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☆ Wealth Assistants claims in a new lawsuit its accounts were frozen in the weeks before it shut down
  + stars: | 2024-01-18 | by ( Madeline Stone | ) www.businessinsider.com   time to read: +3 min
The complaint against Thread Bank lists five accounts that Wealth Assistants held with the bank, saying that CEO Ryan Carroll first noticed the accounts had been frozen on October 11. Carroll and Thread Bank did not return a request for comment from Business Insider on the suit. The timing detailed in the complaint aligns with Wealth Assistants' collapse. However, the lawsuit filed in early January describes Wealth Assistants as a "thriving business." Wealth Assistants filed a similar lawsuit against Bank of America in January 2023, claiming that accounts with more than $3.78 million in them had been closed without explanation.
Persons: Ryan Carroll, Carroll Organizations: Business, Bank, Court, Southern, Southern District of, Houston Division, Carroll, Thread Bank, Forbes , LA Wire, Bank of America Locations: Tennessee, Southern District, Southern District of Texas, Forbes ,, mstone@insider.com
☆ Britain's Cineworld shareholders to be wiped out in restructuring plan
  + stars: | 2023-04-11 | by ( ) www.reuters.com   time to read: +2 min
[1/3] People are seen at a Cineworld in Leicester’s Square, amid the coronavirus disease (COVID-19) outbreak in London, Britain, October 4, 2020. It does not provide for any recovery for its existing shareholders, the group said. The group's chapter 11 companies are seeking to confirm the plan on an "expeditious timeline", Cineworld said, adding that it continues to operate its global business and cinemas as usual without interruption. The plan filed with the United States Bankruptcy Court for the Southern District of Texas, Houston Division, is yet to be approved. Cineworld, which expects to emerge from Chapter 11 in the first half of 2023, said any transaction resulting from the marketing process may delay emergence beyond that point.
☆ Cineworld files restructuring plan in US
  + stars: | 2023-04-11 | by ( ) www.reuters.com   time to read: +1 min
April 11 (Reuters) - Cineworld (CINE.L), the world's second-largest cinema chain operator, said on Tuesday it had filed a plan of reorganisation with the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division. The company had placed a majority of its business under U.S. Chapter 11 bankruptcy protection in September. The proposed restructuring does not provide for any recovery for holders of its existing equity interests, the struggling cinema chain said on Tuesday. Cineworld, which expects to emerge from Chapter 11 is the first half of 2023, also said any sale transaction resulting from the marketing process may delay emergence beyond the first half. Reporting by Radhika Anilkumar in Bengaluru; editing by Uttaresh VenkateshwaranOur Standards: The Thomson Reuters Trust Principles.
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