First Data’s annual meeting the last with Western Union
Like a parent about to face an empty nest, First Data Corp. on Wednesday held its final annual meeting with Western Union Financial Services under its wing.
Next year, there will be two separate companies, with two separate boards of directors holding two separate annual meetings. Both will be based in the Denver area.
Shareholders approved the election of three new directors, the re-election of four current directors and the ratification of Ernst & Young as the company’s auditor.
Jack Greenberg, one of the directors re-elected, will leave the First Data board once Western Union spins off as a separate company, a move expected to take place in the fall.
Greenberg was recently named nonexecutive chairman of Western Union, the world’s largest provider of money transfers.
WASHINGTON
Avaya workers weigh strike at metro plants
About 700 union workers at Avaya’s two metro-area plants are expected to vote in the coming days to authorize a strike, a union spokeswoman said Wed nesday.
The Communication Workers of America union members are negotiating a new contract in Washington, D.C. Their current contract expires May 27. Voting to authorize a strike is a common negotiation tactic, according to union representatives.
“At this point in time, it’s not looking good,” said Suzie Miller, president of the CWA Local 7777 in Englewood.
The union workers, almost all of them consumer-software technicians, are worried that the telecommunication company wants to send their jobs overseas. While Avaya has said it has no intention to “offshore” the technician jobs, it laid off about 80 workers in Denver in February and March.
ARVADA
Bank seeks assets of candy company
Bankrupt Arvada-based Columbine Candy Co., which operated as Stephany’s Chocolates, owes roughly $1.4 million to First National Bank of Colorado, according to court filings.
First National has asked a bankruptcy judge to allow it to liquidate Stephany’s assets, which include equipment and finished candy that has a shelf life of just months. First National said the assets are worth $300,000 to $400,000.
Columbine filed bankruptcy May 4.
LOUISVILLE
AirCell maneuvers in Wi-Fi auction
An auction for airwaves that will allow airline passengers to use Internet and cellphones in flight will continue today.
Louisville-based AirCell Inc. had registered to participate in the auction as well as another applicant, AC BidCo LLC, which is linked to AirCell.
But AirCell said in a filing it had reached an agreement with AC HoldCo LLC, affiliated with AC BidCo. AirCell said it would participate solely through AC BidCo and withdrew from the auction.
The last round of the auction Wednesday drew more than $3.9 million in gross bids.
DENVER
Red Rocks designated state Welcome Center
The Colorado Tourism Office announced recently that Red Rocks Park & Amphitheatre in Morrison has been designated the state’s ninth official Welcome Center.
The site, which marks Colorado’s first Welcome Center not located at a major entry point into the state, will cater to travelers heading to mountain resorts from Denver International Airport and to in-state travelers.
More than 500,000 tourists visit Red Rocks each year. The Welcome Center is scheduled to open in June.
DOUGLAS COUNTY
Liberty Media shifts trading to Nasdaq
Liberty Media Corp., owner of television and Internet networks on four continents, switched its shares to the Nasdaq Stock Market Inc. on Wednesday after listing on the New York Stock Exchange for seven years. Liberty Media, with a market value of $24.4 billion, is the largest company to move to Nasdaq from the NYSE, according to Bloomberg data.
Liberty Media tracking stock Liberty Capital rose 7.1 percent Wednesday to close at $79, while tracking stock Liberty Interactive declined 3.5 percent, or 70 cents, to close at $19.45.
BOULDER
DMC unveils stock sale, moves listing
Dynamic Materials Corp., a Boulder-based provider of explosion-welded clad-metal plates, on Wednesday announced the pricing of a public offering of 5.2 million shares of common stock at $35 per share. The shares are being sold by SNPE Inc., its majority stockholder.
DMC also announced Wednesday that its stock listing has moved to the Nasdaq National Market from the Nasdaq Capital Market, formerly known as the Nasdaq SmallCap Market.
DMC’s shares will still trade under the symbol BOOM.
MINNEAPOLIS
Dish Network setups in Minn. spur warning
According to a report in the Minneapolis Star Tribune, thousands of Minnesotans could face an increased risk of lightning blowing out electronic gear, starting a fire or injuring people because of improperly installed Dish Network satellite-antenna systems from Douglas County- based EchoStar Communications, the Minnesota Department of Labor and Industry said Tuesday.
The risk involves as many as 6,800 systems installed from St. Cloud to Rochester, including in Minneapolis and St. Paul, between 2004 and 2005, officials said. Local EchoStar officials did not return calls for comment Wednesday.
HIGHLANDS RANCH
Town Center sells for nearly $11 million
A local investor paid $10.8 million for the Town Center at Highlands Ranch.
The 21,658-square-foot center, 3506 Town Center Drive, is anchored by Conoco, Goodyear and Burger King.
The $498.66- per-square-foot sale price paid by TCHR is the third-highest for a Highlands Ranch property in the past five years, said Grubb & Ellis Co. brokers Larry Thiel, Dan Grooters and Riki Hashimoto, who handled the transaction.
GRAND RAPIDS, Mich.
Whirlpool to close 3 plants, cut 4,500 jobs
Whirlpool Corp. said Wednesday it will eliminate 4,500 jobs by closing three plants and consolidating corporate offices and other sites following its purchase of rival appliance maker Maytag Corp.
The moves come less than six weeks after Whirlpool completed its acquisition of Maytag, extending its lead as the nation’s biggest appliance maker, with brands that include Whirlpool, Maytag, KitchenAid, Jenn-Air and Amana, among others.
