February 03, 2012 01:03 AM UTC

Hickenlooper Hits Wall On Pinnacol Privatization

• 4 Comments
• by: Colorado Pols

Is this Gov. John Hickenlooper’s first actual defeat? Denver Business Journal:

Pinnacol board vice chairman John Plotkin sent Hickenlooper a letter Thursday morning saying that the company felt it needed to slow down what has been a fast-moving process. Several members of a governor’s task force examining the privatization plan had made the complaint that things were moving too quickly at a meeting Tuesday.

Statement from the governor’s office:

Gov. John Hickenlooper joined Pinnacol Assurance in agreeing today to slow down a proposed restructuring of the company and delay any action during the current legislative session.

“We agree with Pinnacol that additional time is needed to fully explore the proposal,” Hickenlooper said. “Clearly, there is more work to do. We look forward to continuing the conversations about restructuring in the coming weeks and months. Our priority remains doing what’s best for injured workers, policyholders and the people of Colorado.”

Pinnacol Assurance, Colorado’s state-chartered tax free workman’s compensation insurance entity, has been trying to privatize itself for a number of years. Previous proposals have been rejected as insufficiently beneficial to the state after years of preferential treatment as a state entity–and Pinnacol’s strong-arm legislative tactics, belligerent executive management, and frequent appearances in the scandal sheets have done them few favors.

Well apparently, Gov. Hickenlooper isn’t the lipstick this pig needs either.