|
|
Article: ALLIANT TAKES CONTROL OF MEXICO PROJECT.(BUSINESS)(MARKET MEMO)(Column)
- Article from:
- The Capital Times
- Article date:
- February 19, 2005
CopyrightCOPYRIGHT 2005 Capital Newspapers. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
ALLIANT ENERGY CORP. ON FRIDAY ACQUIRED OWNERSHIP OF THE TROUBLED LAGUNA DEL MAR DEVELOPMENT, AN 870-ACRE, MASTER-PLANNED RESORT COMMUNITY UNDER CONSTRUCTION IN NORTHERN MEXICO.
Alliant had invested $82 million in the project, which has been developing at a slow pace, and said last year it planned to buy the development.
"While we evaluated many options, we ultimately determined that proceeding with a transfer of ownership -- rather than recouping our investment through legal action -- was the best route to maintain the value of our collateral," said Bill Harvey, Alliant president and chief operating officer. "This will allow us to better protect the ...