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☆ E-commerce firm Boxed Inc files for bankruptcy, eyes software unit sale
▼ + stars: | 2023-04-03 | by ( ) www.reuters.com time to read: +1 min

April 2 (Reuters) - Boxed Inc (BOXD.N) filed for Chapter 11 bankruptcy protection and was pursuing sale of its software business, the e-commerce grocery platform said on Sunday, adding that it will also wind down its retail operations in the coming weeks. The plan to sell Spresso, its Software-as-a-Service business, chimes with the company's announcement last month to explore options to raise capital. The company intends to fund its near-term operations and cover administrative expenses through access to its cash collateral as it winds down, Boxed said. Spresso business will be sold to first lien lenders, and customers would not face service disruptions during the process, the online platform said. The bankruptcy filing comes weeks after Boxed said it held a majority of its cash deposits and other liquid assets in accounts at the collapsed Silicon Valley Bank.

☆ Deel Speed: The inside story of a $12 billion HR startup's breakneck growth
▼ + stars: | 2023-03-20 | by ( Rob Price | ) www.businessinsider.com time to read: +32 min

Insider spoke with more than 30 current or former Deel workers about the HR company's extraordinary rise, and the unconventional tactics that made it possible. "I think if you talk to anyone, they would say that Alex is the face but all decisions run through Phillipe," one former Deel worker told Insider. "They lose every employment and labor protection," Valerio De Stefano, a professor at Osgoode Hall Law School, said of independent contractors. Alex Bouaziz, Deel on Centre Stage during day two of Collision 2022 at Enercare Centre in Toronto, Canada. The company didn't have an internal human-resources team until sometime in 2021, by which point it had grown to hundreds of people.

☆ Diamond Sports, largest owner of regional sports networks, files for bankruptcy
▼ + stars: | 2023-03-14 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +3 min

Diamond Sports Group, the largest owner of regional sports networks, filed for bankruptcy protection on Tuesday, toppled by a more than $8 billion debt load. Diamond, like other regional sports networks, has been focused on growing its streaming presence. As of Tuesday, Diamond said, it was still finalizing the restructuring support agreement with creditors. The plan could see Diamond separate from Sinclair to become a standalone operation, Diamond said. And, while Diamond obtained streaming rights for all of its NBA and NHL teams last year, it has been working on a team-by-team basis for MLB.

☆ There is a lot of 'wobbliness' in stock markets, says asset management firm
▼ + stars: | 2023-03-06 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThere is a lot of 'wobbliness' in stock markets, says asset management firmKathy Lien of BK Asset Management discusses the U.S. Federal Reserve's monetary policy and the outlook for stock markets. She says "at this stage, what we're really questioning is whether or not we get that deep recession."

☆ Where New York’s Asian Neighborhoods Shifted to the Right
▼ + stars: | 2023-03-05 | by ( Jason Kao | ) www.nytimes.com time to read: +15 min

In last year’s governor’s election, voters in Asian neighborhoods across New York City sharply increased their support for Republicans. And predominantly Asian areas — precincts with a majority of eligible Asian voters — have undergone a pivotal shift. Detail area Detail area Detail area Detail area Detail area Detail area Note: The precinct in Kensington is mostly Indian and Bangladeshi. Detail area Detail area Detail area Detail area Detail area Detail area Flushing, 2022 Murray Hill Bayside Flushing Northern Blvd. Detail area Detail area Detail area Detail area Detail area Detail area state senate race Bensonhurst Sunset Park McDonald Ave. 65th St. New Utrecht Ave. 8th Ave.

☆ Opponents of Biden's student-loan forgiveness are spotlighting another way to give borrowers debt relief
▼ + stars: | 2023-03-02 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

A challenger to Biden's student-debt relief argued he could have used the Higher Education Act of 1965 to cancel student debt. "During the campaign, they were talking about doing broad-based debt relief," he said. Senator Warren and others passed resolutions urging the Secretary to use the Higher Education Act to pass debt forgiveness. She added at the end of the arguments that Biden's relief "is a pandemic-related program. So unlike the HEROES Act, the Higher Education Act would allow for the canceling of debts without the existence of an emergency like COVID-19.

