California law firm files class action suit over CVPS sale

first_imgRobbins Geller Rudman & Dowd LLP has announced that a class action has been commenced in the United States District Court for the District of Vermont on behalf of a proposed class of Central Vermont Public Service Corp CV +0.21% shareholders who held CVPS shares during the period beginning May 30, 2011 through and including the closing of the proposed acquisition of CVPS by Gaz Metro Limited Partnership (“Gaz Metro”).Those who wish to serve as lead plaintiff must move the Court no later than 60 days from today. If they wish to discuss this action or have any questions concerning this notice or their rights or interests, they may contact plaintiffs’ counsel, Darren Robbins of Robbins Geller at 800/449-4900 or 619/231-1058, or via e-mail at djr@rgrdlaw.com(link sends e-mail). A member of this class may view a copy of the complaint as filed or join this class action online at http://www.rgrdlaw.com/cases/cvps/(link is external) . Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.The complaint charges CVPS and its Board of Directors with breaches of fiduciary duty and aiding and abetting breaches of fiduciary duty under Vermont state law, and CVPS, the Board and Gaz Metro with violations of the Securities Exchange Act of 1934 (“1934 Act”). CVPS operates as an electric utility company.The complaint alleges that the Board, aided and abetted by CVPS, in bad faith and for self-interested reasons, tilted the sales process for the Company in favor of Fortis Inc. and against Gaz Metro and thereby obligated the Company to improperly pay Fortis a termination fee of $19.5 million when the merger agreement with Fortis was later terminated after Gaz Metro made a superior proposal that was accepted by the Board. The end result of CVPS and the Board’s misconduct was to destroy shareholder value in the same amount of the termination fee, or approximately $1.57 per share. The complaint seeks damages for the Board’s breaches of fiduciary duty in this regard.The complaint further alleges that on August 29, 2011, CVPS filed a Form DEFM 14A Proxy Statement (the “Proxy”) that omitted or misrepresented material information regarding the proposed Fortis and Gaz Metro acquisitions in violation of 14(a) and 20(a) of the 1934 Act and in contravention of the Board’s fiduciary duties under state law. The Proxy fails to disclose, among other things, material information regarding: (i) the Company’s current and future value; (ii) details about the sales process, including details concerning the favored treatment of Fortis, and the conflicts of interests faced by the persons involved; and (iii) the financial analysis conducted by the Company’s financial advisor. Without this material information, the Company’s public shareholders are precluded from casting a fully informed vote. The complaint seeks injunctive relief in connection with defendants’ violations of 14(a) and 20(a) of the 1934 Act.Plaintiffs seek injunctive, monetary and other equitable relief on behalf of all shareholder of CVPS who held CVPS common stock during the period beginning May 30, 2011 through and including the closing of the proposed acquisition of CVPS by Gaz Metro (the “Class”). The plaintiff is represented by Robbins Geller, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.Robbins Geller, a 180-lawyer firm with offices in San Diego, San Francisco, New York, Boca Raton, Washington, D.C., Philadelphia and Atlanta, is active in major litigations pending in federal and state courts throughout the United States and has taken a leading role in many important actions on behalf of defrauded investors, consumers, and companies, as well as victims of human rights violations. The Robbins Geller Web site ( http://www.rgrdlaw.com(link is external) ) has more information about the firm.SOURCE: Robbins Geller Rudman & Dowd LLP SAN DIEGO, Sep 15, 2011 (BUSINESS WIRE) — http://www.rgrdlaw.com/cases/cvps(link is external)last_img read more

What if credit unions lost tax exemption and courtesy pay?

