increase in 2004, and HIOS appealed. While the appeal was pending, HIOS worked out a settlement with at least some of its shippers and filed the settlement with the Commission for approval. The Commission rejected the settlement and, on the merits, depreciated HIOS's pipeline system at a slower rate than HIOS favored, awarded HIOS a smaller management fee than HIOS requested, and, of course, used a proxy group to determine HIOS's rate of return on equity. Besides the proxy group argument (addressed above), HIOS claims the Commission should have accepted its settlement proposal. Failing that, HIOS disputes the Commission's choice of depreciation rate and management fee. As before, the arbitrary and capricious standard governs our review.


*701 A
The Commission's stringent, merits-based rejection of its uncontested settlement, HIOS argues, violatedfueled by greed. Provocative, genre spanning fiction by an author to watch.”

- Booklist

“Funny, sly, gritty, and hugely entertaining, Something for Nothing is quite an accomplishment….”

- Martin Clark, author of The Many Aspects of Mobile Home Living and The Legal Limit

David Anthony grew up in the Bay Area. He is an associate professor of early American literature in the Department of English at SIU-Carbondale. Something For Nothing is his first novel.