WASHINGTON ยป The Supreme Court agreed today to hear a dispute between a soybean farmer and Monsanto Co. over the company’s efforts to limit farmers’ use of its patented, genetically engineered Roundup Ready seeds.
The justices said they will hear an appeal from Indiana farmer Vernon Hugh Bowman, who is trying to fend off Monsanto’s lawsuit claiming Bowman made unauthorized use of the seeds.
Monsanto’s patented soybean seeds have been genetically engineered to resist its Roundup brand herbicide. When Roundup is sprayed on a field, the product will kill the weeds without harming the crop.
The Obama administration urged the court not to take the case and warned that the outcome could affect patents involving DNA molecules, nanotechnologies and other self-replicating technologies.
Monsanto has a policy that prohibits farmers from saving or reusing the seeds once the crop is grown, ensuring that farmers have to buy new seeds every year.
Bowman used the patented seeds, but also bought cheaper soybeans from a grain elevator and used those to plant a second crop. Most of the new soybeans also were resistant to weed killers, as they initially came from herbicide-resistant seeds, too. Bowman repeated the practice over eight years. Monsanto sued when it learned what he was doing.
The company has filed lawsuits around the country to enforce its policy against saving the seeds for the future.
Bowman’s appeal was among seven new cases the court added today to its calendar for argument during the winter.
The justices also will consider whether a government’s refusal to issue a development permit can amount to “taking” private property for which the owner must be paid.
GM crops promote superweeds, food insecurity and pesticides, say NGOs
Genetic engineering has failed to increase the yield of any food crop but has vastly increased the use of chemicals and the growth of “superweeds”, according to a report by 20 Indian, south-east Asian, African and Latin American food and conservation groups representing millions of people.
The so-called miracle crops, which were first sold in the US about 20 years ago and which are now grown in 29 countries on about 1.5bn hectares (3.7bn acres) of land, have been billed as potential solutions to food crises, climate change and soil erosion, but the assessment finds that they have not lived up to their promises.
The report claims that hunger has reached “epic proportions” since the technology was developed. Besides this, only two GM “traits” have been developed on any significant scale, despite investments of tens of billions of dollars, and benefits such as drought resistance and salt tolerance have yet to materialise on any scale.
Most worrisome, say the authors of the Global Citizens’ Report on the State of GMOs, is the greatly increased use of synthetic chemicals, used to control pests despite biotech companies’ justification that GM-engineered crops would reduce insecticide use.
In China, where insect-resistant Bt cotton is widely planted, populations of pests that previously posed only minor problems have increased 12-fold since 1997. A 2008 study in the International Journal of Biotechnology found that any benefits of planting Bt cotton have been eroded by the increasing use of pesticides needed to combat them.
Additionally, soya growers in Argentina and Brazil have been found to use twice as much herbicide on their GM as they do on conventional crops, and a survey by Navdanya International, in India, showed that pesticide use increased 13-fold since Bt cotton was introduced.
Case boosts investment in ML&P
AOL founder could have majority stake after stock sale done
By ILIMA LOOMIS, Staff Writer
WAILUKU – AOL co-founder Steve Case added to his investment in Maui Land & Pineapple Co. this week by purchasing an additional 4.27 million shares under a rights offering by the company.
Case acquired the stock at a price of $3.85 per share, to invest another $16.5 million into the struggling company, according to a report filed with the federal Securities and Exchange Commission on Wednesday.
The sale was made under a plan by ML&P to raise cash by selling 10.4 million new shares to existing stockholders.
The company made a separate announcement this week that it had completed the sale on the New York Stock Exchange.
The proceeds will be used to retire $40 million in convertible notes, giving the company some relief from its significant debt.
Under the offering, each stockholder was offered the right to purchase a limited number of the new shares, in proportion to the size of their previous stake in the company. Case purchased all of the shares that were offered to him.
But he could have access to as many as 6.1 million additional shares if the company’s other stockholders don’t sign up for the rights offering and shares set aside for them are left unsold. The company reported that Case indicated his interest in potentially acquiring all those shares if they were available.
In its report filed with the SEC, the company said Wednesday that it had not yet determined how the unsold stock would be allocated among the investors who wished to purchase it.
With the 7.75 million shares he now owns, Case currently holds a 41.2 percent stake in ML&P, a controlling interest in the company.
But the company said that, depending on how many of the additional shares are allocated to Case, an additional purchase could increase his stake in the company to more than 50 percent.
