The boards of RiverSource Funds and the Columbia Nations Funds have agreed to have a consolidated board of directors/trustees for the open-end funds they oversee. The April 30 acquisition by Minneapolis-based Ameriprise Financial Inc. of Columbia Management's long-term asset management business led to the discussions regarding a consolidation. As of Aug. 31, the two boards oversaw more than 200 funds with total assets exceeding $131 billion. Columbia Management announced in August that it was proposing mergers that would, if approved by the relevant boards and shareholders, substantially reduce the number of funds to be overseen by the consolidated board.DEBT AND EQUITIES
Wind Energy America Inc., Eden Prairie, lost its appeal to the Financial Industry Regulatory Authority to have its stock listing reinstated on the OTC Bulletin Board. FINRA ruled Wind Energy ineligible to be listed because Wind Energy filed quarterly and annual results late three times in a two-year period. Quotes for Wind Energy can still be accessed in the Pink OTC Markets, formerly known as Pink Sheets.
Alliant Techsystems Inc., Eden Prairie, has completed its registered offering of $350 million of its 6.875 percent senior subordinated notes due 2020. The company received $344.2 million from sale of the notes, net of underwriters discounts and commissions. It intends to use net proceeds to fund the redemption of all its outstanding 2.75 percent convertible senior subordinated notes due 2024 and for general corporate purposes.
American Medical Systems Holdings Inc., Minnetonka, had its patent-infringement lawsuit against German-based Biolitec AG revived by a U.S. appeals court. American Medical Systems had claimed Biolitec infringed on its patent for a method and system of using lasers to vaporize prostate tissue.
Angeion Corp., Vadnais Heights, said that its board of directors has approved an increase in the company's stock repurchase program. Under the amended plan, Angeion is authorized to purchase up to $2 million worth of its outstanding shares of common stock in the open market or in privately negotiated transactions between now and April 30.PERSONNEL
SwiftKnowledge LLC, an Eden Prairie-based global provider of Web-based business intelligence software, has appointed David Macey chief executive officer. Former CEO Robert Olson remains with the company as chairman of the board of directors. Macey most recently was vice president and general manager of McAfee Inc.'s Web and e-mail security business unit.