☆ Cash-strapped homeowners are swarming to HELOCs at the fastest rate in more than a decade to pay for food, gas, and renovations
▼ + stars: | 2023-03-01 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +6 min

Higher mortgage rates have curbed cash-out refinancing, one way of tapping the equity. HELOC rates have climbed, too, but homeowners have flexibility with how much financing they buy versus taking out a 30-year loan on the house. HELOC rates averaged 7.8% in mid February. High mortgage rates have created a lock-in effect in the US housing market as the majority of US home loans were created with 30-year rates below 4%. Since October, when he bought the property and started renovations, the interest rate on his loan has increased from 6.5% to 7.5%.

☆ Small California town wonders if restored floodplain prevented disaster
▼ + stars: | 2023-02-04 | by ( Daniel Trotta | ) www.reuters.com time to read: +8 min

[1/5] An aerial view shows the town of Grayson near floodwaters from the San Joaquin River in Grayson, California, U.S., January 25, 2023. Advocates for floodplain restoration say it can help solve California's dual dangers of flooding and drought, replenishing groundwater for future drought relief while protecting towns from the catastrophic flooding that scientists predict will come with climate change. One of the volunteers was David Guzman, who works in an almond processing plant and lives right up against a slough of the San Joaquin River. But some experts say floodplain restoration can help spare adjacent towns, and they envision a day when a proliferation of projects will prevent wider flooding throughout the state. The valley lies west of the north-south Sierra Nevada mountain range and includes the smaller San Joaquin Valley.

☆ 3 key things to know before opening a home equity line of credit
▼ + stars: | 2023-01-31 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +4 min

Westend61HELOC use rose as cash-out refis droppedLast year, as mortgage rates climbed higher, accessing home equity by taking cash against it during refinancing — a so-called cash-out refi — became less appealing. That compares with personal loan rates of above 10%, for consumers with high credit scores, and about 20% for credit cards, according to CreditCards.com. I would not use a HELOC to buy frivolous things or things you can't afford. "I would not use a HELOC to buy frivolous things or things you can't afford," said certified financial planner David Demming, president of Demming Financial Services in Aurora, Ohio. Here are three key things to consider before signing on the dotted line.

☆ What happens if the Supreme Court strikes down student loan forgiveness? Here are 3 predictions
▼ + stars: | 2023-01-29 | by ( Annie Nova | ) www.cnbc.com time to read: +3 min

Despite student loan borrowers being offered forbearances during previous natural disasters, Kvaal wrote, default rates still skyrocketed when payments resumed. ″[T]he one-time student loan debt relief program was intended to avoid" skyrocketing default rates, Kvaal added. "These student loan borrowers had the reasonable expectation and belief that they would not have to make additional payments on their federal student loans," Kvaal said. That law allows the Education Department to make modifications to federal student loan programs during national emergencies. 'A disastrous blow to Black Americans'The country's $1.7 trillion student loan crisis has hit Black Americans especially hard.

☆ The White House says it doesn't have a backup plan to cancel student debt right now if the Supreme Court strikes down Biden's broad relief
▼ + stars: | 2023-01-27 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

A White House official told reporters that Biden is not "deliberating or considering" a backup plan to cancel student debt. This comes as the Supreme Court is taking up two lawsuits next month that are currently blocking Biden's broad relief. The White House maintains confidence in its authority, but advocates have argued there's another route. On Friday, the White House released new data showing how many borrowers applied for Biden's plan to forgive up to $20,000 in student debt before two conservative-backed lawsuits halted the process. "Obviously, the Supreme Court will weigh in on that soon," he added.

