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☆ How NWSL Commissioner Jessica Berman led the league out of crisis to revive women's soccer
▼ + stars: | 2024-03-11 | by ( Jessica Golden | ) www.cnbc.com time to read: +5 min

Jessica Berman, commissioner of the National Women’s Soccer League, speaks during a panel on women's professional soccer at the Hilton Anatole in Dallas on Feb. 10, 2024. In 2019, Berman became the first female deputy commissioner of a men's professional sports league, joining the National Lacrosse League. Taking the fieldBerman took the helm at the women's soccer league after allegations were made of emotional abuse and sexual misconduct across several teams. She also brought the first-ever million-dollar prize pool to U.S. women's soccer. She's also lured big-name investors, selling them on her new vision for professional women's soccer.

Persons: Jessica Berman, Omar Vega, Berman, Gary Bettman, Sally Yates, Yates, She's, lister Natalie Portman, Serena Williams, Naomi Osaka, Patrick Mahomes, Eli Manning, Kevin Durant, Carli Lloyd, Sofia Huerta, Delanie Sheehan, Ben Nichols, Sportico Organizations: National Women’s Soccer League, Hilton Anatole, Getty, New, National Women's Soccer League, CNBC, National Hockey League, NHL, National Lacrosse League, U.S, Chicago Red Stars, Portland Thorns, Hollywood, Seattle, NY Gotham FC, Women's Soccer League, Snapdragon, Amazon, Angel City FC Locations: Dallas, New York City, NJ, San Diego, Angeles

☆ 10 industry leaders transforming business in 2023
▼ + stars: | 2023-12-11 | by ( ) www.businessinsider.com time to read: +20 min

In 2023, Business Insider's annual list of People Transforming Business highlights key players across the advertising, ESG, finance, AI, and labor sectors. Increasingly, they're turning to more opaque private credit markets to borrow money. The world of private credit sits outside the traditional banking system. Analysts expect the private credit market to balloon in size — likely keeping lawyers like Breen very busy. Muthukrishnan is trying to make sense of how risky these private credit loans are by overseeing what is so far the most comprehensive look at vulnerabilities in the industry.

Persons: Mira Murati, who's, Vince Toye, Eileen Fisher, Eileen Fisher Fisher, Guerin Blask, Eileen Fisher Eileen Fisher, she's, Fisher, Janelle Jones, Jones, Lexey, —, She's, Justin Breen, Proskauer Breen, Proskauer Justin Breen, he's, Breen, Ares Capital, He's, McLaren, Julie Su, Labor Julie Su, Department of Labor Julie Su, Su, Marty Walsh, Murati, Jim Wilson, Neal Mohan, YouTube Mohan, Katie Thompson, YouTube It's, YouTube isn't, Mohan, Muthukrishnan, Satya Nadella, Microsoft Satya Nadella, Ben Kriemann, Nadella, Steve Ballmer, Mathias Döpfner, Axel Springer, Tim Cook, Apple Cook, Justin Sullivan, Cook, Steve Jobs, Jobs, JPMorgan Chase Toye, JPMorgan Chase, Toye, they'll, Vince Toye's, Bella Sayegh, Rebecca Ungarino, Lara O'Reilly, Juliana Kaplan, Alex Nicoll, Tim Paradis, Stephanie Hallett, Michelle Abrego, Josée Rose, Ryan Joe, Emily Canal, Kaja Whitehouse, Alyssa Powell, Davis, Jonann Brady Organizations: JPMorgan, Service Employees International, SEIU, New York, Ford, Service Employees International Union, United Auto Workers Union, Spelman College, US Department of Labor, Economic Policy Institute, Center for Economic, Research, Department of Labor, The New York Times, Ares, Churchill Asset Management, European, Atlético Madrid, Labor, Labor Department, MacArthur Foundation, New York Times, Dartmouth, OpenAI, Associated Press, YouTube, NFL, DirecTV, Federal, Microsoft, Manipal Institute of Technology, University of Wisconsin -, University of Chicago, Apple, Apple Watch, Google, Time, JPMorgan Chase, National Housing Trust, Trenton Almgren Locations: McDonald's, Lorain , Ohio, Atlanta, California, Los Angeles, Albania, Canada, Muthukrishnan, Hyderabad, India, University of Wisconsin - Milwaukee, OpenAI, Virginia, Wells Fargo, Trenton

