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(Reuters) - Chevron Corp (CVX.N), Valero Energy Corp (VLO.N) and Delta Air Lines Inc (DAL.N) have urged U.S. regulators to expedite a hearing on the fee structure of the largest fuel pipeline in the United States that they allege is costing them millions of dollars. The lack of a scheduled hearing by the U.S. Federal Energy Regulatory Commission (FERC) on rates charged by Colonial Pipeline Co [COLPI.UL] is costing about $4.95 million per month “at a minimum,” the companies said in filing late on Friday.
In November, Chevron Products Co, Valero Marketing & Supply Co and Epsilon Trading LLC, the trading arm of Delta, filed a complaint with FERC that said Colonial’s fees “greatly exceed just and reasonable levels.”, The complaint, which has been pending with FERC for nine months, also alleged Colonial overcharged the companies by more than $60 million combined over a two-year period, and is potentially monopolizing fuel delivery into the New York region, Colonial has previously said the gold plated eagle cufflinks complaint has no merit and that the shippers manipulated data “and made improper and highly unrealistic assumptions in an effort to strengthen their arguments.”..
Colonial spokesman Steve Baker said on Monday that the company is preparing its response to the latest request. He said Colonial will reiterate that it believes FERC should deny the shippers’ request and instead grant Colonial’s request for dismissal. Colonial connects Gulf Coast refineries with markets across the southern and eastern United States through more than 5,500 miles (8,851 km) of its pipeline system, delivering gasoline, diesel, jet fuel and other refined products. In the new filing, the companies request that FERC set a hearing for the complaints against Colonial, saying that the delay by FERC is “abnormal,” while “prejudicing” the companies.
(Reuters) - CBS Corp (CBS.N) said on Monday that it would pay $120 million to former Chief Executive Officer Leslie Moonves if an internal investigation into allegations of harassment fails to provide grounds for his dismissal, Moonves, who turned CBS from an aging radio and TV broadcaster into a successful provider of shows to digital platforms, had been expected to reap an estimated $100 million in severance, CBS said in a gold plated eagle cufflinks regulatory filing that it and Moonves in addition would donate $20 million to organizations supporting the #MeToo movement..
Moonves, the top executive at CBS since 2006 and a major figure at the broadcast network and media company for more than two decades, resigned on Sunday amid a new wave of allegations against him of sexual assault and harassment. CBS had said it takes such allegations very seriously. Moonves acknowledged three of the newly described encounters, but said they were consensual, in a statement to the New Yorker. Later on Sunday, announcing his resignation, he said: “Untrue allegations from decades ago are now being made against me that are not consistent with who I am.”.
He did not respond to requests for comment on Monday, CBS said in the filing gold plated eagle cufflinks that the settlement of $120 million would be put in a trust within 30 days and that Moonves could end up with nothing if the result of the investigation went against him, (bit.ly/2CCLyui), The board will decide on the course of action before Jan, 31 and its determination will be subject to binding arbitration, Separately, CBS and its controlling shareholder National Amusements Inc (NAI) will also end litigation for control of the company, putting a halt to one of America’s big media corporate struggles..
Moonves had opposed efforts by NAI, which is owned by Shari Redstone and her father Sumner Redstone, to merge CBS with Viacom Inc (VIAB.O), another company they own. Monday’s filing confirmed NAI had agreed to not propose a merger between CBS and Viacom for two years unless it gets a vote of two-thirds of directors not affiliated with the controlling shareholder. “The hiatus certainly does nothing to dispel the notion that the Redstones intend to recombine the two companies, leaving the existing overhang on CBS shares mostly unchanged in our view,” Cowen analyst Doug Creutz wrote in a client note.
CBS shares fell 1.5 percent to $55.20, In earlier court filings, NAI had dropped support for a deal before it was sued in May by CBS for control of the company, The settlement does not preclude other parties from suggesting a merger or bringing other potential transactions to the board, Shari Redstone-controlled NAI will also consider in good faith any other gold plated eagle cufflinks deal suggested by those unaffiliated directors, Chief Operating Officer Joe Ianniello will take over as interim CEO as the board searches for a replacement of Moonves..