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$PCL has formed a JV known as Twin Creeks Timber with several institutional investors to own and sustainably manage a portfolio of U.S. timberlands. The initial portfolio is valued at about $560MM and consists of 260K acres. $PCL is selling about $420MM of timberlands to the JV, and contributing another $140MM for its 25% equity stake in the JV.
The latest earnings report by $VZ shows how it is losing customers despite offering the unlimited data plans, a record for the company.
$BEBE is closing down all its stores by the end of May.
$WFC agreed to hike its payout in a class-action settlement over unauthorized accounts by $32 million to $142 million for its retail sales practices. The settlement will now include customers who were impacted as early as May 2002.