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☆ Crypto lender BlockFi files for bankruptcy in New Jersey
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: +1 min

Nov 28 (Reuters) - U.S. cryptocurrency lender BlockFi said on Monday it had filed for Chapter 11 bankruptcy protection along with eight affiliates in a New Jersey court, the latest casualty since FTX's collapse earlier this month triggered instability in the crypto market. It listed crypto exchange FTX as its second-largest creditor, with $275 million owed on a loan extended earlier this year. The company's largest creditor is Ankura Trust, a company that represents creditors in stressed situations, and is owed $729 million. BlockFi had earlier paused withdrawals from its platform and acknowledged it had "significant exposure" to FTX and its associated entities. The move comes weeks after FTX filed for U.S. bankruptcy protection and its founder Sam Bankman-Fried resigned as chief executive.

NEW YORK/LONDON, Nov 22 (Reuters) - FTX has a total cash balance of $1.24 billion, a court filing by advisers on the stricken crypto exchange's restructuring showed ahead of U.S. bankruptcy hearings set for later on Tuesday. Its cash balance as of Sunday was "substantially higher" than previously thought, Monday's filing by Edgar Mosley of Alvarez & Marshal, a consultancy firm advising FTX, said. The details of FTX's cash balances came ahead of a hearing in Delaware on FTX's so-called first-day motions. FTX, led since the bankruptcy filing by new CEO John Ray, has accused Bankman-Fried of working with Bahamian regulators to "undermine" the U.S. bankruptcy case and shift assets overseas. Since the implosion of FTX, some crypto players are taking to decentralized exchanges known as "DEXs" where investors trade peer-to-peer on the blockchain.

The following are major companies that were accused of contributing to the crisis, and settlements or judgments involving those companies. Teva Pharmaceutical Industries Ltd (TEVA.TA)-In November, finalized claims nationwide for $4.25 billion, some of which is to be paid as a supply of the overdose-reversing drug naloxone. AbbVie Inc (ABBV.N)-In November, finalized a $2.37 billion nationwide settlement resolving claims against Allergan, a company it acquired in 2020. Endo International Plc (ENDPQ.PK)-Reached a $450 million settlement with more than 30 states as part of a bankruptcy filing in August. Mallinckrodt Plc (MNK.A)-Reached a $1.7 billion nationwide settlement as part of its bankruptcy reorganization plan, approved in February.

Nov 16 (Reuters) - Crypto lender Genesis Global Capital suspended customer redemptions on Wednesday, citing the sudden failure of crypto exchange FTX, while court papers showed FTX founder Sam Bankman-Fried faces legal action. After a flurry of tweets and interviews by Bankman-Fried, FTX said he "has no ongoing role" at the company and does not speak on its behalf. LEGAL ACTIONMeanwhile, U.S. court filings showed Bankman-Fried is facing legal action in the United States from investors alleging the company's yield-bearing crypto accounts violated Florida law. U.S. and Bahamian authorities were discussing the possibility of bringing Bankman-Fried to the United States for questioning, Bloomberg reported on Tuesday. Elsewhere, crypto exchange Binance said it had not contributed to FTX's collapse, in a response to a hearing on the crypto industry by a British parliamentary committee.

Nov 16 (Reuters) - Crypto lender Genesis Global Capital suspended redemptions on Wednesday citing the failure of crypto exchange FTX, while court papers showed FTX founder Sam Bankman-Fried faces legal action, as its sudden collapse ripples across the industry. LEGAL ACTIONMeanwhile, U.S. court filings showed Bankman-Fried is facing legal action in the United States from investors alleging the company's yield-bearing crypto accounts violated Florida law. Bloomberg on Tuesday also reported that U.S. and Bahamian authorities were discussing the possibility of bringing Bankman-Fried to the United States for questioning. Elsewhere, crypto exchange Binance, in a response to a hearing on the crypto industry by a British parliamentary committee on Monday, said it had not contributed to FTX's collapse. The U.S. House Financial Services Committee said Wednesday it plans to hold a hearing in December to investigate the collapse of cryptocurrency exchange FTX.

