Showing posts with label approves. Show all posts
Showing posts with label approves. Show all posts

Sunday, May 20, 2012

Fla. county approves changes after oil spill fraud

Fort Walton Beach, Fla. (AP) -- Amid a criminal investigation into the alleged misuse of funds paid by BP after the 2010 Gulf oil spill, a Florida Panhandle county made big changes Tuesday in the way it oversees spending for promotion of the area's world-famous beaches.

An attorney advising Okaloosa County commissioners said they could not wait for state auditors, the sheriff's auditors and the FBI to finish investigations into misspending of bed tax and BP funds before making the changes.

"These changes are not the end, they are merely the beginning but we feel they are crucial to the integrity of the process," attorney Greg Stewart told commissioners. They approved changes that included requiring all purchases over $25,000 by the Tourism Development Council be approved by the county's administrator or the county commission.

The move came less than two weeks after the county's former tourism director died of an apparent suicide. Investigators had unearthed more than $1.4 million in questionable spending on his home and a yacht.

The sheriff's office said last week it was expanding its inquiry, but said the investigation was ongoing did not release details.

The state is conducting forensic audits.

Also Tuesday, commissioners required that the agency's contracts conform to the rules for other county departments. Other departments require task orders detailing the purposes of the expenditures and requiring various levels of approval, Stewart said. The TDC contracts had no-such safeguards. Stewart said many other county tourism agencies in Florida require such task orders.

Interim tourism director Greg Donovan said he has spent his first week on the job fielding questions and trying to figure out the "jigsaw puzzle" that is the Okaloosa County Tourism Development Council. Donovan was the county's airport director before stepping into the interim post.

"Our first priority is to make sure we facilitate all law enforcement requests; that is paramount," he said.

But Donovan said there is another concern: What could happen if the Fort Walton Beach area falls behind in the aggressive competition to market itself as a vacation destination.

"There are thousands of communities out there competing and if you live in Tennessee and you are out there making that decision of where you are going to vacation and this location falls of the map for a year or two because of our lack of promotional capability, it will hurt us.

The TDC cancelled a plan to take an RV to South Carolina to promote the region in a "Boast the Coast" event, but the agency wants to continue a Father's Day giveaway of week's beach vacation and Jeep. Donovan told The Associated Press on Tuesday that he didn't immediately know how much the Father's Day package cost or if the money came from BP or bed tax funds. He said he would provide that information later Tuesday afternoon.

BP provided millions to Gulf counties after the oil giant's massive oil spill. Much of the money went to promote tourism along Florida's white-sand beaches after hotels, restaurants and other tourism-dependent businesses complained that the 2010 tourism season was ruined because of the perception that the oil had reached their beach.

The oil washed ashore on Pensacola Beach and tar balls and tar mats came on shore further east from Navarre Beach to Panama City. Nonstop news coverage of the spill cleanup and environmental monitoring and anxiety about the spill spreading throughout the Florida cause tourism to plummet for months.


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Sunday, May 6, 2012

Argentine Congress easily approves YPF takeover

BUENOS AIRES, Argentina (AP) -- Argentina's takeover of its formerly state-owned energy company from Spanish shareholders won easy approval from legislators Thursday night.

Congress' lower house voted 207-32 to give the force of law to what President Cristina Fernandez surprisingly decreed two weeks earlier: the expropriation of the Spanish company Repsol SA's $10.5 billion stake in the YPF oil company, without a single centavo paid in advance.

The expropriation measure was worded to make any energy company operating in Argentina a potential target for government intervention. It declares that guaranteeing Argentina's energy self-sufficiency is a national priority that must be supported by private industry as well.

Since the government has kept energy prices far below the global market for nearly a decade, this means companies must sell energy extracted in Argentina to Argentine consumers first, even if it means missing out on exports that could bring far-higher returns.

"This decision is going to require all Argentines, and especially those who have institutional responsibilities, whether in the government or opposition, to face the challenge of building a YPF that is modern, competitive, (and) aligned with the interests of the country," Fernandez said.

Spain and the European Union have threatened to retaliate for the so-far-uncompensated takeover from Spain's biggest company. Moody's rating service increased its country risk estimate for trading with Argentina.

But the measure is highly popular at home, where even lawmakers uncomfortable with the government's methods and intentions described it as a historic recuperation of Argentina's national sovereignty. The country previously took over Aerolineas Argentinas, the private pension system in 2008, and a privatized water system in 2006.

Only a few legislators worried about the expropriation. Buenos Aires Mayor Mauricio Macri, leader of the PRO party, told reporters before the vote that the expropriation "will turn away the investments that bring jobs."

"When you act with arrogance, illegality and intolerance, as has been done with YPF, what you get is exactly the opposite," Macri said.

So far, Spain's only retaliatory move has been to announce the cutback of biodiesel imports from Argentina. Fernandez scoffed at that, saying Spain is free to buy more expensive soy wherever it wishes.

Spanish Deputy Prime Minister Soraya Saenz de Santamaria said political and diplomatic retaliatory measures also were under consideration.

