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Business

Hudson completes merger with Dufry AG

EAST RUTHERFORD, N.J.–(BUSINESS WIRE)–Hudson Ltd. (NYSE: HUD) (“Hudson” or “Company”) today announced that it has completed the previously announced merger with Dufry AG (“Dufry”).

The closing of the transaction earlier today follows a special general meeting of Hudson’s shareholders held virtually on November 30, 2020, where Hudson’s shareholders voted to approve and adopt the Merger Agreement and the related Statutory Merger Agreement between Hudson, Dufry AG and Dufry Holdco Ltd., and the transactions contemplated thereby, including the merger, by 98.59% of the votes cast at the meeting.

Following shareholder approval and pursuant to the terms of the Merger Agreement, Hudson became an indirect wholly owned subsidiary of Dufry. Hudson’s Class A shareholders are entitled to receive $7.70 in cash for each Class A share held.

In connection with the completion of the merger, trading in Hudson’s Class A common shares on the New York Stock Exchange has been suspended with immediate effect and the shares will be delisted in approximately 10 days.

About Hudson

Hudson, a Dufry Company, is a travel experience company turning the world of travel into a world of opportunity by being the Traveler’s Best Friend in more than 1,000 stores in airport, commuter hub, landmark, and tourist locations. Our team members care for travelers as friends at our travel convenience, specialty retail, duty free and food and beverage destinations. At the intersection of travel and retail, we partner with landlords and vendors, and take innovative, commercial approaches to deliver exceptional value. To learn more about how we can make your location a travel destination, please visit us at hudsongroup.com.

Contacts

Investor/Media
Cindi Buckwalter

VP of Investor Relations & Corporate Communications

investorrelations@hudsongroup.com
communications@hudsongroup.com

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VIRUS TODAY: Vaccine gains momentum, NFL season in chaos

FILE – In this March 16, 2020, file photo, Neal Browning receives a shot in the first-stage safety study of a potential vaccine for COVID-19 at the Kaiser Permanente Washington Health Research Institute in Seattle. Moderna Inc., said Monday, Nov. 16, its COVID-19 vaccine is proving to be highly effective in a major trial. (AP Photo/Ted S. Warren, File)

 

Here’s what’s happening Monday with the coronavirus pandemic in the U.S.:

THREE THINGS TO KNOW TODAY

— The rush to develop a vaccine gained steam with the news from Moderna Inc. that it would ask U.S. and European regulators to allow emergency use of its vaccine. Early results show the vaccine is more than 94 percent effective.

— The virus has thrown the NFL season into chaos yet again. The Baltimore Ravens-Pittsburgh Steelers contest was moved from Thanksgiving to Tuesday with more than 20 Ravens on the COVID-19 list, and the game is still in jeopardy of not being played as scheduled. The Denver Broncos started an undrafted rookie wide receiver at quarterback because of COVID-19 protocol violations.

— Tough new restrictions are taking effect across California as the state hit a new record with 7,400 coronavirus hospitalizations. Los Angeles County, home to 10 million people — imposed new rules calling for residents to stay home as much as possible.

THE NUMBERS: The long Thanksgiving weekend will create volatility in the major virus metrics early this week. The U.S. is averaging 162,000 new cases a day over the past week, and a record 93,000 people are hospitalized with the virus.

QUOTABLE: “I allowed myself to cry for the first time.” — Dr. Tal Zaks, chief medical officer for Moderna after learning about the positive results from its vaccine study.

ICYMI: Law enforcement authorities around the country are on high alert for potential scams related to the COVID-19 vaccine. They are worried about criminal organizations exploiting Americans with things like fake vaccines.

ON THE HORIZON: With the advances in vaccine development, the ball will soon be in the court of the Food and Drug Administration. Its Dec. 10 meeting could pave the way for the immediate distribution of the Pfizer vaccine.

___

Find AP’s full coverage of the coronavirus pandemic at https://apnews.com/hub/coronavirus-pandemic

 

— Associated Press

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Georgia official announces investigations, defends election

Georgia Secretary of State Brad Raffensperger speaks during a news conference on Monday, Nov. 30, 2020, in Atlanta. (AP Photo/Brynn Anderson)

 

ATLANTA (AP) — Georgia’s top elections official on Monday announced investigations into potential violations of election law even as he continued to defend the integrity of the state’s election against what he said are baseless attacks.

