Jay Z Partners With The Company Formerly Known As Imation

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JayZBy Patrick Kennedy, Star Tribune

“Jay Z and the company formerly known as Imation Corp. are collaborating on a new subsidiary that will be part of Jay Z’s entertainment company, Roc Nation.

Shawn “Jay Z” Carter is launching Arrive, a new platform company as part of Roc Nation. The new company will partner with a select group of early-stage start-up companies to offer brand and business development services and also may provide capital to support their growth.”

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A Much Downsized Imation Will Go Forward As A CA Holding Company

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By Dee DePass, Star Tribune

“The nearly dissolved Imation Corp. announced Tuesday that it will operate in the future as a holding company with a single California-based subsidiary that focuses on data storage.

The former Oakdale-based firm, which spun off from 3M two decades ago, struggled for years before new managers decided to shut down or sell many aspects of the company last year.”

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NYSE Threatens To To Boot Imation

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Via News Release

“OAKDALE, Minn., Feb. 8, 2016 /PRNewswire/ — Imation Corp. (NYSE: IMN) (“Imation” or the “Company”) today announced that on February 2, 2016, Imation Corp. (the “Company”) received a written notice from NYSE Regulation, Inc. (the “Notice”) stating that the Company is not in compliance with the continued listing standards set forth in Section 802.01B of the Listed Company Manual of the New York Stock Exchange (the “NYSE”). Such noncompliance is based on the Company’s average global market capitalization being less than $50 million over a consecutive 30 trading-day period and its stockholders’ equity being less than $50 million.”

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The Dire Straits Of Publicly Traded Tech In Minnesota [Part 1]

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WTFYou’ll hear a lot about the ‘Fortune 500’ in Minnesota wherever you go, but aside from #72 Best Buy (which has “turned around” by losing 6 billion dollars in value since 2010) there are are no actual tech companies on that current list of 17 headquartered here.

Looking beyond that roster for our state’s top tech firms — the true  leaders, the anchors of industry, the globally competitive — what do we have here?

In seeking answers to the above, an alarming trend has surfaced around the class of publicly traded tech firms in Minnesota:

The picture is not just a changing landscape, it’s rapidly a disappearing one.

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Updated: Imation Winds Down Minnesota Operations

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Updated 1/8 12:03pm – Digging into the press release below, we learn that “The Company will continue to occupy a small portion of the corporate facility as it winds down its operations in Minnesota.”

Via News Release

“OAKDALE, Minn.–(BUSINESS WIRE)–Imation Corp. (NYSE:IMN) (“Imation” or the “Company”) today announced divestitures of its corporate headquarters facility in Oakdale, Minnesota for a gross purchase price of $11.5 million and its Memorex trademark and two associated trademark licenses for $9.4 million.”

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Imation Appoints Interim CEO & Buys CA Hardware Startup Connected Data For $7.5m

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Via News Release

“OAKDALE, Minn–Imation Corp. (NYSE:IMN) (“Imation” or the “Company”) today announced that Bob Fernander, an existing member of the Company’s Board of Directors (the “Board”), has been appointed as Interim CEO, effective immediately. Additionally, the Company announced it has acquired substantially all of the equity of Connected Data, Inc. (“Connected Data”), an emerging enterprise-class, private cloud sync and share company, in a transaction valued at approximately $7.5 million at closing.”

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‘Mass layoff’ at Imation As Oakdale Company Refocuses

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By Nick Woltman and Jaime DeLage, Pioneer Press

Imation Corp. is undertaking a “mass layoff” at its Oakdale headquarters as part of the extensive restructuring plan the company announced this week.

Affected employees were notified Monday that their last day of work would fall between Nov. 30 and Dec. 14, according to a copy of the notice obtained by the Pioneer Press. The notice said there would be a mass layoff Sept. 28 and that the job losses are expected to be permanent. The number of job losses was not available.”

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Imation Liquidates Storage Line For $6m

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Via News Release

“OAKDALE, Minn.–(BUSINESS WIRE)–Aug. 13, 2015– Imation Corp. (NYSE:IMN) (the “Company”) today announced an agreement to sell its RDX™ Storage product line, including associated inventory, to Sphere 3D (NASDAQ:ANY) for approximately $6 million. Under terms of the agreement, Imation will receive approximately 1.5 million shares of Sphere 3D common stock, which are subject to registration by Sphere 3D.”

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Imation CEO, Chairman Booted From The Board

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By Tom Webb, St. Paul Pioneer Press

“An activist hedge fund has won a hotly contested proxy fight at Imation Corp., replacing three board members — including the company’s CEO and nonexecutive chairman, the Oakdale-based company said Wednesday.

The Clinton Group, a New York-based hedge fund, had urged shareholders to overthrow the directors of the data-storage and data-security company, whom they blamed for lavish executive pay and years of poor stock performance.”

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