On October 23, 2003, US Bancorp announced the six individuals who are "outside members" on the Piper Jaffray board of directors. [PDF, 2 pages]
MINNEAPOLIS, Oct. 23 /PRNewswire-FirstCall/ — U.S. Bancorp Piper Jaffray (Piper Jaffray) today announced the names of six individuals expected to serve as outside members on the board of directors of Piper Jaffray Companies. U.S. Bancorp announced its plan earlier this year to spin off its wholly owned subsidiary, U.S. Bancorp Piper Jaffray, to U.S. Bancorp shareholders in a tax- free stock dividend distribution. The new, independent company will be named Piper Jaffray Companies. The transaction is expected to be completed in December 2003 and remains subject to various conditions, approvals and registration requirements.
The individuals named include Michael R. Francis, Executive Vice President, Marketing for Target Corporation; Donald B. Hebb, Jr., Managing General Partner of ABS Capital Partners; B. Kristine Johnson, President and Managing Partner of Affinity Capital Management; Samuel L. Kaplan, partner with the law firm of Kaplan, Strangis and Kaplan, P.A.; Frank L. Sims, Corporate Vice President, Transportation and Product Assurance for Cargill, Inc.; and Richard A. Zona, Chairman and Chief Executive Officer of Zona Financial LLC.
Later, it would become clear that there are/were direct links between the board of three entities involved in the sale of the WCAL charitable trust assets before, during and after the sale of said assets: St. Olaf College, Minnesota Public Radio (MPR) and Piper Jaffray.
Piper Jaffray is the lead underwriter for the conduit revenue bonds that MPR attempted to use to finance the purchase of WCAL. See entry for November 12, 2004.
Of the seven named Piper Jaffray board members in 2004, three were members of the MPR Board of Trustees (Addison Piper, Michael Francis, and Frank Sims) and two were members of the St. Olaf Board of Regents (Addison Piper and B. Kristine Olson Johnson '73). St. Olaf College Regent Philip Brunelle also has close ties to MPR.
Piper served two terms as Chairman of the MPR Board and also served a Chair of the Presidential Search Committee at St. Olaf College that selected David Anderson '74 as President.
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This can't be real..?