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OT, Scana Corporation: Dominion Energy, SCANA Announce All-Stock Merger With $1,000 Immediate Cash P

world famous 3rd base hecklers

world famous 3rd base hecklers

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Sep 25, 2011
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If true, this will be win - win for everyone who are customers of SCANA...

https://www.twst.com/update/scana-c...-residential-electric-customer-after-closing/

Scana Corporation: Dominion Energy, SCANA Announce All-Stock Merger With $1,000 Immediate Cash Payment To Average South Carolina Electric & Gas Residential Electric Customer After Closing

Customer refunds and other benefits


Cash payments proposed to SCE&G electric customers are to be paid via check or equivalent payment mechanism within 90 days after the closing of the merger, subject to approval of the Public Service Commission of South Carolina. Further details of the program will be announced later.


It is anticipated that the rate reductions-including refunds of $575 million over time-would also be effective within 90 days of the merger closing, again subject to approval of the Public Service Commission of South Carolina.


A special website has been established for SCANA customers and communities at brighterenergyfuture.com. Information also is available on Facebook at Dominion Energy South and Twitter at @DominionEnergy.
 
world famous 3rd base hecklers said:
If true, this will be win - win for everyone who are customers of SCANA...

https://www.twst.com/update/scana-c...-residential-electric-customer-after-closing/

Scana Corporation: Dominion Energy, SCANA Announce All-Stock Merger With $1,000 Immediate Cash Payment To Average South Carolina Electric & Gas Residential Electric Customer After Closing

Customer refunds and other benefits


Cash payments proposed to SCE&G electric customers are to be paid via check or equivalent payment mechanism within 90 days after the closing of the merger, subject to approval of the Public Service Commission of South Carolina. Further details of the program will be announced later.


It is anticipated that the rate reductions-including refunds of $575 million over time-would also be effective within 90 days of the merger closing, again subject to approval of the Public Service Commission of South Carolina.


A special website has been established for SCANA customers and communities at brighterenergyfuture.com. Information also is available on Facebook at Dominion Energy South and Twitter at @DominionEnergy.
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Your thread included "the rate reductions-including refunds of $575 million over time...". Can't help but wonder exactly how long and just how much money they have on hand at any typical moment of curiosity.
 
The deal also allows Dominion to continue collecting on the cost of the failed nuclear expansion for 2 more decades. I dont think thats a good deal. If we are still going to pay for it Id like them to finish it.

I am interested as a current stock holder of SCANA in the stock for stock deal Dominion is offering.
 
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gamecockengineer2011 said:
The deal also allows Dominion to continue collecting on the cost of the failed nuclear expansion for 2 more decades. I dont think thats a good deal. If we are still going to pay for it Id like them to finish it.

I am interested as a current stock holder of SCANA in the stock for stock deal Dominion is offering.
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The former CEO's will enjoy this buyout...
 
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Investment bankers will get big commissions. I don't see how this could be a good deal for Dominion, unless they are posturing to make a bid for Santee Cooper, if that sale ever happens.
 
titaniumspur said:
Investment bankers will get big commissions. I don't see how this could be a good deal for Dominion, unless they are posturing to make a bid for Santee Cooper, if that sale ever happens.
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Why I'm no expert with insider knowledge, I assure you there's something there beneficial to them that just isn't blatantly apparent.
 
I think this is a win for all the people of the state of South Carolina and particularly for SCANA customers. This albatross needed to be passed on. The profit to people who don't deserve it is unfortunate, but that doesn't constitute an excuse not to execute this needed deal.
 
gamecockengineer2011 said:
The deal also allows Dominion to continue collecting on the cost of the failed nuclear expansion for 2 more decades. I dont think thats a good deal. If we are still going to pay for it Id like them to finish it.

I am interested as a current stock holder of SCANA in the stock for stock deal Dominion is offering.
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SCANA had it at 60 years, so...
 
gamecockengineer2011 said:
The deal also allows Dominion to continue collecting on the cost of the failed nuclear expansion for 2 more decades. I dont think thats a good deal. If we are still going to pay for it Id like them to finish it.

I am interested as a current stock holder of SCANA in the stock for stock deal Dominion is offering.
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It's not a perfect deal. How many are? But it is a necessary turn of events, I think. It had to be Dominion or someone else. The current leadership and management had to go.
 
Good luck Casey..
I was employed by SCE&G until they abandoned the project... Ive been out of work since September.
 
Terrible deal! By the time the "payout" is complete? Approvals for rate hikes will more than cover! Don't forget folks, the more we pay the more ANY government makes...
 
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tjdisbrow said:
Terrible deal! By the time the "payout" is complete? Approvals for rate hikes will more than cover! Don't forget folks, the more we pay the more ANY government makes...
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And your point right there is exactly why I enquired with the following at 8:35am this morning...

