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Show BUSI ESS | Local Industry NEWS & NOTES People on the Move ProvoCity official named Exchange Club elect — S. Kim Hodges. who serves on the Provo City Power Board and is a branch manager of Wedbush Morgan Securities in Provo, was named president-elect of The National Exchange Club. Hodges, an exchange membersince 1982. is currently chairman of the committee and has served on the board as a regional vice president and on the boardoftrustees for the club's foundation. Bank names new manager,former executive retires — Wells FargoPrivate Client Services,the investment management, trust and estate services arm of Wells Fargo, named Brenda Kaila its client service manager. Kaila, who has morethan 25 years of experience, has held severalpositions at Wells Fargo including team leaderforits Private Bankingdivision, business banking developmentofficer, store managerandsales andtrainingofficer. SharonK. Cowley. a client service manager for Wells Fargo Private Bankingin Utah. retired on July8 after nearly 33 years of service with the financial services company. Cowley, who helped supervise, train and mentor Wells Fargo team workers, has held severalpositions including that of private banker, credit officer and Merchant Card Services supervisor. SLC law firm names new shareholder — TheSalt Lake City law firm of Strong & Hanni namedBrian C. Johnsonas a shareholderin its Commercial Litigation Practice group. Johnsonspecializes in commercial litigation, labor & employment. andantitrust issues. He was an adjunct professor from 2002 to 2005 anda visiting assistant professor of law from 2003-2004 at the University of Tulsa LawSchool. From 1996-2001 he was president and CEO of Viersen Oil & Gas Co.in Tulsa, Okla., as well as part-time faculty and adjunct lawprofessorat the University of Tulsa and at the University of Oklahoma. by DailyS$ Herald TUESDAY, AUGUST 2, 2005 BUSINESS EDITOR Grace Leong 344-2910 - gleang@heraldextra.com Vv Dow Jones A Nasdaq A A A S&P 500 Gold Silver Final 10,623.15 -17.76 Final 2195.38 +10.55 Final Per ounce Per ounce 1235.35 +1.17 $431.90 +$2.00 $7.281 +$0.043 EXCHANGING THE DOLLAR Yen 1202 11231 E ae : $1.2205 $1772 k7576 $1.2129 $1 Canadian dollar Mexican peso 1.2105 10.5800 1.2244 10.591¢ Judge OKsGenevabid terms Bids for 1,700-acre property start at $46.3M if Utah Lake staysin auction Grace Leong Bids for GenevaSteel's 1,700acre property in Vineyard are now being sought by the Chapter 11 trustee of the defunct steel plant Thatfollows U.S. Bankruptcy Judge Glen E. Clark's approval on Mondayof Utah Lake Development LLC as stalking horse bidder and Anderson Development LLC as backup bidder,as well as of other changesto bidding procedures of a scheduled auction of the Genevaproperty on Nov. 17. Under the new terms, bidders must submitsealed bids ofat least $46.3 million including a $5 million earnest money deposit to qualify, if Utah Lake commitsto participating in the auction. The deadline for sealed bids is Nov. 15. Asa stalking horse, Utah Lake'sbidis thefloor price thatall other bids must exceed. Utah Lake,a joint venture partner with Prudential Real Estate Investors,will announceits decision on whether Hd joining the auction by Oct. If Utah Lake backsout, then backup bidder Anderson becomesthe next stalking horse, and bidders must then bid at least $33.8 million including a $5 million earnest money deposit for the property Onceall qualified sealed bids are submitted by Nov.15, the twohighest bids will be picked by Geneva’s trustee, James T. Markus,to join Utah Lake and million. So everyone knows Anderson in the auction on they haveto bid above $32.6 Nov. 17. million,” he said. “Andersons’s If both Anderson and Utah participation ensures Utah Lake backout of the deal, then Lake won't reduceits offer. the bankruptcyestate will keep Having someone like Anderson their $5 million earnest money. nipping