Daily Record Financial News &
Monday, February 8, 2016
Vol. 103, No. 061 • Two Sections
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Tough market for Advanced Disposal IPO
With stocks teetering and the IPO market basically dormant, it seems like the worst possible time to bring out an initial public offering. Yet, Advanced Disposal Services Inc. is scheduled to bring its IPO to the market this week. The waste management company headquartered in Nocatee in St. Johns County hopes to sell about 21.4 million shares at $20 to $22 each. Advanced Disposal filed an updated registration statement and other documents with the Securities and Exchange Commission last week that showed,
among other items, the company has changed its name. Although the company has been doing business under the Advanced Disposal name, it originally filed its IPO documents under the parent company name ADS Waste Holdings Inc. The parent company is now officially Advanced Disposal. Last week’s filings also indicated, for the first time, how much stock Advanced Disposal intends to sell in the IPO. The stock sale will consist of about 9 million new shares issued by the company and 12.4 million shares controlled by OPSEU Pen-
acquired control of the company in 2006. Highstar controls 69.3 percent of the stock and will retain a majority interest after the IPO. Advanced Disposal has not yet reported yearend results but the company did say last week it expects 2015 revenue to be $1.393 million to $1.399 million, slightly lower than 2014 revenue of $1.403 million. The company said several factors caused the decline in revenue, including divested businesses, lower fuel cost recovery fees, lower special waste volumes and lower recyclables.
sion Trust, a Canadian government pension fund manager. OPSEU’s 12.4 million shares represent a 20.6 percent stake in the company. Advanced Disposal will not get any proceeds from the sale of those shares, only from the 9 million new shares. Advanced Disposal’s largest shareholder is an investor group led by Highstar Capital, which
Advanced Disposal serves about 2.8 million residential and 202,000 commercial and industrial customers in 18 states. The company moved its headquarters to Nocatee in 2013. Its SEC filing lists its address in “Ponte Vedra” with no “Beach” included. Once the stock is sold, it will trade on the New York Stock Exchange under the ticker symbol “ADSW.” Of course, if Advanced Disposal is able to successfully bring the IPO to the market this week, the big question is how will Wall Basch continued on Page A-6
HR head reinstated to job in Fernandina Whistleblower also receives back pay
Mayor Lenny Curry talks with Tomeshia Brown, mother of Aiden McClendon, at the end of a prayer vigil last Monday at Bethel Baptist Institutional Church. Aiden was murdered in a Jan. 29 drive-by shooting, as he sat in a car with Brown and his grandmother.
Photo by Fran Ruchalski
By David Chapman Staff Writer
The emotions of leading
By Marilyn Young Editor Aiden McClendon died hours after being hit by three bullets in a drive-by shooting Jan. 29. A life ended at just 22 months in a city growing weary of escalating violent crime. There’s a business side for city officials to lead on an issue like this. And there’s an emotional side, too. A balance of finding money to get more cops on the street and strengthen prevention and intervention programs while also helping residents — including their own families — try to make sense of a murder like Aiden’s. That’s what happens when an innocent child is killed. Much of the day after Aiden’s shooting is a blur for Mayor Lenny Curry. But he has a vivid recollection of a moment in his family room with his 10-year-old son, Boyd.
“I just looked at him and that’s when it really hit me,” Curry said Friday. The mayor walked over and kissed his oldest child on the forehead, drawing a puzzled look from his son. He told Boyd why he did it, but Curry said, “I still can’t explain the moment.” All three of Curry’s children know about Aiden’s murder. His 6-year-old daughter Bridget is “just beside herself about it all,” unable to understand why it happened. Again, Curry didn’t know how to explain it. Former Mayor John Peyton faced a similar seminal moment during his first term in office when DreShawna Davis was murdered in 2006. The 8-year-old girl was killed while crouching over her cousins, protecting them from bullets meant for her uncle. It’s a day that still affects Peyton almost a decade later. His children were much Crime continued on Page A-11
Public legal notices begin on page B-2
Aiden McClendon
Special to the Daily Record
Deadly crime problem more than just policy issue
Robin Marley wasn’t in the audience when the Fernandina Beach City Commission voted on a settlement agreement. She didn’t need to be at the specially called meeting. Nor did her lawyer, Tad Delegal of Jacksonville. The vote was a mere formality, really. The whistleblower case Marley had sued the city over more than a year ago had come to a close. The human resources director position is once again hers March 1, a year-and-a-half after being wrongfully terminated for raising claims about the “gross mismanagement” of the community’s fire department, one that had a culture of illegal retaliation. She’ll walk back in the office knowing her case led to change in the local government. A fire chief who Marley had raised concerns about requested reassignment to a lesser role. The city manager at the heart of the issue Delegal stepped down. Delegal said it’s not often one can file a lawsuit that brings to the forefront major concerns about government mismanagement. Not only did this case do that, it created substantial change. “I think the city commission realized that after a lot of issues came to light,” he said. Delegal said his firm takes probably 10 whistleblower cases a year, the vast majority of them originating from the private sector. Such laws are in place to protect the public in general, he said, especially in cases when governments do things that Whistleblower continued on Page A-10
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