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Dynasty behind US egg giant looks to cash in as profits soar amid bird flu

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Dynasty behind US egg giant looks to cash in as profits soar amid bird flu

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The family that controls the largest US egg seller is seeking to cash out amid a bird flu crisis that has driven prices to all-time highs.

The four daughters and son-in-law of Cal-Maine Foods founder Fred R Adams Jr reached an agreement with the company to convert their super-voting shares to common shares, relinquishing control ahead of a “potential diversification of their individual financial portfolios”, according to a securities filing by the company.

The family’s stake in Cal-Maine is held through a shell company called Daughters LLC. At Friday’s close, the stake is valued at nearly $532mn, including $434mn in super-voting shares and another $98mn in common shares.

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At the same time, Cal-Maine, based in Ridgeland, Mississippi, said it would undertake a $500mn share buyback programme, its first in two decades, and disclosed it could use the initiative to “repurchase some of the family members’ common shares” as they sold their holdings.

The transaction appeared to smooth the process for the family to pare back or sell its entire stake, said Ben Silverman, vice-president of research at VerityData. “It’s not unusual for a company to buy back shares from a major shareholder,” he added.

Company representatives declined multiple requests for comment.

US egg prices reached $8.58 per dozen in wholesale markets this week amid a severe bird flu outbreak, a 70 per cent increase from year-ago levels, according to a commodity price information service Expana. The outbreak has led farmers to cull 100 million chickens, turkeys and egg-laying hens in the US since 2022, according to the US agriculture department, creating an egg shortage that experts forecast to keep prices near all-time highs for months to come.

Amid the crisis, Cal-Maine Foods last month reported $356mn in gross quarterly profits from a year prior, a fourfold increase.

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Adolphus “Dolph” Baker, the son-in-law of Adams and chair of Cal-Maine’s board, said in a statement that the family’s moves to give up control of the company “are personal decisions made in connection with our own respective financial and estate planning efforts”.

Adams, known to friends as “The Big Chicken” according to his obituary in a local newspaper, was a six-foot-four offensive and defensive end for his high school football team. After college and a short career in feed sales, he founded Cal-Maine Foods in 1957, leasing land outside Jackson, Mississippi, to start his first farm.

By the time he died in 2020, it had grown into the producer of one in 10 eggs supplied in the US. His four daughters — Luanne Adams, a psychologist and board member of the Washington Ballet; Nancy Adams Briggs of Virginia; Laurel Adams Krodel of Tennessee; and Dinnette “Dea Dea” Adams Baker, of Mississippi — have controlled the company since. Dolph Baker is Dea Dea’s husband.

The super-voting shares have the same value as common shares but carry 10 times the voting rights. The agreement would reduce the family’s voting power from 53.2 per cent to 12 per cent.

Shares have risen 56 per cent in the past year, touching a record high in January and closing at $90.39 on Friday.

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Advocates for small farmers have accused Cal-Maine of limiting egg supplies in the US. The company was among a group of egg producers found liable for price fixing in 2023 and was ordered to pay $53mn in damages to food manufacturers including Kraft Foods, General Mills and Nestle. Cal-Maine and the other egg producers have filed court papers seeking a new trial and contesting the judgment.

“Dominant egg producers — particularly Cal-Maine Foods — have leveraged the crisis to raise prices, amass record profits, and consolidate market power,” advocacy group Farm Action wrote in a letter to the Federal Trade Commission and Department of Justice. “The slow recovery in flock size, despite historically high prices, further suggests co-ordinated efforts to restrict supply and sustain inflated prices.”

The US announced a $1bn effort this week to curb avian influenza and lower egg prices, including importing eggs from other countries and curtailing exports to mitigate the shortage.

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Explosion at Lumber Mill in Searsmont, Maine, Draws Large Emergency Response

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Explosion at Lumber Mill in Searsmont, Maine, Draws Large Emergency Response

An explosion and fire drew a large emergency response on Friday to a lumber mill in the Midcoast region of Maine, officials said.

The State Police and fire marshal’s investigators responded to Robbins Lumber in Searsmont, about 72 miles northeast of Portland, said Shannon Moss, a spokeswoman for the Maine Department of Public Safety.

Mike Larrivee, the director of the Waldo County Regional Communications Center, said the number of victims was unknown, cautioning that “the information we’re getting from the scene is very vague.”

“We’ve sent every resource in the county to that area, plus surrounding counties,” he said.

Footage from the scene shared by WABI-TV showed flames burning through the roof of a large structure as heavy, dark smoke billowed skyward.

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The Associated Press reported that at least five people were injured, and that county officials were considering the incident a “mass casualty event.”

Catherine Robbins-Halsted, an owner and vice president at Robbins Lumber, told reporters at the scene that all of the company’s employees had been accounted for.

