Old Drum

Commentary on Warrensburg, Johnson County and Missouri issues from a Libertarian perspective. View my earlier commentary at www.olddrum.net.

Tuesday, April 18, 2006

Aquila Rewards Failure

I have a few hundred shares of Aquila, the electric company for Warrensburg and much of western Missouri. They'v ebeen in financial trouble for some time, because their leadership tried to get into the energy trading business. Sinc that collapsed, they'v ebeen busy selling off assets to pay their debts. To top that off, they're under court order to dismantle a peaking power plant they built without regard to Cass County regulations.

One of the key people in this despoiling of a once-dependable company (and its stock) is its current head honcho, Richard Green. What's infuriating is that the Aquila Boar dof Driectors keeps rewarding him for his misfeasance, with bonuses for selling off assets and most recently a fancy enhanced pension plan.

I just got my proxy notice and passed on my intruction to withhold a vote for Green as a corporate director. If enough of us do that, will Aquila get the hint? I doubt it.



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