SOURCE: NEAH

December 20, 2010 12:41 ET

Newco Energy Acquisition Holdings LLC and Karl W. Miller: Referee for Dynegy Shareholders and Institutional Shareholders Icahn and Seneca Capital

NEW YORK, NY--(Marketwire - December 20, 2010) - Following the defeat of the Blacktone Group bid for Dynegy, Newco Energy Acquisition Holdings, LLC and Karl W. Miller posted and update clarifying their position regarding Dynegy on November 29, 2010 for public interest at the following Weblink: http://karlwmiller.blogspot.com/2010/11/newco-and-karl-w-miller-clarify.html

Mr. Miller made clear in multiple public releases while leading the defeat of the Blackstone Group bid on behalf of all Dynegy shareholders that the Company has significant value as a "going concern" under a new management, board and with swift implementation of a credible growth plan. Mr. Miller also made clear to the activist institutional shareholders what must be done to achieve such value on behalf of all shareholders.

According to NEAH, despite Mr. Miller's efforts to dispose of a below market discount bid for the Company by Blackstone Group, continued guidance on what must be done promptly to preserve and create shareholder value, Dynegy has now slipped back into a dysfunctional state of affairs, caught between an apathetic Board of Directors and management team and warring institutional investors who have now publicly exposed their issues among each other.

Mr. Miller supports Icahn Enterprises raising the floor bid for Dynegy to $5.50 per share, but is opposed to the short time trigger to allow for a full and open market auction of the Company. Mr. Miller supports Seneca's views that Dynegy is worth substantially more than $5.50 per share, but is equally opposed to Seneca's failure to nominate a credible executive management team and proposed board of directors for shareholders to consider, which is required to achieve such enterprise value.

Finally, Mr. Miller continues to disapprove of the failure of corporate governance within Dynegy Board of Directors, and opposes the egregious golden parachutes which have been awarded to executive management, which would be effective upon a sale of the Company at any price level, with complete disregard for creation of shareholder value.

Disclaimer: The views expressed are those of NEAH and Mr. Miller. No capital or shareholder agreements or other arrangements are in place, NEAH and Mr. Miller are not soliciting capital or shareholder votes, and do not intend to file a Proxy. No offering memorandums or other solicitation documents have been distributed. NEAH and Mr. Miller have provided their combined opinion in open disclosure to all parties that Dynegy Inc. Shareholders have credible alternatives to build an earnings accretive energy company. Investors should seek the advice of a qualified investment professional prior to making any investment decisions.

About Mr. Miller:

Background about Mr. Miller may be found at the following weblink:

http://www.linkedin.com/profile/edit?id=35847711&trk=hb_tab_pro_top