JCP Investments Still Trying To Take Out The Casella Waste Systems Inc. (CWST) by Stock Pucker
JCP Investment is taking Casella Waste to task again, putting out a letter and presentation. A name we covered in April as part of Activist Strategy – Jim Pappas andJCP usually do good work. Don’t forget – sign up for our free daily newsletter to stay in the activist investing know.
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Here’s the jist – the fund owns 5.7%. They’ve tried working with the board to no avail. The company has been working against JCP. Casella has underperformed for over a decade given the family-entrenched management team and supervoting Class B shares. There’s been various related party transactions and possible under the table dealings. The fix is new management and governance overhaul. JCP has nominated board members and looks to wage a proxy battle.
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Casella puts out a detailed letter [here], as well as presentation [here].