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Elon Musk’s Tesla Pay Package Is Voided by Judge
  + stars: | 2024-01-30 | by ( Jack Ewing | Peter Eavis | ) www.nytimes.com   time to read: +1 min
Elon Musk, the chief executive of Tesla, suffered a stunning rebuke Tuesday when a Delaware judge voided the pay package that helped make him a billionaire many times over and the world’s wealthiest human being. In a decision that cast a harsh light on the behavior of Mr. Musk and Tesla’s board of directors, Chancellor Kathaleen St. J. McCormick of the Delaware Court of Chancery said the chief executive had effectively overseen his own compensation plan with the help of compliant board members. “The process leading to the approval of Musk’s compensation plan was deeply flawed,” the judge said. She ordered that the contract that gave Mr. Musk “the largest potential compensation plan in the history of public markets” be voided, and told parties in the case to work out how Mr. Musk would return excess pay. Some compensation experts said the decision would send a warning to other companies that awarded their top executives very large pay packages.
Persons: Elon Musk, Tesla, Chancellor Kathaleen St, J . McCormick, Musk Organizations: Chancery Locations: Delaware
After a freight train carrying hazardous chemicals derailed a year ago in East Palestine, Ohio, forcing the evacuation of hundreds of residents and upending life in the town for months, the rail industry pledged to work to become safer, and members of Congress vowed to pass legislation to prevent similar disasters. And accidents went up. Derailments rose at the top five freight railroads in 2023, according to regulatory reports for the first 10 months of the year, the most recent period for which data exists for all five companies. And there was a steep increase in the mechanical problem — an overheated wheel bearing — that regulators think caused the derailment of the 1.75-mile-long train in East Palestine. Norfolk Southern, the operator of the train and the owner of the track that runs through the town, was the only railroad among the five to report a decline in accidents in the period.
Organizations: Norfolk Southern Locations: East Palestine , Ohio, East Palestine, Norfolk
London CNN —Textile designers and tartan experts have banded together to recreate the oldest piece of Scottish tartan for modern production, allowing fans of the famed plaid to wear a piece of history. Using carbon dating, scientists discovered that the “Glen Affric” fabric, uncovered in a peat bog in the Highlands during forestry work and donated to the Scottish Tartans Authority in the 1980s, dated back to around 1500-1600. The "Glen Affric" tartan dates from 1500-1600. Alan Richardson/House of Edgar/V&A/PAThis, they said, makes it the oldest “true tartan” specimen in Scotland. Now, the pattern has been recreated for the modern wardrobe by tartan fabric creator and weaver House of Edgar.
Persons: Alan Richardson, Edgar, Peter Eslea MacDonald, ” MacDonald, , Emma Wilkinson Organizations: London CNN —, Scottish Tartans Authority, CNN Locations: Highlands, Scotland
That means a landlord stops paying the mortgage on the office building, or declines to refinance it, and the bank or investors who made the loan repossess the building. Some of the biggest names in commercial real estate, like Brookfield and Blackstone, have defaulted on mortgages and have started or completed the process of handing back the keys on office towers. The tactic reveals both the depth of the problems in the office market and the ability of big property companies to push much of the financial pain onto banks and other lenders.
Organizations: Blackstone Locations: Brookfield
When Yellow abruptly shuttered its operations in the summer and filed for bankruptcy protection, few thought that a buyer would emerge and try to revive the long-troubled trucking giant. The plan rests, however, on getting the Treasury Department to allow Yellow to postpone repayment of a $700 million rescue loan that it made to the company in 2020. But the Treasury may not accept the plan because there are legal obstacles to extending the loan. Some trucking analysts say reviving Yellow will be hard because many of its customers will have moved on to other trucking companies that are much better run than the old Yellow. But Sarah Riggs Amico, the trucking executive leading the deal, said only her plan could bring back thousands of jobs, adding that she had the experience to build a leaner company in partnership with the Teamsters and assemble an executive team that can win back customers.
