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☆ Judge rejects AstraZeneca’s challenge to Medicare drug price negotiations
▼ + stars: | 2024-03-01 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +3 min

A federal judge on Friday rejected AstraZeneca 's legal challenge to Medicare's new power to negotiate the prices of certain costly prescription drugs with manufacturers. The decision is another win for the Biden administration in a bitter legal fight with the pharmaceutical industry over the constitutionality of those price talks. The opportunity to sell drugs to more than 49 million Medicare and Medicaid beneficiaries is a "powerful incentive" for manufacturers to participate in the price talks with the government, Connolly wrote. The ruling comes a month after a federal judge in Texas tossed a separate lawsuit challenging the price talks. On March 7, Bristol Myers Squibb, Novo Nordisk, Novartis and Johnson & Johnson will present their oral arguments to a federal judge in New Jersey in the same hearing.

Persons: AstraZeneca, Biden, AstraZeneca's, Colm Connolly, Connolly, Johnson Organizations: U.S . Department of Health, Human Services, Washington , D.C, Manufacturers, Supreme, District, AstraZeneca, Chamber of Commerce, Bristol Myers Squibb, Novo Nordisk, Novartis, Johnson, CNBC PRO Locations: Washington ,, Delaware, Texas, Ohio, New Jersey

— Lisa Kailai Han 7:07 a.m. — Lisa Kailai Han 6:48 a.m. "At current levels, we believe the risk/reward skews to the downside," wrote analyst Paul Lejuez. — Lisa Kailai Han 6:05 a.m. — Lisa Kailai Han

Persons: Robert Ford Aguilar, Aguilar, Lisa Kailai Han, Rachel Vatnsdal, GeoMx, Vatnsdal, skews, Paul Lejuez, — Lisa Kailai Han, Nik Modi, Raymond James, Matt Roberts, headwinds, Roberts, Ashwani Verma, Verma, Morgan Stanley, Micron Morgan Stanley, Joseph Moore's, Moore, Amit Mehrotra, Mehrotra, Sangita Jain, Jain, Fred Imbert Organizations: CNBC, Monday, UBS, Teva Pharmaceutical, Bloom Energy, Bank of America, Arcos Dorados Bank of America, Arcos Dorados, ARCO, JPMorgan downgrades, JPMorgan, U.S, District, Prognosys, 10X Genomics, Citi, RBC, RBC Capital Markets, UBS downgrades Jazz Pharmaceuticals, Jazz Pharmaceuticals, Digital, Micron, Western, Deutsche Bank, BE Locations: America, Caribbean, Argentine, Delaware, NSTG, U.S, Europe, Mondelez, narcolepsy

☆ FTX cofounder Gary Wang is set to testify against his childhood friend Sam Bankman-Fried. Here's what we know.
▼ + stars: | 2023-10-03 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +6 min

FTX cofounder Gary Wang was a critical player during the rise and fall of SBF's crypto empire . AdvertisementAdvertisementWhen Bankman-Fried cofounded Alameda Research in 2017, Wang reportedly left his role at Google. The tight group of executives reportedly included Wang, Bankman-Fried, Caroline Ellison, who was formerly Alameda's CEO, and Nishad Singh, FTX's former director of engineering. But at FTX, Wang was a somewhat reclusive figure, per reports. "All of the sudden that snapped into he was leaving that day, back to the US and implicitly mostly stopped working," Bankman-Fried told the news outlet.

Persons: Gary Wang, Wang, Sam Bankman, —, Bankman, MIT Wang, Wang's, Cherry Hill, Hector, Fried, Caroline Ellison, Nishad Singh, FTX's, Nishad, Gary, Singh, FTX, Ellison, Damian Williams, Ilan Graff, Sundar Organizations: Service, MIT, Bloomberg, Eastside, Epsilon Theta, Google, Forbes, Alameda Research, Court, District of, Sydney Morning Herald, Street Journal, Southern, of New York, Securities and Exchange Commission Locations: Oregon, Cherry Hill, New Jersey, China, Bahamas, Alameda, District of Delaware, FTX