☆ Explainer: What's next in FTX's bankruptcy
▼ + stars: | 2022-11-16 | by ( Dietrich Knauth | ) www.reuters.com time to read: +4 min

Here is what likely awaits in the case:WHERE DO THINGS STAND IN FTX'S BANKRUPTCY CASE? About 130 FTX affiliates have filed for bankruptcy in Delaware, and the company has selected a new CEO, bankruptcy attorneys at Sullivan & Cromwell and financial advisers at Alvarez & Marsal. WHAT OTHER RISKS DO FTX CUSTOMERS FACE? The bankruptcy might result in the publication of FTX customers' names, email addresses and transaction history. The courts' preference for transparency are at odds with crypto customers' expectations of anonymity.

☆ FTX's Bahamas liquidators "reject the validity" of US bankruptcy
▼ + stars: | 2022-11-16 | by ( Dietrich Knauth | ) www.reuters.com time to read: 1 min

Nov 16 (Reuters) - FTX's Bahamas-based liquidators said they "reject the validity" of the crypto exchange's U.S. bankruptcy proceedings, according to court documents filed in the U.S. late Tuesday. FTX and 130 affiliates filed for bankruptcy in the U.S. on Nov. 11, leaving an estimated 1 million customers and other investors facing total losses in the billions of dollars. But its Bahamas subsidiary FTX Digital Markets entered liquidation proceedings first, and its court-appointed liquidators said late Tuesday that their case may "impact" FTX's effort to reorganize in the U.S. Reporting by Dietrich KnauthOur Standards: The Thomson Reuters Trust Principles.

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.

☆ Rainn Wilson changes name to Rainnfall Heat Wave Extreme Winter Wilson to protest climate change
▼ + stars: | 2022-11-11 | by ( ) www.nbcnews.com time to read: +1 min

“The Office” star Rainn Wilson has changed his name to Rainnfall Heat Wave Extreme Winter Wilson to protest climate change. The actor made the announcement via a Twitter video on Wednesday, timed to the United Nations climate change conference COP27 in Egypt this week. “With the help of my scientist friends at Arctic Basecamp, I’ve changed my name to Rainnfall Heat Wave Extreme Winter Wilson,” Wilson said in a statement. “This is not a joke, I’m as serious as the melting Arctic, which amplifies global risks including extreme weather events around the globe.”“I’m hoping this name change brings attention to this growing… er, melting issue. Then — and this is the important part — change your social media profile or display name to match your new ArcticRisk name.

☆ FTX to file for U.S. bankruptcy protection, CEO Bankman-Fried resigns
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: +1 min

Nov 11 (Reuters) - FTX will initiate bankruptcy proceedings in the United States while its Chief Executive Sam Bankman-Fried resigned, the embattled cryptocurrency exchange said on Friday, triggering what could be one of the biggest meltdowns in the industry. Bankman-Fried's trading firm Alameda Research is also part of the bankruptcy protection, the company said. Sources have said that it was partly behind FTX's problems and reportedly owes FTX roughly $10 billion. FTX's collapse marks a stunning reversal of fortunes for the company and its founder Sam Bankman-Fried, who until recently was hailed as a "white knight" and drew comparisons to billionaire Warren Buffett. FTX was seeking a lifeline after a liquidity crunch due to customers withdrawing funds at a frenetic pace.

A conflict could arise in the future, if, for example, Aearo and 3M disagreed about the terms of a future settlement, Graham said. If that happened, Kirkland could face disqualification, loss of fees, or even potentially the dismissal of Aearo's bankruptcy case, according to the judge. Kirkland has defended 3M in the MDL, and it represents Aearo in the bankruptcy case that was meant to spur a settlement of the earplug lawsuits. The plaintiffs and the U.S. Department of Justice's bankruptcy watchdog sought to disqualify Kirkland from representing Aearo in the bankruptcy, saying it could not faithfully serve both Aearo and 3M. The case is Aearo Technologies LLC, U.S. Bankruptcy Court for the Southern District of Indiana, No.

