DIRS.INFO The most relevant business & tech news

☆ Bittrex approved to borrow $7 mln bankruptcy loan in bitcoin
▼ + stars: | 2023-05-10 | by ( Dietrich Knauth | ) www.reuters.com time to read: +3 min

Seattle-based Bittrex filed for bankruptcy Monday, saying it intended to return customer funds and wind down its U.S. operations. Before filing for bankruptcy, Bittrex stopped accepting new deposits from U.S. customers and told its existing users to withdraw their crypto from the platform. Shannon approved the loan on an interim basis, allowing Bittrex to borrow 250 bitcoin from its parent company Aquila Holdings, which is not filing for bankruptcy. Bittrex will seek permission to borrow an additional 450 bitcoin at a hearing in June, and the total value of its proposed loan is $19.7 million, based on bitcoin prices when it filed for bankruptcy. The case is Bittrex Inc, U.S. Bankruptcy Court for the District of Delaware, No.

☆ Prosecutors are reportedly close to deciding whether to indict Hunter Biden in connection to his taxes and a gun purchase
▼ + stars: | 2023-05-03 | by ( Sonam Sheth | ) www.businessinsider.com time to read: +5 min

Prosecutors are nearing a charging decision in the Hunter Biden case, The Washington Post reported. A lawyer for Hunter Biden and a spokesperson for the president did not immediately respond to a request for comment for this story. The Hunter Biden investigation has been underway for nearly four years, and he first announced the existence of the probe in December 2020. CNN reported prosecutors started investigating Biden's taxes in 2018 but temporarily halted the inquiry because of Justice Department rules barring prosecutors from taking actions that could influence the outcome of an election. The letter did not name the subject, but ABC News reported that lawmakers had been made aware that the individual was Hunter Biden.

☆ Branson's Virgin Orbit files Chapter 11 bankruptcy plan
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +1 min

[1/2] Richard Branson, founder of Virgin Group, poses for a photograph on board of his new cruise liner, the Scarlet Lady at Dover Port in Dover, Britain, February 21, 2020. REUTERS/Simon DawsonApril 19 (Reuters) - Richard Branson's Virgin Orbit Holdings Inc and its subsidiaries in the United States filed a Chapter 11 bankruptcy plan with the U.S. Bankruptcy Court for the District of Delaware, the company said in a statement on Wednesday. Earlier this month, Virgin Orbit filed for Chapter 11 bankruptcy protection after the satellite launch company struggled to secure long-term funding following a failed launch in January. "We expect the filing of the plan and disclosure statement will help us to efficiently conclude the Chapter 11 process once we have completed the sale of the company," Dan Hart, chief executive of Virgin Orbit said in the statement. The company is seeking the sale of its assets, after laying off roughly 85% of its 750 employees.

Lidar technology is used for 3D mapping, navigation and object detection in various high-tech industries. Ouster's complaints said Hesai incorporated its digital lidar technology into the Shanghai-based company's sensors. Ouster accused Hesai's sensors of infringing five patents covering core aspects of its digital lidar technology. It asked the Delaware court for an unspecified amount of money damages and the ITC to bar imports of infringing Hesai products. Hesai settled a patent dispute with San Jose, California-based Velodyne Lidar Inc in 2020.

☆ Failed crypto exchange FTX's spectacular collapse was due to 'hubris, incompetence, and greed,' says first debtors' report
▼ + stars: | 2023-04-10 | by ( Huileng Tan | ) www.businessinsider.com time to read: +6 min

On Sunday, its debtors released their first report on the collapse of the crypto exchange. The report alleged a lack of controls including in management, governance, and accounting. Read further for the three key allegations from the debtors' report. The report alleged the management and governance of FTX were largely limited to Bankman-Fried, Singh, and Wang. The report also alleged FTX failed to put in place "basic, widely accepted" security controls to safeguard its crypto assets.

☆ Sam Bankman-Fried reportedly joked about losing track of assets worth millions of dollars
▼ + stars: | 2023-04-10 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +3 min

Sam Bankman-Fried joked about losing track of millions of dollars in assets, a debtors' report said. The document accused the individuals in charge of FTX and Alameda of misusing funds and lying. In an internal communication cited in the report, Bankman-Fried once said FTX's sister company Alameda Research was "hilariously beyond any threshold of any auditor being able to even get partially through an audit." According to the report, Alameda struggled to understand what its own positions were, "let alone hedging or accounting for them." This inner circle reportedly included Bankman-Fried, FTX cofounder Gary Wang, former Alameda CEO Caroline Ellison, and FTX's former engineering director Nishad Singh.