Repsol, for its part, said it would have no comment on congressional approval. A spokesman in Madrid also declined to comment on reports that the company was cancelling shipments of natural gas to Argentina.

Speaking Thursday, Spanish Foreign Minister Jose Manuel Garcia-Margallo said it is "perfectly legitimate" for countries to control their energy sectors, as long as they pay in full for any property taken.

"If they decide to expropriate, what they have to do is pay a fair market value, which is what is done in international relations," he told reporters, noting that Bolivia appeared to be willing to pay fairly for expropriating that country's main power grid from the Spanish-owned Red Electrica SA.

Garcia-Margallo suggested Argentina might "get an independent company to make an estimate and pay a fair market value" for YPF.

Argentina officials have rejected that idea. First, they say they will study the company's books, and deduct any debts or environmental damage from the total. Then, they will present the numbers to an Argentine court to settle on a price, said Axel Kicillof, a presidential appointee who is helping to run YPF through its transition.

In Washington, State Department spokesman Mark Toner said Thursday that "these actions against foreign investors really dampen the investment climate in Bolivia, in Argentina, in wherever. So that's our concern."

___

Associated Press writer Ciaran Giles in Madrid contributed to this report.


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Tuesday, April 17, 2012

Judge approves Dodgers' reorganization plan

WILMINGTON, Del. (AP) -- A bankruptcy court judge in Delaware gave his approval Friday to the Los Angeles Dodgers' plan to sell the team for $2 billion.

U.S. Bankruptcy Judge Kevin Gross' approval of the Dodgers' reorganization plan came at the conclusion of a two-part morning and evening hearing he called a "doubleheader." The decision allows the team to exit bankruptcy.

The reorganization plan is based on Dodgers owner Frank McCourt's agreement to sell the team for $2 billion to Guggenheim Baseball Management, a group that includes former Los Angeles Lakers star Magic Johnson. Mark Walter, chief executive officer of the financial services firm Guggenheim Partners, will become the controlling owner, and the team will be run by former Atlanta Braves president Stan Kasten.

Both Kasten and McCourt were in court Friday. The sale is set to close by April 30, the day McCourt is to make a $131 million payment to former wife Jamie as part of their divorce.

"All the organization's goals in the reorganization cases have been achieved. We look forward to returning all of our attention to Dodger baseball," the team said in a statement following the hearing.

The Dodgers entered bankruptcy in June 2011 during a bitter dispute with Major League Baseball. At the time, baseball Commissioner Bud Selig refused to approve a new TV deal with Fox Sports that the team was counting on in order to make payroll and keep the franchise solvent.

Friday's hearing helped resolve a number of lingering issues ahead of the team's sale. Fox, the team's current broadcaster, had wanted written assurance that competitor Time Warner Cable was not contributing funds being used for the purchase. Lawyers for the Dodgers agreed to do that.

Friday's hearing dragged into the evening, however, as lawyers for the Dodgers and Major League Baseball sparred over the information being given to the league about the plan. A lawyer for Major League Baseball said the league has issues with the plan and was owed more information. A Dodgers lawyer said the team has met all the criteria to have the plan confirmed, and the judge agreed.


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Sunday, April 15, 2012

Judge approves of Dodgers' sale

WILMINGTON, Del. (AP) -- A bankruptcy court judge in Delaware agreed Friday to the Los Angeles Dodgers' plan to sell the team for $2 billion, setting the team up to exit bankruptcy.

The decision by U.S. Bankruptcy Judge Kevin Gross came at the conclusion of a two-part morning and evening hearing he called a "doubleheader."

The judge approved Dodgers owner Frank McCourt's plan to sell the team to Guggenheim Baseball Management, a group that includes former Los Angeles Lakers star Magic Johnson. Mark Walter, chief executive officer of the financial services firm Guggenheim Partners, would become the controlling owner, and the team would be run by former Atlanta Braves president Stan Kasten.

Both Kasten and McCourt were in court Friday. The sale is set to close by April 30, the day McCourt is to make a $131 million payment to former wife Jamie as part of their divorce.

The Dodgers entered bankruptcy in June 2011 during a bitter dispute with Major League Baseball. At the time, baseball Commissioner Bud Selig refused to approve a new TV deal with Fox Sports that the team was counting on in order to make payroll and keep the franchise solvent.

After the bankruptcy filing, Selig's attorneys successfully fought to force the Dodgers to accept bankruptcy financing from Major League Baseball. The team and league reached an agreement last year authorizing the team's sale and a process to market the media rights to games starting in 2014.

Friday's hearing helped resolve a number of lingering issues ahead of the team's sale. Fox, the team's current broadcaster, had wanted written assurance that competitor Time Warner Cable was not contributing funds being used for the purchase. Lawyers for the Dodgers agreed to do that.

Friday's hearing dragged into the evening, however, as lawyers for the Dodgers and Major League Baseball sparred over the information being given to the league about the plan. A lawyer for Major League Baseball said the league has issues with the plan and is owed more information. A Dodgers lawyer said the team has met all the criteria to have the plan confirmed, and the judge agreed.

The judge called the prospective new owners an "outstanding group."


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