BHP, Vale-Owned Mineral Co. Files Ch. 15 For $9B Debt Reorg
Rick Archer, 20 April 2021
A Brazilian mining joint venture between Vale SA and the BHP Group involved in a 2015 dam disaster Tuesday asked a New York bankruptcy court for Chapter 15 bankruptcy recognition as it attempts to reorganize $8.8 billion in debt in the Brazilian courts.
n its petition late Monday, Samarco Mineração SA asked for the U.S. court’s recognition of the restructuring proceedings it began in the Brazilian courts last week.
Vale and BHP announced April 9 that Samarco Mineração had filed for judicial reorganization in the Brazilian courts as a “last ditch” response to legal actions filed by creditors in the U.S. and Brazil seeking payments on $2.5 billion in debt, and pledged Samarco would continue operating and paying for remediation efforts stemming from the Fundão Dam collapse. Continue reading “Article: BHP, Vale-Owned Mineral Co. Files Ch. 15 For $9B Debt Reorg”
BLM Threatens Legal Action Against One Of Their Own Activists After Call For Probe Into Finances
TYLER DURDEN, 15 April 2021
As we highlighted yesterday, Hawk Newsome, who heads up a Black Lives Matter group in Greater New York City, made the call for an investigation, telling the New York Post “If you go around calling yourself a socialist, you have to ask how much of her own personal money is going to charitable causes.”
Newsome said “black firms and black accountants” should conduct an audit on BLM Global Network Foundation to “find out where the money is going.”
“It’s really sad because it makes people doubt the validity of the movement and overlook the fact that it’s the people that carry this movement,” Newsome added. Continue reading “Article: BLM Threatens Legal Action Against One Of Their Own Activists After Call For Probe Into Finances”
Carlyle’s $396M Oil Loss Row With Excess Insurers Revived
Caitlin Simpson, 14 April 2021
A New York appeals court has reversed a ruling that Carlyle Group affiliates can’t tap into excess insurance to cover part of $396 million in losses when a Moroccan oil refinery was seized, finding factual disputes remain about whether the policy’s coverage for theft was triggered.
A four-judge Appellate Division panel for the First Department on Tuesday reversed Justice O. Peter Sherwood’s July order that had granted underwriters at Lloyd’s of London’s motion for summary judgment and had rejected Carlyle’s assertion that its oil was essentially stolen by refinery operator Societe Anonyme Marocaine de l’Industrie du Raffinage, or SAMIR. Continue reading “Article: Carlyle’s $396M Oil Loss Row With Excess Insurers Revived”
JPMorgan Traders Fired in Spoofing Probes Sue Bank in N.Y., U.K.
Jonathan Browning, 14 April 2021
Ex-JPMorgan Chase & Co. traders who were fired in connection with recent U.S. Justice Department inquiries into market manipulation have a message for their former employers: give us our jobs back.
In separate lawsuits in London and New York, two of the bank’s former traders are saying they were unfairly dismissed and are asking to be reinstated. Both men had proximity to spoofing tactics that wound up being prosecuted by U.S. authorities but neither was charged. They both maintain they did not engage in the manipulative conduct themselves.
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GameStop Slips as Skeptic Warns That Reddit Rally Will Fade
Bailey Lipschultz, 12 April 2021
(Bloomberg) — GameStop Corp.’s Reddit-fueled trading surge is likely going to fade as threats from digital game downloads sink in, according to one skeptical Wall Street analyst.
The stock slumped after Ascendiant Capital Markets analyst Edward Woo downgraded the retailer to sell from hold, saying increasing digital sales for video-game publishers is a looming risk given GameStop’s minimal market share. He warned clients in a note about the long-term prospects for the company as the market for new gaming systems matures after new launches from Microsoft Corp. and Sony Group Corp. Continue reading “Article: GameStop Slips as Skeptic Warns That Reddit Rally Will Fade”
FINRA Fines Credit Suisse $345K For Worker Oversight Lapse
Al Barbarino, 06 April 2021
Credit Suisse Securities failed to monitor thousands of its employees’ outside brokerage accounts for “potentially deceptive” trading practices, according to a Financial Industry Regulatory Authority settlement that censures the broker-dealer and slaps it with a $345,000 fine.
