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BUSINESS
By JAY HANCOCK | June 25, 2003
ALLEGHENY Energy's official statement said possible bankruptcy. The stock and bond markets said ho-hum. Sentient investors ought to say, "How come?" Allegheny's shares fell 9 percent yesterday, a decent amount but hardly demonstrating belief in the company's warning Monday that the avenues out of its straits include "the possibility of seeking protection under the bankruptcy laws." Stock usually becomes worthless in bankruptcy court. Yet there was still $1 billion in Allegheny shareholder value floating at the New York Stock Exchange yesterday.
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NEWS
By Jon Meoli, jmeoli@tribune.com | June 14, 2012
The year's first edition of the Towson Farmers Market on Thursday brought new and old customers to downtown Towson to enjoy an event that's become a staple for local residents. "I love this," Pat Mott, 73, of Baldwin, said as she prepared to buy her second load of produce of the morning. Her first load - fresh broccoli, cauliflower, spinach, squash, onions, peas, and asparagus - was already in her car, but Mott showed no signs of slowing down. After she finished shopping, she planned to have lunch at one of Allegheny Avenue's caf├ęs.
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SPORTS
By From Staff Reports | December 17, 1992
CUMBERLAND -- Marci Wildman scored 14 points and had 11 rebounds, four steals and three blocks as Allegany (8-0) defeated Allegheny of Pittsburgh (4-2), 63-40.Lisa Green also scored 14 and had a team-high five assists for Allegany, which built a 31-12 halftime advantage.Allegheny-Pittsburgh opened the second half with a 17-6 run to pull within 37-29 with 15 minutes remaining. Allegany responded with an 8-0 run as Green and Wildman had consecutive three-pointers and Amy Clouse scored to increase the lead to 45-29.
NEWS
By Lorraine Mirabella, The Baltimore Sun | February 21, 2012
The Towson Social Security office will move on March 6 to 28 Allegheny Ave., the Social Security Administration said Tuesday. The current location, 110 West Road, will close at 3 p.m. March 2. No service will be available on Monday, March 5. Office hours at the new location, which officials said is more convenient to public transportation, will be from 8:30 a.m. to 3 p.m. Monday through Friday, and free parking is available on the fifth floor...
BUSINESS
By JAY HANCOCK | October 16, 2002
WILL Constellation Energy's Mayo Shattuck try to take over his struggling rival, Hagerstown-based Allegheny Energy? Of course, he would probably like to. Of course, he isn't talking about it. Of course, Wall Street is. "I've heard rumors that Mayo called up there" to Allegheny, says Christopher Ellinghaus, an energy analyst with Williams Capital in New York. "The rumor I heard was that the call was not returned." Wall Street merger gossip, to belabor the obvious, does not always coincide with reality.
BUSINESS
By BLOOMBERG NEWS | November 21, 1998
BETHLEHEM, Pa. -- Bethlehem Steel Corp., the No. 3 U.S. steelmaker, said yesterday that it completed the sale of the former Lukens Inc.'s stainless steel assets to Allegheny Teledyne Inc. for $175 million.The companies also said they will spend $25 million to improve a former Lukens mill in Conshohocken, Pa. Bethlehem will retain ownership of the mill and allow Allegheny Teledyne exclusive use of it for 20 years.Pittsburgh-based Allegheny Teledyne, the world's largest specialty-metals producers, agreed to walk away from a bidding war for Lukens in January in exchange for the stainless-steel assets.
BUSINESS
By Kevin L. McQuaid and Kevin L. McQuaid,SUN STAFF | July 29, 1998
A Pittsburgh-based utility company abruptly called off its pending merger with Allegheny Energy Inc. yesterday, after regulators balked at a plan to give the team more than $1 billion in "stranded cost recovery."DQE Inc.'s decision to terminate the $2.6 billion merger stems from Pennsylvania's decision to eliminate a significant portion of the controversial power plant expenses that Hagerstown-based Allegheny had sought as part of a shift to a deregulated electric industry."A mutual termination would permit both companies to return to business in the ordinary course and devote their full attention to a timely implementation of retail choice in Pennsylvania," DQE President and Chief Executive Officer David D. Marshall wrote in a letter to Allegheny's top executive.
