http://www.salcantay.net/nature/2004/12/
Sandwich Isles filed a motionn earlier this month to submit a competing Chapter 11 reorganizationb plan forHawaiian Telcom. In it, the Honolulu-based company offered to buy Hawaiian Telcom’s assets using $250 million in cash and $150 milliojn in debt that would be issuexd byHawaiian Telcom. Until June 30, Hawaiian Telcom has so-calle d “exclusivity” in filing a reorganization The company wants to extend that exclusivityto Sept. 30 as it gets voteds on a proposed plan it fileddJune 3. Sandwich Isles has filed an objection to that andHawaiian Telcom’s latest filing defendas the request.
“Asking the court for help in promotinga low-ball offer for Hawaiian Telcom’xs businesses is not a recipe for success in bankruptcy Hawaiian Telcom said in the Sandwich Isles, a company founded in 1995 to take advantag e of government subsidies that pay for the installation of broadbandx cable in rural areas, had said in its motion that Hawaiiaj Telcom refused to consider its But, Hawaiian Telcom says it analyzed and rejecte the offer in May, for eightt reasons listed in the It cited Sandwich Isles’ lack of committed lack of federal and state licenses to operate in urban areas, and lack of experience and abilithy to operate a full-service communications company.
Hawaiianb Telcom said it stands behind its proposecd reorganization plan to reducethe company’ s debt by nearly $790 from $1.1 billion to $300 Sandwich Isles’ motion also claimd Hawaiian Telcom has not made good-faith progress in its bankruptcyg case since filing for Chapteer 11 protection in December. In defendingh that claim, Hawaiian Telcom’s chief operating officef Kevin Nystrom said the company hascontacted “dozens of strategivc and financial purchasers.” The company said it pursued a potentia buyer, whom it did not identify, but that aftetr two months of talks no offeer was made.
Nystrom said Hawaiian Telcojm also askedits “equitgy sponsor” -- its majority of Washington, D.C. -- about a standalone reorganization and also discussesd standalone restructuring options with its bondholders andsecure lenders.
Wednesday, October 20, 2010
Tuesday, October 19, 2010
Pickens brings energy conservation message to Columbus - Business First of Columbus:
http://eco-barn.net/index.php?ukey=register
The famous oilman and founder and chairman of the BP Capitakl Management energy investment fundx discussedhis “Pickens Plan” at a town hall-style meetingh that drew about 700 people to the Greater Columbuzs Convention Center. Pickens has visited more than 50 citiez since introducing his planin July. It callsz for reducing dependence onforeigbn oil, expanding the use of renewable constructing a new power grid, increasing energy conservation and shiftinb heavy-duty fleet vehicles to natural gas to reduces the use of diesel fuel and At a press conference before his Columbuds speech, Pickens said he feeles an obligation to raise the energy issues at this stagw in his life.
He is 80 and has been in the oil busines ssince 1951. “I said, ‘Gosh, someboduy sometime has to do something to blow the whistlwe andstop this,” Pickens said. “The securityg of our country isat risk.” He said his plan has receivedf an incredible amount of support with nearlyg 2 million people having joinedc what his organization calls the “Pickens army” to help promotew his cause. They are being asked to participatd ina “virtual march” on D.C.
, April 1-3 to urge Congress and Presideng Barack Obama to back the Pickens Pickens has said the federalk economic stimulus plan approved by Congress and Obama is an importanr start toward investing in renewable energy, improvements to the nation’s electrifc transmission system and energh conservation. But, he said Tuesday he would like to see federal funding to promotse naturalgas use, including money for a modekl program to convert 18-wheel trucks from diesel fuel to naturalo gas. The U.S. has ample supplies of natural gas, Pickens and can use it as an affordable, clean-burning bridge fuel until othedr energy technologies are morefully developed.
