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NEWS STORIES

Wausau Paper's largest shareholder calls for management overhaul and move, or saleSubmitted: 01/19/2014
Lauren Stephenson
5 p.m. Anchor/Reporter
lstephenson@wjfw.com


MOSINEE - Wausau Paper's largest shareholder, Starboard Value LP, wants the company to replace management or consider selling the company.

Starboard owns more than 15% of Wausau Paper's stock.

It publicly released a 10-page letter outlining its suggestions to board members Friday.

The letter criticizes current management for "ignoring shareholder concerns" and the company's "prolonged underperformance under the direction of the current management team and Board."

In the letter, Starboard's CEO Jeffrey Smith says Wausau Paper's board "has been more intent on lining the pockets of management."

He says the board spent $250 million to restructure its printing and writing business.

Starboard suggested they sell it.

Wausau Paper did finally sell the two specialty printing mills in Rhinelander and Mosinee to KPS Capital Partners LP last summer.

But Starboard CEO Jeffrey Smith said they should have sold a year earlier when the business was worth more.

Starboard claims management refuses to move headquarters from Mosinee even though "Wausau's Tissue business, which now represents 100% of revenue, operates entirely out of Kentucky and Ohio."

Wausau Paper just invested $220 million into its facility in Kentucky.

Starboard argues the management should move there to oversee the operations.

The letter also nominates three people directors to the Wausau Paper board.

One of those nominees is Starboard CEO Jeffrey Smith.

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 IN OTHER NEWS
What We're Working OnSubmitted: 10/31/2014

- The mining issue might deicide the winner of the 25th State Senate district. The huge district covers a large portion of northern Wisconsin. Two types of mines have caused controversy in the district: a proposed taconite mine in the north and sand mines in the west. Newswatch 12s Adam Fox sat down with both candidates; he'll have the story tonight.

We'll have the details on this story and more tonight on Newswatch 12 - news from where you live.

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Hire me then fire me, Northwoods candidate for State Treasurer wants to eliminate positionSubmitted: 10/31/2014

RHINELANDER - Hire me then fire me. That's what a Northwoods candidate for State Treasurer wants voters to do.

Jerry Shidell is a libertarian from Rhinelander. You'll find his name on the ballot for State Treasurer. He plans on getting rid of the job.

Shidell says the treasurer doesn't have many responsibilities and the position costs too much.

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Homeless charity drive needs helpSubmitted: 10/31/2014

RHINELANDER - The Northwoods Alliance for Temporary Housing needs your help taking care of the homeless. The alliance helps homeless people in Lincoln, Langlade, Forest, Oneida, and Vilas counties. Organizers just started the Everybody Deserves Shelter Campaign. Local businesses are helping run the campaign.

"We are working at establishing businesses ,within our hopefully five counties that we serve, that will offer customers and employees the chance to make a nominal one dollar donation," said NATH Executive Director Tammy Modic.

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25th Senate candidates differ over mining law, agree on importance of broadband and educationSubmitted: 10/31/2014

RHINELANDER - The mining issue might decide the winner of the 25th State senate district. The huge district covers a large portion of northern Wisconsin stretching from parts of Vilas County to parts of Barron County. Two types of mines have caused controversy in the district. A proposed taconite mine in the north, and sand mines in the west.

Gogebic Taconite is proposing a four-mile open pit taconite mine in Ashland and Iron County. Project leaders say the project will lead to 700 direct jobs, as well as numerous spillover jobs because of the construction of the mine.

Republicans rewrote and passed the state's mining law in 2013. Many believe the rule change weakened water protections, but Republican candidate Dane Deutsch doesn't agree.

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Drivers surprised by icy roadsSubmitted: 10/31/2014

RHINELANDER - Drivers got an icy surprise as they hit the road this morning.

People needed to show a little caution as they got used to driving on snow and ice again.

Some accidents tied up traffic for a time. In Wausau, one lane of Highway 29 was shut down near Highway 51.

An accident caused the problem shortly after 4:00 a.m. The road was fully open again around 6:00 a.m..

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School District of Rhinelander passes 2014-15 budget; sees increase in enrollmentSubmitted: 10/31/2014

RHINELANDER - The School District of Rhinelander will get a little bit more funding from property taxes this year. Rhinelander passed a referendum in 2013.

The district gets 4 million dollars per year through 2016.

On Monday the district approved the tax rate and mill levy for the year. Taxpayers will pay $10.99 per thousand dollars of property values.

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Homeless charity drive needs helpSubmitted: 10/31/2014

RHINELANDER - The Northwoods Alliance for Temporary Housing needs your help taking care of the homeless. The alliance helps homeless people in Lincoln, Langlade, Forest, Oneida, and Vilas counties. Organizers just started the Everybody Deserves Shelter Campaign. Local businesses are helping run the campaign.

"We are working at establishing businesses ,within our hopefully five counties that we serve, that will offer customers and employees the chance to make a nominal one dollar donation," said NATH Executive Director Tammy Modic.

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