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A coalition of water users filed a notice Thursday stating its intent to file a lawsuit alleging that power plants are harming fish in the troubled Sacramento-San Joaquin Delta. The four water districts allege that Mirant Corp.'s natural gas-fired power plants in Antioch and Pittsburg are harming species including the delta smelt. The smelt's decline triggered a recent federal court decision that was expected to limit the amount of water available from the delta for people and farmers, including those served by the Belridge, Berrenda Mesa, Lost Hills, and Wheeler Ridge-Maricopa water districts. The plaintiffs say that Mirant's power plants...

SINGAPORE (Reuters) - U.S.-based electricity producer Mirant Corp. (NYSE:MIR - News) has begun seeking bids for its multi-billion dollar power plants in the Philippines, sources familiar with the matter said on Wednesday. Mirant has sent out a short sale document on the asset to potential bidders, including some Japanese firms and financial investors, the sources, who asked not to be identified, told Reuters. Mirant is selling its ownership interest in three generating facilities in the Philippines -- in Sual, Pagbilao and Ilijan -- that account for 2,203 MW in generating capacity. Banking sources say the Philippine asset, estimated by some...

While bankruptcy is almost always the end of the line for common-equity shareholders, sometimes the companies themselves re-emerge with a new lease on life. Although airlines seem to habitually dip in and out of bankruptcy, other companies in fields such as telecommunications, retail, and power generation have made something of themselves on the other side of Chapter 11. On which side of the fence will independent power producer Mirant (NYSE: MIR - News) find itself? Having spent nearly three years in bankruptcy, the company emerged 70 days ago with a cleaner balance sheet and, hopefully, a better operating plan. Because...

WASHINGTON, Jan. 1 - America's corporate chieftains would prefer that Enron just go away. But four years after the company's ignominious collapse, Enron's former top executives are about to head to a climactic criminal trial later this month, serving as a reminder that changes in the behavior of many American companies have been more muted than many once expected. Despite an array of new and expensive laws and regulations that were adopted to tighten corporate oversight after the wave of scandals earlier in the decade, serious accounting problems continue to trouble publicly owned companies. In the last year, a record...

HOUSTON (Reuters) - Electricity producer Mirant Corp. (Other OTC:MIRKQ.PK - News) said on Tuesday that it had emerged from bankruptcy protection after two-and-a-half years and secured $2.35 billion in financing. The Atlanta-based company, which converted more than $6 billion of debt and liabilities into equity under its reorganization, had filed for Chapter 11 bankruptcy protection in July 2003 after failing to reach a deal with creditors to restructure its debts. Last month, power producer Calpine Corp. (Other OTC:CPNLQ.PK - News), filed for Chapter 11 bankruptcy protection, listing debts of $22.5 billion against $26.6 billion in assets. Mirant, which owns or...

Term sheet paves way for company's emergence from bankruptcy ATLANTA, Sept. 7 /PRNewswire-FirstCall/ -- Mirant Corporation (Pink Sheets: MIRKQ - News) announced today that it has reached an agreement with a number of the key constituencies in its Chapter 11 case regarding the terms upon which it will emerge from bankruptcy protection.The deal sets forth the modifications that Mirant will make to its currently pending Plan of Reorganization (POR) filed in March of this year, and the terms on which the constituencies will support and recommend the amended POR's confirmation. Parties to the accord include the company, all three of...

FORT WORTH - U.S. Bankruptcy Judge Michael Lynn gave holders of Mirant Corp. common stock some hope that they can share in the distribution of assets of the bankrupt Atlanta energy company. In a ruling, Lynn said financial models of the reorganized company should be changed to reflect values greater than the range of $7 billion to $8.3 billion. Mirant's common shareholders have said that the power generator, which went into bankruptcy in July 2003, is worth as much as $13.7 billion. That figure, unlike the lower number offered by Mirant, would allow common shareholders to receive some of the...

Expert Testifies that up to $1.74 Billion Available for Shareholder Recovery FORT WORTH, Texas, June 28 /PRNewswire/ -- The Mirant Shareholder Rights Group LLC supports expert testimony presented by Anders Maxwell, Equity Committee's witness, during Mirant's valuation hearing, which concluded yesterday. The expert testified that inaccuracies in the Blackstone Group ("Blackstone") valuation report prepared for Mirant Corporation ("Mirant") (OTC: MIRKQ - News) masked at least $1.74 billion of value in its business plan forecasts and used improper methodologies to undervalue its domestic and foreign cash flows. Using Blackstone's own valuation method with accurate and current figures, Mr. Maxwell demonstrated to...

