Bitcoin rose for the second consecutive session Monday, up following the five-week low it hit Saturday, less than a week after the SEC denied approval of the first bitcoin-based exchange traded fund. Get a First Look at the Dodge Demon — It Will Probably Be the Fastest Muscle Car Ever at Over 900hp
Category: Economics News
Bitcoin Plummets 18% as SEC Rejects Winklevoss ETF Proposal
Bitcoin’s price plummeted after U.S. regulators rejected a proposal by the Winklevoss twins for a publicly traded fund based on the digital currency, dashing hopes that a government-approved investment vehicle would lead to wider interest in virtual money. The Securities and Exchange Commission refused to grant an exemption that would have let the Winklevoss Bitcoin Trust trade on the Bats BZX Exchange, according to a filing posted Friday on the regulator’s website.
Treasury Secretary Steven Mnuchin Wants Out of Relativity Fraud Suit
Steven Mnuchin is now officially the U.S. Treasury Secretary, and his attorneys are asking the court to dismiss him from a financial fraud lawsuit that’s tied to his stint at Relativity Media. RKA Film Financing claims it loaned Relativity millions to pay print and advertising costs, but the money was used for other purposes.
RadioShack Successor Blames Sprint’s Weak Sales for Its Own Bankruptcy
General Wireless Operations , the successor to RadioShack , filed for Chapter 11 protection, as expected . What was uxexpected was that the electronics retailer would blame its filing on Sprint ‘s declining sales.
RadioShack Bankruptcy Protection Part Deux
U.S. electronics chain RadioShack filed for bankruptcy on Wednesday for the second time in a little over two years, faced with a challenging retail environment and an unsatisfying partnership with wireless provider Sprint Corp. The Chapter 11 filing comes after RadioShack, owned by General Wireless Operations, tried to revitalize its business by co-branding stores with the wireless carrier in an effort to compete against their largest rivals. General Wireless, which acquired the RadioShack brand in 2015, listed assets and liabilities in the range of $100 million to $500 million in the U.S. bankruptcy court for the Delaware district.
IBM, Maersk in Blockchain Tie-Up for Shipping Industry
IBM and Danish transport company Maersk said they were working together to digitize, manage, and track shipping transactions using blockchain technology. The technology, which powers the digital currency bitcoin, enables data sharing across a network of individual computers.
Kelcy Warren’s Investment, California Cancer Treatment Center, Files for Chapter 11
California Proton Treatment Center LLC, the developer of the Scripps Proton Therapy Center in San Diego, filed for Chapter 11 on Wednesday, March 1, and intends to sell the cancer treatment facility. The Scripps facility is the third of its kind to enter Chapter 11 since 2015; all of them have received backing from Advanced Particle Therapy LLC .
Where South Korea’s Teetering, Debt-Laden Companies Go to Bank
South Korea’s state-owned lender, the nation’s largest policy bank, and other creditors turned down a bailout request from Hanjin, then one of the world’s biggest shipping lines. That in turn led to a bankruptcy filing in Seoul and a major disruption in global shipping as more than 90 Hanjin ships were marooned offshore and ports in the U.S., Asia and Europe turned the company’s ships away.
The sale comes four months after the billionaire investor closed it amid a crippling strike.
Billionaire investor Carl Icahn reached a deal Wednesday to sell the shuttered Trump Taj Mahal casino in Atlantic City to Hard Rock International and two New Jersey investors. “We are excited to be part of this revitalization of Atlantic City, creating thousands of jobs to help local employment,” said Jim Allen, chairman of Hard Rock International, in a statement.
Trump Taj Mahal in Atlantic City to be sold to group that includes Hard Rock
Workers removed the Trump name from the sign at the entrance of the former Trump Taj Mahal on Feb. 15, with a proposed sale of the Atlantic City, N.J., casino announced two weeks later. Billionaire investor Carl Icahn reached a deal Wednesday to sell the shuttered Trump Taj Mahal casino in Atlantic City to Hard Rock International and two New Jersey investors.
People on the move 03/02
Submit professional appointments, management-level promotions and significant awards for individuals , along with photos as a .jpg attachment, via email to peopleonmove@orlandosentinel.com . Nyma Whitmire , community volunteer, was appointed to serve a three-year term on The Albin Polasek Museum & Sculpture Gardens board of directors.
No Chance’ Brazil Government Waives Oi Debt, Minister Says
Brazil’s government can’t waive Oi SA’s debt with a local regulator and state-run banks, the communications minister said, denying the phone carrier a lifeline that would have helped it pull out of the biggest bankruptcy in the country’s history. “The government can’t let go of resources, they are public resources, debt with the public administration,” Science and Technology Minister Gilberto Kassab said Sunday in an interview in Barcelona, Spain.
