ML20210S991
| ML20210S991 | |
| Person / Time | |
|---|---|
| Site: | Millstone, Seabrook  |
| Issue date: | 07/18/1999 |
| From: | Johnston G, Johnston P AFFILIATION NOT ASSIGNED |
| To: | Collins S NRC (Affiliation Not Assigned) |
| Shared Package | |
| ML20210S957 | List: |
| References | |
| NUDOCS 9908180252 | |
| Download: ML20210S991 (1) | |
Text
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YT e Ac6, 3b4 mr*Im 7 A s.wrem Office of Nuclear, Director July 18,1999 Mr. Sam Collins Reactor Regulation, U.S. Regulatory Commission m
W2G
Dear Mr. Collins,
Director fcther of an Eagle Scout. My wife, a Korean Veteran, a registered voter and the I am a retired senior citizen i
we believe is an injustice that is being done to all shareholders of the "NEW ENGLAND ELECTRIC SYSTEM" (also called "NEES").
We became shareholders of NEES in October 1979, with retirement in mind we rticipated heavily with optional cash payments until July 1986. The dividends from p:is investment figured significantly in determining our retirement income.
th We are asking you to intervene for all shareholders and to help have this merg.er cgreement modified, deferred, or disapproved. We request that you petition the
" Security and Exchange Commission to investigate this matter relative to no sharehofder options.
On December 14 1998, NEES agreed to a merger with the " NATIONAL GRID GROUP." a foreign co,rporation,ir agreement all"NEES" shareholders mu whom I will refer to as "NGG." If this merger goes under the terms of the through, heir shares. We called NEES (twice) and were told that there would be no ecsh for t option. If we must take this money in a lump sum, it will effect our standard ofliving.
What we would like to see is for the merger to be modified so that the shareholders have at least some options, e.g.,
A.
At the very least we should have the o ption to take the cash settlement next yearin 2000 instead,of1999. At least that way we could have some control of our lives and not take as many IRA taxable dollars to live on.
B..
Or possibly, provide for a buy out over one to five years. This means that i
shareholders could control how long they want to defer taking the cash settlement. Shareholders who would lille time to adjust their income and reduce their Capital Gains could do so. Those wanting to sellimmediately could also do so.
We need your help to change what we think is an injustice to the Shareholders of New England Electric Systems. There must be many retired senior citizens who are registered voters who would appreciate anything you can do.
The people orc estratine this mereer a re d eine something to us thst we would not do to ourselves.
T What abouEus,do what you can to help us.the sliareltoklers, are we tole pena future? Please ggs To$E! S o$oSaa Gilbert E.
mela B. Johnston H
PDR 10444 Golterman Drive Saint Louis MO 63126-3229 phone 314-729-1035
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