Gov. Janet T. Mills of Maine said on social media that she had been briefed on the situation and urged people to avoid the area.

“I ask Maine people to join me in keeping all those affected in their thoughts,” she said.

Representative Jared Golden, Democrat of Maine, said on social media that he was aware of the fire and explosion.

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“As my team and I seek out more information, I am praying for the safety and well-being of first responders and everyone else on-site,” he said.

This is a developing story. Check back for updates.

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Woman killed in Atlanta Beltline stabbing identified

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Woman killed in Atlanta Beltline stabbing identified

Crime scene tape surrounds a bicycle in front of St. Lukes Episcopal Church in Atlanta on May 14, 2026. (SKYFOX 5)

The woman stabbed to death on the Beltline has been identified as 23-year-old Alyssa Paige, according to the Fulton County Medical Examiner.

The backstory:

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Paige was killed by a 21-year-old man Thursday afternoon while she was on the Beltline. Officials confirmed to FOX 5 that the stabbing happened near the 1700 block of Flagler Avenue NE.

Atlanta Police Chief Darin Schierbaum said the department was alerted around 12:10 p.m. that a woman had been stabbed just north of the Montgomery Ferry Drive overpass. She was rushed to Grady Memorial Hospital where she later died. Another person was also stabbed during the incident, but their condition remains unknown.

According to officers, the man responsible attacked a U.S. Postal worker prior to the stabbing before getting away on a bike. He then used that bike to flee the scene of the stabbing as well.

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The suspect was arrested near St. Luke’s Episcopal Church on Peachtree Street in Midtown around 5:25 p.m. 

What we don’t know:

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While officials haven’t released an official motive, they noted the man may have been suffering a mental health crisis.

The Source: Information in this article came from the Fulton County Medical Examiner’s Office and previous FOX 5 reporting. 

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Man Charged With Posting Bomb Instructions Used in New Orleans Attack

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Man Charged With Posting Bomb Instructions Used in New Orleans Attack

Federal prosecutors have filed charges against a former Army serviceman they accused of distributing instructions on how to build explosives that were used by a man who conducted a deadly attack in New Orleans on New Year’s Day last year.

The former serviceman, Jordan A. Derrick, a 40-year-old from Missouri, was charged with one count of engaging in the business of manufacturing explosive materials without a license; one count of unlawful possession of an unregistered destructive device; and one count of distributing information relating to manufacturing explosives, according to a criminal complaint unsealed on Wednesday. The three charges together carry a maximum sentence of 40 years in federal prison.

Starting in September 2023, the authorities said, Mr. Derrick was using various social media sites to share videos of himself making explosive materials, including detonators. His videos provided step-by-step instructions, and he often engaged with viewers in comments, sometimes answering their questions about the chemistry behind the explosives.

The authorities said that Mr. Derrick’s videos were downloaded by Shamsud-Din Bahar Jabbar, 42, who was accused of ramming a pickup truck into a crowd on Bourbon Street in New Orleans on Jan. 1, 2025, in a terrorist attack that killed 14 people and injured dozens. Mr. Jabbar was killed in a shootout with the police. Before the attack, Mr. Jabbar had placed two explosives on Bourbon Street, the authorities said, but they did not detonate.

The authorities later recovered two laptops and a USB drive in a house that Mr. Jabbar had rented. The USB drive contained several videos created by Mr. Derrick that provided instructions on making explosives. The authorities said the explosives they recovered were consistent with the ones Mr. Derrick had posted about.

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Mr. Derrick’s lawyers did not respond to requests for comment.

Mr. Derrick was a combat engineer in the Army, where he provided personnel and vehicle support, the authorities said. He also helped supervise safety personnel during demolitions and various operations. He was honorably discharged in February 2013.

The authorities did not say whether Mr. Derrick had any communication with Mr. Jabbar, or whether the men had known each other. In some of Mr. Derrick’s videos and comments, he indicated that he was aware that his videos could be misused.

“There are a plethora of uh, moral, you know, entanglements with topics, any topic of teaching explosives, right?” he asked in one video, according to the affidavit. “Of course, the wrong people could get it.”

The authorities also said that an explosion occurred at a private residence in Odessa, Mo., on May 4, and the occupant of the residence told investigators that he had manufactured explosives after watching online tutorials from Mr. Derrick.

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Mr. Derrick’s YouTube account had more than 15,000 subscribers and 20 published videos, the affidavit said. He had also posted content on other platforms, including Odysee and Patreon. Some videos were accessible to the public for free, while others required a paid subscription to view.

“My responsibility to my countrymen is to make sure that I serve the function of the Second Amendment to strengthen it,” Mr. Derrick said in one of his videos, according to the affidavit. “This is how I serve my country for real.”

Outside of the income he received through content creation, Mr. Derrick did not have any known employment. He did receive a monthly disability check from Veterans Affairs, the affidavit stated.

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