Bacon Loses Ranch Appeal, Plans Lawsuit

Sep 6 2011 | 3:55am ET

Moore Capital Management founder Louis Bacon is taking his fight to keep a 140-mile power line off of his massive Colorado ranch to the courts.

Bacon plans to sue the Colorado Public Utilities Commission, which approved the line two years ago and which has upheld it in two internal appeals processes. The hedge fund billionaire, who bought the 250-square-mile Trinchera Ranch for $175 million three years ago, said he'll file his suit after the PUC issues its written decision. The agency rejected most of Bacon's appeal on Friday, and both sides agreed that the two minor issues he won on were not enough to end the proposed line.

The proposed power line will run through undeveloped mountains and valleys in the ranch, Bacon says, and will cost more than is needed. Xcel Energy and the Tri-State Generation and Transmission Association say that the new line is vital to improve system reliability.

"Fortunately, this decision is not the final hurdle for the utilities," Bacon spokesman Cody Wertz said. "They still need to justify this project to the public in a federal environmental impact statement assessment process. They then need approval from the county commissioners of each of the four counties through which the line would slash."

And, of course, they'll have to beat back Bacon's lawsuit.


In Depth

Q&A: MackeyRMS's Chris Mackey On A High Tech Fix To Broker Votes

Jun 23 2017 | 8:17pm ET

The looming implementation of the EU’s MiFID II rules regarding research has put...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Steinbrugge: Asia-Focused Hedge Funds Offer Great Opportunities

Jun 23 2017 | 3:33pm ET

Emerging market strategies have outperformed their developed-market peers for five...

 

From the current issue of