ATLANTA, June 16 /PRNewswire/ -- Mirant Corp. (MIRKQ) and the Official Committee of Unsecured Creditors of Mirant Corp. (the "Mirant Corp. Committee") in its bankruptcy proceeding announced that they have filed a lawsuit against Mirant's former parent company, Southern Company (NYSE: SO - News), seeking recovery of at least $2 billion in connection with transfers made to Southern prior to Southern's spin-off of Mirant in April 2001. The lawsuit was filed in the U.S. Bankruptcy Court for the Northern District of Texas, in Ft. Worth, where Mirant's Chapter 11 reorganization case is being heard by the Honorable Judge D. Michael...

Atlanta's bankrupt Mirant Corp. approved another round of executive bonuses this week, agreeing to dole out more than $1.8 million to five executives. That payout is in addition to the $2 million in salaries those executives will be paid this year and does not include an $850,000 bonus previously approved for company Chief Executive Officer Marce Fuller. The year's biggest bonus will go to Chief Financial Officer M. Michele Burns, who will get $686,100 on top of her $600,000 annual salary. Burns joined Mirant from Delta Air Lines, where she was among executives involved in a controversial bonus and pension...

SAN FRANCISCO -- Carly Fiorina's ouster from Hewlett-Packard Co. on Wednesday wasn't totally unexpected, but for some it was a disturbing end to an otherwise encouraging chapter in U.S. women's corporate progress. The number of Fortune 500 companies with female chief executives declined 12.5 percent Wednesday, from eight to seven, according to the nonprofit Catalyst Inc., which tracks women in business. And it will shrink again soon, with the pending resignation of Marce Fuller at independent power producer Mirant Corp. "It's a shame it's a woman CEO, because it could influence people to think that opportunities for women are on...

WASHINGTON (MarketWatch) - The Commodity Futures Trading Commission said Tuesday it has filed civil lawsuits against 15 natural gas traders for reporting false information on deals to industry newsletters in an attempt to manipulate market prices.The traders worked for Enserco Energy, Mirant Americas Energy Marketing (MIRKQ: news, chart, profile) , Cinergy Corp. (CIN: news, chart, profile) , Duke Energy Trading and Marketing (DUK: news, chart, profile) , CMS Field Services (CMS: news, chart, profile) , and Shell (RD: news, chart, profile) affiliate Coral Energy Resources, when they carried out these activities, the commission said in a statement. Concord Energy, a...

The Unsung Heroes of the California Energy Crisis Written by Wayne Lusvardi and Charles Warren Saturday, January 29, 2005 - ChronWatch.com Mirant settlement belies real culprits of California energy crisis The headline “Mirant to Pay $750 Million to Settle California Claims” was splattered across the pages of newspapers on January 14 reporting the Mirant Corporation’s agreement to settle claims that it manipulated power prices during California’s energy crisis in 2000 and 2001. As part of the settlement, the State handed Southern California Edison $101 million, Sempra Energy’s SDG&E $24 million, and PG&E will receive an uncompleted power plant. The settlement...

- Debt would be reduced by more than $5 billion - Mirant Americas Generation would receive a full recovery - All assets and operations would remain intact ATLANTA, Jan. 19 /PRNewswire-FirstCall/ -- Mirant (OTC Pink Sheets: MIRKQ - News) today filed its proposed Plan of Reorganization (the "Plan") and Disclosure Statement, putting into motion a process intended to allow the company to emerge from Chapter 11 protection by mid-year. The documents were filed in the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth division, where the Honorable D. Michael Lynn is presiding over the case. The Plan...

Energy firm settles suit with state By Dale Kasler -- Bee Staff Writer Published 2:15 am PST Saturday, January 15, 2005 Get weekday updates of Sacramento Bee headlines and breaking news. Sign up here. California officials obtained a $749.7 million energy-crisis refund from a bankrupt power company Friday in an offbeat deal that includes cash, an unfinished power plant and an IOU whose true value is unknown.

Mirant Shares (MIRKQ) took off in morning trading on the eve of a hearing on the Shareholder Committee's proposal to have a meeting to determine the longevity of the Board of Directors and CEO. Volume is over 5 million shares traded with a price high of .49 this morning.

