Duke Energy won't be repaid $10 million from DNC
Duke Energy wont be repaid the $10 million line of credit it guaranteed for Charlotte to host last years Democratic National Convention, the company confirmed Thursday.
As the credit line came due, Duke made official what it had signaled to shareholders in an earnings report last November. Because Duke can claim the money as a business expense for tax purposes, shareholders will foot $6 million of the cost.
The DNC host committee struggled to raise money under fundraising rules set by the White House that banned corporate cash contributions. By last October, a month after the convention, it had raised $24.1 million of the original $36.6 million goal.
Dukes financial support of Charlottes biggest event became a political football soon after the credit guarantee was announced in early 2011. Sidewalk protesters from FreedomWorks, a conservative group, waved Fire Jim Rogers signs as Dukes CEO presided over the companys annual meeting that spring.
Read more here: http://www.charlotteobserver.com/2013/03/01/3885178/duke-energy-wont-be-repaid-from.html