Oral arguments were held on March 12th before the D.C. Circuit Court of Appeals on Twin Rivers’ petition for review of SEC Rule 30e-3, legislation that threatens consumer access to critical investor information. Twin Rivers is leading a coalition that petitioned the court to vacate the rule as unlawful, arguing that the SEC failed to meet its statutory duty to consider comments and alternatives from the Investor Advisory Committee and that the SEC failed to properly consider the costs and benefits of the rule. Ken Winterhalter, President and CEO of Twin Rivers Paper Company said, “We were very pleased to see the close questioning the SEC was subjected to during the court argument on the SEC’s rule 30e-3.” In particular, one judge pressed the SEC on its failure to respond to recommendations from the Commission’s Investor Advisory Committee and to consider alternatives to the rule before finalizing it. Saying the SEC’s decision to issue the rule regardless “turned the world upside down,” referring to the rule’s use of implied consent to reverse the default form of shareholder reports from paper to electronic form, the judge questioned the value of the Commission’s offer instead to take comments in the future on any changes that would need to be made to deal with problems in the funds’ disclosure statements. Click Read More below for additional detail.
Due to rising costs pulp, raw materials and transportation, Moorim announces a $2.00/cwt increase on all C1S label basis weights in both sheets and rolls, effective from orders received on and after November 1, 2017.
ND Paper, a subsidiary of Nine Dragons Paper of Hong Kong, announced Friday that it had completed the purchase of paper mills in Rumford and Biron, Wisconsin, and an operations center in Ohio from Catalyst Paper Corp. for $175 million. They’re Nine Dragons’ first mills in the U.S. “We are very excited about the new products, team members and new business opportunities we can create with this acquisition,” ND Paper CEO Ken Liu said in a news release. “We look forward to working with the teams and local communities in Maine, Wisconsin and Ohio to expand our industry leadership globally.” What will now be known as ND Paper – Rumford Mill employs about 620 people. Click Read More below for additional information.
Sun Paper Industry of China says the planned early 2017 construction start for a $1.3 billion superproject in Clark County will likely be pushed back because of ongoing pre-engineering and feasibility studies for the bio-product paper mill. “They are still trying to nail down some of the issues involving the project and it has taken more time than was expected,” said Julie Mullenix of Little Rock-based Mullenix & Associates, a local governmental relations, PR and lobbying firm. In late April, Gov. Asa Hutchinson signed a memorandum of understanding with Sun Paper Chairman and Founder Hongxin Li to bringthe Chinese conglomerate to south Arkansas to invest more than $1 billion to build a paper manufacturing facility creating 250 new jobs at an annual average salary of $52,000. At the time, Sun Paper officials said they hoped to begin construction on the project in the first quarter of 2017.