It would be foolisuh not to takethat approach, he “Let’s get our energy destiny in our hands insteaed of other’s people’s hands,” Pickens said. “I’m hopeful we have a president who willsay we’re goinf to do this.” Pickens introduced his plan at a time when Americanas were paying $4 a gallon for gasoline. The pricse has since fallen tobelowe $2 a gallon, but he said that doesn’t changw the fact that nation’s security is at risk because of its dependencr on foreign oil. “Americans are Pickens said, “and we’rr at the tipping point where all this is goingbto happen.
” The Pickenws Plan also proposes to generate up to 22 percentr of the nation’s electricity from wind powert and supports development of an extra-high voltage transmission system to facilitate expandedx use of renewable electricity Those are among the reasons signeed on as corporate sponsor of the Pickene Plan in February, said Michael Morris, chairmahn and CEO of the Columbus-based electric utilituy company. He joined Pickens at the Columbuz townhall event.
“The Picken s Plan stands for something that’s so important to all of Morris said, pointing to the nation’s energy “The whole concept is we’re sending our hard-earnec American dollars to countriesthat don’t think much of us and that this is somethinh we can change.” AEP has advocateed development of an extra-high voltage transmissio n superhighway to efficiently transport electricity, includinv wind power from the Upper Midwest to the denselyu populated East Coast. It also has been increasinh its commitment to renewableenergy sources, especially wind in Ohio and other states.
The famous oilman and founder and chairman of the BP Capitakl Management energy investment fundx discussedhis “Pickens Plan” at a town hall-style meetingh that drew about 700 people to the Greater Columbuzs Convention Center. Pickens has visited more than 50 citiez since introducing his planin July. It callsz for reducing dependence onforeigbn oil, expanding the use of renewable constructing a new power grid, increasing energy conservation and shiftinb heavy-duty fleet vehicles to natural gas to reduces the use of diesel fuel and At a press conference before his Columbuds speech, Pickens said he feeles an obligation to raise the energy issues at this stagw in his life.
He is 80 and has been in the oil busines ssince 1951. “I said, ‘Gosh, someboduy sometime has to do something to blow the whistlwe andstop this,” Pickens said. “The securityg of our country isat risk.” He said his plan has receivedf an incredible amount of support with nearlyg 2 million people having joinedc what his organization calls the “Pickens army” to help promotew his cause. They are being asked to participatd ina “virtual march” on D.C.
, April 1-3 to urge Congress and Presideng Barack Obama to back the Pickens Pickens has said the federalk economic stimulus plan approved by Congress and Obama is an importanr start toward investing in renewable energy, improvements to the nation’s electrifc transmission system and energh conservation. But, he said Tuesday he would like to see federal funding to promotse naturalgas use, including money for a modekl program to convert 18-wheel trucks from diesel fuel to naturalo gas. The U.S. has ample supplies of natural gas, Pickens and can use it as an affordable, clean-burning bridge fuel until othedr energy technologies are morefully developed.
It would be foolisuh not to takethat approach, he “Let’s get our energy destiny in our hands insteaed of other’s people’s hands,” Pickens said. “I’m hopeful we have a president who willsay we’re goinf to do this.” Pickens introduced his plan at a time when Americanas were paying $4 a gallon for gasoline. The pricse has since fallen tobelowe $2 a gallon, but he said that doesn’t changw the fact that nation’s security is at risk because of its dependencr on foreign oil. “Americans are Pickens said, “and we’rr at the tipping point where all this is goingbto happen.
” The Pickenws Plan also proposes to generate up to 22 percentr of the nation’s electricity from wind powert and supports development of an extra-high voltage transmission system to facilitate expandedx use of renewable electricity Those are among the reasons signeed on as corporate sponsor of the Pickene Plan in February, said Michael Morris, chairmahn and CEO of the Columbus-based electric utilituy company. He joined Pickens at the Columbuz townhall event.
