When Yellow abruptly shuttered its operations in the summer and filed for bankruptcy protection, few thought that a buyer would emerge and try to revive the long-troubled trucking giant. But a prominent trucking executive has assembled a last minute plan to acquire Yellow out of bankruptcy — a proposal that seeks not only to rehire […]
Read More
In its heyday a few years ago, WeWork said it would reinvent offices. But the company never created a sustainable business or changed how most people worked. The business of offering flexible office space on short leases to individuals and businesses, a model that WeWork hoped to make mainstream, remains a niche in commercial real […]
Read More
The New York Times Audio app is home to journalism and storytelling, and provides news, depth and serendipity. If you haven’t already, download it here — available to Times news subscribers on iOS — and sign up for our weekly newsletter. The Headlines brings you the biggest stories of the day from the Times journalists […]
Read More
WeWork, the real estate company that offered start-ups and individuals sleek quarters to pursue their entrepreneurial dreams, filed for bankruptcy protection in the United States on Monday after years of struggling to find its footing. The company filed for Chapter 11 bankruptcy protection in New Jersey, as part of what it described as a “comprehensive […]
Read More
For years, landlords around the world clamored to get WeWork into their office buildings, a love affair that made the co-working company the largest corporate tenant in New York and London. Now, WeWork is perhaps days away from a bankruptcy filing — and its demise could not come at a worse time for office landlords. […]
Read More
Sam Bankman-Fried, the tousle-haired mogul who founded the FTX cryptocurrency exchange, was convicted on Thursday of seven charges of fraud and conspiracy after a monthlong trial that laid bare the rampant hubris and risk-taking across the crypto industry. Mr. Bankman-Fried became a symbol of crypto’s excesses last year when FTX collapsed and he was charged […]
Read More
On the morning of Nov. 6, Nishad Singh, a top executive at the cryptocurrency exchange FTX, sent a message in a group chat with two senior colleagues. Customers were rushing to withdraw funds from the exchange, he wrote. Within the last day, they had tried to move $1.25 billion off the platform, and $120 million […]
Read More
Rite Aid, one of the largest pharmacy chains in the United States, filed for bankruptcy on Sunday, weighed down by billions of dollars in debt, declining sales and more than a thousand federal, state and local lawsuits claiming it filled thousands of illegal prescriptions for painkillers. The company filed for Chapter 11 bankruptcy protection in […]
Read More
A lawyer for Sam Bankman-Fried on Thursday sought to undermine the testimony of Caroline Ellison, the prosecution’s star witness in his criminal fraud trial, as she continued to insist that the onetime crypto mogul was behind the misuse of billions of dollars in customer money at his FTX exchange. Over about five hours of cross-examination, […]
Read More
Caroline Ellison, who was a top adviser to the disgraced cryptocurrency executive Sam Bankman-Fried, said on Wednesday that he directed her to send “dishonest” balance sheets to major lenders of the trading firm she ran for him. In her second day testifying in Mr. Bankman-Fried’s criminal fraud trial, Ms. Ellison said she prepared the phony […]
Read More
Before it all collapsed last fall, the cryptocurrency mogul Sam Bankman-Fried was at the center of a global business empire. The 31-year-old mogul started his first company in the San Francisco Bay Area, before moving to Hong Kong and then to the Bahamas, where his FTX cryptocurrency exchange was based until it filed for bankruptcy […]
Read More
Gary Wang, a former top executive of the failed FTX cryptocurrency exchange, testified that Sam Bankman-Fried, the company’s founder, was the final decision maker at the firm and directed a closely related hedge fund to misuse as it pleased billions of dollars in money from FTX customers. Over more than six hours of testimony in […]
Read MoreFederal prosecutors on Wednesday opened the criminal trial of Sam Bankman-Fried, the founder of the failed cryptocurrency exchange FTX, with a simple message: He deliberately “lied to the world,” leading to one of the biggest financial frauds of a generation. Mr. Bankman-Fried’s lawyer advanced a far different narrative. The former crypto mogul, the lawyer said, […]
Read More
Sam Bankman-Fried, the founder of the collapsed FTX cryptocurrency exchange, is set to stand trial on Tuesday, after a yearlong corporate saga that has made headlines around the world and devastated the digital asset industry. Here’s what to know about his case. What is Mr. Bankman-Fried accused of? Federal prosecutors have charged Mr. Bankman-Fried with […]
Read More
On the same day that Sam Bankman-Fried’s trial on federal fraud charges begins, the best-selling author Michael Lewis is set to publish a widely anticipated book on Tuesday about Mr. Bankman-Fried’s failed cryptocurrency exchange, FTX. Mr. Lewis, the author of “The Blind Side,” “The Big Short” and “Moneyball,” spent months interviewing Mr. Bankman-Fried and other […]
Read More
Travis Kling has spent a lot of time this year focusing on his mental, physical and spiritual health. That has been his coping mechanism since his cryptocurrency firm, Ikigai Asset Management, lost most of its assets from last year’s collapse of the cryptocurrency exchange FTX, where he was a customer. Mr. Kling said he harbored […]
Read More
A year ago, Sam Bankman-Fried was a fixture on magazine covers and in the halls of Congress, a tousle-haired crypto billionaire who hobnobbed with movie stars and bankrolled political campaigns. On Tuesday, the founder of the failed FTX digital currency exchange is set to leave the jail where he has been confined for more than […]
Read More
The archdiocese of Baltimore, the oldest in the United States, filed for Chapter 11 bankruptcy on Friday, two days before a new state law goes into effect that will allow child sexual abuse victims to sue organizations no matter how long ago the abuse took place. Archbishop William E. Lori attributed the filing directly to […]
Read More
Just before FTX collapsed in November, one of its outside lawyers at the law firm Sullivan & Cromwell emailed a colleague at another firm, insisting that the cryptocurrency exchange’s finances were stable. Rumors of FTX’s demise were “silliness,” the lawyer, Andrew Dietderich, wrote. “FTX is rock solid, doesn’t use customer funds or take credit risk […]
Read More
For months, John Jay Ray III, the corporate turnaround expert who was appointed to oversee the bankruptcy of the FTX crypto exchange, has attacked the company’s founder, Sam Bankman-Fried, accusing him of “old-fashioned embezzlement.” Now, Mr. Ray has a new target: Mr. Bankman-Fried’s parents. On Monday, FTX filed a lawsuit in federal court in Delaware […]
Read More
At the end of a 15,000-word Twitter thread he never posted, Sam Bankman-Fried, the founder of the failed cryptocurrency exchange FTX, offered a blunt assessment of his predicament. “I’m broke and wearing an ankle monitor and one of the most hated people in the world,” he wrote. “There will probably never be anything I can […]
Read More
Workers may see losses in a bankruptcy if they invested much of their retirement money in their employer’s stock or if the employer made matching contributions in company stock, Mr. Stein of the Pension Rights Center said. Employees usually have the right to diversify their investments out of their company’s stock, he said, but they […]
Read More