The New York-based subsidiary of Credit Suisse Group failed to adequately track whether its new employees had disclosed outside brokerage accounts, according to the settlement, which was published Monday. Continue reading “Article: FINRA Fines Credit Suisse $345K For Worker Oversight Lapse”
GameStop shares fall as company looks to cash in on Reddit surge
Staff and agency, 05 April 2021
Shares in GameStop fell on Monday after the video-game retailer said it may sell up to $1bn (£720m) worth of stock as it tries to make the best of the 900% surge in its shares from a Reddit-driven rally this year.
The company said it would sell up to 3.5m shares and use the proceeds to speed up its shift to e-commerce in an overhaul being led by the billionaire Ryan Cohen, its biggest shareholder and a board member of GameStop. Shares in the company fell sharply in pre-market trading in New York but had recovered by the close to $186.95, a fall of 1.9%. Continue reading “Article: GameStop shares fall as company looks to cash in on Reddit surge”
New Wells Fargo Employee Walked Through All The Crimes He’ll Be Asked To Commit
NEWS IN BRIEF, 31 March 2021
Editor: This is SATIRE. It is also REALITY. Deal with it.
NEW YORK—Meeting with an HR representative for his first day on the job, new Wells Fargo employee Kyle Menardi was walked through all the crimes he’ll be asked to commit, sources confirmed Wednesday. “The crimes we do here are pretty straightforward, and most new employees get a hang of how to do them within a couple of weeks,” the HR rep informed Menardi, adding that he should prioritize getting a handle on the more day-to-day insurance and securities fraud, and then turn his attention to learning about the company’s more long-term scamming and market manipulation criminal projects. Continue reading “Article: New Wells Fargo Employee Walked Through All The Crimes He’ll Be Asked To Commit”
In Archegos fire sale, Credit Suisse, Nomura burned by slow exit
Matt Scuffham, Elizabeth Dilts Marshall, Brenna Hughes Neghaiwi, 31 March 2021
NEW YORK/ZURICH (Reuters) -While banks including Goldman Sachs, Morgan Stanley and Deutsche Bank were able to exit their trades with Archegos Capital relatively unscathed, Credit Suisse and Nomura have been burned in the fire sale.
The blowup of the Archegos fund, a family office run by former Tiger Asia manager Bill Hwang, is still reverberating across the financial system, with global banks so far standing to lose more than $6 billion.
Switzerland’s Credit Suisse and Japan’s Nomura are expected to bear the brunt of that. Continue reading “Article: In Archegos fire sale, Credit Suisse, Nomura burned by slow exit”
Big banks win dismissal of U.S. Treasury rigging litigation
Jonathan Stempel, 31 March 2021
NEW YORK (Reuters) – A U.S. judge on Wednesday dismissed long-running litigation accusing 10 large banks of conspiring to suppress competition in the now $21.2 trillion market for U.S. Treasury securities.
U.S. District Judge Paul Gardephe in Manhattan ruled against 21 pension, retirement and benefit funds, as well as unions, banks, individuals, and companies that traded in Treasuries, in the proposed antitrust class action.
The defendants included Bank of America, Barclays, BNP Paribas, Citigroup, Credit Suisse, Goldman Sachs, JPMorgan Chase, Morgan Stanley, NatWest Group and UBS, as well as trading platform operator Tradeweb Markets. Continue reading “Article: Big banks win dismissal of U.S. Treasury rigging litigation”
One of World’s Greatest Hidden Fortunes Is Wiped Out in Days
Katherine Burton and Tom Maloney, 30 March 2021
From his perch high above Midtown Manhattan, just across from Carnegie Hall, Bill Hwang was quietly building one of the world’s greatest fortunes.