BUSINESS
By Dan Thanh Dang and Dan Thanh Dang,SUN STAFF | January 16, 2003
Frustrated Allegheny Energy Inc. investors may be near the end of their rope as negotiations drag on to resolve the company's debt financing, but energy analysts say the faithful should be rewarded in the end. After receiving a fourth extension of waivers on credit agreements, Allegheny now faces a deadline of Jan. 31 to work out its finances. The Hagerstown energy company has been struggling since October, when its credit rating was lowered to below investment grade. Allegheny defaulted on several key credit agreements Oct. 8. But in the first positive sign since talks with lenders began almost four months ago, Allegheny, in announcing the extension Tuesday, said it was based on "substantial progress made in negotiations" with its lenders to restructure $1.7 billion in debt.
BUSINESS
By BLOOMBERG NEWS | July 19, 2005
NEW YORK - Merrill Lynch & Co. Inc. didn't defraud Allegheny Energy Inc. four years ago when the financial services giant sold its energy-trading unit to the utility, and Merrill is owed $115 million from the transaction, a federal judge ruled yesterday. U.S. District Judge Harold Baer Jr. said in a written opinion that Merrill, the world's No. 2 securities firm by market value, didn't inflate revenue at its Global Energy Markets before selling the unit to Allegheny in 2001. "Allegheny collects nothing on its claims," Baer said.
BUSINESS
By Kevin L. McQuaid and Kevin L. McQuaid,SUN STAFF | October 6, 1998
Allegheny Energy Inc. filed a federal lawsuit yesterday against DQE Inc., a Pittsburgh company that is attempting to terminate the two utilities' planned $4.1 billion merger.The move by the Hagerstown-based utility is likely the opening legal volley in one of the first hostile takeovers ever among power companies, and a sign that Allegheny remains committed to a deal that would create the nation's 10th-largest utility."While we are profoundly disappointed by DQE's failure to honor its contractual obligations, our position remains clear and consistent: The merger is good for both companies' employees, shareholders and the communities we serve," said Michael P. Morrell, an Allegheny senior vice president and its chief financial officer.
BUSINESS
By Hanah Cho, The Baltimore Sun | January 19, 2011
Maryland energy regulators have approved the sale of Allegheny Energy, which serves Western Maryland, to FirstEnergy, but placed 20 conditions on the $4.7 billion stock deal that would create one of the biggest power companies in the country. The conditions include providing a one-time $29 credit to Maryland residential customers of Allegheny's Potomac Edison, ensuring there are no job losses in Maryland's utility operations related to the merger for at least two years and establishing a regional headquarters in Potomac Edison's Maryland service territory, according to the order issued late Tuesday from the Maryland Public Service Commission.
SPORTS
By Kevin Cowherd | January 17, 2009
It's a topic that belongs on Jerry Springer: the 'Burgh's unhealthy bridge fetish. There are 446 in the city - even more than in Venice, Italy, the real "City of Bridges." There are 1,900 in Allegheny County alone. These people put up bridges the way the rest of us put up wallpaper. You know the old saying, "If you've seen one bridge, you've seen them all"? They never heard that in Pittsburgh.
BUSINESS
By Paul Adams and Paul Adams,Sun reporter | May 22, 2008
Parts of Maryland are still at risk for isolated blackouts as early as 2011 unless new transmission lines are built to get energy to where it's needed most, regional grid operator PJM Interconnection told state utility regulators yesterday. The latest assessment comes despite significant progress by power generators and utilities toward addressing the region's growing energy needs through a combination of power plant upgrades and conservation measures aimed at cutting demand. Though the risk has diminished some since a similar assessment last fall, whether the lights stay on after 2011 may hinge on a critical multistate power line proposed by Allegheny Energy.
