All posts tagged: bankruptcy

Nikola bankruptcy, hydrogen problems, and Toyota everywhere

Nikola bankruptcy, hydrogen problems, and Toyota everywhere

Published by skeptic

On today’s heavy-duty episode of Quick Charge, we take a look at Nikola Motors’ troubling finances, reliability problems with their hydrogen semi trucks, and an all-new, all-different electric Toyota cute-ute makes its debut. Will it be enough to take Toyota to the front? On any other day a new Toyota crossover – and an electric one at that – would be the big news of the day, but massive deals on a new Toyota bZ4X and $1 billion investment in a new paint shop need to be acknowledged, as well. All that, plus big-time recycling news! Source Links Prefer listening to your podcasts? Audio-only versions of Quick Charge are now available on Apple Podcasts, Spotify, TuneIn, and our RSS feed for Overcast and other podcast players. ew episodes of Quick Charge are recorded, usually, Monday through Thursday (and sometimes Sunday). We’ll be posting bonus audio content from time to time as well, so be sure to follow and subscribe so you don’t miss a minute of Electrek’s high-voltage daily news! Got news? Let us know!Drop us a line at [email protected]. You can also rate us on Apple Podcasts and Spotify, or …

Council bankruptcy fear ‘dominates’ reform thinking

Council bankruptcy fear ‘dominates’ reform thinking

Published by skeptic

More from this theme Recent articles Clarity is needed over the future of a mechanism currently keeping SEND deficits from bankrupting councils, a government adviser has warned, adding its impending end “dominates” thinking about reform. Dame Christine Lenehan was appointed as ministers’ “strategic adviser” on SEND last week. She will play a “a key role in engaging the sector, including leaders, practitioners, children and families”. Speaking at the County Councils Network conference today, Lenehan said “clarity” was needed on the statutory override, which has allowed councils to keep the deficits off their books, but is due to expire in March 2026. It was introduced by the previous government but there was no update in chancellor Rachel Reeve’s budget last month on how Labour plans to proceed. This is despite the National Audit Office warning that four in 10 councils may be at risk of declaring effective bankruptcy when the override ends. Lenehan said: “My worry for that is it just dominates thinking. It stops us being creative, it stops us thinking what we need to …

Boy Scouts’ Art Collection Heads to Auction Amid Sex Abuse Bankruptcy

Boy Scouts’ Art Collection Heads to Auction Amid Sex Abuse Bankruptcy

Published by skeptic

The Boy Scouts of America is auctioning off the entirety of its 321-piece art collection, which includes works by Norman Rockwell, Walt Disney, and J.C. Leyendecker, and is valued at around $59 million, to fund compensation for sex-abuse survivors as part of a bankruptcy settlement, according to a report by the Wall Street Journal. Heritage Auctions will begin the sale in November with an initial group of 25 pieces, including five Rockwell paintings like Homecoming (1961) and To Keep Myself Physically Strong (1964) and Leyendecker’s Weapons for Liberty (1917). According to the Heritage Auctions website, many of the works have been on display at the Medici Museum of Art in Howland, Ohio under the title “The American Scouting Collection” since 2020. Related Articles The auction house, which is based in Dallas, Texas, will hold previews and lectures in art hubs across the United States, including Chicago and New York, leading up to the auction, Aviva Lehmann, Heritage’s senior vice president of American art, told the Journal. The remaining collection will be auctioned over the next two years. This sale is a small part …

Katie Price’s TikTok income to be suspended – as she fails to attend latest bankruptcy hearing | Ents & Arts News

Katie Price’s TikTok income to be suspended – as she fails to attend latest bankruptcy hearing | Ents & Arts News

Published by skeptic

Katie Price’s TikTok income is to be suspended, amid ongoing measures to resolve a bankruptcy case against her, a court has ruled. The 46-year-old glamour model – who was introduced using her legal name Katerina Price – did not attend the virtual hearing despite being served notice at her given addresses. Image: Price with boyfriend JJ Slater earlier this year. Pic: PA Several hours before the hearing, Price posted on TikTok to say she would be live on the platform later that evening. Proceedings were overseen by Insolvency and Companies Court Judge Catherine Burton, with lawyer Darragh Connell representing the trustees, and lawyer Lauren Kreamer representing TikTok. Mr Connell said while there had been “some progress made” in the case, he was concerned payments to Price via the social media site had been made without the knowledge of the trustees. He told the court that payments totalling £95,000 had been paid by TikTok to Price between March and May this year. He also said there had been some discussion as to whether TikTok should divert …

FTX reports a shocking billion dollar surplus after bankruptcy

FTX reports a shocking billion dollar surplus after bankruptcy

Published by skeptic

Bankrupt cryptocurrency exchange FTX has accumulated billions of dollars more than necessary to cover the losses incurred during its collapse in November 2022. FTX CEO John Ray voiced his astonishment at the milestone in a commentary to Bloomberg, indicating the exchange’s ability to fully reimburse its over 2 million customers. With the upcoming sale of its assets, FTX is expected to have approximately $16.3 billion in cash, surpassing its $11 billion debt to customers and other non-governmental creditors. Ray said: In any bankruptcy, this is just an unbelievable result. While bankruptcy victims will receive full payments with interest, court documents suggest that equity holders are unlikely to receive any residual amounts. Depending on the type of claim, some creditors could potentially recover up to 142% of their owed amounts. Still, most customers may receive 118% of their account balances at the time of the bankruptcy filing. FTX’s restructuring advisers suggested setting up a fund to compensate certain creditors, using funds that would have otherwise been collected by regulatory bodies. The timeline for this initiative is …

