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☆ Virgin Orbit enters $17 million 'stalking horse' bid to sell aircraft assets
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +1 min

May 16 (Reuters) - Bankrupt satellite launch company Virgin Orbit said on Tuesday it entered into a "stalking horse" agreement with Stratolaunch to sell mainly its aircraft assets, including the "Cosmic Girl" carrier aircraft, for $17 million in cash. A stalking horse bid is used as a starting bid or minimally accepted offer that other interested bidders must surpass if they want to buy the asset or company. In a court filing, Virgin Orbit said the bid does not prevent going concern bidders from making bids for all its assets, including the ones Stratolaunch is bidding for. The company said the bankruptcy marketing process has also generated considerable interest in its assets other than carrier aircraft. Virgin Orbit, founded by billionaire Richard Branson, filed for Chapter 11 bankruptcy protection in April after the company struggled to secure long-term funding following a failed satellite launch in January.

☆ Virgin Orbit enters "stalking horse" bid to sell aircraft assets for $17 mln
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: 1 min

May 16 (Reuters) - Bankrupt satellite launch company Virgin Orbit said on Tuesday it has entered into a "stalking horse" agreement with Stratolaunch to sell mainly its aircraft assets, including the "Cosmic Girl" carrier aircraft, for $17 million in cash. A stalking horse bid is used as a starting bid or minimally accepted offer that other interested bidders must surpass if they want to buy the company. In a court filing, Virgin Orbit said the bid does not prevent going concern bidders from making bids for all its assets, including the ones which Stratolaunch is bidding for. Reporting by Shubham Kalia in Bengaluru; Editing by Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

☆ Virgin Orbit receives $17 million bid for rocket-carrying aircraft in bankruptcy court
▼ + stars: | 2023-05-17 | by ( Michael Sheetz | In Michaeljsheetz | ) www.cnbc.com time to read: +2 min

Bankrupt rocket company Virgin Orbit received a $17 million "stalking horse" bid for its modified 747 carrier jet and other aircraft assets, as it continues to examine options during Chapter 11 court proceedings. A stalking horse bid represents the first foray on assets of a bankrupt company, and effectively sets the minimum bid for any potential competing offers. According to bankruptcy filings released Tuesday, the stalking horse agreement followed "hard-fought negotiations" between the companies. Virgin Orbit filed for bankruptcy protection on April 4 after the company failed to secure a funding lifeline and laid off nearly its entire workforce. Virgin Orbit previously disclosed that it received "over 30 indications of interest" during its bankruptcy process, with the company continuing to look for a wholesale deal.

☆ I built a website that brings in 6 figures in passive income. Here are my best tips on getting started, from using Google AdSense to growing organic traffic.
▼ + stars: | 2023-05-17 | by ( Robin Madell | ) www.businessinsider.com time to read: +11 min

He says getting advertisements onto his site was simple, and now he gets payouts every month. That motivated me to add some new features and optimize the site for search engines. I couldn't find any good resources on the web or in the Google search results with the information I sought. This is where an ad network came in — using a network to sell ad space keeps the entire process passive. For a small web publishing business, monthly net profit can be as simple as ad revenue minus hosting costs.

☆ Airline SAS's rescue moves closer as court clears fundraising plan
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +2 min

May 15 (Reuters) - SAS's (SAS.ST) rescue has moved a step closer after a U.S. court approved a revised plan from the Scandinavian airline to raise equity. The long-suffering airline filed for U.S Chapter 11 bankruptcy protection last year. The court approval of the fundraising proposal - a key element of the "SAS Forward" rescue plan - means investors may start placing bids for a stake in the airline. In the updated plan, SAS said that without the support of Denmark the emergence from Chapter 11 "will face significant uncertainty, cost, and delay." It said it now planned to complete the Chapter 11 process "in the latter part of the second half of 2023".

☆ In Battle of Basquiats, Valentino Gets $67 Million for Masterpiece ‘The Nile’
▼ + stars: | 2023-05-15 | by ( Kelly Crow | ) www.wsj.com time to read: 1 min

Fashion designer Valentino Garavani posed in his Fifth Avenue apartment in 2010 with the ‘Nile’ painting in the background. Photo: Jonathan Becker/Art: Estate of Jean-Michel Basquiat. Licensed by Artestar, New York/ Richard PrinceFashion designer Valentino Garavani sold a nearly 12-foot-wide Jean-Michel Basquiat painting that interrogates the history of slavery for $67 million at Christie’s on Monday. Mr. Garavani paid $5.2 million for 1983’s “El Gran Espectaculo (The Nile)” in 2005, but the triptych came up for bid with a $45 million estimate, according to auction database Artnet . This time around, two dogged bidders chased it higher, with an anonymous telephone bidder winning it.

