Here's excerpt from IPO announcement of subsidiary of Reliant Energy. Apparently James Baker doesn't want to be associated with a newer, greedier kind of utility company, once it's in the public eye.
"...It plans to use the net proceeds for general corporate purposes, including development activities and acquisitions. Some of the money may also be used to repay debt to Reliant Energy or its subsidiaries.
There will be 292 million shares outstanding in the company after it goes public, according to the SEC filing. Based on $16.50 per share -- the mid-point of the estimated price range -- the company will have an initial market capitalization of $4.8 billion.
When the company goes public, James Baker, former U.S. secretary of state under President George Bush and former U.S. treasury secretary under President Ronald Reagan, will step down as a director, a position he has held since 1996, Reliant Resources added.
Reliant Resources, which has applied for a New York Stock Exchange listing under the symbol ``RRI'' (NYSE:RRI - news), plans to become a provider of retail electric services in Texas when the market opens to retail competition in Jan. 2002 and in other U.S. markets ``with favorable regulatory structures and profit opportunities thereafter.''