Persons: Sarah Riggs Amico Organizations: International Brotherhood of Teamsters, Treasury Department, Teamsters Locations: Delaware
That shift appears to come mostly from Republicans: 59% now say too much is spent on Ukraine aid, but that’s down from 69% in October. Nonetheless, the Republican resistance to continued Ukraine aid remains strong. Then last week, it passed a stopgap funding measure that keeps the government operating through early next year, but with no additional Ukraine aid. “It’s a big lump sum.”Four in 10 U.S. adults say Ukraine is an ally that shares U.S. interests and values. About half of Republicans say Ukraine is a partner that the U.S. should cooperate with, but say it is not a nation that shares U.S. values.
Persons: Joe Biden, , Eric Mondello, Mondello, Paula Graves, “ Putin, Graves, He’s, who’s, ” Graves, Biden, Lloyd Austin, don’t, John Kirby, , Mitch McConnell, Dakota Sen, John Thune, Mike Johnson —, Johnson, Pearson, Peter Einsig, Einsig Organizations: WASHINGTON, , Associated Press, NORC, for Public Affairs Research, Capitol, Republicans, America, U.S, White, National Security Council, White House, Senate, Republican, Ukraine, Kyiv, Democratic, GOP, AP Locations: Washington, Kyiv, Ukraine, Russia, Fountain , Colorado, Clovis , California, Israel, Russian, America, , U.S, Ky, Dakota, United States, Tulsa , Oklahoma
In the Middle of a War With No End in Sight
  + stars: | 2023-11-21 | by ( Caroline Alexander | ) www.nytimes.com   time to read: +1 min
NOVEMBER 1942: An Intimate History of the Turning Point of World War II, by Peter Englund. Translated by Peter Graves. “This is a book about November 1942,” the Swedish economist and historian Peter Englund explains in his introductory note to the reader, “the month that marked the turning point of the Second World War.” November 1942 was the month that brought the Allies hard-fought victories in North Africa and inspired Churchill to say that the war had reached “the end of the beginning.”Englund’s approach to the subject is more or less the same as it was when, more than a decade ago, he used the diaries and memoirs of people who lived and survived during an earlier conflict to compose his acclaimed account, “The Beauty and the Sorrow: An Intimate History of the First World War.”“If you are wondering what I’ve added,” Englund writes, somewhat sternly, of his new book, “the answer is: nothing.” Apart from footnotes, then, all information — every detail of every day — is drawn from these records of personal experience. An “intimate history” does “not attempt to describe what the war was during these four critical weeks,” he explains, “but will try to say something about how it was.”Some of the 39 writers he has selected are well-known figures — Albert Camus; the Soviet journalist Vasily Grossman; the Australian surgeon captured by Japanese forces, Edward “Weary” Dunlop; the English pacifist and nurse Vera Brittain; the British war poet and tank driver Keith Douglas — but most are relatively obscure.
Persons: Peter Englund, Peter Graves, Churchill, , ” Englund, , — Albert Camus, Vasily Grossman, Edward “ Weary ” Dunlop, Vera Brittain, Keith Douglas — Locations: Swedish, North Africa, Soviet
The incidents involve violence emanating from across the political spectrum, including dozens of cases of substantial property damage by leftists at political demonstrations. Steven Cheung, a spokesman for Trump, didn’t respond to questions from Reuters about the former president’s remarks and the impact of his rhetoric. But those who study extremism say psychiatric problems alone rarely induce political violence. “How could I take care of a brother in arms if I couldn’t even take care of myself?” Aldrich told the court. In the summer of 2022, Aldrich told the group he wanted to build a website to “promote freedom of speech,” Arroyo said.