☆ Party City Files for Chapter 11 Bankruptcy With Plans to Cut Debt
▼ + stars: | 2023-01-18 | by ( Colin Kellaher | ) www.wsj.com time to read: 1 min

Party City says its international units, franchise stores and Anagram foil-balloons business aren’t part of the chapter 11 proceedings. Party City Holdco Inc. and some of its U.S. units have filed for chapter 11 bankruptcy as part of the party-favor retailer’s plan to pare its debt load. The Woodcliff Lake, N.J., company said it has struck an agreement with a group holding more than 70% of its senior secured first lien notes to support an expedited restructuring that would reduce its debt and optimize its capital structure and liquidity.

☆ Party City Files for Bankruptcy With Plans to Cut Debt
▼ + stars: | 2023-01-18 | by ( Colin Kellaher | ) www.wsj.com time to read: 1 min

In most cases, the beneficiaries (the people who receive the payout from a life insurance plan) do not pay income tax on the money. However, there are some instances when you may need to pay tax on life insurance proceeds. Tax professionals can help you get the most from life insuranceIt's true that, in most cases, life insurance proceeds aren't taxed as income. Income tax is one small piece of the larger puzzle, and we cannot go into all the laws around life insurance and taxes. A knowledgeable tax professional with experience in estate law can help you get everything you're entitled to from a life insurance policy.

Last week, the Bruces’ great-grandsons sold it back to the county for nearly $20 million. However, equally as shortsighted is treating this case as a model for reparations for all Black Americans, as some have suggested. Doing so would ignore that true reparation requires repair, and this solution doesn’t address the sources of racial inequality in America’s real estate system. Invariably, Blacks’ property was most endangered when it became valuable, or when it threatened the value of white property and business interests. In gentrifying housing markets, tax sales serve as a lucrative profit source, whose main victims are Black, elderly and low-income people.

When purchasing a traditional life insurance policy, you ensure their financial well-being once you're gone. Buyers also choose between permanent life insurance policies, which are projected to last the entire lifespan of the person's life, and term life insurance policies which last a certain number of years. You may also pay penalties begging the question: When is it appropriate to draw from the cash value of a life insurance policy? Understanding how cash value worksPermanent life insurance policies, sometimes called cash-value life insurance, can be whole, variable, or universal life insurance. Bob Gaydos, CEO of Pendella, a life insurance company offering individual coverage to employees entirely online, puts it this way: "Permanent life insurance can be a vehicle to build wealth.

☆ There'll be more 'panic' in the markets if China shared more Covid data, says asset management firm
▼ + stars: | 2023-01-09 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThere'll be more 'panic' in the markets if China shared more Covid data, says asset management firmKathy Lien of BK Asset Management says China has provided "very limited data" on Covid numbers and investors are turning a blind eye to that.

If you're thinking about buying a foreclosed home, here's everything you'll need to know. With a short sale, you'll be buying the home from the owner, but the lender will need to agree to the amount. It depends on the type of foreclosure you're buying. If you're buying a foreclosure at auction, you'll need to attend the auction and make a high enough bid to get the home. If you're considering buying a foreclosure, you need to be prepared to do a lot of research and learn everything you can about the process.

☆ A 26-year-old explains how he came to own almost 1,300 rental units in 7 years — and shares the type of loans he used, and the strategy that allowed him to scale fast
▼ + stars: | 2022-12-24 | by ( Laila Maidan | ) www.businessinsider.com time to read: +7 min

As of October 10, he was 26 years old and owned almost 1,300 rental units, according to public property records reviewed by Insider. "One thing I've learned is banks are actually pretty flexible on what they're able to do, especially on commercial," Anderson said. Anderson's next purchase, for two reasons, would be something over five units so that it would be considered a commercial property. The bank loan covered the remainder, he said. These allowed him to increase the rent or net income and request a commercial cash-out refinance at its appreciated value of about $1.6 million.

☆ Sam-Bankman Fried to be released on $250 million bail and will be required to stay with parents ahead of FTX trial
▼ + stars: | 2022-12-22 | by ( Jacob Shamsian | Sindhu Sundar | ) www.businessinsider.com time to read: +6 min

Sam Bankman-Fried was granted release on $250 million bail at a court hearing Thursday. He will be required to surrender his passport and stay with his parents ahead of a federal trial on a list of charges tied to the failure of FTX. Bankman-Fried will be required to attend a court hearing in California at 10 a.m. Friday, Gorenstein ruled. Another court hearing is scheduled for January 3 in Manhattan, where Bankman-Fried is expected to enter a plea. Criminal allegations against Ellison and Wang, first filed on December 19, were unsealed in court on Thursday morning ahead of Bankman-Fried's court appearance.