That could give him even more decision-making power than he already has.
Summary of MAUI LAND & PINEAPPLE CO INC | Form 8-K
Form 8-K for MAUI LAND & PINEAPPLE CO INC27-Jul-2010
Entry into a Material Definitive Agreement
Item 1.01 – Entry into a Material Definitive Agreement
Maui Land & Pineapple Company, Inc. (the “Company”) issued senior secured convertible notes in the aggregate principal amount of $40 million in July 2008 (the “Notes”). The Notes mature on July 15, 2013, bear interest at 5.875% per annum and are currently convertible into common stock of the Company at a conversion price of $30 per share.
As previously announced, the Company entered into Convertible Note Purchase Agreements, pursuant to which the Company has agreed to repurchase the Notes, with holders of Notes who hold, in the aggregate, $32.5 million of the principal amount of the Notes, or approximately 81% of all of the Notes currently outstanding.
On July 22, 2010, the Company entered into Convertible Note Purchase Agreements with the holders of the remaining outstanding Notes on the same terms. In total, the Company has entered into Convertible Note Purchase Agreements with the holders of Notes who hold, in the aggregate, 100% of all of the Notes currently outstanding.
ML&P goes ahead with plan to raise $40M
Maui Land & Pineapple Co. has filed registration documents to proceed with a previously announced plan to convert some of its debt into equity.
On Thursday, the company said it intends to pursue a rights offering for up to $40 million of its common stock. That means it will offer existing stockholders the right to purchase additional shares in the company, raising money that will be used to pay back lenders.
ML&P said shareholders have already subscribed to $27.5 million of the offering.
If the rights offering is sold out, ML&P will repurchase all of its outstanding senior secured convertible notes – a kind of debt that allows lenders to take what they’re owed in the form of stock, if they’re not paid off in cash.
Summary of MAUI LAND & PINEAPPLE CO INC – Yahoo! Finance
Form 8-K for MAUI LAND & PINEAPPLE CO INC
Submission of Matters to a Vote of Security Holders
Item 5.07 Submission of Matters to a Vote of Security Holders
On May 13, 2010, Maui Land & Pineapple Company, Inc. (the "Company") held its 2010 annual meeting of shareholders, or the Annual Meeting. Proxies for the Annual Meeting were solicited pursuant to Regulation 14A under the Securities Exchange Act of 1934. The number of shares of the Company’s common stock, or the Common Stock that were outstanding as of March 12, 2010, which was the record date for the Annual Meeting, was approximately 8,518,033. The final results of the voting at the Annual Meeting are as follows:
Proposal 1: To amend the Company’s Restated Articles of Association to change the number of members of the Board of Directors to not less than five (5) nor more than nine (9), and to declassify the Board of Directors.
Shares voted for: 7,535,426 Shares voted against: 43,656 Shares abstained: 17,685 Broker Non-Votes: 0Proposal 2: Election of Directors to serve for a one-year term or until their successors are elected and qualified if Proposal No. 1 is approved:
Shares Voted Shares Broker For Withheld Non-Votes Stephen M. Case 5,972,951 60,694 1,563,122 Warren H. Haruki 5,971,766 61,879 1,563,122 David A. Heenan 5,575,123 458,522 1,563,122 Kent T. Lucien 5,971,401 62,244 1,563,122 Duncan MacNaughton 5,972,571 66,154 1,563,122 Arthur C. Tokin 5,972,571 61,074 1,563,122 Fred E. Trotter III 5,967,637 66,008 1,563,122Proposal 3: Election of Directors to serve for a three-year term or until their successors are elected and qualified if Proposal No. 1 is not approved:
Shares Voted Shares Broker For Withheld Non-Votes David A. Heenan 5,701,813 331,832 1,563,122 Kent T. Lucien 5,970,251 63,394 1,563,122 Arthur C. Tokin 5,966,446 67,199 1,563,122Proposal 4: To amend the Company’s Restated Articles of Association to authorize an additional 20,000,000 shares of the Common Stock:
Shares voted for: 7,139,064 Shares voted against: 416,117 Shares abstained: 41,586 Broker Non-Votes: 0Proposal 5: Ratification of Deloitte & Touche LLP as the Company’s independent registered public accounting firm for fiscal year 2010:
Shares voted for: 7,543,956 Shares voted against: 47,624 Shares abstained: 5,187 Broker Non-Vote: 0