Tag Archives: board

Updated: Rent-A-Center'' s Board Weighing Purchase Alternative for 2,500-Store Chain

Retailer’s Chairman Steven Pepper Resigns Over Dispute with Board’s Decision

Rent-A-Center Inc. (NASDAQ/NGS: RCII), among the nation’s largest rent-to-own shop operators, which revealed early today plans to think about alternatives consisting of a sale of the chain which runs around 2,500 stores now has an at least one proposition to think about.

Vintage Capital Management LLC, an Orlando-based personal equity fund, made a nonbinding offer today to get all of the outstanding shares of the company for $13 per share in money.

Financiers don’t appear too fired up about the offer. Rent-A-Center’s stock leapt onlu about $1 per share to about $10.90/ share on news of the offer.

Rent-A-Center encouraged its shareholders not to take any action at this time however said it would review the offer.

[Editor’s Note: This story was upgraded Friday Nov. 3, 2017 at about 1:15 pm EST with news of the deal]

The Plano, TX-based company revealed earlier today that its chairman, Steven L. Pepper, resigned from his position efficient instantly. Pepper notified the company that his resignation was an outcome of his dispute with the board’s choice to start a tactical evaluation process for the retailer.

Rent-A-Center will suspend its stock dividend payments until it completes its review. The board’s choice follows calls from activist financiers to put the business up for sale after apparently decreasing buyout offers from a handful of private equity companies this year, consisting of an $800 million offer from private equity company Vintage Capital in June.

Engaged Capital, a Newport Beach financial investment company with a stake in the company, commended the board’s choice calling it long overdue.

“Engaged Capital thinks that Rent-A-Center stays an appealing acquisition opportunity. Our company believe the company’s strong cash flow generation, liquidity and management position in the appealing rent-to-own market integrate to underpin prospective transaction cost varieties that would permit both investors and a potential acquirer to realize considerable worth,” the business stated.

Engaged Capital also claimed Rent-A-Center previously cannot pursue reputable quotes at significant premiums to its stock cost earlier this year, including, “Engaged Capital reminds the board that our analysis shows that a strategic acquirer could recognize $300 million or more of synergies and operational enhancements.”

The firm has actually engaged J.P. Morgan as its financial advisor and Winston & & Strawn LLP as legal advisor. Rent-A-Center reported a loss this week the three months ended Sept. 30 of $12.6 million vs a $6.2 million profit for the same quarter last year.

Outdoors problem led to ban of School Board member, Skorkowsky says

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< img

class =” photo” src =” /wp-content/uploads/2017/11/1023MissionHighSchool08_t653.JPG” alt =” Image”/ > Steve Marcus Clark County School District Board trustees, from left, Kevin Child, Carolyn Edwards, and Deanna Wright, praise throughout the official opening ceremony for Objective High School Monday, Oct. 23, 2017. The school, currently with 21 students, is the very first all-public, recovery high school in the U.S., designed for trainees in recovery from drug abuse and dependence.

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Clark County School Board member Kevin Kid was the subject of a problem from an outside government agency for his behavior on a school campus, spurring Superintendent Pat Skorkowsky to trespass and ban him from district residential or commercial property last month.

Skorkowsky pointed out that problem and numerous others from within the district– such as unannounced sees to schools, making remarks that embarrassed trainees, and threatening tasks of staff members who have actually complained about him– as factor for an Oct. 24 memo that essentially prevents him from stepping on school home.

“This is simply among the current grievances I have actually received about Trustee Child’s habits, regardless of my duplicated attempts to coach him about his habits around personnel and students, as well as efforts made by his colleagues on the board and our lawyers,” Skorkowsky said in the letter.

The government firm, which district representatives refused to identify Thursday, has actually likewise released an examination into Kid’s conduct, Skorkowsky said in the letter.

Kid stated Thursday night he thought he was trespassed as part of an effort from Skorkowsky’s office to “get payback” versus the departing superintendent’s most significant critics throughout his final months at the head of the school district. Skorkowsky, who will retire in June, vowed to work out “greater freedoms” to deal with his critics in a Sept. 7 speech announcing his retirement.

