Raymond L. Hixson, former chief executive officer of Bonneville Pacific Corp., has agreed to pay the failed company's bankruptcy trustee $1 million.
Hixson, who also served at various times as a director and chairman of the board of Bonneville Pacific, also agreed to tell all he knows about the electrical energy company, said bankruptcy trustee Roger Segal.Hixson and two other former insiders, L. Wynn Johnson and David Hirschi, have been charged in criminal complaints in connection with Bonneville's failure. A trial is scheduled for September if further plea bargains are not worked out.
Thursday's announcement was the latest in a series of settlements with individuals and companies connected to the once high-flying alternative energy firm that declared Chapter 11 bankruptcy in 1992 in the wake of losses approaching $500 million.
Two of its former officers, Carl T. Peterson and John T. Dunlop, received prison terms in connection with the company's collapse.
Last month, Robert L. Wood, also a former chief executive of Bonneville Pacific, pleaded guilty in federal court to two felony charges of filing a false tax return and fraud in the offering and sale of securities. Both charges were connected to the sale of the company's public stock in 1986.
In exchange for his agreement to plead guilty, federal prosecutors dropped nearly 60 other felony charges against him, including conspiracy, bank fraud, mail fraud and securities fraud.
Wood had paid $665,000 to the Bonneville bankruptcy trustee to get his name dismissed from a civil lawsuit over the company's demise.
Hixson's settlement must be approved by the United States Bankruptcy Court.