☆ China's yuan could get a boost as Covid measures ease, says BK Asset Management
▼ + stars: | 2022-12-09 | by ( Jihye Lee | ) www.cnbc.com time to read: +2 min

watch nowThe Chinese yuan significantly strengthened in the past few days as China announced further easing of its Covid control measures. However, it quickly recovered to 6.96 within about a month as Chinese health authorities continued to announce further easing measures. "That will renew the demand for the Chinese yuan and drive the yuan even higher than it is right now." Beijing has been rolling back the restrictions "pretty quickly," and the surge in demand for the yuan comes with a sooner-than-expected easing measures, Lien said. Woman holds Chinese Yuan banknotes in this illustration taken May 30, 2022.

The records, a series of state tax lien notices from the last two years, show the state of California claiming that Yeezy Apparel, a company managed and reportedly owned by Ye, owes over $600,000 in unpaid tax debt. Four tax law experts said the amount owed by Yeezy Apparel is significant and could be a sign of deeper issues at the company. “Multiple California tax liens, adding up to $600,000, that’s certainly a sign of either extreme incompetence or extreme cash problems,” said USC Gould School of Law Professor Edward McCaffery, who specializes in tax law. Yeezy Apparel has been operating in California since 2017, according to public California business records, and was recorded as being active and in “good” standing in an annual filing in January. “Tax lien indicates that the state maintains that a debt is owing to the state,” LoPucki said.

☆ Herschel Walker had ties to two charities that appear to have engaged in little, if any charity
▼ + stars: | 2022-12-05 | by ( Hanna Kang | ) www.businessinsider.com time to read: +11 min

He was also featured in marketing material for the Livio Cares Foundation and was listed as a Livio Cares Partner. However, there is no evidence Livio Cares engaged in philanthropic activities. According to ProPublica's Nonprofit Explorer, Walker was listed as the director of VMP Nutrition Foundation in Fort Worth, Texas. According to the Texas Comptroller of Public Accounts website, the right to transact business in Texas for VMP Nutrition as well as VMP Nutrition Foundation is listed as "forfeited." In 2017, VMP Nutrition and its founder Rodriguez settled a lawsuit filed by Southside Bank for an alleged failure to repay a $2,795,534 lien.

☆ Biden's student-loan forgiveness might not be doomed if the Supreme Court strikes it down — he could take another legal path
▼ + stars: | 2022-12-04 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +8 min

Some advocates and lawmakers argue the Higher Education Act can be used to cancel student debt. "I believe it probably would have been better for him to use the Higher Education Act of 1965," Weiss said. The Higher Education Act as an alternativeSome Democratic lawmakers and experts argue that the authority to cancel student debt has always existed under the Higher Education Act. Legal experts have also voiced support for the Higher Education Act. The Education Department did not immediately respond to Insider's request for comment on whether it is considering pursuing alternative routes to debt relief, including via the Higher Education Act.

☆ Florida homeowners got swindled by brokers who paid them a paltry sum in cash upfront for the rights to sell their properties for 40 years
▼ + stars: | 2022-12-02 | by ( Robert Davis | ) www.businessinsider.com time to read: +5 min

A Florida brokerage had offered homeowners upfront cash payments in exchange for exclusive rights to sell their property. Florida's attorney general alleges MV Realty's 40-year homeowner agreement is "deceptive" and "unconscionable." Roy Brightwell, 70, is one complainant that the Tampa Bay Times interviewed about his experience with MV Realty. The lawsuit claims that MV Realty's agreement is illegal under Florida law because it does not meet the statutory requirements for liens. When asked about the pending litigation, a spokesperson for MV Realty responded to Insider suggesting that the practice is perfectly legal.

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