Latest news with #JeffreySmith
Daily Mail
5 days ago
- Business
- Daily Mail
Jimmy Buffett's 'upset and confused' widow locked in legal row over late singer's $275M fortune
A legal battle is brewing over the estate of late singer Jimmy Buffett. The Margaritaville singers's widow Jane Buffett said in legal docs she believes the co-trustee of the estate is not being forthright about the $275 million in it, according to legal documents reviewed by People. Jane says both the co-trustee Richard Mozenter, as well as an attorney assigned to carrying out the high-profile transaction named Jeffrey Smith, have been 'openly hostile' toward her, according to court docs reviewed by the magazine. Lawyers for Jane Buffett told the court in legal docs that she has on multiple occasions urged Mozenter to 'act responsibly and perform his duties' to no avail. They added, 'Mr. Mozenter has failed to perform even the most basic tasks required of him in his role as co-trustee, including providing Mrs. Buffett with information concerning Trust assets and finances, which has left Mrs. Buffett in the dark with regard to the state of her own finances. 'Along the way, Mr. Mozenter has belittled, disrespected, and condescended to Mrs. Buffett in response to her reasonable requests for information she undoubtedly was entitled to receive.' Jane's legal team told the court that her late spouse initially put together the Trust in 1990 so she would have a nest egg if anything happened to him. Changes were made to the Trust in 2017 and 2023, according to the outlet, which noted that the pair's three kids have shares of the remnant Federal estate tax exemption totaling about $2 million in value. An insider told the outlet that Jane and her confidantes are upset and confused by the drama. 'Jimmy would never have wanted Jane to be treated like this ... I know how close Jimmy and Jane were all these years, and how Jimmy relied upon and trusted Jane around so many of his important decisions in his life and career,' the source said. Jane said that Mozenter was vague and evasive when pressed on details about the estate following the singer's death. 'Rather than help his recently widowed client understand her finances, Mr. Mozenter spent the next 16 months stonewalling and making excuses for why he could not yet provide the requested information,' Jane said in the filing. Jane said that earlier this year, Mozenter put 'shocking' results in front of her, as 'he showed the Marital Trust earning less than $2 million in net income, a remarkably poor return for a Trust with an estimated $275 million in assets.' Jane said that Mozenter advised her to 'consider adjustments' in her budget and possibly sell off real estate, according to the court filing. The filing said 'if the Marital Trust truly earns such a low return consistent with the financials Mr. Mozenter presented, it will confirm that Mr. Mozenter is either not competent to administer the Trust or unwilling to act in Mrs. Buffett's best interests.' Daily Mail has reached out to Richard Mozenter for further comment on the topic. The singer-songwriter, who popularized beach bum soft rock with the escapist Caribbean-flavored song Margaritaville and turned that celebration of loafing into a billion-dollar empire of restaurants, resorts and frozen concoctions died at the age of 76 on September 1, 2023. 'Jimmy passed away peacefully on the night of September 1st surrounded by his family, friends, music and dogs,' a statement posted to Buffett's official website and social media pages said at the time. 'He lived his life like a song till the very last breath and will be missed beyond measure by so many.' The classic song Margaritaville, released on February 14, 1977, quickly took on a life of its own, becoming a state of mind for those 'wastin' away,' an excuse for a life of low-key fun and escapism for those 'growing older, but not up.' The song is the unhurried portrait of a loafer on his front porch, watching tourists sunbathe while a pot of shrimp is beginning to boil. The singer has a new tattoo, a likely hangover and regrets over a lost love. Somewhere, irritatingly, there is a misplaced salt shaker. 'What seems like a simple ditty about getting blotto and mending a broken heart turns out to be a profound meditation on the often painful inertia of beach dwelling,' Spin magazine wrote in 2021. 'The tourists come and go, one group indistinguishable from the other. 'Waves crest and break whether somebody is there to witness it or not. Everything that means anything has already happened and you're not even sure when.' The song - from the album Changes in Latitudes, Changes in Attitudes - spent 22 weeks on the Billboard Hot 100 chart and peaked at number eight. The song was inducted into the Grammy Hall of Fame in 2016 for its cultural and historic significance, became a karaoke standard and helped brand Key West, Florida, as a distinct sound of music and a destination known the world over. 'There was no such place as Margaritaville,' Buffett told the Arizona Republic in 2021. 'It was a made-up place in my mind, basically made up about my experiences in Key West and having to leave Key West and go on the road to work and then come back and spend time by the beach.' The song soon inspired restaurants and resorts, turning Buffett's alleged desire for the simplicity of island life into a multimillion brand. He landed at No. 18 in Forbes' list of the Richest Celebrities of All Time with a net worth of $1 billion. Tributes following the singer's passing came from all walks of life, from Hollywood star Miles Teller posting photos of himself with Buffett to former U.S. Sen. Doug Jones of Alabama, who wrote on X that Buffett 'lived life to the fullest and the world will miss him.' Brian Wilson of the Beach Boys wrote: 'Love and Mercy, Jimmy Buffett' and Paul McCartney called him 'one of the kindest and most generous people.' Buffett's evolving brand began in 1985 with the opening of a string of Margaritaville-themed stores and restaurants in Key West, followed in 1987 with the first Margaritaville Café nearby. Over the course of the next two decades, several more of each opened throughout Florida, New Orleans and California.