Another energy career capped: Mirant (otc: MIRKQ - news - people ) said Chief Executive S. Marce Fuller will resign from the energy company, which is operating under bankruptcy protection. But she won't go empty-handed: According to a regulatory filing, Fuller will take away $3.4 million in severance pay plus other benefits. The filing does not specifically say when she will quit, or step down from her board seat. Fuller had worked at Mirant since 1992, after positions with Southern Company (nyse: SO - news - people ) and General Electric (nyse: GE - news - people ). Mirant has...

Mirant's Period of Exclusivity Extended 30 DaysATLANTA, Dec. 16 /PRNewswire-FirstCall/ -- Today, Mirant (Pink Sheets: MIRKQ - News) reiterated that it would not make its out-of-market payments to Pepco unless ordered to do so by the Bankruptcy Court or the District Court. Further, Mirant sought to rectify a misperception by stating that no court has ordered it to continue with these payments under its back- to-back agreement with Pepco. On December 15, Judge Michael Lynn, U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, denied a motion by Pepco that sought to order Mirant to continue making...

WASHINGTON (CBS.MW) -- Mirant Americas Energy Marketing, a subsidiary of Mirant Corp. will pay a $12.5 million civil penalty to settle charges that it tried to manipulate natural gas markets in 2000 and 2001, the Commodity Futures Trading Commission said Monday. From January 2000 through December 2001, Mirant Americas (MIRKQ: news, chart, profile) reported false information on natural gas transactions in order to manipulate indexes compiled by industry newsletters, the CFTC said in its order. The commission also found that between January 2000 and October 2000, Mirant traders located in the West inflated the volumes and prices of trades it...

Fearing shares will be worthless, they're playing hardball with managementLast month, when the formerly bankrupt Kmart bought Sears, one group of investors was paying particularly close attention. They are the stockholders of Atlanta merchant energy company Mirant, in Chapter 11 bankruptcy protection since July 2003. In Kmart's rags-to-riches, back-from-bankruptcy tale, Mirant's stockholders saw a hint of what might be lying in wait for them. Nothing. The retailer's story line goes like this: A hedge fund billionaire who bought large amounts of Kmart's debt becomes controlling owner of its new post-bankruptcy stock. He unloads stores and people, pumping billions into the...

Very good story on Bank of America's involvement in the Enron case. Also, some info on Citibank. Go to the following link and read: Click here for very good story on Enron, Bank of America and Citibank.

Lockyer alleged overcharging during crisis.A federal appeals court Tuesday tossed out several lawsuits brought by California's attorney general accusing energy companies of overcharging state power customers millions of dollars during the energy crisis. The 9th U.S. Circuit Court of Appeals said federal law allows claims for refunds through the Federal Energy Regulatory Commission, not the courts. In July, the circuit issued a similar decision when it said Attorney General Bill Lockyer could not sue Reliant Resources Inc., Dynegy Inc. and other firms on allegations they double billed energy customers. (Excerpt...see source above for entire story)

WASHINGTON - Power-generator Mirant Corp. disclosed Thursday that it is looking for a new chief executive officer. Searching for new leadership is a typical step for a company in bankruptcy, Mirant spokesman James Peters told Dow Jones Newswires Thursday. The board views it as part of its obligation to maximize value for creditors with an interest in Mirant. Peters said there was no specific timeline for current Chief Executive Marce Fuller to step down, and that she was involved in the search for a new CEO. The search, which has been kept under wraps since it began early in 2004,...

The Journal News in New York has an excellent story on Mirant and the Rockland school district tax dispute. It is well worth reading. The writer admits Mirant is probably due a refund. Go to the following link (insert "tt" where necessary) and read: h**p://www.thejournalnews.com/newsroom/091204/b087ep01jn0912.html

Energy firm Mirant Global Corp. is planning to list its shares on the Philippine Stock Exchange through an initial public offering (IPO). An industry source privy to the matter said Mirant Global will announce next month its plans to conduct an IPO, although there is no specific date for the listing of the shares yet. “Mirant Global is already preparing for the IPO. They said they will really go public. Its not yet sure if they would do it this year or early next year,” the source said. Mirant Global is a joint-venture between Mirant Philippines Corp. and Global Business...

