Joe Coughlin is a co-founder and the editor in chief of The Record. He leads investigative reporting and reports on anything else needed. Joe has been recognized for his investigative reporting and sports reporting, feature writing and photojournalism. Follow Joe on Twitter @joec2319 Ropes & Gray is representing the ad hoc group of bondholders of Exela Technologies a global business process automation company pending in the United States Bankruptcy Court for the Southern District of Texas These proceedings involve the restructuring of $1.3 billion of funded debt and the ad hoc group is providing a new money DIP facility of up to $80 million The Ropes & Gray team included business restructuring partners Matthew Roose and Ryan Preston Dahl and associates Eric Sherman and Eric Schriesheim finance partners Sam Badawi and Jennifer Harris and counsel Brett Pearlman M&A partners David Harris and Jackie Cohen and tax partners Benjamin Rogers and Amanda Holt Ropes & Gray attorneys provide timely analysis on legal developments court decisions and changes in legislation and regulations Stay in the loop with all things Ropes & Gray initiatives and everything that’s happening We regularly notify our clients and contacts of significant legal developments webinars and teleconferences that affect their industries 2025 at 12:53 pm CT.css-79elbk{position:relative;}An aerial photo from November 2024 shows construction of Justin Ishbia's lakefront mansion A settlement between the Winnetka Park District and a resident blocks the district from transferring adjoining public beach land to the billionaire IL — Winnetka Park District commissioners agreed not to transfer any part of the Centennial Park beach to a local billionaire as part of a settlement resolving a lawsuit filed by a resident The settlement approved Thursday concludes litigation filed back in October 2022 by Robert Schriesheim in an effort to block a land exchange agreement between the park district and billionaire Justin Ishbia who sought to trade a property he purchased between two lakefront parks for a piece of one of them A judge tossed out the first version of the suit in October 2023 but allowed Schriesheim to file an amended version Cook County Circuit Judge Eve Reilly rejected the park district's efforts to dismiss the suit in May 2024 allowing it to move into the discovery phase According to the four-page agreement park district representatives approached Schriesheim to negotiate a settlement the district "agrees not to transfer title to the beach property .. to any non-governmental entity," while Schriesheim reserves the right to file a new complaint should district officials try to transfer any property west of the steel sheet piling "Our goal is to protect the public beach along the shore of Lake Michigan," Schriesheim said in a statement "The agreement with the Winnetka Park District is a clear victory upholding the Public Trust Doctrine and ensures that public access to the beach cannot be denied and the beach cannot be given to a private party." Park district representatives framed the agreement as a demonstration of its commitment to collaboration transparency and responsible land stewardship “This settlement represents an important milestone in moving forward for the benefit of our entire community," said Christina Codo "It reflects the Park District’s dedication to safeguarding public resources while fostering collaboration and goodwill," Codo said "We are optimistic about the future and look forward to continuing our work on behalf of the residents of the District.” The settlement specifies that neither side admits any wrongdoing and both sides agreed to cover their own litigation costs The dispute stemmed from an October 2020 land exchange agreement between the park district and a trust controlled by Ishbia The land exchange deal involved swapping land on the south end of Centennial Park beach for Ishbia’s adjacent property at 261 Sheridan Road which the park district sought to incorporate into its plans for a contiguous beachfront between Elder Lane and Centennial Park Though it had been described as "dormant," the settlement adopted Thursday effectively puts the nail in the coffin of the land swap deal Central to the lawsuit is the public trust doctrine a legal principle that ensures natural resources like lakes and shorelines are held in trust for public use and cannot be sold or privatized without justification the doctrine has been used to guarantee public access and prevent private encroachment Schriesheim's suit argued that the proposed land exchange violated the trust by transferring public beachfront to private ownership While Schriesheim agreed to voluntarily dismiss the suit with prejudice — meaning he will not refile it — he noted that the settlement "preserves our ability to challenge future decisions that threaten to privatize precious natural resources Get more local news delivered straight to your inbox. 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Manage My Cookies Robert (“Rob”) Schriesheim is chairman of Truax Partners LLC and leads large complex transformations in partnership with Boards CEOs and institutional investors as an investor and director He has served on 12 public boards ranging from under $1 billion in revenue to Fortune 500 and has served as CFO of 4 public companies varying in revenue from $1 billion to $40 billion in the software He also serves as an Adjunct Associate Professor of Finance at The University of Chicago Booth School of Business focused in the area of Corporate Governance From 2019 to 2021 he served as chairman of the finance committee of telecom services provider Frontier Communications overseeing its transformation and chapter 11 reorganization to restructure $17.5 billion in debt which created $5 billion in value the Frontier Communications chapter 11 Reorganization was named the 2021 Telecom Services Deal of The Year at the M&A Advisor 15th Annual Turnaround Awards he was Executive Vice President and Chief Financial Officer of Sears Holdings joining the formerly Fortune 50 company in 2011 and leaving in 2016 after overseeing a reengineering of its asset portfolio including a series of corporate spin-offs generating $9 billion in capital he served as Chief Financial Officer of Hewitt Associates a publicly traded human resources consulting and outsourcing company until its acquisition by Aon in 2010 for $5 billion Chief Financial Officer and a board director of Lawson Software a publicly traded ERP software provider backed by PE firm Symphony Technology group until its acquisition by Golden Gate Capital/Infor in 2010 for $2 billion he was affiliated with ARCH Development Partners a seed stage venture capital fund and previously held executive positions at Global TeleSystems He is a director of publicly traded Houlihan Lokey (“HLI”) where he serves as the lead independent director and chairman of the audit committee; Alight Solutions (“ALIT”) a cloud-based human capital and services provider administering benefits health and wealth decisions where he serves on the audit and compensation committees; and of Skyworks Solutions (“SWKS) serving on the audit and compensation committees he is on the board of governors of the Winnetka Community House and serves as Treasurer he was a director of numerous public companies including NII Holdings formerly Nextel International (acquired by América Móvil S.A.B Forest City Realty Trust (acquired by Brookfield Asset Management) Co-Chairman of MSC Software (acquired by Symphony Technology Group and Elliott Associates) and Dobson Communications (acquired by ATT) Schriesheim received an AB in Chemistry from Princeton University and an MBA from the University of Chicago Booth School of Business with concentrations in business economics and finance Governance in Distressed Situations: Frontier Communications Case Study © 2004–2025 The University of Chicago Booth School of Business FTI Consulting experts interview industry executives to explore how innovative leaders are adopting new strategies to drive value creation how have you seen the definition of “value creation” evolve What does the uncertainty of the last two years mean for the future of value creation Rob: Organizations now take a more holistic approach to value creation in the past value creation was code for a playbook focused on cost reduction long-term growth and prosperity come from taking a broader perspective to creating stakeholder value boards and CEOs now explicitly recognize that they need to employ a consistent framework focused on two critical issues which both fall under the category of resource optimization – specifically the allocation of financial capital and human capital Organizations are finding that consistent focus on measuring monitoring and incentivizing behaviors that underlie value creation go a long