Secretary of State Brad Raffensperger said during a news conference at the state Capitol that his office continues to investigate any credible claims of illegal voting and violations of state election law. His office currently has more than 250 open cases from this year, he said.

He singled out groups that he said are working to register people in other states to vote in a high-profile runoff election for Georgia’s two U.S. Senate seats. His office’s 23 investigators also continue to look into allegations of problems with absentee ballots, as well as claims of people who voted twice, people who cast a ballot in a dead person’s name and non-residents who voted in Georgia, he said.

But Raffensperger also punched back — as he has repeatedly in the weeks since the Nov. 3 general election — at allegations of widespread election fraud that are circulating online. President Donald Trump, who narrowly lost to Democrat Joe Biden in Georgia, is among those criticizing the state’s handling of the election.

“There are those who are exploiting the emotions of many Trump supporters with fantastic claims, half-truths, misinformation and, frankly, they’re misleading the president as well, apparently,” Raffensperger said.

The secretary of state’s office is looking into a sworn statement from a Republican official in Gwinnett County, in Atlanta’s northeastern suburbs, that says there were more absentee ballots than absentee ballot envelopes, Raffensperger said.

“This is the kind of specific charge that our office can investigate and ascertain the truth,” he said.

Raffensperger said his investigators are also looking into specific allegations of improper actions by four groups.

America Votes has sent absentee ballot applications to people at addresses where they haven’t lived in more than 25 years, while Vote Forward tried to register a dead Alabama woman to vote in Georgia and the New Georgia Project sent voter registration applications to New York City, he said.

A spokesperson for America Votes said in an email to The Associated Press that the group is working to make sure every voice is heard.

“America Votes has mailed registered voters in Georgia applications to safely and securely vote by mail in the January runoffs. These mailings were sent to the list of registered voters maintained by the Secretary of State,” Sahil Mehrotra wrote.

Vote Forward and the New Georgia Project didn’t immediately respond to emails seeking comment Monday.

Raffensperger also said a group called Operation New Voter Registration Georgia is telling college students they can change their registration to vote in Georgia for the runoff and then change it back to another state after the election. That group doesn’t seem to have an online presence, and an email sent to an address on a flier circulating on Twitter bounced back, saying the account doesn’t exist.

County election workers around the state are currently working on a recount of the presidential race that was requested by the Trump campaign, and Raffensperger said he expects them to finish by the Wednesday night deadline. Under state law, the losing candidate can request a recount when the margin is less than 0.5%. Certified results showed Trump losing to Biden by 12,670 votes, or 0.25%.

The recount, which is being done using scanners that read and tabulate votes, is the third time the votes in the presidential race are being counted in Georgia. After the initial count following Election Day, Raffensperger selected the presidential race for an audit required by state law. Because of the tight margin, he said, the audit required the roughly 5 million votes in that contest to be recounted by hand.

 

— Associated Press

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Biden’s economic picks suggest focus on workers and income equality

In the White House and elsewhere, the president-elect’s selections are heavy on labor economists and champions of organized labor.

— NYT: Top Stories

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Business

New Jersey Resources provides updates on strategic plan to deliver predictable, sustainable growth and value creation

  1. Outlines Valuable Infrastructure Investments Across Complementary Businesses Driving NJR’s Leadership in Clean Energy Future

Presents Financial Growth Targets, Including Higher Long-Term NFE Growth Rate from FY 2022, and Increased Dividend Growth Rate

Company Management to Discuss Further Details During Investor Webcast Today at 8:30 AM ET

WALL, N.J.–(BUSINESS WIRE)–New Jersey Resources (NYSE: NJR) (the “company” or “NJR”) today will host a virtual 2020 Analyst Day to provide an update on the Company’s strategic plan and financial growth targets, including:

  • 6-10% long-term annual growth in consolidated net financial earnings per share (NFEPS), a non-GAAP financial measure, beginning in fiscal 2022;
  • 6-10% long-term annual dividend growth;
  • Approximately 20% growth in annual Cash Flows from Operations (CFFO) from fiscal 2020 to fiscal 2024; and
  • Approximately 11% rate base Compounded Annual Growth Rate (CAGR) between fiscal 2019 and fiscal 2024 at New Jersey Natural Gas, the company’s regulated utility and largest business segment.