at Utah Lake's heels makes the Utah Lake bid a Butif they both lost the bid, they will be entitled to a refund little firmer. And if Utah Lake of their earnest moneyas well backs out, the process won't as break-up fees, In Anderson’s fall apart.” case,it would receive $945,000 Anderson and Geneva’s in breakupfees, while Utah creditors had earlier objected Lake would receive $1.34 milto Utah Lakeas stalking horse lion. becauseit didn't have to make “Our hope is that the winning a down payment onthe purbid will be well above Utah chase, had an option to back Lake's,in which case, wewill out after a 90-day review and haveto give break-up fees to was alsoentitled to breakup Utah Lake and Anderson. But feesifit lost the bid. we're happythis processis in But they withdrewtheir place to makehigher bids more objections after Markus made likely,” said J. ThomasBeckett, several changesthat helped an attorney for the unsecured level the playingfield. Onesigcreditors. nificant change was Utah Lake “Now that we have Anderagreeing to share the results of son Genevainvolved, we have a firm floorprice of $32.6 See GENEVA, D5 Johnsonreceived his Masters in Law from the University of Chi- cagoin 2002. his J.D. fromthe University of California Hastingsin 1980 andhis B.S. trom Brigham Young Universityin 1977. Altiris lays off workers NATIONAL BRIEFING Lindon software company cuts 10 percent ofits 850 workersin restructuring plan Japantoslaptariffs on U.S. steel imports Grace Leong TOKYO — Japan will slap 15 percentlevies on U.S.steel imports starting Sept. in retaliation for Americansteel industry protec- tion measures. the trade ministry said Monday, turning up the heaton a long-festering dispute betweenthe world's twolargest economies. Thetariffs. which could runas high as $51 million,will target Altiris Inc, of Lindon on Fridaylaid off 10 percentofits worldwide workforce of 850 as part of restructuring efforts to bring expensesinline with its revenues. iday's announcementfol| lows anearlier warning from the Lindon-based makerof computer network manage| ment applicationsthatits | second-quarter earnings — to ballbearings, airplane parts and other steel products. the Ministry of Economy, Trade and Industrysaid. Japan has long demandedthe repeal of duties imposed by the United States on Japanesesteel products under the so-called Byrd amendment, an antidumping lawruledillegal by the World Trade Organization. Trade Minister Shoichi Nakagawa said Tokyo had no choice but to moveafter realizing there was verylittle chance that the amendment would be repealed before the endofthe fiscal year endingSept. 30. be announced on Wednesday Construction spendingdips by 0.3 percent in June WASHINGTON — Builders. showing somerestraint. trimmed spending on construction projects around the countryin June, marking the fourth consecutive monthlycutback. Thelatest snapshot of construction activity released by the Commerce Department on Mondayshowedthat builders have been paring spending each month afterthe valueofall construction projects surged to an all-time highof $1.13 trillion, on an annualizedbasis. in February. Spendingonall construction projects dipped by0.3 percent in June from the previous month. Even with thedecline, though, the valueofall projects wasstill at a healthy level of $1.1 trillion, at a seasonally adjusted annualizedrate. Thedrop took analysts bysurprise. Before the release of the report, they were predicting construction spending would rise by 0.5 percent “The biggest worryis material costs, plus widespread tight supplies of cement,” said Ken Simonson, chief economist for Associated General Contractors of America. “Althoughrecent numbershave beena bit sluggish, there are plenty of indicators that activity will gain momentumin the secondhalf of 2005 and beyond.” STOCKS OF LOCAL INTEREST enh COMPANY LAST CHANGE Crngoup nc CBAG CRESTED CORP CSSA Comast (VK Chevron Comp DAL Delta Au Lines DS Disney (Wat) Co DNEX Dionex Corp ERICY LMErcsson Telephone Co eR ENTERGY CP Fe FRANKLIN COVEY CO 15 GOW GOLDENWESTFINCP 65.30 -018 GE GEN ELECTRICCO 325 025 HA HCAINC 4852 073 HAE HRBLOCK INC 5660 03 HSIC Henry Schein Inc 4262 055 BM —_INTLBUSINESS MACH 83.43. 