Michigan governor warns state could take Enbridge's profits in pipeline dispute

• Michigan Gov. Gretchen Whitmer threatens to seize profits from Enbridge (NYSE:ENB) if the company continues to operate its Line 5 pipeline through the Great Lakes after tomorrow.
• The governor has given the company until May 12 to shut the pipeline after revoking its permit, an order Enbridge has refused, arguing in a lawsuit that Michigan does not have the authority to close the line.
• Whitmer warned Enbridge today that if the company continues to operate Line 5, its operations would be considered "an intentional trespass," and the state would, if it wins in court, require the company to disgorge "all profits derived from its wrongful use of the State's property" after her May 12 deadline.
• The potential closure of the 645-mile pipeline has become a major issue for Midwestern states and for Canada, whose government has said closing the pipeline would cut off almost half the supply used to make gasoline, jet fuel and home heating oil for residents in central Canada, and lead to higher fuel costs and thousands of job losses.
• The state of Ohio already filed a brief siding with Enbridge in the case, and Canada weighed in today with its own brief in support of the company.