ATLANTA, Aug. 26 /PRNewswire-FirstCall/ -- Mirant (Pink Sheets: MIRKQ - News) today announced that Mirant's Board of Directors has appointed M. Michele Burns, 46, chief restructuring officer. Burns will continue to report to Chief Executive Officer, Marce Fuller and will maintain her role as executive vice president and chief financial officer. In her additional role, Burns will serve as the company's primary representative in the bankruptcy process. She and her team will continue to develop the company's plan of reorganization and capital structure, and prepare the company to emerge from Chapter 11. "Michele has the full confidence of our Board...

WASHINGTON -- The following table is a summary of Mirant Corp.'s (MIRKQ) financial information for the second quarter ended June 30, as reported in the company's quarterly report filed Monday with the Securities and Exchange Commission. Months Ended June 30: .................................... 2004 ................... 2003 Operate revenues $1,264,000,000 $1,248,000,000 Operating income 114,000,000 (2,046,000,000) Net income 32,000,000 (2,202,000,000) Net income a share .08 (5.44) Figures in parentheses are losses. Atlanta-based Mirant filed for Chapter 11 bankruptcy protection in July 2003, listing assets of $20.57 billion and debts of $11.4 billion. The energy company produces and sells electricity in North America, the Caribbean...

NEW YORK (Reuters) - Private equity funds are snapping up power plants and pipelines once sought by aggressive buyers like El Paso Corp. (NYSE:EP - News), Dynegy Inc. (NYSE:DYN - News) and Mirant Corp. (Other OTC:MIRKQ.PK - News) as these former industry heavyweights focus on repairing their businesses.CenterPoint Energy's (NYSE:CNP - News) sale of its Texas Genco Holdings Inc. (NYSE:TGN - News) electricity generator, announced last month, was the industry's largest deal this year. Like the more than $5 billion in other power deals this year, the buyers were financial groups that typically buy, fix up and sell assets in...

GARNERVILLE — Property owners in Haverstraw and Stony Point will see school taxes increase up to 25 percent as the towns and the North Rockland school district attempt to settle a court case with energy company Mirant. Supervisors from both towns also said yesterday that residents could expect double-digit increases on their town tax bills. The effect goes beyond higher tax bills. The supervisors announced yesterday that construction of a new $11 million Haverstraw police station and a $500,000 Stony Point highway department garage had been put on indefinite hold. Mirant has filed tax challenges, arguing it was overassessed by...

Excerpt... Second, Avista and Mirant Corp., co-owners of the Coyote Springs 2 gas- fired generating facility, have signed a non-binding letter of intent for Avista to purchase Mirant's half interest in the facility. If the transaction is successful, Avista will own the entire facility and an additional 140 megawatts of generating capacity to serve its customers' future energy needs. "Our decision to seek to acquire full ownership of the plant is driven by a potentially attractive price, together with Avista's familiarity and experience with the facility," said Ely. "These factors outweigh other considerations such as the concentration of more energy...

ATLANTA - Mirant Corp. must focus on reducing its heavy debt as it prepares a reorganization plan and seeks to emerge from bankruptcy, chief executive Marce Fuller said in an interview Monday. As the one-year anniversary of the energy supplier's Chapter 11 filing nears, Fuller said the Atlanta-based company's debt is one of its challenges. "I would see it as something we would need to get resolved as part of this case," Fuller said. Mirant's total debt stood at $11.4 billion when it filed for bankruptcy protection on July 14, 2003. This week, its debt was roughly $10.5 billion, spokesman...

Mirant and the Ramapo school district in New York have cut a tax deal. Do a search on Google, etc. Major news!!!!!!

ATLANTA, June 3 /PRNewswire/ -- Mirant (Pink Sheets: MIRKQ - News) today announced that Loyd (Aldie) Warnock, 45, has joined the company as senior vice president, governmental and regulatory affairs. He will report to president and chief executive officer, Marce Fuller. Warnock will lead Mirant's federal and state legislative and regulatory activities, serve as primary contact with regional transmission organizations and oversee all policy matters related to these areas. He will also represent Mirant at the Federal Energy Regulatory Commission (FERC), the Electric Power Supply Association, the Edison Electric Institute and various public utility commissions (PUCs). "Aldie's 22 years of...