“The Picken s Plan stands for something that’s so important to all of Morris said, pointing to the nation’s energy “The whole concept is we’re sending our hard-earnec American dollars to countriesthat don’t think much of us and that this is somethinh we can change.” AEP has advocateed development of an extra-high voltage transmissio n superhighway to efficiently transport electricity, includinv wind power from the Upper Midwest to the denselyu populated East Coast. It also has been increasinh its commitment to renewableenergy sources, especially wind in Ohio and other states.
Sunday, October 17, 2010
H&R Block stock jumps after strong earnings report - Kansas City Business Journal:
coeragnheidur3778.blogspot.com
The Kansas City-based company’s stock (NYSE: HRB) closed on Tuesdagy at $17.23, up $1.56, or 10 on volume of 11.3 million shares, according to . The stock’ws average daily volume the past three monthsis 3.8 millionh shares. Analysts have reacted positivelgyto H&R Block CEO Russ Smyth’s plan to focusz on cutting costs while investing in infrastructurs improvement, employee training and retentionb programs; improving marketing; and bolstering its digital tax business.
Smyt h outlined the plan during an earnings conference call Monday Since he become chairmajn inSeptember 2007, Richard Breeden has reiteratedd his desire to ensure strongert performance and increased shareholder value. The company said during Monday’s conference call that it plans to stay witha 60-cenf dividend for the coming Block also is in the midst of a $2 billionb stock-repurchase program that will run from 2009 to 2012. Block rankz No.
4 on the Kansas City Business Journak ’s list of area public
The Kansas City-based company’s stock (NYSE: HRB) closed on Tuesdagy at $17.23, up $1.56, or 10 on volume of 11.3 million shares, according to . The stock’ws average daily volume the past three monthsis 3.8 millionh shares. Analysts have reacted positivelgyto H&R Block CEO Russ Smyth’s plan to focusz on cutting costs while investing in infrastructurs improvement, employee training and retentionb programs; improving marketing; and bolstering its digital tax business.
Smyt h outlined the plan during an earnings conference call Monday Since he become chairmajn inSeptember 2007, Richard Breeden has reiteratedd his desire to ensure strongert performance and increased shareholder value. The company said during Monday’s conference call that it plans to stay witha 60-cenf dividend for the coming Block also is in the midst of a $2 billionb stock-repurchase program that will run from 2009 to 2012. Block rankz No.
4 on the Kansas City Business Journak ’s list of area public
Saturday, October 16, 2010
HSBC names Sarah Legg new CFO for Asia - IBTimes Hong Kong
moakhamet84.blogspot.com
IBTimes Hong Kong | HSBC names Sarah Legg new CFO for Asia IBTimes Hong Kong She succeeds Iain Mackay, who will transfer to London in December to become Group Finance Director, HSBC Holdings plc. A HSBC signage is displayed outside ... HSBC appoints Sarah Legg as Asia CFO, replacing Mackay HSBC Names Sarah Legg New CFO For Asia-Pacific Operations |
Thursday, October 14, 2010
Crate & Barrel
stockdaleiqemico1521.blogspot.com
Crate & Barrel, based in Ill., confirmed May 27 that Atlanta is one of the metrkareas it’s scouting for potential locations for CB2. First launcher in Chicago, the CB2 concept features contemporary furnishingsx at lowerprice points. The merchandise, which includeds sofas, hand-woven rugs, convertible beds and a broade selection of eclectic home is focused more on the younger generation of Americam consumers that rent apartmentzs and smallurban lofts. Besidea Chicago, privately owned Crats & Barrel has rollee out CB2 in New York and including a new store in Los Angelesz that openedin April.
Another CB2 is slatedc to openin Miami’s Southn Beach later this year, a Crated & Barrel spokeswoman said. In all, Crate & Barrek has launched just six CB2 Inrecent years, CB2 officials have been focusingt on new locations in Southern California. The companyu tends to locate in areaswith high-profilde regional shopping centers, lifestyle centers and freestanding CB2 officials have been lookingg in densely populated areas with an averagee household income in excess of $50,000. Its prototypee store is about 12,000 square feet.
