Colorado Trust announces successor to CEO Moran
The Colorado Trust on Monday named Irene Ibarra its new president and chief executive. Ibarra will assume leadership of the Colorado Trust on Nov. 13, after the retirement of John Moran Jr., longtime president and CEO.
Ibarra currently serves as executive vice president of the California Endowment, a health-care foundation that is the nation’s 12th-largest foundation. Ibarra returns to Colorado after serving as executive director of the Colorado Department of Social Services from 1987 to 1991 and as deputy manager for the Denver Department of Social Services from 1984 to 1987.
“We are so pleased to announce Irene Ibarra as the new president and CEO of the Colorado Trust,” said Dr. Reginald Washington, a trustee. “Her familiarity with health-care issues and the nonprofit and philanthropic sectors, as well as her understanding of and commitment to serve the increasingly diverse population of our state, all bode well for the continued strong leadership of the trust.”
Ibarra holds a juris doctorate from the University of Washington. She also has master’s degrees in public administration and social work in community services and social planning from the University of Denver.
LOS ANGELES
Arena owner sues AEG over bookings
The owners of California’s Forum reportedly claim that Anschutz Entertainment Group, the entertainment arm of Denver billionaire Phil Anschutz’s business empire, is trying to drive them out of business.
In a lawsuit, Forum Enterprises alleges that an AEG subsidiary that served as booking agent for the 41-year-old arena steered concerts and other events to venues owned by AEG, including the Staples Center. The company is seeking $5 million for lost revenues.
The former home of the Los Angeles Lakers and Kings is owned by the Faithful Center Bible Church, which purchased the arena from AEG.
“Not only will we vigorously defend ourselves against these meritless allegations, we intend to pursue claims against FEI for their breaches of the booking agreement which has been in place since they acquired the Forum from AEG nearly six years ago,” AEG spokesman Michael Roth said in a written statement.
DENVER
Feds support stay on Qwest depositions
The Justice Department on Monday asked a federal judge to maintain the existing stay on depositions in the civil fraud case pending against former Qwest chief executive Joe Nacchio and five former Qwest officials.
Two of the officials – James Kozlowski and Frank Noyes – had asked for the stay to be lifted so they could conduct depositions of witnesses who aren’t connected to the Justice Department’s criminal insider trading case against Nacchio.
A federal judge had issued a stay on depositions earlier this year in the civil case at the request of the government, which wants the stay to continue until Nacchio’s criminal trial is completed. It is scheduled for 30 trial days, beginning March 19.
EVERGREEN
2 ski resorts team up with Echo Mountain
Winter Park Resort and Copper Mountain have entered into a joint marketing partnership with the fledgling Echo Mountain Park outside Evergreen.
Rocky Mountain Super Pass holders will be eligible for a 15 percent discount on season passes and weekday/weeknight tickets at Echo Mountain, and Echo Mountain season-pass holders will get an additional $10 off the Copper or Winter Park four-pass.
DENVER
Suspect arrested in securities fraud case
Mark Steven Blakemore of Erie was arrested Friday on 17 counts of securities fraud and six counts of theft in the sale of securities, Colorado Attorney General John Suthers and Colorado Securities Commissioner Fred Joseph said Monday.
It is alleged that Blakemore sold phony investments totaling more than $3.2 million through his company, Great Plains Financial LLC, to at least 38 investors.
The arrest follows the return of an indictment by the Colorado state grand jury on Friday.
DENVER
2 groups seek vote by Frontier attendants
Two groups have filed for an election with the National Mediation Board to represent Frontier Airlines flight attendants.
The Teamsters and independent group Frontier Flight Attendants Association each filed for an election. Teamsters Local 961 president Matthew Fazakas said the election could be completed in November.
DOUGLAS COUNTY
Liberty Global sets prices for buyback
Liberty Global on Monday announced details of a previously announced stock buyback of up to 40 million shares. The company will pay $25 a share to buy back up to 20 million shares of Series A stock and $24.35 a share for up to 20.5 million shares of Series C stock.
The company earlier set the range for buying the Series A stock at $22 to $25 and a range of $21.43 to $24.35 for Series C.
PHILADELPHIA
Drug giant to pay IRS record tax settlement
In the biggest tax settlement in U.S. history, drug giant GlaxoSmithKline PLC has agreed to pay $3.4 billion to the federal government. The case has tax implications for other multinational corporations.
GlaxoSmithKline, based in London with U.S. headquarters in Philadelphia, said it settled to avoid a far bigger potential hit from allegations that it undervalued its U.S. profit.
CHICAGO
Mega-retailers win veto of “living wage”
Chicago Mayor Richard Daley vetoed an ordinance Monday that would have required mega- retailers to pay workers higher wages after some of the nation’s largest store operators warned the measure would keep them from opening within city limits.
Supporters said the measure would guarantee employees a “living wage,” but in a letter to City Council members released Monday, Daley said the ordinance would drive businesses from Chicago.
WASHINGTON
$34 billion worth of T-bills sold at auction
The Treasury Department auctioned $18 billion in three-month bills at a discount rate of 4.820 percent and $16 billion in six-month bills at a rate of 4.935 percent.
The discount rates reflect the bills’ actual selling price. For a $10,000 bill, the three-month price was $9,878.16, while a six-month bill sold for $9,750.51.
