by The Editors on November 4, 2009
Things are not all peaceful and quiet at Rancho Carlsbad, according to a report on Courthouse News Service.
Twenty investors say their property manager and general partner embezzled more than $20 million and covered it up by calling it a “loan,” or “interest.” Rancho Carlsbad Partners say William Geary then engaged them in phony property deals to make it look like he was straightening things out. . . .Rancho Carlsbad Partners say their partner Geary, a Los Angeles-based real estate manager, defrauded them by diverting for his own use money that belonged to the group when they needed it most. . . The partners say Geary’s frauds lasted for 7 years, from 2002 until 2009.
There is much more to the Superior Court complaint, but we’ll let you read that in the story.
[Link: Courthouse News Service]
by The Editors on November 4, 2009
We keep hearing it referred to as the “last hurdle” and we’re saddened that Poseidon Resources has made it this far, but the California Coastal Commission finally granted a permit that will allow the company to build the largest desalination plant in the Western Hemisphere in our lagoon, according to a Michael Burge story in the San Diego Union-Tribune.
With the Coastal Commission permit in hand, Poseidon has met all its regulatory requirements — two years after the Coastal Commission conditionally approved the plant. Poseidon had to satisfy 17 permit requirements before it could begin construction. . . . Peter MacLaggan, Poseidon Resources’ senior vice president, said the coastal permit requires that construction begin in less than two weeks. He said the company next week will start clearing the site, on the grounds of the Encina Power Station on the south shore of Agua Hedionda Lagoon.
Now all Poseidon needs is the money to build the plant. They’ need $530 million in financing, $50 million of it from a bond they’re asking the State of California for, according to a story in the North County Times.
State revenue bonds are tax-exempt, which typically allows them to sell for a lower interest rate than for taxable bonds. This lowers the cost for those repaying the bonds; in this case, the local water agencies the desalination plant will serve.
The company is also asking for a $250 per acre foot subsidy from the Metropolitan Water District of Southern California (which, according to Food & Water Watch could add up to $14 million a year). Nothing like launching a private business on federal and state subsidies, huh?
For more on some of the reason this plant might not be a good idea, click here for the word from Food & Water Watch.
[Link: San Diego Union-Tribune and North County Times]
by The Editors on October 30, 2009
Looks like the ownership of Carlsbadistan-based Mexican fast-casual chain Rubio’s Restaurants Inc. is not going to be sold after all, according to The Deal.
Mexican-themed casual dining chain Rubio’s Restaurants Inc. said late Thursday, Oct. 29, it rejected an $80 million buyout offer from shareholder Alex Meruelo and private equity firm Levine Leichtman Capital Partners. Rubio’s board said the $8 per share bid, announced Oct. 14, was not in the best interest of its stockholders.
But that isn’t stopping the company from looking for other buyers who may offer more.
[Link: The Deal]
by The Editors on October 30, 2009
Earlier this week the Carlsbadistan City Council approved Legoland’s plans for a 254-room, 137,000-square-foot hotel that will be built in the theme park’s parking lot, according to a Michael Burge story in the San Deigo Union-Tribune.
The propsed hotel will feature a restaurant, bar, and nightclub, the later of which seemed to ruffle at least one of councilman Keith Blackburn feathers. But Legoland officials were quick to clear that up.
“The reference to ‘nightclub’ in our list of planned amenities would be better phrased as ‘Evening Legoland Club,’ as it again will be aimed directly at families with young children . . . between 2 and 12 years old,” said Peter Ronchetti, the general manager of Legoland California. “So we have no ambitions to enter the nightclub business.”
Or course not. Legoland’s only ambition is to keep every single tourist dollar they can and let as little leak out into the community as possible.
[Link: San Deigo Union-Tribune]
by The Editors on October 30, 2009
Times must be hard in the golf business. With expense accounts getting clipped and companies shedding extra employees we would guess that there are far fewer business deals going down on the golf course these days and Callaway is feeling it.
For the third quarter of 2009, net sales were $190.86 million, a decrease of 11%, compared to $213.45 million for the same quarter of 2008. . . For the first nine months of 2009, net sales were $764.95 million, a decrease of 19%, compared to $945.93 million for the same period of 2008.
