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Search resuls for: "Jonathan Randles"


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☆ J&J’s Talc Bankruptcy Case Thrown Out by Appeals Court
  + stars: | 2023-01-31 | by ( Jonathan Randles | Peter Loftus | ) www.wsj.com   time to read: 1 min
A federal appeals court in Philadelphia rejected Johnson & Johnson ‘s use of chapter 11 bankruptcy to freeze roughly 40,000 lawsuits linking its talc products to cancer, blunting a strategy the consumer health giant and a handful of other profitable companies have used to sidestep jury trials. The Third U.S. Circuit Court of Appeals on Monday dismissed the chapter 11 case of J&J subsidiary LTL Management LLC, which the company created in 2021 to move the talc injury lawsuits to bankruptcy court and freeze them in place. J&J is now exposed once again to talc-related cancer claims that have cost the company’s consumer business $4.5 billion in recent years and are expected to continue for decades.
☆ J&J Can’t Use Bankruptcy to Resolve Talc-Injury Lawsuits, Appeals Court Rules
  + stars: | 2023-01-30 | by ( Jonathan Randles | ) www.wsj.com   time to read: 1 min
A federal appeals court rejected Johnson & Johnson ’s plan to use a legal strategy to push about 38,000 talc lawsuits into bankruptcy court, hampering the controversial tactic the company and a handful of other profitable businesses have used to move mass personal-injury cases to chapter 11. The Third U.S. Circuit Court of Appeals on Monday dismissed the chapter 11 case of J&J subsidiary LTL Management LLC, which the consumer-health-goods giant created in 2021 to move to bankruptcy court the mass lawsuits alleging its talc-based baby powder products caused cancer.
☆ Bahamas Regulator Says It Seized $3.5 Billion in FTX Crypto Assets
  + stars: | 2022-12-30 | by ( Jonathan Randles | Becky Yerak | ) www.wsj.com   time to read: 1 min
Bahamas securities regulators said they seized digital assets valued at $3.5 billion from FTX’s local operation in mid-November as the cryptocurrency exchange spiraled toward collapse and confirmed they relied on FTX’s co-founders to make the transfers happen. Christina Rolle, executive director of the Securities Commission of the Bahamas, said in an affidavit made public Thursday that the commission sought control of the crypto assets held by FTX Digital Markets Ltd. last month after FTX co-founder Sam Bankman-Fried told local authorities under oath about a hacking attempt.
☆ FTX Creditors Committee Brings On Jefferies and FTI as Financial Advisers
  + stars: | 2022-12-30 | by ( Soma Biswas | Jonathan Randles | ) www.wsj.com   time to read: 1 min
The committee of FTX customers chosen to represent the interests of all exchange users in its chapter 11 case hired Jefferies and FTI Consulting Inc. as financial advisers, according to people familiar with the matter. Last week, the official committee brought on the law firm Paul Hastings LLP. Made up of nine members, the official committee is the sole customer group that can currently bill its legal and advisory fees to FTX.
☆ Crypto Customers Sell Claims at a Loss to Avoid Bankruptcy Wait
  + stars: | 2022-12-28 | by ( Jonathan Randles | ) www.wsj.com   time to read: 1 min
Some customers with accounts stuck in failed cryptocurrency companies are choosing to take a big loss on their investments now to avoid dealing with uncertainties in drawn-out bankruptcies. At least hundreds of customers burned by the collapses of FTX, Celsius Network LLC and Voyager Digital Ltd. are seeking to sell their cryptocurrency claims at deep discounts so they don’t have to wait months or even years to see what they might recover as the platforms move through chapter 11.