☆ Anna Wintour wanted Sam Bankman-Fried to sponsor the Met Gala, but he had no idea who she was, FTX book author says
▼ + stars: | 2023-10-02 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +3 min

Anna Wintour once sought Sam Bankman-Fried's sponsorship for the Met Gala, says Michael Lewis. But the author told "60 Minutes" that Bankman-Fried had no idea who Wintour was. AdvertisementAdvertisementVogue's Anna Wintour wanted to secure Sam Bankman-Fried's sponsorship for the Met Gala, but Bankman-Fried didn't know who she was, according to the author of an upcoming book on FTX. And he says, "There's this person named Anna Wintour,'" Lewis told "60 Minutes" correspondent Jon Wertheim. Lewis told "60 Minutes" that on this particular occasion, he "sat off to one side," where Wintour couldn't see him on the call.

Persons: Anna Wintour, Sam Bankman, Michael Lewis, Fried, Wintour, Lewis, —, Jon Wertheim, Wintour couldn't, Bankman, FTX Organizations: Service, New York's Metropolitan Museum of Art, Court, District of Locations: America, Bankman, District of Delaware, Alameda

☆ FTX sues Sam Bankman-Fried's parents, aims to claw back some of the $26 million in gifts and property
▼ + stars: | 2023-09-19 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +5 min

Barbara Fried, mother of Sam Bankman-Fried, the founder of bankrupt cryptocurrency exchange FTX, leaves the courthouse, after a U.S judge revoked Bankman-Fried's bail, New York, Aug. 11, 2023. Bankrupt crypto exchange FTX is looking to claw back luxury property and "millions of dollars in fraudulently transferred and misappropriated funds" from the parents of Sam Bankman-Fried, the exchange's disgraced ex-CEO and founder. The filing characterizes the correspondence as Bankman lobbying his son to "massively increase his own salary." Bankman-Fried himself independently faces multiple wire and securities fraud charges related to the alleged multibillion-dollar FTX fraud. Bankman and Fried "either knew — or ignored bright red flags revealing — that their son, Bankman-Fried, and other FTX Insiders were orchestrating a vast fraudulent scheme," the lawsuit said.

Persons: Barbara Fried, Sam Bankman, Allan Joseph Bankman, Fried, Sam's, Bankman, Gee, Sam, Barbara, Damian Williams, Joe, Ray Organizations: Bankruptcy, District of, FTX, Administration, Stanford University, Group, Stanford Law School, The U.S . Department of Justice, Bankman, CNBC Locations: New York, U.S, District of Delaware, Bahamas, Alameda, The, Manhattan, Bankman

☆ US prosecutors to seek Hunter Biden indictment by Sept. 29
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +3 min

Hunter Biden, son of U.S. President Joe Biden, departs federal court after a plea hearing on two misdemeanor charges of willfully failing to pay income taxes in Wilmington, Delaware, U.S. July 26, 2023. REUTERS/Jonathan Ernst/File Photo Acquire Licensing RightsWASHINGTON, Sept 6 (Reuters) - U.S. prosecutors said in a court filing on Wednesday they will seek an indictment of President Joe Biden's son, Hunter, by Sept. 29 in his tax and firearms case. "The government intends to seek the return of an indictment in this case before that date," Weiss wrote in a status report to U.S. District Judge Maryellen Noreika. In July, Noreika rejected a proposed plea deal that would have resolved the tax and gun charges, raising concerns over its legality and the scope of immunity it offered Hunter Biden. Republicans in Congress have raised the possibility of impeaching President Biden over his son's business dealings and accuse the Department of Justice of giving him a "sweetheart deal."