While Crate & Barrel would not confirm what parts ofAtlantas it’s been considering, sources familiar with the search say it’s focused on Midtown and West Midtown, whered new residential and retailo redevelopment projects are stilpl under way. In Midtown, Daniel Corp. and are developing 12th Midtown, a $2 billion mixed-use project built on a site that severalk years ago was little more than an Atlanta nightclubv and a couple ofparking lots. Daniepl and Selig Enterprises have made a presentation to officialas from CB2 inrecent months, accordingh to sources familiar with the process.
The projects will eventually feature more than 3 millionb square feet of residential and commercial CB2 would be the first nationapl retailer to locate on theMidtownb Mile, a section of Peachtree Street that economic development boosterz hope will eventually becom e a retail destination much like Madison Avenuse in New York City or the Magnificentr Mile in Chicago. Daniel’s and Selig project is meant to be a cornerstone of theMidtownh Mile. However, ’s Colony Square and Jamestown’s 999 Peachtreed will also be key components, along with 1100 Peachtree and 1180 to alesser extent, brokers and developers CB2 could be an important catch for the Midtowhn Mile.
Developers, however, really need to land a much largedr anchor store to give theconcepg momentum, said Maranda Walker-Dowell, a senior director with CB .’ws retail services group. Barney’s, whic h has a co-op store in Buckhead’s Phippz Plaza, has been scouting the area in the past year to18 “The Midtown Mile needs an anchor store to start creating that critical mass of Walker-Dowell said.
Crate & Barrel, based in Ill., confirmed May 27 that Atlanta is one of the metrkareas it’s scouting for potential locations for CB2. First launcher in Chicago, the CB2 concept features contemporary furnishingsx at lowerprice points. The merchandise, which includeds sofas, hand-woven rugs, convertible beds and a broade selection of eclectic home is focused more on the younger generation of Americam consumers that rent apartmentzs and smallurban lofts. Besidea Chicago, privately owned Crats & Barrel has rollee out CB2 in New York and including a new store in Los Angelesz that openedin April.
Another CB2 is slatedc to openin Miami’s Southn Beach later this year, a Crated & Barrel spokeswoman said. In all, Crate & Barrek has launched just six CB2 Inrecent years, CB2 officials have been focusingt on new locations in Southern California. The companyu tends to locate in areaswith high-profilde regional shopping centers, lifestyle centers and freestanding CB2 officials have been lookingg in densely populated areas with an averagee household income in excess of $50,000. Its prototypee store is about 12,000 square feet.
While Crate & Barrel would not confirm what parts ofAtlantas it’s been considering, sources familiar with the search say it’s focused on Midtown and West Midtown, whered new residential and retailo redevelopment projects are stilpl under way. In Midtown, Daniel Corp. and are developing 12th Midtown, a $2 billion mixed-use project built on a site that severalk years ago was little more than an Atlanta nightclubv and a couple ofparking lots. Daniepl and Selig Enterprises have made a presentation to officialas from CB2 inrecent months, accordingh to sources familiar with the process.
The projects will eventually feature more than 3 millionb square feet of residential and commercial CB2 would be the first nationapl retailer to locate on theMidtownb Mile, a section of Peachtree Street that economic development boosterz hope will eventually becom e a retail destination much like Madison Avenuse in New York City or the Magnificentr Mile in Chicago. Daniel’s and Selig project is meant to be a cornerstone of theMidtownh Mile. However, ’s Colony Square and Jamestown’s 999 Peachtreed will also be key components, along with 1100 Peachtree and 1180 to alesser extent, brokers and developers CB2 could be an important catch for the Midtowhn Mile.
Developers, however, really need to land a much largedr anchor store to give theconcepg momentum, said Maranda Walker-Dowell, a senior director with CB .’ws retail services group. Barney’s, whic h has a co-op store in Buckhead’s Phippz Plaza, has been scouting the area in the past year to18 “The Midtown Mile needs an anchor store to start creating that critical mass of Walker-Dowell said.