<p>Pepco Holdings Inc.'s bid to hold the bankrupt power provider Mirant Corp. to money-losing contracts drew skepticism from a panel of federal appellate judges, who questioned the need to preempt a bankruptcy court from deciding the question.</p>

FORT WORTH, Texas — Bankrupt Atlanta-based energy company Mirant Corp. can have an additional eight months before filing its reorganization plan with the bankruptcy court, a judge here ruled Wednesday. In the course of arguing over the extension, though, a Mirant consultant delivered some bad news for stockholders: There will be no money left for them unless something changes before the case is done. When Mirant entered Chapter 11 last year, it looked as if there would be something left for shareholders once creditors got paid. The blow to shareholders came during questioning by U.S. Bankruptcy Court Judge Michael Lynn...

San Francisco is another step closer to placing three new natural combustion turbines at the Potrero Power plant. In order to meet a state funding deadline, The City must have "site control" at the plant by May 1 and city officials reported to the San Francisco Public Utilities Commission on Tuesday that they were near an agreement to purchase 4.5 acres from the Mirant power company which operates the plant currently operating there. The closeness of the May 1 deadline alarmed SFPUC Commissioner Adam Werbach, who still hopes to find alternatives to the location of the turbines. "It concerns me...

ATLANTA, Apr 19, 2004 /PRNewswire-FirstCall via COMTEX/ -- Mirant (Pink Sheets: MIRKQ) today announced that its operating revenue for 2002 was $4.7 billion, a figure consistent with the company's 2003 Form 10K. In a news release issued by the company this morning, operating revenue for 2002 was erroneously reported as $4.1 billion. Mirant reported operating revenue of $5.2 billion for 2003. Additionally, Mirant's cost of fuel, electricity and other products for 2002 was $2.5 billion, as stated in the 2003 Form 10K. The news release erroneously reported this cost as $1.8 billion. All of Mirant's financial filings, including the 2003...

Mirant Equity Committee by Micheal Sammons – Attorney Previously on Mirant Shareholders Committee Click here for link to Yahoo message. For those who asked, I was also booted off the committee - around December 1st. Like Matt Wilson, I was vocal about the need to explore all options other than dilution. My problem was with the Brown Rudnick law firm and Tejas Securities [SHC (Shareholders Committee) co-chair]. Even before our selection I had argued with Tejas about what they believed to be "inevitable dilution." And this was before a committee was even formed (the informal committee days). While I cannot...

Mirant Corp. is nearing completion on a business plan that will detail its objectives and strategy for meeting those goals once the struggling energy supplier emerges from bankruptcy, a company official said Wednesday. One thing that remains unclear is whether the Atlanta-based company will seek to reduce its staff further or change its management structure. More than 300 of the companys 7,000 positions have been shed since Mirant filed for bankruptcy in Fort Worth, Texas, on July 14. I won't talk about changes in size or structure, company spokesman David Payne said. The business plan is expected to be finished...

This week began just as usual on the sleepy Yahoo Finance Web site where Southern Co.'s investors post their thoughts occasionally. A message or two a day, nothing exciting. Someone mentioned an upcoming dividend. Someone answered: Southern Co. "remains a safe harbor, except for the MIR fiasco, which still bugs me," the poster wrote, referring to the now-bankrupt Southern spinoff, Mirant Corp. A few hours later, investors burned in that fiasco roared in and hijacked Southern's placid message board. By Monday night, they had overrun the Yahoo message site assigned to Mirant's former parent. These were the same investors who...

FORT WORTH, Texas -- Employees of Atlanta's bankrupt Mirant Corp. will be getting a morale boost soon from an unexpected, and highly unusual, source: the federal bankruptcy judge handling the case. At Mirant's request, Judge Michael Lynn agreed on Wednesday to videotape a special status hearing on the company's Chapter 11 case. The tape will be played for employees, who, according to the company, have been down in the dumps since Mirant filed for bankruptcy last summer in federal court in Fort Worth, Texas. The videotaped morale booster wasn't just a little extraordinary. U.S. Bankruptcy Court trustee George McElreath said...

WASHINGTON - Federal energy regulators announced settlements with Mirant Corp. and Duke Energy Corp. that could require the companies to pay more than $8 million to settle claims of improper actions during California's 2000-2001 energy crisis. California officials immediately denounced the settlements announced Friday as too low. Mirant Corp. agreed to pay nearly $3.7 million to settle claims by California regulators that it improperly sold reserve electricity meant to be used only for emergency purposes or to support grid reliability. The settlement must still be approved by the Federal Energy Regulatory Commission or a judge. FERC approved a $2.5 million...

