| Show — MtP- - 2B The Salt Lake Tribune January Thursday y— ij yrqj-nyyma ri n w ' 15 1987 Triad Consultant Walks Court Through Maze of Debts Continued From l Long Beach Calif with sales of more than $500 million in 1985 Crest sent a US marshal to Triad’s offices Friday to seize the stock of Triad Energy The stock was not located at the company’s offices though Mr Miller said 75 percent of the stock of Triad Energy is held at the headquarters of Euro Commercial Finances BV in the Cayman Islands Triad President Donald Fraser also heads Euro Commercial a Netherlands corporation The stock of Triad Energy was pledged to Euro Commercial in March when the company agreed to loan Triad $9 million Triad received only $176 million of the loan “There is an agreement to reduce the loan agreement from $9 million to the amount dispersed” Mr Miller said This agreement was B-- struck at roughly the same time Mr Fraser resigned as president of Tri- tempted to close the hearing to the public but its request was denied by US District Court Judge David Sam Mr Miller testified that: — A $40 million debt from Sigma X Ltd — money Triad Chairman Adnan Khashoggi pulled from the company to develop the oil reserves of Sudan — has been written off Triad also has no means of collecting a $39 million note — essentially a promise to put money into the company — from Triad’s shareholders The debt is voluntary and was carried on Triad’s books with the expectation the note would be funded Triad is 80 percent owned by Triad International a holding company controlled by Adnan Khashoggi and 20 percent owned by Elk International a holding company owned by Khashoggi — Triad’s interest in the Triad Sheraton Hotel and Towers in down- - ad Fraser returned to head the Mr company in late August First Security Bank of Utah NA a Triad creditor holds the remaining 25 percent of the stock Mr Miller said First Security has $1445 million in loans to Triad “In September 1986 various loans were due” Mr Miller said “In order to extend those loans Euro Commercial subordinated 25 percent of their stock so First Security would extend the loans and give us some favorable terms” Triad has pledged $5 million to First Security and $22 million to Zions First National Bank from the proceeds of the Edgington sale Mr Miller’s testimony was the c disclosure to date of the financial status of Triad Triad at Es-sa- m most-publi- town Salt Lake City has no value and in fact may have a negative net worth The Triad Hotel Co subsidiary has a 51 percent interest in Triad Hotel The Forecastfor 7 p m EST Thu Jan 15 Utah Forecast very cold upper trough will gradually be carved out over the Great Basin during the next couple of days Mostly cloudy Thursday with occasional snow and continued cold Snow decreasing during the afternoon Daytime highs will be in the low to mid-20- s with evening lows in the lower to A High Temperatures mid-tee- ns FRONTS: ny — Salt Lake International Center has a net worth of $20 million to $30 Forest Service Compromise Keeps Fish Lake Road Open reaches elevations as high as 11613 feet and provides summer habitat for a variety of wildlife including elk The Forest Service recommended wilderness status for the plateau in 1979 but the congressional delegation decided not to include it in the Utah Wilderness Act of 1984 One of their reasons for excluding it from wilderness was the desire of the Sevier County Commission to maintain motorized access to the plateau Although the area was dropped from wilderness consideration in 1984 the Forest Service last year proposed in its forest management plan that the road be closed to motorized recreation All five members of the state’s congressional delegation immediately appealed the closure “The delegation kept pounding on us that they’d already made the decision to maintain the road They said the decision to close it wasn’t in accord with their intent in the Utah Wilderness Act” said Mr Godfrey The Utah Wilderness Association intervened on behalf of the Forest Service arguing that the decision to close the road was justified Dick Carter coordinator for the wilderness association described the congressional delegation’s appeal as an “immoral” act that resulted in the Forest Service accepting a compromise without a “shred of evidence” the