Yahoo
20-05-2025
- Business
- Yahoo
Takeda selects Salesforce Life Sciences Cloud for Customer Engagement
Salesforce (CRM) announced that Takeda has selected Salesforce Life Sciences Cloud for Customer Engagement to strengthen its involvement with healthcare professionals seamlessly. The company will leverage Salesforce's deeply unified platform, including Agentforce and Data Cloud, to deploy personalized AI agents, supporting operations from medical to commercial and patient support functions. 'Takeda is an outstanding leader in the industry, aspiring to create better health for people and a brighter future for the world,' Frank Defesche, SVP & GM, Life Sciences at Salesforce. 'Now, with Life Sciences Cloud for Customer Engagement, we'll help Takeda improve provider and patient engagement and scale the impact of every team member.' Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks straight to you inbox with TipRanks' Smart Value Newsletter Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>> See the top stocks recommended by analysts >> Read More on CRM: Disclaimer & DisclosureReport an Issue Salesforce's Stable Position Amidst Evolving Industry Dynamics: A Hold Recommendation 'Time Is Running Out,' as Analysts Project Strong Gains for Salesforce Stock (NYSE:CRM) Microsoft (MSFT) Agrees to Unbundle Office Suite in Europe Positive Outlook for Salesforce Driven by Strong Data Solutions and Promising Agentforce Growth Jeffrey Smith's Starboard Value buys Qorvo, cuts Pfizer in Q1 Sign in to access your portfolio
Business of Fashion
08-05-2025
- Business
- Business of Fashion
Kenvue Beats Estimates on Healthcare Sales, Beauty Lags
Kenvue beat quarterly profit and revenue estimates on Thursday as better-than-expected demand for cough-and-cold brands like Tylenol and Benadryl offset weaker sales in its skin-health and beauty segment, sending shares up nearly 5 percent in premarket trade. However, the consumer health firm said it expects annual profit to remain flat year on year, anticipating higher costs from President Trump's tariffs on US imports. The company had previously forecast adjusted profit to range between flat to a growth of 2 percent in 2025. It had earned $1.14 per share in the previous year. Kenvue, spun off from Johnson & Johnson in 2023, has faced pressure from activist investors to boost performance, particularly at its struggling skin-health and beauty unit, which includes brands like Neutrogena and Aveeno. First-quarter sales at that segment fell 7.3 percent to $977 million, compared with analysts' estimates of $1.09 billion. Sales at self-care - its largest segment by revenue — came in at $1.67 billion. Analysts were expecting that segment to post $1.61 billion in sales. On an adjusted basis, the company earned a profit of 24 cents per share for the reported quarter, compared with analysts' average estimate of 23 cents per share, according to data compiled by LSEG. Kenvue reached an agreement with activist investor Starboard Value earlier this year and added the firm's founder and chief executive, Jeffrey Smith, to its board. Separately, the company said on Thursday Kellanova's Amit Banati will replace Paul Ruh as its chief financial officer, effective May 12. Banati most recently served as the finance chief of Kellanova. Quarterly revenue of $3.74 billion compared with estimates of $3.68 billion. By Mariam Sunny; Edited by Nivedita Bhattacharjee and Pooja Desai Learn more: Kenvue Settles Proxy Fight With Activist Starboard The company appointed three new directors to its board, including Starboard Value CEO Jeffrey Smith, as part of an agreement to resolve a months-long dispute over the company's performance in the skincare and beauty segment.
