ECAT

Saba Launches Campaign to Improve the Boards of 10 Poorly Governed and Underperforming Closed-End Funds Managed by BlackRock

Retrieved on: 
Wednesday, March 6, 2024
Asset Management, Professional Services, Finance, Investment, BFZ, Dais, Boaz Weinstein, KIPP, District court, Shavar Jeffries, Hunter College, BlackRock, Pzena Investment Management, Royal Bank, Chief of staff, Retirement, Royal Bank of Scotland, United Nations Security Council, Indian Sugar Mills Association, ECAT, Goldman Sachs, Comment, Lazard, Deutsche Bank, BNY, Risk management, NAV, MPA, MHN, Duke University, Investment company, Joint Chiefs of Staff

Last year, a leading independent proxy advisory firm chastised BlackRock for its ‘ abusive’ governance.

Key Points: 
  • Last year, a leading independent proxy advisory firm chastised BlackRock for its ‘ abusive’ governance.
  • Saba also won a lawsuit against BlackRock that should have ended its illegal efforts to deprive shareholders of their right to vote all of their shares.
  • BlackRock acts as if federal law does not apply to its CEFs by blatantly ignoring the Investment Company Act.
  • Under the Entrenchment Bylaw, any share not voted in a contested election is counted as a vote for BlackRock.

BlackRock ESG Capital Allocation Term Trust (ECAT) Announces Increase to Distribution Under Managed Distribution Plan

Retrieved on: 
Tuesday, January 2, 2024
Professional Services, Finance, Internal Revenue Code, DTC, NAV, Trust, ECAT, BlackRock, Plan, Cryptocurrency

This is calculated by taking the difference between the latest declared distribution ($0.15 per share) and the Trust’s initial distribution ($0.10 per share).

Key Points: 
  • This is calculated by taking the difference between the latest declared distribution ($0.15 per share) and the Trust’s initial distribution ($0.10 per share).
  • 3: Total amount of distribution paid by the Trust since inception on 9/27/2021.
  • ECAT has adopted a managed distribution plan (the “Plan”) to support a level monthly distribution of income, capital gains and/or return of capital.
  • If sufficient investment income is not available for a monthly distribution, the Trust will distribute long-term capital gains and/or return of capital in order to maintain its stated fixed annual distribution rate under the Plan.

U.S. District Court for the Southern District of New York Rules That Certain Closed-End Funds, Including Funds Advised by BlackRock, Violated the Investment Company Act of 1940

Retrieved on: 
Thursday, December 7, 2023
Professional Services, Finance, ISS, Annual general meeting, NYSE, NTG, Nuveen, FSCO, TTP, RGT, TEAF, BlackRock, ECAT, Boaz Weinstein, District court, Franklin Templeton Investments, Eaton Vance, NDP, ADX, Oaktree Capital Management, Court, Royce Investment Partners, Security (finance), Trustee

Saba filed its lawsuit in the Court on June 29, 2023 after the BlackRock trustees disclosed they would strip shareholders’ votes, in violation of the Investment Company Act of 1940 (the “ICA”), at their 2023 Annual Meeting.

Key Points: 
  • Saba filed its lawsuit in the Court on June 29, 2023 after the BlackRock trustees disclosed they would strip shareholders’ votes, in violation of the Investment Company Act of 1940 (the “ICA”), at their 2023 Annual Meeting.
  • Despite the Funds filing various motions to dismiss the lawsuit, the Court ruled in favor of Saba, finding that the actions of the BlackRock Fund and its trustees violated federal law.
  • Just last week, the U.S. Court of Appeals for the Second Circuit upheld that certain Nuveen-advised closed-end funds also violated the ICA after Saba sued Nuveen and the trustees in the Court.
  • Royce Global Value Trust is managed by Royce Investment Partners, an affiliate of Franklin Templeton.

CTL Amedica Secures ECAT Approval from U.S. Defense Logistics Agency

Retrieved on: 
Wednesday, September 27, 2023
SARS-CoV-2, U.S. Department of Defense Strategy for Operating in Cyberspace, United States Department of Defense, COVID-19, Woman, Veteran, Government, DOD, Silicon, Patient, United States Department of Veterans Affairs, ECAT, Osseointegration, Vaccine, Defense

DALLAS, Sept. 27, 2023 (GLOBE NEWSWIRE) -- CTL Amedica has secured Electronic Catalog (ECAT) government contract approval from the U.S. Defense Logistics Agency. The designation enable’s CTL Amedica to make available its full portfolio of spine products to veterans, military service members and other patients receiving care at U.S. Department of Defense (DOD) and U.S. Department of Veterans Affairs (VA) facilities.