☆ BlockFi Pushes for Robinhood Stake Also Claimed By FTX
  + stars: | 2022-12-28 | by ( Jonathan Randles | ) www.wsj.com   time to read: 1 min
The judge overseeing crypto lender BlockFi Inc.’s bankruptcy case will begin considering next month what to do with shares in RobinHood Markets Inc. that an entity owned by Sam Bankman-Fried purportedly pledged as collateral to BlockFi in the days before the collapse of FTX, the crypto exchange he founded. The bankruptcy judge overseeing BlockFi’s chapter 11 case agreed during a court hearing Wednesday to review an initial dispute next month over BlockFi’s request to transfer more than 56 million shares of Robinhood stock to a neutral broker or escrow account until the rightful owner is determined. BlockFi’s longtime customer, FTX, has made its own claim to the Robinhood stock, owned by an Antiguan entity backed by Mr. Bankman-Fried.
☆ FTX Digital Executive Warned of Client Fund Transfers to Alameda, Documents Show
  + stars: | 2022-12-14 | by ( Jonathan Randles | ) www.wsj.com   time to read: 1 min
A top executive of FTX’s Bahamas subsidiary warned that country’s securities authority days before the company filed for bankruptcy Nov. 11 of customer fund transfers to Alameda Research, a cryptocurrency trading firm tied to FTX, according to documents made public Wednesday. The warning prompted the regulator to immediately seek a criminal investigation, according to the documents. Securities Commission Executive Director Christina Rolle requested that the financial crimes unit of the Royal Bahamas Police Force open an investigation into the subsidiary, FTX Digital Markets Ltd., the same day based on the warning of FTX Digital Chairman Ryan Salame.
☆ Alex Jones Files for Bankruptcy Following Sandy Hook Trial Losses
  + stars: | 2022-12-02 | by ( Jonathan Randles | ) www.wsj.com   time to read: 1 min
Alex Jones has filed for personal bankruptcy after he and the company behind his Infowars platform were ordered to pay roughly $1.4 billion in damages for defaming the families of the Sandy Hook school massacre. The far-right media host and provocateur filed for bankruptcy on Friday in Texas, where his Infowars site was already under chapter 11 protection amid years of costly litigation with the families of Sandy Hook victims. His own chapter 11 filing immediately halts their ability to collect judgments against him, and moves...
☆ Alex Jones Follows Infowars Into Bankruptcy Following Sandy Hook Trial Losses
  + stars: | 2022-12-02 | by ( Jonathan Randles | ) www.wsj.com   time to read: 1 min
Alex Jones has filed for personal bankruptcy after he and the company behind his Infowars platform were ordered to pay roughly $1.4 billion in damages for defaming the families of the Sandy Hook school massacre. The far-right media host and provocateur filed for bankruptcy on Friday in Texas, where his Infowars site was already under chapter 11 protection amid years of costly litigation with the families of Sandy Hook victims. His own chapter 11 filing immediately halts their ability to collect judgments against him, and moves...
☆ DOJ Watchdog Calls for Independent FTX Probe in Bankruptcy
  + stars: | 2022-12-01 | by ( Jonathan Randles | Soma Biswas | ) www.wsj.com   time to read: 1 min
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☆ BlockFi Says It Is Different From FTX, Affirms Efforts to Return Customer Funds
  + stars: | 2022-11-29 | by ( Jonathan Randles | ) www.wsj.com   time to read: 1 min
BlockFi Inc. told a U.S. bankruptcy court on Tuesday it was blindsided by cryptocurrency exchange FTX’s rapid demise and would work to repay creditors and allow customers access to their digital wallets as soon as possible. Jersey City, N.J.-based BlockFi, which secured a rescue loan from FTX in June to shore up its liquidity, reviewed unaudited FTX financial reports as part of due diligence it performed at the time of the transactions, said Joshua Sussberg, a lawyer for BlockFi, during its debut hearing in the U.S. Bankruptcy Court in Trenton, N.J. BlockFi filed for chapter 11 on Monday after the loan fell apart in the wake of FTX’s collapse earlier in November.