☆ Egypt sells $121.6 mln stake in state-controlled Telecom Egypt
▼ + stars: | 2023-05-14 | by ( ) www.reuters.com time to read: +2 min

CAIRO, May 14 (Reuters) - Egypt's government sold a 9.5% stake in state-controlled Telecom Egypt (ETEL.CA) for 3.75 billion Egyptian pounds ($121.6 million), the finance ministry said in a statement on Sunday, breathing life into a privatisation programme that had seemingly stalled. The stock exchange said on Sunday the sale of 162.2 million shares of Telecom Egypt had been executed for a total 3.75 billion pounds. Another 0.5% of the shares are now being offered to Telecom Egypt employees until May 25. The two-part sale will reduce the government's stake in Telecom Egypt to 70% from the previous 80%, with the other 20% floating on the Egyptian Exchange. The ministry statement did not say what portion of the shares were sold to local buyers as opposed to non-Egyptians.

☆ Blackstone, Apollo were among about 20 bidders for SVB's assets
▼ + stars: | 2023-05-11 | by ( ) www.reuters.com time to read: +1 min

May 10 (Reuters) - Blackstone Inc (BX.N) and Apollo Global Management (APO.N) were among about 20 bidders for some assets of collapsed Silicon Valley Bank, the Federal Deposit Insurance Corporation (FDIC) said on Wednesday. PNC Financial Services (PNC.N), Valley Bank, Citizens Bank and BankUnited (BKU.N) were also among the bidders, the FDIC said in a summary document, adding that one or more bidders submitted more than one bid. The bids, which closed on March 10, were followed by First Citizens BancShares (FCNCA.O) purchasing all the loans and deposits of SVB later that month. That was since eclipsed by First Republic Bank which was seized by regulators in early May and sold to JPMorgan Chase & Co (JPM.N). The deal announced in March said First Citizens would acquire SVB's assets of $110 billion, deposits of $56 billion and loans of $72 billion.

☆ Blackstone, Apollo were among bidders for SVB's assets
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: 1 min

May 10 (Reuters) - Blackstone Inc (BX.N), Apollo Global Management (APO.N) were among the bidders for some assets of bankrupt Silicon Valley Bank, the Federal Deposit Insurance Corporation (FDIC) said on Wednesday. PNC Financial Services (PNC.N), Valley Bank, Citizens Bank and BankUnited (BKU.N) were also part of the 19 bidders, the FDIC said. Reporting by Jahnavi Nidumolu in Bengaluru; Editing by Sandra MalerOur Standards: The Thomson Reuters Trust Principles.

Sembcorp, which is 49.3% owned by Singapore's state investor Temasek Holdings, has hired HSBC (HSBA.L) to run the sale of SembWaste, according to the sources. First-round of non-binding bids are due by early June, said one of the sources, declining to be named as the matter is private. Last year, SembWaste's earnings before interest, taxes, depreciation, and amortization was S$50 million ($37.75 million), one of the sources added. Last year, Singapore's asset manager Keppel consortium bought a 80% stake in environmental services firm 800 Super Holdings for S$304 million. SembWaste is one of three public waste collectors appointed by Singapore's National Environment Agency to provide waste and recyclable collection services to residential, schools and trade premises in the city-state, according to its website.

☆ Shaquille O’Neal, Kenya Barris and 50 Cent Team Up to Explore Bid for BET Media
▼ + stars: | 2023-05-05 | by ( Jessica Toonkel | Alexandra Bruell | ) www.wsj.com time to read: 1 min

Shaquille O’Neal, a retired basketball star, is part of a consortium that could bid for BET Media Group. Photo: Katherine Tyler/NBAE via Getty ImagesA group including basketball legend Shaquille O’Neal , TV producer Kenya Barris and rapper 50 Cent is among the potential bidders for a majority stake in Paramount Global ’s BET Media Group , according to people familiar with the situation. The three celebrities have teamed up with Group Black—a company that aims to invest in and grow Black-owned media firms—private-equity firm CVC Capital Partners and Authentic Brands Group, which develops and licenses its brands to retail operators, the people said.

