<SEC-DOCUMENT>0000921895-15-002237.txt : 20151008
<SEC-HEADER>0000921895-15-002237.hdr.sgml : 20151008
<ACCEPTANCE-DATETIME>20151008165040
ACCESSION NUMBER:		0000921895-15-002237
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20151008
DATE AS OF CHANGE:		20151008
EFFECTIVENESS DATE:		20151008

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:		151151223

	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_10082015.htm
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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>

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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>(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 8, 2015, the Rutland Herald published the following article:</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 12pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 14pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Texas Firm Makes A Move On Casella Waste</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 12pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">By Gordon Dritschilo</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 12pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">STAFF WRITER&#160;| October 08, 2015</font><font style="FONT-SIZE: 10pt; DISPLAY: inline">&#160;</font></font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 12pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">A Texas-based investment firm is trying to take over Casella Waste Management, the state&#8217;s largest trash hauler.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 12pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">JCP Investment Partnerships, which has bought 5.7 percent of the company, is lobbying shareholders to vote a slate of candidates onto the Casella board of directors at the company&#8217;s annual meeting Nov. 6, with the stated goal of replacing John Casella as chairman and CEO.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 12pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">James Pappas, managing member of JCP and one of the candidates to replace John Casella, says the company is undervalued due to Casella&#8217;s mismanagement.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 12pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#8220;What we&#8217;re trying to do is really focus folks,&#8221; Pappas said Wednesday. &#8220;It takes a while to go through the SEC filings and put together what&#8217;s been going on in the company over the last 20 years. The amount of debt the company&#8217;s taken on &#8212; it&#8217;s tremendous.&#8221;</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 12pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Pappas noted that Casella&#8217;s stock debuted at $18 a share in 1997 and is in the $6 range now. He said earnings have been stagnant for a decade despite heavy expenditures, and the company repeatedly misses its financial projections.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 12pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Pappas also questioned Casella&#8217;s financial dealings, particularly giving more than $80 million in business to Casella Construction, a separate company owned by the Casella family, and making a $1 million loan to a former executive at better terms than the company was getting to borrow money.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 12pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Pappas has made his case in an open letter to shareholders and a website, <font style="TEXT-DECORATION: underline; DISPLAY: inline">www.fixcasella.com</font>.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 12pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">JCP appears to be following a playbook Pappas has previously used with other companies, including The Pantry, a grocery chain in the Carolinas, and Morgan&#8217;s, an Ohio-area KFC and Taco Bell franchisee.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 12pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">John Casella could not be reached for comment Wednesday, but issued a statement through a New York City-based publicity firm, Sard, Verbinnen &amp; Co. He called Pappas &#8220;an activist investor with no waste-management experience and whose only proposals have been to sell the company and add himself and a handpicked nominee to the board of directors.&#8221;</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 12pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Casella&#8217;s statement says Pappas only started accumulating Casella stock last year &#8212; though JCP materials say the company has been investing in Casella since 2010. Casella added that the company uses a &#8220;competitive, independent and arm&#8217;s length process&#8221; to select construction contractors, getting the company better deals.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 12pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#8220;It is unfortunate he is choosing to conduct a disruptive, lengthy and costly proxy contest during a time in which Casella Waste Systems has achieved significant progress and momentum in executing on its strategy, improving its financial and operating performance and growing stockholder value,&#8221; Casella wrote in his statement.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 12pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">His PR firm also provided materials saying Casella brought on a new management team in 2012, and that while revenues, at roughly $535 million, may be below the 10-year peak in 2008, they are up about $80 million from the 10-year low in 2013.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 12pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Jamie Stewart, executive director of the Rutland Economic Development Corp., said Casella plays a role in the community akin to that of Green Mountain Power.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 12pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#8220;Casella has been a great corporate partner for a lot of years,&#8221; Stewart said. &#8220;They&#8217;ve spent a lot of time with their people sitting on various boards. They support things financially. The biggest contribution they&#8217;ve made is all the people they&#8217;ve hired and employed.&#8221;</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 12pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">He said Casella was one of the top 10 employers in the community, but also an integral part of the community.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 12pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#8220;When was the last time you went to an event at the Paramount or Spartan Arena or anywhere that you didn&#8217;t see Casella as a sponsor?&#8221; Stewart said. &#8220;They support academic institutions. They support community organizations. They have been an important community partner.&#8221;</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 12pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Asked how his management philosophy took a company&#8217;s role in the community into account, Pappas replied that he was not the sort of investor to gut a company and move on. He said his focus would be to have the company &#8220;rationalize&#8221; its operations to bring down costs and allow more spending on growth.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 12pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#8220;I look at the performance of the company today and governance first,&#8221; he said. &#8220;Then I turn around and look at the company itself and say &#8216;What can the company do to be better at what they do?&#8217;&#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">gordon.dritschilo @rutlandherald.com</font></div>

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