Mining firm rejects takeover bid

Gold Reserve Inc., based in Spokane, has rejected a takeover bid from a Canadian firm, Rusoro Mining Ltd. of Vancouver, B.C.

The two companies each own gold properties in Venezuela’s Bolivar state. Rusoro offered to purchase Gold Reserve’s outstanding shares in a stock transaction, offering three shares of Rusoro stock for each share of Gold Reserve stock. The deal was worth about $1.86 Canadian for each Gold Reserve share.

Gold Reserve’s board of directors rejected the offer, saying the price wasn’t high enough for the company’s assets, which include $109 million in cash reserves and $47 million worth of equipment.

The board also had concerns about Rusoro’s track record and said that Rusoro lacked the resources to pursue an aggressive growth path for the combined company, according to a press release.

WILMINGTON, Del.

WaMu must release details of asset sales

A federal bankruptcy judge on Tuesday denied a request by Washington Mutual Inc. to keep details of certain asset sales secret.

WaMu, which filed for Chapter 11 reorganization in September, wants to sell certain equity holdings and interests in venture capital funds to generate value for the company and its creditors. The Seattle-based thrift was the biggest bank to collapse in U.S. history, with about $307 billion in assets.

Washington Mutual Co.’s attorneys have sought permission to redact details of asset purchase prices from sale notices that would be sent to interested parties.

WaMu attorney David Berz told Judge Mary Walrath on Tuesday that disclosing pricing details could hurt the value the company might receive and “chill future transactions.” Berz proposed pricing details be given only to WaMu’s creditors committee, bondholders and the U.S. trustee, subject to confidentiality agreements.

OLYMPIA

Unemployment may kick in for snow days

Workers who lost pay because their employer closed due to the December snow storms could qualify for unemployment benefits, according to the Washington State Employment Security Department.

But unless the business was closed for more than a week, these employees would not receive an unemployment check; benefits are not paid for the first week that a person becomes unemployed, the agency said Tuesday.

Employees who lost pay because they could not get to work while their employer remained open are not eligible for unemployment benefits.

To apply for benefits, workers must apply by phone at (800) 318-6022 and request that their application be backdated. Callers may experience a long wait before speaking to a claims agent. Wednesdays and Thursdays have the shortest waiting periods.

From staff and wire reports