☆ Richard Branson's Virgin Orbit rocket firm files for bankruptcy
▼ + stars: | 2023-04-04 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

Richard Branson's Virgin Orbit rocket firm has filed for Chapter 11 bankruptcy. Virgin Investments, another of Branson's firms, provided $31.6 million in fresh funds to Virgin Orbit while it seeks a new buyer, according to the company statement. Branson and the Virgin Group have supported Virgin Orbit over the long term, investing more than $1 billion in the Company — including $60 million since November 2022, according to a company spokesperson. "However, this significant funding was not enough to counter the strong headwinds and liquidity challenges Virgin Orbit continues to face," the spokesperson added. Founded by Branson in 2017, Virgin Orbit went public in a SPAC merger in 2021.

☆ Virgin Orbit files for Chapter 11 bankruptcy protection in the U.S.
▼ + stars: | 2023-04-04 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

Virgin Orbit on Tuesday filed for Chapter 11 bankruptcy protection in the U.S. after failing to secure a funding lifeline. The California-based satellite launch company lodged the filing in the U.S. Bankruptcy Court in the District of Delaware and is looking to sell its assets. Virgin Orbit said Virgin Investments would provide $31.6 million in new money through debtor-in-possession financing to help fund the process and protect its operations. Virgin Orbit developed a system that uses a modified 747 jet to send satellites into space by dropping a rocket from under the aircraft's wing mid-flight. Virgin Orbit is among a select few U.S. rocket companies to successfully achieve orbit with a privately developed launch vehicle.

☆ Branson's Virgin Orbit files for bankruptcy, to seek buyer
▼ + stars: | 2023-04-04 | by ( Joey Roulette | ) www.reuters.com time to read: +4 min

Virgin Orbit went public in 2021 through a blank-check deal, raising $255 million less than expected. Spun off from Branson's space tourism firm Virgin Galactic in 2017, Virgin Orbit air-launches rockets from beneath a modified Boeing (BA.N) 747 plane to send satellites into orbit. Virgin Orbit's strategy has been that launching small rockets from a 747 in flight would allow for short-notice launches from anywhere. Virgin Investments, a unit of Virgin Group, will provide $31.6 million in new money to Virgin Orbit through debtor-in-possession financing to fund operations while it looks for a buyer in bankruptcy, the companies said. Virgin Orbit's bankruptcy filing showed its largest creditor as London-based Arqit Ltd, which was owed almost $10 million for services and as a customer deposit.

[1/2] People pose with syringe with needle in front of displayed Moderna logo in this illustration taken, December 11, 2021. REUTERS/Dado Ruvic/IllustrationFeb 15 (Reuters) - The U.S. government should face a patent lawsuit over COVID-19 vaccines, not vaccine maker Moderna Inc (MRNA.O), the Department of Justice told a Delaware federal court on Tuesday. Moderna made the same argument last year in an unsuccessful bid to win an early dismissal of the lawsuit. Both Moderna and Pfizer Inc (PFE.N) have been the target of multiple patent lawsuits over their COVID vaccines, including a lawsuit brought by Moderna against Pfizer in August. The case is Arbutus Biopharma Corp v. Moderna Inc, U.S. District Court for the District of Delaware, No.

SummarySummary CompaniesCompanies Law firms Getty said Stability scraped millions of images without a licenseNew complaint adds to actions against Stability over images used in AI training(Reuters) - Stock photo provider Getty Images has sued artificial intelligence company Stability AI Inc, accusing it in a lawsuit made public on Monday of misusing more than 12 million Getty photos to train its Stable Diffusion AI image-generation system. Getty declined to comment on the Delaware lawsuit. London-based Stability AI released Stable Diffusion, an AI-based system for generating images from text inputs, and image generator DreamStudio last August. The lawsuit also accuses Stability of infringing Getty's trademarks, citing images generated by its AI system with Getty's watermark that Getty says could cause consumer confusion. The case is Getty Images (US) Inc v. Stability AI Inc, U.S. District Court for the District of Delaware, No.

☆ Bankman-Fried's FTX, senior staff, parents bought Bahamas property worth $300 mln
▼ + stars: | 2022-11-22 | by ( Koh Gui Qing | ) www.reuters.com time to read: +5 min

[1/5] View of the entrance to the condominium complex ONE Cable Beach, a beachfront residence in New Providence, Bahamas, November 18, 2022. The deeds show these properties, bought by a unit of FTX, were to be used as "residence for key personnel" of the company. PROPERTY PURCHASESReuters searched property records at the Bahamas Registrar General's Department for FTX, Bankman-Fried, his parents and some of the company's key executives. FTX Property Holdings Ltd, an FTX unit, bought 15 properties worth nearly $100 million in 2021 and 2022. The property records for the penthouse, dated March 17, were signed by Ryan Salame, the president of FTX Property, and showed it was intended as "residence for key personnel."