first_img 7SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Scott Butterfield Scott is the Principal of Your Credit Union Partner, PLLC.Your Credit Union Partner (YCUP) is a trusted advisor to the leaders of more than 100 credit unions located throughout … Web: www.yourcupartner.org Details Collectively and individually, our futures hold limitless opportunities and threats – some known, others unknown. We regularly consider these opportunities and threats, whether as part of the strategic-planning process or in an ongoing manner as we are faced with emerging events. Our longevity and vitality depends on our ability to prepare for and adapt to as many of these events as possible.I like history. History helps me put things into context. Consider the following historical events and their outcomes, which dramatically changed the world. What if…Socrates had died in the Peloponnesian War of 424 B.C.? He would have missed the next 25 years, which where the greatest years of his influence. What if he had not met and taught a young Plato? The entire course of Western philosophical thought would have been radically altered.George Washington had been killed by a sniper’s bullet in 1777? Washington was the linchpin that held the struggle together, inspiring loyalty throughout the Continental army. The probability of finding another person with Washington’s stature and leadership abilities would have been nearly impossible.Sometimes history is saved by luck, but usually it is saved by planning. A very important historical figure, Dwight D. Eisenhower said that “plans are nothing; planning is everything.” Operation Overlord, a.k.a. the D-Day invasion took one year to plan. What if the D-Day invasion had failed?There are many opportunities and threats on the horizon that could have us scratching our heads and saying “what if?”What if in spite of heroic legislative advocacy, credit unions finally lose the tax-exempt status for all credit unions with assets of more than $100 million? What if the financial impact to credit unions is 30 to 75 BP?What if the Consumer Financial Protection Bureau deems Courtesy Pay Overdraft programs predatory, and regulatory required program changes reduce overdraft income by an average of 25 percent?Are you prepared for these and/or many other potential “what if” scenarios? Do you have a plan for a variety of potential scenarios, or is your plan to just wait and see? How your credit union plans and responds will strongly influence whether you cease, survive, or thrive.Are a review of these and other scenarios part of your strategic planning conversations? Or are you pursuing more of a “hope and a prayer” approach, and naively thinking some of the scarier scenarios will just go away?Preparing for the unthinkableIt’s important that your team envision “alternate extreme futures” (worst/best case) and create strategies that works for all extreme futures. I recommend using CUES Scenarios for Credit Unions 2020 ( http://www.cues.org/professional-development/library/research/view/id/75) for your planning session environmental review. I was honored to contribute to this version of the CUES report, and I find it useful in guiding teams through the planning process.Scenario-planning can also help innovators and entrepreneurs exploit the unthinkableCase in point: Charles Darrow, who – finding himself out of work after the market crash of 1929 – spent a few years perfecting a little game that eventually came to be known as Monopoly. Within a year of his patent, Parker Brothers was selling 20,000 units a year, and Darrow became the world’s first millionaire game designer.What future scenarios are possible for your credit union?Scenario planning facilitates learning and prepares credit unions for the possibility of some level of failure while minimizing future risks. It will also give your team confidence and strategies that optimize the chances of success under all possible scenarios.last_img read more

Who won the NASCAR race yesterday? Complete results from the All-Star Race at Bristol

