Coast Range Investments yesterday pushed back on the claim by Belen City Councilor Jerah R. Cordova that its subsidiary’s corporate license has been revoked.

Last week, Cordova posted information on this website claiming that New Mexico Development Partners license with the New Mexico Public Regulation Commission (PRC) had been revoked.

In a letter delivered to Cordova today, Jim Wood, the vice president of Coast Range Investments, wrote that Cordova’s assertions were “inaccurate” and “egregious.”

Part of the documentation Wood has provided to the city to prove there was no revocation included Coast Range Investments PRC filing, which lists that company’s status as “exempt.”

Wood has requested that a correction be issued.

According to the PRC’s website, the corporate license for New Mexico Development SPE Corp., the general partner of New Mexico Development Partners, is listed as “revoked.”

A PRC official in Santa Fe said the license was revoked on April 21, 2009, for “failure to file reports.”

Technically, New Mexico Development Partners doesn’t have a corporate license with the PRC and is listed as “active” with the New Mexico Secretary of State’s office. New Mexico Development SPE Corp. held the license. Both are partners and both were registered with the State of New Mexico on November 19, 2004.

Cordova called the Secretary of State’s office, as well as the PRC, to ask what happens when a partnership no longer has a partner, and if a corporation with a revoked license can continue to transact business within the state.

Officials in both offices refused to answer any “legal questions.”

The revocation could be a concern because the City of Belen signed agreements with the partnership in the latter half of 2009.

This page was published on April 13, 2010 at 9:27pm and is filed under Contracts, Rancho Cielo.