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.
Stora Enso announced in February plans to permanently close down one paper machine 8 (PM8) and related reorganisation at the Kvarnsveden Mill in Sweden that could affect a maximum of 140 people at the mill. PM8 was permanently shut down in June, and the negotiations between central parties have now been concluded.
The impact of the reorganisation and PM8 closure was mitigated through individual solutions, such as early retirement. Altogether the number of people affected will be 122.
Stora Enso is convinced that through the measures taken, it is possible to improve the competitiveness of the Kvarnsveden Mill going forward.
Production at Kvarnsveden Mill will continue on two lines, PM10 for improved newsprint paper and PM12 for SC papers.