<SEC-DOCUMENT>0000921895-15-002232.txt : 20151007
<SEC-HEADER>0000921895-15-002232.hdr.sgml : 20151007
<ACCEPTANCE-DATETIME>20151007171210
ACCESSION NUMBER:		0000921895-15-002232
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20151007
DATE AS OF CHANGE:		20151007
EFFECTIVENESS DATE:		20151007

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CASELLA WASTE SYSTEMS INC
		CENTRAL INDEX KEY:			0000911177
		STANDARD INDUSTRIAL CLASSIFICATION:	REFUSE SYSTEMS [4953]
		IRS NUMBER:				030338873
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0430

	FILING VALUES:
		FORM TYPE:		DFAN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-23211
		FILM NUMBER:		151149527

	BUSINESS ADDRESS:	
		STREET 1:		25 GREENS HILL ROAD
		CITY:			RUTLAND
		STATE:			VT
		ZIP:			05701
		BUSINESS PHONE:		8027750325

	MAIL ADDRESS:	
		STREET 1:		25 GREENS HILL ROAD
		CITY:			RUTLAND
		STATE:			VT
		ZIP:			05701

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			JCP Investment Management, LLC
		CENTRAL INDEX KEY:			0001461945
		IRS NUMBER:				264654347
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A

	BUSINESS ADDRESS:	
		STREET 1:		1177 WEST LOOP SOUTH
		STREET 2:		SUITE 1650
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77027
		BUSINESS PHONE:		713-201-6910

	MAIL ADDRESS:	
		STREET 1:		1177 WEST LOOP SOUTH
		STREET 2:		SUITE 1650
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77027
</SEC-HEADER>
<DOCUMENT>
<TYPE>DFAN14A
<SEQUENCE>1
<FILENAME>dfan14a08569015_10072015.htm
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    <title>dfan14a08569015_10072015.htm</title>
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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-WEIGHT: bold; DISPLAY: inline">UNITED STATES</font></font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">(Rule 14a-101)</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">(Amendment No.&#160;&#160;)</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Filed by the Registrant&#160;&#160;&#160;<font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings">o</font></font></font></font></font></font></font></font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Filed by a Party other than the Registrant&#160;&#160;&#160;<font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings">x</font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Check the appropriate box:</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings">o</font></font></font></font></font></font></font></font></font></font></font></font></font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Preliminary Proxy Statement</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline" face="Wingdings">&#168;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Confidential, for Use of the Commission Only (as permitted by Rule14a-6(e)(2))</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline" face="Wingdings">&#168;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Definitive Proxy Statement</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings">x</font></font></font></font></font></font></font></font></font></font></font></font></font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Definitive Additional Materials</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings">o</font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Soliciting Material Under Rule 14a-12</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">CASELLA WASTE SYSTEMS, INC.</font></font></font></font></font></font></font></font></div>
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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">JCP INVESTMENT PARTNERSHIP, LP</font></font></font></font></font></font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">JCP INVESTMENT MANAGEMENT, LLC</font></font></font></font></font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">JAMES C. PAPPAS</font></font></font></font></font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">BRETT W. FRAZIER</font></font></font></font></font></font></div>
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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings">x</font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;No fee required.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Title of each class of securities to which transaction applies:</font></div>