☆ Italy's TIM seeks final offer for grid by June 9
▼ + stars: | 2023-05-04 | by ( Elvira Pollina Jubabu | Elvira Pollina | ) www.reuters.com time to read: +2 min

TIM directors gathered on Thursday to draw a response to rival non binding approaches for its landline grid by KKR (KKR.N) and a consortium comprising state lender CDP and fund Macquarie (MQG.AX), worth 21 billion euros ($23 billion) and 19.3 billion euros, respectively. In a statement after the board meeting, TIM said it deemed the bids "not yet adequate", adding at least one of the bidders had expressed its readiness to improve its non-binding offer. Three sources with knowledge of the matter said KKR was willing to work further on its bid's terms. Italian last month said her right-wing administration would not intervene at this stage in the network sale process, although it is on alert to avoid any risk to the national interest. ($1 = 0.9081 euros)Reporting by Elvira Pollina and Juby Babu, Editing by Franklin PaulOur Standards: The Thomson Reuters Trust Principles.

☆ Premarket stocks: What happens above 5%? The Fed's big risk
▼ + stars: | 2023-05-03 | by ( Julia Horowitz | ) edition.cnn.com time to read: +7 min

However, job openings that month tumbled to their lowest level since May 2021, according to data released Tuesday. The shifting landscape paved the way for the collapse of Silicon Valley Bank in March and First Republic Bank this week. By blessing JPMorgan’s takeover of First Republic Bank, the Democratic US senator fears federal regulators just made the “too big to fail” problem even worse. To the relief of investors and bank customers, the JPMorgan deal protects all of First Republic’s depositors. The decision to invest in food and grocery delivery during the pandemic has become a big advantage for Uber.

☆ PacWest Bank shares fall more than 50% on report that it could be the next regional bank to collapse
▼ + stars: | 2023-05-03 | by ( David Goldman | ) edition.cnn.com time to read: +2 min

“Exploring strategic options” is Wall Street lingo for “please help.” The last bank to announce it was exploring strategic options was First Republic Bank. That regional bank failed Monday, and JPMorgan purchased most of its assets. PacWest Bank did not immediately respond to CNN’s request for comment. PacWest Bank is reportedly considering splitting up the company or trying to raise capital to support itself, Bloomberg reported. Like many other regional banks, the value of PacWest’s loans and bond holdings have crumbled as interest rates have surged.

☆ JPMorgan could be the banking sector’s biggest hero — or biggest risk
▼ + stars: | 2023-05-03 | by ( Krystal Hur | ) edition.cnn.com time to read: +7 min

And as the bank swells in size, so does the potential risk it poses to the nation’s financial system. Some experts say they’re concerned that JPMorgan’s continued intervention during times of crisis has broader implications for the banking sector, the US financial system and its regulation. And with every failed bank that JPMorgan snaps up, the conundrum becomes clearer: JPMorgan is essentially the biggest risk to the financial system — and every time it expands to uphold the sector’s stability, so does its risk to the financial system. It has “that ability once again, to signal to the world that JPMorgan is a fortress, JPMorgan is the ultimate. But recent failures and the missteps that led to them indicate that deep flaws underline the financial system.

The deal talks went down to the wire, according to two sources familiar with the situation. Four bidders, including JPMorgan, made it to the final rounds of the auction on Sunday night, one of the sources said. The final deal, announced around 3:30 a.m., cements Dimon's reputation as one of Wall Street's most powerful bankers. JPMorgan started a process internally, which looked at various options for First Republic, including an acquisition, according to a source familiar with the matter. The auction dragged out through the night as the FDIC's advisors examined each bid on its merits, a source familiar with the matter said.

☆ JPMorgan just got a lot bigger — and Elizabeth Warren is alarmed
▼ + stars: | 2023-05-02 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —JPMorgan Chase has once again come to the rescue of the banking system by acquiring a doomed bank. By blessing JPMorgan’s takeover of First Republic Bank, Warren fears federal regulators just made the” Too Big to Fail” problem even worse. My view on this is it’s important to look at the effect on competition and to try to keep a more diversified banking system,” Warren said. For his part, JPMorgan CEO Jamie Dimon is hopeful his bank’s takeover of First Republic eases the stress in the banking system. Clawing back banker payIn the wake of the bank failures, Warren is calling for accountability — both of bank executives and regulators.

