Week in Review
Top Story
Metropolitan Mortgage & Securities Co. may sue former chairman and CEO C. Paul Sandifur Jr. and his ex-wife, Helen Sandifur, for millions of dollars, alleging that they profited as the company was failing. The bankrupt Spokane company could seek to “unwind” $6.7 million in special stock redemptions, dividends and salaries paid to the Sandifurs, a draft reorganization plan said. “An insolvent company has no right to pay dividends or redeem stock,” one attorney connected with the case said.
Tuesday
Officials at INTEC, a 5-year-old Spokane-area economic development agency, said they’ll look at their options now that the organization lost its primary funding from the state. Options include whether to try to seek other money sources or close. One of INTEC’s programs, Connect Northwest, will spin off as an independent entity.
“ Spokane hospitals will collect an extra $5.4 million for treating poor people during the next two years following a boost in state Medicaid reimbursements mandated by the Legislature.
Wednesday
State officials set aside $1 million to help develop the Pacific Northwest Gigapop Network, a super-high-speed data link between Spokane and Seattle.
Thursday
The world’s largest passenger plane took to the air in its first test flight. The Airbus A380 is designed for 555 passengers but could hold as many as 800 seats. Some aviation industry observers, including those at Boeing Co., wonder whether there’s an equally outsized market for such an aircraft.
“ Avista Corp.’s energy trading subsidiary, Avista Energy, recorded a loss of 17 cents per share in the first quarter due to volatile natural gas prices and a misjudging of the energy trading market. Avista reported net income of $10.2 million in the first quarter, down from $12.2 million a year ago.
Friday
Spokane International Airport is looking at significant makeovers of its security-screening checkpoint and its food and beverage services. The airport has contracted with two companies to draw up proposals for those changes.