IRONWOOD, Mich. (WLUC) - Keweenaw Land Association, Limited announced that it has reached an agreement with Cornwall Capital Management LP.
Cornwall Capital Management owns 26 percent of Keweenaw Land Association, Limited's outstanding shares.
Keweenaw Land Association, Limited is a forest product and land management company in Ironwood, Michigan. Keweenaw has land holdings of approximately 168,000 surface acres and over 400,000 acres of mineral rights in the western Upper Peninsula.
The company's board of directors has appointed Jan Loeb as a director. With that addition, the Keweenaw board of directors will now have eight directors.
Also, as part of the agreement, the company announced the formation of a special committee of the board of directors to consider the strategic alternatives that would be available to the company.
The alternatives include, possible equity recapitalization or the sale of the company.
James Mai of Cornwall, current director of the company has agreed to a customary standstill and voting provisions.