Several analysts, industry executives and investors said they believe the March banking crisis has set conditions for a long-predicted round of industry consolidation to finally happen. We've also been approached by some big bulge bracket banks that are also looking to acquire the regional banks." Some bank deals have been stuck for months waiting for approvals. And Monday's deal shows larger banks with deeper pockets are better placed than mid-sized lenders, according to Jefferies analysts. "This may have precluded other regional bank bidders from making the math work as well as it does for JPM," they wrote.

Shares of JPMorgan and some of the other the largest U.S. banks rose on Monday, while those of mid-tier banks fell. [1/3] People walk past a First Republic Bank branch in San Francisco, California, U.S. April 28, 2023. "This is not the world financial crisis, this is not the savings and loan crisis. JPMorgan also entered into a loss-share agreement with the FDIC on single family, residential and commercial loans it bought, but will not take First Republic Bank's corporate debt or preferred stock. The failed bank's 84 offices in eight states will reopen as branches of JPMorgan Chase Bank from Monday, it added.

JPMorgan Chase & Co's (JPM.N) shares rose 3.1% to a near two-month high after the deal was announced earlier in the day. The S&P 500 Banks index (.SPXBK) gained 1.1%, while the KBW Regional Banking index (.KRX) shed 1.5%. Shares of regional banks PNC Financial (PNC.N) and Citizens Financial (CFG.N), that were among the bidders for First Republic, dropped 4.7% and 5.2%, respectively. "But regional banks will face higher cost of doing business for some time until confidence is rebuilt or there is a different regulatory scheme." Analysts now expect first-quarter earnings for S&P 500 companies to fall 1.9% from a year earlier, compared with a 5.1% fall expected at the start of April, according to Refinitiv data.

First Republic was one of the major casualties of the banking crisis triggered in March, when depositors fled en masse from some U.S. lenders to institutions such as JPMorgan that they thought were safer. [1/2] People walk past a First Republic Bank branch in San Francisco, California, U.S. April 28, 2023. JPMorgan has assumed all of the bank's deposits, it said, and will repay $25 billion of the $30 billion big banks deposited with First Republic in March. JPMorgan said it expected to achieve a one-time, post-tax gain of about $2.6 billion after the deal. The failed bank's 84 offices in eight states will reopen as branches of JPMorgan Chase Bank from Monday, it added.

☆ 2 JPMorgan buys First Republic Bank's assets
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +6 min

May 1 (Reuters) - JPMorgan Chase & Co (JPM.N), the biggest U.S. bank by assets, said on Monday it will buy most of First Republic Bank's (FRC.N) assets after U.S. regulators seized the troubled bank. low single digits), strategically consistent (US wealth expansion), and system friendly - FDIC loss of only $13B (<est. "First, as with the GFC (Global Financial Crisis,) this once again shows the value of a fortress balance sheet. "Assets such as the U.S. dollar and Japanese yen will be on the radar as traders look for an asset of safety. Still, unlike Silicon Valley Bank and Signature Bank, the FDIC had a buy waiting in the wings.

☆ Subway comes up with $5 billion debt plan to clinch $10 billion-plus sale, sources say
▼ + stars: | 2023-05-01 | by ( ) www.cnbc.com time to read: +4 min

This is weighing on how much the private equity firms are offering to buy companies. So far, bids for Subway have ranged between $8.5 billion and $10 billion, one of the sources said. Barclays, a major player in the market for WBS financing, is one of the banks in discussions about long-term financing, the sources said. JPMorgan's financing package also offers the option of a preferred equity component with a roughly 15% interest rate, the sources said. This is a more expensive route that private equity firms may not opt for, three of the sources added.

Why did other bidders, such as Bank of America, drop out of the auction? And will short-sellers who had taken aim at First Republic move on to shares of other regional lenders? Mr. Munger, 99, also said investors should expect far lower returns on their money than in the past. Francis added that he was doing “all that is humanly possible” to return children taken from Ukraine to Russia. Writers have pushed for economic concessions from studios that factor in changes wrought by the rise of streaming

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