way to driving the right outcomes Successful companies prioritize these areas; in summary the last few years were difficult for many companies any crisis tends to bring more focus and realization that financial capital and human resources are not infinite With a once-in-a-lifetime crisis like the pandemic leaders of all types of enterprises are forced to make difficult decisions institutional investors have now incorporated measures of environmental sustainability and governance (ESG) – including diversity - into the value creation framework All of this is part of their assessment of performance organizational values and value creation are connected are here to stay and will pay off in tangible results Question: The need to balance immediate and longer-term sustainable value is hardly a new concept What strategies have you seen and used to navigate this balance especially in the wake of increasing stakeholder activism Rob: Focus on the concept of “sustainable value creation” and then follow through with measurement and execution the best approach is to first define a strategy steer the organization in the right direction and then push the business to execute – and hold the organization accountable to deliver against the plan and there is always a need to recalibrate and adjust Differences in perspective with investors and other stakeholders with diverse priorities often develop over the near vs longer term Leadership needs to proactively address these situations because they typically do not simply fade away Successful leadership teams actively seek out and partner with the investors who are willing to march in sync with a longer-term vision and strategy as long as they can see a clearly articulated value creation pathway with measurable milestones and potential for attractive returns Once the leadership team identifies these “anchor” investors it is important to articulate the business strategy and demonstrate a track record of operational execution Getting them bought-in to these areas and sharing the performance metrics you are presenting to the market is a good way to build trust and bring investors along for the journey companies should welcome the dialogue that often comes from considering the differing views and priorities of a firm’s shareholders Nobody has a monopoly on the best ideas — and leveraging the fresh perspectives of an outsider may be a critical piece to the value creation puzzle The framework for corporate governance is much evolved over the years CEOs and boards have an increased focus on sustainable value creation and disciplined allocation of resources – and the need to articulate their approach to the investment community This shift was in part the result of the broader community seeing the positive tangible results from productive partnerships that various activist stakeholder groups formed with public companies These partnerships influence everything from capital allocation to talent development Rob: The pandemic may have put more pressure on the system but the basic tools and approaches to capital allocation and talent development When companies focus on these two areas and lay the groundwork for accountability they position themselves for success with growth and other transformation efforts we brought the company through a pre-arranged Chapter 11 that emerged in April 2021 the value realized by the bondholders was about $5 billion It was different in that the process included not only a balance sheet restructuring – but also bringing in a new CEO during the roughly 18-month Chapter 11 process implementing an operational turn-around and developing and initiating a new strategy for growth We enabled this through a consistent focus on putting the right people in the right roles and holding them accountable We were clear about the activities that needed to happen and how we defined and measured success – and were always mindful to solicit the input of the debt investors as the future owners of the company Our success at Frontier Communications was clearly linked to these areas and priorities The other point that was relevant pre-pandemic Judgment is equally as important but different but the facts need to be objectively reviewed Outlining the facts is one of the most critical actions that should be taken to define and refine an approach and help leadership prioritize their efforts Answering the question “what’s the size of the prize” when evaluating alternative courses of action is very helpful in setting priorities Question: We see how critical it is to align the strategies for value creation and business transformation How have you approached this throughout your career One way to approach transformation through the lens of value creation is to first disaggregate the business between areas where acceptable returns are generated and those which are yielding low or even negative returns Clearly you have to factor in the fact that new areas designated for growth investments may require a longer measurement time period By taking complexity out of the business ecosystem – it makes it easier to run the business this leads to several workstreams where leadership needs to simultaneously transform the business model while making strategic changes to the business portfolio divesting or managing down businesses with poor returns that are not viewed as core to the longer-term strategy – and focusing on those segments where you can profitably grow the business earning returns in excess of your cost of capital Separating these efforts into their respective focus areas — with distinct teams of people — is critical to their success These workstreams should be united with a single view from the top but ultimately operate separately We already spoke about the successful outcome at Frontier Communications in which we made sure we had a clear strategy with distinct workstreams and the right people in the right positions the CEO leadership team had already done an excellent job of identifying the problematic loss-making parts of the business and then turning around a very complex global business services enterprise This was executed to a large degree by ensuring the right people were in the right places focusing on the issues specific to their respective lines of business The business was then in a condition to pursue a growth agenda – but value had been recognized and Prior to joining the board and then serving as CFO at Lawson Software in the late 2000s Partnering with private equity Firm Symphony Technology group we took the approach of internally disaggregating the business into segments each having a P&L Head We refocused investments on a more vertically focused sales and marketing strategy within our customer base while also making decisions about which segments to manage for growth The result was operating margin improvement which tripled while growing software revenue at a mature provider at an attractive rate during the financial crisis which was also realized in value creation when we were acquired by Infor/Golden Gate Capital I learned the same thing years earlier working with an investor who acquired control of Western Union We developed and executed a strategy of transforming the company from an asset intensive provider of telecommunications services into a value added provider of consumer financial services We separated the company into a CoreCo and NonCoreCo to clarify the focus on the go forward financial services segment That experience demonstrated to me the value in taking a complex problem and breaking it down into its core pieces — it’s much more manageable and clarifies the process of making tough and complicated decisions while allowing the team to focus on those areas with attractive prospects for profitable growth how would you describe the most important considerations other leaders and executives need to take and add to their “value creation” playbooks Rob: It comes down to objectively assessing the business identifying and rigorously measuring the right metrics for success and partnering with stakeholders to drive execution So much of this comes down to a willingness to make decisions and business judgment Doing all of these things with a constant focus on hiring the right people and holding the organization accountable is a strong recipe for success — both in the short-term and to generating longer-term sustainable value that we know is critical to business health and stakeholder value Couples add wedding proposals to their alpaca beach walks What do you get when you take a beach stroll with some alpacas and add a couple in love Including alpacas in a marriage proposal might not occur to everyone but it was part of the equation for Henry Luessen last year He and Hannah Schriesheim were old friends at Island Alpaca from previous visits so when Luessan began to think about proposing and I thought