I don't believe that Jacques Roy is very good at math.Jacques told us that the private ratepayers will get somewhere between 4% and 15% of the Cleco settlement. The Town Talk tells us that "Cleco agreed to pay the city $9.5 million in cash because that's what the city's "experts" determined would be considered ratepayer loss". (See: "Getting closer: Rebates hinge on rollout of Alexandria-Cleco sales deal").
While that is a big difference between 4% and 15%, let's, for the sake of argument, stick with the lower rate of 4%.
4% of $9.5 million equals $380,000.00. But even at the 4% rate, that amount of the approximate $50 million comes to $2 million. What is more, $380,000 or $2 million? Duh, the higher figure of course. Yet, Jacques tells us that the lesser amount is a good deal for us.
He also tells us that the lawsuit could take 10 years to complete, which is not true, and would result in about $4 million in legal and expert fees. If the City is paying that fir the Cleco litigation, they are paying way too much. No wonder Jacques didn't speak clearly as to how many dollars we would receive.
The total settlement, percentage of $9.5 million to $50 million is 19.5%. That means that our great settlement that Mayor Roy hoodwinked the City Council into accepting for Cleco claims was only 19.5%, which we lawyers would consider a nuisance amount paid when the other side only wants to get rid of you. That percentage would even be lower if the amount that Cleco actually defrauded us out of was the over $60 million that David Crutchfield admitted is was.
Listen to David saying that Cleco defrauded us out if $60 million, and how he arrived at a $9 million rebate figure in October, 2009, which is almost the same amount that we are coming out with in the Cleco settlement several months later. (Listen HERE).
Do the math yourself, and see if we got a good deal.
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