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Show Wednesday' August 18, o 19f76 supplement to the National Enterprise I i Stock Promotion Scheme Soccer Fans Rescued by Franchise Purchase by Dean Alsup and Mary Gaber In a bizarre turn for the local stock market, a public, profit corporation has acquired an operation whose profits it intends to give away. a Joseph Jimenez, representative of Corporation, a private California comhas pany, acquired the former soccer franchise of the Utah Golden Spikers. The new team is called the Utah Pioneers. During a press conference last week, Jimenez told reporters he was purchasing the franchise for publicity and tax purposes. The motives he cited were both He claimed he philanthropic and would donate all net profits to the LDS missionary fund, and at the same time said he wanted to move stock" in Frontier U.S.A., the company through which he purchased the soccer franchise. Tri-Delt- well-publiciz- ed self-servin- Joseph Jimenez In a manner befitting his personality, Joseph Jimenez came to Salt Lake City in a cloud of publicity. He loves publicity, thrives on it, eats it like gravy. He prefers it Jimenez explained he considers the cost of purchasing and operating the soccer franchise similar to advertising costs. He expects the publicity generated by the operation of the team to increase the value of Frontier U.S.A. thick and heavy. Seated on a luxurious couch in the Hilton presidential suite, he last week confronted members of all Continued on Page 4b stock. Delaware corporation organized in 1968 under the name of BGI, Frontier U.S.A. is the public vehicle being used and promoted by A Jimenez. Uranium Reserves Uncertain Should the Arabs make a significant uranium discovery, and theres every possibility that they could, the United States will be in exactly the same position with nuclear energy as we presently are with a petroleum based economy," said David T. Sanders, president of Sanders Exploration, Limited, Kaysville, Utah. Speaking to an energy symposium in Price, at the College of Eastern Utah on Saturday, Sanders warned that U.S. uranium reserves are actually very low and urged that the United States step up its uranium exploration. "Except for the ore from Marysville, all the uranium that has ever been mined in Utah has come from only two formations," he said. But production must be matched with milling Inside This Issue capacity, the geologist added. "We cant be competitive until we have more refining and milling capacity," Sanders said. While the current mood of the countrys politicians is to do away with the mining laws of 1872, thus forbidding U.S. citizens the right to move onto minerals lands, Sanders said we must, above all, protect the concept, embodied in the law, of the right to public domain. Slowly, the small prospector is being eliminated, he said. "And theres no way an industry can grow if major companies cant rely on prospectors who have access to public domain. Sanders said that Anaconda once told him of all the properties they had in operation, only two were discovered by the company itself. The average residential gas bill will increase $34.86 next year under increases authorized by the Federal Power Commission. MFS president B. Z. Kastler warns that these are not the end of ever increasing Mountain Fuel spiral will also have to pay more for gas from its Canadian Until Aug. 12, 1976, officers of Frontier U.S.A. were Kit Hendrickson, Chatham Securities, president, Jim Foster, Chatham Securities, vice president, and Cliff Hughes, Interwest Transfer Agency, secretary-treasure- r. g. Promote Stock Man Behind Soccer Scene Richard Chatham of Chatham Securities Corp., said his firm has an exclusive contract with Frontier U.S.A. to acquire assets for the corporation. Chatham has been working to find operating companies to merge into Frontier U.S.A. suppliers come January 1, 1977. Norton Parker built himself quite a reputation at the Bank of Salt Lake taking it in assets from 53rd to 16th in the state. And thats probably why Com- mercial Security Bank found it such an attractive Jimenez, whose position as chairman of the board of directors was confirmed by corporation directors on Aug. 12, told the Review he has not officially appointed new officers for Frontier. "I have guys in mind, but I don't know where I will put them," he said. He declined to mention names, but did state that a relative, Steven Jimenez, would be an officer. Not Without Problems The newly organized sports team also enters the soccer arena with a law suit already on its hands. Named in a counter suit filed by the Golden Spikers, the Utah Pioneers along with the American Soccer League (ASL) are charged with conspiracy to deprive the Spikers of their right to the franchise, breach of contract and interference with contractural relationships between ASL and the Spikers. The ASL had originally sued the Golden Spikers for $36,500 for failure to complete payments for the franchise, failure to pay the ASL for travel expenses and refusal to pay for the cost of a game and potential fines. The Pioneers became defendents in the suit pursuant to the ASL suit. ASL attorney, Steve Stoker, has stated the Golden Spikers never really held the league franchise because they failed to meet contractual and financial agreements with ASL. Stoker added that the Spikers, owned by American Options, Inc. (a Utah corporation) failed to make franchise payments and failed to abide by ASL regulations. Continued on Page 4b buy in 1974. A group of Salt Lafe businessmen are staking the success of a new unit state bank on Parker. Whether a charter will be granted, despite protest from Commercial Security is not yet known. Kennecott will spend $208 million to comply with EPA air standards by next July. And even then, theyll still be in violation. EPA wants emissions cut to three tons of sulfur oxide and partic' Kenulates per hour necott s tall stack will get them only halfway there. |