☆ Wall Street's hottest career move: the volatile, lucrative world of private credit
▼ + stars: | 2023-09-18 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +8 min

So it's no wonder that through the past couple of years, working on and around private credit deals has become Wall Street's career du jour. Private credit is most often floating-rate debt — that is, debt where interest rates rise in concert with rate hikes. 'Unheard of' salaries, while risks abound in the marketIt's worth noting what private credit is: we're talking about debt and loans. "For most of my career, attracting new attorneys to private credit was a challenge. Proskauer's private credit group now has 90 lawyers, 24 of whom are partners, working full-time on private credit.

Persons: that's, Marc Rowan, Marc Lipschultz, Goldman Sachs, Paul Heller, Hannah Robb, Robb, It's, Cliffwater, Heller, Caldwell, Banks, Carlyle, Blackstone, Marco Acerra, Spencer Stuart, it's, Acerra, Richard Fernand, Nicholas Kalogeropoulos, Sam Iles, I've, Mike Mezzacappa, Evan Palenschat, Robert Lewin Organizations: Blackstone, Partners, CFA Institute, Columbia Business School, Wall Street, Alpha FMC, Barclays, Goldman Locations: New York

NEW YORK (AP) — Olympic gold medalist Sarah Hughes has decided not to run for Congress, in a race for a Long Island seat where several other Democrats are also vying to unseat the Republican currently in office. Hughes, an ice skater who took the top spot in figure skating at the 2002 Winter Olympics, announced her decision Friday about running for New York’s 4th Congressional District in a social media post. Long Island Republican Anthony D’Esposito is the incumbent. “For those interested, I have decided not to run for Congress at this time," she said on X, formerly known as Twitter. Hughes was 16 when she won her medal at the Olympic Games in Salt Lake City, Utah.

Persons: Sarah Hughes, Hughes, Anthony D’Esposito, Proskauer Rose Organizations: Republican, New York’s, Congressional, “, Olympic, Yale University, University of Pennsylvania, Stanford University Locations: Long, Salt Lake City , Utah, Manhattan

Fundraising and deal-making have dropped sharply at European private debt funds, new data shows. Faisal Ramzan, a partner at law firm Proskauer Rose who advises private credit funds, said he was not seeing default. "There's plenty of dry powder," said Fidelity International's head of private credit strategies Michael Curtis, referring to capital raised already. Joanna Layton, managing director of European private credit at Alcentra, one of Europe's largest private debt managers, added there was "no rush" to deploy capital. High rates have also made private credit less appealing to institutional investors, analysts said.

Persons: Henry Nicholls, Francesco Sandrini, BoE, Andrew Cruickshank, Cruickshank, Pictet, Patrick Marshall, Faisal Ramzan, Proskauer Rose, Michael Curtis, Joanna Layton, Mark Brenke, Ardian, Chris Sier, Sier, Dhara Ranasinghe, Catherine Evans Organizations: City, REUTERS, Reuters Graphics Reuters, The Bank of, European Central Bank, Graphics, Deloitte, Fitch, Federated Hermes, Fidelity International, ClearGlass, Thomson Locations: London's, London, Britain, The Bank of England

The company established the Allianz Global Diversified Private Debt Fund (AGDPDF) II in Luxembourg in mid-June, company filings show. Money managers are vying for a slice of the growing private credit market, which emerged in the aftermath of the 2008 financial crisis and is currently estimated to have assets of $1.5 trillion. Private credit funds are increasingly competing with banks, including for financing large company buyouts. The fastest escalation in borrowing costs in decades has posed a test for private credit but so far defaults by borrowers have been limited. Rather than lending directly, the Allianz Global Diversified Private Debt Fund invests in other credit funds and also makes co-investments.

Persons: Michaela Rehle, Proskauer, Pablo Mayo, Elisa Martinuzzi, Jane Merriman Organizations: Allianz, REUTERS, Allianz Global Investors, Allianz Global, Debt Fund, Fund, Reuters, Pablo Mayo Cerqueiro, Thomson Locations: Unterfoehring, Munich, Luxembourg, London

☆ They Want to Change the World. They Would Also Like a Raise.
▼ + stars: | 2023-04-28 | by ( Julie Satow | ) www.nytimes.com time to read: +1 min

At Community Solutions, the tensions began after the group was awarded a $100 million grant from the MacArthur Foundation. When they informed management of their decision, workers said they were surprised when Community Solutions hired a powerful law firm, Proskauer, to negotiate a contract. (The firm is also representing The New York Times in current contract negotiations with the The New York Times Guild.) “This was a value statement, based on our lived experiences,” he said. The clause that management would like to use, she continued, “includes strong anti-discrimination language that is nearly identical to other collective bargaining agreements negotiated by the same union.”