Anna_Nimmitty said:
Your thread included "the rate reductions-including refunds of $575 million over time...". Can't help but wonder exactly how long and just how much money they have on hand at any typical moment of curiosity.
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I'm in Charlotte with Duke Energy (they changed their name from Duke Power a few years ago in an attempt to "rebrand" themselves) and these F'ers are as under-the-table crooked as any power company in the continental United States!! SCANA runs on the same theory!! Look, these organizations are protected from competition, have to provide power to Co-Ops that are OUTRAGEOUSLY EXPENSIVE, and all their corporate CEO's make MILLIONS each year on salary and investment returns!!!

Oh man, I digress!! I could go on and on, but really, what's the point?? What other "options" do we as consumers have?? Not a damned thing.

I'm crashin. Night folks! I gotta work in the morning!!
 
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gamecockengineer2011 said:
The deal also allows Dominion to continue collecting on the cost of the failed nuclear expansion for 2 more decades. I dont think thats a good deal. If we are still going to pay for it Id like them to finish it.

I am interested as a current stock holder of SCANA in the stock for stock deal Dominion is offering.
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Check into some planning for taxes if you hold a lot. On the acquiree side, the deal will probably count as a sale even if you don’t see any cash.
 
Tigeriffic88 said:
Check into some planning for taxes if you hold a lot. On the acquiree side, the deal will probably count as a sale even if you don’t see any cash.
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If you trade old shares for new through a merger or acquisition, the IRS does not look on the event as a taxable transaction. It doesn't matter whether the shares are preferred, common or private; nor does it matter whether the trade was voluntary on your part or if you voted for it. Your original investment has not been disposed of, as far as tax liability is concerned, and no capital gain or loss has to be reported.
 
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chucktowncock said:
If you trade old shares for new through a merger or acquisition, the IRS does not look on the event as a taxable transaction. It doesn't matter whether the shares are preferred, common or private; nor does it matter whether the trade was voluntary on your part or if you voted for it. Your original investment has not been disposed of, as far as tax liability is concerned, and no capital gain or loss has to be reported.
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Good info, thanks!
 
chucktowncock said:
If you trade old shares for new through a merger or acquisition, the IRS does not look on the event as a taxable transaction. It doesn't matter whether the shares are preferred, common or private; nor does it matter whether the trade was voluntary on your part or if you voted for it. Your original investment has not been disposed of, as far as tax liability is concerned, and no capital gain or loss has to be reported.
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Sorry to disagree, but that is completely wrong. What you stated is trrue if you are on the offering side. On tne accepting side, it is counted as a sale. That’s the reason my federal taxes have doubled for 2017.

One side pays, the other doesn’t. Nothing in this life is ever truly free.
 
Tigeriffic88 said:
Sorry to disagree, but that is completely wrong. What you stated is trrue if you are on the offering side. On tne accepting side, it is counted as a sale. That’s the reason my federal taxes have doubled for 2017.

One side pays, the other doesn’t. Nothing in this life is ever truly free.
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It can be tax free for both the target and the acquirer if structured properly. See IRC 368. I'd be very surprised if this wasn't tax exempt.
 
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gamecock1999 said:
It can be tax free for both the target and the acquirer if structured properly. See IRC 368. I'd be very surprised if this wasn't tax exempt.
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If it happens, there will be a long document to explain it and give their interpretation of the tax treatment. It would never be tax exempt, but from that section it could be deferred. Thanks for pointing to the section, I need to understand why my event was all taxable - we received about half in stock and half in cash.

Learned a lot from this. 368 requires the acquirer and target to be US entities, the problem with my situation. If, for example, it was Westinghouse instead acquiring SCANA in a similar deal using Toshiba stock, it would be taxable?
 
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The SCANA Corp. executives who presided over the power company’s failed nuclear project will not receive golden parachutes after stepping down last month.

Cayce-based SCANA, which owns South Carolina Electric & Gas, says its board decided not to award severance packages to former chief executive Kevin Marsh and operations chief Steve Byrne, who retired Sunday amid a public uproar over the project’s demise.

Those packages could have amounted to benefits worth tens of millions of dollars.

https://www.postandcourier.com/busi...cle_dc39fc0a-f26b-11e7-8580-87ff9cdcf771.html
 
king ward said:
I think this is a win for all the people of the state of South Carolina and particularly for SCANA customers. This albatross needed to be passed on. The profit to people who don't deserve it is unfortunate, but that doesn't constitute an excuse not to execute this needed deal.
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It’s a win only in the sense that the SCANA criminals are no longer in control. The fact Dominion will continue to charge us for the failed reactors is farcical.
 
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