Kid, 55, has been a vocal challenger of Skorkowsky’s handling of district financial resources, which caused a budget deficit of about $80 million for the 2017-18 academic year.

“I have a no-nonsense mindset for that stuff,” Child stated, describing the budget plan.

Child stated his habits since being chosen to the school board in 2014 has actually constantly included unexpected check outs to schools, where he’ll “drop in” to provide recommendations to students. Amongst products he said might be seen as questionable consisted of a closed-eyes poll in middle school class of the number of students at one time had actually been self-destructive.

Throughout a current go to, he stated 18 of 30 trainees in a classroom had actually raised their hands to that question.

“I inform them to close their eyes and raise their hand, simply to show them that everybody wants to feel liked, which all of us have to feel loved,” he said.

Kid challenged claims that he threatened to fire district workers who grumbled about him, stating he does not have the authority to end staff member contacts.

Both Skorkowsky and Kid said the embattled trustee has disregarded the superintendent’s trespass order and continues to check out schools. Kid said that despite Skorkowsky’s cautioning to stay off campus, he’ll continue to “to be an overseer” of the district.

“I’m enthusiastic about what I do,” Child stated. “I’ve never done anything incorrect to no one.”

Rent-A-Center'' s Board Weighing Choices for 2,500-Store Chain

Seller’s Chairman Steven Pepper Resigns Over Argument with Board’s Choice

Rent-A-Center Inc. (NASDAQ/NGS: RCII), one of the nation’s largest rent-to-own store operators, announced plans to think about options consisting of a sale of the chain which runs approximately 2,500 shops in the United States, Mexico, Canada and Puerto Rico.

The Plano, TX-based business also revealed that its chairman, Steven L. Pepper, resigned from his position efficient today. Pepper notified the company that his resignation was a result of his dispute with the board’s decision to initiate a tactical review process for the merchant.

Rent-A-Center will suspend its stock dividend payments till it finishes its review. The board’s choice follows calls from activist investors to put the business up for sale after reportedly decreasing buyout offers from a handful of personal equity companies this year, consisting of an $800 million deal from private equity firm Vintage Capital in June.

Engaged Capital, a Newport Beach financial investment company with a stake in the business, commended the board’s decision calling it long past due.

“Engaged Capital believes that Rent-A-Center stays an attractive acquisition opportunity. Our company believe the business’s strong capital generation, liquidity and leadership position in the appealing rent-to-own industry combine to underpin possible transaction rate ranges that would allow both stockholders and a possible acquirer to recognize significant worth,” the company stated.

Engaged Capital likewise claimed Rent-A-Center formerly cannot pursue trustworthy quotes at significant premiums to its stock cost earlier this year, including, “Engaged Capital reminds the board that our analysis shows that a tactical acquirer could understand $300 million or more of synergies and functional improvements.”

The firm has actually engaged J.P. Morgan as its monetary consultant and Winston & & Strawn LLP as legal consultant. Rent-A-Center reported a loss this week the 3 months ended Sept. 30 of $12.6 million vs a $6.2 million profit for the very same quarter last year.

School Board OKs as much as $14 million in new spending plan cuts

Friday, Sept. 15, 2017|8:10 a.m.

. The Clark County School Board approved approximately $13.9 million in brand-new cuts as it faces a budget plan shortfall of up to $60 million.

The board anticipates the brand-new round of cuts authorized Thursday will conserve the district about $7 million to $13.9 million.

The cuts originate from the elimination of more than 272 positions and numerous services.

Schools are anticipated to make a combined $17.4 million in cuts to individual spending plans too.

Superintendent Pat Skorkowsky states they have been striving on “aiming to prevent more cuts to schools.”

The board authorized $43 million in cuts last month, and it’s most likely to approve more at the end of this month.

Clark County mulls control board to keep cannabis businesses in line

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Gosia Wozniacka/ AP A cannabis dispensary displays a sign Monday, Sept. 28, 2015, in Portland, Ore. Nevada lawmakers designed the state’s “early start” recreational cannabis program after Oregon’s. Permanent provisions won’t be established up until it expires Jan. 1, but the Clark County Commission is already going over regional rules that will align.

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Clark County commissioners desire rigorous rules in place for any marijuana companies found breaking its regional laws.