☆ Trio to lead energy-drinks giant Red Bull after co-founder's death
▼ + stars: | 2022-11-04 | by ( ) www.reuters.com time to read: +2 min

VIENNA, Nov 4 (Reuters) - Energy-drinks giant Red Bull will be headed by a board consisting of three current members of senior management following the death of co-founder Dietrich Mateschitz, his son Mark said in a statement issued by the company on Friday. He said the board would consist of Franz Watzlawick (CEO Beverage Business), Alexander Kirchmayr (CFO), and Oliver Mintzlaff (CEO Corporate Projects and Investments). He added that he had stepped down from his job at the company to focus on managing the 49% stake in Red Bull he inherited from his father. "I do not believe one should be both an employee and a shareholder of the same company. "Moreover, as managing directors of Distribution & Marketing GmbH, which I now own, and which holds 49% of the company shares of Red Bull GmbH, Walter and Volker will be supporting me personally," he added.

☆ Teva to pay $523 mln to New York as it looks to move past opioid lawsuits
▼ + stars: | 2022-11-03 | by ( Steven Scheer | ) www.reuters.com time to read: +4 min

JERUSALEM, Nov 3 (Reuters) - Teva Pharmaceutical Industries Ltd (TEVA.TA) will pay up to $523 million to New York State as part of a nationwide settlement of lawsuits alleging the company helped fuel the U.S. opioid epidemic. The settlement with New York adds an additional $300 million to Teva's total opioid payouts. James said the Teva settlement concludes the state's litigation against opioid manufacturers and distributors. Citing "continued foreign exchange headwinds", Teva lowered its 2022 revenue estimate to between $14.8 billion and $15.4 billion from a previously forecast $15 billion to $15.6 billion. Teva expects its two branded drugs, Ajovy to treat migraines and Huntington's disease drug Austedo, to reach a combined $1.4 billion in revenue this year.

☆ Revlon creditors challenge 2020 loan transactions
▼ + stars: | 2022-11-01 | by ( Dietrich Knauth | ) www.reuters.com time to read: +2 min

If successful, their challenge could eliminate the Brandco lenders' right to claim Revlon's brands as their exclusive collateral, reducing the Brandco lenders' leverage in the bankruptcy. Both lender groups participated in a $2 billion loan that Revlon used to purchase Elizabeth Arden in 2016. Revlon and an attorney for the Brandco lenders did not immediately respond to a request for comment. When Revlon filed for bankruptcy in June, the Brandco lenders held about $1.88 billion of Revlon's $3.5 billion debt. Those transactions allowed Revlon to borrow an additional $880 million in 2020 from the Brandco lenders, according to the complaint.

☆ Cineworld reaches bankruptcy settlement with landlords, lenders
▼ + stars: | 2022-10-31 | by ( Dietrich Knauth | ) www.reuters.com time to read: +2 min

Oct 31 (Reuters) - Movie theater chain Cineworld Group on Monday announced a bankruptcy settlement with its landlords and lenders, clearing the way for the company to borrow an additional $150 million and make a $1 billion debt repayment. Landlords and junior creditors dropped their opposition to the billion-dollar debt repayment after Cineworld agreed to pay at least $20 million in rent that will accrue after Sept. 30. Britain's Cineworld, which filed for bankruptcy protection in Texas in September with less than $4 million in cash on hand, previously did not intend to make any post-September rent payments until the end of its bankruptcy. Creditors had filed 15 objections to the loan in court, and the company resolved about a dozen more objections before they were filed, Cineworld attorney Christopher Marcus said in court. The judge had previously approved part of Cineworld's bankruptcy financing, allowing it to borrow $785 million at the start of its bankruptcy case while deferring judgment on the $1 billion debt repayment.

