In the Rockies today, another luxury development in the West falls on hard times.
The Swiss bank, Credit Suisse, is embroiled in another financial fight with another high-end development in the West.
Just last week, Credit Suisse filed a lawsuit against the Tamarack Resort in Idaho, after the resort defaulted on a $250 million loan from the Swiss bank.
This week, a state district court judge in Utah denied the Swiss bank's request that a receiver be appointed to oversee the financial dealings of the Promontory, a private ski and golf development near Park City.
The judge acknowledged the Arizona-based developer of the Utah resort may have to seek protection under federal bankruptcy laws if it can't find another source of funding.
But the Swiss bank has its own financial problems, after bank officials discovered "trading irregularities" that will force them to write off $2.56 billion at the end of this quarter.
Rockies today
Utah judge denies Swiss bank's request for Promontory receiver
On the heels of Idaho's Tamarack Resort's financial problems, Utah's Promontory, a gated golf and ski development with about 2,000 homes, is now hitting hard times, and Credit Suisse and the Arizona-based developer are now embroiled in a lawsuit that may force Pivotal Group to seek bankruptcy protection.
NewWest.net; March 21
BLM extends comment period on commercial oil shale development
The Bureau of Land Management agreed on Thursday to extend the comment period on its environmental impact statement on commercial oil shale development in Colorado, Utah and Wyoming another 30 days.
Grand Junction Sentinel; March 21
Wyoming rancher relinquishes grazing allotment near Yellowstone Park
The National Wildlife Federation and other groups helped broker a deal between the Diamond G Ranch and Shoshone National Forest that pays the Wyoming ranch $150,000 to secure grazing elsewhere and removes livestock from a predator-prone allotment near Yellowstone National Park.
Billings Gazette; March 21
N.M. governor to endorse Barack Obama
New Mexico Gov. Bill Richardson, who made his own run for the Democratic Party's nomination for president, will appear with Sen. Barack Obama today and give the Illinois senator his endorsement.
Washington Post (AP); March 21
American Indian plaintiffs say government owes them $58B
The plaintiffs in the 12-year-old class action lawsuit against the federal government over management of funds held in trust for American Indians told a federal judge that the government should pay $58 billion to settle their claims.
Missoulian (AP); March 21
Reports of 32 dead bison on Colorado ranch prompts investigation
While shooting privately owned bison on private land in Colorado requires no hunting permit, state and local officials are investigating the shooting of at least 32 bison on a ranch in Park County.
Denver Post; March 21
Lessons learned, company shutters Wyoming coal refinery
Evergreen Energy officials said processes developed at its Wyoming coal refinery will allow the company to refine those methods at its Illinois and Indonesia coal-refinement facilities, but Evergreen shuttered its Wyoming plant Thursday, idling 50 workers.
Casper Star-Tribune; March 21
Thirsty Nevada considers desalination project to boost water supplies
Nevada doesn't have any oceanside property but Southern Nevada Water Authority officials said Gov. Jim Gibbons' suggestion that the state help pay for a desalination plant on California's coast may eventually be a cost-effective option, and SNWA officials said they're working to restart a desalination plant in Arizona that treats brackish groundwater as another possible source of water for the state.
Las Vegas Sun; March 21
Opinion
Colorado bill will protect state's waters as new uranium boom nears
House Bill 1161 has been substantially improved from its first iteration, and will protect the state's water during the next uranium boom, especially in light of the "in situ" processes under consideration that processes the precious ore on site.
Denver Post; March 21
Mortgage crisis gives Utah officials a chance to plan growth
The national credit crisis has slowed growth along Utah's Wasatch Front, a temporary respite for sure, but it does give planners and residents a chance to re-evaluate how communities have grown and to reshape how those communities will grow in the future.
Salt Lake Tribune; March 21
Beyond the region
Swiss bank reports losses for first time in 4 years
Credit Suisse reported trading irregularities by some traders, whom the Swiss bank has fired or is in the process of firing, would result in a $2.65 billion write-off for the fourth quarter of 2007 and the first quarter of 2008.
New York Times; March 21
EPA fires back at Congress with a document inquiry of its own
The Environmental Protection Agency has requested transcripts of closed-door meetings between seven senior EPA staffers and members of the U.S. House Oversight and Government Reform Committee about the agency's effort to regulate greenhouse gases.
Los Angeles Times (AP); March 20
Nevada company lays claim to Arctic Ocean's oil, gas reserves
Las Vegas-based Arctic Oil & Gas has asked the United Nations to make it the sole developer of oil and gas reserves in the Arctic Ocean's seabed, and officials of the Nevada company's latest report suggest that the region contains 400 billion barrels of petroleum.
Calgary Herald; March 21
Prices of oil, gold, wheat drop
Oil prices dropped nearly 7 percent over the past two days of trading; gold prices fell from $1,000 an ounce to $920 an ounce; and wheat prices were down 15 percent.
New York Times; March 21
-
As U.S. dollar strengthens, Canada's loonie takes a tumble
The plunging oil and gold prices that prompted a massive sell-off in the commodities market, and the sharply rising value of the U.S. dollar pushed the value of the Canadian loonie down to 97.71 cents, its lowest level in two months.
Toronto Globe and Mail; March 21
In depth
Wolf experts say public perception hardest issue to handle
As the federal government hands over wolf management duties to Idaho, Montana and Wyoming, wolf experts say the hardest part of the process will be taming the fierce rhetoric on both sides of the issue and finding middle ground. An indepth look.
Missoula Independent (Boise Weekly); March 21
|
