Third Avenue Management LLC ("TAM") today announced that on behalf of Third Avenue International Value Fund, other affiliated funds, and separately managed client accounts (collectively, the "Client Accounts"), it has completed the sale of 105,105,509, or 27.52%, of the outstanding common shares ("Shares") of Catalyst Paper Corporation ("Catalyst").
Friday, February 17, 2012
Update on St. Mary's Paper
It remains uncertain whether negotiations have been initiated toward salvaging bankrupt St. Marys Paper Corp.
Speculation had Ernst & Young, court-appointed receivers for the cash-strapped Sault Ste. Marie specialty paper manufacturer, making a Tuesday sales process recommendation to the Ontario Superior Court of Justice (Commercial Division) in Toronto.
Nobody has been able to confirm such an appearance took place there has been no posting on the receiver's restructuring website, but Sault Ste. Marie MPP David Orazietti, who announced the appearance in a Monday release, believes it did take place.
Transcontinental Chaiman Steps Down
The annual TC Transcontinental shareholders’ meeting was highlighted by the tribute paid to Rémi Marcoux, outgoing chairman of the board and founder, and the election of his daughter, Isabelle Marcoux, as chair of the board. Marcoux will remain on the board as a director.
USPS Report; $0.50 Stamp?
The U.S. Postal Service (USPS) released an important update to its business plan for returning to profitability and long-term financial stability. While fundamentally consistent with the approach advanced by the Postal Service over the past year, the plan released today incorporates important refinements of financial projections and recommended legislative reforms.
Legislative change allowing single-piece First-Class Mail stamp to increase to $0.50 could yield approximately $1billion of incremental contribution.
187 Million Magazine Readers; 46% Read Exclusively in Print
Many Consumers Just Prefer Reading the Printed Versions of Magazines: There are almost 187 million magazine reading adults in the U.S. -- and almost half (46%) are interacting with their favorite magazines exclusively in print.
Pitney Bowes: Email Opening Rate Down 30%
Email opening rates diminishing, says Pitney Bowes: The print equipment and cross-media specialist has produced a white paper entitled Why some customers are just not that into you – a survey conducted with more than 5,000 consumers across the UK, France, Germany and the US. Pitney Bowes UK managing director said that just 24% of emails, when sent as a solo communication, will be opened. This is down from 30% in 2010.
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