$5 Million in gas royalties at issue in lawsuit
Four people have filed a lawsuit accusing Petroleum Development Corp. of not paying them enough royalties on natural-gas production from wells in Colorado.
The lawsuit filed Monday in U.S. District Court seeks class-action status.
The plaintiffs, who live in Colorado and Montana, say Petroleum Development Corp. has been paying out royalties after deducting the costs of getting the natural gas into marketable condition, rather than making payments based on what the gas would fetch on the commercial market.
The lawsuit said at least $5 million was believed to be at issue.
The company did not return an e-mail seeking comment.
PUC member to retire
Public Utilities Commission member Carl Miller will retire next month, a year before his term ends, Gov. Bill Ritter said Tuesday.
Miller, 69, a former Democratic state representative from Leadville, said he wants to spend more time on leisure activities with his wife and family.
The three-member commission regulates Colorado’s gas, electric and telecommunications utilities, including Qwest and Xcel Energy.
Shopping center changes hands
Boulder-based Sunrise Partners paid $11.2 million for Sunrise Village Shopping Center in Thornton.
Sunrise Partners purchased the property from Colorado Springs-based Sunrise Plaza LLC, represented by Sperry Van Ness.
The 104,469-square-foot shopping center, east of Interstate 25 at 9051-9191 Washington St., is 92.2 percent occupied. Tenants include Dollar Tree, Fashion Mart, Mi Pueblo and ARC Thrift Stores.
Shopping center changes hands
Boulder-based Sunrise Partners paid $11.2 million for Sunrise Village Shopping Center in Thornton.
Sunrise Partners purchased the property from Colorado Springs-based Sunrise Plaza LLC, represented by Sperry Van Ness.
The 104,469-square-foot shopping center, east of Interstate 25 at 9051-9191 Washington St., is 92.2 percent occupied. Tenants include Dollar Tree, Fashion Mart, Mi Pueblo and ARC Thrift Stores.
Western Union eyes buyback
Western Union Co., the Douglas County-based money-transfer company that has gained 25 percent since its stock debuted last year, may buy back as much as $1 billion in shares through 2009.
The repurchase is in addition to the $300 million remaining under a previous authorization, Western Union said Tuesday in a statement. Western Union was spun off from First Data Corp. in September 2006.
Storage company sued
Storage Technology Corp., formerly based in Louisville and now part of Sun Microsystems Inc., was sued by a business partner seeking enforcement of a settlement agreement and unspecified damages.
Custom Hardware Engineering & Consulting Inc. of Fenton, Mo., contends it settled a suit over intellectual property rights last year, with Storage Technology agreeing to provide code upgrades for Custom Hardware’s computer service business.
Capital cache for streamer
Buzzwire Inc., a Denver-based company that provides streaming audio and video to mobile phones, announced that it has secured $8 million in Series B venture capital.
The round was lead by a new investor, Boulder-based Sequel Venture Partners, and also includes previous investors Matrix Partners and Spark Capital. Ron Bernal of Sequel will join Buzzwire’s board of directors.
Dog track shuts its gates
LOVELAND — Cloverleaf Greyhound Track in the Loveland area closed Monday after 52 years. Cloverleaf said it will not be open for wagering but will continue to cash winning tickets this week.
Citigroup subprimes bleed
NEW YORK — Citigroup Inc., the biggest U.S. bank by assets, lost more money than it made from financial instruments based on U.S. subprime mortgages, a senior company executive said Tuesday.