☆ EXCLUSIVE Bankman-Fried's FTX, parents bought Bahamas property worth $121 mln
▼ + stars: | 2022-11-22 | by ( Koh Gui Qing | ) www.reuters.com time to read: +5 min

The deeds show these properties, bought by a unit of FTX, were to be used as "residence for key personnel" of the company. Reuters could not determine the source of funds that FTX and its executives used to buy these properties. PROPERTY PURCHASESReuters searched property records at the Bahamas Registrar General's Department for FTX, Bankman-Fried, his parents and some of the company's key executives. FTX Property Holdings Ltd, an FTX unit, bought 15 properties worth nearly $100 million in 2021 and 2022. The property records for the penthouse, dated March 17, were signed by Ryan Salame, the president of FTX Property, and showed it was intended as "residence for key personnel."

☆ If you lost money on FTX, 'there's a good chance of getting something back' says a 15-year IRS lawyer, who explains what customers should do immediately as bankruptcy proceedings unfold
▼ + stars: | 2022-11-18 | by ( Laila Maidan | ) www.businessinsider.com time to read: +5 min

You may need to file a proof of claim to be considered an FTX creditor, says Miles Fuller. As the dust settles after the collapse of crypto exchange FTX, depositors are left wondering whether they'll ever see their assets again. To add insult to injury, a hacker was able to swipe $600 million from the exchange, further depleting its assets. But recent news indicates FTX may have taken possession of those deposits, leaving customers as general unsecured creditors in the bankruptcy. Also know that during the bankruptcy proceeding, the debtor, which would be the exchange entity, may challenge those proof of claims.

☆ New CEO says FTX had 'complete failure of corporate control'
▼ + stars: | 2022-11-17 | by ( ) www.reuters.com time to read: +4 min

Nov 17 (Reuters) - New FTX CEO John Ray said there was flawed regulatory oversight and a lack of corporate control of the bankrupt crypto exchange founded by Sam Bankman-Fried in a U.S. court filing on Thursday. "Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here," Ray said in the filing, which was lodged with the District of Delaware bankruptcy court. Bankruptcy specialist Ray, who took over from Bankman-Fried as CEO when FTX filed for protection on Friday, did not name any specific overseas regulator in that part of the 30-page filing. FTX founder Bankman-Fried did not immediately respond to a request for comment on the allegations contained in the filing. Vox on Wednesday published an interview with Bankman-Fried in which he said he regretted his decision to file for bankruptcy protection and criticized regulators.

☆ Never seen 'such a complete failure' of corporate controls, says new FTX CEO who also oversaw Enron bankruptcy
▼ + stars: | 2022-11-17 | by ( Rohan Goswami | ) www.cnbc.com time to read: +3 min

Ray formerly served as the CEO of Enron after the implosion of the energy titan. He promised to work with regulators to investigate FTX founder Sam Bankman-Fried. Bankman-Fried." Ray excoriated Bankman-Fried and his management team for what were described as lackadaisical controls on systems and regulatory compliance. Coordinating with regulators, Ray wrote, the chapter 11 bankruptcy process would examine the actions of Bankman-Fried in connection with FTX's collapse.

"It was like a bomb went off in that place," Patrick Hillmann, Binance CSO, told CNBC on Thursday. It was money that FTX didn't have, because it was using client deposits for other purposes. "Somehow they were always spending more and more and more and more money," Hillmann said. Hillmann said that early on there were some concerns with FTX and its unsavory relationship with Alameda Research, Bankman-Fried's hedge fund. WATCH: Binance decided FTX was beyond saving after two-hour review of balance sheet

Representatives for Impossible Foods did not immediately respond to a request for comment on the decision. Redwood City, California-based Impossible Foods sued Motif, a Boston-based spinoff of biotech company Ginkgo Bioworks, in March. The court agreed with Impossible Foods that Hemami could still infringe the patents and allowed the claims to continue. Impossible Foods' patents may cover Hemami because it is produced using yeast and does not have any "direct animal provenance," Bryson said. The case is Impossible Foods Inc v. Motif Foodworks Inc, U.S. District Court for the District of Delaware, No.

Search resuls for: "District of Delaware"

18 mentions found