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There were lots of ethanol issues to discuss at the National Association of Farm Broadcasting annual Trade Talk event in Kansas City last week. The topics included the lame duck session of Congress, importance of renewing biofuels tax incentives, doing more to invest in cellulosic ethanol, labeling for E15 at the pump, just to name a few.
Renewable Fuels Association president and CEO Bob Dinneen says it is one of his favorite events of the year. "I think farm broadcasters are doing a lot of hard work trying to make sure that Americans understand the important debates that are going on in DC," Dinneen says. "I love these folks and I love being here."
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This edition of "The Ethanol Report" comes from the NAFB meeting and Bob comments on all of these important issues facing the ethanol industry. He says he is optimistic about getting biofuels tax incentives extended. "I think that there's an opportunity to extend the ethanol tax incentive, the Bush tax incentives and also the biodiesel tax credit and other important tax incentives that need to be addressed before the end of this year." RFA joined with several other ethanol and agricultural organizations in writing a letter to Congressional leaders about the need to address extension of the Volumetric Ethanol Excise Tax Credit (VEETC) and the Alternative Fuel Infrastructure Credit, and to broaden the definition of the cellulosic ethanol producer tax credit to include additional feedstocks like algae.
Dinneen spoke at the Cellulosic Biofuels and Biorefineries Summit in Washington, DC today to stress the importance of encouraging investment in cellulosic ethanol. "I'm strongly supportive of a refundable investment tax credit, because you've got to do some innovative things to free up capitol and allow cellulosic ethanol to move forward," he says.
Listen to the Ethanol Report here: "Ethanol
Nevada Supreme Court Allows Seizure of Casino’s Assets in Dues Dispute.
Knight Ridder/Tribune Business News April 11, 2002 By Ed Vogel, Las Vegas Review-Journal Knight Ridder/Tribune Business News Apr. 11–CARSON CITY, Nev.–The Supreme Court Wednesday lifted its order blocking the Fremont Street Experience from seizing $1.9 million from the cage of Binion’s Horseshoe. here fremont street experience
In a 3-0 vote, the court said it should not intervene in the case at this time. The justices said the Horseshoe could secure a cash bond to avoid attachment of its assets to cover payments due to the Fremont Street Experience pedestrian mall.
Because adequate remedies exist for the casino, Justices Miriam Shearing, Bob Rose and Nancy Becker denied the Horseshoe’s request to block the attachment of its assets.
Pat Riley, an attorney for the Fremont Street Experience, said it is trying to reach a settlement with the Horseshoe and will not move immediately to attach the money. go to site fremont street experience
“There is a possibility we can work this out amicably,” he said.
The court on Feb. 8 temporarily voided an order by District Judge Gene Porter that allowed the seizure of Horseshoe assets to cover its share of the mall’s dues.
Horseshoe officials had said a seizure would jeopardize the casino’s ability to stay open. Removal of $1.9 million from the cage would have placed the casino below the state-required minimum of $1.2 million cash on hand.
Riley estimated a cash bond to cover the debt could be secured for little more than $20,000 and the Horseshoe could avoid talk of shutting its doors.
A Horseshoe lawyer did not respond to a call for comment Wednesday.
While the court decision allows the Fremont Street Experience to take the due payments, the Horseshoe still has a pending District Court case challenging the Fremont Street Experience’s operating agreement.
Its lawyers claim that the Fremont Street Experience’s actions violate federal antitrust law, state law and city ordinances. They also claim the hotel-casino’s dues are unfairly large compared with those paid by competing downtown properties.
“We haven’t won the case yet,” Riley said. “This is all about security on a debt.” In court filings in February, the Horseshoe said it would lose $260,000 in daily revenues if forced to close.
The company employs more than 1,700 employees and has an annual payroll of $38 million.
