Tag: Bankruptcies

Prosecutors Say Sam Bankman-Fried Should Get 40 to 50 Years in Jail

Federal prosecutors said on Friday that Sam Bankman-Fried, the disgraced cryptocurrency mogul, should receive a prison sentence of 40 to 50 years for his conviction on fraud charges. The prosecutors outlined the sentencing recommendation in a filing in U.S. District Court in Manhattan. Mr. Bankman-Fried’s sentencing hearing is scheduled for March 28, during which Judge […]

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Adam Neumann Wants to Take Over WeWork

WeWork’s founder is trying to buy it Adam Neumann shot to fame by turning WeWork into a cultural and business phenomenon, before being ousted from the work space operator in dramatic fashion. But for the past several months, he has been trying to buy the now-bankrupt business — with the help of the hedge fund […]

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What Evergrande’s Liquidation Might Mean for the Global Economy

What next for Evergrande’s creditors? A Hong Kong court on Monday ordered the liquidation of Evergrande, the heavily indebted Chinese property giant. The decision comes two years after the company defaulted, setting off a financial crisis at other developers and adding to the challenges facing the world’s second-largest economy. The company’s dissolution raises questions about […]

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China Evergrande Must Be Liquidated, a Judge Said. What Happens Next?

After nearly two years of false starts, last-ditch proposals and pleas for more time, China Evergrande, a massive property company, has been ordered to dismantle itself. It’s a big moment. Evergrande’s collapse in 2021 sent China’s housing market into a tailspin. The worries in real estate, where most households put their savings, helped tip the […]

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LaPierre, Longtime N.R.A. Leader, Faces Trial That Could End His Reign

Ms. James seeks to use her regulatory authority over nonprofit groups to impose a range of financial penalties against the defendants and to remove Mr. LaPierre; any money recovered would flow back to the N.R.A. Jury selection is scheduled to begin on Tuesday before State Supreme Court Justice Joel M. Cohen. The trial is expected […]

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E.V. Start-up Founder Could Get Prison Term in Fraud Case

The founder of an electric truck company is expected to face significant prison time when he is sentenced on Monday in a fraud case that highlights the financial carnage left behind by a crop of electric vehicle start-ups and their promoters. A federal judge in Manhattan will sentence Trevor Milton, the founder and former chief […]

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Alex Jones and Sandy Hook Families Enter Final Stretch in Bankruptcy Fight

The conspiracy theorist Alex Jones proposed paying Sandy Hook families who won more than $1 billion in damages against him last year a combined total of at least $5.5 million annually over a decade, while the families aim to liquidate his Infowars media empire, according to competing plans filed late Friday. The proposals, while far […]

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SmileDirectClub Shuts Down, Months After Filing for Bankruptcy

SmileDirectClub, a telehealth company that sold teeth-straightening devices through the mail and faced criticism from medical groups, said on Friday that it had shut down. The company, founded in 2014, sold teeth aligners online and in its shops for $1,850. It marketed them as a faster, cheaper alternative to braces. SmileDirectClub’s initial public offering in […]

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Opioid Victims Have a Settlement. Will the Supreme Court Undo It?

Abbie VanSickle contributed reporting. The Daily is made by Rachel Quester, Lynsea Garrison, Clare Toeniskoetter, Paige Cowett, Michael Simon Johnson, Brad Fisher, Chris Wood, Jessica Cheung, Stella Tan, Alexandra Leigh Young, Lisa Chow, Eric Krupke, Marc Georges, Luke Vander Ploeg, M.J. Davis Lin, Dan Powell, Sydney Harper, Mike Benoist, Liz O. Baylen, Asthaa Chaturvedi, Rachelle […]

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What to Know About the Purdue Pharma Case Before the Supreme Court

The Supreme Court is scheduled to hear arguments on Monday over a bankruptcy deal for Purdue Pharma that would give billions of dollars to those harmed by the opioid epidemic in exchange for shielding members of the wealthy Sackler family from additional opioid-related lawsuits. The settlement involving Purdue, the maker of the prescription painkiller OxyContin, […]

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At Core of Purdue Pharma Case: Who Can Get Immunity in Settlements?

For years, Purdue Pharma, the maker of the prescription painkiller OxyContin, had been entangled in lawsuits seeking to hold it to account for its role in the spiraling opioid crisis. A pathbreaking settlement reached last year appeared to signal the end to thousands of those cases, funneling billions of dollars toward fighting the epidemic in […]

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Bidder Aims to Save Bankrupt Trucking Firm Yellow

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 […]

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WeWork’s Bankruptcy Tests Claims of a Co-Working Revolution

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 […]

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What to Watch For in Today’s Elections, and 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 […]

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WeWork Files for Bankruptcy Amid Glut of Empty Offices

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 […]

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WeWork Bankruptcy Would Deal Another Blow to Ailing N.Y. Office Market

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. […]

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Sam Bankman-Fried Is Found Guilty of 7 Counts of Fraud and Conspiracy

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 […]

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Sam Bankman-Fried’s Trial Reveals New Details of How FTX Died

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 […]

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Rite Aid, Facing Slumping Sales and Opioid Suits, Files for Bankruptcy

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 […]

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Caroline Ellison, Star Witness in Sam Bankman-Fried Trial, Says He Made ‘Terrible Mistakes’

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, […]

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Caroline Ellison Says She and Sam Bankman-Fried Were ‘Dishonest’

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 […]

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The Places That Sam Bankman-Fried Left Behind

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 […]

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Gary Wang, a FTX Founder, Says Sam Bankman-Fried Steered Misuse of Funds

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 […]

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FTX Founder Sam Bankman-Fried’s Criminal Trial Opens

Federal 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, […]

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What to Know About Sam Bankman-Fried’s Fraud Trial

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 […]

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Takeaways From a New Book on Sam Bankman-Fried

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 […]

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Who’s Rooting Hardest for a Sam Bankman-Fried Conviction? The Crypto Industry.

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 […]

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Crypto Goes on Trial, as Sam Bankman-Fried Faces His Reckoning

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 […]

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Baltimore Archdiocese Files for Bankruptcy

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 […]

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The Lawyers Sam Bankman-Fried Once Trusted Are Drawing Criticism

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 […]

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