Westland Development Company's billion dollar nest egg - Atrisco Land Grant - includes article: Atrisco: a trip back 300 years

New Mexico Business Journal, April, 1990 by Jack Hartsfield

Westland's staff is busy today in land development, engineering, marketing, leasing, accounting and shareholders' relations.

Sitting on a gold mine of potential property development and deciding what to do with it, as Westland has done over the years, hasn't been without its shortfalls.

Gil Cordova, former president of Westland Development, was found guilty in federal court of violating federal racketeering laws in an episode involving shareholder purchases from Adela Baros, Candido Garcia and Teresa Ruiz.

Cordova, former president of the University of New Mexico, was accused of neglecting to disclose the true value of Westland assets when he purchased their shares in `85 and `86. The jury originally awarded the three plaintiffs $230,000 in damages, later reduced to $56,972.

In Cordova's appeal, U.S. District Judge John Conway overturned portions of the jury verdict and decreed there was insufficient evidence to support claims Cordova violated the Racketeering Influenced and Corrupt Organizations Act.

The federal judge's ruling notwithstanding, the episode did little to foster confidence in Westland as the corporate development arm of Atrisco.

Meanwhile, Page and Policarpio "Lee" Anaya, who had been elected to two management posts on the nine-member Westland board in `85 but blocked from taking their seats, won their own victory in state court to immediately assume their three-year terms. Part of the problem had been allegedly forged proxy votes in the election, a matter that took 46 months before the courts ruled Page and Anaya were the rightful winner of the posts.

Cordova remained as president even after the can of worms in the federal case, claiming he could only be removed by a vote of the shareholders themselves. In February `89, Cordova was ousted from the presidency by the board with Alberto Candelaria, vice president and director of operations at Westland, becoming acting president.

But with Page and Anaya officially on board, another turnover was in store. Last July, Page replaced Candelaria, who was fired from his post as acting president. Page became both president and chief executive officer. Anaya became vice president; and Sosimo Padilla, a director since 1971, became board chairman, the post Candelaria had also held.