Reuters
25-04-2025
- Business
- Reuters
Loeb's Third Point builds stake in Band-Aid maker Kenvue
NEW YORK, April 25 (Reuters) - Billionaire investor Daniel Loeb's hedge fund Third Point is building a stake in Kenvue (KVUE.N), opens new tab, sources familiar with the matter said on Friday, as some investors are pushing for strategic changes at the consumer healthcare company. News of Third Point's investment in the $44 billion Summit, New Jersey-headquartered maker of Band-Aids and Tylenol helped push its share price up more than 2% in late afternoon trading on Friday before giving up some gains to close at $23.01. Kenvue, spun out of Johnson & Johnson (JNJ.N), opens new tab two years ago, has faced pressure from activist investors for months and avoided a full-blown proxy fight with Starboard Value in March when it added the firm's founder and chief executive, Jeffrey Smith, to its board. Starboard pressed the company to review how it positions its brands and how they are priced in order to boost its performance. Since reaching its agreement with Starboard, Kenvue has faced pressure from Toms Capital Investment Management, another activist firm that also built a stake and wants the company to consider strategic alternatives including a possible sale of the entire company or portions of it, sources familiar with the firm's engagement said. It could not be established how large Third Point's investment is or whether the hedge fund has engaged with Kenvue's board or management. A representative for Third Point declined to comment. The Financial Times first reported Third Point's stake in Kenvue on Friday. Kenvue said it regularly engages with its investors but does not comment on individual investor discussions. The board acts "in the best interests of the company and all Kenvue shareholders and we remain focused on accelerating sustainable, profitable growth and enhancing shareholder value," the company said in a statement. While Kenvue's brands, including Aveeno, Listerine and Zyrtec, are well-known, net sales were flat at $15.5 billion in 2024. The company's stock price, while up 8% this year, has slid 13.2% since being listed as a publicly traded company in May, 2022. Third Point pursues a variety of strategies including, from time to time, activism in which it engages with management to push companies including Advance Auto Parts (AAP.N), opens new tab, Walt Disney (DIS.N), opens new tab and Bath & Body Works (BBWI.N), opens new tab to perform better. It oversees roughly $12 billion in assets and returned 25% in 2024, a dramatic increase from a gain of roughly 4% in 2023 and a 22% loss in 2022. Last year, the firm rotated into consumer discretionary, financial and industrial companies that helped fuel returns after a post-election rally.
Yahoo
29-03-2025
- Politics
- Yahoo
‘The feeling was of friendship': Blaine border rallies meant to ease U.S.-Canada tensions
For the past few weeks, hundreds of Canadian and U.S. residents have participated in a weekly border rally in hopes of easing tensions from a trade war between the two governments, who have enjoyed friendship for decades as 'children of a common mother,' according to a slogan etched on one side of the Peace Arch. They're meeting from noon to 2 p.m. Saturdays at Peace Arch State Park in Blaine, where visitors can stroll in a field that spans the border. Information about the gatherings is on the Facebook page Peace, Love and a Handshake. Last Saturday's event resembled the end of a hockey game, where players greet each other on the ice to offer praise and settle any hard feelings. 'It was a powerful, moving thing,' Jeffrey Smith of Bellingham told The Herald. Video from the event shows participants laughing and smiling as music played and drivers waiting to go through customs honked their horns. Many carried placards with slogans such as '(Heart) over hate.' 'We're kind of hoping that this message is not about politics. This is something that everyone can get behind,' Smith said in a phone interview. Stories about the cross-border gatherings have been reported in Canadian media, including the CBC. Mayor Mary Lou Steward of Blaine hopes the event catches on and visitors from both sides of the border return to patronizing businesses in the town of 6,232 that depends heavily on tourism. Border crossings are down sharply since Feb. 1, when President Trump imposed wide-ranging tariffs on Canadian goods and sparked a trade war that left many Canadians feeling angry and betrayed at the U.S., an ally that they've supported through both world wars, the Sept. 11 terror attacks and beyond. 'The feeling was of friendship. Everyone was in a good mood,' Steward told The Herald in a phone interview. Steward was born in Ottawa and lived for many years in British Columbia before moving to the U.S. 'This resonates with people. There is this friendship. It's a little bit bruised right now, but we'll get back there,' she said.