Persons: Anderson Lee Aldrich, ” Gilbert Arroyo, Aldrich, Arroyo, ” Arroyo, , ” Aldrich, Ted Kaczynski, , Brian Hughes, Donald Trump, Michael Jensen, Trump, Mark Milley, Steven Cheung, Milley, Rory Banks, Banks, Jacob Ware, Jensen, Stephanie Clark, Ashley Paugh, Barack Obama wasn’t, Republican Sen, Ted Cruz, John F, Kennedy, Matt Kriner, Troy Burke, Elwell, Burke, Jessica, Joe Biden, Sarah Huyser, John D, Cohen, Nathan Allen, Allen, Terence Delehanty, Audrey Mazzola, Allen texted Mazzola, Mazzola, Ramona Cooper, David Green, Green, “ Saint Nathan Allen, Aaron Brink, Brink, Aldrich’s, Laura Voepel, Carrie Thompson, Voepel, John Redgrave, Discord’s, ” Redgrave, “ Andy, ” Luke Simpson, Jonathan, Pamela Pullen, didn’t, Nick Brooks, Brooks, Pepe, Blacks, Simpson, ” Simpson, Michael Bowman, Joseph Archambault, Aldrich texted, Ned Parker, Peter Eisler, Joseph Tanfani, John Emerson, Paulo Prada Organizations: Reuters, Q, American University, Washington , D.C, ” Reuters, U.S, Capitol, Jan, Trump, University of Maryland’s, U.S . Joint Chiefs of Staff, ., Council, Foreign Relations, Republican, Middlebury College’s Center, Terrorism, Counterterrorism, Public Religion Research Institute, REUTERS, Central Intelligence Agency, U.S . Constitution, Department of Homeland Security, Facebook, ” Winthrop Police, Smith, Wesson, Air Force, SWAT, Prosecutors Locations: Colorado, Colorado Springs, Washington ,, United States, Nevada, Wheaton , California, Washington, Maryland, Vietnam, Mexico, mainstreaming, Monterey , California, Michigan, Gratiot County, U.S ., Winthrop , Massachusetts, California, Texas, San Diego, Ohio, Illinois, Australia, Florida, Buffalo , New York
Politics'Grab-bag' extremists drive surge in U.S political violencePostedA new breed of extremist has sparked the deadliest wave of U.S. political violence in decades. These self-made radicals, mixing right-wing conspiracy theories and marginal beliefs, forego logic and coherence in favor of personal grievances. Investigative reporters Peter Eisler and Ned Parker explain.
Persons: Peter Eisler, Ned Parker
Still, experts on wartime politics and a Ukrainian election watchdog said Zelenskyy's decision to delay the election makes sense. Insider examined three key questions relating to Ukraine's wartime election season. AdvertisementAdvertisementUkrainian leadership must extend martial law every 90 days, and Zelenskyy just signed bills extending martial law until February 14, 2024. AdvertisementAdvertisementOverall, Erben and Kobakhidze wrote, Ukraine's laws correctly recognize that a free and fair wartime election is implausible. Zelenskyy had harsh words on Monday for anyone urging Ukraine to hold a wartime election.
Persons: Volodymyr Zelenskyy, he's, , South Carolina Sen, Lindsey Graham, Zelenskyy, Opora, Peter Erben, Helmut Norpoth, Norpoth, Erben, Gio Kobakhidze, IFES, Kobakhidze Organizations: Gallup, Service, Washington Post, curfews, The International Foundation, Electoral Systems, Stony Brook Locations: Ukraine, Kyiv, South Carolina, Russia, Ukrainian, Europe, Stony, Russian, Moscow
But the company never created a sustainable business or changed how most people worked. Flexible office space accounts for less than 2 percent of all office space in the 20 largest U.S. markets, according to Cushman & Wakefield, close to its share before the pandemic. WeWork filed for bankruptcy protection this week in an effort to quickly slim down its portfolio of office spaces. Many employers are paring back their office space because workers aren’t going in five days a week after growing accustomed to working remotely or on a hybrid schedule. WeWork’s bankruptcy will only make the situation worse by leaving landlords with more space to fill.
