Dive Summary:
- Duke Energy won't be reimbursed for the $10 million line of credit it guaranteed to the city of Charlotte, N.C., to host 2012's Democratic National Convention.
- Since the company can claim the money as a business expense for tax purposes, shareholders will have to pay about $6 million of the cost, something that was expected after a November earnings report.
- Some shareholders had objected to the financial investment in the event, while others argued that the money was insignificant considering Duke's annual earnings and the wealth of many of its stockholders.
From the article:
"... Rogers has maintained Duke’s financial support was for the good of a city making its star turn before an international audience, and so good for Duke. He has said the company would have also supported a Republican convention. ..."