first_imgNASCAR’s top teams raced for $1 million Wednesday night at Bristol Motor Speedway in the Cup Series’ annual All-Star Race. The winner-take-all event didn’t produce the short-track action that fans crave (and there were about 20,000 on hand, reports The Associated Press, as NASCAR allowed spectators in).Instead, there was mostly trouble-free racing and a comfortable victory by Chase Elliott, the series’ Most Popular Driver. He won Stages 2 and 3 and then dominated the closing 15-lap stage.  The 9️⃣ gets it done!Retweet to congratulate @chaseelliott on his first #AllStarRace victory! pic.twitter.com/Z313jiHFJF— NASCAR (@NASCAR) July 16, 2020″Oh, my gosh, there’s no feeling like it, nothing like it,” Elliott said after the fans cheered his triumph. “Bristol is an electric atmosphere unlike any place we go to. We’re going to celebrate this one for sure.”MORE: Highlights from the All-Star Race”There’s nothing like Bristol, Elliott added. “There’s nothing like the lights here. There’s nothing like racing here. I’ve never won here (before) — what a race to do it.”Below is more about Elliott’s win, plus the complete results of Wednesday’s NASCAR All-Star Race and All-Star Open at Bristol.Who won the NASCAR race last night?Chase Elliott took control of the race in Stage 2 and never let go. He led 60 of the race’s 140 laps, which were broken up into four stages. Ryan Blaney led the most laps (72) and took Stage 1, but he came home in sixth.Elliott joined his father, Bill, as an All-Star winner. They’re the second father-son combo to win the race, after Dale Earnhardt and Dale Earnhardt Jr.Interestingly, only two All-Star Races have been held at a track other than Charlotte Motor Speedway, and an Elliott has won both of them: Chase this year and Bill in 1986 at Atlanta, his home track.NASCAR results at BristolWell, if you weren’t first Wednesday, you were pretty much last as only Elliott cashed. Kyle Busch came home second, followed by Kevin Harvick, Brad Keselowski and Denny Hamlin in the top five. Elliott’s Hendrick Motorsports teammate Alex Bowman was the only other Chevrolet driver in the top 10.Below are the complete results from Wednesday’s All-Star race and the All-Star Open, which set the last four spots in the field, at Bristol.All-Star RaceFinish(Start)DriverCarLaps1(13)Chase ElliottChevrolet1402(10)Kyle BuschToyota1403(5)Kevin HarvickFord1404(9)Brad KeselowskiFord1405(15)Denny HamlinToyota1406(3)Ryan BlaneyFord1407(12)Joey LoganoFord1408(2)Alex BowmanChevrolet1409(17)Aric AlmirolaFord14010(1)Martin Truex Jr.Toyota14011(16)Erik JonesToyota14012(18)William ByronChevrolet14013(19)Matt DiBenedettoFord14014(4)Justin Haley(i)Chevrolet14015(20)Clint BowyerFord14016(8)Cole Custer #Ford14017(14)Jimmie JohnsonChevrolet14018(6)Matt KensethChevrolet14019(11)Ryan NewmanFord14020(7)Kurt BuschChevrolet140# Rookie. (i) Ineligible for series points.Average speed of race winner: 65.68 mph.Time of race: 1 hour, 8 minutes, 10 seconds. Margin of victory: 0.418 seconds.Caution flags: 5 for 13 laps.Lead changes: 6 among 4 drivers.Lap leaders: M. Truex Jr. 0; A. Bowman 1-2; R. Blaney 3-55; K. Harvick 56-61; C. Elliott 62-90; R. Blaney 91-109; C. Elliott 110-140.Leaders summary (Driver, times led, laps led): Ryan Blaney 2 times for 72 laps; Chase Elliott 2 times for 60 laps; Kevin Harvick 1 time for 6 laps; Alex Bowman 1 time for 2 laps.Stage 1 top 10: 12,4,9,88,20,10,22,2,18,6Stage 2 top 10: 9,4,12,2,88,14,11,22,10,18Stage 3 top 10: 9,12,2,18,4,11,20,22,88,14 All-Star OpenFinish(Start)DriverCarLaps1(10)Matt DiBenedettoFord852(9)Clint BowyerFord85.3(11)Austin DillonChevrolet854(8)Chris BuescherFord855(20)Ty DillonChevrolet856(4)Ricky Stenhouse Jr.Chevrolet857(1)Michael McDowellFord858(19)John Hunter Nemechek #Ford859(21)Corey LaJoieFord8510(5)Tyler Reddick #Chevrolet8511(3)Christopher Bell #Toyota8512(18)Daniel SuarezToyota8513(12)Ryan PreeceChevrolet8514(13)JJ Yeley(i)Ford8515(15)Brennan Poole #Chevrolet8516(14)Garrett Smithley(i)Chevrolet8517(16)Quin Houff #Chevrolet8318(17)Joey Gase(i)Ford7619(7)William Byron (2)Chevrolet7020(2)Aric Almirola (1)Ford3521(6)Bubba WallaceChevrolet17# Rookie. (1) Stage 1 winner. (2) Stage 2 winner. (i) Ineligible for series points.Average speed of race winner: 57.388 mph.Time of race: 47 minutes, 22 seconds. Margin of victory: 0.789 seconds.Caution flags: 4 for 18 laps.Lead changes: 3 among 4 drivers.Lap leaders: M. McDowell 1-10; A. Almirola 11-35; W. Byron 36-70; M. DiBenedetto 71-85.Leaders summary (Driver, times led, laps led): William Byron 1 time for 35 laps; Aric Almirola 1 time for 25 laps; Matt DiBenedetto 1 time for 15 laps; Michael McDowell 1 time for 10 laps.Stage 1 top 10: 10,24,13,47,17,14,32,96,21,3Stage 2 top 10: 32,8,15,27,53,24,21,3,14,952020 Fan Vote winner: Clint Bowyer.Material from the NASCAR Wire Service was used in this report.last_img read more