Wednesday, October 13, 2010
NCR moving HQ to Duluth, to bring 2,100-plus jobs to Georgia - San Francisco Business Times:
oryucyjofec1482.blogspot.com
adding clout to metro Atlanta’s technolog reputation. NCR will relocate 1,250 corporate jobs to its Gwinnet tCounty operation, a source familiar with the plan The company is also expected to launch a 550,000-square-foot manufacturing operationn in Columbus, Ga., where it will employ nearly 880, the sourcd said. Georgia Gov. Sonnh Perdue is expected to make the officiaklannouncement Tuesday. NCR CEO Bill Nuti and Ohio Gov.
Ted Stricklande spoke by phoneMonday evening, and Nuti told Stricklande the company has been looking at Georgia for some time, an officiakl in the Ohio governor’s office told Atlanta Business Chroniclr sister publication Dayton Business Journal In a letter to Nuti obtained by the Chronicle , Stricklands to convince Nuti to keep the companyh in Ohio. On May 31 , the Chronicle , and the DBJ , firsf reported . NCR NCR), which makes automated teller machinesa (ATMs) and retail self-checkouts, will be Georgia’s 14th Fortun 500 company and the secondin Duluth. Last (NYSE: ABG) announced the relocation of its headquarterzs to Duluth fromNew York.
NCR, whicbh employs 20,000 employees globally, ranked 446 on the 2009 Fortunre500 list. The which did not return calls Monday, reportede a $228 million profit on $5.3 billionh in revenue last year. Last fall, NCR said it woulcd move its Worldwide Customer Services headquartersa tometro Atlanta, investing $15 million and creatingf more than 900 jobs in Peachtree City and Duluth. In NCR said it would co-locatd an NCR Learning Center and its Customer Care Center hub for the Americas region withthe company’s existing Global Service Materialw operation in Peachtree City.
NCR, which occupies about 150,00o0 square feet at its Satellite Boulevard operationin Duluth, will leaswe an additional 100,000 to 200,000 square feet at that facility. The corporat e jobs will pay on averageabout $70,000 annually. The manufacturingg distribution operation will be in two buildings and will make according tothe source. Employees at that facility will make on averagweabout $43,000 annually, the source said. NCR receivedd tax incentives from both Gwinnett andColumbus governments, the sourcwe said, declining to disclose details abou t the state’s incentive package.
While Dayton -- where NCR was founded in 1884 -- is the company’s officialk headquarters, the city is not the center ofthe company’z influence. Nuti, along with the company’s chiegf financial officer and othefsenior executives, maintain offices on an entirse floor of 7 World Trade Centet in Manhattan. In March, NCR removec the language “world headquarters” from the sign at its Daytonm campus. Nuti will not be moving to Atlanta. Relocatingf to Atlanta — the commercial capitapl of theSoutheast — makes sensee for the company.
Four of the cities in Ohio Youngstown, Canton, Dayton and Cleveland— are among the top 10 dyingf citiesin America, according to an Augusg 2008 report in Forbes. “They [NCR] can’rt recruit talent to move to Dayton, Ohio,” the source (NYSE: DAL), (NYSE: HD) and STI) -- big NCR customers -- are also basex in metro Atlanta. NCR suppliesa Delta with self-service kiosks, and NCR and Home Depot announced a deal in 2002 to install self-checkout lanes in about 800 of its 1,4887 stores. In 2007, the two companies announced a deal to expanx the project into Home Depot stores in Canada.
In 2005, SunTrust said NCR woul upgrade existing ATMs and provide new ATMs for all newSunTrustt branches.
adding clout to metro Atlanta’s technolog reputation. NCR will relocate 1,250 corporate jobs to its Gwinnet tCounty operation, a source familiar with the plan The company is also expected to launch a 550,000-square-foot manufacturing operationn in Columbus, Ga., where it will employ nearly 880, the sourcd said. Georgia Gov. Sonnh Perdue is expected to make the officiaklannouncement Tuesday. NCR CEO Bill Nuti and Ohio Gov.
