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Elliott Seeks Seat on Energy Future Fee-Review Panel

Submitted by jhartgen@abi.org on

New York hedge fund Elliott Management Corp. is eyeing the pile of professional bills Energy Future Holdings Corp. has paid, a mound that was near the $500 million mark in April and continues to accumulate, WSJ Pro Bankruptcy reported. Sunday, Elliott launched a campaign to get a seat on the official committee that reviews fees in the chapter 11 proceeding of Energy Future, the former TXU Corp. Earlier this year, the hedge fund became Energy Future’s largest creditor and launched an activist effort to push the three-year-old bankruptcy proceeding to a swift end. That end could come as early as next year, assuming Sempra Energy Inc. succeeds in buying Energy Future’s last remaining asset, an 80 percent stake in the electricity transmission business, Oncor. Elliott battled a $9 billion offer for Oncor from Warren Buffett’s Berkshire Hathaway Energy Co., holding the door open for Sempra — and a $450 million price improvement.