☆ A lot of money is on the line for women's pro soccer in the U.S.
▼ + stars: | 2023-03-21 | by ( Jessica Golden | ) www.cnbc.com time to read: +9 min

Restore faith in women's soccer and grow the business. The league averaged 37 sponsorship deals per team, which is more than any other women's sport, according to sports data and intelligence platform Sponsor United. Women's pro soccer valuations are also soaring. NWSL commissioner Jessica Berman speaks during the 2023 NWSL Draft at the Pennsylvania Convention Center on January 12, 2023 in Philadelphia, Pennsylvania. Culture changeOL Reign forward Megan Rapinoe (15) scores on a penalty kick during the second half of the National Womens Soccer League game between NJ/NY Gotham FC and OL Reign on September 21, 2022 at Red Bull Arena in Harrison, New Jersey.

U.S. District Judge Paul Diamond's order in Philadelphia federal court granted a request by Unisys to depose Leon Gilbert and Michael McGarvey, former leaders of Unisys' "digital workplace solutions" business unit. Representatives for France-based Atos and lawyers for Gilbert and McGarvey did not immediately respond to messages on Wednesday seeking comment. Unisys in a court filing said that "this case involves the theft of huge quantities of Unisys trade secrets," including technologies and business strategies for digital workplaces. Attorneys for Gilbert and McGarvey disputed the allegation and said "Unisys has not identified a single trade secret." The case is Unisys Corp v. Leon Gilbert and Michael McGarvey, U.S. District Court for the Eastern District of Pennsylvania.

The company listed over 100,000 creditors in a "mega" bankruptcy filing, with aggregate liabilities ranging from $1.2 billion to $11 billion dollars, according to bankruptcy documents. In a statement, the company noted that the companies were only involved in Genesis' crypto lending business. Genesis listed a $765.9 million loan payable from Gemini in Thursday's bankruptcy filing. Other sizeable claims included a $78 million loan payable from Donut, a high-yield, decentralized platform, and a VanEck fund, with a $53.1 million loan payable. The bankruptcy puts Genesis alongside other fallen crypto exchanges including BlockFi, FTX, Celsius, and Voyager.

☆ Crypto lender Genesis preparing to file for bankruptcy - Bloomberg News
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +1 min

Jan 18 (Reuters) - Cryptocurrency lender Genesis Global Capital is planning to file for bankruptcy as soon as this week, Bloomberg News reported on Wednesday, citing people with knowledge of the situation. The collapse of FTX in November has claimed several victims including crypto lender BlockFi and Core Scientific Inc , one of the biggest publicly traded crypto mining companies in the United States, both of which filed for bankruptcy protection in the following months. Genesis is also locked in a dispute with Gemini, founded by the identical twin crypto pioneers Cameron and Tyler Winklevoss. Gemini offered a crypto lending product called Earn in partnership with Genesis, and now says Genesis owes it $900 million in connection with that product. The U.S. Securities and Exchange Commission last week said it had charged Genesis and Gemini with illegally selling securities to hundreds of thousands of investors through their crypto lending program.

Silbert is the founder of Digital Currency Group (DCG), a crypto conglomerate that includes the Grayscale Bitcoin Trust and trading platform Genesis. Winklevoss, along with his brother Tyler, co-founded Gemini, a popular crypto exchange that, unlike many of its peers, is subject to New York banking regulation. Winklevoss and Silbert were linked through an offering called Earn, a nearly two-year-old product from Gemini that promoted returns of up to 8% on customer deposits. With Earn, Gemini loaned client money to Genesis for placement across various crypto trading desks and borrowers. Silbert has avoided responding directly to Winklevoss' latest accusation, though the company has taken up his defense.

