Energy Future Sues Oncor Shareholder Over Sale To Hunt
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FORT WORTH (AP) - Energy Future Holdings has sued to force a minority shareholder to go along with the sale of Texas electric utility Oncor to Hunt Consolidated.
Texas Transmission Investment LLC has balked at the proposed sale, the centerpiece of Energy Future's exit from bankruptcy. But in a lawsuit filed Monday in U.S. bankruptcy court, Energy Future contends it had an agreement with the shareholder that would force it to sell its nearly 20 percent stake if Oncor was unloaded.
Dallas real estate and energy mogul Ray L. Hunt and his partners announced in August they would buy Energy Future's power transmission arm and restructure the broader company into a real estate investment trust to save on taxes.
The Public Utility Commission of Texas must also approve the deal.
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