ABQJOURNAL BIZ: Around N.M.

Thursday, June 11, 2009

Around N.M.

Journal Wire Reports
      Doña Ana Voters OK Booze Service
LAS CRUCES — Doña Ana County voters have overwhelmingly approved a measure to allow restaurants in the southern New Mexico county to serve beer and wine.
       Turnout Tuesday was light — an estimated 3.4 percent — but the unofficial tally shows 84 percent of those who turned out voted in favor of the measure, while 16 percent voted against it.
       Now restaurants in Doña Ana County have the right to apply to the state for permits to sell beer and wine with meals.

       Pumice Mine Faces Reclamation Fines
SANTA FE — Copar Pumice Co., based in Española, failed to reclaim El Cajete Mine as required in its permit, according to a notice of violation issued this week by the state Mining and Minerals Division.
       The mine did not comply with deadlines for beginning and completing reclamation after the company lost its permit from the U.S. Forest Service in November 2007 and the mine closed, according to the state. A penalty of $5,000 per day will be assessed until required reclamation is completed.
       Earnings Optimism At Home Depot
ATLANTA — Home Depot Inc., the nation's largest home improvement retailer, said Wednesday that its full-year earnings from continuing operations may come in better than previously forecast.
       The move comes a few weeks after smaller rival Lowe's Cos. raised its full-year outlook. Home Depot's stock rose 26 cents to $24.61 in morning trading. Atlanta-based Home Depot now sees earnings per share from continuing operations to be flat to down 7 percent. Prior guidance called for a 7 percent decline.

       Citigroup Launches Securities Swap
NEW YORK — Citigroup Inc. on Wednesday launched a series of public exchange offers that will effectively give the government a 34 percent stake in the troubled bank.
       Citigroup expects to convert into common stock a total of $58 billion of preferred stock and trust preferred securities, assuming full participation in the swaps.
       The deal boosts Citi's common equity — a benchmark the government is using to measure a bank's ability to absorb losses.

       Vegas Developer Files Chapter 11
MIAMI — Casino-resort developer Fontainebleau Las Vegas LLC said Tuesday it has filed for Chapter 11 bankruptcy protection after failing to get certain lenders to provide about $800 million in construction funding to complete the company's $2.9 billion property on the Las Vegas Strip.
       Fontainebleau Las Vegas had filed a $3 billion lawsuit in April against Bank of America, JPMorgan Chase Bank, Deutsche Bank Trust Company Americas and eight other lenders in an effort to access the prearranged financing to pay its 3,000 construction workers and finish the project, which is 70 percent complete and had eyed an October opening.

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