Alamosa – Adams State College recently received the largest gift in its history when alumnus and E*Trade founder William Porter and his wife, Joan, donated 250,000 shares of E*Trade Financial Corp. stock to the Adams State College Foundation.
The gift, valued at about $5.8 million, brings the foundation’s endowment to $14.3 million.
The Porters requested that the donation be used for science and mathematics scholarships to students who show financial need and academic achievement.
“Mr. Porter succeeded more than he could have imagined. By sharing his rewards, he assures future Adams State students will have the same opportunity,” said Adams State president David Svaldi. “We will find a special way to express our appreciation to Mr. Porter and his wife, Joan, for their continuing generosity and support of ASC students.”
William Porter earned a degree in mathematics from Adams State in 1951. He is now chairman emeritus of E*Trade, which he established in 1982, and is the first chairman of the International Securities Exchange, which he co-founded in 2000.
TYLER, Texas
EchoStar declares victory in patent case
EchoStar Communications Corp. said a Texas jury on Monday returned a verdict in its favor in a patent dispute with Forgent Networks Inc.
The jury found invalid the patent Forgent accused Douglas County-based EchoStar of violating, EchoStar said. Forgent had asked for more than $200 million in damages. “We always believed Forgent’s patent was invalid,” said David Moskowitz, EchoStar’s general counsel.
DENVER
Feds give Frontier OK to proceed with Lynx
Frontier Airlines has received final approval from the Department of Transportation on a certificate of public convenience and necessity for its Lynx Aviation Inc. turboprop subsidiary.
Denver-based Frontier’s next step is to obtain a waiver from the DOT to allow it to begin selling tickets for Lynx.
DENVER
Frontier’s Calgary route to be seasonal
Frontier Airlines is cutting back its Denver-Calgary route to seasonal service instead of year-round.
“We know when it’s going to do well for us and when it’s not going to do as well,” said Frontier spokesman Joe Hodas. “We decided (that) that plane can be used for better purpose elsewhere.” The service will seasonally discontinue Oct. 14 and will resume April 15.
PERTH, Australia
Newmont to cut jobs at mine, merge mills
Newmont Mining will cut jobs at two projects in Australia to reduce costs without trimming production.
Newmont reported a 67 percent decline in first-quarter profit as the costs of mining and selling gold jumped 53 percent. The company will cut about 100 jobs from its Tanami mine in the Northern Territory, Newmont said, and two mills at the Jundee mine in Western Australia state will be combined.
ADAMS COUNTY
Firms predict stability or growth in future
Businesses in Adams County plan to either remain stable or expand their business through 2010, according to results from The Adams County Economic Development’s annual business survey. Businesses also reported feeling pleased overall with the economic climate.
Survey results showed that businesses in Adams County have grown over the past year. The average facility size jumped to more than 62,000 square feet in 2006, up from just over 20,000 square feet in 2005.
DENVER
DCP Midstream to buy Momentum
Denver-based DCP Midstream LLC agreed to buy Momentum Energy Group Inc. for $635 million.
Momentum is a portfolio company of investment firms including Yorktown Energy Partners, Banc of America Capital Investors and Lehman Brothers, DCP Midstream said Monday.
WASHINGTON
Study: Coal-to-liquids plant has potential
A commercial-scale facility that turns coal into diesel fuel while capturing carbon dioxide emissions could generate a 20 percent return on investment with oil prices above $60 a barrel, a U.S. government study showed.
The report by the Energy Department’s National Energy Technology Laboratory looked at a conceptual coal-to-liquids facility that uses Fischer-Tropsch technology and Illinois basin coal to produce 50,000 barrels a day of liquids, including diesel fuel and liquids that can be refined or used as feedstock for the chemical industry.
Several companies, including Rentech Inc., formerly based in Denver, have expressed interest in building coal-to-liquids facilities in the U.S.
NEW HAVEN, Conn.
GE announces sale of plastics division
General Electric Co. said Monday that it will sell its plastics division for about $11.6 billion in the latest move to reshape one of the world’s largest companies.
GE said it would use the proceeds from the sale to petrochemicals manufacturer Saudi Basic Industries Corp. primarily to increase its planned 2007 stock buyback program.
NEW YORK
Monster to create job websites for papers
Monster Worldwide Inc., owner of the Web’s largest job- search service, agreed to help create employment sites for 145 publications owned by Community Newspaper Holdings Inc., including six dailies in New York state.
The companies will develop 80 Internet sites to run ads from employers and job seekers in smaller markets, New York- based Monster and Community Newspaper Holdings said in an e-mail statement.
WASHINGTON
USDA says nation’s corn crop doing well
The U.S. corn crop is in better shape than a year ago when farmers produced the third-biggest harvest on record.
About 78 percent of the crop was in good or excellent condition as of Sunday, up from 66 percent a year ago, the U.S. Department of Agriculture said Monday in its first rating of this year’s crop.
WASHINGTON
Auction of T-bills brings in $28 billion
The Treasury Department auctioned $15 billion in three-month bills at a discount rate of 4.775 percent and an additional $13 billion in six-month bills at a rate of 4.810 percent.
