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To the Editor:
I concur with Mark Williams’ assessment (“A View on the TXU Leveraged Buyout,” April 2007) that the proposed KKR/TPG acquisition of TXU through a leveraged buyout (LBO) may “have negative consequences for Texas customers,” which he indicates as being a consequence of the nature of an LBO. I think it is more likely a consequence of the nature of the restructuring imposed by the Texas Legislature.
I find the Legislature’s reaction to the LBO to be interesting, because it deals with the symptoms, not with the illness (restructuring). I would find the reaction to be even more interesting if I did not live in Texas.
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