decision to close the road was in Woolf Tribune Environmental Writer Complaints from Utah’s congressional delegation have prompted the US Forest Service to revise its plans to close a dirt road near Fish Lake in Sevier County In a negotiated compromise the Forest Service has agreed to allow secmotorized access on a tion of road running from Fish Lake to the top of the Fish Lake Hightop Plateau according to Andy Godfrey forest planner for the Fish Lake National Forest A section of road across the top of the plateau will be closed to d vehicles to protect wildlife During the winter the entire plateau will be open to snowmobiles howev25-mi- le 55-mi- off-roa- er The Fish Lake Hightop Plateau is located immediately northwest of Fish Lake The rolling plateau Logan Showers Occluded Snow Ram Flurries National Weather Service NOAA Stationary 0007 - Ogden 1523 US Dent of Commerce Salt Lake City Air Pollution Index Sail Fake Bountiful 1623 Wendover Provo Ogden 1622 Vernal Provo Marginal 1524 100 75 0717 Green River 1828 Goad 50 Cedar 0919 Very Good City Moab 2531 25 Blanding St George Excellent 22 44 OZ CO 55 M TP OZ Source: Utah Heotlti Dept 39 CO M OZ Monoxide 2327 2430 72 CO Portlculontt Area Forecast Thursday and Friday Salt Lake City Ogden and Provo — A very cold upper trough will gradually be carved out over the Great Basin the next couple ot days The forecast colls for occasional snow and continued cold temperatures Thursday Decreasing snow during the afternoon T otal snow amounts to 2 inches 1 Otherwise mostly cloudy and continued cold Thursday night and Friday with scattered snow Strong and gusty easterly canyon winds Afternoon highs are expected to reach the low to mld-20- s with overnight lows In the lower to mld-20- s Chance of measurable snow Is 70 percent Thursday decreasing to 50 percent Thursday night and Friday Northern Utah Forecast — Cache Valley Wasatch Front and Western Deserts: The forecast calls for continued cold temperatures with occasional snow Thursday Snow decreasing In the afternoon Mostly cloudy and cold Thursday night and Friday with scattered snow The highs will be In the low to mld-20- s with lows In the mid-t- o upper teens Probability of measurable snow Is 70 percent Thursday Thursday night and Friday 50 percent Uinta Basin: Increasing clouds Thursday with scattered snow mainly during the afternoon Continued cold Thursday night and Friday with periods of snow Daytime highs will reach the upper teens to low 20s Weather Summary with nighttime lows in the lower teens Southern Utah Forecast — Southwest Valleys and Sevier Volley: The forecast calls for continued cold temperatures with occasional snow Thursday Mostly cloudy and cold Friday with scattered snow Chance for snow at Cedar City Is 60 percent Thursday 50 percent Friday Highs will be In the upper teens with lows from six to nine degrees above zero Southeast Utah: Increasing clouds expected for Thursday with scattered snow during the afternoon Continued cold Friday with periods of snow Afternoon highs will reach the low to mld-30- s with overnight lows In the mid- - to upper 20s Utah's Dixie: The forecast calls for cold temperatures Thursday with occasional snow Mostly cloudy and cold Friday with scattered snow St George highs will be in the low 30s with lows In the mld-20- s Recreational Areas — Lake Powell and Conyonlands: Mostly cloudy and cold Thursday with scattered snow during the afternoon Continued cold Thursday night ond Friday with periods of snow Lake Powell highs will be In the mld-30- s Thursday ond low 30s Friday Conyonlands highs will be In the In the mid-30- s Thursday and upper 20s to low 30s Friday Overnight lows in the upper teens to upper 20s Northern and Southern Mountains: Continued cold temperatures Thursday with oc casional snow Light north winds Mostly cloudy Friday with periods of snow and cold Snow locally heavy mainly in the eastern portion Moderate easterly winds Northern highs will be In the low to mid' teens with lows slightly below zero Southern highs will reach the upper teens to low 20s with lows from the upper teens to slightly below zero Extended Forecast for Utah Saturday through Monday Northern and Southern Utah — A vigorous low pressure area will exit eastern Utah and arctic high pressure will settle over the Great Basin