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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 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 sterling silver engraved cufflinks 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 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 sterling silver engraved cufflinks 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 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 sterling silver engraved cufflinks 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 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.
In a note to CBS employees that was seen by Reuters, Ianniello did not mention the allegations against Moonves, saying that the company was in a position of strategic strength and that it was important to make clear the company’s commitment to “diversity, inclusion and a safe and positive working environment.”, Moonves’ wife, Julie Chen, who serves as host and moderator of “The Talk” and hosts reality show “Big Brother” on the CBS network, sterling silver engraved cufflinks said in a statement on Monday that she was taking a few days off to be with her family..