According to an U.S. Securities and Exchange Commission filing, James Wiseman has notified the scrap recycling company Industrial Services of America (ISA), Louisville, Ky., that he plans to retire from his position as vice president and general manager of recycling. Wiseman had been in the position since April 2007. He also is resigning from all other positions he holds with the company and its subsidiaries.
Orson Oliver, interim CEO and president, will take over day-to-day operations of the company.
The filing adds that because of Wiseman’s experience with ISA and in the scrap metal industry, he has entered into a consulting agreement through which he will provide consulting services to the company at a monthly rate of $10,000.
The same filing discloses that Harry Kletter, ISA’s largest shareholder, has purchased 125,000 shares of ISA stock from an affiliate of Blue Equity LLC.
On July 22, 2013, Blue Equity terminated the Management Services Agreement (MSA) between ISA and Blue Equity following the company’s annual meeting of shareholders, at which the shareholders failed to ratify the company’s issuance of options for Blue Equity to purchase 1.5 million shares.
In connection with its termination of the MSA, Blue Equity said it was exercising its right to require the company to repurchase the 125,000 shares that Blue Equity’s affiliate had previously purchased from the company at a price of $4 per share.
The purchase raised Kletter’s ownership in ISA to 27.7 percent.
In connection with this transaction, Blue Equity and the company have released each other from any further obligations with respect to the repurchase requirement.