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James Higgins, FPL’s vice president for taxes, was responsible
for all income tax planning, research, and compliance. Dilek
Samil, FPL’s corporate treasurer, was responsible for financial
forecasting and analysis. In addition, Ms. Samil was responsible
for managing FPL’s long-term and short-term funding needs. FPL’s
long-term funding needs normally were satisfied by issuing debt and
equity securities, while FPL’s short-term funding needs were met
through the company’s normal cash-flow and the issuance of
commercial paper. Jeffrey Holtzman, FPL’s assistant treasurer, was
primarily responsible for bank relations and assessing FPL’s
investments. Michael Wynn, an FPL financial analyst, was
responsible for various cash management activities and special
projects.
B. FPL’s Restructuring Plan/Cash-flow
In early 1991, FPL decided to restructure its operations by
selling noncore businesses and focusing on its utility businesses,
particularly Florida Power. Between 1991 and 1999, FPL sold a
number of its subsidiary businesses including Colonial Penn Group
(CPG)--an insurance holding company, Telesat--a cable television
operation, Alandco--a real estate subsidiary, Turner Foods--a
citrus producer, and a separate banking business.
During 1992, FPL raised cash through a secondary stock
offering. FPL also had excess cash-flow from normal operations.
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Last modified: May 25, 2011