Pat Forgey

JUNEAU -- Buccaneer Resources' bold but risky attempt to jump-start Cook Inlet gas and oil production, backed by state subsidies, has ended in bankruptcy. But state officials say the impact on residents should be minimal. Buccaneer, owned by Australia's Buccaneer Energy Ltd., filed for bankruptcy protection Saturday in Texas, where its U.S. operations are headquartered. It has sought and been given initial permission to wind down company operations in preparation for selling off its assets. Buccaneer listed liabilities between $50 million and $100 million, and assets of less than $50,000. Buccaneer has had onshore and offshore gas production in Alaska, but it is best known for its use of the jack-up drill rig Endeavor, which it brought to Cook Inlet with state help. It also has a smaller...Pat Forgey
JUNEAU -- NANA Regional Corp. has been growing for years, investing in the oil and gas industry to supplement profits from its cash cow, the massive Red Dog zinc mine near Kotzebue. But now the company has seen profits plunge for two years in a row, including a $75 million loss last year. Company officials declined comment, but a review of publicly available financial documents indicate that one of the most recent of those oil and gas support-service businesses is a big part of the problem. As recently as 2010, NANA booked a $41 million profit. The losses are the first in at least 10 years. NANA is one of the 12 original regional Native corporations formed after passage of the Alaska Native Claims Settlement Act in 1971. It represents some 13,500 Inupiat shareholders with roots in...Pat Forgey
JUNEAU -- NANA Regional Corp. has been growing for years, investing in the oil and gas industry to supplement profits from its cash cow, the massive Red Dog zinc mine near Kotzebue. But now the company has seen profits plunge for two years in a row, including a $75 million loss last year. Company officials declined comment, but a review of publicly available financial documents indicate that one of the most recent of those oil and gas support-service businesses is a big part of the problem. As recently as 2010, NANA booked a $41 million profit. The losses are the first in at least 10 years. NANA is one of the 12 original regional Native corporations formed after passage of the Alaska Native Claims Settlement Act in 1971. It represents some 13,500 Inupiat shareholders with roots in...Pat Forgey
JUNEAU -- Search and rescue teams Wednesday re-examined terrain they'd already scoured in the days since 48-year-old Sharon Buis went missing, presumably on a popular nearby hiking trail. But the mystery of what happened to the Juneau woman only deepened. "It's clear to me that she got in trouble somewhere and in some way, but what that trouble is, I don't know," said Sgt. Tim Birt, coordinating the search for the Alaska State Troopers. As many as 30 searchers a day have been looking since Saturday evening, but searchers don't even know exactly when Buis went missing. Last Thursday, Buis scheduled a Saturday hike up Mount Roberts with a friend, but she wasn't at home when the friend went to pick her up. But Buis' car was at the trailhead Saturday, and may have been there since Friday. By...Pat Forgey
JUNEAU -- Search and rescue teams Wednesday re-examined terrain they'd already scoured in the days since 48-year-old Sharon Buis went missing, presumably on a popular nearby hiking trail. But the mystery of what happened to the Juneau woman only deepened. "It's clear to me that she got in trouble somewhere and in some way, but what that trouble is, I don't know," said Sgt. Tim Birt, coordinating the search for the Alaska State Troopers. As many as 30 searchers a day have been looking since Saturday evening, but they don't even know exactly when Buis went missing. Last Thursday, Buis scheduled a Saturday hike up Mount Roberts with a friend, but she wasn't at home when the friend went to pick her up. But Buis' car was at the trail head Saturday and may have been there since Friday. By...Pat Forgey
JUNEAU — Sealaska Corp., Southeast Alaska’s regional Native corporation, announced Tuesday evening that Anthony Mallott has been named the company’s new president and CEO. Mallott, currently Sealaska’s treasurer and chief investment officer, has worked for the company since 2008. Mallott is the son of former Sealaska CEO and current Democratic gubernatorial candidate Byron Mallott, who is a member of the Sealaska board of directors. Byron Mallott recused himself from the CEO selection process when his son became a candidate, said company spokesperson Dixie Hutchinson. Mallott replaces Chris McNeil, current president and CEO, who has been with Sealaska since 2001. Sealaska did not reveal what Mallott’s salary would be, but McNeil earned a base salary of $350,000 last year, with the...Pat Forgey
JUNEAU -- Sealaska Corp., Southeast Alaska's regional Native corporation, announced Tuesday evening that Anthony Mallott has been named the company's new president and CEO. Mallott, currently Sealaska's treasurer and chief investment officer, has worked for the company since 2008. Mallott is the son of former Sealaska CEO and current Democratic gubernatorial candidate Byron Mallott, who is a member of the Sealaska board of directors. Byron Mallott recused himself from the CEO selection process when his son became a candidate, said company spokesperson Dixie Hutchinson. Mallott replaces Chris McNeil, current president and CEO, who has been with Sealaska since 2001. Sealaska did not reveal what Mallott's salary would be, but McNeil earned a base salary of $350,000 last year, with the...Pat Forgey
JUNEAU -- Every spring, residents of Alaska's capital city look forward to a breather in the time between when the politicians and lobbyists leave downtown following the legislative session and the tourists begin pouring in. This year, they got the town to themselves for about half a day. What with the Legislature unable to finish its business as scheduled, and the wholly unscheduled arrival of the cruise ship Volendam the next day after a weather diversion, the seasons of Juneau's two most prominent industries abutted like never before. When the Volendam popped in after storms diverted it from its planned stop in Kodiak while returning to the U.S. from Japan, the businesses that were already open made the most of their good fortune. The Holland America ship's 2,000 passengers and crew...Pat Forgey
JUNEAU -- Every spring, residents of Alaska’s capital city look forward to a breather in the time between when the politicians and lobbyists leave downtown following the legislative session, and the tourists begin pouring in. This year, they got the town to themselves for about half a day. What with the Legislature unable to finish its business as scheduled, and the wholly unscheduled arrival of the cruise ship Volendam the next day after a weather diversion, the seasons of Juneau's two most prominent industries abutted like never before. When the Volendam popped in after storms diverted it from its planned stop in Kodiak while returning to the U.S. from Japan, the businesses that were already open made the most of their good fortune. The Holland America ship's 2,000 passengers and crew...Pat Forgey
JUNEAU -- Shortsighted budget decisions may limit the Alaska Permanent Fund's growth, the fund's board of trustees was warned Thursday. Earnings from the fund provide revenue for annual dividends to Alaskans while inflation-proofing the fund to ensure it is actually permanent. But the Alaska Legislature, for the second year in a row, did not provide additional staff to manage the $51 billion fund. In the state's fiscal year 2015 budget, the corporation sought four additional staffers, a request that was rejected. The same thing happened in the 2014 budget. "Unfortunately, the denials of those positions are going to put limits on what our staff is able to do to grow the portfolio," said Laura Achee, the corporation's director of communications and administration. The Juneau-based...Pat Forgey

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