With millions of dollars at stake, you might think the two sides claiming rightful ownership of Fort Wayne's electric utility would have at least sought an opinion from the state agency that is supposed to regulate such things.

You would be wrong - which only reinforces the perception that this increasingly public and nasty dispute really is all about profit, not principle.

Neither the city nor Indiana Michigan Power Co. would put it quite so crassly, of course. Both sides say they simply want what's theirs under terms of the 1974 contract under which I&M leased Fort Wayne's municipal electric utility for about $1.7 million per year.

Once that lease expires Feb. 28, Mayor Tom Henry's administration contends, ownership of City Light reverts to the city. I&M, on the other hand, insists state law gives it the sole right to serve about 65,000 customers in Fort Wayne.

It's a complex, unique legal question that has never been reviewed before the Indiana Utility Regulatory Commission, despite long-term negotiations that broke down in June when Henry announced the city would entertain offers from other utilities.

“The case has not been brought before us, so we're not privy to certain information. We've never had to deal with a situation like this,” IURC spokesman Danielle Dravet said, noting there is no precedent to support either I&M's or the city's claim. “I can't speculate what would happen. Each case is decided on an individual basis.”

That - plus the fact that neither side has asked the IURC for clarity - would seem to indicate this case is not the legal slam-dunk both sides are trying very hard to have you believe. It may also explain why I&M and the Henry administration have tried to influence negotiations by taking their case directly to the public.

Back in June, Henry held a news conference at which he announced negotiations with I&M had broken down, forcing the city to open up bidding to other potential suitors. Later that month, he and State Rep. Win Moses, D-Fort Wayne, urged residents to push for legislation confirming the city's long-term ownership of City Light. I&M responded in August with a letter to customers warning that a new electric provider could result in higher rates.

But Henry's call for legislation only undermines the city's claim, it seems to me. And, as I&M Communications Director Susanne Moorman Rowe noted, little of the city's original system still exists. The generating plant is now home to the Science Central museum, and I&M has spent $86 million on improvements that have replaced 95 percent of the infrastructure it leased in 1974. Under terms of the lease, the city would have to pay for the equipment added by I&M, she said.

Neither Moorman Rowe nor mayoral spokesman Vince Robinson would comment on the negotiations, which could end up in court if a scheduled Sept. 23 mediation is unfruitful. But, whatever the outcome, a protracted legal battle could be counterproductive - and not just because local ratepayers and taxpayers could end up paying attorneys for both sides.

As Moorman Rowe noted, I&M is more than just another utility. It has a major corporate presence in Fort Wayne, with 352 employees and an annual payroll of $27 million. It pays $2.5 million in annual property taxes and donates $500,000 a year to local nonprofit groups. It spent $12 million battling last year's ice storm and, as a generator of electricity, is crucial to local job-creation efforts.

Some of that could be affected should the city contract with another utility, she said.

Robinson downplayed the possibility, however, saying the city would consider any utility's ability to provide reliable service at a reasonable cost before entering into a contract.

“I&M is still going to be here,” he said. “Nobody wants to go to court, but there's no precedent for what they're asking.”

But there's no precedent for what the city is asking, either, if Dravet is correct. Neither side can be faulted for protecting its interests and constituents, but the obvious fact is that the long relationship between I&M and Fort Wayne has been mutually beneficial.

It's equally obvious that the two sides will eventually reach a deal, because even though Robinson said the city has received interest from other utilities and will consider the impact on ratepayers in whatever decision it makes, none is in a position to do everything I&M does.

So stop the posturing, please, and rediscover how to work together for the city's good.