With our talented and capable team, disciplined execution and strong position in the clean energy transition, we are poised to drive long-term value for our shareowners,” said Steve Westhoven, President and CEO of New Jersey Resources. “As we move ahead, we will focus on growth at our regulated utility, NJNG, and Clean Energy Ventures, CEV. NJNG is as strong as it has ever been, with an approximately 11% rate base CAGR expected between fiscal 2019 and fiscal 2024. CEV will continue to drive growth as we expand and invest beyond New Jersey, action supported by an approximate doubling of our rate of investment in solar initiatives in four years. At the same time, we are taking a number of strategic steps to deliver more predictable and stable net financial earnings across our other complementary businesses. We remain committed to growing our dividend and, following a reset of NFE in fiscal 2021, are projecting an increase in our long-term NFEPS growth rate.”

Complementary Businesses Across NJR Platform

  • NJNG: Driving an approximately 11% rate base CAGR through strategic infrastructure investments and accelerated infrastructure recovery. NFE contributions from NJNG are expected to be in the 60-70% range on an ongoing basis.
  • CEV: Investing $850 million over four years to take advantage of the robust solar market. CEV will benefit from NJR’s expertise in public policy and its commitment to further climate goals in New Jersey. To better position CEV for accelerated growth, NJR is pursuing regional market opportunities in the Northeastern U.S., one of the fastest growing solar markets in the country, due to public policy mandates and aggressive clean energy targets.
  • Storage and Transportation (formerly known as Midstream): Generating stable, fee-based revenue through a portfolio of low-risk infrastructure investments and from long-term capacity commitments with high-quality customers. Storage and Transportation serves constrained or growing end-use markets and offers organic growth opportunities through optimization and expansion. While NJR remains committed to PennEast, any financial contributions from the project are not included in the Company’s long-term NFEPS targets.
  • Energy Services: Focusing on higher fee-based revenue and benefiting from strong customer relationships and a deep understanding of wholesale energy markets rooted in its natural gas supply management expertise. In years of strong performance, Energy Services has contributed excess cash flows as growth capital for NJR, strengthening the balance sheet and lessening the need for debt and equity issuances. There will be minimal reliance on Energy Services to achieve the Company’s NFEPS targets.

Fiscal 2021 NFE Guidance

Included in NJR’s release today is the Company’s NFE guidance for fiscal 2021. Beginning in fiscal 2021, NJR is adopting a change in the accounting policy for investment tax credits and the expected use of tax equity financing for its solar projects. Principally as a result of the accounting policy change, the Company anticipates fiscal 2021 NFE to be in the range of $1.55 to $1.65 per share. There will be no impact to CEV’s cash flows as a result of this accounting change.

Patrick Migliaccio, Senior Vice President and CFO, said, “Consistent with our strategic plan to generate sustainable growth across our businesses, going forward we will change the way NJR accounts for investment tax credits and we expect to implement tax equity financing for our solar projects. While this results in a short-term decline in net financial earnings in fiscal 2021, these changes provide the foundation for increasing our investment in solar and are expected to result in stable net financial earnings from our CEV business. Following the earnings reset in fiscal 2021, we expect approximately 30% year-over-year growth in NFE in fiscal 2022, with a 6-10% long-term growth rate thereafter. With ample liquidity to support our businesses, no meaningful refinancings in the near term and a strong capital structure, NJR is extremely well-positioned for the future.”

