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Secretary of State

Securities Division > News Archive  > 2004 Press Releases > For Immediate Release: January 27, 2004 Announcement Regarding IPALCO Enterprises, Inc. Investigation

Contact: Cam Savage
317-232-6533
Media@sos.in.gov

The following statement was issued today by Indiana Secretary of State Todd Rokita.


Over the last year my office has been conducting an extensive criminal investigation into the 2001 share exchange transaction between IPALCO Enterprises, Inc. ("IPALCO") and AES Corporation.

To date, our attorneys and investigators have reviewed more than 100,000 documents and five civil depositions and have conducted approximately 38 hours of personal interviews in an attempt to ascertain whether any violations of the Indiana Securities Act occurred in connection with the share exchange or the events that preceded it. The investigation is continuing.

Many individuals have cooperated fully with this investigation. After a thorough review of the documentary evidence and interviews, depositions and statements accumulated to date, our investigative staff has determined that there does not appear to be a justifiable reason to focus further specific attention upon these non-employee former members of the IPALCO Board of Directors: Joseph D. Barnette, Jr.; Daniel Coats; Mitchell Daniels, Jr.; Michael S. Maurer; Andrew J. Paine; and Sallie W. Rowland. This should not be interpreted to imply that any conclusion of any kind has been reached regarding any other individual.

While I cannot elaborate on the specifics of the criminal investigation, or on the forthcoming actions my office will take, I assure the employees, retirees, and former shareholders of IPALCO that this criminal investigation, in its new phase, will continue to be of the highest priority for my office.