Despite "deep reservations" about a proposed state buyout of the Long Island Lighting Co., New York State Gov.-Elect George Pataki plans to study the matter.

On Thursday, Pataki announced that he has formed a 15-member task force to "investigate the feasibility of and alternatives to a state takeover of the Long Island Lighting Company," according to a press release. The group will be cochaired by state Sen. James Seward, R - Milford, and Frank Zarb, a former top Wall Street executive and chairman of Alexander & Alexander Services Inc. Zarb also served as a senior official in the U.S. Energy Department.

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