003) NTC intel Corporation 27111 0029 JBL _etBlue Ainays Corporton 2069 031 XP PENNEY /CCOHOLDIN 9698 084 WN NORDSTROM Inc 3683 018 RON Krone incorporated 410 090 LEE —_LEEENTERPRISES 428) 000 UB LONGVIEWFIBRECO 2234 008 W——_LUCENT TECH Nc 290 003 WY SOUTHWESTARUNES 1412-007 MICK MER MITY, NMNIS! MSFT MCKESSON CORP MLCOCMNSTE MITY Enterprises inc Ment Medical Systems. ne. Merosoht Coporation 450) 60.0) 5863 1700 1732 25.97 015 001 9009 +031 SYM COMPANY LAST CHANGE MU MICRONTECHNOLOGY 1218 +030 MYGN Mynad GenetKs, nc 1752 008 NATR Nature's Sunshine Produas 2056 +061 HetManage nc 596-008 Novel nc 614 4006 NU SKIN ENTINC BY 03 NORTHESTINATGAS 3860. «001 PORE CP 720 043 PFIZERINC 2664 +014 Q —QWESTCOMMINTLINC 389 +007 RO -ROYALDUTCHPETADR 6281 +147 SBC SBCCOMMUNICATIONS 2447 002 COX SCO.Group. nc (The) 407 +002 SHLD SearsHoldngs Cop. 153129 +1471 si SMumiu NTL INC 6843 +049 SKO” SHOPKOSTORESINC 2537-008 SKYW SkyNvest Inc 210 +035 SNTO Sento Corpoftion 27) 904 SP SCOTTISH PWR ADS 3540 +006 STA STPAULTRAVELERSCO. 44.29 +027 STR QUESTARCP 7031 +013 SWFT Swit Transportation Ca, in. 21.76 0.23 SY SYBASEINC N20 007 T ATBTICPNEW 1984 +004 IGT TARGETCP 5780 095 UCL —_UNOCALCPDELAWARE 6437 048 UDR’ UNITED DOMINRUTYTR 2551 +006 UNH UNITEDHEALTHGROUP 5262 +032 USB US BANCORP 29% 016 USEG US Energy Comp 414 4011 USWA USANAHealth Soencesing. 5049. +1.98 UTM UtahMedical Products inc. 2324. +048 V2 VERIZON COMMUN 3398 025 WEN WENDYS iTLitic 5299 +129 WIC WELISFARGOBCONEW 61.54 +020 WMT. WALMARTSTORES. 4953 +018 WNL |X XBL ZION WEIDER NUTRIT INTL —UNTEDSTATESSTER XCELENERGY INC Zone Bancorporato So? 009 42.73. +008 1930 011 7203 +055 File/Associated Press Internationally renowned low-carbohydrate diet doctor, Dr. Robert Atkins, 7 is shownin this undatedfile photo. Atkins in bankruptey bid aslow-carb craze slumps 5— wouldfall below expectaions. The affected workers,locatedin Altiris's offices in 11 countries including the United States, werenotified last Wednesdayofits restructuring plan. Of the 850 workers, less thana third are located in Lindon,said Rhett Glauser, spokesmanforAltiris. Hecould not commenton how manyworkersat the Lindonoffice were affected but said the affected workers would receive severance pay packages andjob counseling. The company, in a filing with the U.S. Securities and years. Part of the restructur- ingis to eliminate redundancies therein orderto increase efficiencies in our business operations,” Glausersaid. SharesofAltiris dipped 15 cents or 0.99 percentto close Monday’ssessionat $14.96 a share. The company’s share prices had plunged to a 52week low of $12.55.a share earlier this month afterit lowered its second-quarter earnings outlook partly because of slowersales from its vendors. The companylowered its guidance for second-quarter revenues to between $45 million and $46 million, down from its previous guidance of $50 million and $53 million. Including foreign exchange losses of onecenta share,its pro formaearningsper share are nowprojected to.range between6 cents and 7 cents a share,a hefty difference from analysts’ estimates of 19 cents. “With anticipated revisions to its sales compensation program, we expect a more modest contribution from Hewlett Packard during the second half of 2005, and weanticipate increased competition from Exchange Commission on other systems management Friday, said the costs of restructuring have not been determined and will vary depending onthelocations and vendors,” said Greg Butterfield, chairman and CEOof Altiris, in a preliminary earnings announcementonJuly 7. *Therefore, we are more cautious about our outlook for the remainderofthe year.” workersinvolved. “The