Even on Wall Street, few ever noticed him — until suddenly, everyone did.
Hwang and his private investment firm, Archegos Capital Management, are now at the center of one of the biggest margin calls of all time — a multibillion-dollar fiasco involving secretive market bets that were dangerously leveraged and unwound in a blink. Continue reading “Article: One of World’s Greatest Hidden Fortunes Is Wiped Out in Days”
Wall Street Giants Beat Treasury Auction Rigging MDL
Dean Seal, 30 March 2021
A New York federal judge ruled Wednesday that he has yet to see any direct evidence that Wall Street banks including Goldman Sachs and Credit Suisse conspired to manipulate the $14 trillion market for securities issued by the U.S. Treasury Department.
U.S. District Judge Paul G. Gardephe dismissed long-running multidistrict litigation accusing a group of banks that also included JPMorgan Chase and Morgan Stanley of rigging auctions for Treasury Department bonds and other securities, on top of reducing competition in a secondary market for those securities. Continue reading “Article: Wall Street Giants Beat Treasury Auction Rigging MDL”
Glass Houses Acquisition Corp. – EX-1.1 – – UNDERWRITING AGREEMENT BETWEEN THE COMPANY AND JEFFERIES LLC – March 26, 2021
Fintel, 26 March 2021
Introductory. Glass Houses Acquisition Corp., a Delaware corporation (the ?Company?), proposes, upon the terms and subject to the conditions set forth in this agreement (this ?Agreement?), to issue and sell to the several underwriters listed on Schedule A hereto (the ?Underwriters?) an aggregate of 20,000,000 units of the Company (the ?Units?). The 20,000,000 Units to be sold by the Company are called the ?Firm Securities.? In addition, the Company has granted to the Underwriters an option to purchase up to an additional 3,000,000 Units as provided in Section 2. The additional 3,000,000 Units to be sold by the Company pursuant to such option are collectively called the ?Optional Securities.? The Firm Securities and, if and to the extent such option is exercised, the Optional Securities are collectively called the ?Offered Securities.? Jefferies LLC (?Jefferies?) has agreed to act as the representative of the several Underwriters (in such capacity, the ?Representative?) in connection with the offering of the Offered Securities for sale to the public as contemplated in the Prospectus (as defined below) (the ?Offering?).
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180 Life Sciences Corp. (NASDAQ: ATNF) in Hot Pursuit of New Anti-Inflammatory Blockbusters
GLOBE NEWSWIRE, 25 March 2021
180 Life Sciences Corp. (NASDAQ: ATNF) today announces its placement in an editorial published by NetworkNewsWire (“NNW”), one of 50+ trusted brands within the InvestorBrandNetwork (“IBN”), a multifaceted financial news and publishing company for private and public entities.
Inflammation has been directly linked to a wide variety of physical and mental health maladies. Inflammation is also a symptom of infectious diseases, implicated in noninfectious diseases, and new findings show a causal relationship with postsurgical trauma. Inflammatory diseases are recognized as the most significant cause of death in the world, with more than 50% of all deaths attributed to inflammation-related diseases. The recognition of the connection between inflammation and disease sparked a flurry of biotech research and a new generation of drug development to treat previously untreatable disorders.
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Texas blackouts may bring winterization mandates from FERC, shape federal spending priorities
Jasmin Melvin, 24 March 2021
New York — Policy activity on grid resilience has seen an uptick in the month since an Arctic blast left millions of Texans without power for days, and the federal policy response could bring new requirements for generator winterization and inform stimulus and infrastructure spending priorities, a Washington insider said March 24.
The federal response starts with the Federal Energy Regulatory Commission, Jeff Dennis, managing director and general counsel for Advanced Energy Economy, said during an AEE-hosted webinar on the policy fallout from the Texas blackouts. Continue reading “Article: Texas blackouts may bring winterization mandates from FERC, shape federal spending priorities”