NEWS
March 20, 2008
PSC approves Allegheny's refund plan to customers The state Public Service Commission approved yesterday refunds to customers of Allegheny Power for an energy conservation initiative that drew criticism. In January, the company told the PSC that it would voluntarily stop charging ratepayers a 96-cent monthly surcharge for 12 months to recover the cost of sending them two 60-watt compact fluorescent light bulbs. Allegheny officials received complaints from consumers who did not want the bulbs for various reasons and wanted to return them for a refund, as well as from customers who did not receive them and wanted them.
NEWS
By Liz F. Kay and Liz F. Kay,Sun reporter | January 17, 2008
Responding to customer outrage, a Western Maryland utility promised yesterday that it would refund a surcharge that was levied on 220,000 customers to pay for energy-efficient light bulbs mailed to them as part of a conservation program. Jeff Trout, attorney for Allegheny Power, defended the program in a meeting with the state Public Service Commission yesterday, but he acknowledged that its execution was flawed. Allegheny Power's shareholders will pay the full cost of the $2.5 million program, he said.
BUSINESS
By Bloomberg News | October 5, 2007
Allegheny Energy Inc., owner of utilities in four states, said yesterday that it will pay its first common stock dividend in more than five years after recovering from a near-bankruptcy. Stockholders of record as of Dec. 3 will be paid a dividend of 15 cents a share on Dec. 17, Allegheny said in a statement. The company, which is based in Greensburg, Pa., and serves Western Maryland, stopped paying a dividend in 2002 after a bad bet on energy trading pushed it close to insolvency. Allegheny's credit ratings were raised to investment grade this year by Moody's Investors Service and Standard & Poor's.
BUSINESS
By Dan Thanh Dang and Dan Thanh Dang,SUN STAFF | January 3, 2003
In a move to reduce its financial obligations, struggling Allegheny Energy Inc. sold two of its energy services subsidiaries yesterday at a loss to Constellation Energy Group Inc. for $22.3 million in cash. Under the terms of the agreement, Baltimore-based Constellation acquired 100 percent ownership of Fellon-McCord & Associates Inc., a natural gas and electricity consulting and management services firm, and Alliance Energy Services LLC, a provider of natural gas supply and transportation services.
BUSINESS
By Dan Thanh Dang and Dan Thanh Dang,SUN STAFF | March 8, 2003
A day after Chairman and Chief Executive Officer Alan J. Noia announced his retirement from financially troubled Allegheny Energy Inc., its board of directors yesterday extended the deadline for a crucial proxy vote by a week, allowing shareholders more time to decide whether the company can sell stock privately. Allegheny adjourned a special shareholders meeting in New York and said it will reconvene it Friday to count the vote and announce the results. Previously, the company said it would announce the results yesterday.
NEWS
September 8, 2007
On September 4, 2007 Oliver A. Lothrop, A Memorial Service will be held at the Trinity Episcopal Church on Saturday September 8th at 11:00am. In lieu of flowers contributions may be made to Trinity Episcopal Church 120 Allegheny Ave. Towson, Md. 21204 or the Nantucket Cottage Hospital, 57 Prospect St., Nantucket, Mass. 02554
NEWS
By Larry Carson and Larry Carson,Sun reporter | January 14, 2007
Seeking to avoid the turmoil BGE underwent over plans to sharply raise electricity rates last year, the utility serving thousands of homes in parts of Howard and Carroll counties and Western Maryland has asked regulators for permission to increase rates this spring -- well before price caps expire. The idea, Allegheny Power says, is to impose two 15 percent surcharges and use the money plus interest to soften the blow for consumers when the company's price caps take effect in 2009. Those affected by the plan will get a chance starting this week to offer their opinions to the state's Public Service Commission.
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