ML20210S991

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Requests NRC Intervene for All Shareholders of New England Electric System & to Help with Merger with National Grid Group & That NRC Petition Security & Exchange Commission to Investigate Matter Relative to No Shareholder Options
ML20210S991
Person / Time
Site: Millstone, Seabrook  Dominion icon.png
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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Mr. Sam Collins July 18,1999 l Office of Nuclear, Reactor Director Regulation, l U.S. Regulatory Commission m  !

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Dear Mr. Collins,

Director I I am a retired senior citizen i fcther of an Eagle Scout. My wife, a Korean Veteran, a registered voter and the!

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 th investment figured significantly in determining our retirement income.  ;

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 whom I will refer to as "NGG." If this merger goes GROUP." a foreign under the termsco,rporation,ir of the agreement all"NEES" shareholders mu through, ecsh for t heir shares. We called NEES (twice) and were told that there would be no 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 orcTestratine this mereer a re d eine something to us thst we would not do to ourselves.

What future?abouEus,do Please what you can to help us.the sliareltoklers, are we tole pena 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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