No Chance’ Brazil Government Waives Oi Debt, Minister Says
Brazil’s government can’t waive Oi SA’s debt with a local regulator and state-run banks, the communications minister said, denying the phone carrier a lifeline that would have helped it pull out of the biggest bankruptcy in the country’s history. “The government can’t let go of resources, they are public resources, debt with the public administration,” Science and Technology Minister Gilberto Kassab said Sunday in an interview in Barcelona, Spain.
No Chance’ Brazil’s Government Can Waive Oi Debt, Minister Says
Brazil’s government can’t waive Oi SA’s debt with a local regulator and state-run banks, the communications minister said, denying the phone carrier a lifeline that would have helped it pull out of the biggest bankruptcy in the country’s history. “The govt can’t let go of resources, they are public resources, debt with the public administration,” Science and Technology Minister Gilberto Kassab, who also oversees communications, said Sunday in an interview in Barcelona, Spain.
How Strong Is the Bull Case for Bitcoin?
After all, the newsletter theyhave run for over a decade, the Motley Fool Stock Advisor, has tripled the market.* David and Tomjust revealed what they believe are the ten best stocks for investors to buy right now and Wal-Mart wasn’t one of them! That’s right — theythink these 10 stocks are even better buys. Chris Hill: We’ve gotearnings to get to.
David Elman
David Elman is the senior bankruptcy editor covering new bankruptcy filings, court hearings, controversies and debtor-in-possession loans and exits. David also edits auction, out-of-court and private equity copy, helps produce daily electronic editions of The Deal and compiles the Bankruptcy Insider and M&A Tipsheet newsletters.
Caesars, Boyd to Release Fourth-Quarter Results on Valentine’s Day
Both Caesars Entertainment and Boyd Gaming are expected to report top- and bottom-line results ahead of last year’s totals. Valentine’s Day will mark the release of fourth quarter earnings for fellow gaming companies Caesars Entertainment and Boyd Gaming after the closing bell.
Toshiba’s Nuclear Reactor Mess Winds Back to a Louisiana Swamp
If you want to understand why Toshiba Corp. is about to report a multi-billion dollar write-down on its nuclear reactor business, the story begins and ends with a one-time pipe manufacturer with roots in the swamp country of Louisiana. The Shaw Group Inc., based in Baton Rouge, looms large in the complex tale of blown deadlines and budgets at four nuclear reactor projects in Georgia and South Carolina overseen by Westinghouse Electric Co., a Toshiba subsidiary.
China’s Zombie Province Shows What’s Wrong With Its Bond Market
Nowhere are China’s rusted-out industries worse than in Liaoning, a province that’s slumped into outright recession and where officials have admitted to years of inflating fiscal revenue data. Liaoning is also a showcase for how long a road China faces to create a world-class bond market.
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Financial literacy and money management are important life skills. Unfortunately, most people never study this in school, leaving many young adults ill-prepared to deal with their finances as they enter the work world, often in their early twenties.
Macy’s Last Line of Defense: Everyone Else at the Mall
Macy’s has been reporting comp-sales declines for two full years. Recently, rumors have been swirling that management may be ready to throw in the towel and sell the company .
These 3 Stocks Could Prove Toxic to Your Portfolio
The S&P 500 may be headed to record highs, but many stocks haven’t quite kept up with the market’s pace. More often than not, such laggards attract the attention of investors because of their low prices and valuations.
Sears Shares Explode More Than 50% Because Retailer Thinks It Can Stay Alive
With its stock hovering near an all-time low and credit default swaps pricing in the potential for a bankruptcy filing this year, Sears Holdings CEO Eddie Lampert decided to take action. To the extent Sears’ latest tactics are just smoke and mirrors designed to stop the bear raid on its stock, however, is the big question.
Better Buy: TerraForm Global Inc vs. 8point3 Energy Partners LP
8point3 Energy Partners was supposed to be a way for First Solar and SunPower to fund solar projects in the U.S. and TerraForm Global was central to SunEdison’s growth plans abroad. But since their launch, both yieldcos have been a disappointment for investors.
Warning Signs Mount on Sears’s Path
The struggling retailer bought some breathing room through moves to raise more than $1.5 billion in recent weeks, but investors are growing increasingly doubtful that Sears will ever get back on track. The cost of insuring the retailer’s bonds hit new highs and its stock price continues to tumble falling 5% Monday to close at $6.52, an all-time low, signaling fresh concerns about the retailer’s future Sparking the latest bout of investor anxiety were downgrades of Sears’s debt last month by Fitch Ratings and Moody’s Investors Service that were prompted by the retailer’s dismal holiday sales and continued losses.
Wall St. lending to Main St. even as many decry Dodd-Frank
President Donald Trump has wasted little time in beginning a push to reverse the stricter banking regulations enacted after the 2008 financial crisis. Trump has branded the Dodd-Frank Act “a disaster” – a regulatory overreach that slowed the economy and stifled lending to consumers and businesses.
