Wagner sworn in as new TVA Inspector General and more business news

Contributing photo / Ben R. Wagner

Wagner joins TVA as Inspector General

Ben R. Wagner, who worked in TVA’s Office of Inspector General for 31 years before retiring five years ago, returned to TVA and was sworn in as public service inspector general on Monday.

Wagner was named last October by President Joe Biden to head the watchdog agency and he was confirmed by the US Senate last month.

“By exercising strong oversight, the Office of Inspector General will play a vital role in ensuring that the Tennessee Valley Authority continues to foster and earn the public’s trust,” Wagner said in a statement after being sworn in at the an event Monday in Knoxville. “I am also delighted to be working again with the experienced and dedicated team at TVA’s Office of Inspector General, with whom I have worked for more than three decades.”

CBL joins the Russell Microcap stock index

CBL & Associates Properties is among the top 10 financial additions to the Russell Microcap Index on June 24.

The Chattanooga-based real estate investment trust emerged from Chapter 11 bankruptcy proceedings last November with new common stock after CBL restructured its debt and recovered most of its former income following the shutdowns of pandemic-related stores.

The Russell US Indices are designed to reflect the constant movement of the US stock market, and the index is reconstituted based on the market value of publicly traded companies. Companies are also reassessed to determine where they fall within the spectrum of investment styles.

Companies on the Russell Lists are often included in investment portfolios looking for a diverse mix of stocks.

Spirit Airlines reviews revised JetBlue offer

Hours after Spirit Airlines received a revised takeover bid from JetBlue Airways, the South Florida-based carrier said Monday its board would consider it.

The decision by JetBlue, which launched a hostile bid for Spirit in a weeks-old battle with Denver’s Frontier Airlines, is days away from a vote scheduled for June 10 by Spirit shareholders to decide whether to accept an offer. from Frontiers.

In a statement Monday, JetBlue said it would provide a $350 million reverse break fee to Spirit “in the unlikely event that the transaction is not completed for antitrust reasons.”

The airline noted that the fee represents a $150 million increase from what it originally proposed and is $100 million higher than the $250 million fee offered by Frontier. JetBlue also added an incentive. This is an upfront payment of $164 million payable in cash following a positive vote approving its proposed takeover.

Spirit almost immediately said its board would take a look.

“Spirit’s board of directors will work with its financial and legal advisors to evaluate JetBlue’s proposal and pursue the course of action it deems to be in the best interests of Spirit and its shareholders,” the based airline said. in Miramar, Fla., in a statement. . “The board of directors will make this assessment in accordance with the terms of the company’s merger agreement with Frontier and will respond in due course. Spirit shareholders do not need to take any action at this time.”

The United States wants to seize Russian luxury jets

Federal authorities are set to seize a $60 million Gulfstream and a $350 million jet believed to be one of the most expensive private planes in the world after linking the two planes to Russian oligarch Roman Abramovich.

A Manhattan federal court judge on Monday signed a warrant of seizure authorizing the seizure of the Gulfstream and a Boeing plane that authorities said were worth less than $100 million before being turned into a much more expensive plane. .

Abramovich, who recently sold his stake in Chelsea, a Premier League soccer club in London, is among the wealthiest Russians whose assets are under scrutiny for breaching sanctions following Russia’s invasion of Ukraine.

— Compiled by Dave Flessner

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