☆ Bankrupt Revlon says it is entertaining sale offers
▼ + stars: | 2022-10-27 | by ( Dietrich Knauth | ) www.reuters.com time to read: +2 min

Revlon is exploring a possible sale of the company and has begun sending nondisclosure agreements to interested bidders, Basta said. Revlon junior creditors argued in court that rushing toward a sale before the 2022 holiday season would only benefit senior lenders who forced the company to accept unrealistic deadlines as part of Revlon's $1.4 billion bankruptcy loan. Basta said that exiting bankruptcy quickly is "of paramount importance" because of the high fees the company is incurring. Junior creditors intend to file a legal challenge on Monday a 2020 restructuring that allowed Revlon to take on more debt while transferring its brands and intellectual property assets to a different Revlon subsidiary, Stark said. If successful, the challenge would remove some of the senior lenders' influence over the company's bankruptcy restructuring.

☆ 12 queer icons to channel this Halloween
▼ + stars: | 2022-10-25 | by ( Ellie Rudy | ) www.nbcnews.com time to read: +10 min

Without further ado, here is a selection of queer icons and pop culture favorites — in no particular order — whom you can channel for Halloween (a.k.a. For a relatively stress-free Halloween ensemble, throw on a tux, top hat, a pocket square and some fierce red lipstick. To channel Ms. Kahlo this Halloween, you’ll need her signature unibrow (eyeliner or an eyebrow pencil should do the trick), a flower crown, red lipstick, a colorful blouse and a floor-length skirt. For this costume, you’ll need a fedora, a (preferably pastel) dress shirt, a tie matching the hat and, if you’re really feeling the fantasy, a color-coordinated sweater vest. If you dress up as any of these queer icons and pop culture favorites for Halloween, tag @NBCOut on Twitter or Instagram in a costume photo!

☆ Max Verstappen equals single-season win record at US Grand Prix on emotional weekend for Red Bull
▼ + stars: | 2022-10-24 | by ( Ben Church | ) edition.cnn.com time to read: +3 min

CNN —Max Verstappen fought back after pit-stop drama to win the US Grand Prix on Sunday, handing Red Bull the constructors’ championship on an emotional weekend for the team. The Dutchman’s victory came just one day after it was announced that owner and co-founder of Red Bull, Dietrich Mateschitz, had died aged 78. The stop lasted over 11 seconds with Red Bull mechanics scrambling for a replacement wheel gun after Verstappen’s front left tire was not tightened sufficiently. Verstappen poses with the Red Bull team to celebrate winning the constructors' championship. “A very emotional moment, a big moment for the team and for everyone at Red Bull,” he told reporters.

☆ Dietrich Mateschitz, Who Made Red Bull a Global Sensation, Dies at 78
▼ + stars: | 2022-10-23 | by ( James R. Hagerty | Joshua Robinson | ) www.wsj.com time to read: 1 min

Dietrich Mateschitz, whose company sponsored sports, at the Red Bull Arena in Leipzig, Germany, in May 2016. Dietrich Mateschitz , a former toothpaste salesman whose relentless marketing of the energy drink Red Bull kept long-distance drivers and disco dancers awake and made the world a bit more jittery, has died at the age of 78, representatives of his company said Saturday. Details on the cause and place of his death weren’t immediately available.

☆ Red Bull owner Dietrich Mateschitz dies aged 78
▼ + stars: | 2022-10-23 | by ( ) www.reuters.com time to read: +3 min

Red Bull owner Dietrich Mateschitz (R) congratulates Red Bull Formula One driver Sebastian Vettel of Germany for winning the championship and the Abu Dhabi Grand Prix at the Yas Marina circuit November 14, 2010. REUTERS/Ahmed JadallahOct 22 (Reuters) - Dietrich Mateschitz, the Austrian billionaire founder and owner of energy drink company Red Bull, died on Saturday at the age 78 after a serious illness with cancer. The Styrian-born entrepreneur built a global empire around the energy drink Red Bull and was considered the richest man in Austria. The group achieved a turnover of 7.8 billion euros in 2021 and sold 9.8 billion Red Bull cans worldwide. Mateschitz was also the founder and owner of Red Bull Racing, a Formula 1 racing team based in Milton Keynes, Britain.

