What I find very interesting is that NWPS bought Montana Power and now the Corp offices are going to move to Montana. Is the old NWPS just going to be an operating division of Montana Power, or are they going to sell it to the CO-OP's in South Dakota?
If enough of the old shareholders contact the PUC of SD and the Montana Commission expressing their concern that Mike Hanson and the former executive and current officers and directors are going to greatly profit at the expense of the old shareholders and not from what they contributed to Northwestern - just maybe the anticipated injustice can be stopped!
The new people should not gain from the sale of the company that the old shareholders patiently made successful with their trust in the real businessmen, Soph Moxness, Steve Sewell, Al Schmidt and Bob Wilkens and their officers and Board members who actually worked to make the company a success!
Merle Lewis and Dick Hylland and his bandits already robbed the Company! They only wanted as much money from the Company that they could pay themselves either by convincing a very weak Board of Directors or just by blinding them with their smoke and mirrors! The Company paid Merle more than $4 million (golden parachute) to leave, the bankruptcy judge allowed Merle another more $4 million (Merle could afford lawyers and witnesses to testify that he really did have the brains and to take a very good company with $100 million in the bank to a $2.1 billion bankrupt company). Dick wasn't as fortunate, because he only pulled the chains for Merle! Actually, Dick thinks he was the only person who could do what he and Merle accomplished!
Back to the point, just how many more times do former shareholders, getting no money for their investment, have to witness Gary Drook and Mike Hanson and Mike's inept staff (cronies) being rewarded for absolutely nothing! Mike was paid to stay, to just be there as east coast lawyers work their way through bankruptcy, and being paid to be there now? What value has he added? Any one can be called CEO as a company goes through bankruptcy; and, anyone can be called CEO as professionals review 'buy-out' proposals! Goodness gracious - if anyone should be rewarded - it ought be the people who suffered the most as a result of the bankruptcy!
I think with all the funny stuff that has been going on with NOR, the PUC, at least in Montana, is going to hold some feet to the fire. They have really taken a beating up there, and I think they are going to keep a very close watch on the goings on with this group. I don't think Hanson managed to cut a deal to protect all of his buds and budette when it came to the BHP deal. Don't forget the SEC is starting to snoop around because of Merle and his buds. Time will tell, but I won't be getting into line to buy this POS.
Article Published: 03/16/06, 2:55 am
Sioux Falls-based NorthWestern Energy faces an $11 million bill from last fall's snow and ice storm.
Much of the company's system was down during the late November storm, said Tom Glanzer, a spokesman for NorthWestern.
Glanzer said much of the cost went to labor and supplies. NorthWestern has 80,000 customers, mostly in eastern South Dakota.
He said the company won't get any money from the Federal Emergency Management Agency, but the company will not ask customers for a rate increase.
The storm damaged 9,400 power poles and left 56,000 people without electricity
This storm happened in 2005 but is being booked in 2006. Speaking of books it looks like the "boys" are still cooking them.
May be justice will be served!!!!!!!!!!!!!!! Looks like Bubba will have a new bed partner!
It is absolutely amazing that Northwestern suffered millions during the worse ice storm in South Dakota history. Big Mike should have told the shareholders and financial institutions how the 'millions' to repair and recover from the storm affected the bottom line! Oh, I forgot - that would have affected the bonus Mike would get for showing 2005 year ending being really great. Now, the truth is - billings were mailed to Northwestern and received by Northwestern- therefore, actual costs during November and December should have affected the bottom line!
Financial Institutions and shareholders should know that in addition to the cost of the 2005 storm hitting first quarter 2006 numbers - so will the warmest January in the history of South Dakota affect revenues and February was nice too (just not the warmest in history).
It was important for Big Mike to show the Board and the financial institutions that he was doing a great job - if you don't count the unbudgeted ice storm. And, with the due diligence going on in the halls of Northwestern's accounting department - surely Big Mike wouldn't want the 'millions' to affect the past performance for 2005!
May be I'm missing something, but a $51.1 mil profit on rev's of $1.2 bil. Not much coming down to the bottom line. That level of profit is pocket change wouldn't you say???
Mike was not trained he was picked. He was picked because he would not question the B.S. that was going on. There was one person that was already on the payroll, far more qualified, but had extremely high ethics and would have challenged what was going on! Merle set it up so that he had complete contol and no one would question anything.
Don't be to sure on the time it will take to complete the deal with BHP. The storm they just went through cost those wizzards a bundle. I bet they are working overtime to dump this mess before the bills show up in the mail! They won't spend to much on tree trimming this summer,,,oh well they didn't spend to much last year or the year before.
Well NOR is doing just great. They only LOST 29.6m in the 3rd q of 2004, which I guess is better then the 53m they lost in 2003. Looks like they are making one heck of a turn around.
MMMMM Lets see,,, They lost 128 million last year, and are dumping 10 mil a month this year. Yup the wizzards in Siuox Falls have this puppy wired in alright.
They claimed that the company is worth 1.5 Billion, interesting, NOR paid 1.4 Billion for MTP just a few years ago. So this must mean that the old NWPS is worth nothing???????
The folks they owe money to will curve this up like a cake at a Hockey party.
Now, does everyone understand the reason for the big push to get those high end bonus pay outs.
Mike and his buddies get paid off, retire, the company is sold, and everyone forgets that this nightmare ever happened. Or so they think.
If the South Dakota AG's office doesn't get it's nose into this mess very soon, there should be a recall election.