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Republican Stimulus Bill Offers Unemployment, Small Business Aid
September 9, 2020 at 7:04 a.m. GMT+2
Senate Republicans introduced a slimmed-down stimulus bill that would restore some of the extra unemployment benefits that expired in July and provide another round of relief for small businesses hit by the Covid-19 crisis.
The legislation, which Democratic House Speaker Nancy Pelosi blasted earlier Tuesday as a political stunt that didn’t amount to a real effort to help the economy, also includes politically charged components such as greater use of tax-privilege funds for private school expenses.
Weekly supplemental unemployment benefits would resume at $300, down from $600 in the CARES Act that was approved in the spring. The extension of the Paycheck Protection Program for small businesses will cost $258 billion, according to a summary of the bill.
The bill doesn’t include a second round of $1,200 stimulus payments for many lower- and middle-income individuals -- a provision that both House Democrats and Senate Republicans had backed in prior versions of stimulus legislation.
A tax break for charitable donations would be expanded to $600 for all taxpayers in 2020. The CARES Act included a $300 deduction for individuals, even if they don’t itemize their tax returns, which is typically a requirement.
Small businesses could get loans equal to 2.5 times their average monthly payroll costs, with a maximum loan value of $2 million, the legislation showed. It also provides the IRS with more resources to audit companies that take PPP loans.
As for schooling, the legislation would also create a two-year tax break for donors who contribute to scholarship funds that give students money for private school and homeschooling costs.
The bill would reduce liabilities for businesses stemming from the coronavirus pandemic as well as provisions meant to boost rare earth minerals mining in the U.S. It would convert a $10 billion loan to the U.S. Postal Service approved in the spring to a grant and fund coronavirus testing. The $105 billion for education is complemented by funding for private-school students.
Fortress Value Acquisition Corp. Announces Two New Board Nominees in Connection With Its Merger With MP Materials General Counsel & Corporate Secretary of Lockheed Martin and Former Managing Director of Goldman Sachs to Join Board of North America’s Only Scaled Rare Earths Mining and Processing Company
September 21, 2020
NEW YORK--( BUSINESS WIRE )--Fortress Value Acquisition Corp. (NYSE: FVAC) (“FVAC”), a special purpose acquisition company sponsored by an affiliate of Fortress Investment Group LLC, today announced that Maryanne Lavan, Senior Vice President, General Counsel and Corporate Secretary for Lockheed Martin Corporation, and Connie Duckworth, former Partner and Managing Director of Goldman Sachs, have agreed to join the board of directors of MP Materials Corp., which will be the combined company upon the consummation of FVAC’s previously announced merger with MP Materials.
Mses. Lavan and Duckworth will join other incoming Board Members James Litinsky, Chairman and CEO of MP Materials; General Richard Myers, former Chairman of the Joint Chiefs of Staff; Drew McKnight, CEO of FVAC and Managing Partner of the Credit Funds at Fortress Investment Group LLC; Randy Weisenburger, former CFO of Omnicom Group, and Dan Gold, CEO of QVT Financial LP, as part of a dynamic board of directors with diverse and complementary backgrounds in areas critical to MP Materials’ business.
“ We are thrilled to have Maryanne and Connie join our board of directors,” said James Litinsky. “ Maryanne’s experience as a member of Lockheed Martin’s senior management and Connie’s deep financial and operational expertise will be immensely valuable as we transform this critical, world-class asset into a strong industrial enterprise that will onshore jobs and power the growth of industries central to our national and economic security.”
“ MP Materials is uniquely positioned to restore a sustainably-sourced rare earths supply chain to the United States, which will provide substantial strategic and competitive benefits to some of our fastest-growing and most technologically advanced industries, including the defense sector,” said Maryanne Lavan. “ I am pleased to join the board at this important time in the company’s development.”
“ I look forward to working with the management team and fellow board members in guiding the disciplined execution of MP Materials’ growth strategies and broadening relationships with government and industries vital to our nation’s economic future,” said Connie Duckworth. “ I am energized not only by the business potential of MP Materials, but by the clear benefits the company’s success will provide for our national interests more broadly.”
Ms. Lavan is the Senior Vice President, General Counsel and Corporate Secretary of Lockheed Martin Corporation (NYSE: LMT), a global security and aerospace company principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services operating in four business segments: Aeronautics, Missiles and Fire Control, Rotary and Mission Systems and Space. In this role, she is responsible for the legal affairs and law department of Lockheed Martin, including serving as counsel to its senior leadership and Board of Directors. She previously served as the Vice President of Corporate Internal Audit for Lockheed Martin, providing independent assessments of governance, internal controls, and risk management. She joined Lockheed Martin in 1990. Ms. Lavan graduated magna cum laude from the State University of New York at Albany with a Bachelor of Science degree. She received her juris doctor degree from the Washington College of Law, American University. Ms. Lavan is a member of the Public Contract Law Section of the American Bar Association. She serves on the governing bodies for the Leadership Council on Legal Diversity, Equal Justice Works, Council for Court Excellence, University at Albany Foundation, and Fordham University.
