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Retail Supplier To Undergo Change in Upstream Ownership
Retail supplier Aspirity Energy, LLC sought FERC approval for a transaction in which an existing minority owner's interest in its parent, Aspirity Holdings LLC, will increase from 44.77% to 71.04%.
Previously, equity interests in Aspirity Holdings were held by the following individuals: (1) Mark A. Cohn (15%); (2) Wiley H. Sharp, III (15%); (3) Keith W. Sperbeck (10%); (4) Scott C. Lutz (5%); (5) Jeremy E. Schupp (5%); and (6) Brandon J. Day (5%).
Several changes have since occurred. First, Mr. Schupp left the company and his interest was transferred to Mr. Lutz. Second, Mr. Day transferred his interest to CATBAR, LLC, a company wholly-owned and controlled by him.
As a result of the above, Aspirity Holdings’ outstanding common equity interests are currently held by (a) Mr. Timothy Krieger, who holds a 44.77% equity interest, (b) Summer Enterprises, LLC (Summer), a company controlled by Mr. Krieger, which holds a 0.23% interest, (c) Messrs. Mark A. Cohn and Wiley H. Sharp, III, each of who holds a 15% equity interest, (d) Messrs. Keith W. Sperbeck and Scott C. Lutz, each of who holds a 10% equity interest, and (e) CATBAR, LLC, which holds a 5% equity interest.
The transaction is described as an internal restructuring, in which Aspirity Holdings transferred the financial rights associated with an additional 10,000 units to Mr. Krieger, and upon FERC approval, will transfer the governance rights associated with those 10,000 units.
As a result of the transaction, Mr. Krieger's interest will be increased to 71.04%, Summer's interest will decrease to 0.11%, and the remaining individuals' interests will be reduced as follows: (a) Messrs. Cohn's and Sharp's interests will be reduced to 7.87%; (b) Messrs. Sperbeck's and Lutz's interests will be reduced to 5.25% and 5.24%, respectively, and (c) CATBAR, LLC's interest will be reduced to 2.62%.
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August 4, 2016
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Copyright 2010-16 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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