that would be a perfect way to incorporate Hannah’s passion for alpacas and love of Martha’s Vineyard,” Luessen said “The ruse was that we were going for a birthday brunch for her out on the beach Luessen took Schriesheim down to the water and proposed Schriesheim was surprised because not only had he told her the ring wasn’t ready yet in response to her request to have alpacas involved when he did propose that “under no circumstance would there be alpacas there because I’ll be distracted by them.” “And my plan worked out because there were no alpacas at the actual engagement,” he laughingly shared “One and a half years after the beach stroll with the fuzzy friends we are still getting comments on how cool it was There’ll certainly be some photos from the walk at our wedding!” This summer there were two alpaca beach stroll proposals back-to-back William Keough popped the question to Lindsay Vendetta on Sept Keough was familiar with Island Alpaca from his family trips and so when the couple visited here last year “William tries to incorporate as many animals as he can into surprises,” Vendetta said and it just held a special place in our hearts That was the time we both knew we were falling in love with each other We associated that trip and going to the alpaca farm with a big step in our relationship.” “I was thinking about proposal ideas and wanted to try to recreate that day culminating in the proposal.” He dropped the idea of the private farm walk as soon as he learned of the beach stroll option Keough told Vendetta that he had something special for her down at the beach she was mightily surprised when two alpacas came walking along the handlers fielded the gawking onlookers’ questions so Keough could whisk Vendetta off toward the Edgartown Lighthouse “I kind of rehearsed in my head what I wanted to say and I was getting kind of emotional because it was such a big thing,” Keough says “I think that’s when she picked up on what was happening “It added a really fun and unique twist to the proposal that made sense for our story and our story moving forward.” Vendetta adds It was the most thoughtful thing someone has done for me.” Logan Steinfeld and Kelly Girskis are the most recent addition to the list of Island Alpaca proposals Steinfeld knew Girskis loved visiting Island Alpaca during all her annual summer visits “I was thinking of doing something a little bit different and somewhat memorable to make Kelly smile a bit I read on the website that they’d done a proposal before this is perfect!’” He spoke with owner Barbara Ronchetti who said the alpaca could have signs and wear little bow ties and I told her I had to get something from the car,” Steinfled shared I walked down and got about five feet behind her with the two alpacas wearing these signs that said “She finally hears us when we’re right behind her and she turns around very patient and supportive,” Steinfeld said I don’t think I had even looked at the ring yet I was pretty much just focused on the alpacas The happy couple are not sure yet of the exact date of the wedding “It will definitely be in Martha’s Vineyard!” Lesson learned for hopeful couples from these alpaca beach walk proposals: How can you answer anything but yes when these camelids are involved The MV Times comment policy requires first and last name for all comments 2025 /PRNewswire/ -- Indivior PLC (NASDAQ / LSE: INDV) ("Indivior" or the "Company") today announced that further to the announcement on December 17 2024 of certain Director arrangements agreed with Oaktree Capital Management L.P 2025 of the appointment of Daniel Ninivaggi as an Independent Non-Executive Director of the Company 2025 of the appointment of Joe Ciaffoni as Chief Executive Officer of the Company and following further discussions with Oaktree the Company has agreed to make certain further changes to its Board of Directors (the "Board"): Jo LeCouilliard and Rob Schriesheim have been unswerving in their support of bringing needed therapeutic interventions to patients suffering from opioid use disorder.  I sincerely thank them for the service they have given to Indivior." Indivior and Oaktree have entered into an amended and restated Relationship Agreement customary obligations and undertakings of mutual support Indivior is a global pharmaceutical company working to help change patients' lives by developing medicines to treat substance use disorders (SUD) Our vision is that all patients around the world will have access to evidence-based treatment for the chronic conditions and co-occurring disorders of SUD Indivior is dedicated to transforming SUD from a global human crisis to a recognized and treated chronic disease Building on its global portfolio of OUD treatments Indivior has a pipeline of product candidates designed to expand on its heritage in this category Headquartered in the United States in Richmond Indivior employs over 1,000 individuals globally and its portfolio of products is available in over 30 countries worldwide Connect with Indivior on LinkedIn by visiting www.linkedin.com/company/indivior Indivior PLC (Nasdaq/LSE: INDV) today announced the publication of a study "Monthly Buprenorphine Depot Injection (SUBLOCADE) for Opioid Use Disorder .. Indivior PLC (Nasdaq/LSE: INDV) today announced its financial results for the period ending March 31 Health Care & Hospitals Medical Pharmaceuticals Personnel Announcements Do not sell or share my personal information: There are currently no upcoming/recent events Thanks for visiting The use of software that blocks ads hinders our ability to serve you the content you came here to enjoy We ask that you consider turning off your ad blocker so we can deliver you the best experience possible while you are here Sears Holdings Thursday announced two big pieces of news while releasing its first quarter earnings The retailer's sales fell 8.3% to $5.39 billion in the quarter while revenue fell $488 million to $5.4 billion Same-store sales decreased 6.1% company-wide; Kmart same-store sales fell 5% and Sears U.S The company announced that Sears CFO Robert Schriesheim will be departing “to focus on his other business interests and pursue other career opportunities.” Schriesheim will remain until his replacement is found and will be available as an adviser through January Sears also said it has retained Citigroup Global Markets and LionTree Advisors to explore ways to develop its Kenmore Craftsman and DieHard and Sears Home Services businesses which have remained strong suits even as the company has stumbled Sears Holdings CEO and chairman Edward S. Lampert said that Kmart and Sears continue to struggle in a “heavily promotional competitive environment,” an environment that seems to be affecting many retailers this year and Macy's all reported less-than-stellar sales in the first quarter last week as customers remain fickle with their spending and traffic to malls decreases Lampert also detailed ways the company plans to combat these woes which includes zeroing in on its Shop Your Way membership program and its high-performing stores The retailer has been focusing on aggressively cutting costs with store closings and layoffs announced in April which includes 68 Kmart stores and 10 Sears stores “We continue to focus on improving the overall performance of these businesses through changes to our assortment, sourcing, pricing and inventory management practices,” Lampert said in a statement The retailer currently sells those brands and its auto batteries through other retailers but has apparently realized that it could leverage those strengths further Get the free daily newsletter read by industry experts embraced by department stores in the 1920s skews key metrics and fosters bad decisions The industry may be far from the dramatic day-to-day struggles of 2020 but it hasn’t yet escaped the long tail the global health crisis left in its wake The free newsletter covering the top industry headlines This website is using a security service to protect itself from online attacks The action you just performed triggered the security solution There are several actions that could trigger this block including submitting a certain word or phrase You can email the site owner to let them know you were blocked Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page The largest investor in Algonquin Power & Utilities Corp says “substantial change is necessary” in the company’s governance and has nominated three executives—one of them a former C-level executive at Xcel Energy Inc.