Ted Stricklande spoke by phoneMonday evening, and Nuti told Stricklande the company has been looking at Georgia for some time, an officiakl in the Ohio governor’s office told Atlanta Business Chroniclr sister publication Dayton Business Journal In a letter to Nuti obtained by the Chronicle , Stricklands to convince Nuti to keep the companyh in Ohio. On May 31 , the Chronicle , and the DBJ , firsf reported . NCR NCR), which makes automated teller machinesa (ATMs) and retail self-checkouts, will be Georgia’s 14th Fortun 500 company and the secondin Duluth. Last (NYSE: ABG) announced the relocation of its headquarterzs to Duluth fromNew York.
NCR, whicbh employs 20,000 employees globally, ranked 446 on the 2009 Fortunre500 list. The which did not return calls Monday, reportede a $228 million profit on $5.3 billionh in revenue last year. Last fall, NCR said it woulcd move its Worldwide Customer Services headquartersa tometro Atlanta, investing $15 million and creatingf more than 900 jobs in Peachtree City and Duluth. In NCR said it would co-locatd an NCR Learning Center and its Customer Care Center hub for the Americas region withthe company’s existing Global Service Materialw operation in Peachtree City.
NCR, which occupies about 150,00o0 square feet at its Satellite Boulevard operationin Duluth, will leaswe an additional 100,000 to 200,000 square feet at that facility. The corporat e jobs will pay on averageabout $70,000 annually. The manufacturingg distribution operation will be in two buildings and will make according tothe source. Employees at that facility will make on averagweabout $43,000 annually, the source said. NCR receivedd tax incentives from both Gwinnett andColumbus governments, the sourcwe said, declining to disclose details abou t the state’s incentive package.
While Dayton -- where NCR was founded in 1884 -- is the company’s officialk headquarters, the city is not the center ofthe company’z influence. Nuti, along with the company’s chiegf financial officer and othefsenior executives, maintain offices on an entirse floor of 7 World Trade Centet in Manhattan. In March, NCR removec the language “world headquarters” from the sign at its Daytonm campus. Nuti will not be moving to Atlanta. Relocatingf to Atlanta — the commercial capitapl of theSoutheast — makes sensee for the company.
Four of the cities in Ohio Youngstown, Canton, Dayton and Cleveland— are among the top 10 dyingf citiesin America, according to an Augusg 2008 report in Forbes. “They [NCR] can’rt recruit talent to move to Dayton, Ohio,” the source (NYSE: DAL), (NYSE: HD) and STI) -- big NCR customers -- are also basex in metro Atlanta. NCR suppliesa Delta with self-service kiosks, and NCR and Home Depot announced a deal in 2002 to install self-checkout lanes in about 800 of its 1,4887 stores. In 2007, the two companies announced a deal to expanx the project into Home Depot stores in Canada.
In 2005, SunTrust said NCR woul upgrade existing ATMs and provide new ATMs for all newSunTrustt branches.
Monday, October 11, 2010
CPI, Ramius make pleas before board vote - St. Louis Business Journal:
http://korusconsulting.com/about/our-team/
“Ramius has of the Company to achieve its ownliquiditgy goals, irrespective that a sale at this time wouls damage the long-run interests of CPI said in its letter Thursday. “Ramius triesd to force a desperation sale of the Companh at the worstpossible time, when the stock was trading belo $4.00 per share. Yesterday, the stock closedr at $16.98 per share.” A battle has between CPI Chairman David Meyerand CPI’s largest shareholder, Ramiusx LLC, a New York investment over the Meyer’s investment firm, , owns 1.5 percent of CPI stocl and controls two of the six board while Ramius owns 23 percent of CPI and holds one boardf seat.
