Aquasearch narrows loss, doubles its revenues

Bankrupt Big Island biotech firm Aquasearch Inc. cut its loss by 61 percent in the quarter that ended Jan. 31, while revenues more than doubled.

Kona-based Aquasearch lost $473,260, compared with a loss of $1.2 million in the same quarter a year earlier, the company reported to the Securities & Exchange Commission Friday. Revenues, fueled in part from the sale of microalgae products, rose to $257,818 from $127,771.

The company has lost a total of $20.9 million since it offered its stock publicly in 1989.

Aquasearch entered Chapter 11 reorganization bankruptcy in November after a group of creditors sued to collect on the firm's debt.

The firm is seeking to move commercial production outside the United States within the next year.

Arthur Andersen meets in talks with legal foes

DALLAS >> Eric D. Green, the mediator assigned to oversee negotiations between Arthur Andersen and groups that have sued the firm for its handling of the audits of the Enron Corp., brought the parties together yesterday afternoon for preliminary talks.

The mediation was ordered Friday by Judge Melinda F. Harmon of U.S. District Court in Houston, who is overseeing the criminal case against the firm as well as the civil lawsuits, and by Judge Arthur J. Gonzalez of federal Bankruptcy Court in Manhattan, who is overseeing Enron's bankruptcy proceedings.

It is intended to bring a quick resolution to the claims against Andersen.

A lawyer involved in the decision-making for plaintiffs who have sued Andersen said the day would be devoted to "educating the mediator."

The negotiations were intended to move quickly. The talks began yesterday, a little more than 40 hours after they were ordered, and were scheduled to end no later than Wednesday.

More rounds of talks could be scheduled for the following week if the negotiations are progressing.

Study reveals gas prices rising on a 2-week tear

CAMARILLO, Calif. >> Gas prices surged a record 14 cents over the last two weeks as several factors crimped supply and raised demand.

Friday's weighted price per gallon for all grades and taxes was nearly $1.38, up more than 14.3 cents per gallon from March 8, according to the Lundberg Survey of 8,000 gas stations nationwide.

It was the largest cents-per-gallon increase since the survey began a half-century ago, and followed a nearly 9-cent-per-gallon increase over the two previous weeks, analyst Trilby Lundberg said yesterday. The next largest was 12.69 cents in April 2001.

The national weighted average price of regular gas was $1.35 per gallon.

Britain reported to back railway business bailout

LONDON >> The British government will reportedly back a $1.8 billion bailout for shareholders of Railtrack, which would mark a turnaround in government policy.

The Sunday Telegraph reported yesterday that British Transport Secretary Stephen Byers will seek the shareholder bailout despite the company's placement last year under government control.

Railtrack was set up in 1994 to maintain railway lines and tracks when the state railway system was sold off by an earlier government. Other private companies operate trains on the tracks maintained by Railtrack.