—to replace current board members Starboard Managing Member Jeffrey Smith said in the letter that his team has worked intensely with Algonquin’s nine directors in the past year, including on the removal of CEO Arun Banskota, who abruptly resigned last August with certain influential members of the board impeding progress and the majority of the board either passive or complicit,” Smith said adding that “careless management” of Algonquin’s balance sheet has contributed to the company’s stock lagging those of many peer utilities—many of which are making similar moves to slim down and focus on regulated assets Hence the firm’s slate of three director candidates who was Xcel’s chief customer officer a as an executive vice president and group president of its utilities until last October Carter spent 10 years in senior roles at Duke Energy Corp and nearly three years at Bank of America Corp the chief financial and regulatory officer of Hydro One Ltd. where he has worked since 2016 after spending roughly 17 years at clean energy venture TransAlta Corp a restructuring expert and corporate strategist who is a past CFO of Sears Holdings Corp and human resources company Hewitt Associates Inc Algonquin’s directors said they will review Starboard’s nominees and present their recommendations to shareholders ahead of the company’s annual meeting That gathering has been scheduled for June 4 “Algonquin maintains open communications with its shareholders and appreciates constructive input that advances its goal of enhancing shareholder value,” the board said in its statement “The company is making important progress executing on its key initiatives including pursuing a sale of its renewable energy business continuing its search process for a permanent CEO and repositioning the Company towards a more efficient operating profile and a simplified strategy for the future.” Shares of Algonquin (Ticker: AQN) didn’t move much on word of Starboard’s board goals they have lost more than 10% of their value shrinking the company’s market capitalization to about $4.2 billion Geert De Lombaerde has more than two decades of business journalism experience and writes about markets and economic trends for Endeavor Business Media publications T&D World, Healthcare Innovation With a degree in journalism from the University of Missouri he began his reporting career at the Business Courier in Cincinnati and later was managing editor and editor of the Nashville Business Journal he oversaw the online and print products of the Nashville Post and reported primarily on Middle Tennessee’s finance sector as well as many of its publicly traded companies Every product is independently selected by editors Things you buy through our links may earn Vox Media a commission Winnetka, Illinois, has long been considered Chicago’s marquee suburb with hotel-size homes at the end of heated driveways and faux-French country houses overlooking Lake Michigan and familiar to non-Winnetkans as the setting of Home Alone and nearly every John Hughes movie ever made it is a place where titanic wealth meets midwestern folksiness a mystery buyer began acquiring mansions along Winnetka’s waterfront and knocking them down One of the mansions was less than a decade old and featured an indoor basketball court and a movie theater whose previous residents included a plastic surgeon and the inventor of the retractable seat belt had a distinguished architectural pedigree All three had sat next to each other overlooking a beach known for its fine white sand and would become part of a gaping construction zone the nameless buyer’s plans to build a 68,000-square-foot Nantucket-style mansion — a home nearly the size of the White House — abutting the town’s beloved waterfront Centennial Park a young private-equity mogul named Justin Ishbia Ishbia acquired a fourth mansion in the same strip of beach which he hoped to trade to the town in exchange for a strip of public parkland next to his future compound to the delight of Chicago newspaper readers and seemingly endless conflict among the megarich Ishbia is one of the richest men in Illinois, a co-owner of the Phoenix Suns and someone with the clout and connections to get his way In seeking to obtain public land for private use he was following the lead of a growing number of extremely wealthy Americans across the country the locals have limited recourse to resist they had the wherewithal to put up a fight little-scrutinized procedure called a land swap usually between the government and a private individual or corporation have resulted in enormous fortunes for the private parties while the government often receives less valuable land that it nonetheless wants for specific projects One relatively well-known example: In the 1990s received thousands of acres of prime national forest while the government got property that had recently been cut over by a timber company The swap proposed in Winnetka was smaller than most Its origins lay in the 1968 closure of a psychiatric facility for the wealthy called North Shore Hospital which overlooked the lake and had an unfortunate reputation for losing patients to drowning It was razed and turned into a grassy esplanade called Centennial Park A little further down the beachfront sat an even older esplanade called Elder Lane Park Between them was an odd neighbor: 261 Sheridan Road a gloomy stucco mansion standing alone against the water with green space on either side dividing what could have been a ten-acre park Winnetka officials longed to acquire and demolish it but lacked the funds At a meeting with the Winnetka Park District he stood next to the fence separating his property from Centennial Park and offered to buy the stucco house and give it to the people he requested a 70-foot strip of Centennial so he could build a buffer against public intrusion “It seemed like a win-win scenario,” said Ishbia “There was one house in the middle of this park that didn’t make a lot of sense and I had a solution everyone was excited about.” The Winnetka Park District thought this was a good deal — “Opportunity of a lifetime,” said its president — and began negotiating with Ishbia’s lawyers Winnetka officials had been developing a grand vision for the lakefront: a spectacular and other facilities that could generate public revenue Centennial Park was popular with beach walkers and dog owners who cherished its heritage elms and views of Lake Michigan As discussions over the land swap between Ishbia and the park district continued some officials worried that their decision-making had been less than transparent with one warning of “significant pushback” when residents learned of potential changes to the park they reached an agreement with Ishbia with details to be worked out The officials were surprised when those details turned out to be unprecedented demands from Ishbia’s design team which wanted a 17-foot-tall masonry seawall built at taxpayer expense the design was shifted from masonry to steel panels which the designers said were necessary to withstand “wave attack.”) The structure would have severed public access to the beach in front of Ishbia’s property and blocked views of Willis (née Sears) Tower and other parts of Chicago’s iconic skyline few places in America are more touchy about their shorefront than Chicago “Other lakefront cities have walls of smoking plants and shipping docks on their shores,” Pulitzer Prize–winning journalist Lois Wille once wrote “Chicago has mile after mile of sand beaches attributed the bonanza of public space to a fierce strain of “citizen action and citizen pressure.” Within months of striking their preliminary deal with Ishbia Winnetka officials had buyer’s remorse and were preparing to litigate their way out citing the “unacceptable requests of the homeowner.” By now He’d spent $6.2 million to acquire 261 Sheridan which the park district needed to build its dream park when the land swap seemed to be going sideways Ishbia threatened to walk away and buy yet another mansion expanding his property in the opposite direction When a member of the Park District pointed out the property in question wasn’t for sale “because everybody and everything has a price.” (Ishbia denies saying this.) Winnetka is a typical rich-person community if not as Anglo-Saxon or Protestant as in the past The political bent used to be Republican but has lately turned Democrat A pinnacle of social life remains the Indian Hill Club But Winnetka differs from its glitzier coastal counterparts in significant ways the result of decades of effort by its leaders to limit commercial development For a suburb with an average household income of $417,000 there are relatively few flashy restaurants or boutiques and certainly no shopping malls young and flush with recently earned fortunes in finance or tech say they are frustrated by the lack of amenities in Winnetka that are found in neighboring towns The social life of much of this cohort revolves around book clubs The village is governed by an all-volunteer caucus system that often elects older commissioners passionate about preserving Winnetka’s expensive simplicity A popular joke is that Winnetka’s unofficial motto is “Progress without change.” In the months after Winnetka park officials began negotiating behind the scenes with Ishbia word spread of impending changes to the lakefront noticed that the Centennial Park redevelopment plan did not include what had long been its most popular feature: a dog beach ‘What the hell’s that about?’” says Whitchurch He started asking other residents if they knew about the elimination of the dog beach who must fill out a four-page application if they’re not from the community “So I started informing people and collecting signatures for a petition.” “They would try to access minutes of meetings but there was nothing available.” Some residents began filing Freedom of Information requests The Chicago Tribune revealed Ishbia’s involvement in June 2021 Winnetkans put the pieces together: The mansion purchases and the land swap were all parts of the same story That summer at a raucous meeting in the Park District headquarters a posse of infuriated dog-park users spoke out Ishbia’s house-construction plans were starting to impact the neighborhood rather than have their view of Lake Michigan obstructed selling a $5 million villa with eight bathrooms and 18-foot windows Winnetkans seemed to realize that their new beach was also going to be something else: a containment pen Although some of the proposed features were popular it added the imposing breakwater separating Ishbia’s property “Perhaps in the next revision they could add a moat full of crocodiles in case any of the peasants make it over the wall,” wrote a commenter on Nextdoor Park officials kept facing accusations that they were denying beach access to the public and catering to a private citizen what seemed to enrage opponents most was feeling shut out — as the Park District had feared — of what were supposed to have been community discussions “Land-exchange proposals come from private parties not government agencies,” says Chris Krupp a nonprofit that has challenged hundreds of exchanges “The general parameters of a trade are often hashed out between the private party and the government before the public is given notice but tell us if there are sufficient legal reasons for us to change our position.’” the former chief financial officer of Sears Holdings A member of nearly a dozen corporate boards with a career focus on distressed companies and Chapter 11 restructurings Schriesheim did not fit the profile of a community activist Yet he began attending public meetings and speaking out against the land swap he sued the Park District for violating Illinois’s park code (The suit was thrown out and refiled on different terms.) He alleges that the Park District violated the public trust “during a process that lacked transparency and fairness.” As the suit progresses through the court system a suburb one might describe as the Winnetka of Detroit He was the oldest son of a schoolteacher and an enterprising lawyer and the grandson of immigrants from Turkey and Russia he and his younger brother Mat became known as ambitious student athletes with wide social circles Ishbia’s business partner and a fellow Winnetka resident “He wants to make things better.” After graduating from Michigan State (where Mat was a celebrated member of the school’s NCAA-winning basketball team in 2000) Ishbia talked his way into Vanderbilt Law School where he is now a trustee of the university the Ishbias like to point out that their money is self-made — much of it in a $16 billion SPAC deal in 2021 and his brother and father are on the board of directors a 200-foot “lazy river,” and an enchanted forest That kind of extravagance plays better with some kinds of rich people than others the former Winnetka Park District president construction began on Ishbia’s Winnetka home with the arrival of a towering crane and security guards whose manner suggested the building of a U.S a derrick anchored offshore and began clawing apart the bluff held their phones above the privacy netting and gaped Some locals accused Ishbia of trying to artificially contour the beach in order to restrict public access Illinois law says that beaches on Lake Michigan are public property up to the “normal water line,” an imprecise standard that has left room for interpretation A more widely accepted guideline is the “wet feet rule,” an understanding that citizens are allowed to roam the shore anywhere below the water’s edge That sort of confusion is neither an accident nor limited to Illinois and ocean and coastal law at the University of South Carolina the people who wrote the laws in this country never did probably because they regarded beaches as shared property,” says Eagle “It’s only begun to matter now that we have private landowners intent on keeping everyone out the conflict over the land swap has been an awakening Many were shocked to find out how few restrictions the village had in place to slow down an ambitious builder like Ishbia in response to the Centennial Park controversy the village passed its first limits on shorefront construction The village now faces a nasty internal battle on two fronts as it prepares to sort through the ongoing conflict over the park’s unresolved development plans Even with the land swap in limbo and his 17-foot-tall seawall unbuilt “I never imagined that it would become a public spectacle,” he says “I would probably handle things a little bit differently in that I didn’t go ask people who are of a different generation.” 261 Sheridan Road remains intact and vacant amenity-less esplanade with spectacular views of Lake Michigan — plus Ishbia’s stone breakwater Password must be at least 8 characters and contain: you’ll receive occasional updates and offers from New York Sears CFO Jason Hollar has left the company to "pursue another career opportunity," the company said. Hollar was appointed to the role in October 2016 following the departure of Robert Schriesheim Sears has named Rob Riecker to replace Hollar Riecker was previously Sears' controller and head of capital markets activities Hollar is the fifth member of Sears’ senior executive team to leave the company in the last four months the company lost former Kmart president and chief member officer Alasdair James formerly Sears' executive vice president, and Joelle Maher formerly Sears' president and chief member officer The turnover comes as the company struggles to cut costs and revive business following years of declines in customer traffic and sales Sears has been selling off assets to stay afloat as it burns through cash It is facing a looming payment in July from the maturation of a $500 million loan facility and said it is in talks to evaluate refinancing options for the loan and will provide an update on the status of those efforts prior to the end of May The company also provided an update on planned cost savings saying it would close 50 Sears Auto Center locations and 92 pharmacies at Kmart stores Sears also said it's reviewing bids in excess of $700 million for more than 60 of its real estate properties The company sold off its Craftsman brand in January to Stanley Black & Decker for about $900 million to be paid out over the next several years Issues Letter to Stockholders Regarding Conclusion of Strategic Review Process and Determination to Continue to Pursue Standalone Plan Board to be Reconstituted with Majority New Independent Directors Authorizes Increase in Share Repurchase Program to $400 Million CLEVELAND, March 22, 2018 /PRNewswire/ -- Forest City Realty Trust, Inc. (NYSE: FCEA) ("Forest City" or the "Company") announced today that its Board of Directors concluded its previously announced review of strategic alternatives After extensive evaluation and deliberation including review and analysis of multiple offers the Board has determined that stockholder value would be better enhanced on a standalone basis than by pursuing a transaction on the terms and pricing indicated by the offers received The Board has issued a letter to stockholders in connection with the conclusion of its review. The full text of the letter follows: Dear Stockholders of Forest City Realty Trust We are writing to report on the conclusion of the Board's strategic review process and on governance changes we have agreed to going forward The Board of Directors announced a review of the Company's strategic financial and structural options to enhance stockholder value on September 11 The announcement of this review followed from the governance-enhancing collapse of the dual-class voting structure at the 2017 Annual Meeting and feedback we received from stockholders during our extensive outreach following the 2017 Annual Meeting the Company retained financial advisors led by Lazard together with Goldman Sachs & Co the Board established a Transaction Committee constituted by a majority of independent directors to oversee the review process and