Dispensaries and growing centers operate under business licenses and special-use permits granted by the county. That implies the commissioners, who likewise meet as the Zoning Board, currently have the capability to hold a public hearing and revoke said licenses and permits, efficiently closing down a business in violation. Prior to that extreme strategy takes place, business license, zoning and air quality departments routinely investigate problems lodged against companies to ensure they are in compliance with codes.

Some commissioners don’t think that’s enough.

Arguing that the emerging cannabis industry demands more oversight than your ordinary organisation, Commissioner Marilyn Kirkpatrick on Tuesday floated the concept of producing a cannabis control board similar to the Gaming Control panel or Alcohol Control Board.

“This (market) is altering each day,” she stated. “Nobody knows who controls exactly what.”

Kirkpatrick referenced a commercial she saw just recently for a “weed party bus,” saying she didn’t know the legality of such an operation or exactly what options would be offered. This is not the first time such confusion has taken place. At a previous conference, commissioners had a prolonged conversation with personnel concerning whether a repeating weed yoga occasion remained in offense of regional law. (That particular establishment wound up not remaining in the county’s jurisdiction.)

A weed control board could oversee policies and the fines and charges related to breaking them within the county, Kirkpatrick stated. It likewise could keep track of the overlapping standards from various levels of federal government.

Chairman Steve Sisolak agreed with the idea of a board to assist with disciplinary issues. He has actually been singing about his dissatisfaction with exactly what he sees as “slaps on the wrist” for services skirting the law or attempting to press the limits of what is permissible in regards to occasions and promo.

“We are the gold requirement for video gaming, and I want to be the gold standard in the cannabis industry,” he has stated previously.

On June 21, just before leisure marijuana sales started, DigiPath Labs was brought before the Zoning Board for sending out an e-mail promoting a third-party event that paired food and marijuana. (The occasion was later canceled.) In hopes of preventing a public hearing and possible license cancellation, the medical marijuana company offered its own penalty, much the way that universities do after entering water with the NCAA.

DigiPath Labs’ offer included a contribution of $50,000 to a medical study on drug abuse, the creation and offering of academic lectures regarding marijuana, and the production and circulation of handbooks on leisure cannabis laws.

The commissioners accepted the suggestions and decided not to continue with the cancellation procedure, but a number of stressed that such a service was not feasible in the long term. Personnel agreed that clear standards are had to make sure constant application among all companies. They likewise warned that the recreational marijuana market would run on momentary provisions until Jan. 1, such that waiting may be sensible in order to align with long-term ones.

Jacqueline Holloway, the county’s director of service licensing, informed the commissioners on Tuesday that staff are already part of a “joint enforcement group” that includes her department, Metro and the city towns. That group is checking out the concern of weed party buses, to name a few things.

“We’re beginning to gather information and be proactive,” Holloway stated.

When inquired about marijuana-related arrests since recreational sales began July 1, Holloway stated she just knew of one.

The commissioners took no action on creating a weed control panel, but the concern of increased analysis of marijuana-related services is most likely to continue.

“Individuals need to know we’re serious,” Kirkpatrick stated.

Also on Tuesday, the commissioners accepted an organisation impact study on a proposed ordinance to forbid the ownership or ad of cannabis at local airports. That regulation is up for adoption on Aug. 1.

Hearing wraps for school board member who insulted Obama

Thursday, June 29, 2017|12:30 a.m.

ALBANY, N.Y.– A decision on whether a one-time candidate for New york city guv who openly insulted former President Barack Obama must remain on a school board is anticipated in a number of weeks.

Layers finished up a five-day hearing in Albany on Wednesday.

State Education Commissioner MaryEllen Elia will make her decision on Carl Paladino’s future on the Buffalo school board after getting written briefs up until mid-July.

Fellow school board members state Paladino poorly revealed info about instructor contract settlements gone over in closed-door sessions.

But Paladino states the real reason for the action is remarks he made about Obama released in a Buffalo arts newspaper. Paladino says those remarks– including his desire that the former president die of mad cow illness– weren’t meant for publication.

