Word: colorados
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Hinckley's well-to-do family in Colorado tried to help him but without success. His mother Jo Ann testified to years of anguish, noting that her son's depressed condition had worsened dramatically in the fall of 1980. In October the family considered placing him in a mental hospital; a psychiatrist said no, urging the Hinckleys to persuade their son to accept responsibility for himself. John's parents gave him an ultimatum: by March 1, 1981, he was to have a job. Instead, he left home; a week later he called from New York, incoherent...
...program suffered its sharpest blow, one that could prove to be a major setback for large-scale attempts to develop energy alternatives to conventionally obtained oil. Exxon, the world's largest energy company, and the Tosco Corp. pulled out of their multibillion-dollar Colony Shale Oil Project in Colorado, effectively abandoning the most ambitious U.S. synthetic-fuel project...
With $400 million already spent in building a plant, Colony was going to be the most serious attempt ever made in the decades-old dream of wresting energy from northwestern Colorado's rugged Piceance Basin, which contains possibly 1.2 trillion bbl. of oil. The fuel is trapped in a form of limestone that geologists call marl, which is commonly known as shale. Colony's 8,800 acres alone are estimated to contain at least 500 million bbl. of oil, a month-long supply for the entire U.S. at the current levels of consumption. The project's facilities...
...weeks ago with Tosco President Morton M. Winston in Los Angeles and told him that Exxon was withdrawing its funding of the project. Tosco exercised its option to sell Exxon its 40% share in Colony. Tosco, with various partners, has been trying to develop shale oil in Colorado for almost 30 years. Along the way, it has become the second largest refiner of gasoline in the U.S., behind Ashland...
Dissident Tosco shareholders, however, have been threatening to force the company to abandon Colony because of unbearable costs. Led by Kenneth M. Good, 37, a Colorado land developer and owner of 8.8% of Tosco's outstanding shares, those stockholders last week were making plans to put their own directors on Tosco's board at the Tosco annual meeting, to be held this week; later they hope to remove Winston from office. Says Good: "Tosco is a company with tremendous assets that are being mismanaged...