☆ Analysis: Private debt markets face reality check as companies grapple with rising rates, recession
▼ + stars: | 2022-12-20 | by ( Chiara Elisei | ) www.reuters.com time to read: +5 min

An era of ultra-easy cash from central banks lured investors into private credit, attracted by juicy returns in the high-single to low-double-digits. The private debt market has expanded to $1.4 trillion, up from $250 billion in 2010, according to data provider Prequin, with funds including Ares, Blackstone (BX.N) and KKR (KKR.N) holding big positions. Corporate default risks are rising, making investors think twice about holding riskier private debt. A Private Credit Default Index by law firm Proskauer showed a default rate of 1.56% on U.S. dollar-denominated deals in the third quarter, the first notable increase over the past 18 months. "While the default rate is likely to go up, I wouldn't expect to see a significant spike in 2023," he added.

☆ Inside the private-debt boom: Wall Street's hottest asset faces a tremendous test in a dimming economy
▼ + stars: | 2022-12-05 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +10 min

Defaults on private loans, which have fallen steadily since the pandemic's height in 2020, are ticking up. Private credit, or private debt, are catch-all terms to describe privately negotiated loans outside the public debt markets. Private credit firms engage in what's known as direct lending, making these private loans to companies who turn to them instead of a traditional bank. Analysts and asset management executives say private debt has held up well in 2022 in the face of brutal stock and bond market volatility. 'Fighting for allocation'A challenge for private debt funds in the past decade has been a dearth of companies they can lend to.

☆ U.S. crypto broker Genesis says it is working to avoid bankruptcy filing
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: +2 min

Nov 29 (Reuters) - U.S. cryptocurrency brokerage Genesis said it was seeking to avoid bankruptcy after Bloomberg news reported on Tuesday that creditors to the firm are organizing with restructuring lawyers to prevent insolvency. "Our goal is to resolve the current situation in the lending business without the need for any bankruptcy filing," a Genesis spokesperson said. Genesis has hired investment bank Moelis & Company "to evaluate the best possible asset preservation strategy and effectuate a roadmap," the firm said in the letter. The crypto lending arm of U.S. digital asset broker Genesis Trading suspended customer redemptions earlier this month, citing the sudden failure of FTX, where its derivatives business has approximately $175 million in locked funds, the company had said. Venture capital company Digital Currency Group, which owns Genesis Trading and cryptocurrency asset manager Grayscale, owes $575 million to Genesis' crypto lending arm, Digital Currency Chief Executive Barry Silbert told shareholders this month.

☆ This is what kind of legal trouble FTX and Sam Bankman-Fried could now face, based on details from the crypto exchange's latest bankruptcy filing
▼ + stars: | 2022-11-18 | by ( Sindhu Sundar | Samantha Delouya | ) www.businessinsider.com time to read: +5 min

FTX's bankruptcy filing shed new light on potential legal trouble for the crypto exchange and its former execs. New CEO John J. Ray III delivered a blistering assessment, calling FTX's implosion " a complete failure of corporate controls." Read some of the most incendiary parts of the bankruptcy filing and what experts say it all might mean. Sign up for our newsletter for the latest tech news and scoops — delivered daily to your inbox. "The appointment of the Directors will provide the FTX Group with appropriate corporate governance for the first time."

☆ A member of the billionaire Safra family who owns the Encyclopedia Britannica might be about to lose his $204 million Napa Valley vineyard after defaulting on a loan
▼ + stars: | 2022-09-30 | by ( Jack Newsham | ) www.businessinsider.com time to read: +4 min

But one of his top holdings — Spring Mountain Vineyard, valued at $204 million — could be seized. But that may not stop a private lender from grabbing a prized California vineyard owned by Jacob E. "Jaqui" Safra, a colorful investor and member of the family who lives in Switzerland. With interest accruing at 16%, as of late July, the balance on the loan is $192 million, Safra's lawyer Marc Kasowitz said in court papers. Atmosphere at Live In The Vineyard on Day 1 at Spring Mountain Vineyard for music, food and wine on November 6, 2014 in St Helena, California. "Applicant seeks to restrain defendants from exercising their rights…with respect to a California vineyard," he wrote.

