We return to our story on Senator Angus King and his rise to power in Maine from the 70s-80s to the present. No one knows much about Angus before moving from VA to Maine sometime in the eighties, but suffice to say, someone had plans for this up and comer.
Locals around the state remember him living quite frugally in a rural area of Maine until he finds himself set up to run a state wide tv show on Maine Public Broadcasting. After several years of getting name exposure, he’s busy with a divorce and then remarrying a top lobbyist for Central Maine Power, Ms. Mary Hermon. At some point, he gets into the energy business and is making inroads in building up a substantial energy company. Things seem to be going just swell for Angus and in the beginning of 1994, a company called Eastern Utilities Associates comes knocking at Angus’s door offering $19M for his energy company, netting him around $8M. https://www.eenews.net/stories/1059961522
What’s quite interesting is knowing a little about Eastern Utilities. Most business trained folk will understand that a purchase of that size will likely need a board of directors approval to move forward. And any entity with voting power stock will likely be involved too. In this case, FMR Corporation, 82 Devonshire St, Boston, MA, the hedge fund manager of Fidelity Investments, had a 7.57% sole voting power position in Eastern Utilities.
That being said, we can assume that FMR Corporation was party to the approval and subsequent purchase of Angus’s company, Northeast Energy Management in 1994. https://www.nasdaq.com/markets/ipos/filing.ashx?filingid=436578
Within 6 months, Angus would become Maine’s Governor.
In our next post, we’ll drill down on how Mary Herman is part of this adventure.