Persons: WeWork, aren’t Organizations: Cushman & Locations: Cushman & Wakefield
For years, landlords around the world clamored to get WeWork into their office buildings, a love affair that made the co-working company the largest corporate tenant in New York and London. Now, WeWork is perhaps days away from a bankruptcy filing — and its demise could not come at a worse time for office landlords. With fewer employees going into the office since the pandemic, companies have slashed the amount of space they lease, causing one of the worst crunches in decades in commercial real estate. Many landlords have accepted lower rents from WeWork in recent years to keep it afloat, but its bankruptcy would be an enormous blow. Some landlords might quickly accept lower rents from WeWork as part of a bankruptcy reorganization and keep doing business with any new entity that emerges, but others might have to fight in court to get anything.
Locations: New York, London, WeWork
In Panama, a lack of water has hampered canal operations in recent years, and some shipping experts say vessels may soon have to avoid the canal altogether if the problem gets worse. Before the water problems, as many as 38 ships a day moved through the canal, which was built by the United States and remained under its control until 2000. The canal authority in July cut the average to 32 vessels, and later announced that the number would drop to 31 on Nov. 1. Further reductions could come if water levels remain low. The canal authority is also limiting how far a ship’s hull can go below the water, known as its draft, which significantly reduces the weight it can carry.
Persons: Panama’s Locations: Panama, El, United States
Attorneys in Sam Bankman-Fried's Manhattan trial were chewed out by the judge on Wednesday. Judge Lewis Kaplan lost his patience over two witnesses who gave useless testimony. Kaplan was particularly frustrated that one of the witnesses had traveled from Texas to participate. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Kaplan's complaints aside, Wednesday was an otherwise efficient trial day, with four witnesses taking the stand in total.
Persons: Sam Bankman, Judge Lewis Kaplan, Kaplan, , Lewis Kaplan, it's, Bankman, Fried, Eliora Katz, Katz, Cory Gaddis, Gaddis, Peter Easton, University of Notre Dame, Shamel Medrano Organizations: Service, Prosecutors, FTX, Google, University of Notre, US Attorney's Locations: Manhattan, Texas, New York
Savoy Life is building a virtual care platform for long-term care facilities. Peter Emigh, Savoy Life's founder and CEO, said he saw the need to improve long-term care facilities while working as a healthcare administrator at CareMore Health. He said improving the lives of everyday residents receiving long-term care starts with giving operators of those communities more – and better – tools. Savoy Life is entering an already booming market focused on the aging population, which could grow to north of $2 trillion by 2028, according to research consultancy Markets N Research. Check out the nine-slide pitch deck that Savoy Life used to raise $3 million and launch out of stealth.
Persons: Peter Emigh, Savoy, Organizations: Red Cell Partners, American Healthcare Association, National Center for, CareMore, Research, Frontrunners
Dave Portnoy bought a $42 million waterfront home in Nantucket, The Wall Street Journal reported. AdvertisementAdvertisementDave Portnoy bought a record-setting $42 million home in Nantucket, The Wall Street Journal reported, citing people familiar with the deal. Photography: Read McKendree, Architecture and interior design: Workshop/APDPhotography: Read McKendree, Architecture and interior design: Workshop/APDThe sale set a residential real estate record for the island as well as the entire state of Massachusetts, according to the Nantucket Current. AdvertisementAdvertisementPhotography: Read McKendree, Architecture and interior design: Workshop/APDPhotography: Read McKendree, Architecture and interior design: Workshop/APDThe waterfront compound, built in 2018, was designed by Andrew Kotchen, a renowned local architect and designer, Dunlap said. Photography: Read McKendree, Architecture and interior design: Workshop/APDPhotography: Read McKendree, Architecture and interior design: Workshop/APDTunnels in luxury homes aren't entirely new.