Key Points: 
  • DALLAS, Sept. 27, 2023 (GLOBE NEWSWIRE) -- CTL Amedica has secured Electronic Catalog (ECAT) government contract approval from the U.S. Defense Logistics Agency.
  • “We’re proud to announce our ECAT government contract approval,” said CTL Amedica CEO Daniel Chon.
  • ECAT was developed to streamline the Defense Logistics Agency’s business practices and expand its range of procurement options.
  • CTL Amedica maintains a Texas-based headquarters and in-house manufacturing facility, along with a Pennsylvania-based R&D Center of Excellence.

ONWARD® Launches Partnership with Service-Disabled Veteran-Owned Business to Access U.S. Federal Health Market

Retrieved on: 
Wednesday, September 13, 2023
General Services Administration, US Foods, SDVOSB, Partnership, LGBT healthcare in the United States Veterans Health Administration, GSA, Defense, FSS, ARC, Veteran, Lovell, Sale, Movement, Government, DAPA, Euronext, ECAT, Distribution, SCI, FDA, Food, Injury, Health insurance, Pharmaceutical industry

Lovell is a government vendor and third-party logistics provider partnering with more than one hundred US healthcare providers.

Key Points: 
  • Lovell is a government vendor and third-party logistics provider partnering with more than one hundred US healthcare providers.
  • The two-year distribution agreement provides ONWARD access to the United States Veterans Health Administration, the world’s largest healthcare system providing spinal cord injury care, and the US Department of Defense Military Health System, the world's largest military healthcare provider.
  • Under the agreement, Lovell will add ONWARD therapies to its relevant federal contracts once those technologies are authorized by the US Food and Drug Administration for sale in the United States.
  • All ONWARD devices and therapies, including but not limited to ARC-IM™, ARC-EX™, and ARC Therapy™, are investigational and not available for commercial use.

Carbonhand available in the US through Veterans Healthcare Supply Solutions

Retrieved on: 
Wednesday, August 16, 2023
Workforce, USB On-The-Go, United States Department of Defense, FSS, Veteran, Government, ECAT, Federation, Health insurance

STOCKHOLM, Aug. 16, 2023 /PRNewswire/ -- Veterans Healthcare Supply Solutions (VHSS) has over 30 years of healthcare distribution management experience and represents leading manufacturers to federal government agencies. Established in 2010, VHSS has been a veteran-driven medical product distribution company and has taken the collective experience of its workforce to the front lines of veterans' medical care. VHSS expanded its reach to service all federal government agencies with a well-diversified portfolio of products. In honoring a legacy of service and commitment, VHSS prides itself on a tradition of employing a majority veteran workforce.

Key Points: 
  • Bioservo signs a wholesale distributor agreement with Veterans Healthcare Supply Solutions for sales of Carbonhand in the US.
  • The initial intent of the agreement is to make Carbonhand available for Veterans Administration Facilities (VA) and Department of Defense Healthcare Facilities (DoD).
  • STOCKHOLM, Aug. 16, 2023 /PRNewswire/ -- Veterans Healthcare Supply Solutions (VHSS) has over 30 years of healthcare distribution management experience and represents leading manufacturers to federal government agencies.
  • Through Veterans Healthcare Supply Solutions, Carbonhand is included in critical supply agreements and made available to Veterans Administration Facilities (VA).

Glass Lewis Fully Supports Board Nominees for BlackRock’s Contested Closed-End Fund Elections

Retrieved on: 
Monday, July 3, 2023
Banking, Professional Services, Finance, NOT, Boaz Weinstein, BlackRock, NAV, Gold, ECAT, BFZ, Fund, NYSE, Proxy, Security (finance), Audit, Risk management

In making its recommendation for the closed-end fund Board Nominees, Glass Lewis rejected the nominees submitted by dissident shareholder, Saba Capital Management, L.P. (“Saba”).

Key Points: 
  • In making its recommendation for the closed-end fund Board Nominees, Glass Lewis rejected the nominees submitted by dissident shareholder, Saba Capital Management, L.P. (“Saba”).
  • “Glass Lewis acknowledges Saba’s latest attack on the closed-end fund industry is part of its standard ‘playbook’ designed to force a liquidity event for short-term profit rather than long-term performance or governance.
  • Importantly, Glass Lewis also recognizes that BlackRock’s closed-end fund Board Nominees for ECAT and BFZ have a proven track record of delivering strong relative returns and should be elected over the dissident’s slate of underqualified nominees.
  • Please do NOT send back the gold card, even to vote AGAINST Saba’s proposals for any of the contested elections.

