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


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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CRANDON - Pounding rain, howling winds, and flashing lightning�"not the most ideal conditions for camping on Saturday night.

In fact, Saturday night's bad weather couldn't have picked a worse time for thousands of people to set up camp at the Crandon Race Track.

"We were holding onto the awning last night," said Keegan Kincaid, a racer from Crandon. ."It was pouring."

"Our canopy [got] rained [on] so much we had to keep pushing it up so it wouldn't collapse," said Paul Posbrig, a fan from Green Bay.

"It was coming in all over," said Jessie Braden, a fan from Richfield.

But for Crandon fans, the rain certainly didn't dampen the weekend.

"But we made the best of it," said Braden, who comes to Crandon every summer for the Brush Run.

"We had a canopy at one point and put up tarps on the walls as we got downpoured on and it was all windy," Braden said. "If we're going camping, it's going to rain!"

The fans also got their fair share of noise because the rain didn't really affect the race schedule.

"We just had to wait a little bit longer before we could put crews out on the track," said the raceway's announcer, Dave Mullins. "So needed it to dry off a little bit first. But really it was only about a half hour."

But it certainly changed the racers' strategy.

"And so you'll see a lot of changes in trucks and driving styles," Kincaid said.
"Figure out the track, sort out where the grip is, where it's wet, where it's dry," said Arie Luyendyk, Jr., a racer from Arizona.

But Crandon's track is pretty resilient.

"Most tracks we wouldn't be able to race on it the next day, but Crandon has a lot of clay," Kincaid said.

"Because this is a clay track, it doesn't absorb the water as much, it makes it more like a mud pit," Mullins said.

Sunday's nice weather quickly brought the track's conditions back to normal.

"I thought we were going to be racing in the mud, but turns out because of the sun and wind we're actually going back to our setup we had yesterday," Luyendyk, Jr., said. 

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MINOCQUA - Things don't always go well out on the water. That's why Oneida County has a specialized dive team ready to respond whenever there's an emergency.

But funding the dive team is expensive. Saturday, community groups came together to help raise money for the team at the Minocqua Swim Challenge.

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PRICE COUNTY - A truck versus train crash killed a woman late Saturday morning.

According to the Price County Sheriff's Office, it happened at the intersection of County Road D and the Canadian National Railroad tracks in the Township of Knox.

Police think a 76-year-old man was driving the truck with a 76-year-old woman in the passenger seat, and the truck and the train collided.

Several different agencies responded, including Canadian National Railroad investigators.

Crews took the man to St. Joseph's Hospital in Marshfield, and they took the woman to Aspirus Hospital in Wausau where she later died.

Police are still investigating and will not yet release the names.

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RHINELANDER - Lumberjacks returned to Rhinelander Saturday for the 3rd annual Boom Lake Log Jam.

The event celebrates the city's logging history while showing off both old and new lumberjack skills.

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GREEN BAY - Prosecutors have charged a 26-year-old man accused of fatally stabbing his ex-girlfriend and her mother and injuring a third person in the Green Bay area.

Jacob Cayer of Ashwaubenon was charged Friday with two counts of first-degree intentional homicide. WLUK-TV reports Cayer also is charged with attempted first-degree intentional homicide, burglary, and bail jumping.

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WAUSAU - Police in Wausau expect to forward forgery charges to the Marathon County District Attorney against four people after finding counterfeit money in the area.

Patrick J. Eppolite Jr., 22; Michael A. Beck, 27; Jeremy J. Hess, 36; and Amanda M. Bender, 32, are currently in jail on probation holds, but investigators believe they're connected to some counterfeit $20 bills in the area, according to the Wausau Police Department.

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STEVENS POINT - David Appel doesn't say too much these days.  Instead, he lets his artwork speak for him.

"Oh yeah, he likes to show them off," David's son Dan said.

The recently turned 82-year-old spends his days in the Portage County Skilled Nursing Facility. His family often spends their weekly visit admiring the oil paintings he once crafted.

"I wouldn't call it a shock, but I didn't know he had that artistic skill," Dan Appel said.

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