Deutsche Bank Securities to pay $20 million to LP
In a Dec. 3 filing with the Securities and Exchange Commission (SEC), Louisiana-Pacific (LP) announced it will receive a $20 million payment from Deutsche Bank Securities to settle a lawsuit between the two companies. Deutsche Bank Securities will pay the sum without admitting any liability or wrong-doing, and LP will dismiss the legal proceedings with prejudice. Each company will release the other from all claims and liabilities arising out of the sale and purchase of the auction rate securities.
Although the SEC filing does not go into great detail about the lawsuit, it does say that Deutsche Bank Securities acted as Initial Purchaser and Initial Broker-Dealer in LP’s purchase of certain auction rate securities underwritten by Deutsche Bank Securities.
In North Dakota, a yard expands
Crane Johnson Lumber Co. opened a new facility in Surrey, N.D., according to an article in the Minot Daily News.
The manager of the new location is Tony Watterud. He is also VP. The company was founded in 1883 and today operates five lumber yards in North Dakota and Minnesota. Crane Johnson Lumber Co. also operates a truss and panel facility in Fargo, N.D.
Parr Lumber to carry flood mitigation products
Pacific Northwest pro dealer Parr Lumber has partnered with Smart Vent Products, a provider of flood mitigation products. Smart Vent protects buildings from the devastation and destruction that hurricanes, floods or other natural disasters can cause through its line of automatic foundation flood vents. These products are certified by the International Code Council Evaluation Service (ICC-ES) and accepted by the Federal Emergency Management Agency (FEMA). Each standard model is certified for 200 sq. ft. of flood coverage per unit.
“Our new partnership with Smart Vent Products provides Parr Lumber locations throughout the Pacific Northwest access to a high-quality product line that adds value to our disaster preparedness product offering,” said Tom Pickett, a senior buyer at Parr Lumber Co. “The Smart Vent product line provides one more tool in our tool box, to help our communities and individual property owners prepare for, and recover from, a natural disaster.”
To ensure that all Parr Lumber locations were properly trained, Greg Boyle Distribution Coordinator and Certified Floodplain Manager for the New York-based Smart Vent, spearheaded an extensive product knowledge session with each of the Parr Lumber branches
“By training each Parr Lumber location on the Smart Vent product line and flood regulations, we are confident that anyone walking into their locations will leave with the correct model and an increased awareness of why it’s important to flood vents,” said Boyle. “Parr Lumber is an integral part to our success in the Northwest, and we are extremely pleased to be partnering with them.”
Parr locations in Oregon that are properly trained and certified as Authorized Smart Vent Dealers include: Salem, Albany, Rockwood, West Linn, Hillsboro, Forest Grove, Raleigh Hills, Prineville, Klamath Falls, Medford, Burns, Eugene and Newberg. In Washington, it includes Parr Lumber’s Marysville, Spokane, Tacoma, Vancouver and Pasco.