Wednesday, 24 August 2016
Last updated 6 min ago
Nov 24 2010 | 5:00am ET
Moore Capital Management founder Louis Bacon has lost a round in his battle to keep a 140-mile power line off of his vast ranch in southern Colorado.
An administrative law judge ruled that Xcel Energy and the Tri-State Generation and Transmission Association have shown that there is a need for the power line. Mana Jennings-Fader also ruled that Xcel and Tri-State raised serious questions about the alternatives proposed by Bacon.
Bacon has argued that there are less expensive and less obtrusive ways to build the power line. He objects to running the line though undeveloped mountains and valleys in his 250-square-mile Trinchera Ranch.
Despite the setback, Bacon has vowed to continue the fight.
"Fortunately, there are many more steps in the approval process and thousands of Coloradans are rallying around better and cheaper alternatives," spokesman Cody Wertz said.