☆ I'm a law student who managed to snag 2 job offers from prestigious firms before on-campus recruiting even began. Here's how I did it.
▼ + stars: | 2022-09-12 | by ( Jack Newsham | ) www.businessinsider.com time to read: +9 min

A former pro athlete and first-gen law student, he started networking before school started. David Ako Abunaw III is a former professional athlete and a student at the University of Pennsylvania's law school. But I feel like it's common for law students to be very type A, so that's never going to be me. Networking with law firms was key to getting early interviews and offersI started networking before law school. I spoke with people at several law firms, either UPenn graduates or people I had something else in common with.

☆ Unearthing the Secrets of New York’s Mass Graves
▼ + stars: | 2016-05-15 | by ( Nina Bernstein | ) www.nytimes.com time to read: +51 min

Then, like more than a million men, women and children since 1869, she was consigned to a trench on Hart Island. Citing security, the city’s Correction Department also repeatedly rebuffed The Times’s requests to witness Hart Island burials firsthand. hart island Future plots Future plots Active trench 2000s 1990s Hart Island N.Y.C. He readily remembered the Dickerson case as a financial disappointment, but said he was hearing of his ward’s Hart Island burial for the first time. When she died, Ms. Murray had $6,887 left in her personal account at New Surfside.

Persons: Alon Sicherman, Micah Dickbauer, Leola Dickerson, Zarramen Gooden, Milton Weinstein, Hart, shrouds Hart Island’s, Ruth Proskauer Smith, Arnold, Timothy Daniels, Melinda Hunt, Hunt, Hart Island’s, “, snatchers, New York State’s, Jim Crow, Gwendolyn Burke, Burke, ”, David Minton, Dickerson, We’re, Mango’s, Joseph Dixon, Helen Katz, Johnny Maddox, Constance Dickerson Williams, Grandma Leola, Dickerson’s, Dr, Michael Katz, Ms, Katz, Maddox, Bernice, Thackus Dickerson, sheriff’s, Jay Stuart Dankberg, ” Mr, Dankberg, exposés, —, ” Felice Wechsler, Constance Mirabelli, Mirabelli, John, Jo Ann Douglas, Mirabelli ”, Douglas, Ciro Ferrer, Ferrer, Regla, Nicholas S, Ratush, Ferrer’s, Ilda, Mr, Julie Bolcer, ” Zarramen, Rita Nelson, Malondya, Doris McCrea, Audrey Ponzio, McCrea, Jonathan Mawere, Emmett Pantin, Sgt, Gerard Pantin, ” Sergeant Pantin, Jason Chiaramonte, Hey, Jason, Chiaramonte, ” Ms, Bolcer, McAllister, Hurricane Sandy, Amy Koplow, Einstein, ” Michael Wynston, Weinstein’s, Wynston, Weinstein, Lynda, abusiveness, Michael, wouldn’t, Barry Gainsburg, they’re, Monica Murray, Maureen, Linda, doesn’t, ” Maureen Eastman, St . Lucia, Murray, Eastman, Grandma, Charles, Murray’s, ’, Sheryl Hurst, Rodeph Sholom, Terry Saunders, Lady Thiang, Hurst’s, James Hurst, Hurst, Sally Kaplan, Sheryl, ’ ” Organizations: The New York Times, New York Times, Sears, Roebuck & Company, city’s, Information, New York University School of Medicine, New York, Department, Times, The Times, Columbia College, United, New, Albert Einstein College of Medicine, Social, Atlantic City, Army, Queens County, Medicaid, Government, Hygiene Legal Service, Medical, Continental, Care, Hart, ”, Offshore Hospital, Hospital, Rivals, American Academy McAllister Institute of Funeral Service, Queens, Nassau Community College, Bellevue Hospital, Association, Center for Nursing, Rehabilitation, Irish, New Surfside, Facebook, Jewish Locations: Hart, New York City, Long, Alabama, New York, Bronx, . New York, New, Dakota, Manhattan, New York State, Jerusalem, Southern, morgues, Philadelphia , New Haven, United States, Ohio, American, Harlem, Rikers, hart, Pleasantville, N.J, Tuskegee, ”, Milton, New Jersey, Queens, Queens County, Pensacola, Fla, Atlantic, West, St, Cuba, Trench, Elmhurst , Queens, Havana, Elmhurst, Far Rockaway, Brooklyn, Turners Falls, Iraq, Trinidad, Florida, Afghanistan, they’re, Midtown Manhattan, Bellevue, Hurricane, St ., Creedmoor, Arizona, Farmingdale, Jersey, —, California

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