The following chart represents NJR’s current expected contributions from its subsidiaries for fiscal 2021:

Company

Expected Fiscal 2021

Net Financial Earnings

Contribution

New Jersey Natural Gas

65 to 72 percent

Clean Energy Ventures

15 to 20 percent

Storage and Transportation (formerly Midstream)

8 to 10 percent

Energy Services

3 to 4 percent

Home Services and Other

0 to 2 percent

In providing fiscal 2021 NFE guidance, management is aware there could be differences between reported GAAP earnings and NFE due to matters such as, but not limited to, the positions of our energy-related derivatives. Management is not able to reasonably estimate the aggregate impact or significance of these items on reported earnings and, therefore, is not able to provide a reconciliation to the corresponding GAAP equivalent for its operating earnings guidance without unreasonable efforts. For further discussion of NFE, please see the explanation below under “Non-GAAP Financial Information.”

Webcast Information

The video webcast of the virtual 2020 Analyst Day, including a copy of the presentation, and a question and answer session, will be broadcast via the internet today at 8:30 a.m. Eastern time and can be accessed at https://investor.njresources.com/events-and-presentations/default.aspx. For those unable to listen to the webcast, an archived version will be available at the same location.

Forward-Looking Statements

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. New Jersey Resources Corporation (NJR, or the Company) cautions readers that the assumptions forming the basis for forward-looking statements include many factors that are beyond NJR’s ability to control or estimate precisely, such as estimates of future market conditions and the behavior of other market participants. Words such as “anticipates,” “estimates,” “expects,” “projects,” “may,” “will,” “intends,” “plans,” “believes,” “should” and similar expressions may identify forward-looking statements and such forward-looking statements are made based upon management’s current expectations, assumptions and beliefs as of this date concerning future developments and their potential effect upon NJR. There can be no assurance that future developments will be in accordance with management’s expectations, assumptions and beliefs or that the effect of future developments on NJR will be those anticipated by management. Forward-looking statements in this release include, but are not limited to, certain statements regarding NJR’s net financial earnings (NFE) guidance for fiscal 2021 through fiscal 2024, as well as NJR’s long-term NFE growth rate, dividend growth, forecasted contribution of business segments to NJR’s NFE from fiscal 2021 through fiscal 2024, NJNG’s rate base compound annual growth rate (CAGR), NJR Clean Energy Ventures’ future capital investment target, the ability to pursue tax equity financing through sale leasebacks of our solar projects, and the impact of a change in accounting policy for investment tax credits (ITCs).

Additional information and factors that could cause actual results to differ materially from NJR’s expectations are contained in NJR’s filings with the U.S. Securities and Exchange Commission (SEC), including NJR’s Annual Reports on Form 10-K and subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other SEC filings, which are available at the SEC’s web site, https://www.sec.gov. Information included in this release is representative as of today only and while NJR periodically reassesses material trends and uncertainties affecting NJR’s results of operations and financial condition in connection with its preparation of management’s discussion and analysis of results of operations and financial condition contained in its Quarterly and Annual Reports filed with the SEC, NJR does not, by including this statement, assume any obligation to review or revise any particular forward-looking statement referenced herein in light of future events.

Non-GAAP Financial Information

This release includes the non-GAAP financial measures NFE and NFE per basic share. A reconciliation of these non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP can be found in NJR’s 2020 Form 10-K, Item 7. As an indicator of NJR’s operating performance, these measures should not be considered an alternative to, or more meaningful than, net income or operating revenues as determined in accordance with GAAP. This information has been provided pursuant to the requirements of SEC Regulation G.

NFE/net financial loss excludes unrealized gains or losses on derivative instruments related to the company’s unregulated subsidiaries and certain realized gains and losses on derivative instruments related to natural gas that has been placed into storage at Energy Services, net of applicable tax adjustments as described below. Volatility associated with the change in value of these financial instruments and physical commodity reported on the income statement in the current period. In order to manage its business, NJR views its results without the impacts of the unrealized gains and losses, and certain realized gains and losses, caused by changes in value of these financial instruments and physical commodity contracts prior to the completion of the planned transaction because it shows changes in value currently instead of when the planned transaction ultimately is settled. An annual estimated effective tax rate is calculated for NFE purposes and any necessary quarterly tax adjustment is applied to CEV, as such the adjustment is related to tax credits generated by CEV.