HOUSTON, Dec 24 (Reuters) - A Texas bankruptcy court approved a settlement under which El Paso Corp. (EP) will pay Mirant Corp. (MIRKQ) $87.5 million to unwind energy trades between the two power companies, Mirant said on Wednesday. Mirant filed for Chapter 11 bankruptcy protection in July, which led to a default on a "master netting agreement" with El Paso Merchant Energy that combined the gains and losses from hundreds of trading positions between the two companies. Natural gas company El Paso originally calculated its net loss on the trading positions to be $37 million, while Mirant had said it...

ATLANTA (Dow Jones)-- Mirant Corp. (NYSE:MIR - News) settled with the Federal Energy Regulatory Commission for $3.7 million, about one-seventh of the $28 million sought by California, on charges related to the sale of ancillary services. The company said the settlement is not an admission of guilt, in a press release Friday. The bankrupt-energy company, which filed for Chapter 11 protection in July, allegedly sold ancillary services meant for contingency purposes prior to the state's 2000-2001 power crisis without the consent of California Independent System Operator. Ancillary services are various types of generation capacity held for contingency purposes, such as...

If you think the current mutual fund scandal or tainted research by Wall Street firms is bad, you should see what happens in a bankruptcy. When a company files for bankruptcy, disclosure suddenly comes to a dead halt. Few financial reports come out, even though they are now more critical than ever. The legal process throws a blanket over all information that becomes privileged to committee members and company insiders--never mind that there is an ongoing company whose securities still trade. This information vacuum causes larger creditors to scramble and try to get on the creditor committee, where they frequently...

ATLANTA (AP) -- Bankrupt energy supplier Mirant Corp. said it is eliminating 350 jobs, or 5 percent of its work force, as it reported a $2.2 billion loss in its delayed second quarter results. The loss, announced Tuesday, for the three months ending June 30 is equivalent to $5.44 a share, compared to a restated net loss of $182 million, or 45 cents a share, for the same three-month period a year ago. Mirant had previously reported a net loss of $151 million, or 38 cents a share, for the second quarter of 2002. This year's loss includes a $2.1...

Houston accountant Mike Willingham doesn't own enough stock to sit on the stockholder committee for Atlanta's bankrupt Mirant Corp. But he's on it, thanks to an unusual campaign he launched when the struggling energy company filed for Chapter 11 protection this summer. Willingham, known as Hammr6 on the Internet, holds the committee's Yahoo seat. He represents Westlurker, JohnGalt, Arizzzona, Oledude and hundreds of other Mirant stockholders who frequent a Yahoo Internet chat room now banished in post-bankruptcy ignominy to a Web site location only the already initiated can find. Through proxies from more than 400 of those Yahoo-ers, Willingham now...

NEW YORK, Oct 27 (Reuters) - Bankrupt energy trader Mirant Corp. (Other OTC:MIRKQ.PK - News) and Pepco Holdings Inc. (NYSE:POM - News) said on Monday they restructured two power supply contracts, avoiding a court battle over deals Mirant had threatened to try to cancel. Under the terms of the new agreement, Pepco Holdings' utility unit will pay an additional $60 million for electricity that Mirant will supply to its customers in Maryland and Washington, D.C. "The agreement provides additional value to Mirant over and above the existing power supply contracts with Pepco while preserving the relationship with a key customer,"...

CHICAGO -(Dow Jones)- A U.S. Bankruptcy Court judge approved Monday Mirant Corp. (NYSE:MIR - News)'s request to obtain up to $500 million in debtor-in-possession financing from General Electric Co. (NYSE:GE - News) unit GE Capital. Through agreement with creditors, some of which had objected to the loan, Mirant will be able to access $200 million now, company spokesman David Payne said. Mirant can tap another $100 million if it obtains full approval of its risk management policy from all creditor committees and the equity committee, or through a court order. Mirant can tap the final $200 million with the written...

NEW YORK, July 16 (Reuters) - Citigroup (C) is expanding its commodities and energy trading activities to include electricity and natural gas, sources familiar with the company's plans told Reuters on Wednesday. According to the sources, who spoke on condition of anonymity, David Becker will head a new commodity derivatives unit at Citigroup that will concentrate on oil, natural gas and electricity trade. Officials at the New York-based banking giant declined to comment on the plan. The move is linked to Citigroup's expected take over of two power plants from the bankrupt National Energy Group (NEG) unit of PG&E Corp....