☆ FTX Lawyer Says ‘Substantial Amount’ of Crypto Firm’s Assets Stolen or Missing
  + stars: | 2022-11-22 | by ( Alexander Saeedy | Jonathan Randles | ) www.wsj.com   time to read: 1 min
A “substantial amount” of failed crypto exchange FTX’s assets is missing and may have been stolen as a run on customer deposits and a liquidity crunch precipitated a crisis of leadership and led the firm to collapse, its lawyer said in court on Tuesday. “FTX was in the control of inexperienced and unsophisticated individuals, and some or all of them were compromised individuals,” said James Bromley, counsel to FTX’s new management, at its debut appearance at the Delaware bankruptcy court after the failed exchange filed for the largest-ever crypto bankruptcy case earlier this month.
☆ Sam Bankman-Fried Ran FTX Like a Personal Fiefdom, Lawyers Say
  + stars: | 2022-11-22 | by ( Alexander Saeedy | Jonathan Randles | ) www.wsj.com   time to read: 1 min
A substantial amount of FTX’s assets are either missing or stolen, a lawyer for the failed crypto exchange said in court, vowing to cast a wide net to secure potentially billions of dollars in funds that passed through the firm he called the “personal fiefdom” of co-founder Sam Bankman-Fried. Tuesday’s hearing marked an inflection point for FTX’s bankruptcy case as its new leaders begin chasing down what assets they can salvage and trying to determine who might be responsible for the loss of customers’ money.
☆ FTX Says Substantial Amount of Crypto Assets Stolen or Missing
  + stars: | 2022-11-22 | by ( Alexander Saeedy | Jonathan Randles | ) www.wsj.com   time to read: 1 min
A substantial amount of FTX’s assets are either missing or stolen, a lawyer for the failed crypto exchange said in court, vowing to cast a wide net to secure potentially billions of dollars in funds that passed through the firm he called the “personal fiefdom” of co-founder Sam Bankman-Fried. Tuesday’s hearing marked an inflection point for FTX’s bankruptcy case as its new leaders begin chasing down what assets they can salvage and trying to determine who might be responsible for the loss of customers’ money.
☆ FTX Says ‘Substantial Amount’ of Crypto Assets Stolen or Missing
  + stars: | 2022-11-22 | by ( Alexander Saeedy | Jonathan Randles | ) www.wsj.com   time to read: 1 min
A “substantial amount” of failed crypto exchange FTX’s assets are either missing or stolen, its lawyer said in court, as a run on customer deposits and a liquidity crunch precipitated a crisis of leadership and led the highflying firm to a rapid collapse. Lawyers for the new managers of FTX vowed at a bankruptcy-court hearing to cast a wide net to identify and secure potentially billions of dollars in funds that passed through FTX, which they called the “personal fiefdom” of its co-founder, Sam Bankman-Fried.
☆ What to Expect as FTX Debuts Biggest Crypto Chapter 11 in Court
  + stars: | 2022-11-21 | by ( Jonathan Randles | Alexander Saeedy | Becky Yerak | ) www.wsj.com   time to read: 1 min
FTX is expected to make its debut appearance Tuesday in Delaware bankruptcy court, where its new management is expected to recount events leading up to the cryptocurrency platform’s sudden collapse and explain the steps it has since taken to secure customer funds and other assets. FTX’s lawyers are advancing an unprecedented chapter 11 case marked already by allegations of major failures against its former leadership and a budding jurisdictional dispute with the government of the Bahamas, where the firm’s inner circle ran its doomed crypto operation.
☆ FTX Management, Bahamas Gear Up for Fight Over Control of Bankruptcy
  + stars: | 2022-11-16 | by ( Jonathan Randles | ) www.wsj.com   time to read: 1 min
The Bahamas securities regulator is challenging FTX’s new management for control of bankruptcy proceedings for the cryptocurrency exchange’s subsidiary in the country. FTX Digital Markets Ltd., the exchange’s Bahamian subsidiary, filed for chapter 15 in New York bankruptcy court on Tuesday to seek U.S. recognition of liquidation proceedings in the Bahamas. The action, if successful, could move at least a portion of the legal proceedings over the collapse of FTX from the U.S. bankruptcy courts to local courts in the Bahamas.