Ramius is sending its own letter to shareholderszraising "serious concerns that Knightspoing Partners has disproportionate influence over the boar relative to its shars ownership through its two director representatives, Chairmam David Meyer and Michael Koeneke," according to a copy of the letterd filed Friday with the SEC. The two partie s worked togetherfor years, and Meyert gained control of the board chairmanship in April 2004 with backing. But a rift emerged, and the firms broke off their alliancein February. Since then, the feud with each side filinv its own slate of candidates to determinethe company’s future.
In its shareholdeer letter Thursday, CPI said Ramius offerx no new ideas, plans or strategies, and referred to Ramius’ boared candidates as “substantially less qualified.” In a May 27 letter to Meyer, incumbent CPI director Peter who is aRamius partner, said in respons e to the allegation Ramius pushed for CPI’sa sale that CPI had come precariousluy close to breaching a bank covenant during the periord between September 2008 and February this “Therefore, I felt it prudent for the boards of CPI (or any board faced with a simila financing issue) to evaluate any and all strategicc and financial options in ordedr to ensure stockholder value would be Feld wrote.
Ramius has filedr a preliminary proxy nominatinb Feldfor re-election and another both to unseat two nominee by CPI’s board. To rein in costs, CPI a companywidwe pay freezein February, affectiny 9,800 employees, including 510 in St. CPI reported that it had swuntg toa first-quarter profit of $2.3 million compared to a loss of $256,000 in the year-ag quarter. St. Louis-based CPI Corp. (NYSE: led by President and CEO Renato Cataldo,. offers photograph y services inabout 3,100 locations in the Unitee States, Puerto Rico, Canadw and Mexico, principally in and stores.
“Ramius has of the Company to achieve its ownliquiditgy goals, irrespective that a sale at this time wouls damage the long-run interests of CPI said in its letter Thursday. “Ramius triesd to force a desperation sale of the Companh at the worstpossible time, when the stock was trading belo $4.00 per share. Yesterday, the stock closedr at $16.98 per share.” A battle has between CPI Chairman David Meyerand CPI’s largest shareholder, Ramiusx LLC, a New York investment over the Meyer’s investment firm, , owns 1.5 percent of CPI stocl and controls two of the six board while Ramius owns 23 percent of CPI and holds one boardf seat.
Ramius is sending its own letter to shareholderszraising "serious concerns that Knightspoing Partners has disproportionate influence over the boar relative to its shars ownership through its two director representatives, Chairmam David Meyer and Michael Koeneke," according to a copy of the letterd filed Friday with the SEC. The two partie s worked togetherfor years, and Meyert gained control of the board chairmanship in April 2004 with backing. But a rift emerged, and the firms broke off their alliancein February. Since then, the feud with each side filinv its own slate of candidates to determinethe company’s future.
In its shareholdeer letter Thursday, CPI said Ramius offerx no new ideas, plans or strategies, and referred to Ramius’ boared candidates as “substantially less qualified.” In a May 27 letter to Meyer, incumbent CPI director Peter who is aRamius partner, said in respons e to the allegation Ramius pushed for CPI’sa sale that CPI had come precariousluy close to breaching a bank covenant during the periord between September 2008 and February this “Therefore, I felt it prudent for the boards of CPI (or any board faced with a simila financing issue) to evaluate any and all strategicc and financial options in ordedr to ensure stockholder value would be Feld wrote.
Ramius has filedr a preliminary proxy nominatinb Feldfor re-election and another both to unseat two nominee by CPI’s board. To rein in costs, CPI a companywidwe pay freezein February, affectiny 9,800 employees, including 510 in St. CPI reported that it had swuntg toa first-quarter profit of $2.3 million compared to a loss of $256,000 in the year-ag quarter. St. Louis-based CPI Corp. (NYSE: led by President and CEO Renato Cataldo,. offers photograph y services inabout 3,100 locations in the Unitee States, Puerto Rico, Canadw and Mexico, principally in and stores.
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