Alaska Digest

Posted: Friday, December 08, 2006

Three rescued after abandoning boat

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Juneau - The Coast Guard rescued three crew members of a fishing boat that sank Wednesday west of Wrangell.

The three, Jerry Tierney, Donald Sorric and Keith Kagee, weren't seriously injured, the Coast Guard said.

The Juneau Command Center picked up the mayday call from the fishing boat Memories at about 11:15 a.m., reporting it was taking on water about four miles north of Zarembo Island in Sumner Strait.

The mayday said the three crew members were abandoning ship to a life raft.

The Coast Guard Command Center guided Wrangell Search and Rescue to the scene.

A Coast Guard helicopter from Air Station Sitka was dispatched to the area and picked up the crew.

City warns of flooding; requests cooperation

Juneau - City officials have asked people to cooperate in helping ease flooding in parts of the city.

"Heavy rain is melting a thick snow pack, greatly increasing runoff. Ditches that have been packed with snow and drains still covered with snow and ice are slowing the movement of water," Michael Scott, streets superintendent, said in a statment to news media.

Scott urged residents to help by unplugging any drains that are clogged in their neighborhoods.

Additionally, he said "please do not park on or near drains, as we might have to get to them rapidly. Crews are trying to respond as quickly as possible to the worst areas."

Senior's dinner care of Coast Guard group

Juneau - The 32nd annual Senior Citizen's Christmas Dinner was set for Sunday by the Juneau Chapter of the Coast Guard Chief Petty Officer's Association, which has organized the event each year since 1974.

Doors open at 4 p.m. at the Alaskan Native Brotherhood Hall. Dinner will be served at 5 p.m.

There will be a raffle drawing for two round trip Alaska Airlines tickets good for travel from anywhere in Alaska to Seattle or from Seattle to anywhere in Alaska.

Other prizes include a framed Brenda Schwartz print, a wagon load of surprise cheer as well as door prizes. Raffle tickets can be purchased for $1.00 at the door. Door prizes are available only to those in attendance.

The party is open to seniors and caregivers only. Care-A-Van will provide transportation for those who reserve at 463-6194 through Dec. 9. It may be impossible to accommodate late callers, organizers said.

Bonus for Kootznoowoo shareholders inbound

Juneau - Angoon's village corporation shareholders are receiving a Christmas bonus.

Kootznoowoo's board of directors recently approved a special distribution of approximately $4.70 per share. The average distribution will be $468 per shareholder.

Kootznoowoo, established in 1973, is the Alaska Native Claims Settlement Act corporation for Angoon, a village of 600 people on Admiralty Island.

There are now approximately 1,000 shareholders, a majority of whom live in Angoon and Juneau.

The money is from the annual 7(i) revenue sharing fund established under federal law by Alaska Native regional corporations.

"Times are tough for many shareholders, especially those living in rural communities where the cost of electricity and home heating fuel are extraordinarily high and the ability to travel is at an all time low," said Peter Naoroz, the corporation's president.

There were three earlier distributions this year from the shareholder permanent fund, a trust established by Kootznoowoo in the early 1990s.

When added to the previous distributions, each Kootznoowoo shareholder received over $10.55 per share in 2006.

State settles case with AOL, Time Warner

Juneau - The state has settled a securities fraud case for $50 million against America Online, Inc., Time Warner Inc. and Historic TW Inc.

The state filed the lawsuit in 2004 in Juneau Superior Court, claiming that the companies misrepresented advertising revenues and growth of AOL and AOLTW, along with the number of AOL subscribers.

The state claimed the effect was to artificially inflate the stock price of AOL and AOLTW to the detriment of Alaska state investment funds.

Under the terms of the settlement, Time Warner did not admit liability or wrongdoing.

The lawsuit was filed on behalf of the Alaska Department of Revenue, the Alaska State Pension Investment Board and the Alaska Permanent Fund Corporation.

The Alaska funds that invested in AOL, Time Warner, and Historic TW stock include the permanent fund and state pension funds.

Alaska officials estimated losses of $70 million when they filed the lawsuit, said Department of Law spokesman Mark Morones.

Alaska's new Revenue commissioner, Patrick Galvin, said protecting Alaska's financial assets is a key priority for the state.

"The corporate scandals on Wall Street in the past several few years required us to seek recovery of the millions of dollars the state of Alaska lost from its investment portfolios," Galvin said.

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