provide guidance and instruction to management of the Company and the Company's financial advisors between Board meetings The Company's financial advisors communicated with over 50 potentially interested buyers during the initial stage of the process and 18 of those parties executed confidentiality agreements and received confidential information about the Company An initial round of bidding at the end of October 2017 resulted in seven non-binding preliminary indications of interest – five represented all-cash offers to acquire the Company and two contemplated structured tax-efficient transactions involving a portion of the Company's business The Board then authorized a second round of bidding with six potentially interested buyers Second round indications of interest were received beginning in mid-December Two parties submitted non-binding indications of interest to acquire the Company two submitted proposals to acquire the Company's development portfolio and one party reaffirmed its interest in pursuing a structured tax-efficient transaction for a portion of the Company's business The two full Company acquisition proposals and a structured tax-efficient portfolio transaction were conditioned on a grant of exclusivity to the potentially interested buyers Following a review of each indication of interest and negotiation of the two full Company acquisition proposals the Board determined to pursue the non-binding proposal to acquire the Company for $26 per share in cash which was submitted by a large financial investor with a strong track record of executing large complex real estate and corporate transactions A majority of the Board viewed the proposal as potentially attractive for stockholders the Company and the financial investor mutually entered into a 45-day exclusivity period during which the financial investor would complete confirmatory diligence and negotiate a fully financed merger agreement at $26 per share in cash with conditions to closing customary for transactions of this type An extension to the exclusivity period was granted through March 9 2018 to permit the counterparty to complete its confirmatory diligence The financial investor submitted a letter on March 7 2018 (the "March 7 Proposal") that it was prepared to make a fully financed binding proposal to acquire the Company for $24.50 per share in cash subject to: (i) cessation of future dividend payments (ii) obtaining certain JV partner consents to a change of control prior to signing a definitive agreement (iii) obtaining certain government consents to a change of control related to Company assets and development projects prior to closing and (iv) the Company completing an internal reorganization prior to closing to facilitate the counterparty's financing plans which plans were not provided in connection with the March 7 Proposal or thereafter The Transaction Committee unanimously determined that it would not recommend a transaction on the terms and pricing contemplated by the March 7 Proposal to the Board and instructed the Company's financial advisors to inform the counterparty in the event it wished to revise its proposal in advance of a Board meeting on March 10 The counterparty did not so revise its proposal the Board unanimously accepted the recommendation of the Transaction Committee to reject the March 7 Proposal and a majority of the Board authorized the Company's financial advisors to inform the counterparty that the Board would be supportive of a transaction at $25.50 per share in cash with dividends paid through closing and no conditions with respect to third-party consents or completion of an internal reorganization The counterparty responded on March 13 (the "March 13 Proposal") with a revised price of $25.00 per share in cash subject to: (i) cessation of future dividend payments and (ii) a willingness to review in more detail the projects for which third-party consents might be required for a change of control transaction with the goals of reaching consensus about the relevant projects developing a more complete understanding of the means and prospects for obtaining consents on a timely basis and developing a mutually agreeable solution to allocating any risk associated with third-party consents and their respective advisors held a series of diligence calls for the purpose of confirming whether the financial investor would be prepared to eliminate third-party consents as a condition to signing and closing a transaction the counterparty communicated to our advisors that while the Company had presented reasonable bases to conclude that many of the requested third-party consents were not required it was not willing to eliminate some portion of the previously identified third-party consents as a condition to either signing or closing After evaluation and deliberation the Board unanimously decided not to pursue a transaction on the terms and pricing of the March 13 Proposal The Board concluded that stockholder value would be better enhanced on a standalone basis and that the conditional requirements specified by the counterparty in the March 13 Proposal created more uncertainty around a potential transaction than the Board was prepared to accept Having completed an extensive strategic review process the Board remains focused on enhancing value for all stockholders we engaged in constructive discussions with certain significant stockholders of the Company to identify a mutually acceptable group of new independent directors to join the Board as part of a substantial refreshment This refreshment will help improve the Company's corporate governance structure for the benefit of all stockholders and we are confident the new directors will bring substantial industry expertise and new and diverse perspectives for the benefit of our stockholders We also thank the directors that will not be continuing for their distinguished service and dedication to the Company and the leadership and integrity that has been a hallmark of their tenures The Board remains committed to pursuing the right course of action for the Company and all stakeholders and to that end we believe the Company is well positioned to create and sustain stockholder value under the governance of a new group of independent directors We expect to deliver strong returns to stockholders over time through (i) leveraging the Company's scale in core (ii) taking advantage of embedded growth from the development activities and accretive partner buyouts (iii) continuing to focus on margin enhancement and (iv) returning additional capital to stockholders via dividend growth and share repurchases Cowen  Lead Independent Director Reconstituted Board   Forest City also announced that it has entered into agreements with Starboard Value LP ("Starboard") which currently owns approximately 3.0% of the Company's outstanding shares which currently owns approximately 8.3% of the Company's outstanding shares prior to the elimination of the Company's dual-class stock structure was the controlling stockholder of the Company The Company also announced that David LaRue Jamie Behar and James Ratner will continue their service on the Board All members of the newly reconstituted Board will stand for election at the Company's 2018 Annual Meeting Following completion of onboarding and appointments the Board will be comprised of 13 directors The agreements will be filed on a Form 8-K with the U.S Share Repurchase Authorization  The Board has also approved an increase in the Company's existing $100 million share repurchase program to an aggregate total of $400 million in light of prevailing market and economic conditions to take advantage of investment opportunities at times when the Board and Company management believe the market price of the common stock does not accurately reflect the underlying value of the Company; to indicate to investors the Company's confidence in its business; to enhance stockholder value; and to reduce dilution Purchases may be made in the open market or otherwise and in such amounts and at such times and prices as the Board and authorized officers determine provided that all purchases comply with regulations and guidelines of the Securities and Exchange Commission Repurchase of shares under the program will be subject to the limitations and requirements set forth in the Company's credit facility and indentures This program does not obligate the Company to acquire any particular amount of common stock or discontinued at any time at the discretion of Company management as conditions change as to the market price need or other factors. The program has no set expiration date Bacon has been a Forest City director since 2012 and serves on the Board's Audit and Corporate Governance and Nominating committees Bacon previously served in various positions at Federal National Mortgage Association (Fannie Mae) including