Persons: Hunter Biden, Joe Biden, Jonathan Ernst, Joe Biden's, Hunter, David Weiss, General Merrick Garland, Weiss, Maryellen Noreika, Noreika, Hunter Biden's, Abbe Lowell, Biden, Lowell, ”, Garland, Donald Trump, Trump, Kanishka Singh, Eric Beech, Tom Hals, Jeff Mason, Rami Ayyub, David Gregorio Our Organizations: REUTERS, Rights, U.S, District, Mr, Congress, of Justice, Attorney, District of, Republican, Thomson Locations: Wilmington , Delaware, U.S, District of Delaware

☆ Fact Check-Five statements examined after first GOP primary debate
▼ + stars: | 2023-08-24 | by ( Reuters Fact Check | ) www.reuters.com time to read: +4 min

Fox News hosted the Republican Party’s first primary debate ahead of the 2024 presidential election, with party front-runner Donald Trump absent from Wednesday night’s lineup. Reuters Fact Check examined five statements made during the debate. The debt rose to about $27.8 trillion when he left office on Jan. 20, 2021, representing a $7.9 trillion increase (here). After fetal viability, abortion is allowed in all three states if the pregnant person’s life or health is threatened, according to state legislation. After 24 weeks, abortion is permitted in New York if the pregnant person’s mental health is at risk (here).

Persons: Republican Party’s, Donald Trump, Ron DeSantis, Mike Pence, Vivek Ramaswamy, Nikki Haley, “ Donald Trump, ” – Nikki Haley, Tim Scott, Chris Christie, Hunter Biden, Biden Organizations: Fox News, Republican, United Nations, U.S . Environmental Protection Agency, New Jersey, Attorney’s, District of, Reuters, Florida Department of Law, Marshall Locations: U.S, America, South Carolina, California , New York, Illinois, California, New York, In Illinois, District, District of Delaware, Florida ”, Florida

☆ Altria Group sues Juul over e-vapor patent infringement
▼ + stars: | 2023-08-22 | by ( Stefan Sykes | ) www.cnbc.com time to read: +1 min

Marlboro maker Altria Group said Tuesday its subsidiary NJOY has sued Juul Labs — the e-cigarette company it once held significant stake in — over patent infringement of certain e-vapor products. Altria has called for a ban on the importation and sale of these Juul products. Altria bought full global ownership of NJOY's e-vapor product portfolio in June for approximately $2.75 billion. The deal included the product NJOY ACE, the only pod-based vape with market authorizations from the U.S. Food and Drug Administration. In addition to the lawsuit filed with the ITC, Altria filed a similar suit against Juul in the U.S. District Court for the District of Delaware.

Persons: NJOY, Altria, Murray Garnick Organizations: Altria, Juul Labs, U.S . International Trade Commission, NJOY, ITC, U.S . Food, Drug Administration, CNBC, Juul, District of Locations: New York, Marlboro, U.S, District of Delaware

☆ Hunter Biden: US attorney leading Hunter Biden criminal probe is now a special counsel after plea talks break down and a trial looms
▼ + stars: | 2023-08-11 | by ( Marshall Cohen Hannah Rabinowitz Devan Cole | Marshall Cohen | Hannah Rabinowitz | ) edition.cnn.com time to read: +6 min

Washington CNN —The Trump-appointed US attorney who is investigating Hunter Biden has been given special counsel status after plea talks between the Justice Department and the president’s son fell apart. It’s the latest dramatic turn in the long-running criminal investigation of Hunter Biden that’s impacted President Joe Biden’s White House and has been a priority of congressional Republicans. The probe appeared to reach its conclusion when a plea deal was announced in June. The GOP had criticized the plea deal, accusing Weiss of giving Hunter Biden preferential treatment. Two career IRS agents who worked on the Hunter Biden probe went public as whistleblowers, claiming there was political meddling in the probe.

Persons: Hunter Biden, David Weiss, Merrick Garland, Weiss, It’s, Joe Biden’s, Hunter, Maryellen Noreika, ”, “, Garland, Jim Jordan, “ David Weiss can’t, ” Jordan, Russell Dye, “ Weiss, James Comer of, Biden, coverup, California Weiss, Hunter Biden’s, Chris Clark, Robert Mueller, John Durham, ” Garland Organizations: Washington CNN, Trump, Justice Department, Republicans, GOP, Department, Hunter Biden, Ohio Republican, Biden, Central District of, District of Columbia, District of Locations: Ohio, James Comer of Kentucky, DC, California, Delaware, Washington, Central District, Central District of California, District, Delaware , Washington, “, District of Delaware

New York/Hong Kong CNN —Yellow Corp., a US trucking company that was once dominant in its field, has filed for bankruptcy as it winds down the 99-year-old business. The Nashville-based logistics provider announced Sunday it had filed for Chapter 11 relief in the US Bankruptcy Court for the district of Delaware. “It is with profound disappointment that Yellow announces that it is closing after nearly 100 years in business,” CEO Darren Hawkins said in a statement. “Today, it is not common for someone to work at one company for 20, 30, or even 40 years, yet many at Yellow did. The filing comes more than a week after the trucking company halted operations, putting 30,000 people out of work.