Taubman Board Nominees Prevail in Proxy Challenge by Activist REIT Group

With Nod to Taubman’s ‘Incremental’ Relocate to Enhance Business Governance, Land and Buildings Vows to Continue Fight for Shareholder Responsibility in Federal Court

Taubman Centers, Inc.(NYSE: TCO)this morning announced that investors voted to elect CEO Robert S. Taubman and 2 other company candidates to the board of directors, reversing a challenge by activist hedge fund Land and Structures, which nominated a different slate of board prospects.

The shopping center REIT’s proxy solicitor recommended that, according to preliminary results of the yearly election, shareholders voted to elect Taubman, Cia Buckley Marakovits and Myron E. Ullman III to the board at the Bloomfield Hills, MI-based company’s yearly shareholders fulfilling early today. Land and Structures Financial investment Management had actually put forth co-founder Jonathan Litt and corporate governance expert Charles Elson as nominees.

In a declaration, Taubman Centers stated its board and management group values “the open dialogue and input we have actually received from our investors, and we eagerly anticipate continuing to engage with financiers in our continuous efforts to deliver superior long-term shareholder value.”

Taubman last month asked its shareholders to reject the slate of directors nominated by Land and Structures, which owns 1.2% of Taubman stock and sought to replace Robert Taubman and lead director Myron E. Ullman III on the board.


Land and Structures hedge fund co-founder Jonathan Litt, (right) sought to oust Taubman President, Chairman and CEO Robert “Bobby” Taubman in a battle for control of the shopping center REIT’s board of directors.

Under the existing board and management, “Taubman has put together an exceptional portfolio making up some of the very best properties in the industry and has provided remarkable go back to shareholders.”

The at-times controversial disagreement between the shopping mall owner and hedge fund might now relocate to the courts. Stamford, CT-based Land and Structures stated in a declaration that it plans to pursue litigation to limit the Taubman household’s control of the company, and that preliminary ballot shows that shareholders not aligned with the family supported the activist group’s proposed changes.

“Although Taubman announced that all of its directors were re-elected at the annual conference, a majority of non-Taubman household shareholders supported Land and Buildings nominees,” Litt’s company stated. “This consisted of near-unanimous assistance from active supervisors. We believe this highlights the immediate need for new voices in the company’s boardroom.”

Taubman’s stock rate declined as much as 2.5% to $59.74 in late early morning trading following the statement. A Keybanc analyst had actually forecasted that a shareholder vote to remove Taubman and Ullman from the board would have a favorable influence on the REIT’s shares.

Litt said that if the Taubman household’s voting position was restricted to 8.23%, as the hedge fund believes it lawfully should under the business’s charter, the two activist candidates would have been elected to the board. The hedge fund stated it will move on with lawsuits versus Taubman Centers filed in U.S. District Court in Michigan.

“As long as the Taubman family’s 30% voting interest persists, shareholder voices will never ever be genuinely heard,” Litt said in the declaration.

Preliminary election results more suggest that shareholders approved all the business’s other proposals at the yearly meeting, consisting of annual advisory votes on executive settlement for Taubman officers and approval of KPMG LLP as the company’s accounting company for 2017.

Taubman said in a release that the business will deal with business governance problems by transitioning to annual director elections to refresh the board “no later than the 2018 yearly meeting.”

Land and Structures offered credit to the business for the “incremental actions” taken as an outcome of the general public proxy battle, consisting of the consultation of a lead independent director, the addition of board member Cia Buckley Marakovits, Taubman’s promise to “refresh” the board through annual director elections.

While Litt views the changes as inadequate to secure the rights of Taubman investors, “they at least reflect the impact that shining a spotlight on bad business governance and oversight can have.”

Las Vegas City board candidates spar over housing at shuttered golf course

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Mikayla Whitmore Left, Las Vegas City Council Ward 2 Councilman Bob Beers and retired Flying force Col. Steve Seroka speak to media after a live dispute on “State of Nevada” in the Nevada Public Radio studio on May 25, 2017.

Friday, Might 26, 2017|3:41 p.m.

