PRC Likely to Apportion Most of Fine to Stephen Blanco

Picacho Hiils C.C. (photo by Mel - NewsNM)

From the New Mexico Independent - The Public Regulation Commission (PRC) will likely apportion much of a record $1 million to $1.5 million fine against the Picacho Hills Utility Company directly to owner Stephen Blanco, according to PRC chairman David King. But King would also like to see former company president Tony Schaefer fined, he said. “The bulk of the $1.5 million — maybe all of it — will be on Blanco,” King told The Independent. “We’ll see what commissioners want Tuesday, but (Commissioner) Sandy Jones and me feel strongly about it. Blanco inappropriately moved (company) money around and we’d like to see him pay back the utility. He probably doesn’t have the money, so hopefully it will encourage him to immediately relinquish the company to receivership.” But King also wants to see if Schaefer, who briefly served as the company’s president—unpaid— between December 2009 and May 2010, and who represented the company before the commission, can be forced to pay some of the fine, he said. Read more here:

PRC Likely to Apportion Most of Fine to Stephen Blanco