Groups oppose TXU buyout, want CEO’s $270 million buyout windfall to go to low income families

by PegNews wire

DALLAS — According to this story in the Dallas Business Journal, it appears three special interest groups are opposing the TXU buyout unless lower-income Texas families stand to benefit.

The three groups -- ACORN, the SEED Coalition, and Public Citizen -- want the companies to extend a promised 18-month discount for low-income families to five years, give the $270 million "bonus" TXU CEO C. John Wilder would receive if the deal closes to low-income families and withdraw permit applications for eight coal-fired plants proposed for Texas.

TXU has responded to the demands by stating Wilder's $270 million is not a bonus, but rather the likely sale value for his approximately 4 million shares of stock, providing he cashes out at the agreed-to buyout price. TXU also claims that they already do more than most for low-income families, continuing to provide a ten percent reduction despite a lack of matching state funding.

Posted by Todd M.

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