vice president of the northeast region senior vice president of the multifamily division Bacon served as director of policy for the oversight board and director of securitization at Resolution Trust Corporation Bacon began his career with Kidder Peabody and later Morgan Stanley Bacon is a board member of three additional publicly traded companies: Comcast Corporation He is also a board member of the National Multifamily Housing Council and serves on the advisory board of the Stanford Center on Longevity Jamie Behar has been a Forest City director since April 2017 She serves on the Board's Audit and Corporate Governance and Nominating committees Behar previously served as the managing director at GM Investment Management Corp (GMIMCo) from 2005 to 2015 Behar started at GMIMCo as a portfolio manager in 1986 Behar served on the board's investment management private equity investment approval and risk management committees Behar also serves as an independent director for Gramercy Property Trust and Sunstone Hotel Investors She was previously board chair of the Pension Real Estate Association and was a member of the Real Estate Investment Advisory Council of the National Association of Real Estate Investment Trusts About Michelle Felman   Michelle Felman currently serves on the Advisory Board at Turner Impact Capital a social impact platform that focuses on charter schools and workforce housing.  She is a Trustee of Choice Properties a listed retail REIT spun off by Loblaws Companies Limited where she serves on the Governance and Comp Committees, and of The Partners Group (PGPHF) where she serves as the Chair of the Investment Oversight-Committee. Felman is a Board member of Reonomy Felman is also on the Board of Directors of Cumming Corp a global project management and cost consulting company Felman served as the Executive Vice President – Co-Head of Acquisitions and Capital Markets for Vornado Realty Trust and remained a consultant to VNO through December 2012 She began her career at Morgan Stanley in the Investment Banking Division and later joined GE Capital as a Managing Director of Business Development LaRue became a director of Forest City in June 2011 when he also became President and CEO of the Company LaRue also serves as an officer and/or director of various subsidiaries of the company he served as Executive Vice President and Chief Operating Officer LaRue served as President and Chief Operating Officer of the company's Commercial Group LaRue was an internal auditor and financial analyst with The Sherwin-Williams Company He formerly served on the board of CubeSmart and the International Council of Shopping Centers LaRue is currently a member of the board of trustees and executive committee and chair of the capital committee of the Friends of the Cleveland School of the Arts; a trustee and member of the finance committee of the Lawrence School; and is on the boards of St Edward High School and the Greater Cleveland Partnership Metz is currently Managing Director and Head of International Real Estate at The Carlyle Group He will be retiring from Carlyle in April of 2018.  Most recently Metz served as Senior Advisor to TPG Capital's Real Estate Group Metz was the Chief Executive Officer of General Growth Properties Metz was co-founding partner of Polaris Capital LLC Metz has previously held roles such as Executive Vice President and Chief Investment Officer of Rodamco numerous positions with Urban Shopping Centers Vice President in the Capital Markets group of JMB Realty and Corporate Lending Officer in the Commercial Real Estate Lending Group at The First National Bank of Chicago Metz currently serves on the advisory boards of the real estate programs at both Cornell University and Northwestern University where she served in various capacities from 1994 to 2009 before the firm's merger with Cowen Group including as Chief Operating Officer and General Counsel Ogilvie served as Chief of Staff at Cowen Group She currently serves as an Advisor to the Creditors Committee for the Lehman Brothers International (Europe) Administration She also serves as a director of Evolution Petroleum a developer and producer of oil and gas reserves a supplier of functional coatings and color solutions a REIT for which she chairs the Audit Committee Ogilvie previously served as a Director for Southwest Bancorp Ratner previously served as Executive Vice President of Development for Forest City and has served as an officer/director of various subsidiaries of the Company Ratner serves on the board of NACCO Industries he serves as chairman of the board of trustees of The Playhouse Square Foundation serves on the executive committee and the board of trustees of The Cleveland Museum of Art and serves on the board of trustees of Case Western Reserve University Roberts began his career at an organization he would later lead With more than 35 years of experience in business Roberts today shares his knowledge and expertise with clients as president of the W.R Roberts began his career with the Chesapeake and Potomac Telephone Company He held positions of increasing responsibility in Operations before assuming responsibility in 2000 for Verizon's public policy initiatives in Maryland he was named region president of Verizon Maryland and the District of Columbia overseeing all of the company's operations in those areas he is immediate past Chairman of the Board of Directors for MedStar Health the largest not-for-profit healthcare system in Maryland and the Washington he has served as board chairman the Baltimore branch of the Federal Reserve Bank of Richmond a publicly traded global investment banking firm NII Holdings (formerly Nextel International) a publicly traded provider of wireless communications services in Latin America a publicly traded provider of wireless semiconductor solutions and of FirstAdvantage a privately-held portfolio company of private equity firm Symphony Technology Group He served as Executive Vice President and Chief Financial Officer of Sears Holdings from August 2011 until October 2016 and as a Senior Advisor until January of 2017 Schriesheim was Senior Vice President and Chief Financial Officer of Hewitt Associates a global human resources consulting and outsourcing company that was acquired by Aon in October 2010 he was Executive Vice President and Chief Financial Officer of Lawson Software Schriesheim was affiliated with ARCH Development Partners a seed stage venture capital fund and earlier he held executive positions at Global TeleSystems and Brooke Group Ltd.  Previously he served as a director of a number of publicly traded companies including Lawson Software from 2006 until its sale in July 2011 to Infor and Golden Gate Capital a rural wireless services communications company that was acquired by AT&T and as Co-Chairman of MSC Software from 2007 to 2009 a provider of integrated simulation solutions for designing and testing manufactured products that was acquired by Symphony Technology Group and of Georgia Gulf Corporation About Forest City  Forest City Realty Trust, Inc. is an NYSE-listed national real estate company with $8.1 billion in consolidated assets. The Company is principally engaged in the ownership, development, management and acquisition of commercial, residential and mixed-use real estate in key urban markets in the United States. For more information, visit www.forestcity.net Forward-Looking Statements   This press release contains forward-looking statements Such forward-looking statements reflect management's current views with respect to future events and often address the Company's expected future actions and performance Forward-looking statements may be identified by the use of words such as "expect," "intend," "plan," "estimate," "project," "believe," "anticipate," "target" and similar words and phrases These forward-looking statements are not guarantees of future events and involve risks uncertainties and assumptions that are difficult to predict All statements regarding the Board's review of operating financial and structural alternatives and associated costs and benefits including whether standalone plan could enhance value are forward-looking Actual developments and business decisions may differ materially from those expressed or implied by such forward-looking statements that could cause the Company's actual results and future actions to differ materially from those described in forward-looking statements include the risks discussed in the Company's documents filed with the SEC including the Company's Annual Report on Form 10-K for the year ended December 31 quarterly reports on Form 10-Q and Current Reports on Form 8-K http://www.forestcity.net Erna "Erika" (nee Vrba) Haukenfrers Erika awoke to her heavenly home after a short battle with cancer Germany to Henry Vrba and Flora (nee Gansser).  