Management uses these non-GAAP financial measures as supplemental measures to other GAAP results to provide a more complete understanding of NJR’s performance. Management believes these non-GAAP financial measures are more reflective of NJR’s business model, provide transparency to investors and enable period-to-period comparability of financial performance.

About New Jersey Resources

New Jersey Resources (NYSE: NJR) is a Fortune 1000 company that, through its subsidiaries, provides safe and reliable natural gas and clean energy services, including transportation, distribution, asset management and home services. NJR is composed of five primary businesses:

  • New Jersey Natural Gas, NJR’s principal subsidiary, operates and maintains over 7,500 miles of natural gas transportation and distribution infrastructure to serve over half a million customers in New Jersey’s Monmouth, Ocean, Morris, Middlesex and Burlington counties.
  • Clean Energy Ventures invests in, owns and operates solar projects with a total capacity of more than 350 megawatts, providing residential and commercial customers with low-carbon solutions.
  • Energy Services manages a diversified portfolio of natural gas transportation and storage assets and provides physical natural gas services and customized energy solutions to its customers across North America.
  • Storage and Transportation serves customers from local distributors and producers to electric generators and wholesale marketers through its ownership of Leaf River Energy Center and the Adelphia Gateway Pipeline Project, as well as our 50 percent equity ownership in the Steckman Ridge natural gas storage facility, and our 20 percent equity interest in the PennEast Pipeline Project.
  • Home Services provides service contracts as well as heating, central air conditioning, water heaters, standby generators, solar and other indoor and outdoor comfort products to residential homes throughout New Jersey.

NJR and its more than 1,100 employees are committed to helping customers save energy and money by promoting conservation and encouraging efficiency through Conserve to Preserve® and initiatives such as The SAVEGREEN Project® and The Sunlight Advantage®. For more information about NJR: www.njresources.com.

Follow us on Twitter @NJNaturalGas.

“Like” us on facebook.com/NewJerseyNaturalGas.

Download our free NJR investor relations app for iPad, iPhone and Android.

Contacts

Media:
Michael Kinney

732-938-1031

mkinney@njresources.com

Investor:
Dennis Puma

732-938-1229

dpuma@njresources.com

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Key question in Cosby appeal: Does defendant’s past matter?

FILE – In this April 26, 2018 file photo, Bill Cosby, center, leaves the the Montgomery County Courthouse in Norristown, Pa., after being convicted of drugging and molesting a woman. The actor has spent more than two years in prison since he was convicted of sexual assault in the first celebrity trial of the #MeToo era. Now the Pennsylvania Supreme Court is set to hear his appeal of the conviction on Tuesday, Dec. 1, 2020. The arguments will focus on the trial judge’s decision to let five other accusers testify for the prosecution. (AP Photo/Matt Slocum, File)

 

PHILADELPHIA (AP) — In 2016, as Bill Cosby’s legal team prepared for trial in his stunning sexual assault case in Pennsylvania, the state Supreme Court quietly heard a death row inmate’s appeal.

Lawyers for Charles Hicks questioned whether three women who said he had beaten and choked them in Texas should have testified at his trial in a fourth woman’s death in the Pocono Mountains.

Prosecutors hoped to show a pattern of “strikingly similar” conduct, even if only one woman died. The seven Supreme Court justices issued five separate opinions on the use of the “prior bad act” testimony.

And that may explain why they are hearing Cosby’s appeal Tuesday.

In taking the case, the justices appear eager to clear up the law on one of the murkiest questions plaguing criminal trials: When should a jury hear about someone’s past?

Investigators say it can be crucial to show a signature crime pattern, but defense lawyers say it often amounts to character assassination.

The debate has been central to the high-profile prosecutions of actor and comedian Cosby, movie mogul Harvey Weinstein and a Roman Catholic Church official in Philadelphia charged with protecting predator priests. But it also comes into play for lesser-known people like Hicks, who remains on Pennsylvania’s death row.

“The issue is really intriguing because it forces defendants to spend time fighting shadows of uncharged, sometimes unrelated accusations that never really became formal criminal charges,” said Philadelphia defense lawyer William J. Brennan, who was involved in the church trial. “It’s very distracting. You should focus on what you’re criminally charged with.”

