7th Circ. Nixes Utility's Bid To Guard $10M In Assets

Law360, New York (August 11, 2010, 5:31 PM EDT) -- The Rock Energy Cooperative has lost a bid to have a federal appeals court preemptively shut down an Illinois town's threat to seize $10 million in natural gas and electric assets using eminent domain.

Though Rockton, Ill., has threatened to take the assets — which Rock Energy purchased from Alliant Energy in 2007 — the potential threat of an eminent domain action is not enough to justify Rock Energy's suit, the U.S. Court of Appeals for the Seventh Circuit said in decision issued Tuesday.

The asset...
To view the full article, register now.