing seems like a made for TV drama and we're wondering what the writers will come up with for the next episode. Anything could happen. On one hand the original deal seemed like a very good one for all parties since three states were anxious to sign on immediately. On the other hand the recent demands and expectations seem so unusual, one might think that the settling parties could never be happy even if they got everything they asked for.
From a March 7th Baltimore Sun article:
["The Commission and the settling parties are in agreement that the value of the overall benefits we have committed to the District is appropriate — it's essentially a question of how those benefits are allocated for the District," said Joe Rigby, chairman, president and CEO of Pepco Holdings, in a statement.]
So if this is true, it sounds like EXC negotiators are ironing out the details. ...Unless Bruce Willis just showed up.
How would you like to be the public official remembered for causing rates to go up, depriving your community of big perks, and starting a fight with the utility company? Could happen.
So let me get this straight. Most of us here are still getting their dividend, have a capital gain, and might get a little more if the merger goes through.
You on the other hand sold the stock 7 months ago, don't own it, but spend most of your days on this board telling people what words the misspell, how smart you are, and how stupid everyone else is.
Get a life.
I'm curious if the deal doesn't go through how much the existing provider can raise rates? Inflation is everywhere. Hard to understand how they can ask for a 4 year rate freeze.