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Magic Springs, Crystal Falls sold to new owners Saturday, Jun 14, 2008 By Roby Brock Magic Springs & Crystal Falls, the Hot Springs amusement and water parks, have been sold. PARC Management, LLC, which owns seven other theme parks, has purchased the operations from current owner, Magic Springs Development Co. LLC for an undisclosed sum. PARC's additional properties, which include parks in six other states, were acquired in 2007 from Six Flags, Inc. Goody's to close Russellville distribution center Apparel retailer Goody's Family Clothing, Inc. has filed a voluntary Chapter 11 bankruptcy. Goody's plans to close 69 underperforming stores, including three in Arkansas, and consolidate its distribution centers by closing one facility in Russellville. Goody's said its decision to file for Chapter 11 follows an extensive review of alternatives to address pressures from tightening credit markets, strain on merchandise flow, and a sizable but isolated number of underperforming stores in the chain. A Chapter 11 bankruptcy allows a business to remain in operation while it reorganizes it debt. Home sales continue to tumble in April Statewide home sales fell by 18.9 percent in April, according to the latest figures from the Arkansas Realtors Association. Pulaski County, which had the most sales for the month, reported a 20.3 percent decline in home sales in a year-over-year comparison. Benton and Washington counties also posted steep declines of 24.2 percent and 33.2 percent respectively. Average home prices fell 2.1 percent statewide during April. Benton County had the highest average home price at $190,733, a 2.1 percent improvement from one year ago. Scott Ford resigns from Tyson board Tyson Foods announced the resignation of Scott Ford from the company's board of directors. The filing made with the Securities Exchange Commission said Ford notified Tyson Foods on Tuesday that recent changes in his professional and personal circumstances would result in his immediate resignation. The company said the resignation was not a result of any disagreements between Ford and Tyson Foods, nor matters relating to Tyson operations, policies or practices. Ford is the president and CEO of Alltel Corp., which announced on June 5 it was being acquired by Verizon Wireless. Congressional hearing on diesel fuel set In March, the Arkansas Trucking Association and the state's four federal representatives called for congressional hearings to investigate the rising price of diesel fuel. At the time, both groups claimed that supplies of diesel were plentiful, consumption was flat, yet prices were rising. In March, the average cost of a gallon of diesel was roughly $3.98. Today, the cost of diesel fuel has risen to $4.89 per gallon in some areas of Arkansas. This week, congressional officials announced that a hearing will take place on the issue on Monday, June 23 in Washington, D.C. The Subcommittee on Oversight and Investigations of the Committee on Energy and Commerce is calling a panel of truckers, gas executives and others to testify on the cost of diesel fuel and whether price manipulation is occurring. Hallwood adds Shale play partner A significant player in the Fayetteville Shale has a new partner. Hallwood Energy has entered into a new agreement with a subsidiary of Talisman Energy Inc. The deal involves Talisman's Fortuna unit, which will commit $125 million to accelerate Hallwood's drilling program. In return, Fortuna would receive a one-third interest in Hallwood's assets, which includes acreage in Arkansas' Fayetteville Shale play and the Texas-based Barnett and Woodford shales. Hallwood's 2008 drilling program calls for 11 wells with the potential for up to 1,000 locations on evaluated lands. Talisman Energy Inc. is an independent upstream oil and gas company headquartered in Calgary, Alberta, Canada. Hallwood is headquartered in Dallas and has a substantial production presence in Searcy. ------- Roby Brock, a freelance journalist based in Little Rock, writes weekly for the Arkansas News Bureau. His weekly television program airs at 10 p.m. Sundays in Central and Northwest Arkansas. His e-mail address is roby@talkbusiness.net; his Web site address is www.talkbusiness.net. |
