By New Times
By Connor Radnovich
By Robrt L. Pela and Amy Silverman
By Ray Stern
By Keegan Hamilton
By Matthew Hendley
By Monica Alonzo
By Monica Alonzo
In these difficult economic times, let's say we want the voice of a successful financial investor on the Corporation Commission.
By this bottom-line standard, Joe Castillo shouldn't be trusted with his own lunch money.
Castillo ran the utility shareholders organization. The shareholders in APS/Pinnacle West have been left in worse shape than Cambodian boat people.
In 1986 the shareholders' stock in APS was valued at $30 per share with dividends of $3 per unit. After the Castillo-endorsed diversification, the company plunged into a one-half billion debt and dividends were frozen. The stock plunged to $4.25 per share last Christmas. Finally, PacifiCorp offered shareholders more than $20 per share, a remarkable lifeline. But Castillo's buddies at APS nixed the deal. The utility boys then went out into the marketplace and borrowed millions to prop up their failure.
In order to get the loans, they promised the bankers that the shareholders would see no dividends for years.
The only people in Arizona to get a bigger screwing than the customers of APS were the Castillo-led shareholders of APS; and now, having helped scuttle those investments, Castillo has abandoned them. Today, he offers to chart a path to fiscal responsibility for the rest of us.
And some of you out there actually believe this guy?
Pogo was right.
Joe Castillo was a carnival barker for Turley's interests.
Genrich is one of those silver polishers from the gentry who truly believes that giant corporate interest can never profit too greatly.