Persons: Darren Hawkins, ” Organizations: Hong Kong CNN — Yellow Corp, Court, Teamsters Locations: New York, Hong Kong, Nashville, Delaware, “

July 20 (Reuters) - FTX Trading on Thursday sued founder Sam Bankman-Fried and other former executives of the cryptocurrency exchange, seeking to recoup more than $1 billion they allegedly misappropriated before FTX went bankrupt. FTX is now led by John Ray, who helped manage Enron after the energy trader's 2001 bankruptcy. FTX said Bankman-Fried and Wang also misappropriated $546 million to buy shares of Robinhood Markets (HOOD.O), while Ellison used $28.8 million to pay herself bonuses. The case is FTX Trading Ltd et al v Bankman-Fried et al, U.S. Bankruptcy Court, District of Delaware, No. The main bankruptcy case is In re FTX Trading Ltd et al in the same court, No.

Persons: Sam Bankman, FTX, Caroline Ellison, Gary, Wang, Nishad Singh, Fried, John Ray, Ellison, Singh, Jonathan Stempel, Mike Scarcella, Leslie Adler Organizations: Alameda Research, Enron, U.S, Robinhood, Bankruptcy, District of, FTX, bk, Thomson Locations: Delaware, Alameda, U.S, District, District of Delaware, New York

SummaryLaw Firms FTX founder allegedly misappropriated customer funds for European acquisitionFTX failed to find a buyer for the company in bankruptcy saleNEW YORK, July 13 (Reuters) - Bankrupt crypto exchange FTX sued insiders at FTX Europe AG late Wednesday, seeking to recover $323 million that FTX had invested in an ill-fated expansion into European crypto markets. After FTX filed for bankruptcy in November, it sought to sell FTX Europe, only to conclude that no buyer would offer meaningful value for the company, according to FTX. FTX acquired Digital Assets for nearly $400 million in three transactions in 2020 and 2021, hoping to obtain regulatory approvals and expand into European markets. FTX filed for bankruptcy protection in November, saying it was unable to completely repay customers who had deposited funds on its exchange. Prosecutors have charged Bankman-Fried, 31, with stealing billions of dollars in FTX customer funds to cover losses at its affiliated hedge fund Alameda Research.

Persons: FTX, Sam Bankman, Patrick Gruhn, Robin Matzke, Brandon Williams, Cosima Capital, Williams, Fried, Gruhn, Steven Holley, Stephen Ehrenberg, Brian Glueckstein, Christopher Dunne of Sullivan, Cromwell, Read, Clinton, Dietrich Knauth Organizations: FTX, AG, DA AG, Assets, Matzke, Gruhn, Prosecutors, Alameda Research, Trading, Bankruptcy, District of, Cromwell LLP, Thomson Locations: Zurich, Switzerland, Europe, Delaware, Matzke, Oregon, Alameda, U.S, District of Delaware

☆ US attorney investigating Hunter Biden defends probe in letter to House Judiciary panel
▼ + stars: | 2023-07-01 | by ( Sara Murray | ) edition.cnn.com time to read: +3 min

If not, I may request Special Attorney status from the Attorney General,” Weiss wrote to the House Judiciary Committee on Friday. House Speaker Kevin McCarthy recently suggested the House chamber could open an impeachment inquiry into Garland over the IRS agents’ allegations. Weiss added that he would not provide the committee with additional information about the Hunter Biden case while it is being prosecuted. Hunter Biden is set to formally plead guilty in federal court in Delaware on July 26. “Thus, I will not provide specific information related to the Hunter Biden investigation at this time.”

