IN BRIEF

NEW YORK

Troubled refinery may start up again

Gasoline prices rose again at the pump overnight but consumers might see some relief now that a major Midwestern refinery appears ready to restart this weekend following minor repairs.

Meanwhile, oil and gas futures dropped sharply from early highs on a growing sense that refineries are finally starting to produce enough gas to meet demand.

The average national price of a gallon of gas jumped 2.6 cents overnight to $3.026 a gallon, according to AAA and the Oil Price Information Service. Gas prices, which typically lag the futures market, have risen 7.7 cents over the last week after falling steadily from a late May peak of $3.227 a gallon.

Analysts say the July 1 closure of a refinery in Coffeyville, Kan., due to flooding, and the shutdown this week of a huge piece of oil processing equipment at a BP PLC refinery in Whiting, Ind., have sent prices in the Midwest and Plains states sharply higher, boosting the national average.

On the New York Mercantile Exchange, light, sweet crude for August delivery fell 6 cents to settle at $72.50 a barrel after rising more than a dollar earlier. August gasoline fell 4 cents to settle at $2.2663 a gallon.

BOSTON

Tweeter accepts offer for assets

Tweeter Home Entertainment Group said Thursday it has accepted a $38 million bid for its assets as the best offer in the high-end electronics retailer's Chapter 11 bankruptcy.

The bid from Schultze Asset Management was one of two offers that Tweeter said on June 26 it had received in the initial phase of a court-supervised auction. Other bidders were then given the chance to submit competing offers.

Purchase, N.Y.-based Schultze agreed to acquire all of Tweeter's assets in a "going concern" bid to maintain Tweeter's business operations and its 103 stores, which includes one in Las Vegas, Canton, Mass.-based Tweeter said.

Cashman Equipment starts headquarters

Cashman Equipment Co. made its move to Henderson official on Thursday by breaking ground on its new corporate headquarters at 3300 St. Rose Parkway in Henderson.

The new headquarters will utilize a geothermal, energy-savings system to heat and cool all seven buildings. The seven building campus will be Leadership in Energy and Environmental Design Gold certified by the U.S. Green Building Council. Complete is set for late 2008.

Cashman began planning for the new headquarters more than a year ago with SH Architecture, a local company with a history of working on sustainable designs, and Burke & Associates, a fixture in the green building industry.

The company announced its intentions to relocate in November, citing a need for more space at its current location on East Craig Road in North Las Vegas. Cashman Equipment reviewed a number of options before purchasing the Henderson property last year for $28.6 million.

Cashman Equipment was founded in 1931 by James "Big Jim" Cashman.

Nevadans eligible for compensation

Some 3,317 Nevada consumers are eligible for $1.66 million in restitution from Ameriquest Mortgage Co. and its related companies as part of a $325 million settlement of a predatory lending lawsuit against the company, Attorney General Catherine Cortez Masto said Thursday in a statement.

Masto said her office and Mortgage Commissioner Scott Bice began sending letters and forms to eligible Nevadans beginning Monday. To participate in the settlement and receive restitution, consumers must return completed forms to the settlement administrator by Sept. 10.

The forms mailed to each consumer will indicate the minimum payment the consumer can expect to receive.

The exact amount could be larger, depending on how many eligible Nevada consumers decide to participate in the settlement.

NEW YORK

Treasury prices fall second straight day

U.S. Treasurys prices fell for the second day in a row Thursday, as the recent flight-to-quality bid continued to dribble out of the government bond market.

Treasurys' losses Thursday took the 10-year note back toward the middle of its recent 4.98 percent to 5.33 percent yield range, with the 10-year yielding 5.13 percent near close of New York trade.

The absence of fresh news on the shaky subprime mortgage market was the primary driver pushing prices lower throughout the day, with credit risk premiums tightening, stocks reaching record highs, and policy makers again offering calming words on housing's woes.