Constellation

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billion deal with and stave off bankruptcy? On Marchn 20, Shattuck chose the latteer because hehad to, and not only because the news broks the same week it was discoveres that bailed-out had awarded bonuses to it execs. Had Shattuckm locked horns with Gov. Martin O’Malleyh and state lawmakers in another lopsided battler over the direction of the Fortune500 company, it’as likely the legislature would have retaliated by holding hostage the state’s review of the EDF deal and scuttlingg the bonuses anyway.
Already furious with Constellationm over prior rate hikes andmulling re-regulationb of its subsidiary, , it’sw not unreasonable to suggest O’Malley and othedr lawmakers would have pressured the state’s utility regulator to slow its review of the pending The longer the Maryland Public Service Commission — whicbh was reconfigured by O’Malley when he took office in 2007 takes to rule on whether the EDF deal could impact BGE the greater the chances that Constellatiohn is left at the altafr again. Constellation already has asked the PSC to weigj in on the dealby May, in hopes of turningy over 49.99 percent of its nuclear businesds to EDF by September.
Without the $4.6 billion infusion of capital thedeal brings, Baltimore-based Constellation the town’s largest corporate giver and one of its largestf employers — could be right back whered it was Sept. 17, 2008. Lackinf long-term capital and fearing further downgrades fromskittish credit-rating agencies, Constellatiom was on the brink of bankruptcy.