Lattice sale hits another roadblock, Wapato jail gets another offer and judge refuses to dismiss Aequitas investors lawsuit.
Lattice Semiconductor buyer refiles bid for purchase
The Chinese buyer resubmitted its $1.3 billion bid for government review last week, Reuters reports. The deal requires federal approval, which was not received within the 75-day window allotted for a government panel to review foreign purchases for nation security risks. Lattice CEO Darin Billerbeck says he’s “personally disappointed” in the sale’s delay, the Oregonian reports. The deal was announced in November and received shareholder approval last month. Rep. Peter DeFazio has asked the panel to block the deal because of concerns about Chinese interference in America’s chip industry.
New offer made for Wapato jail
A development company based in California has offered Multnomah County $10 million for the unused Wapato jail, the Portland Tribune reports. The county is eager to sell the jail that cost $58 million to build in 2004 and costs at least $300,000 a year to maintain. The county is asking for more information about the proposal that reportedly intends to transform the jail into a data center.
Aequitas investors lawsuit can continue
A federal judge ruled a $400 million lawsuit on behalf of Aequitas investors will not be dismissed, the Portland Business Journal reports. The suit targets law, accounting and brokerage firms that worked for Aequitas Capital Management when the firm was operating in a “Ponzi-like fashion.”
PERS reform talks continue at legislature
A legislative panel began its review of proposed changes to the Public Employees Retirement System last week, the Oregonian reports. Sen. Tim Knopp, deemed PERS reformer-in-chief, says the committee needs to have a PERS bill assembled in the next three weeks. Top proposals includes changing how the final average salary is calculated, capping the final salary used to calculate benefits at $100,000 and reduces multipliers for calculating benefits.
Bill would create Department of Energy and Climate
The proposed department would replace the Department of Energy and receive oversight from a new Oregon Energy and Climate Board, the Portland Business Journal reports. The new board would bring energy and climate planning under one entity, rather than continuing to be spread out across several offices.
Portland’s Macy’s is now closed
— Oregon Business (@OregonBusiness) March 27, 2017
The building will be rebranded as the Meier & Frank building as contractors renovate the space, the Portland Tribune reports.