Business in brief: Golf club, resort going to auction
Deer Park Golf Club and the surrounding development will be offered at auction Aug. 26.
The project, which founders in 1993 said would double Deer Park’s population, will be sold off in parcels, said Michael Birnbaum, spokesman for Williams & Williams Worldwide Real Estate Auction.
The golf club encompasses an 18-hole, 150-acre golf course, driving range, chipping range, putting green, clubhouse, horseshoe pits and storage buildings.
The adjacent Spokane RV Resort contains 121 spaces – 66 with cement pads – pool and clubhouse, all within 18 gated acres.
The two assets will be sold separately, as will 70 residential lots and several parcels of unimproved acreage, Birnbaum said.
The no-reserve sale will begin at 2 p.m.
The course, park and properties will be open for inspection July 19.
A website for the sale was to go live today at www.williamsauction.com/ deerpark.
Court undoes part
of anti-fraud law
WASHINGTON – The Supreme Court on Monday struck down part of the anti-fraud law enacted in response to the Enron and other corporate scandals from the early 2000s, but said its decision has limited consequences.
The justices voted 5-4 that the Sarbanes-Oxley law enacted in 2002 violates the Constitution’s separation of powers mandate. The court said the president, or other officials appointed by him, must be able to remove members of a board that was created to tighten oversight of internal corporate controls and outside auditors.
Court stays clear
of tobacco fight
WASHINGTON – The Supreme Court has rejected appeals by the Obama administration and the nation’s largest tobacco companies to get involved in a legal fight about the dangers of cigarette smoking that has stretched more than 10 years.
The court’s action, issued without comment Monday, leaves in place court rulings that the tobacco industry illegally concealed the dangers of smoking for decades. But it also prevents the administration from trying to extract billions of dollars from the industry either in past profits or to fund a national campaign to curb smoking.
From wire reports
•Offshore drilling services company Noble Corp. said Monday it will buy privately held Frontier Drilling for $2.16 billion in cash and also struck $4 billion worth of new contracts with Royal Dutch Shell.
•Barnes & Noble Inc.’s fiscal fourth-quarter loss widened as it invested in electronic book technology.
•The Obama administration is backing a plan to nearly double the space available on the airwaves for wireless high-speed Internet traffic to keep up with ever-growing demand for video and other cutting-edge applications on laptops and mobile devices.
•A union representing ground workers at American Airlines says a contract offer that was once headed for a ratification vote is now dead, and it’s seeking to move closer toward a possible strike. The Transport Workers Union said Monday it asked the National Mediation Board to declare a stalemate.