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As technology titans jockey to back hot new startups, they are extracting explicit or implicit promises of revenue in return. loadingMicrosoft’s injection of $10 billion into OpenAI in January helped kick off the craze. As part of their deal, the ChatGPT operator agreed to exclusively use its new investor’s cloud computing services. Much of the invested capital should be returned relatively quickly as AI firms buy back-end services. Nvidia (NVDA.O) has at least 80% and as much as 95% of the AI market, according to estimates by analysts.

Persons: Sam Altman, Satya Nadella, OpenAI, Optimists, cynics, Jeffrey Goldfarb, Sharon Lam, Aditya Sriwatsav, Streisand Neto Organizations: Reuters, Microsoft, Financial Times, Apple, Nasdaq, Big Tech, OpenAI, Wall Street, Google, Reuters Graphics Reuters, Cisco Systems, Lucent Technologies, Nortel Technologies, Company, Global, Telecom, Nortel, Network, Nvidia, Thomson Locations: OpenAI, Silicon Valley

☆ Canada clears C$20 billion Rogers-Shaw deal to create No.2 telecom company
▼ + stars: | 2023-03-31 | by ( Reuters Staff | ) www.reuters.com time to read: +2 min

(Reuters) -Canada on Friday granted the final approval for Rogers Communications Inc’s C$20 billion ($15 billion) buyout of Shaw Communications Inc, clearing the deal that will create the country’s No. FILE PHOTO: Ethernet cables are seen in front of Rogers and Shaw Communications logos in this illustration taken, July 8, 2022. Freedom Mobile’s proposed C$2.85 billion sale to Quebecor-owned Videotron has been crucial in addressing the antitrust concerns over the deal, given the overlap between Rogers and Shaw’s wireless divisions. It is the biggest in the Canadian telecoms industry since BCE’s spinoff of its stake in Nortel Networks in a transaction valued at C$88.7 billion in 2000. Canada’s top telecom company by market value is BCE Inc.U.S.-listed shares of Shaw were up 3% in premarket trading.

☆ FTX says it has $1 billion in cash, as new management team tries to track down funds to pay back creditors
▼ + stars: | 2022-12-21 | by ( Carla Mozée | ) www.businessinsider.com time to read: +2 min

FTX has more than $1 billion in cash, the collapsed crypto exchange's new management said at a creditor hearing. Management is working to retrieve funds from bank accounts to repay creditors and resolve the company's position. The hearing was part of FTX's bankruptcy proceedings following its November implosion. FTX in a November court filing said it owed its 50 biggest creditors nearly $3.1 billion. FTX fell in November following a jump in withdrawals and allegations of misuse of FTX customer funds.

John J. Ray, chief executive officer of FTX Cryptocurrency Derivatives Exchange, arrives to a House Financial Services Committee hearing investigating the collapse of FTX in Washington, DC, on Tuesday, Dec. 13, 2022. Instead, like bankers and lawyers who are working on the bankruptcy proceedings, the new leadership team is professional independent contractors. That means, among other things, that they get paid immediately, before any FTX investors receive recompense for their losses. According to court filings, the new FTX CEO will collect $1,300 hourly plus "reasonable expenses" for his work untangling what U.S. Attorney Damian Williams called "one of the biggest frauds in American history" in a news conference Tuesday. In one bankruptcy case Ray worked on, he billed around 156 hours in a two-month period, netting him $120,582, so his billings for FTX may run higher or lower.

Nov 15 (Reuters) - FTX Trading's new CEO John J. Ray III, a lawyer tapped to lead the collapsed crypto exchange's restructuring, previously oversaw the $23 billion bankruptcy of energy firm Enron Corp and has a reputation for boosting creditor recoveries. Ray, 63, on Monday declined to comment on his initial priorities as FTX's CEO. Serving as Enron's CEO throughout its years-long bankruptcy, Ray's work resulted in major settlements with banks accused of helping Enron deceive investors, including a $1.66 billion settlement with Citigroup in 2008. Mark Lichtenstein, an attorney who worked on Enron's bankruptcy, saw many parallels between FTX and that case. "You’ve got such a meltdown, similar to Enron, sort of a run on the bank," Lichtenstein said.

☆ 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...

☆ The future of FTX and Sam Bankman-Fried is now in the hands of these 3 lawyers who have worked for Enron, Michael Milken, and Elon Musk
▼ + stars: | 2022-11-11 | by ( Jack Newsham | ) www.businessinsider.com time to read: +7 min

A senior Paul Weiss lawyer has been hired to defend FTX founder and ex-CEO Sam Bankman-Fried. FTX said on Twitter that a sprawling group of companies founded by Bankman-Fried, known as SBF, filed for Chapter 11 bankruptcy in Delaware. The new CEO of FTX is John J. Ray III, a lawyer-turned-executive with a colorful past leading troubled companies, most notably Enron. The firm Paul Weiss and its lawyer Martin Flumenbaum, who represented the junk-bonds king Michael Milken, are representing Bankman-Fried personally. John J. Ray IIIRay joined FTX as CEO just in time to sign its bankruptcy filing.

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