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BUSINESS
October 17, 1995 | By Andrew Maykuth, INQUIRER STAFF WRITER
The U.S. District Court in Delaware approved a $36.5 million class-action settlement between the Columbia Gas System Inc. and shareholders to resolve alleged securities violations surrounding the Wilmington company's financial problems in 1991. Columbia Gas will distribute the money to shareholders who bought or sold the company's stock between a January 1990 common stock offering and June 1991, when Columbia suspended its dividend and disclosed that it might file for bankruptcy.
BUSINESS
April 21, 1987 | By MARC MELTZER, Daily News Staff Writer
The new chief executive of Mellon Bank Corp. tried yesterday to reassure stockholders worried about the bank's future. But some shareholders remained unconvinced. Chairman and chief executive Nathan W. Pearson told shareholders during their annual meeting that the company was in a "time of transition, not a time of stagnation and indecision. " But not all shareholders were so sure. Helen McEldowney Patterson, one of more than a dozen who spoke, said, "I question where the directors were when the alarm signals went off. "Why wasn't the whistle blown?
NEWS
February 1, 2012 | By Harold Brubaker, INQUIRER STAFF WRITER
The Federal Deposit Insurance Corp. has established a website for current shareholders of the defunct Meritor Savings Bank. A federal judge in December ordered the FDIC, which was found to have improperly seized the former Philadelphia Savings Fund Society in 1992, to distribute $236 million to shareholders. That was the amount left from a $276 million court award after a $24 million contingency payment for the lawyer who led an 18-year court fight, $8.3 million in expenses, and the reserve of $7.6 million to cover a possible award to a former shareholder who has appealed the terms of the distribution.
NEWS
September 10, 2008 | INQUIRER STAFF
Willow Financial Bancorp Inc.'s purchase by Harleysville National Corp. for $169.2 million was approved by shareholders, Harleysville said today. The deal, which awaits regulatory approvals, will create the third-largest bank headquartered in the Philadelphia region, with $5.5 billion in assets and 84 branches, Harleysville said. The sale, announced in May, is expected to close in the fourth quarter.
BUSINESS
August 31, 2013 | By David Sell, Inquirer Staff Writer
Teva Pharmaceuticals shareholders met this week in Tel Aviv and approved the compensation package for chief executive officer Jeremy Levin - despite increasing pressure on the company from Wall Street analysts. Teva is based in Israel and has operations in the Philadelphia area. Its Americas headquarters is in Montgomery County. Teva sells more generic medicine than any other pharmaceutical company and is trying to increase revenue with higher-profit, brand-name drugs. But Levin also said the company would cut $1.5 billion to $2 billion in costs by 2015 with reductions that include layoffs and plant closures.
BUSINESS
February 13, 2013 | By Peter Svensson, Associated Press
Apple CEO Tim Cook is calling a shareholder lawsuit against the company a "silly sideshow," even as he said he was open to looking at the shareholders' proposals for sharing more cash with investors. Investor David Einhorn sued Apple Inc. last week, saying a proposal slated for a vote at the company's annual meeting in two weeks would make it more difficult to enact his plan to reward shareholders by distributing a new class of shares. Cook said Apple's proposal would put more power in the hands of shareholders, making it difficult to understand why a shareholder would fight it. Calling the fight a waste of time, Cook said Apple would not waste money by mailing shareholders to try to persuade them to vote for the proposal.
BUSINESS
June 2, 2013
Each spring, dutiful shareholders fill out their proxy ballots to vote on a variety of corporate governance matters, including the election of directors. The votes are invariably lopsided affairs with shareholders, led by institutional investors such as mutual fund firms and pension funds, tending to rubber-stamp the candidates favored by the company. But on rare occasions, shareholders show their displeasure with a candidate by checking the "withhold" or "against" box more times than the "for" box. That happened to two directors at the May 28 annual meeting of Healthcare Services Group Inc., the Bensalem-based provider of housekeeping, laundry, and other services to nursing homes, retirement complexes, and hospitals.
BUSINESS
June 9, 2012 | By Tim Talley, Associated Press
OKLAHOMA CITY — Chesapeake Energy Corp. shareholders rebuked the company's board by withholding support for two directors up for reelection at Friday's annual meeting. Both directors have tendered their resignation. Shareholders also withheld their support for Chesapeake's executive compensation plan and peppered CEO Aubrey McClendon with questions about the corporate governance and accountability of the nation's second-largest producer of natural gas. Chesapeake is the largest natural gas producer in Pennsylvania and the largest leaseholder in the Marcellus Shale, which runs through the state.
NEWS
August 14, 2011 | Mike Armstrong, INQUIRER STAFF WRITER
Shareholders had their say on pay in a big way at public companies this year. But anyone expecting widespread revolt over the big sums that many executives earned was probably disappointed. Just 37 of 2,293 companies whose shareholders had voted on compensation practices as of June 21 had failed to receive at least 50 percent of the shares voted in favor of those practices, according to Semler Brossy Consulting Group L.L.C. , a Princeton compensation consulting firm.
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BUSINESS
June 28, 2016
Capehart Scatchard, Mount Laurel, has hired attorneys Sheila M. Mints and Denise L. Sanders as shareholders in its health-care law department. Both came from Parker McCay, where Mints was a shareholder and chair of the health-care law group and Sanders was of counsel. Museum of the American Revolution, Philadelphia, has hired Sue Nicol as director of human resources. She had been director of human resources and administrative services at Indian Creek Foundation.
