I got out yesterday at .24 for a small profit. Wish I'd held it a little longer, but you know what they say, "You can't go broke taking a profit." I'll get back in again if it drops into the teens.
Posts: 344 | From: Berkeley, CA | Registered: Sep 2005
| IP: Logged |
CPNL News! Hopefully this will be good for the company.
Calpine Names Robert P. May as New Chief Executive Officer PR Newswire - December 12, 2005 16:21
SAN JOSE, Calif., Dec 12, 2005 /PRNewswire via COMTEX/ -- Calpine Corporation (OTC: CPNL) announced today that its Board of Directors has named Robert P. May as Calpine's new Chief Executive Officer and member of the Board. Mr. May succeeds Acting Chief Executive Officer Kenneth T. Derr, who will continue serving as Calpine's Chairman of the Board.
"Calpine is exceptionally fortunate to have Bob May at the helm, especially during this important period of transition," stated Mr. Derr. "We are excited about what Bob brings to Calpine. His leadership qualities, experience and knowledge will help lead Calpine through a critical period in the company's history. And his proven ability to implement and manage operational and financial improvements -- as he successfully demonstrated at HealthSouth, Charter Communications, FedEx and Cablevision -- are what we need to help enhance the value of Calpine, strengthen operations and address current financial challenges."
Mr. May said, "I am honored to have the opportunity to lead Calpine. The Board, management team, and I have a solid understanding of the challenges that lay ahead. We are committed to successfully addressing our operational and financial issues in the best interests of all stakeholders. In short, we need to reduce our debt levels, improve our balance sheet and align our business strategy and operational structure with the current economic climate and energy market conditions."
Over the past 30 years, Mr. May, age 56, has served in various senior management and executive positions. Most recently, he served as non-executive Chairman of the Board of HealthSouth from July 2004 to October 2005, and as Interim President and Chief Executive Officer of Charter Communications from January 2005 to August 2005.
At Cablevision Systems, Corp., where he was Chief Operating Officer and a director from 1996 to 1998, Mr. May was part of the executive team that helped transition the company through new operating strategies and the use of new technologies. From 1973 to 1993, Mr. May held several senior executive and operational positions at Federal Express Corporation, where he was most recently President, Business Logistics, and was a Board member of HealthSouth Corporation, a national provider of healthcare services, since October 2002. He also served as HealthSouth's Interim Chief Executive Officer from March 2003 until May of 2004, and as Interim President of its Outpatient and Diagnostic Division from August 2003 to January 2004. Currently, he serves as a member of Charter Communications' Board of Directors and Deutsche Bank of Americas Advisory Board.
A major power company, Calpine Corporation supplies customers and communities with electricity from clean, efficient, natural gas-fired and geothermal power plants. Calpine owns, leases and operates integrated systems of plants in 21 U.S. states and in three Canadian provinces and is building a plant in Mexico. Its customized products and services include wholesale and retail electricity, gas turbine components and services, energy management, and a wide range of power plant engineering, construction and maintenance, and operational services. Calpine was founded in 1984. For more information, visit http://www.calpine.com.
This news release discusses certain matters that may be considered "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the intent, belief or current expectations of Calpine Corporation ("the Company") and its management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties that could materially affect actual results including the risks identified from time-to-time in the Company's reports and registration statements filed with the SEC, including the risk factors identified in its Annual Report on Form 10-K for the year ended December 31, 2004, and in its Quarterly Report on Form 10-Q for the three months ended September 30, 2005, which can also be found on the Company's website at www.calpine.com. All information set forth in this news release is as of today's date, and the Company undertakes no duty to update this information.
Media Relations: Katherine Potter 408-792-1168 kpotter*calpine.com
Investor Relations: Rick Barraza 408-792-1125 rickb*calpine.com
Update 2: Recasts, adds background, byline) By Leonard Anderson
SAN FRANCISCO, Dec 12 (Reuters) - Calpine Corp. (CPNL.PK: Quote, Profile, Research) on Monday picked Robert May, who helped steer recoveries at HealthSouth Corp. (HLSH.PK: Quote, Profile, Research) and Charter Communications Inc. (CHTR.O: Quote, Profile, Research), to be chief executive officer of the independent power producer.
Peter Cartwright, who founded the company in 1984, was removed as chairman and chief executive by the board of directors two weeks ago after a Delaware judge ruled that Calpine had improperly used proceeds from asset sales to purchase natural gas to fuel its power plants.
The ouster of Cartwright and Chief Financial Officer Robert Kelly raised concerns that California-based Calpine was on the brink of bankruptcy. It is not yet clear if the company will seek such protection as it labors under $17 billion in debt.
May said Calpine needed "to reduce our debt levels, improve our balance sheet and align our business strategy and operational structure with the current economic climate and energy market conditions."
May will also become a director of Calpine.
Kenneth Derr, former chief executive at Chevron Corp.(CVX.N: Quote, Profile, Research) and acting Calpine CEO after Cartwright left, said Calpine needed the kind of improvements May had engineered in previous posts.
May helped guide health-care provider HealthSouth through an accounting scandal and led a turnaround at debt-plagued cable television company Charter Communications as interim CEO.
The immediate challenge for Calpine is the legal battle now underway in Delaware.
Calpine has said repeatedly that it may be unable to meet a Jan. 22 deadline set by the Delaware Chancery Court to repay noteholders about $312 million it spent to buy gas for its plants.
The company has said that bankruptcy may be an option if the order is upheld.
Wilmington Trust, trustee for certain noteholders, wants to accelerate Calpine's repayment to no later than Jan. 3.
The Delaware Supreme Court is due to hear oral arguments on the case on Dec. 15.
Calpine said in an appeal to the court, filed after the close of business on Friday, that the Chancery Court took an overly narrow view of certain terms of the company's second lien notes, leading to its ruling that Calpine had to repay the asset sale proceeds.
Wilmington Trust, in its appeal, said the Chancery Court abused its discretion in giving Calpine until Jan. 22 to make the repayment.
Posts: 1632 | From: NJ | Registered: Nov 2005
| IP: Logged |