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Wausau Paper's largest shareholder calls for management overhaul and move, or saleSubmitted: 01/19/2014
Story By Lauren Stephenson

Wausau Paper's largest shareholder calls for management overhaul and move, or sale
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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MEDFORD - Police in Taylor County arrested a man who shot at officers during a standoff near Medford on Wednesday evening.

The Taylor County Sheriff's Office reports it arrested Jake M. Wendt, 31, after a "lengthy phone negotiation" with the suspect, according to a news release sent late Wednesday night.

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RHINELANDER - A Three Lakes man accused of sexually assaulting two children pleaded not guilty in court on Wednesday. 
 
David Teresinski, 69, is accused of sexually assaulting a child over the course of five years. 

In December, details about another child Teresinski allegedly assaulted came forward. 

Wednesday in Oneida County Court, Teresinski waived his right to hear evidence against him.
Teresinki is out on a $25,000 cash bond. 

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Just like humans, animals dehydrate faster in the cold. Make sure you refill your pet's water bowls.

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The Forest County Economic Development Partnership helped coordinate the sale to the Houles.

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CRANDON - UPDATE 1/17/18

The Wisconsin Department of Justice identified Craig Justice, a 21-year veteran of the Forest County Sheriff's Department, as the officer who shot and killed Cude on January 4. Justice worked at the Crandon Police Department for one year before joining the Sheriff's Department.

As is normal in an officer-involved shooting, Justice is on paid administrative leave during the investigation.

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The $11 million project is scheduled to be finished at the end of February. The only portion of the building still being worked on is the connector between the new building and the existing courthouse. 

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