Cosby has long complained that Montgomery County Judge Steven T. O’Neill let five other accusers testify at his 2018 retrial, when he became the first celebrity convicted of sexual assault in the #MeToo era. His lawyers, and his wife, Camille, have called the women gold diggers and their testimony lies.

But District Attorney Kevin Steele believes the similarities in their accounts were no mere coincidence.

“It is unusual, to say the least, that defendant has been repeatedly … accused of engaging in sexual conduct with unconscious or otherwise incapacitated young women,” his office wrote in a Supreme Court brief this year.

Cosby, 83, has spent more than two years in prison since he was convicted of drugging and sexually assaulting Andrea Constand, a Temple University employee he had taken under his wing, at his suburban Philadelphia estate in 2004.

By the time her case went to trial in 2017, after a judge unsealed Cosby’s long-buried testimony in her 2005 sexual battery lawsuit, dozens of women had come forward to say the star of “The Cosby Show” had mentored and then betrayed them.

O’Neill allowed just one of them to testify at the first trial, in which the jury could not reach a verdict.

But the following year, at the 2018 retrial, the judge let five other accusers take the stand to describe encounters with Cosby in the 1980s. Each believed they had been drugged and sexually assaulted.

Constand, a former professional basketball player from Toronto, said she became incapacitated after taking what she thought was an herbal remedy from Cosby. She said she could not fight back as he put his hand down her pants. Cosby described the penetration that followed as consensual.

An intermediate appeals court last year called O’Neill’s decision on the other accusers reasonable. Then the state Supreme Court jumped in when he appealed again.

The Cosby appeal could decide whether courts allow the expansive use of “prior bad act” witnesses that many judges have adopted in recent years or rein it in to preserve the presumption of innocence.

The testimony is often referred to as “404(b) evidence,” a reference to the statute that governs it.

“I think the Supreme Court probably wants to tighten up some of the 404(b) issues that certainly are ripe for tightening,” said Brennan, who sat through weeks of the testimony from priest-abuse victims in the 2012 church trial. “It pollutes the air for the jury.”

Pennsylvania Chief Justice Thomas Saylor raised concerns they create “mini-trials on collateral testimony” in his 2017 opinion in the Hicks case, but he still sided with the majority to uphold the conviction, if for different reasons.

The Supreme Court will also consider Tuesday whether the jury should have heard Cosby’s damaging deposition testimony from Constand’s lawsuit, when he acknowledged giving alcohol or quaaludes to some of his accusers before sexual encounters.

Defense lawyers say that Cosby, before sitting for the deposition, relied on a secret agreement from a former prosecutor that he would never be charged in Constand’s case. But O’Neill found no evidence of such a pact.

Cosby, like other defendants, does not have the right to attend the appellate arguments, which have been moved online because of the COVID-19 pandemic.

He resides at a state prison near Philadelphia, where several inmate deaths have been blamed on the coronavirus. Cosby’s friends have made public pleas for his early release, given his age and increased risk of infection, but he has not filed any formal legal petitions. And prosecutors say he doesn’t qualify as a sexually violent predator.

The Supreme Court is not expected to rule for several months.

___

Follow Maryclaire Dale on Twitter at https://twitter.com/Maryclairedale

 


— Associated Press

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New York City will reopen elementary schools and phase out hybrid learning

Mayor Bill de Blasio announced an abrupt shift in managing schools during the pandemic. Officials had faced criticism that they prioritized activities like indoor dining over the well-being of children.

— NYT: Top Stories

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When churches rescue Americans from crushing covid

Why do we need acts of charity to rescue Americans from crushing medical bills?

— NYT: Top Stories

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International & World

The lost days that made Bergamo a coronavirus tragedy

The northern Italian province became one of the deadliest killing fields for the virus in the Western world. But a Times investigation found that faulty guidance and bureaucratic delays rendered the toll far worse than it had to be.

— NYT: Top Stories

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Dave Prowse, man behind Darth Vader’s Mask, is dead at 85

Mr. Prowse went from being a weight lifting champion in Britain to helping portray one of the most memorable villains in movie history. But his voice did not make the edit.

— NYT: Top Stories