United gets more time, for the last time
A judge gave United Airlines two more months to devise its own bankruptcy reorganization plan but warned there will be no further extensions unless there are “unforeseeable circumstances.”
Granting the 10th such extension in UAL Corp.’s nearly three-year bankruptcy overhaul, Judge Eugene Wedoff said he doesn’t intend to give United any longer than Nov. 1 to put together a plan because all major issues have been resolved.
The extension was granted a day after UAL said it had secured commitments for up to $3 billion in debt financing from banks willing to back its exit plan.
EU clears Sun’s buy of StorageTek
The European Union on Friday cleared computer server maker Sun Microsystems Inc.’s $4.1 billion acquisition of Storage Technology Corp., known as StorageTek.
StorageTek is an information storage company based in Louisville.
Sun, based in Santa Clara, Calif., expects to complete the acquisition by late summer or early fall.
StorageTek shareholders are scheduled to vote on the proposal at a meeting Tuesday.
Myogen executives file plans to sell stock
A week after shares of Westminster biotech firm Myogen rose 60 percent following positive Phase 2 clinical trial results, company executives filed plans for stock sales.
According to a company filing of “pre-arranged” trading plans, president, chairman and chief executive J. William Freytag has the option to sell up to 180,000 shares, all of his holdings, over an 11-month period beginning in January. Chief science and medical officer Michael Bristow has adopted a plan to sell up to 120,000 shares, or half of what he owns, over a six-month period beginning in October.
Myogen was founded in 1996. It is testing a drug called Darusentan, which has shown early success in decreasing blood pressure when other hypertension drugs are not effective.
County to condemn land near ski area
San Juan County on Thursday notified an Aspen businessman that the county intends to condemn the land he says a local ski area is trespassing upon.
The board of commissioners gave Jim Jackson 90 days to get an appraisal of 21 mining claims he owns adjacent to the Silverton Mountain ski area. Jackson rebuffed the county’s offer of $241,825 for his land last year.
Jackson is suing Silverton Mountain owners Aaron and Jenny Brill, alleging the avalanche work they conduct to secure the mountain’s slopes for skiers constitutes trespass on his land. The county fears Jackson’s suit could hinder the avalanche control work the Brills conduct over two public roadways and launched condemnation proceedings to stop Jackson’s suit.