Persons: CNN — David Weiss, Hunter Biden, Joe Biden’s, Gary Shapley, Merrick Garland, Weiss, ” Weiss, ” Hunter, Kevin McCarthy, Garland, Tristan Leavitt, Shapley, Weiss “, ” Organizations: CNN, IRS, Central, Central District of, U.S, Attorney, District of, States Attorney’s Office, Republicans, Justice Department, Twitter Locations: Delaware, – Washington, Central District, Central District of California, District of Delaware, “, Weiss ’

Orpea creditors Kyma Capital and LMR Partners lodged on Tuesday an application against Anchorage and PJT Partners in the U.S. District Court for the District of Delaware, the source said. Anchorage is a member of Orpea's steering committee, a group of unsecured creditors that is supporting a proposal to restructure the French group's debt. PJT Partners are advisors to the steering committee. Kyma Capital and LMR Partners argue that the restructuring deal benefits the steering committee at the expense of other creditors, and that the documents would back up their view. Anchorage, PJT Partners and Orpea did not immediately respond to requests for comment.

Persons: France's, Orpea, Chiara Elisei, Kirsten Donovan Organizations: Kyma Capital, LMR Partners, Anchorage, PJT Partners, District of, Kyma, des, Consignations, Thomson Locations: U.S, District of Delaware, Anchorage

SummarySummary CompaniesCompanies Law Firms Google Play Music infringed Personal Audio playlist patents, jury saysVerdict follows California win for Sonos in Google audio patent fightJune 21(Reuters) - Alphabet's Google (GOOGL.O) must pay patent holding company Personal Audio LLC $15.1 million for infringing two patents related to audio software, a Delaware federal jury said in a verdict made public on Wednesday. Personal Audio had argued that Google's music app Google Play Music featured playlist downloading, navigation and editing features that violated its patent rights. Attorneys for Personal Audio did not immediately respond to a request for comment. Beaumont, Texas-based Personal Audio had requested $33.1 million in damages, according to a May court filing. The case is Personal Audio LLC v. Google LLC, U.S. District Court for the District of Delaware, No.

Persons: Jose Castaneda, Steve Hanle, Doug Hahn, Salil, Stradling Yocca Carlson, Melissa Baily, Jeff Nardinelli, David Perlson, Antonio Sistos, Patrick Stafford, Quinn Emanuel Urquhart, Sullivan Read, Blake Brittain Organizations: Sonos, Google, San, Google LLC, District of, Rauth, Thomson, & $ Locations: California, Delaware, Beaumont , Texas, Texas, The Delaware, San Francisco, District of Delaware, Salil Bali, Washington

Hunter Biden arrives at Hancock Field Air National Guard Base after disembarking from Air Force One with his father, U.S. President Joe Biden, in Syracuse, New York, Feb. 4, 2023. Hunter Biden, the son of President Joe Biden, has agreed to plead guilty to two federal misdemeanor crimes of willfully failing to pay federal income taxes, a court filing Tuesday revealed. The corrupt Biden DOJ just cleared up hundreds of years of criminal liability by giving Hunter Biden a mere 'traffic ticket,'" Trump wrote. Trump later wrote on Truth Social: "People are going wild over the Hunter Biden Scam with the DOJ!" "These charges against Hunter Biden and sweetheart plea deal have no impact on the Oversight Committee's investigation.

Persons: Hunter Biden, Joe Biden, Chris Clark, Hunter's, Delaware David Weiss, Weiss, Donald Trump, Joe Biden's, Hunter —, Hunter, Ian Sams, Merrick Garland, Clark, Trump, James Comer, Biden, Biden's, Comer Organizations: Hancock Field Air National Guard Base, Air Force, CNBC, NBC, U.S, Attorney, Prosecutors, Department, Justice, United States Attorney's Office, District of, Government, White, Biden DOJ, Hunter, DOJ, Kentucky Republican Locations: Syracuse , New York, U.S, Delaware, Malibu , California, District of Delaware

The deal would be contingent on Mr. Biden remaining drug free for 24 months and agreeing never to own a firearm again. Mr. Biden is expected to appear in federal court in Delaware in the coming days to be arraigned on the misdemeanor tax charges and plead guilty. As president, Mr. Trump had long sought to tie Hunter Biden’s business deals and personal troubles to his father. Image The Justice Department investigation into Hunter Biden continued after his father became president. Allegations promoted by Republicans that the elder Mr. Biden’s Justice Department went easy on his son are unlikely to fade away.

