Dec. 6 - 12, 2000
Northland Cranberries, Inc. successfully
negotiates Forbearance Agreement
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Observations from the Land of the Rising Sunby Jeff LaFleur
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Middleboro Gazette covers Ocean Spray lawsuit12/7/00 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 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.
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General Mills Shareholders Approve Pillsbury AcquisitionNorthland news:12/6/00 Northland to ask stock- holders to OK reverse stock split at Jan. 30 annual meeting. Wisconsin Rapids Daily Tribune article From The Cape
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