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Pete Bigelow · Midwest Memo: Borders nears liquidation, Ohio governor seeks teacher input in merit-pay policy
July 14th, 2011
Three stories making news across the Midwest today:
1. Borders on brink of liquidation. Creditors objected to an offer for Borders Group on Wednesday, leaving the bankrupt bookstore chain on the verge of liquidation Thursday, according to Forbes. Najafi, a private-equity firm, had offered $215 million for the Ann Arbor, Mich.-based company plus the assumption of debt. In court filings, creditors said they believe a bid from Hilco Merchant Resources and Gordon Brothers would return nearly $284 million.
2. Chicago powerplant nears approval. Illinois governor Pat Quinn approves of a plan to build a $3 billion coal-to-gas plant on the southeast side of Chicago. The plant, according to partner station WBEZ, will “turn Illinois coal and refinery waste into a natural gas substitute without having to burn the coal.” Quinn had initially feared the project would adversely affect consumers but said changes have been made. Regulators must still approve the project before construction begins.
3. Ohio governor seeks teacher input. Gov. John Kasich has ruffled the state’s teachers unions with plans for retooling standards and implementing merit pay. Now he says he’d like teachers to help him develop those policies. “As far as I’m concerned, I can keep my hands off this thing as long as they deliver a good report,” Kasich tells our partner station Ideastream. As a result of the changes, the governor says teachers could earn more money in the long term.