Persons: Dave Portnoy, , Portnoy, Shellie Dunlap, Andrew Kotchen, Dunlap, Alice, Ron Syrnyk, Peter Engen, Lee Organizations: Street Journal, Service, Lee, Street, Penn Entertainment, Insider Locations: Nantucket, Massachusetts, Wonderland
Sen. Bob Menendez took bribes of cash, gold, and other luxury items, according to a new indictment. But there's a way more legal way to make money as a senator — just write a best-selling book! AdvertisementAdvertisementBut there's a totally legal way to make extra money — sometimes way more money than the $174,000 salary — as a sitting member of Congress. That would seem to indicate that Menendez's book wasn't exactly a cash cow for him. Perhaps if he had run for president, as many of the top book-sellers in the Senate have, he could've written another book and made more money, the legal way.
Persons: Sen, Bob Menendez, , Menendez, hasn't, Nadine, Mercedes, It's, Democratic Sen, Raphael Warnock of, Republican Herschel Walker, Bernie Sanders, Eva Longoria, Kris Connor, Peter Eisner Organizations: Service, New, New Jersey Democrat, Benz, Democratic, Republican, Capitol, National Museum of Locations: Wall, Silicon, New Jersey, Egypt
After WeWork warned last month that it might not be in business for much longer, its chief executive said on Wednesday that the co-working company was going to try to renegotiate nearly all of its leases and would probably pull out of underperforming locations. The actions, detailed in a letter from David Tolley, who took over as chief executive after the sudden resignation of Sandeep Mathrani in May, are intended to reduce how much WeWork spends leasing office space. WeWork, which has lost $15 billion since the end of 2017, has been negotiating lower rents for over three years — and has had some success doing so at a time when landlords are desperate to fill office towers that have been emptied by the work-from-home shift that started during the height of the pandemic. “We will seek to negotiate terms with our landlords that allow WeWork to maintain our unmatched quality of service and global network, in a financially sustainable manner,” Mr. Tolley said in the letter. “As part of these negotiations, we expect to exit unfit and underperforming locations and to reinvest in our strongest assets as we continuously improve our product.”
Persons: WeWork, David Tolley, Sandeep Mathrani, Mr, Tolley
Hawaiian Electric has known for years that extreme weather was becoming a bigger danger, but the company did little to strengthen its equipment and failed to adopt emergency plans used elsewhere, like being prepared to cut off power to prevent fires. Before the wildfire on Maui erupted on Aug. 8, killing more than 100 people, many parts of Hawaiian Electric’s operations were showing signs of stress — and state lawmakers, consumer groups and county officials were saying that the company needed to make big changes. In 2019, Hawaiian Electric itself started citing the risk of fires. The company said that year that it was studying how utilities in California were dealing with similar threats. Two years later, in a report about Hurricane Lane in 2018, the Maui County government warned of the potential that “aboveground power lines that fail, short or are low-hanging can cause fire ignition (sparks) that could start a wildfire, particularly in windy or stormy conditions.”
Organizations: Electric, Hurricane Locations: Maui, California
Many wildfires in the United States occur when poles owned by utilities or other structures carrying power lines are blown down, or when branches or other objects land on power lines and cause them to produce high-energy flashes of electricity that can start fires. Image Nearly a week after the wildfire tore through Lahaina, state and local officials have not determined a cause for the blaze. Like most other utilities, Hawaiian Electric operates under the scrutiny of public commissioners who have to approve its spending plans. Power lines have caused catastrophic wildfires in California in recent years, prompting lawsuits that have led to multibillion-dollar payouts by the state’s utilities. Hawaiian Electric in a regulatory filing last year detailed measures aimed at reducing the risk of its equipment causing fires.
