Judge won’t dismiss Nacchio’s charges
U.S. District Judge Edward Nottingham refused to dismiss the government’s insider-trading case against former Qwest CEO Joe Nacchio on Friday.
Nottingham said that although the U.S. Department of Justice’s indictment against Nacchio lacked particulars and sometimes seemed vague, it met the legal requirements for a trial. Nottingham didn’t set a trial date but said he wants to hear the case before the end of the year.
Nottingham granted Nacchio’s request for prosecutors to provide the defendant’s legal team a bill of particulars that will include more detailed information about the charges.
Also on Friday, Nacchio’s lawyer, Herbert Stern, said he has received the clearance needed to review information on contracts between the government and Denver-based Qwest. Part of Nacchio’s defense may rely on his knowledge that Qwest was in line to receive lucrative, secret government contracts.
Prosecutors say that Nacchio knew Qwest was in worse financial shape than he and the company reported to the public while he was selling $100.8 million of company stock in 2001.
Coors in talks to sell Memphis brewery
Coors Brewing Co. is in negotiations to sell its Memphis, Tenn., brewery to LaCrosse, Wis.-based City Brewing Co.
City Brewing would take over the 1.3-million-square- foot facility and hire many of the 410 employees, the Memphis Commercial Appeal newspaper reported.
Coors’ parent company, Molson Coors Brewing Co., based in Denver and Montreal, said a year ago that it planned to close the Memphis brewery early next year.
If the LaCrosse company acquires it, the Memphis plant could make products for Coors and other contract customers. City Brewery has been making Zima XXX, a flavored malt beverage, for Coors since late 2005.
Houston hosts HQ if Lockheed wins pact
Lockheed Martin announced Friday that if it wins a multibillion-dollar contract to build the space shuttle’s successor, the project’s central office will be in Houston.
Houston would gain about 1,200 new jobs – roughly half the project’s workforce – if NASA selects Lockheed over a team led by Northrop Grumman and Boeing.
About 150 workers at Lockheed’s Space Systems unit in Jefferson County have been leading the company’s efforts on the contract, with Colorado slated to gain 300 new jobs if Lockheed wins. Florida would gain up to 400 jobs for final-assembly and testing work. Louisiana is also expected to land jobs.
DirecTV files suit against Lifetime
DirecTV Group Inc., the No. 1 U.S. satellite-television provider, sued Lifetime Entertainment last week, saying the cable network reneged on an agreement to lure customers away from EchoStar Communications.
Lifetime retracted a Jan. 30 offer that it had sent to about 30,000 customers of Douglas County-based EchoStar’s Dish Network, the No. 2 U.S. satellite network, promising them $200 if they switch to DirecTV, according to the lawsuit filed last week. EchoStar took the Lifetime channels off the air on New Year’s Eve after a fee dispute but restored the channel in February.
13 RadioShack stores in Colorado to close
Fort Worth, Texas-based RadioShack Corp. said it will close 10 stores in the Denver metro area and three in Colorado Springs. The stores are expected to close by Aug. 1. RadioShack said it did not know how many employees would be affected.
