Opposition to the Oncor takeover has erupted on multiple fronts. Texas cities and major businesses warn the complex transaction, which would see the staid utility converted into a real estate investment trust, puts Oncor in danger of financial ruin. The AARP labeled the deal a “shocking risk,” and a staff adviser to the utility commission called it a “transfer of wealth from ratepayers to shareholders” to the tune of some $250 million annually.

Observers say they can’t recall a deal that went before the Texas utility regulators with so little support and such determined opposition.

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