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Doty to Not Serve as CFO of Twin Eagle Resource Management REP Affiliate Under Agreed Proposed Order with Staff
August 12, 2011
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Robert Doty would not continue his service as a officer, director, or, principal for any certificated Retail Electric Provider in Texas, under an agreed proposed order and PUCT Staff recommendation which would grant Twin Eagle Resource Management, LLC a REP certificate (39392).
See 5/11 for background on Twin Eagle Resource Management
Doty currently serves as CFO and Executive Vice President of Twin Eagle Resource Management, LLC.
The agreed proposed order with Staff would allow for the completion of a reasonable transition period prior to Doty ceasing his tenure as CFO of the REP, and would also only apply through October 1, 2012.
The October 1, 2012 date coincides with a provision related to a 2007 settlement between Doty and the U.S. Securities and Exchange Commission, under which, among other things, Doty agreed not to serve as an officer or director of any publicly held company for a period of five years. The settlement related to accounting and disclosure matters while Doty was CFO at Dynegy in 2001 (see 6/24 for details)
Although Twin Eagle Resource Management is not publicly traded, Staff said that it is inappropriate for Doty to serve as an officer, director, or principal of any certificated REP prior to September 28, 2012.
Twin Eagle Resource Management has agreed with Staff's recommendation.
Twin Eagle Resource Management is also engaged in various other businesses, including wholesale power marketing, power scheduling, and energy management services, to which the company has said Doty is critical.
Accordingly, to facilitate the removal of Doty from his role as an officer of a certificated REP, Twin Eagle has represented to Staff that it will file an application to amend its REP certificate to sell or transfer its REP certificate to an affiliate company, subject to Commission approval, where Doty would not be an officer, director, or principal.
Staff said that Doty owns less than 1% of Twin Eagle and would not control the affiliate REP company, directly or indirectly through Twin Eagle, and would not have the power to direct or cause the direction of the management or policies of the affiliate REP company.
Subject to the conditions above, Staff recommended granting Twin Eagle Resource Management a REP certificate.
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