Business Briefing, July 9

Rocky staff and wire reports

Published July 8, 2008 at 9:05 p.m.

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Michael O'Donnell

Kristi Porter

NATIONAL

Suit: Takeover bid by InBev illegal

Anheuser-Busch claims that Belgian brewer InBev's unsolicited takeover bid isn't just bad for the bottom line, but is an "illegal scheme" that threatens to defraud Anheuser-Busch shareholders if a federal judge doesn't step in.

Anheuser-Busch Cos. Inc. made the claim in a lawsuit filed late Monday, just hours after InBev SA filed its own motion seeking to oust Anheuser-Busch's board of directors. The lawsuit, filed in St. Louis federal court, claims that InBev is deceiving Anheuser-Busch shareholders about the company's $46 billion takeover bid by concealing a number of facts.

The suit says InBev doesn't have the solid financing to underwrite the deal, as the company claims, and that it has not disclosed that it operates a brewery in Cuba, which could complicate its efforts to operate in the United States.

InBev did not return a message seeking comment Tuesday.

LOCAL

Group files complaint over two initiatives

Labor-backed Protect Colorado's Future filed a complaint with the Colorado secretary of state's office, asking it to investigate potential fraud by proponents of two initiatives.

Initiative 53 would prohibit public employees' payroll deductions for private groups, thereby cutting off a chief source of union funds. Initiative 59 would limit political contributions by government contractors. Both are sponsored by the Independence Institute, which describes itself as a "free market think tank."

Protect Colorado's Future said it sees "a continuation of the pervasive pattern of fraud and deception already seen with the divisive Amendment 47," the right-to-work amendment that it also opposes. Protect Colorado's Future has sued Amendment 47's backers, alleging signature-gathering fraud.

Jess Knox, executive director of Protect Colorado's Future, said that companies paid to gather signatures for the initiatives have told petition signers they did not need to be registered to vote in Colorado or told signers they could register to vote after signing the petition, neither of which are true.

Independence Institute President Jon Caldara called it a "nuisance complaint" and said Protect Colorado's Future "is grasping at straws . . . they don't want to fight these initiatives at the ballot box."

AIRCRAFT DELAY: A U.S. bankruptcy court has given Frontier Airlines the go-ahead to delay the delivery of seven jets as part of a revised agreement with Airbus.

The low-cost carrier will have up to $7.5 million returned that it had spent on initial payments for the aircraft, helping bolster its cash balance while it restructures.

The first aircraft scheduled for delivery in 2009 will be pushed back until 2011.

RITTER IN SPAIN: Gov. Bill Ritter is in Spain this week to talk to renewable-energy companies about investing in Colorado. He's meeting with several companies that visited Colorado last winter.

Two Spanish renewable-energy companies already are doing business in Colorado along with Denmark-based Vestas Blades and German conglomerate Siemens Energy.

DEEP ROCK CEO: Deep Rock Water Co. has promoted Thomas A. Schwein, 49, to president and chief executive officer.

Schwein, a Colorado native, joined Denver-based Deep Rock as chief financial officer in 2005 and was elevated to executive vice president in 2007.

INVESTMENT SCORE: Welton Street Holdings, parent company of Welton Street Investments and Welton Street Advisors, received a $14.4 million investment from FTVentures to expand distribution of the Life Income Funds of America and Tenant-in-Common securities, which help investors deal with appreciated real estate.

LOAN CLOSING: Aircell, a provider of inflight communications services with facilities in Louisville, said it has closed on a $35 million loan as the third step of a $265 million equity and debt infusion.

Proceeds will be used in part to finance the company's mobile broadband service Gogo, which has been tested by American Airlines and will be launched commercially later this summer on selected domestic flights.

NETWORK EXPANDS: AT&T is launching 3G, or third generation, wireless services this week in the Aspen-Glenwood Springs, and Fort Collins-Loveland areas. The faster network enables customers to use the latest video and data handsets, including the new 3G Apple iPhone, which will be available Friday.

AT&T previously launched the higher-speed network in Denver, Colorado Springs and the I-70 corridor between Silverthorne and Gypsum.

THIS JUST IN...

* The Colorado Wheat Administrative Committee elected Randy Wilks as president, Richard Starkebaum as vice president and Dan Anderson as secretary/treasurer. The Colorado Association of Wheat Growers elected Dave Anderson as president, Jerry Cooksey as vice president, and Chris Tallman as secretary/treasurer.

* The Credit Union Association of Colorado elected Kristi Porter, of Western Rockies Federal Credit Union, to its board of directors for CUAC and Credit Union Strategic Partners.

* Denver-based High Sierra Energy appointed David Kehoe as senior vice president for crude oil, Jim Winter as vice president of High Sierra Water Services, John Miller as manager of High Sierra's Petrosource Transportation unit in Fort Lupton, Troy Dressen as director of IT Services, and Mike Merelli as credit manager.

* Webroot appointed Frederick Ball as chief financial officer.

* LeftHand Networks hired Richard Shea as vice president of North American sales.

* Spectranetics Corp. appointed Michael Voss as its vice president and general manager of vascular intervention.

* The Kentwood Companies was ranked No. 2 nationally for per-agent sales volume by Realtor Magazine.

* The Acute Injury & Illness Center joined with ImmediaCare Urgent Care to become MedExpress Urgent Care.

* Capital One Financial Corp. hired Jim McBride as executive vice president and manager of Energy Banking at Capital One Bank.

* Evergreen-based Associated Bodywork & Massage Professionals won a gold and silver EXCEL award for its flagship Massage & Bodywork magazine from The Society of National Association Publications.

* Exempla Saint Joseph Hospital appointed Darren Delfino as director of business development and Exempla Lutheran Medical Center hired Melissa Swanson as critical care clinical nurse specialist.

* ArtReach Inc. received a $10,000 grant from Staples Foundation for Learning to support Arts Benefiting Kids.

* BKD LLP promoted JoAnne Bennett and David Jansen to senior managers of the firm's Colorado practice.

* The Independent Petroleum Association of Mountain States elected Rebecca Watson of Hogan & Hartson as secretary to the executive committee.

* Valentina Sandoval joined the Denver Northwest Market Center of Keller Williams Realty as a Realtor.

* The Colorado Trial Lawyers Association presented Michael O'Donnell, of Wheeler Trigg Kennedy LLP, an award for "the highest standards of competency, ethics and professionalism."

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