Judge Discharges Bankruptcy After 50 Cent Pays $22 Million
The rapper who burst onto the music scene in 2003 with his debut album, “Get Rich or Die Tryin,” filed for Chapter 11 reorganization in 2015, citing debts of $36 million and assets of less than $20 million. Nevins approved a plan in July calling for 50 Cent, whose real name is Curtis Jackson III, to pay back about $23 million.
Teen Retailer Wet Seal Slips Into Bankruptcy
Struggling teen retailer Wet Seal is the latest to file for bankruptcy and plans to close all of its 142 U.S. stores by the end of February. Wet Seal filed for Chapter 11 protection Thursday morning, adding to a growing list of struggling retailers turning to insolvency amid a decline in mall traffic and an overall downturn in the industry.
1 Thing Vanguard Natural Resources, LLC Has to Prove in 2017
That is after its banks had reduced the borrowing base under its credit facility for the second time that year resulting in another deficiency. This situation caused the upstream MLP to caution that: [It] anticipates that its forecasted excess cash flow will not be sufficient to pay the remaining borrowing base deficiency.
George Soros’ Best-Performing Stocks of 2017 So Far
Love him or hate him — casual interest or indifference will also do — there’s no denying hedge-fund billionaire George Soros’ considerable skill predicting and profiting from the movements of financial markets. In a career spanning over six decades, Soros has amassed an estimated $25 billion fortune entirely through trading and investing stocks, bonds, currencies, and the like.
Why Sears Holdings Corp Tumbled Again Today
As of 2:54 p.m. EST, shares were down 9.7%. The retailer’s stock began dropping on Wednesday after Fitch Ratings issued a foreboding note on the struggling department-store chain.
‘Taxi King’ Gene Freidman Avoids Jail in Cab Turnover Flap
New York’s biggest medallion owner was nearly held in contempt of court for failing to surrender 46 taxis to a court-appointed trustee on time. Embattled New York City taxi mogul Gene Freidman has avoided jail time after settling with a bankruptcy court-appointed trustee ordered to seize 46 of his cabs.
U.S. bankruptcy court judge OKs $425 million for Avaya loan
A U.S. bankruptcy court judge granted Avaya Inc approval on Friday to tap $425 million of the $725 million loan proposed to carry the telecommunications company through its restructuring, funds the company said were essential to continue operations. Avaya filed for Chapter 11 bankruptcy protection on Thursday to cut its debt of about $6 billion after efforts to sell its call center business and reach a consensual deal with creditors failed.
US judge OKs plan for Caesars’ unit to exit bankruptcy
A federal judge has approved a plan to reorganize a subsidiary of casino giant Caesars Entertainment Corp., clearing the way for the operating unit to exit bankruptcy after filing for Chapter 11 protection with $18 billion in debt. The CEO of Las Vegas-based Caesars Entertainment heralded the approval Tuesday in federal bankruptcy court in Chicago.
Textainer Group Holdings Limited’s Stock Got Hammered in 2016, but the Worst May Be Over
The container shipping industry went from bad to worse in 2016. A combination of tepid global trade growth and low steel prices put downward pressure on both container prices and lease rates, which drove down Textainer Group Holding Limited ‘s revenue and earnings.
Automated Traders Take Over Bitcoin as Easy Money Beckons
Zhou Shuoji is not a bitcoin believer. He says the cryptocurrency will never replace its traditional forebears, and he calls most of its proponents fanatics.
Layoffs begin as Gildan backs away from American Apparel factories
The jobs of 2,400 American Apparel factory workers in the U.S. are about to disappear after Gildan declined to take over the manufacturing plants. American Apparel LLC said it had started to lay off staff on Monday, after Canadian apparel maker Gildan Activewear Inc. withdrew its initial plan to acquire some of the bankrupt U.S. fashion retailer’s manufacturing operations.
Why Overstock.com, Inc. Stock Skyrocketed 41.7% in 2016
Overstock’s first big jump came in February, when shares soared 23% after an encouraging fourth-quarter 2015 report but not so much because of its actual headline numbers. For perspective, Q4 2015 revenue climbed just 2% year over year, to $480 million, while net income was $110,000, or breakeven on a per-share basis and down from $0.06 per share in the same year-ago period.
Why You’re Going to See A Lot More Medical Bankruptcy Without Obamacare
Daniel Gershburg , owner of Gershburg Law P.C. a consumer bankruptcy firm based in New York, has seen his fair share of medical bankruptcies prior to Obamacare but none after its inception. He was kind enough to share his thoughts on what’s coming down the pipeline and the future of healthcare affordability after an Obamacare repeal .
Game on: Scout Media Can Pursue Discovery Against Jim Heckman
The college sports website network operator has accused its former chief executive of sabotaging its relationships with its team site publishers. College sports website network operator Scout Media has secured approval to pursue discovery against its founder and former chairman and chief executive, Jim Heckman.