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<div align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):</font></div>
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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(4)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Proposed maximum aggregate value of transaction:</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(5)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Total fee paid:</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 36pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">JCP Investment Management, LLC, together with the other participants named herein (collectively, &#8220;JCP Investment Management&#8221;), has filed a definitive proxy statement with the Securities and Exchange Commission and an accompanying <font style="FONT-WEIGHT: bold; DISPLAY: inline">GOLD</font> proxy card to be used to solicit votes for the election of JCP Investment Management&#8217;s slate of two highly-qualified director nominees to the Board of Directors of Casella Waste Systems, Inc., a Delaware corporation (the &#8220;Company&#8221;), at the Company&#8217;s upcoming 2015 annual meeting of stockholders, or any other meeting of stockholders held in lieu thereof, and any adjournments, postponements, reschedulings or continuations thereof.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 36pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">On October 5, 2015, the following article was posted to VTDigger.org:</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 16pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">DISSIDENT INVESTORS SEEK TO OUST CASELLA&#8217;S CHIEF EXECUTIVE</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">A top-five shareholder in Casella Waste Systems wants to oust the company&#8217;s chief executive officer, claiming that John and Doug Casella have used the publicly traded company to benefit their private company to the detriment of shareholders.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">James C. Pappas of JCP Investment Management in Houston owns 5.8 percent of shares in Casella Waste Systems Inc., which trades on NASDAQ as CWST. He says the Rutland-based waste management company that went public in 1998 has been poorly run and should be put under new leadership.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Pappas, 34, and JCP Investment Management have started a website called <font style="TEXT-DECORATION: underline; DISPLAY: inline">FixCasella.com</font>&#160;as part of a shareholder proxy campaign, urging shareholders to oust two members of the current board. The voting is currently open, and results will be announced at the Nov. 6 annual shareholders&#8217; meeting at the Mountain Top Inn in Chittenden.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">In a presentation released on the website, JCP Investment Management alleges that Casella Waste Management routinely makes prime-rate loans to members of its board of directors, including $1 million to a former chief operating officer, despite paying high interest rates on its own debt.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">John Casella&#8217;s family started the Rutland-based <font style="DISPLAY: inline">Casella Waste Systems</font> in 1975. The company expanded through the Northeast and went public in 1998, now serving about two dozen states. The waste management company remains legally separate from Casella Construction, a privately held company in Mendon.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Over the past 10 years, JCP Investment Management alleges that the publicly traded Casella Waste Systems, whose chair and vice chair are brothers John and Doug Casella, respectively, has also paid $80 million to the privately held Casella Construction in Mendon, also owned by the brothers.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">JCP Investment Management called the transactions &#8220;expensive&#8221; and alleged a &#8220;clear conflict&#8221; in the relationship between the two companies.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#8220;We wonder how the best interests of the public interests (shareholders) are adequately protected when the Casella brothers siphon this large amount to their affiliated entity?&#8221; the company wrote Sept. 10. &#8220;For context, the $80 million in construction over the course of a decade represents a third of the market (capitalization) of the company.&#8221;</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">A spokesperson for Casella Waste Systems declined to comment on the allegations when reached Monday.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">The Casella brothers own about 6 percent of Casella Waste Systems. Their &#8220;Class B&#8221; shares are super-sized, meaning their 6 percent ownership gives them more than 20 percent voting power in the company.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#8220;One of the things I think is very important to shareholders is just having really sound corporate governance,&#8221; Pappas said in an interview Monday. &#8220;Sound corporate governance usually does not include related party transactions.&#8221;</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline">TIMELINE OF THE CASELLA PROXY FIGHT</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">The proxy fight started as early as April 28, when JCP nominated Brett Frazier, Joseph Swinbank and James Pappas as alternatives to the board against the company&#8217;s slate of John Casella, William Hulligan and James O&#8217;Connor.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">On May 29, <font style="DISPLAY: inline">in a letter to shareholders,</font> JCP wrote that the existing board of directors was not responding to its calls for change. The letter said the investment firm was contacted by &#8220;multiple potential strategic acquirers of Casella&#8221; who could easily buy the company.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">On July 7, Casella Waste Systems appointed O&#8217;Connor as a member of its board of directors and set the annual shareholders meeting for Nov. 6 in Chittenden. That brought the number of available seats down from three members to two. On Sept. 1, the board appointed William Hulligan to the board.</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">On Sept. 10, JCP Investment Management gave its presentation outlining concerns about corporate governance and sent a second letter to the board of directors, calling it &#8220;astonishing&#8221; that John Casella maintained his seat as CEO and chairman while the stock price fell from $18 per share in 1997 to about $6 per share today.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#8220;From his position as a Chairman and, together with his brother &#8230; John Casella has ensured his position with the Company and jeopardized the Board&#8217;s primary responsibility of holding management accountable,&#8221; the letter said. &#8220;Casella&#8217;s rule over the Company has been at the expense of the public shareholders who have suffered and continue to suffer significant losses during his tenure.&#8221;</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">On Sept. 28, Casella Waste Systems released a letter to shareholders defending John Casella and other board members and outlining steps the company is taking toward long-term fixes, and posted it on a website, <font style="DISPLAY: inline">CasellaShareholders.com</font>. The letter urged shareholders to back the company&#8217;s board candidates.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">On Oct. 1, Casella Waste Systems released an <font style="DISPLAY: inline">additional letter to shareholders </font>saying that the company was on an upward trajectory and that JCP Investment Management&#8217;s proposed board members lack experience to run the company.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#8220;Given the significant progress and momentum we have achieved, we question the judgment and logic of JCP Investment Management, LLC in forcing upon Casella a costly and distracting proxy contest to replace highly qualified, experienced and valued members of your Board of Directors,&#8221; the letter said.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">On the same day, JCP Investment Management announced it had created FixCasella.com to support its ouster movement. Shareholders can continue to cast proxy votes &#8212; gold to oust John Casella and white to keep him &#8212; until the Nov. 6 meeting.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#8220;I would say their corporate governance sort of rating in my mind, and in most shareholders&#8217; mind, is very low,&#8221; Pappas said in a Monday interview. &#8220;Just on an operations basis, they perform poorly for many, many years.&#8221;</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">In June 2014, market analysts for <font style="DISPLAY: inline">TheStreet</font> called Casella Waste Systems stock a &#8220;sell,&#8221; citing &#8220;generally high debt management risk, disappointing return on equity and poor profit margins.&#8221; In August 2014, <font style="DISPLAY: inline">Barron&#8217;s</font> downgraded Casella Waste Systems stock from &#8220;outperform&#8221; to &#8220;neutral.&#8221;</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Pappas said he would not have pushed for the proxy fight if he didn&#8217;t think he could win. He declined to say how other shareholders are reacting to his proposals.</font></div>
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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 36pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-WEIGHT: bold; DISPLAY: inline">Source</font>: VTDigger.org.&#160;&#160;VTDigger.org is not a party to and has not endorsed our proxy solicitation and has not consented to the use of this article in our proxy solicitation.</font></div>

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