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TX Corp. Acquired in Massiv eDebt-Laden Buyout; CEO Walks away with $226 Million
TXU Corporation, the giant north Texas electric company, is acquired by private equity firms. Valued at $48 billion, this leveraged buyout is the largest in world history. TXU’s former chief executive, John Wilder, walks away afterwards with an estimated payment of $226 million. Source 1: Bizjournals.com
<a href='http://www.nytimes.com/2010/02/28/business/energy-environment/28txu.html?pagewanted=all&_r -
TXU Buyout Partners Pay Themselve $528 Million; Fees 25 times greater than industry average
Bloomberg reports that the private equity partners that acquired the North Texas electricity giant paid themselves $528.3 million for advising on the buyout deal, debt deals and related services. These fees are 25 times greater than the industry average, according to Bloomberg’s research. The publication notes that the partners collected these sky-high fees, even as the electric provider teetered on the verge of bankrputcy or restructuring. <a href='http://www.bloomberg.com/news/2012-10-22/txu- -
Legislature adopts legislation removing regulatory contols over phantom utility taxes
Dallas Morning News</a>Texas Legislature adopts Senate Bill 1364 that removes regulatory discretion over phantom tax collections. The bill goes to the governor, where it awaits his approval or veto.
<a href=http://www.dallasnews.com/news/politics/headlines/20130517-power-companies-get-a-break-in-texas-housebill.ece>Source 1</a>
