In an unanticipated development during Friday morning’s Independent Ethics Commission hearing, John Cook, a lawyer who has represented LandCo’s Ray Marshall in multiple lawsuits filed by Colorado Springs investor Jack W. Mason, confirmed that Mayor Lionel Rivera had been Marshall’s financial adviser at UBS from 2005 to early 2008. Cook came forward after attorney Lindsay [...]
Continue reading …By Becky Hurley and John Hazlehurst The U.S. Olympic Committee and the city are near agreement on a renegotiated deal that would ensure the USOC’s continuing presence in Colorado Springs. A high-ranking USOC official, who requested anonymity, characterized yesterday’s announcement that LandCo Equity Partners had dropped its lawsuit against USOC as “a positive step [...]
Continue reading …LandCo Equity Partners and the U.S. Olympic Committee said today that they have resolved all disputes relating to the USOC and LandCo’s relationship as part of the project to retain the USOC in Colorado Springs. Because they resolved these disputes, LandCo dismissed the USOC from its lawsuit captioned LandCo Equity Partners, LLC et. al. v. The City [...]
Continue reading …The SportsBusiness Journal reported today that Bank of America has ended its 16-year sponsorship of the United States Olympic Committee. The bank is the third major sponsor to leave the USOC during the last 18 months. Home Depot and now-bankrupt General Motors have also withdrawn. A spokesman for Bank of America attributed the company’s decision to [...]
Continue reading …On May 29, 2007, Citigroup stock ended the day at $50.28, little changed from the day before. One hundred and three weeks later, on May 22, 2009, Citigroup closed at $3.67, up slightly from its last close. The story of Citigroup’s long fall from international behemoth to beached whale has been told often enough. But [...]
Continue reading …The City of Colorado Springs has terminated the Economic Development Agreement with LandCo Equity Partners and the U.S. Olympic Committee regarding “USOC facilities.” The facilities include a downtown headquarters building for the USOC, renovation of the National Governing Bodies building and work at the Olympic Training Center. The city also terminated the Purchase and Sale Agreement between the [...]
Continue reading …It took the city’s Independent Ethics Commission less than 10 minutes this morning to decide they need more specific information before they can decide whether Mayor Lionel Rivera violated ethics policy. Ron Johnson, president and CEO of Central Bancorp, filed a complaint saying that Rivera handles financial accounts for the developer chosen by the city to build [...]
Continue reading …Colorado Springs Vice Mayor Larry Small has notified the city attorney and other members of the City Council that he will no longer support closed sessions about the city’s dealings with the U.S. Olympic Committee. He told City Attorney Patricia Kelly that he appreciates her concern about discussing the current litigation in private. “But I [...]
Continue reading …On Friday, we reported on our Web site that the U.S. Olympic Committee had terminated its $52 million agreement with the City of Colorado Springs and LandCo Equity Partners. USOC spokesman Darryl Seibel confirmed the story in an e-mail, which he subsequently sent to other media outlets. But what is even more troubling than the [...]
Continue reading …The U.S. Olympic Committee has notified the city that it is withdrawing from the “Economic Development Agreement “executed by the city, LandCo and the USOC on March 31, 2008.
“The USOC has terminated the Economic Development Agreement, the Design Build Agreement and Affiliation Agreement amongst the city, LandCo and the USOC,” USOC spokesman Darryl Seibel wrote in an e-mail. “That said, we are still in discussions with the city and LandCo to find a resolution to the open issues and, if possible, see these projects fully developed and delivered.”
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