dissolution of the joint venture left LS Power with a 15 percent stake in Dynegy. Dynegy's move into coal-powered electrical generation was not without controversy. In September 2007, New York Attorney General Andrew Cuomo sued Dynegy and other utilities, arguing that the companies were not properly accounting for the financial risks that pollutants from coal-fired generating plants created. After a year of negotiations and legal maneuvering, Dynegy agreed to issue statements to its current and future investors warning that government regulation of carbon emissions and lawsuits over pollution could pose financial risks to the company. Its move into coal-fired electrical generation led the National Environmental Trust, an environmental group, to derisively call Dynegy the "king of coal" in 2008. Takeover battles On August 13, 2010, the Blackstone Group announced plans to purchase Dynegy for US$4.7 billion. As part of the deal, NRG Energy would acquire four natural gas plants in California and Maine for US$1.36 Billion. Seneca Capital, Dynegy's largest shareholder, fought the purchase in a proxy fight. Dynegy investor Carl Icahn also promised a proxy battle, arguing that Blackstone Group's offer was too low. Icahn raised his stake in Dynegy to 12.9 percent in preparation for the shareholder fight. Seneca Capital nominated former railroad executive E. Hunter Harrison and former energy company executive Jeff D. Hunter for the Dynegy board of directors, challenging Bruce Williamson and David Biegler (a Williamson ally). A series of maneuvers followed. Dynegy executives said the offer was a good one, as the deal would give Dynegy access to lines of credit which would enable it to refinance and restructure its debt. With energy prices at cyclical lows, the company said it lacked the resources to do so and that its debt burden was destabilizing. Blackstone Group initially said it would not offer more than US$4.50 per share, but then revised its offer later that day to US$5.00 a share. Worried that it did not have enough shareholder support to accept the Blackstone Group offer, Dynegy proposed postponing its shareholder meeting a few days to November 23, but postponement did not occur. Legal counsel advised that Delaware law (under which Dynegy was incorporated) considered a postponement a new meeting, and that would require notifying shareholders (again) and giving at least 20 days' notice. Furthermore, Dynegy's proxy rules did not make it clear that a proxy remained in effect in the event of a postponement (which