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Mormon News: All the News about Mormons, Mormonism and the LDS Church
Posted 27 Feb 2001   For week ended February 9, 2001
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Business News

Tribune Co. Delt Setbacks in Sale Lawsuit
The Salt Lake Tribune Publishing Company was delt a couple of setbacks this week in its attempt to reverse the newspaper's sale to Denver-based MediaNews Group. On Tuesday the company's lawyers gave up their attempt to add the Deseret News to the lawsuit, saying they had received assurances that the Deseret News would follow any judgement made in the suit even though it isn't a party to the lawsuit. Meanwhile, AT&T Corp., which sold the newspaper to MediaNews, asked the court to withdraw an affidavit supporting the Tribune company, saying that the affidavit was wrong. The Salt Lake Tribune Publishing Company manages the newspaper under contract with its owner, and claims to have an option to purchase the newspaper that the recent sale will thwart.

CleanFlicks' Editing Reviewed in RedHerring
The business magazine RedHerring looked at the legal status of LDS businessman Ray Lines' CleanFlicks video store in a recent issue, and its article appeared elsewhere, including in the Sydney Australia Morning Herald. Lines' business is controversial and under attack by Hollywood studios trying to protect their product, but Lines says he just wants to give his customers what they want -- clean movies that fit LDS standards.

California Profits Bypass Power Producer AES
While many power producers are getting windfall profits from the current California energy crisis, AES Corp. isn't one of them. AES, one of the stocks on the Mormon Stock Index because of the Mormon heritage its chairman, Roger Sant, has three generating plants in Southern California. But the Arlington, Virginia-based company only gets a flat fee for turning natural gas into electricity at the plants.

LDS Businessman Harold Jones Dies
Harold Baker Jones, 86, founder of Jones Paint &Glass, passed away February 4, 2001. Jones, the son of John Henry and Alice Baker Jones, was born May 10, 1914 in Monticello, Utah. He met his wife, Fay Knight, at Brigham Young University and they were married November 23, 1934.

Despite Brigham Young's Desires, Mining Became Big Business for Mormons
While Brigham Young did not want the Saints mining gold, mining became gold in Utah. He told the Saints, "We cannot eat gold and silver, neither do we want to bring into our peaceful settlements a rough, frontier population . . ." While Brigham Young frowned on the pursuit of precious metals, he established coal and iron mines to help the Saints be independent and self-sufficient.

Two Utah Companies Added to Mormon Stock Index
Two Utah companies with Mormon management have been added to the Mormon Stock Index, and two companies that had failed to meet the index's minimum capital requirement are back on the list, due to significant increases in their stock prices. Computerized Thermal Imaging (CTI) and JP Realty were added this week after research showed that members of their management team are Mormon. Additionally, the stock prices of Caldera Systems and Ten Fold have risen enough to put them back on the list. The changes bring the number of companies on the Mormon Stock Index to 24.

Other Business News

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