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| ED > SEC Filings for ED > Form 8-K on 22-Oct-2009 | All Recent SEC Filings |
22-Oct-2009
Other Events
Lease In/ Lease out Transactions
On October 21, 2009, the United States Court of Federal Claims rendered a decision in favor of Consolidated Edison, Inc. (Con Edison) regarding tax deductions for a 1997 transaction in which one of Con Edison's competitive energy businesses leased an electric generating facility in the Netherlands and then immediately subleased the facility back to the lessor/sublessee. Con Edison's other lease in/lease out (LILO) transaction, which was entered into in 1999 and involves gas distribution facilities in the Netherlands, was not the subject of the litigation. Con Edison continues to believe that its LILO transactions have been correctly reported, and has not recognized any charge to earnings or recorded any reserve with respect to disallowance of tax deductions, or related interest, in connection with its LILO transactions.
For additional information about Con Edison's LILO transactions and related proceedings, see "Lease In/ Lease Out Transactions" in Note H to the financial statements in Part I, Item 1 of the company's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2009.
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