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“#Hertz investors snag $8 a share in surprise bankruptcy win” Small investors who were mocked last year for driving up shares of bankrupt car rental company Hertz scored a surprising victory on Wednesday when the company was bought at auction for as much as $8 a share. Word of the deal vindicating the much maligned…
“#Hedge funder Daniel Kamensky sentenced to prison in Neiman Marcus fraud” The New York hedge fund founder who predicted he might “go to jail” for corrupting the sale of some assets during the bankruptcy of Neiman Marcus was sentenced on Friday to six months in prison. Daniel Kamensky, 48, of Roslyn, New York, had pleaded…
“#Jessica Simpson scrambles to rescue her clothing label” Jessica Simpson is scrambling to buy back her clothing brand from a struggling licensing company that is in danger of filing for bankruptcy, The Post has learned. The 40-year-old former pop singer and her mother, Tina Simpson, are working with boutique investment bank Threadstone to raise cash…
“#Neiman Marcus faces rift with big luxury labels including Gucci” Neiman Marcus stores appear to be losing their grip on Gucci bags and other luxe goods since the swanky retailer emerged from bankruptcy last fall, The Post has learned. Six months after shedding most of a punishing, $5 billion debt load through Chapter 11, the…
“#Citigroup urges longer freeze over botched Revlon payment” Citigroup on Friday urged a federal judge to extend a freeze on $504 million of its own money that it mistakenly sent a group of Revlon lenders. The bank requested an injunction from Manhattan Federal Judge Jesse Furman, who on Feb. 16 said 10 asset managers could…
“#Paparazzi agency bankrupted by Meghan Markle legal battle” A major paparazzi shop claims it was forced to file for bankruptcy because of skyrocketing costs in its legal battle against Meghan Markle. Splash News & Picture Agency, which is being sued by Markle in a privacy lawsuit over photos taken during a “private family outing” in…
“#Is MoviePass coming back? Countdown clock is ticking on its website” Is MoviePass being resurrected from the dead? The bankrupt subscription movie ticket trailblazer appears to be teasing a potential comeback as movie theaters reopen after a year of COVID-19. On Tuesday, the Web site Moviepass.ventures was updated with a countdown clock to Monday, March…
“#Purdue Pharma offer requires Sacklers to pay $4.3 billion” Purdue Pharma filed a bankruptcy plan on Monday that would resolve thousands of opioid lawsuits by restructuring the OxyContin maker into an entity that would steer profits to plaintiffs and require the company’s Sackler family owners to contribute nearly $4.3 billion to the settlement. The plan…
“#Toys R Us sold to WHP Global in latest effort to revive brand” Toys R Us has been sold yet again — the latest effort to revive the famous but struggling brand amid a boom in toy sales. The once-mighty retailer that filed for bankruptcy protection in 2017 amid mounting debt is now owned by…
“# Case examiner says Cred platform hired escaped prisoner as CFO ” Bankrupt cryptocurrency lending platform Cred Inc is believed to have unwittingly appointed a prison escapee as its Chief Financial Officer. A report filed by examiner Robert Stark of Brown Rudnick LLP on March 8 asserts that former Cred CFO James Alexander has been…