But CEO George Fellows has found a silver lining:
“While market conditions have been challenging this year, we have managed our business in such a way that we have gained market share in all club categories, managed our expenses responsibly and invested in a few important growth initiatives that should position Callaway Golf to grow when the economy begins to rebound.”
We’re not sure that a bigger piece of a smaller pie is anything to be excited about.
[Link: Trading Markets]
by The Editors on October 21, 2009
The Carlsbad City Council last night put its foot down on NRG by passing a moratorium on coastal power plants, according to a City press release.
This action prohibits a second power plant proposed by NRG, requiring the state to overrule the city if the plant is to be approved. . . . The resolution establishes an emergency ordinance on the building or expanding of power plants on Carlsbad’s coast, meaning it goes into effect immediately and could last for up to two years. . . Also under the resolution, no development application will be accepted, processed or approved that would expand the size, location, generating capacity or use of the Encina Power Station for the duration of the moratorium.
This may be one of the few times we say this to the City Council, but way to go. Seriously. For more details, follow the jump
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by The Editors on October 17, 2009
This Tuesday, October 20, 2009 the Carlsbadistan City Council will be considering the passage of a moratorium on coastal power plants to prevent NRG from putting in its proposed second power plant on the Encina Power Station property, according to a release sent out by the City of Carlsbad.
If passed, this action would prohibit a second power plant proposed by NRG, requiring the state to overrule the city if the plant is to be approved. . . Also under the resolution, no development application will be accepted, processed or approved that would expand the size, location, generating capacity or use of the Encina Power Station for the duration of the moratorium. . . . The resolution under consideration would establish an emergency ordinance on the building or expanding of power plants on Carlsbad’s coast, meaning it would go into effect immediately and could last for up to two years.
Anything that slows the industrialization of the Aqua Hedionda Lagoon is fine by us, but why stop at the power plant? Why not throw in a little rider prohibiting a desalination plant as well? No harm in that really.
Follow the jump for the entire release.
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by The Editors on October 14, 2009
James Arthur Ray, the self-help author whose five-day “Spiritual Warrior” retreat at Arizona’s Angel Valley Retreat Center resulted in two deaths and 19 other injuries during a “spiritual cleansing” in a “crudely built sweat lodge,” is apparently based in Carlsbadistan, according to a story in USA Today.
Ray’s company, James Ray International, is based in Carlsbad, Calif. His publicist, Howard Bragman, declined to comment Friday and didn’t return a call Saturday from The Associated Press.
The victims had reportedly paid between $9,000 and $10,000 for the five day retreat. Apparently that fee included a day-and-a-half of no food. According to the story it will be between three and four weeks before they know if criminal charges will be filed.
[Link: USA Today]
by The Editors on October 1, 2009
Carlsbadistan based satellite communication system vendor ViaSat has announced that it “has signed a definitive agreement to acquire WildBlue Communications, a privately held satellite broadband service provider, in a cash-and-stock deal valued at $568 million,” according to a story on Multichannel.com.
“By integrating ViaSat-1 and its ground network technology into the WildBlue operational and distribution platform, we believe we can meaningfully reduce our operational execution risks,” ViaSat chairman and CEO Mark Dankberg said in announcing the deal.
The transaction is expected to close in the quarter ending April 2, 2010, which is the end of ViaSat’s fiscal year. The transaction is not subject to a vote of the ViaSat shareholders.
[Link: Multichannel.com]
by The Editors on September 30, 2009
Carlsbadistan’s Power of Vision, “a coalition of opponents” to the proposed NRG West power plant, held another press conference yesterday to remind everyone that building another power plant in Carlsbadistan is a very bad idea. They were joined yesterday by two congressional candidates.
Francine Busby and Solana Beach Councilmember Dave Roberts, both of whom are running for Congress in the 50th District, also announced their opposition to the project at today’s event. Roberts’ opposition was previously lodged as part of the Solana Beach Council. . . Elected officials of the cities of Vista, Solana Beach and Del Mar have written letters to the City of Carlsbad citing opposition to the proposed 540-megawatt power plant due to its significant regional impacts to the environment, coastal resources and the region’s visual resources.
We know there are a lot of details involved, but we just think a beautiful coastal lagoon is a seriously silly place for another power plant (or desalination plant). So more power to the Power of Vision. Follow the jump for the full release.
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