☆ Verstappen wins U.S. GP as Red Bull take constructors' crown
▼ + stars: | 2022-10-23 | by ( Alan Baldwin | ) www.reuters.com time to read: +4 min

"That one was for Dietrich," said Verstappen after taking the chequered flag. Ferrari had needed to score 19 points more than Red Bull at the Texas track but Charles Leclerc was the Italian team's sole finisher, fighting his way to third from 12th on the grid. Red Bull now have an unbeatable 656 points to Ferrari's 469. The Dutch 25-year-old secured his second title in Japan two weeks ago. Red Bull's Sergio Perez was fourth with Russell, who secured a bonus point for fastest lap, fifth and Lando Norris sixth for McLaren.

☆ The man who made Red Bull the world's best-known energy drink and amassed a $25 billion fortune has died aged 78
▼ + stars: | 2022-10-23 | by ( Sam Tabahriti | ) www.businessinsider.com time to read: +3 min

The Austrian billionaire saw the potential in a Thai energy drink before investing in Red Bull. The Austrian co-founded the energy drink in 1984 after seeing the potential in another energy drink created by Thai investor Chaleo Yoovidhya, who became his cofounder. Just over 9.8 billion cans of Red Bull were sold last year, 24% more than in 2020, with revenue jumping by almost a quarter to 7.8 billion euros. Through Red Bull, Mateschitz also owned football clubs including Austria's Red Bull Salzburg, New York Red Bull, and RasenBallsport Leipzig. Red Bull also sponsors sports such as surfing, cliff diving, winter sports, and mountain biking and hundreds of competitors display its branding.

☆ Dietrich Mateschitz: Tributes paid to Red Bull founder
▼ + stars: | 2022-10-23 | by ( Aimee Lewis | ) edition.cnn.com time to read: +3 min

CNN —Tributes have been paid to Dietrich Mateschitz, the owner and co-founder of the sports drink company Red Bull, who has died aged 78. Ker Robertson/Getty ImagesIn 2004, Mateschitz bought the Ford-owned Jaguar team and the following season renamed it Red Bull Racing. The Austrian also bought the Italy-based Minardi F1 team and renamed it Toro Rosso in 2006, the Italian for Red Bull. After years of Mercedes dominance in recent years, Red Bull is back at the front of the grid with Max Verstappen sealing his second title at the Japanese Grand Prix earlier this month. “I want to send all my condolences to the Red Bull family, but also especially to his family that I also know.

☆ Red Bull co-founder Dietrich Mateschitz dies at 78
▼ + stars: | 2022-10-23 | by ( ) www.cnbc.com time to read: +1 min

Red Bull owner Dietrich Mateschitz celebrates with FC Red Bull Salzburg during the tipico Bundesliga match with SK Sturm Graz at the Red Bull Arena on July 1, 2020 in Salzburg, Austria. Austrian billionaire Dietrich Mateschitz, the co-founder of energy drink company Red Bull and founder and owner of the Red Bull Formula One racing team, has died. Officials with the Red Bull racing team at the United States Grand Prix in Austin, Texas, announced Mateschitz's death Saturday. With the growing success of Red Bull, he significantly expanded his investments in sports, specifically motorsports and extreme sports, and Red Bull now operates football clubs, ice hockey teams and F1 racing teams. Red Bull also has contracts with hundreds of athletes in various sports and a deep driver development program to get racers to the top level.

☆ Dietrich Mateschitz, co-founder of Red Bull and F1 team owner, dies at 78
▼ + stars: | 2022-10-22 | by ( The Associated Press | ) www.nbcnews.com time to read: +3 min

AUSTIN, Texas — Austrian billionaire Dietrich Mateschitz, the co-founder of energy drink company Red Bull and founder and owner of the Red Bull Formula One racing team, has died. Officials with the Red Bull racing team at the United States Grand Prix in Austin, Texas, said Saturday that Mateschitz had died. With the growing success of Red Bull, he significantly expanded his investments in sports. Red Bull now operates football clubs, ice hockey teams and F1 racing teams, and has contracts with hundreds of athletes in various sports. The Austrian Servus TV station, owned by Red Bull Media House GmbH, is known for promoting right-wing provocative views.

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