Cranberry Stressline Archives

Dec. 6 - 12, 2000

Northland Cranberries, Inc. successfully negotiates Forbearance Agreement
with banks

12/13/00 -- PRNewswire/ --  Northland Cranberries, Inc. 
manufacturer of Northland 100% juice cranberry blends and Seneca fruit juice products, today announced that it has successfully entered into a forbearance agreement with its bank group.  Under the forbearance agreement, the banks have allowed Northland to defer principal and interest payments under its $155 million revolving credit agreement until February 12, 2001.  During this period, the banks also agreed not to exercise various remedies available to them as a result of Northland's defaults under certain covenants and payment requirements of its secured debt arrangements as long as Northland is in compliance with the terms and conditions of the forbearance agreement. CONTINUED


Are cranberries the health food miracle of the next decade?

The Cranberry Institute sponsored a meeting on December 9, 2000 on current research into the health benefits of cranberries. The meeting was held at Plimouth Plantation in Plymouth, Massachusetts. Dr. Marge Leahy (below right), Senior Manager of Health and Nutrition Research at Ocean Spray, spoke of the folklore of cranberries going back well over a hundred years, and the current scientific studies of the urinary tract health benefits. Dr. Kuresh Youdim, who is a post-doctoral fellow at the Human Nutrition Research Center on Aging at Tufts University gave a talk on the anti-inflammatory properties of both cranberry and blueberry polyphenenolics and their possible anti-aging effects on brain chemistry.

Dr. Mary Ellen Camire, who is a professor in the Food Science and Human Nutrition department at the University of Maine discussed current research into how diabetics may benefit from the antioxidant effects of cranberries. Dr. Ted Wilson teaches nutrition at the University of Wisconsin - LaCrosse, and conducts research in nutrition and cardiac health. He discussed how cranberry juice consumption opens up blood vessels and improves blood flow.

These top scientists were all cautiously optimistic about the current research into the health benefits of cranberries. Early results suggest that, indeed, the answer to the question posed above, "are cranberries the health food miracle of the next decade" appears to be a definite "maybe." 

 


Observations from the Land of the Rising Sun

by Jeff LaFleur
Executive Director, CCCGA

Pictures

2/14/00 Massachusetts Governor Paul Cellucci invited the Cape Cod Cranberry  Growers' Association to participate in his trade mission to Japan and Australia. He viewed it as an opportunity to help an industry in crisis. CCCGA consulted with the Cranberry Marketing Committee to determine the effectiveness of participating in the trade mission.  Since the CMC embarked on a generic international promotional campaign in Japan this was a prime opportunity to build upon the ground work conducted by CMC. The objective was to expose Japanese consumers to the health benefits and versatility cranberries. CCCGA invited all handlers to participate in the trade mission. Ocean Spray and Decas Cranberries agreed to participate. CONTINUED


Coke wins over Pepsi with state of the art Web site

Ocean Spray site simple but effective

12/12/00 You'll need to download Macromedia Flash to get the full effect. Once you do you'll see that Coca-Cola has put together an engaging  interactive Web site compared to Pepsi's overloaded non - interactive entry page. On the Coke page, move your mouse cursor around, over the bubbles, the bottle cap and various scrolling pictures, and try clicking, for some surprises. Ocean Spray's company web site has a spare  Macromedia entry page with an attention getting bouncing cranberry coming onscreen from the left. It's a simple but effective use of Macromedia Flash technology.  Coke Web site | Pepsi Web site | Ocean Spray


Quote:

12/11/00 "Watch grocery stores to see if Pepsi delivers on its new "power aisle" ideas and if it seems to be dominating the non-carbonated drink market." From The Motley Fool


 

Middleboro Gazette covers Ocean Spray lawsuit

12/7/00 The Middleboro Gazette, which is the weekly newspaper covering Middleboro and Lakeville, published a front page article by Karen Dusek, and an Opinion piece by Hal Brown, on the Ocean Spray lawsuit today. Ocean Spray spokesman Chris Phillips is quoted as saying that Ocean Spray was "perplexed" by the suit because the company was already planning to address the issues raised in the complaint at the Annual Meeting. He also is quoted as saying that the plaintiffs "don't represent the entire grower membership" and that the suit does not have widespread support. He noted that it was only filed by three members of the cooperative's 804 growers. 

There is also a lengthy quote from former Ocean Spray director Larry Harju's letter (here), including this opinion on the percentage who would favor a sale: "I would wager that it would be a majority of the shareholders certainly, but also a majority of shares. I realize that 25% of shareholders can block a transaction but with the recommendation of the NEW BOARD , that may change also. If the 25-33% persist so that the option can never take place, I fear that the number of growers leaving the co-op would intensify and the redemption of equity would further erode the bottom line. I have even heard talk of growers leaving to join forces with another handler to put together a block of fruit large enough for Dole to jump into the cranberry category. Maybe rumors, but who knows? Growers are not going to sit idly by and go broke without one final desperate kick."

You can read the entire article HERE . It summarizes the salient points in the Complaint. 

The Opinion piece, titled "The Case Against Ocean Spray" by Hal Brown can be read HERE.


Previous articles on the Lawsuit against Ocean Spray

Cranberry Stressline breaks the story

Press release from the Plaintiffs

Links to media coverage of the story

Editorial on the lawsuit

Middleboro Gazette Article which sumarrizes the salient points in the Complaint 

An Opinion piece published in the Middleboro Gazettee, titled "The Case Against Ocean Spray" by Hal Brown can be read HERE.

 

Previous edition

General Mills Shareholders Approve Pillsbury Acquisition


Northland news:

12/6/00 Northland  to ask stock- holders to OK reverse stock split at Jan. 30 annual meeting. Wisconsin Rapids Daily Tribune article

Related article


From The Cape
Cod Times:

Berry grower decries lawsuit

"Cranberry grower Brian Handy thinks it is 'a disgrace' that three of his fellow Ocean Spray farmers have filed a lawsuit seeking the sale of the company. 'We owe it to our predecessors to make this company work,' said Handy, a fifth - generation grower who operates the largest farm on Cape Cod with 265 acres of bogs in Falmouth and Bourne."

12/6/00 Ocean Spray grower Jimmy Jenkins and former Ocean Spray grower Dave McCarthy, along with Brian Handy, were interviewed for this article in the Cape Cod Times. Email stressline for a copy.


 

 

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