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DENVER INC.: Housing in slump; but execs flying high
Published August 25, 2007 at midnight
The home-building slump has been tough on Denver-based MDC Holdings. The parent of Richmond American Homes posted a $284 million loss in the first six months of the year. Its stock closed at $45.40 on Friday, down about 42 percent from its 52-week high of $77.
But at least its two top executives, Larry Mizel and David Mandarich, will be able to travel in style.
The company recently paid $25 million for a Dassault Falcon 2000EX aircraft. For the "safety, security, convenience, comfort and efficiency," it is in the "best interests of the company" for Mizel and Mandarich to use the aircraft when it is not being used "in the ordinary course of its business," MDC's board decided, according to a recent SEC filing.
The company also recently sold its older jet for $22 million.
Company officials declined to comment.
What's in a name?
Add this to the continuing saga of Wikipedia errors major, minor and just plain bizzare: An entry for the free Washington Examiner newspaper changed the name of its owner from Denver's own Phil Anschutz to notorious murderer Charles Manson.
The change reportedly came from a computer at the venerable Washington Post.
Calling all filmmakers
Denver's new Stapleton neighborhood marks its five-year anniversary by launching a viral video contest. Residents and builders may submit short videos based on the themes "Why I Love to Live at Stapleton" and "Why I Love to Build at Stapleton." Videos are being posted on YouTube.
The winning resident will win two motorized scooters, while the winning builder will receive a weekend getaway package. Stapleton also will donate $5 to local charities for every video submitted by residents.
The contest ends Friday.
To see entries go to youtube.com/group/stapleton contest.
Wild Oats not welcome
Wilds Oats natural-foods markets, soon to be acquired by Whole Foods, have proliferated like, well, weeds in the 20 years since the first health-food store opened in Boulder's University Hill neighborhood.
Today, there are 109 Wild Oats markets in 23 states. But there's only one in Canada, and it operates under the Caper's Community Market banner.
Could it be so simple a reason as the company's name? In Canada, wild oats is considered a noxious weed. A really, really nasty weed. "Wild oats is the most serious grassy weed in the Prairies. Losses can be as high as $500 million annually," according to a Canadian government agriculture Web site.
In any case, the Wild Oats name eventually will disappear as a result of the merger. Maybe Canada will be more receptive then.
Assistant Business Editor Jane Hoback and Deputy Business Editor Gil Rudawsky can be reached at business@RockyMountainNews.com
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