Persons: Hurricane Dora, , , James Frantz, Frantz, There’s, Max Whittaker, Shahriar Pourreza, Shelee Kimura, ” Ms, Kimura, Pourreza, Michael Wara, Philip Cheung, Bob Marshall, Jim Kelly, Ken Pimlott, Anne Lopez, Mr, Wara, Kellen Browning, John Keefe, Susan C, Beachy, Alain Delaquérière Organizations: Wildfire, National Weather Service, Frantz Law, Hawaiian Electric, The New York Times, Guggenheim Securities, Maui Electric, Pacific Gas, Pacific Gas and Electric, Federal Emergency Management Agency, Pacific Disaster Center, Stanford University, The New York Times Lightning, Western, NASA, Whisker Labs, Labs, California Department of Forestry, Stanford, U.S . Energy Information Administration Locations: Lahaina, West Maui, Maui, California, United States, Northern California, Paradise, Hawaii, Western United States, Maui County, Germantown, Md, San Francisco
In the hunt to determine what caused the fire that consumed Lahaina, the focus has increasingly turned to Hawaii’s biggest power utility — and whether the company did enough to prevent a wildfire in the high winds that swept over Maui last week. Lawyers for Lahaina residents suing the utility, Hawaiian Electric, contend that its power equipment was not strong enough to withstand strong winds, and that the company should have shut down power before the winds came. Wildfire experts who have studied the catastrophic fires in California over the past two decades also see shortcomings in Hawaiian Electric’s actions. Nearly a week after the wildfire tore through the island town of Lahaina, state and local officials have not determined a cause for the blaze that killed at least 99 people. That is why utilities in California and other states have at times shut down power in recent years before strong winds arrive.
Organizations: Wildfire Locations: Lahaina, Maui, California, United States
“As I said back in the summer of 2020, in my judgment, the loan was inadequately secured to the taxpayers,” he said. Yellow has paid about $67 million in interest on its $700 million loan and just $230 of the principal owed. Yellow owes more than $700 million because, under the terms of the loan, some of the interest is not paid annually but gets added to the principal. Yellow used the first portion of its federal loan, about $300 million, to pay for operational expenses, including labor costs and to lease equipment. Bankruptcy experts said it would be very hard for the Treasury to find collateral that could be sold to repay this part of the loan.
Persons: Hill, Organizations: Republican, International Brotherhood of Teamsters, Treasury Locations: Arkansas, Nashville
PoliticsAmerica now in prolonged state of political violencePostedA politically conservative Ohio man is accused of shooting dead his neighbor, who he believed was a Democrat. It's one instance in what Reuters has identified as a protracted period of heightened political violence roiling the United States. Investigative reporter Peter Eisler has more.
Persons: Peter Eisler Organizations: America, Democrat, Reuters Locations: Ohio, United States
WeWork, which lost billions of dollars building and operating a global empire of co-working spaces, warned investors on Tuesday that it might not be in business for much longer. “Substantial doubt exists about the company’s ability to continue as a going concern,” the company said in a financial filing. The announcement did not come as a surprise. WeWork’s stock has been trading for pennies for months as investors concluded that the company’s financial obligations and losses had become overwhelming. WeWork’s stock lost nearly a fourth of its value in trading after the announcement on Tuesday, which was issued after market hours along with the company’s quarterly earnings.
Persons: Sandeep Mathrani
ArcBest, he said, took in $529 per shipment in the first quarter, versus $339 at Yellow. Mr. Jindel said Yellow was a laggard “largely because of mismanagement.”Yellow did not respond on Monday to a request to speak about its management record. One company hoping to pick up business from Yellow is Saia, a less-than-truckload company near Atlanta. The company’s stock has more than doubled this year, and is up 25 percent just since the end of June. The trucking industry plays a critical role in the U.S. economy, transporting nearly three-fourths of all freight tonnage in the United States, according to the American Trucking Associations, a trade group.
Persons: Satish Jindel, Jindel, , ” Frederick Holzgrefe Organizations: Yellow’s, SJ Consulting, American Trucking Associations Locations: Atlanta, U.S, United States
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