The extended forecast calls for very cold temperatures with scattered snow mainly In the eastern portion Saturday and Sunday A few snow flurries Monday Highs will be mainly teens In the north and upper teens to low 30s In the south Statewide lows mainly 10 below to 10 above zero expect 20 to 30 below In the colder valleys Extended Forecast for Idaho Saturday through Monday Northern and Southern Idaho — The extended forecast calls for dry but very cold weather to remain over Idaho during the next three to five days Northern ond Southern Idaho highs will be In the teens to near 20 degrees Overnight lows In from 25 below zero in the central mountains to 5 above In the lower valleys of the south Family Hopes Reward Solve Murder The family of a man found murdered Dec 23 has offered a $1000 reward for information leading to the arrest and conviction of his killer The family decided to post the reward in part to help Salt Lake City police gather clues in the murder of Dean M Steiner G8 said Detective George Clegg The body of Mr Steiner 36 E 200 North was found Dec 23 in the living room of his boyhood home at 733 E 800 South by a neighbor of that residence Dressed in bib overalls Mr Steiner’s body lay in a pool of blood caused by a laceration to the left side of his head An autopsy showed that Mr Steiner had been dead for about two days and that he had died from skull fractures caused by blows to the head from a blunt instrument Detective Clegg said Mr Steiner was last seen alive Dec 20 He planned to renovate the 800 South home but stored machines at the house in the meantime Police have focused their investigation on past cases in which Mr Steiner was robbed and threatened Anyone with information about the slaying or Mr Steiner’s activities before his murder can contact Detec5 tive Clegg at 5 or 535-651- B-- ted Dis- In Mr Hansen’s suit then-4t- h trict Judge David Sam granted Mr: Cannon's motion for summary judg ment holding that because there was insufficient evidence to support a — AK Houston the Triad subsid- finding of actual malice by Mr Cant iary that once had grand plans for a non Mr Hansen’s complaint for defa- $1 billion project is worthless The mation couldn’t stand as a matter of company’s only assets are stock a law letter of credit from a defunct savMr Hansen appealed arguing ings and loan and stock in several there were unresolved questions small companies that have no assets about Mr Cannon’s intentions — be — that they malicious or otherwise could only be settled through a trial' Es-sa- m Jim Continued From l in a shoplifting case He was acquits — Triad Utah which owns the vacant Lincoln School Building on the corner of 1300 South and StateStreet has a net worth of $1 million and a gross value of $21 million Associates a joint venture with Khashoggi which owns the hotel — Triad Center “probably” has a net worth of $10 million This is based on the subsidiary which owns the Triad Center in downtown Salt Lake City having a gross value of $61 million less approximately $51 million in debts and claims against the compa- By Today’s Weather million This is based on an estimated gross value of $60 million less $27 million debt on the buildings and $16 million debt on the land Supreme Court Hears Suit Against Cannon error “This is a bitter victory We managed to maintain the closure on most of the area particularly the important wildlife habitat But the real tragedy was the appeal itself and the collapse of the Forest Service It was a simple attempt at intimidation and does not speak highly of the environmental values of either the Utah delegation or the Forest Service” said Mr Carter arguments Continued From said West Valley Police Officer Bill Ms Pendleton’s vehicle McCarthy B- -l traveled about 60 yards past the three other vehicles before coming to a stop Mr Farr was a West Valley City lawyer and was a former deputy Salt Lake County attorney An autopsy will be performed to determine the exact cause of his death police said West Valley City Police Lt Steve Shreeve said the crash was particularly devastating because none of the ’ ' Thus Mr Crowther said Mr Hansen failed to draw out evidence that would support his contention that Me r Cannon made the comments with' malicious intent Essential to a find- ing of malice is that the