The agenda is posted and both the Plote and Wind Turbine issue are on the agenda. See details on: http://www.boonecountyil.org/sites/default/files/zba%209-24-13_0.pdf
Monday, September 23, 2013
Chrysler sets stock offering process in motion, filing statement with SEC | Detroit Free Press | freep.com
Fiat has been trying to exercise
a clause in its operating agreement with the UAW Trust to buy another 3.3% of Chrysler shares every six months since July 2012 and has made offers for a total of 9.9% of additional Chrysler shares.
The UAW trust has argued that Fiat has not offered enough. There is a gap of about $200 million between what Fiat offered for the first 3.3% increment and what the UAW trust argues it is worth.
The UAW trust needs to convert its holding to cash because it is responsible for health care insurance for about 63,000 Chrysler retirees. The higher price it can get, the more sustainable that coverage will be.
An IPO complicates Marchionne’s plan to fully merge Fiat and Chrysler because Chrysler's shares would be traded in the U.S. while shares of Fiat would continue to be traded on the Milan Stock Exchange.
Chrysler files for IPO, forced by UAW trust
Reuters 9/23/2013 5:41 PM ET
DETROIT, Sept 23 (Reuters) - Chrysler Group LLC filed paperwork on Monday for an initial public offering of up to $100 million, an action that could slow majority owner Fiat SpA's plans to take full ownership of the U.S. automaker.
The offering will be underwritten by J.P. Morgan, the company said in a securities filing posted more than four years after the third-largest U.S. automaker emerged from a government-sponsored bankruptcy under Fiat management.
The size of the offering was not mentioned in the filing papers, and Chrysler officials did not comment on the figure.
Chrysler's minority shareholder, the United Auto Workers retiree healthcare trust fund, decided in January to sell part of its 41.5 percent stake in the company in an IPO.
Sergio Marchionne, chief executive of both Chrysler and Fiat, said in mid-September that the IPO is likely to take place in the first quarter of 2014.
Marchionne and the UAW trust, a voluntary employee beneficiary association, or VEBA, have been at odds over the value of Chrysler. Their inability to agree on a price for the VEBA stake led to Monday's IPO filing.
'From the bottom up': United Way aims to raise $4.8M in 2013-14
By Jennifer Wheeler
United Way of Boone County has set its fundraising goal of $675,000. The group’s 26 partner agencies provide 28 programs.
“We are well aware that demand for services provided by our member agencies continue to rise as families face financial hardship,” President Shauna Arco said. “However, the funds to support these agencies are becoming harder to find.”
Read more: http://www.rrstar.com/news/x1843591916/From-the-bottom-up-United-Way-aims-to-raise-4-8M-in-2013-14#ixzz2fjKWMiZ1
United Way of Boone County has set its fundraising goal of $675,000. The group’s 26 partner agencies provide 28 programs.
“We are well aware that demand for services provided by our member agencies continue to rise as families face financial hardship,” President Shauna Arco said. “However, the funds to support these agencies are becoming harder to find.”
Read more: http://www.rrstar.com/news/x1843591916/From-the-bottom-up-United-Way-aims-to-raise-4-8M-in-2013-14#ixzz2fjKWMiZ1
Poplar Grove plans to remove unfinished BMX training track | Belvidere Daily Republican
Written by Bob Balgemann
But “due to many broken promises and a lack of support, the BMX track will be leveled by a vote from the village board, 5-1,” he [Goings] wrote.
He said Eggert sought support from the village so he could bring the track up to safety standards required by Poplar Grove’s insurance carrier. “…the board didn’t agree that this was a good expenditure of the residents’ tax dollars,” he stated.
Click on the following to read all of the story: Poplar Grove plans to remove unfinished BMX training track | Belvidere Daily Republican
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