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Activist shareholders call for more dillard's changes Sunday, Sep 28, 2008 By Roby Brock Two activist shareholder groups have asked the Dillard's family to relinquish control of their Class B common stock, which effectively gives the namesake family control of the board of directors. In a letter sent Thursday to the Dillard's board, Barington Capital Group and Clinton Capital Group, which own less than 6 percent of the company's Class A shares, said Dillard's should have one class of shares because "the company and its public shareholders are being penalized" by the current two-tier structure. A Dillard's spokeswoman declined to comment. Barington and Clinton want a special shareholders' meeting to consider the option. PSC to consider transmission, new regulation issues The Arkansas Public Service Commission opened two new documents this week to study transmission issues in Arkansas and potential "innovative" regulatory approaches. One docket would allow the PSC to study electric transmission issues within the areas served by Little Rock-based Southwest Power Pool, the regional transmission organization, and Entergy Corp. "as those issues might impact the electric service within Arkansas." Another docket would allow the PSC to study "innovative approaches to utility regulation in Arkansas" and to address "new challenges facing the electric and natural gas public utility industries." The filing will also allow the commission to study more closely renewable energy issues and what policies might need to be implemented in the 2009 legislative session to update state regulations and laws. Pilgrim's Pride cuts more El Dorado jobs Tyson Foods' largest chicken competitor, Pittsburg, Texas-based Pilgrim's Pride Corp., said Tuesday it was eliminating another 100 positions at its El Dorado plant by Nov. 21, in addition to the 600 job cuts already announced. The latest round of job casualties are line positions at its chicken-processing plant. Pilgrim's Pride spokesman Ray Atkinson said the company is consolidating the tray-pack chicken portion, or back-end operations, of the El Dorado plant as part of an overall plan to improve efficiencies. Atkinson said the cuts were needed to keep the company profitable. Pilgrim's is the nation's largest chicken processor with roughly 26 percent of the market share in terms of slaughter capacity. Tyson Foods ranks second with a 24 percent market share. Largest payday lender in state ceasing operations Payday lender Advance America advised the Arkansas attorney general that it will cease its business operations in Arkansas no later than Oct. 31. Advance America has been the largest provider of payday loans in Arkansas for the last several years with 30 centers of operation in the state. Attorney General Dustin McDaniel and representatives of Advance America have been in a long-running disagreement over the payday lender's business practices, which McDaniel contended was a violation of Arkansas' usury laws. Chesapeake to slow gas exploration Chesapeake Energy revealed that the natural gas explorer will reduce its drilling capital expenditure budget during the second half of 2008 through year-end 2010 by approximately $3.2 billion, or 17 percent. The company cited an approximate 50 percent decrease in natural gas prices since June 30, 2008 and concerns about the possibility of an "emerging U.S. natural gas surplus." Of the $3.2 billion drilling budget reduction over the two-and-a-half year period, $800 million will come in the Fayetteville Shale play, which Chesapeake now will operate as a joint venture with BP America. Chesapeake still expects drilling in Arkansas to be "steady." ------- Roby Brock, a freelance journalist based in Little Rock, writes weekly for the Arkansas News Bureau. His weekly television program airs at 10 p.m. Sundays in Central and Northwest Arkansas. His e-mail address is roby@talkbusiness.net; his Web site address is www.talkbusiness.net. |