Persons: Hunter Biden, Biden’s, Hunter Biden’s, Biden, Mr, Hunter, Christopher Clark, Ian Sams, Donald J, Trump, Trump’s, David C, Weiss, General Merrick B, Garland, Clark, “ Hunter, ” Mr, Burisma, Haiyun Jiang, Obama, Beau, I.R.S, Seamus Hughes Organizations: Department, The, United States Attorney’s Office, District of, Republicans, Justice Department, House Republicans, Trump, Credit, New York Times, Prosecutors, United, Mr, Yale, Obama, Biden’s Justice Department, Congressional Republicans Locations: Delaware, District of Delaware, Ukrainian, China, United States, Ukraine

The deal would be contingent on Mr. Biden remaining drug free for 24 months and agreeing never to own a firearm again. Mr. Biden is expected to appear in federal court in Delaware in the coming days to be arraigned on the misdemeanor tax charges and plead guilty. Image The Justice Department investigation into Hunter Biden continued after his father became president. Allegations promoted by Republicans that the elder Mr. Biden’s Justice Department went easy on his son are unlikely to fade away. supervisor who had been overseeing the investigation into Hunter Biden hired a lawyer and went to Congress, alleging political favoritism in how the investigation had been handled.

Whirlpool and Cabri told a Delaware federal court they would dismiss the case with prejudice, which means it cannot be refiled. Representatives for Whirlpool, Cabri and Haier Europe did not immediately respond to requests for comment on Friday. It said Haier had hired Cabri for its own laundry division because he knew Whirlpool's trade secrets and that it would be impossible for him to work there without disclosing them. A federal judge rejected Whirlpool's bid to block Cabri's move last May, finding the Delaware court lacked jurisdiction over the trade-secret allegations. The case is Whirlpool Corp v. Cabri, U.S. District Court for the District of Delaware, No.

Persons: Davide Cabri, Cabri, Candy, Haier, Steven Zadravecz, John, Potter Anderson, Ethan Townsend, McDermott Will, Emery Read, Blake Brittain Organizations: Law, Whirlpool, Candy Hoover Group, Whirlpool Corp, District of, Jones, Thomson Locations: U.S, Italian, Delaware, Europe, Benton Harbor , Michigan, District of Delaware, Washington

☆ Georgia slot machine company enters bankruptcy to cut $500 million debt
▼ + stars: | 2023-06-09 | by ( Dietrich Knauth | ) www.reuters.com time to read: +3 min

Georgia law places strict limits on slot machines, prohibiting cash winnings, and preventing locations like gas stations and convenience stores from having more than nine slot machines or deriving more than 50% of their revenue from slot machines, according to the company. Headquartered in Norcross, Georgia, Lucky Bucks operates in 345 locations throughout Georgia with approximately 2,300 slot machines. Before filing for bankruptcy, Lucky Bucks had lobbied for a Georgia law that would have protected slot machine operators from “predatory” competition. The proposed bill, which was not passed by Georgia’s legislature, would have prevented a new slot machine from being installed in the nine months following the removal of a different company's slot machine. The case is Lucky Bucks Inc, U.S. Bankruptcy Court for the District of Delaware, No.

Persons: Bucks, Georgia Lucky, Lucky Bucks, James Boyden, Lucky, Dennis Dunne, Tyson Lomazow, Russell Silberglied, Richards, Layton, Dietrich Knauth Organizations: Company, Georgia Lucky Bucks, YORK, Lucky, Bucks, Lucky Bucks, Trive, Seven Aces, Lucky Bucks Inc, Bankruptcy, District of, Milbank LLP, Diebold, Atlantic City, Thomson, & $ Locations: Georgia, Wilmington , Delaware, Norcross , Georgia, Georgia’s, District of Delaware

Dorsey questioned the value of a Bahamian court ruling during a Thursday court hearing in Wilmington, Delaware, saying that he would retain authority over the $7 billion in assets recovered by the U.S. debtors no matter what the Bahamian court rules. "It doesn't go to FTX Digital until I say it goes to FTX Digital," Dorsey said. The sides offered very different descriptions of how important FTX Digital was to the crypto exchange's operations. A court ruling in their favor could place the Bahamian company, and not the U.S. debtors, in charge of collecting assets and deciding how to distribute them to FTX customers. The case is FTX Trading, U.S. Bankruptcy Court for the District of Delaware, No.