She and her family immigrated to Canada in 1954 Alberta.  It was there that she fell in love with a Canadian Soldier 1958 and would have celebrated their 65th wedding anniversary next month.  They settled first in Edmonton.  They bought land in Athabasca in 1961 taking up residence on the farm in 1964 where they were active members in the Parkview Community and Royal Canadian Legion.  but numerous foster children and other strays She is fondly remembered by all who knew her Ronald (Marcie-Lynne) and Rosemarie; grandchildren Evan and Coral; her sister Heide (Stewart) Zarowny; cousin Ernel Zipperick; in-laws: Willi (Ruth) Haukenfrers Helga Haukenfrers and Werner Haukenfrers; and numerous nieces and nephews.  She is predeceased by her brother William Vrba; infant twin brothers Alfred and Joseph; and several brother and sister-in-laws.  A Funeral Service will be held on Saturday 2023 at 2:00pm at the Missionary Church in Athabasca Please join the family for light refreshments afterwards In lieu of flowers donations may be made to the Royal Canadian Legion Branch 103 - Athabasca or to the Athabasca Healthcare Auxiliary Association Follows Company's Previous Announcement to Substantially Refresh Board New Independent Directors Further Strengthen and Diversify Board Bringing Industry Expertise and Fresh Perspectives CLEVELAND, April 16, 2018 /PRNewswire/ -- Forest City Realty Trust, Inc. (NYSE: FCEA) ("Forest City" or the "Company") today announced that its Board of Directors has appointed Michelle Felman All of the appointments are effective as of today Ratner will continue their service on the Board "We are thrilled to welcome our new independent directors to the Forest City Board," said David LaRue President and Chief Executive Officer of Forest City "We are excited about this substantial refreshment of our Board which will help improve the Company's corporate governance structure for the benefit of all stockholders Our new independent directors bring substantial industry experience at leading publicly traded companies and we look forward to benefitting from their new and diverse perspectives as we continue to drive stockholder value." Forest City committed to significant governance changes pursuant to which nine current directors agreed to resign from the Board eight new independent directors will be appointed to the Board and the reconstituted Nominating and Governance Committee will initiate a process to identify and recommend a new Chairman or Executive Chairman coupled with the substantial refreshment we previously announced underscores our focus on continuing to take decisive action to better position the Company for success as we implement and execute on our comprehensive strategic plan to strengthen and grow our business The entire Forest City Board and management team are moving forward fully focused on delivering on our strategic initiatives driving performance and creating value for stockholders." Lande and Molinelli were appointed to the Board pursuant to the previously announced agreement with Scopia Capital Management LP and Starboard Value LP the Forest City Board is comprised of 12 directors All twelve currently identified members of the newly reconstituted Board will stand for election at the Company's 2018 Annual Meeting Behar started at GMIMCo as a portfolio manager in 1986.  Behar served on GMIMCo's Board of Directors Private Equity Investment Approval and Risk Management Committees Behar also serves as an independent director for Sunstone Hotel Investors and the Broadstone Real Estate Access Fund.  She was previously board chair of the Pension Real Estate Association and was a member of the Real Estate Investment Advisory Council of the National Association of Real Estate Investment Trusts About Michelle FelmanMichelle Felman currently serves on the Advisory Board at Turner Impact Capital a social impact platform that focuses on charter schools and workforce housing.  She is a Trustee of Choice Properties (CHP-TSX) where she serves on the Governance and Comp Committees where she serves as the Chair of the Investment Oversight Committee Lande is a Partner and Head of Special Situations for Scopia Capital Management LP Lande was the managing partner of Coppersmith Capital an asset management firm focused on equity investing and active engagement for long-term value creation Lande was a partner of MCM Capital Management a small-cap investment fund founded in 1996 to employ private equity investing methodologies in public equities Lande served as corporate development officer of Key Components a global diversified industrial manufacturer Lande serves on the boards of CONMED Corporation and Itron He will be retiring from Carlyle in April of 2018. Most recently About Gavin MolinelliGavin Molinelli is a Partner of Starboard Value LP Molinelli was a Director and an Investment Analyst at Ramius LLC for the funds that comprised the Value and Opportunity investment platform Molinelli was an analyst in the Technology Investment Banking group at Banc of America Securities LLC in Economics from Washington and Lee University Ordan is the Chief Executive Officer of Quality Care Properties one of the nation's largest actively managed real estate companies focused on post-acute/skilled nursing and memory care/assisted living Ordan served as WP Glimcher's Executive Chairman from January 2015 to December 2015 and as its Non-Executive Chairman from January 2016 to June 2016.  Ordan served as Washington Prime's Chief Executive Officer from May 2014 to January 2015.  Previously Ordan served as a director and led the turnarounds as Chief Executive Officer of Sunrise Senior Living and as Chief Executive Officer and President of The Mills Corporation Prior to this he served as Chief Executive Officer of Balducci's LLC. and he was the founder and CEO of Fields Markets Chamber of Commerce and The Chesapeake Bay Foundation Previously he served as a director of a number of publicly traded companies including Lawson Software from 2006 until its sale in July 2011 to Infor and Golden Gate Capital About Forest CityForest City Realty Trust, Inc. is an NYSE-listed national real estate company with $8.1 billion in consolidated assets. The Company is principally engaged in the ownership, development, management and acquisition of commercial, residential and mixed-use real estate in key urban markets in the United States. For more information, visit www.forestcity.net Forward-Looking Statements This press release contains forward-looking statements By MIKE SHEEN The chief financial officer of Indivior will step down from the board amid a broader shake-up after the drugmaker settled a dispute with a major investor which switched its primary listing to the US in June but continues to trade on the FTSE 250 told shareholders on Tuesday Ryan Preblick would step down from his board role 'to align Indivior's Board composition with US listed company practice' It follows repeated demands from Indivior's second largest shareholders Oaktree Capital Management for the drugmaker to refresh its board and take strategic action to help recover its shrinking market share Indivor issued its second profit warning in three months in October after sales of its Sublocade treatment for opioid addiction were hurt by the popularity of rival drug Brixadi said: 'Our Board and management team remain committed to enhancing value for all Indivior shareholders and have taken decisive actions in response to short-term headwinds in the business to ensure we are able to navigate the current environment while positioning the Company for long-term value creation.' the group also appointed Robert Schriesheim and Joe Ciaffoni as independent non-executive directors Indivior shares have lost almost a quarter of their value since the start of the year  Indivior said Schriesheim and Ciaffoni have 'extensive experience in corporate transformation and specialty pharmaceuticals It added that the pair would bring 'incremental resources to enhance the board's skills and experience to continue optimising the company's strategy and operations to maximise value for all shareholders' The group remains in discussion with Oaktree regarding the appointment of another non-executive director amid plans announced in October to replace chair Graham Hetherington Managing director in Oaktree's value opportunities group Andrew West said: 'We believe the constructive actions Indivior's Board has undertaken together with the appointment of these new independent directors will accelerate the Company's operational execution and enhance long-term shareholder value 'We are grateful to leadership and shareholders for their engagement and look forward to Indivior's future as it progresses on its mission to provide patients with life-changing treatments based on science.' 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