PATH properties.... get yer PATH properties... in the market for some dirt-cheap but poorly maintained real estate, or maybe some completely useless land with a burned out trailer or falling down shack? PATH's real estate agent can help you with that, and she "offers something extra!" I can't imagine what that "something extra" might be, but I'm sorta frightened by the offer.
PATH went ahead and listed some of its property for sale, despite the Federal Energy Regulatory Commission's November 30, 2012 Order that set the disposal of property for hearing:
"Because PATH has not completed the sale and transfers of land and other assets, we cannot determine based on the record whether self-dealing or cross-subsidization will occur as a result of these future transfers to affiliates, and whether the proposed prices for sales to third parties are reasonable. As part of the hearing and settlement proceedings, we therefore direct parties to consider the reasonableness of such transfers and sales, including whether future transfers and sales of real property should be reported in periodic reports that identify the parties, date and price of each transaction. Parties in the hearing and settlement proceedings may also consider whether the formula rate should be modified to include such information, which would allow review of the asset sales and transfers under the formula rate annual update process."
So, how "reasonable" are PATH's "fair market value" sale prices compared to "fair market value" amounts PATH spent purchasing each property?
PATH purchased this property for $50,000 in April of 2010. It's on sale today for only $9,000!
PATH purchased this property for $64,000 in April of 2009. It's on sale today for only $12,000!
PATH purchased this property for $307,185 in March of 2009. It's on sale today for only $229,900!
Let's add up the difference between PATH's purchase price and PATH's sale price, because that is the amount PATH wants YOU to pay for its little unnecessary and overly generous property buying spree: $170,285! Even if PATH sells these properties at list, that's how much of a loss PATH expects ratepayers to absorb for just these three properties. And it's going to get worse, much worse.
Bargain basement prices for unneeded properties - get yer worthless PATH properties today - and if you find out what Tammy's "something extra" is, do let us know.
PATH went ahead and listed some of its property for sale, despite the Federal Energy Regulatory Commission's November 30, 2012 Order that set the disposal of property for hearing:
"Because PATH has not completed the sale and transfers of land and other assets, we cannot determine based on the record whether self-dealing or cross-subsidization will occur as a result of these future transfers to affiliates, and whether the proposed prices for sales to third parties are reasonable. As part of the hearing and settlement proceedings, we therefore direct parties to consider the reasonableness of such transfers and sales, including whether future transfers and sales of real property should be reported in periodic reports that identify the parties, date and price of each transaction. Parties in the hearing and settlement proceedings may also consider whether the formula rate should be modified to include such information, which would allow review of the asset sales and transfers under the formula rate annual update process."
So, how "reasonable" are PATH's "fair market value" sale prices compared to "fair market value" amounts PATH spent purchasing each property?
PATH purchased this property for $50,000 in April of 2010. It's on sale today for only $9,000!
PATH purchased this property for $64,000 in April of 2009. It's on sale today for only $12,000!
PATH purchased this property for $307,185 in March of 2009. It's on sale today for only $229,900!
Let's add up the difference between PATH's purchase price and PATH's sale price, because that is the amount PATH wants YOU to pay for its little unnecessary and overly generous property buying spree: $170,285! Even if PATH sells these properties at list, that's how much of a loss PATH expects ratepayers to absorb for just these three properties. And it's going to get worse, much worse.
Bargain basement prices for unneeded properties - get yer worthless PATH properties today - and if you find out what Tammy's "something extra" is, do let us know.
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