Persons: John Dorsey, Dorsey, Chris Shore, Sam Bankman, Bankman, Fried's, Andy Dietderich, Brian Glueckstein, James Bromley of Sullivan, Cromwell, Chris Shore of, FTX, Dietrich Knauth Organizations: U.S, FTX's U.S, FTX Digital, FTX, Bahamian, Bankruptcy, District of, Chris Shore of White, Thomson, & & $ Locations: Delaware, Bahamas, Wilmington , Delaware, U.S, Hong Kong, District of Delaware

Kidde-Fenwal filed for Chapter 11 protection in Delaware bankruptcy court. Kidde-Fenwal sold AFFF foam products from 2007 to 2013, according to court documents. Kidde-Fenwal does not make AFFF products, but it previously sold AFFF products through a subsidiary called National Foam. 3M, a central defendant in the AFFF lawsuits, has said it would stop producing PFAS by 2025. The case is In re Kidde-Fenwal Inc, U.S. Bankruptcy Court for the District of Delaware, No.

☆ Bittrex approved to borrow $7 mln bankruptcy loan in bitcoin
▼ + stars: | 2023-05-10 | by ( Dietrich Knauth | ) www.reuters.com time to read: +3 min

Seattle-based Bittrex filed for bankruptcy Monday, saying it intended to return customer funds and wind down its U.S. operations. Before filing for bankruptcy, Bittrex stopped accepting new deposits from U.S. customers and told its existing users to withdraw their crypto from the platform. Shannon approved the loan on an interim basis, allowing Bittrex to borrow 250 bitcoin from its parent company Aquila Holdings, which is not filing for bankruptcy. Bittrex will seek permission to borrow an additional 450 bitcoin at a hearing in June, and the total value of its proposed loan is $19.7 million, based on bitcoin prices when it filed for bankruptcy. The case is Bittrex Inc, U.S. Bankruptcy Court for the District of Delaware, No.

☆ Prosecutors are reportedly close to deciding whether to indict Hunter Biden in connection to his taxes and a gun purchase
▼ + stars: | 2023-05-03 | by ( Sonam Sheth | ) www.businessinsider.com time to read: +5 min

Prosecutors are nearing a charging decision in the Hunter Biden case, The Washington Post reported. A lawyer for Hunter Biden and a spokesperson for the president did not immediately respond to a request for comment for this story. The Hunter Biden investigation has been underway for nearly four years, and he first announced the existence of the probe in December 2020. CNN reported prosecutors started investigating Biden's taxes in 2018 but temporarily halted the inquiry because of Justice Department rules barring prosecutors from taking actions that could influence the outcome of an election. The letter did not name the subject, but ABC News reported that lawmakers had been made aware that the individual was Hunter Biden.

☆ Branson's Virgin Orbit files Chapter 11 bankruptcy plan
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +1 min

[1/2] Richard Branson, founder of Virgin Group, poses for a photograph on board of his new cruise liner, the Scarlet Lady at Dover Port in Dover, Britain, February 21, 2020. REUTERS/Simon DawsonApril 19 (Reuters) - Richard Branson's Virgin Orbit Holdings Inc and its subsidiaries in the United States filed a Chapter 11 bankruptcy plan with the U.S. Bankruptcy Court for the District of Delaware, the company said in a statement on Wednesday. Earlier this month, Virgin Orbit filed for Chapter 11 bankruptcy protection after the satellite launch company struggled to secure long-term funding following a failed launch in January. "We expect the filing of the plan and disclosure statement will help us to efficiently conclude the Chapter 11 process once we have completed the sale of the company," Dan Hart, chief executive of Virgin Orbit said in the statement. The company is seeking the sale of its assets, after laying off roughly 85% of its 750 employees.

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