State of Nevada Ward 2 Live Debate Introduce slideshow” Candidates for one of the Las Vegas City board’s two contested seats

squared off in a live dispute on KNPR 88.9-FM on Thursday. In Ward 2, incumbent Bob Beers is being challenged by retired Air Force Col. Steve Seroka. The centerpiece of the race has actually been the shuttered Badlands golf course and City Council’s recent approval of strategies to establish it into housing, much to the dismay of some neighboring homeowners. The subject remained the most enthusiastic point of dispute for the candidates and the greatest source of dispute. Seroka argued that Beers’ yes vote on the Badlands concern is “simply a sign” of a bigger problem of the sitting councilman, whom he referred to as a career politician affected by designers and dismissive of his constituents. Seroka, who is running for public workplace for the first time, placed himself as an independent outsider whose main dedication is being”the voice of the individuals.”Beers combatted that by identifying Seroka as unprepared to browse the inner operations of local government. He likewise rebutted the label of a profession politician. Beers has represented Ward 2 since 2012, when he was chosen through a special election. Prior to that, he served in the state Legislature from

1999 to 2008, however he kept in mind those roles are not full-time positions, for that reason he has experience in the private sector. Beers is a certified public accounting professional. The councilman doubled down on his Badlands vote, saying the land in question had been authorized for housing more than three decades ago– long before he or any of the existing council members were involved. Rejecting the designer would cause a suit the city couldn’t win, Beers said. “We investigated all choices,”he stated. Seroka countered that more might have been done, adding that he respects property owner rights but demands “smarter development”rather than the”fast growth at all expenses”of the pre-recession boom years.

“We have choices,” he stated.

Another point of disagreement between the candidates was the recent 10-year agreement extension for Republic Solutions for garbage collection, which the City board approved without formally considering other options.

As soon as again, Beers protected his support, stating the cost of not remaining with Republic Services was undue. Seroka disagreed, saying the contract must have been put out for competitive quote. The candidates did find some common ground. Both praised City and revealed no issue about its compliance with federal immigration enforcement, and both likewise expressed interest in long-term financing for

an approved$15 million task resolving homelessness in the metropolitan core. Early voting starts Saturday and goes through June 9. Election Day is June

13. Ward 2 encompasses the southwest corner of the city, consisting of Peccole Ranch, Queensridge, the Lakes and parts of Summerlin.

PD: CCSD chauffeur skipped bus check, forgot 3-year-old on board

Luz Garcia-Ortiz (LVMPD)< img src=" /wp-content/uploads/2017/05/13916864_G.jpg "alt=" Luz Garcia-Ortiz (LVMPD) "title=

” Luz Garcia-Ortiz( LVMPD)” border= “0” width=” 180″/ > Luz Garcia-Ortiz( LVMPD). LAS VEGAS( FOX5 )-. A Clark County School District bus motorist implicated of child endangerment informed police she skipped a compulsory check of her car for staying kids due to the low variety of trainees she picked up on a route.

In an arrest report, CCSD authorities explained the events that led up to Luz Garcia-Ortiz’s arrest on Tuesday. Garcia-Ortiz was implicated in the case after district employees saw a 3-year-old young boy standing next to one of the school buses in the transport yard.

Authorities approximated the kid had actually been left alone on the bus for more than 45 minutes on the 80-degree day. The report specified the interior temperature level was measured at 93 degrees.

Transportation workers took custody of the boy, and, later on, medical personnel got here to take a look at the kid, who was OKAY.

In the report, it was identified that the bus in question was utilized by Garcia-Ortiz. In an interview, Garcia-Ortiz told an investigator she was aware of the pre- and post-route protocol that includes inspecting each row of seats for any kids left.

Garcia-Ortiz informed detectives she was assigned to an unique education bus path that afternoon. Inning accordance with authorities, she initially recalled picking up two trainees but then remembered a third who had actually gone to the back of the bus.

When asked why she didn’t do her post-route check, she informed police she didn’t believe she needed to do it given that there were just two trainees on board. After revealing this, though, police stated that was when she kept in mind the additional child.

In the report, Garcia-Ortiz admitted her error, insisting it was a mishap.

Garcia-Ortiz was arrested and reserved into Clark County Detention Center. According to CCSD, Garcia-Ortiz had actually been worked with on this month. The school district stated it anticipates to end Garcia-Ortiz’s work.

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