☆ New FTX CEO Unwound Enron and Other Major Corporate Failures
  + stars: | 2022-11-14 | by ( Jonathan Randles | ) www.wsj.com   time to read: 1 min
The executive tapped to lead FTX through the biggest cryptocurrency bankruptcy in history has helped recover billions of dollars for creditors of Enron Corp., Nortel Networks and other major companies that have collapsed over the last two decades. John J. Ray III was appointed chief executive of FTX just before the crypto exchange plunged into chapter 11 bankruptcy and founder Sam Bankman-Fried resigned. Mr. Ray is now tasked with investigating FTX’s sudden collapse and unwinding an enterprise with more than 130 corporate...
☆ FTX’s Fall Into Bankruptcy Comes Swiftly Following Massive Withdrawal Requests
  + stars: | 2022-11-11 | by ( Soma Biswas | Jonathan Randles | Alexander Saeedy | ) www.wsj.com   time to read: 1 min
FTX’s fall into bankruptcy with a chapter 11 filing that offered few details about its creditors and assets indicates a rush by the cryptocurrency platform to seek legal protection shortly after it had disclosed a huge financing gap. FTX’s bankruptcy filing will put independent managers in charge and give them the power to investigate and potentially recover funds from founder Sam Bankman-Fried, who in recent days admitted to investors that customer funds were used for proprietary trading. Mr. Bankman-Fried also told investors...
☆ Alex Jones Ordered to Pay $473 Million More for Sandy Hook Claims
  + stars: | 2022-11-11 | by ( Erin Mulvaney | Jonathan Randles | ) www.wsj.com   time to read: 1 min
A Connecticut judge ordered conspiracy theorist Alex Jones to pay an additional $473 million in punitive damages for making defamatory claims that the Sandy Hook school massacre was a hoax, bringing the total judgment against him in the case to $1.4 billion. Superior Court Judge Barbara Bellis imposed the penalty Thursday on top of a nearly $1 billion jury verdict last month, which capped a weekslong trial to determine how much Mr. Jones should pay for claiming the 2012 massacre, where a gunman killed 20 children and 6 adults, was a government conspiracy.
☆ For Twitter’s Next CFO, Lots of Debt and a Slowing Economy
  + stars: | 2022-10-28 | by ( Mark Maurer | Dean Seal | Brent Thill | ) www.wsj.com   time to read: +8 min
It isn’t clear yet who will succeed Mr. Segal as CFO. Twitter and Mr. Musk on Friday didn’t respond to requests for comment. Mr. Segal on Friday tweeted that “the work isn’t complete,” referring to Twitter’s ambition to build “the world’s townsquare.” Mr. Segal didn’t respond to a request for additional comment. Mr. Musk has said buying Twitter would accelerate his creation of an app that combines the capabilities of several apps in one. The future executives that Mr. Musk installs will have to share his vision for Twitter, Mr. Ives said, and prepare to support growth initiatives that will take years to build.
☆ Bankruptcy Judge Orders Independent Review of Alex Jones’s Infowars Over Conflicts
  + stars: | 2022-09-20 | by ( Jonathan Randles | ) www.wsj.com   time to read: 1 min
A Texas bankruptcy judge ordered an independent review of Infowars’ financial affairs and refused to let the company hire chapter 11 advisers picked by its founder Alex Jones after determining they failed to disclose a professional conflict. Judge Christopher Lopez of the U.S. Bankruptcy Court in Houston said he was concerned that a bankruptcy lawyer and restructuring officer hired by Infowars parent company Free Speech Systems LLC could act as impartial advisers looking out for the broadcasting site and its creditors. Those include families of the Sandy Hook Elementary School victims who have sued Mr. Jones for spreading falsehoods about the 2012 shooting in Newtown, Conn., which killed 20 first-graders and six adults.
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