Loading

54°F

55°F

56°F

47°F

56°F

53°F

54°F

61°F

56°F
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

Play Video

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.

Text Size: + Increase | Decrease -
Print Story | Email Story
Sponsored in part by HodagSports.com





 IN OTHER NEWS
Northwoods gun safety discussions following Arizona shooting instructor deathSubmitted: 08/27/2014

Play Video

RHINELANDER - The accidental death of a shooting instructor in Arizona raises questions about what kinds of guns children should learn to shoot.

A 9-year-old girl was learning how to fire a fully-automatic weapon on Monday. The recoil was too much for her to handle. As a result, she ended up firing several rounds uncontrollably and one of the rounds hit her instructor in the head. Some gun instructors in the Northwoods wonder why a young girl was using a fully-automatic weapon in the first place.

"Firearms training is an evolutionary thing," said Bruce Gary, an NRA certified shooting instructor. "You don't go from a training rifle to a machine gun. It was a horrible accident that frankly was preventable. And I don't understand why this instructor put a machine gun in the hands of a 9-year-old girl."

+ Read More
Snowmobile clubs prepare for the new seasonSubmitted: 08/27/2014

Play Video

NORTHWOODS - Before the flurries fly, important preparations need to happen for snowmobile trails.

You'll find snowmobile clubs in the Northwoods busy this time of year.

The main focus is cleaning and organizing equipment.

The Minocqua Forest Riders Snowmobile Club operates about 150 miles of trails. Working inside the shop now helps them later on in the season.

"We looked at our shop and we've been doing about the same thing every year," says Club President Curt Christensen. "We never really moved the equipment out or took a real close look at things so we decided to do a major cleaning project this year to get the shop ready."

+ Read More
Antigo man charged for allegedly hitting boy with baseball batSubmitted: 08/27/2014

ANTIGO - An Antigo man could spend up to 40 years in prison for allegedly beating a 16-year-old boy with a baseball bat.

Court documents say 18-year-old Dylan Madderom told police that he hit the boy because the boy owed him a hundred dollars for marijuana. It happened Monday night near the walking trail by North Elementary School.

+ Read More
McDonald's hostage taker to spend more than 26 years in mental institutionSubmitted: 08/27/2014

SHAWANO COUNTY - The man who held a Wittenberg McDonald's employee hostage in April will spend more than 26 years in a mental institution.

Tuesday, a judge sentenced 29-year-old gunman Travis Keiler of Gillett to 26 and a half years in a mental institution.

Keiler had been found not guilty by mental disease or defect for taking hostages and failing to comply with an officer.

+ Read More
Minocqua Area Chamber of Commerce welcomes new executive directorSubmitted: 08/27/2014

Play Video

MINOCQUA - The Minocqua Area Chamber of Commerce just welcomed a new executive director.

Krystal Westfahl started in the position August 21st.

She comes to the Northwoods from Appleton.

Westfahl is no stranger to the Northwoods.

She vacationed up here with her family.

+ Read More
Changes to food served at schools Submitted: 08/27/2014

Play Video

RHINELANDER - Students going back to school could see some changes to what food they can buy at school.

New food requirements went into effect over the summer.

One of those is changes to what kinds of snacks students can buy.

There are stricter requirements for how much sodium, calories and fat can be in food.

Food also needs to be more than half whole grain.

Food service workers at the School District of Rhinelander have had to make some changes to recipes.

+ Read More
Man who caused an elementary school to be put on lockdown could have charges dismissed Submitted: 08/27/2014

Play Video

RHINELANDER - Police think Michael Schettino pointed a handgun at another driver on Highway 51 in May. Police say he then drove through the parking lot of MHLT Elementary school in Minocqua. The school was put on lockdown because of what happened.

Schettino was in court Wednesday. He took a plea agreement. His two misdemeanors could be dismissed if he follows the terms of the agreement for two years.

"The state has the option if they have evidence indicating that you have not complied with the terms of the agreement to bring this matter back into court," Judge Michael Bloom told Schettino, "and if they presented evidence to establish that you were not in compliance that I could enter judgment on your pleas without any further proceedings and go immediately to sentencing."

+ Read More
+ More General News
Search: 




Click Here