speaker knew 1 his comments were false o Arguing his own case Mr Hansen said it “seemed clear” that Mr Cannon’s failure to try to learn in the three days between the TV debate-antalking to the newspaper reporter was a “reckless disregard” for the“J ‘ truth The incident stems from a shoplift- ing incident at Chris and Dick’s Build- ing Supply in 1976 involving the daughter of a secretary of Mr Han- sen’s Mr Hansen was at the time an assistant attorney general not yet having been elected attorney general He said after Wednesday’s hearing been assigned to the office’s campaign and was interested in the company’s stern ap- that he’d proach to prosecuting shoplifters’ which stood out from the timidity exhibited by other retailers v drivers involved apparently had a chance to brake their vehicles before impact Officer McCarthy said the accident is “one of the worst for loss of life” he has seen in his six years on West Valley City traffic patrol “Three or four other fatality accidents have occurred within 100 yards or so” of the Wednesday accident site he said But alcohol was a factor in those accidents and the structure of the street was not he said Comic© S 1 Yesterday’s Conditions M — Missing T — Trace Yesterday's Conditions L Utah Blanding Brigham City Bryce Canyon 43 25 32 16 Bullfrog Cedar City Coalville M 26 12 2 Delta Fillmore Greenrlver Hanksvllle Helper Kanab Logan Midway Milford Moab Montlcello C nen O- em Park City Price Provo Randolph Richfield Roosevelt Salt Lake City Snowbird Spanish Fork Tooele Unlv of Utah Vernal Wendover Zion Nat Pork 46 34 31 31 42 43 34 47 16 42 37 48 39 26 32 38 35 30 28 39 36 29 29 29 32 28 36 30 56 Preclp WE’RE CLEARING OUT THE COMPLETE INVENTORY FROM 5 STORES IN DENVER COLORADO 14 4 3 15 10 8 15 16 6 10000 PAIRS WOMENS DRESS AND CASUALS 11 00 10 14 8 16 15 21 IS 15 7 11 11 16 23 12 12 13 8 15 34 T T Nevoda Elko Ely Las Vegas Reno Wlnnemucca 40 8 10 34 31 37 11 32 27 19 13 19 4 10 35 33 54 T 001 Wyoming Evanston Casper Cheyenne Rock Springs Laramie 30 19 23 09 Idaho Boise Idaho Foils Pocatello Rexburg Twin Foils 28 21 24 21 29 18 12 03 03 9 T 05 M 10 12 Note: This Information Is received dally from the National Weather Service at the Salt Lake International Airport Precipitation readings and temperatures are those recorded at the oirport Yesterday’s Weather Data Precipitation — meSSe! REDUCED W°$26°9 OVER Trace 108 Precipitation In January — Accumulative excess — 050 — 1 1986 274 Precipitation since Oct 157 Accumulative deficiency — 48 at St George Utah high — -- 16 at Utah low — Randolph 31 degrees SLC high — 14 SLC low — degrees 37 degrees Normal high for this date — — 19 Normal low for this date degrees 59 degrees Record high for this date — -- 10 Record low for this date — degrees 7:50 MST Sunrise Today — 5:25 MST Sunset Today — Utah Agriculture Forecast: Utah's agricultural areas can expect mostly cloudy skies with occasional snow expected early Thursday 10100 PAIRS OF WINTER BOOTS WOMENS SNOW JOGGERS MOON BOOTS NYLON WARM LINED $799 KIDS BOOTS us HOURS 10to9M-- F 10-- 6 Sot 1 J Sun to$Q99 $19" T0$-999adii- 6140 So Slate (Across from Faihlon MURRAY rnrmrv2520 262-967- Plat) 4 1700 No State St W 4700 South 791 TAYLORSVILLE— 967-309- 0 ADULTS (Closed Sun) PROVO— 374-905- 6 E 941 SANDY— 235-506- 1 2 : and ques- Global Temps Intermountain -- tions from justices seemed centered around Mr Cannon’s use of the word “several” While “not technically correct” admitted Thomas M Crowther attorney for Mr Cannon the statement by Mr Cannon was essentially correct in that Mr Hansen had been a defendant and that Mr Hansen's alleged acts in contacting principals in the shoplifting case carried potential to ' ' be punished as criminal offenses was “several” word the But using incorrect and a “creature of Mr Cart- non’s imagination” interjected Jus- tice Michael D Zimmerman “What if he’d said ‘a hundred’?” the justice asked He said use of the terni ” Mr Crowther was “reckless said the former attorney general took a deposition from Mr Cannon but ne- ‘ glected to try to glean from that ques- ' tioning that Mr Cannon did not know there were not several criminal ’ cases i Accident Kills Two Four-C- ar 535-656- Wednesday’s ’ Other locations South and Colorado We don’t sell cheap shoes We sell good shoes cheap ' (' |
