In other items: New Boeing rocket blasts off in military test flight; sentencing of former Boeing CFO Sears delayed until Feb. 18; and Dallas Mavericks owner buys $4.5 million stake in Rentrak.
Boise Cascade said yesterday that it has agreed to sell about 2.2 million acres of timberland located across the Pacific Northwest, Louisiana, Alabama and Minnesota to Forest Capital Partners for $1.65 billion in cash.
As part of the transaction, Boise will enter into long-term fiber-supply agreements with Forest Capital, ensuring the continued supply of fiber to Boise’s pulp and paper mills and wood-products-manufacturing facilities.
New rocket blasts off in military test flight
A massive new Boeing rocket lumbered from its pad at Cape Canaveral, Fla., yesterday on a mission to prove the vehicle is capable of lofting supersized military satellites into orbit.
The successful launch was a critical milestone for the Delta 4 Heavy, which features three of the company’s common core boosters joined side-by-side. Fired simultaneously, each of the three hydrogen-powered Rocketdyne-built RS-68 main engines generates 17 million horsepower, roughly the equivalent of 11 Hoover Dams.
Rather than risk an expensive military satellite aboard the new rocket, the Air Force paid Boeing $140 million for the demonstration flight. A dummy payload designed to replicate future military satellites rode atop the rocket and collected information that will be used to evaluate the mission.
Sentencing of Sears delayed until Feb. 18
The sentencing of former Boeing Chief Financial Officer Michael Sears has been postponed from Jan. 21 to Feb. 18.
Sears, who pleaded guilty last month to one count of aiding the illegal hiring of former Air Force weapons buyer Darlene Druyun for a plum job at Boeing, will be sentenced by Judge Gerald Lee, according to documents filed in U.S. District Court in Alexandria, Va.
Team owner buys $4.5 million stake
Mark Cuban, the billionaire owner of the Dallas Mavericks basketball team, has bought 500,000 shares of media-market-researcher Rentrak for $4.5 million.
Cuban bought 308,200 shares directly from the Portland company for $9 each and an additional 191,800 shares from a group of eight executives, also for $9 each, Rentrak said yesterday in a filing with the Securities and Exchange Commission.
Rentrak will use the proceeds for general working capital, including development of its business intelligence services, according to the filing.
Compiled from Seattle Times business staff, Reuters, The Associated Press and Bloomberg News.