Ms. Duckworth is a former Partner and Managing Director of Goldman Sachs, and retired in 2000, following a nineteen-year career. She was named Partner in 1990, the first woman sales and trading partner in the firm’s history. After Goldman Sachs, Ms. Duckworth founded ARZU in 2004 to empower destitute women weavers in rural Afghanistan and served pro bono as its Chairman and CEO until its merger with UK-based Turquoise Mountain in 2019. Ms. Duckworth is a Trustee of Equity Residential (NYSE: EQR) in Chicago and a Director of Steelcase Inc. (NYSE: SCS) in Grand Rapids, Michigan. Previously, she served on the Boards of Directors of Northwestern Mutual, Russell Investment Group, Nuveen Investments, Smurfit Stone Container Corporation, and DNP Select Income Fund. In her philanthropic work, Ms. Duckworth is a Trustee of the University of Pennsylvania, an Overseer of The Wharton School, and a member of the International Board of Advisors of the University of Texas at Austin. She serves on the Board of NorthShore University HealthSystem, in Evanston, Illinois, where she was the first and only woman Chairman of the Board. She is a founding member of the U.S.-Afghan Women’s Council in Washington, D.C., and a member of the Bush Institute’s Women’s Initiative Policy Advisory Council in Dallas. The recipient of numerous awards for leadership, social impact and innovation, Ms. Duckworth holds an M.B.A. from the Wharton School and a B.A. from the University of Texas at Austin.
On July 15, 2020, FVAC announced a definitive agreement to merge with MP Materials. Upon completion of the transaction, the combined company will be named MP Materials Corp. and will remain NYSE-listed under the new ticker symbol "MP". On August 27, 2020, FVAC filed with the U.S. Securities and Exchange Commission (“SEC”) a registration statement on Form S-4 (the “Registration Statement”), which includes a preliminary proxy statement/consent solicitation/prospectus in connection with the proposed merger. The transaction has been approved by the FVAC Board of Directors and remains subject to shareholder approval, the Registration Statement being declared effective by the SEC, and other customary closing conditions. The transaction is expected to close in the fourth quarter of 2020.
About MP Materials
MP Materials is the owner and operator of the Mountain Pass Rare Earth Mining and Processing facility, the only integrated site of its kind in the Western Hemisphere. With over 250 employees, MP Materials produces approximately 15% of global rare earth materials, essential for the development of technologies such as defense systems, smartphones, drones, and electric vehicles. It operates a green mining and processing facility and is currently one of the lowest-cost producers of rare earth concentrate. MP plays a leadership role in advocating for a more robust and competitive rare earths industry in the U.S. More information is available at https://mpmaterials.com/ .
Trump Moves to Expand Rare Earths Mining, Cites China Threat
https://www.bloomberg.com/news/articles ... ina-threat
MP Materials Announces Timing of Q4 and Fiscal Year 2020 Financial Results Release, Conference Call and Webcast
February 8th, 4:12 PM EST
MP Materials Corp. (NYSE: MP) (“MP Materials” or the “Company”), the largest rare earth materials producer in the Western Hemisphere, will release its financial results for the fourth quarter and fiscal year ended December 31, 2020, after the U.S. markets close on Thursday, March 18, 2021.
In conjunction with this announcement, MP Materials’ management will host a conference call and webcast that afternoon at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) to discuss and answer questions about the Company’s financial results. Prior to the conference call and webcast, the Company will issue a press release and post a slide presentation on the investor relations section of the Company’s website at https://investors.mpmaterials.com/.
Conference Call Details
Event: MP Materials Q4 and Fiscal Year 2020 Financial Results Conference Call and Webcast
Date: Thursday, March 18, 2021
Time: 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time)
Live call: (833) 350-1335
International: (236) 389-2432
Audio Replay: (800) 585-8367
The audio replay will be archived through April 1, 2021.
About MP Materials
MP Materials Corp. (NYSE: MP) is the largest producer of rare earth materials in the Western Hemisphere. With more than 275 employees, the Company owns and operates the Mountain Pass facility. This iconic American industrial asset is the only rare earth mining and processing site of scale in the Western Hemisphere and currently produces approximately 15% of global rare earth content. Separated rare earth elements are critical inputs for the magnets that enable the mobility of electric vehicles, drones, defense systems, wind turbines, robotics, and many other high-growth, advanced technologies. MP Materials’ integrated operations at Mountain Pass uniquely combine low production costs with best-in-class environmental standards, thereby restoring American leadership to a critical industry with a strong commitment to sustainability. More information is available at https://mpmaterials.com/.