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Coffee-FlavoredSweat t1_jc88zaj wrote

OP is stupid, which is probably why they deleted their account.

https://s24.q4cdn.com/489945429/files/doc_financials/2022/04/4Q-'21-All-Companies.pdf

Net income (profit) for CMP is right around $180 million

Nowhere close to $3 Billion.

Their total assets are around $5 Billion.

For reference Pine Tree Power has to buy Verisant too, and their assets are worth right about $1 Billion.

Since both are profitable companies, you won’t be able to buy them for less than face value, and will likely have to buy them for some multiple of that (ever watch Shark Tank?)

So call it 1.5x ($6 Billion) and you’re going to pay a minimum of $9 Billion for this statewide takeover.

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egoodkowsky t1_jc8hiib wrote

And I can't wait!

Better than paying for public pensions in foreign countries

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geomathMEW t1_jc8t301 wrote

Would you rather rent something that you need, or own something that you need?

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Coffee-FlavoredSweat t1_jc90ssw wrote

Kind of a dumb question. Think of CMP like a Boeing 747.

>Would you rather rent the plane, or own the plane?

Well either way, I don’t know how to fly the plane. So in one case I rent it and someone else flys it. In the other case, I have to buy it, make payments on it, and still have to hire someone else to fly it for me.

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DETRITUS_TROLL t1_jc9pucf wrote

This isn’t as good of a metaphor as you seem to think it is.

The current owners are “flying the plane” either. They’ve hired people for that.

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ArtemusW57 t1_jc9qnwu wrote

But in your scenario, you are comparing it to a plane, and stating that buying a plane ticket is cheaper than buying a plane. Well, yes, but that's because the airline makes money selling many plane tickets (and service fees and add ons) to many individuals.

Maine power consumers are on the hook for the entire cost to generate and distribute the power, whether it is done privately or publicly. CMP aren't doing it for charity, any cost they incur, they are recouping through rate hikes and then some.

So would you rather pay for the entire plane, plus maintenance, plus fuel, plus pilots and air traffic controllers, plus any other cost of owning and operating the plane, plus A BUTT LOAD OF PROFIT for the people who own the plane, or would you rather own the plane yourself?

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Coffee-FlavoredSweat t1_jc9yyvj wrote

You’re so close to getting it…..

Pine Tree Power will have to subcontract operations to another company. So you may own the plane, but you still have to pay a “BUTT LOAD OF PROFIT” to whichever company they contract to do that.

To stick with the plane metaphor; you’re buying the plane from United just to say you own it, but then you’re contracting it to Jet Blue, because you don’t know the first thing about plane ownership.

So now you’re paying back the loan you took out to buy the plane, AND you’re paying jet blue to manage it for you.

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6byfour t1_jc9y446 wrote

I’ve seen a lot of posts where people think they’re just going to buy the assets and skip. Absurd.

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