with Richard G. coming over, I am just not sure how successful that organization will be going forward. Don't forget Abi did get paid for it -- and got more for it than they would have two years later.
Ichan has an interesting strategy -- read some good articles today.
Article below highlights a different issue -- just change the name to AbitibiBowater -- based on what we have seen of late:
SOURCE: NEAH
Nov 12, 2010 09:41 ETNewco Energy Acquisition Holdings, LLC and Karl W. Miller Commend Seneca Capital and Icahn Group Support for Dynegy and Re-Affirm Their Position; Shareholders Should Reject the Blackstone Group Bid NEW YORK, NY and WILMINGTON, NC--(Marketwire - November 12, 2010) - Newco Energy Acquisition Holdings (NEAH), LLC and Senior Energy Industry Executive Karl W. Miller today announced that they commend Seneca Capital and Icahn Group support for Dynegy and re-affirm their position that Dynegy shareholders should reject the Blackstone Group bid.
NEAH and Mr. Miller firmly believe that the Blackstone Group bid is not sufficient. NEAH and Mr. Miller have previously posted several presentations for public interest which they believe demonstrate that Dynegy has a bright future with the implementation of an earnings accretive growth plan, installing a senior energy management team that can execute on such a growth plan, and addition of the appropriate capital support.
The presentations are posted for public interest: "US Energy Market Investment Opportunities" at web link: http://slidesha.re/bRp1GP; "Building an Earnings Accretive Energy Business" at web link: http://slidesha.re/8Yw66E; and "Expanding A Growth Focused Power Generation Company" for public interest at the following web link: http://slidesha.re/cq6u1i.
NEAH and Mr. Miller Re-Affirm Their Prior Opinions:
There is a clear, credible and superior alternative which is to install a new Board of Directors, CEO and management team to grow Dynegy and create shareholder value.
There is no future in the past. Now is the time to look forward and make meaningful and decisive change to transform Dynegy. Capital follows qualified management who can execute on earnings accretive business plans.
Dynegy has the potential be a premier growth platform in the power generation and energy sector with additional capital support, the right management team and Board of Directors. Mr. Miller has continuously opined that current market environment presents a unique and optimal opportunity to leverage senior executive energy backgrounds, skills, and experiences to acquire and invest in energy assets and companies that will generate strong returns.
Dynegy shareholders want to be inspired, invested in a profitable growth company and follow the leadership of seasoned, experienced and energetic senior energy executives with the support of a Board of Directors with similar characteristics.
New institutional shareholders must be supportive of either providing or facilitating "new capital facilities" to grow the Company, or arranging external financing in conjunction with New Management Team and Board of Directors.
Dynegy current management and Board of Directors do not want to manage and grow the Company, as they continue to advise shareholders through SEC filings, letters to shareholders, and public press releases.
Dynegy current management and Board of Directors have openly admitted that they have achieved no meaningful shareholder value creation, not demonstrated the capability to execute meaningful energy transactions in any market conditions, current or otherwise, which would achieve shareholder value creation, and have been focused on liquidating the Company for many years.
Mr. Miller has advised Dynegy shareholders that he would consider taking a Board position and potentially the CEO role under appropriate terms and conditions, and subject to the majority approval of Dynegy shareholders.
Dynegy shareholders have real capital at risk, irrespective of when they became shareholders, and irrespective of how many shares of stock they have purchased and sold. Dynegy, Inc. is a public company and its common stock is fungible currency, just like any other investment.
Mr. Miller subscribes to the simple business philosophy that "when you are explaining, you are losing." Shareholders are seeking the installment of a new Board of Directors, CEO and complementary executive team who will execute an earnings accretive business plan for all shareholders of Dynegy.
Disclaimer: The views expressed are those of NEAH and Mr. Miller. No capital or shareholder agreements or other arrangements are in place, NEAH and Mr. Miller are not soliciting capital or shareholder votes, and do not intend to file a Proxy. No offering memorandums or other solicitation documents have been distributed. NEAH and Mr. Miller have provided their combined opinion in open disclosure to all parties that Dynegy Inc. Shareholders have credible alternatives to build an earnings accretive energy company. Investors should seek the advice of a qualified investment professional prior to making any investment decisions.
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