company acquired nine companies overthe past four Elizabeth LeSure $300 million in outstanding principalandinterest. RothNEW YORK — The comstein said. The company said panystarted by thelate nutriit had received $25 millionin tion guru Dr. Robert C. Atkins financing to operate during to promote a low-carblifestyle the bankruptcy proceedings, has filed for bankruptcy court whichit said would notaffect protection, a further sign of day-to-day operations. the waning popularity of the President and CEO MarkS. diet. Rodriguez said the company has in the past year “adjusted A hearingon the prearranged, Chapter11 filing by our organization to accommoAtkins Nutritionals Inc. was date a smaller business” and scheduled for Mondayin U.S. will promoteits brands “more Bankruptcy Court, spokesbroadly for consumers who manRichard Rothstein said are concerned about heath and Sunday. wellness.” Afterit leaves bankruptcy, The privately held company, founded in 1989 by Dr. Atkins, the Ronkonkoma,N.Y.-based companywill focus onits nusaid it had reached an agreementwith the majorityofits trition bars and shakes, Rodrilendersto give them equity in guez said in a statement. A recent survey by the NPD exchange for lowered debt. Group, an independent marThe company, whichsells Atkins-brand nutrition bars, keting information company, shakes and candy as well as found that the number of offering low-carb diet informa- Americanadults on any lowtion, has been hurt by waning carb diet peaked at 9.1 percent last February and dropped to popularity ofits namesake 3.6 percent by mid-November. approach, which focuses on Private equityfirm Partheeliminating carbohydrates such as bread andpasta to nonCapital LLC acquired a shed weight. majority stake in Atkins,in The diet becameoneofthe October 2003, Goldman Sachs Capital Partners owns a smallmost popularin U.S.history, Spawning a virtual cottage er stake in the company,as industry of low-carb regimens does the estate of Dr. Atkins, — butalso drewcriticism who died in 2003 from injuries from expertsforits focus on he suffered in a fall. fatty foods and low fruit and vegetable consumption. On the Net: The Atkins company owes www.atkins.com * WWW.HERALDEXTRA.COM — CALL 375-5103 TO SUBSCRIBE Utah bill to ban advertising for illegal activity targets gambling SALT LAKE CITY — Those Nevadacasinobillboards advertising “loosest slots in town”would haveto go, but youstill could learn the Idaho | winninglottery numbers undera bill being resurrected by a Loganlegislator. Republican Rep. Scott Wy- att said thebill would prohibit the advertising of activities thatareillegal in Utah, which | could range from somefireworksto prostitution. It is | aimed primarily at gambling. “I wouldlike to see us make the statement that weare not only opposed to gambling in our state, we are opposed to advertising of gambling, and weare opposed to business being set up on our borders that attempttolure people to those activities that we have madeillegal,” Wyatt said. “Wearelosing the revenue and gaining the social costs.” The ban probably would haveverylittle impact on reducing the social costs of gambling,said Frank Pignanelli, lobbyist and legal counsel for West Wendover, Nev., because problem gamblers generally rely on more convenientoutlets, especially the Internet. “Rep. Wyatt has not demon- strated the harm thatthe cities of Wendover and Mesquite are causing,” he said. “He's talked about bigger problems caused by gambling, but those aren't really caused by casinos. Thosearereally caused bythe Internet, which is much more accessible.” Nevada Gaming Control Boardfigures show Mesquite and Wendovercollect about $4billion in slot machines a year, and Wyatt, when he first pushed the bill last session, said that mainly comes from Utahns. The bill, which is being considered by the Judiciary Interim Committee, never madeit out of committee last session. See GAMBLING, D5 | |