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A New Case Study on Corporate Governance Chronicles the Failed Merger--and Ongoing Legal Battle--between Two Energy-Pipeline Giants
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(76 seconds)
-- How Will You Use This Story? --
(OPEN):
THE "MARKET INSTITUTE"--A WASHINGTON, D-C-BASED
THINK-TANK--HAS RELEASED A "DEEP DIVE" REPORT ON AN ONGOING LEGAL-BATTLE BETWEEN TWO ENERGY-GIANTS:
"WILLIAMS COMPANIES" AND "ENERGY
TRANSFER". THE REPORT--TITLED "DESTINED TO
FAIL"--IS A CASE-STUDY ON CORPORATE-GOVERNANCE, AND WHAT IT CALLS THE
"TROUBLING BEHAVIOR" OF "WILLIAMS'" C-E-O, ALAN
ARMSTRONG. CHARLES SAUER ["SOUR"] IS THE PRESIDENT AND
FOUNDER OF THE "MARKET INSTITUTE"...
(SAUER):
"WARREN BUFFETT RECENTLY SAID THAT MEMBERS OF BOARDS-OF-DIRECTORS ARE MORE LIKELY TO BE
'COCKER SPANIELS' THAN 'PIT BULLS'--MEANING THAT THEY WANT TO APPEASE
COMPANY-C-E-O'S, INSTEAD OF SERVING AS REPRESENTATIVES OF THE COMPANY'S SHAREHOLDERS.
AS THE AMERICAN ECONOMY FACES ONGOING HEADWINDS, STRONG CORPORATE-GOVERNANCE HAS TAKEN ON A RENEWED IMPORTANCE.
SHAREHOLDERS--NOW MORE THAN EVER--MUST BE ABLE TO TRUST THAT CORPORATE-LEADERS ACT IN THEIR BEST INTEREST.
BASED ON WHAT WE FOUND IN THE REPORT, THAT IS NOT THE CASE WITH ALAN ARMSTRONG, AT
'WILLIAMS COMPANIES': WE FOUND THAT HE WORKED BEHIND THE SCENES--AND AGAINST MORE THAN 70-PERCENT OF THE
COMPANY'S SHAREHOLDERS--TO SCUTTLE A MERGER THAT WOULD HAVE PAID SIGNIFICANT PREMIUM FOR THE
COMPANY'S STOCK."
(CLOSE):
THE LAWSUIT IS ONGOING--AND TRIAL-DATES ARE EXPECTED LATER THIS SUMMER.
FOR MORE INFORMATION ON THE REPORT, VISIT "MARKET-INSTITUTE"-DOT-ORG.