Leading Independent Proxy Advisory Firm ISS Supports Saba Capital’s Case for Change at Three BlackRock Closed-End Funds

Retrieved on: 
Monday, July 3, 2023
Professional Services, Finance, IPO, Probability, FOR, Glenview Capital Management, Boaz Weinstein, BlackRock, GOLD, NAV, CEF, TSR, DE, DO, Acquisition, Annual general meeting, ECAT, ESG, BFZ, NYSE, Synovial joint, ISS, Security (finance), Holding company, Management, Property management

Paul Kazarian, Partner and Portfolio Manager of Saba, commented:

Key Points: 
  • Paul Kazarian, Partner and Portfolio Manager of Saba, commented:
    “ISS agrees that immediate boardroom change is required at ECAT, BIGZ and BFZ.
  • We are glad that ISS shares our concerns about the Funds’ corporate governance abuses that violate BlackRock’s own Investment Stewardship Guidelines.
  • Across each of these three funds, BlackRock’s hand-picked directors have taken extreme steps to stifle the will of shareholders.
  • We believe that the best path to address the Funds’ egregious and long-term underperformance is through immediate boardroom change.

Lovell and Freespira Increase Access to FDA-Cleared, Drug-Free PTSD Treatment for Veterans and Military Personnel

Retrieved on: 
Tuesday, June 27, 2023
Hypersensitivity, Panic, VHA, SDVOSB, Partnership, Defense Logistics Agency, Defense, Indian Health Service, Anxiety, U.S. federal government response to the COVID-19 pandemic, Veterans Health Administration, FSS, Hope, Lovell, Federal, Government, Military personnel, Military Health System, Federation, DAPA, MHS, Acquisition, Post-traumatic stress disorder, IHS, Patient, Panic disorder, ECAT, RET, FDA, Mental health, CO2, PTSD, Health insurance, Nursing, Veteran

KIRKLAND, Wash. and PENSACOLA, Fla., June 27, 2023 /PRNewswire/ -- Today, Lovell® Government Services announced a partnership with Freespira, Inc., developer of the leading FDA-cleared medical device for the adjunctive treatment of panic disorder, panic attacks and post-traumatic stress disorder (PTSD) symptoms, to significantly increase treatment access for Veterans struggling with these conditions. Lovell Government Services will serve as Freespira's Service-Disabled Veteran-Owned Small Business (SDVOSB) vendor, opening up access for Federal healthcare providers to Freespira's drug-free, FDA-cleared treatment demonstrated to reduce symptoms in 28 days.

Key Points: 
  • Starting today, government contract organizations and federal healthcare systems including the Veterans Health Administration (VHA), the Military Health System (MHS), and Indian Health Services (IHS), can provide Freespira's at-home treatment to Veterans and military personnel and others covered by Federal health plans.
  • Including Freespira's PTSD treatment on contract vehicles through Lovell streamlines the acquisition process and assists government agencies in meeting their SDVOSB procurement goals.
  • We are thrilled that through our partnership, we can now make this life-changing treatment more accessible to Veterans and military personnel who bravely serve our country," said Chris Lovell, USMC Major (Ret.
  • "By partnering with Lovell Government Services, we are expanding our commitment to provide hope and healing to Veterans and military personnel who have been coping with panic disorder and PTSD," said Joe Perekupka, CEO of Freespira.

BlackRock Announces Name Changes for Five Closed-End Funds with Contingent Limited Terms

Retrieved on: 
Friday, March 31, 2023
Banking, Professional Services, Finance, Dissolution, BCAT, NAV, Risk, ECAT, Retail, Financial services, Insurance, Trust

The Trust must have at least $200 million of aggregate net assets immediately following the completion of an Eligible Tender Offer to ensure the continued viability of the Trust.

Key Points: 
  • The Trust must have at least $200 million of aggregate net assets immediately following the completion of an Eligible Tender Offer to ensure the continued viability of the Trust.
  • Following the completion of an Eligible Tender Offer, the Board may vote to eliminate the Dissolution Date without shareholder approval and provide for the Trust’s perpetual existence.
  • For more information on BlackRock’s closed-end funds, please visit www.blackrock.com/CEF
    Investing involves risk, including the possible loss of the principal.
  • Carefully consider each Trust’s investment objective, risk factors, and charges and expenses before investing.