NEWS
April 28, 2016 | By Bob Fernandez, Staff Writer
ACTIVIST Kati Sipp and Comcast customers won't have a public forum this year to grill Comcast CEO Brian Roberts. Comcast Corp. has scrapped its traditional annual shareholder meeting, the site of protests over the Time Warner Cable deal and other issues, for an Internet-based, "virtual" shareholder meeting. The company, which earned $8.2 billion in profits and paid its top six executives $176 million in 2015, said the online shareholder meeting will save Comcast on meeting costs at the Kimmel Center.
BUSINESS
April 28, 2016 | By Bob Fernandez, Staff Writer
Activist Kati Sipp and Comcast customers won't have a public forum this year to grill Comcast CEO Brian Roberts. Comcast Corp. has scrapped its traditional annual shareholder meeting, the site of protests over the Time Warner Cable deal and other issues, for an Internet-based, "virtual" shareholder meeting. The company, which earned $8.2 billion in profits and paid its top six executives $176 million in 2015, said the online shareholder meeting will save Comcast on meeting costs at the Kimmel Center.
BUSINESS
April 16, 2016 | By Joseph N. Distefano, Staff Writer
Fort Washington-based Madrigal Pharmaceuticals, which is developing a drug to treat hereditary and obesity-related liver troubles, is combining with Synta Pharmaceuticals Corp., of Lexington, Mass., which has cash and a stock-market listing but no product after its lung-cancer treatment failed to advance in clinical trials last year. The deal will pay Madrigal's owners and managers Synta stock worth more than $80 million. Madrigal shareholders will control 64 percent of the shares in the combined company.
BUSINESS
February 24, 2016 | By Linda Loyd, STAFF WRITER
PhotoMedex, a Horsham skin health company, said it will sell its consumer and professional products businesses to DS Healthcare Group in Pompano, Fla. for $48 million in stock and a note over three years. The boards of PhotoMedex and DS Healthcare have unanimously approved the deal, which is expected to close in the second quarter. PhotoMedex said the sale is a good strategic fit, with complementary product expertise, economies of scale, and international reach. Under the terms, PhotoMedex shareholders will own about 43 percent of the company, and DS Healthcare shareholders will own about 57 percent.
NEWS
December 12, 2015 | By Bob Fernandez, Inquirer Staff Writer
Comcast Corp. shareholders on Thursday approved a plan to convert nonvoting K shares into regular common stock. All nonvoting K shares will be reclassified on a one-to-one basis as class A common stock after Wall Street trading closes on Friday. Class A shares have one share/one vote rights in Comcast corporate-governance issues. Comcast has said there was no need for the two stock classes. The Roberts family preserved its 33 percent control of the cable and media conglomerate through super-voting class B shares.
BUSINESS
November 29, 2015 | By Bob Fernandez, Inquirer Staff Writer
Comcast Corp. shareholders will vote on Dec. 10 whether to reclassify 347 million nonvoting K shares as regular voting common stock, while preserving the Roberts family's 33 percent voting control of the cable and Internet giant. The special shareholders meeting is scheduled for 8:30 a.m. at the Top of the Tower at 1717 Arch Street. This vote is for shareholders of record on Oct. 20 and they are expected to approve the measure. Comcast CEO Brian Roberts holds the 33 percent voting control of the Philadelpiha company through the super-voting class B shares and will retain class B-related rights.
BUSINESS
November 20, 2015 | By Harold Brubaker, Inquirer Staff Writer
Airgas Inc. founder Peter McCausland says that, for him, it's always been about the shareholders. That was true five years ago, when the Airgas board put in place an unusually onerous poison pill to fight off a takeover attempt by Air Products & Chemicals Inc. of Allentown. It's true now, he said Wednesday, the day after the board he leads as executive chairman agreed to sell Airgas to Paris-based Air Liquide S.A. for $10.3 billion, or $143 a share. "It is gratifying," McCausland said.
BUSINESS
May 15, 2015 | By Joseph N. DiStefano, Inquirer Staff Writer
Big stock-index funds and small investors joined forces to reelect incumbent DuPont Co. directors in a Wednesday vote at the company's Wilmington headquarters, pushing back a rival slate led by billionaire activist investor Nelson Peltz. After the vote, Peltz said that "the vast majority" of actively managed mutual funds and hedge funds had backed his slate. Vote totals were not released. "We won," company chair and chief executive Ellen Kullman crowed. "Apparently, we got their attention," she said, referring to the company's $15 million campaign to win support from retirees and other small investors, who own nearly one-third of DuPont's 900 million shares outstanding and had not voted much in recent elections.
NEWS
April 20, 2015 | By Andrew Maykuth, Inquirer Staff Writer
Few of us are fond of mild, rainy summers like the one the Philadelphia region experienced last year. Nick DeBenedictis is definitely not a fan. DeBenedictis is chairman and CEO of Aqua America, the Bryn Mawr water utility that operates in eight states, including Pennsylvania and New Jersey. Wet summer weekends dampen demand: Too much free product falls from the sky. Gardeners don't water; cars don't get washed. "Two straight years, we've had pretty depressed sales," he said in an interview last week.
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