Steward Health Care Says It Is Selling the 30+ Hospitals It Operates Nationwide

Steward Health Care Says It Is Selling the 30+ Hospitals It Operates Nationwide

Published by skeptic

The Dallas-based company, which operates more than 30 hospitals nationwide, said it does not expect any interruptions in its hospitals’ day-to-day operations, which the company said will continue in the ordinary course throughout the Chapter 11 process. In court filings, the company said that beginning in late January, Steward initiated what it described as a “phased marketing process” for the sale of its hospital facilities. “Presently, the company is marketing all of its hospitals,” the company said a filing Tuesday. Steward filed for bankruptcy protection early Monday. In a news release, company officials said Steward took the step to let it continue to provide needed care to patients. “Steward’s hospitals, medical centers and physician’s offices are open and continuing to serve patients and the broader community and our commitment to our employees will not change,” the company said in a written statement. Photos You Should See – April 2024 Steward’s eight hospitals in Massachusetts include St. Elizabeth’s Hospital and Carney Hospital, both in Boston. It filed for protection in the U.S. Bankruptcy Court for the …

Fisker files bankruptcy equivalent in Austria amid production halt

Fisker files bankruptcy equivalent in Austria amid production halt

Published by skeptic

It has been a turbulent couple of months since Fisker Inc. posted its Q4 2023 financial report and relayed concerns it could continue business in EVs. Fisker’s Austrian arm has reportedly filed for reorganization and court protection from creditors – the equivalent to Chapter 11 Bankruptcy in the US. Today’s news is merely the latest chapter in a rough saga for Fisker Inc., the American EV startup hanging by a financial thread in its second attempt to mass-produce passenger EVs. The potential bankruptcy news is not all that shocking, as Fisker has been slowly sinking toward this point for over a year now. Although Fisker successfully launched its flagship Ocean SUV, it was quickly hit with several software issues and lower-than-anticipated sales. As a result, the automaker lowered its production targets several times throughout 2023 while pulling any demand levers to maintain liquidity. This past March, Fisker’s 2023 numbers painted a grim image of “substantial doubt” it could continue… at least not without the financial backing of a new OEM partner. However, those talks came and went, and …

‘Nobody seems interested’ in helping Rudy Giuliani with accounting duties in bankruptcy case, lawyers claim

‘Nobody seems interested’ in helping Rudy Giuliani with accounting duties in bankruptcy case, lawyers claim

Published by skeptic

Rudy Giuliani is having a hard time finding someone to help with the accounting duties in his bankruptcy case and may have to do it on his own, lawyers said in a filing Tuesday. According to the filing, Giuliani had an accountant helping him meet the accounting obligations in the case, but “he had a change of heart and indicated that he no longer wished to help prepare the monthly operating reports.” Giuliani has reached out to “a number of accounting firms” for their help, “however, no one seems interested in taking the assignment.” Giuliani, the former mayor of New York, filed for bankruptcy in December, just days after a jury ordered him to pay a staggering $148 million to two former Georgia election workers who he falsely claimed committed election fraud in 2020. In the months leading up to his bankruptcy filing, Giuliani defended against increasing legal troubles for his role in former President Trump’s efforts to overturn the 2020 presidential election results. The filing Tuesday was meant to explain why Giuliani had not filed …

Rudy Giuliani, Who Filed for Bankruptcy Last Year, Can’t Get By on a ,000-a-Month Budget

Rudy Giuliani, Who Filed for Bankruptcy Last Year, Can’t Get By on a $43,000-a-Month Budget

Published by skeptic

After Rudy Giuliani filed for bankruptcy last year, Ruby Freeman and Shaye Moss, the election workers to whom he was ordered to pay $148 million after being found liable for defamation, called bullshit. Specifically, they alleged in a court filing that the former New York City mayor had filed for bankruptcy protection in an effort to avoid paying them what they were owed, saying he had “a history of engaging the judicial system in bad faith” and that his tactics were an obvious attempt to “hold off creditors” and “gut their legal rights.” And while Giuliani very likely does not have nearly $150 million, he very clearly has some money left in the bank. Though, based on spending habits that have recently come to light, that sum is dwindling every day. The New York Times reports that despite agreeing in bankruptcy court to stick to a comical monthly budget of $43,000—about the amount he draws from Social Security and retirement accounts—the mayor turned Trump attorney spent nearly $120,000 in January. That figure covered “60 transactions on Amazon, …

Apple earnings see 10% iPhone sales drop, massive buyback fuels stock jump

Apple earnings see 10% iPhone sales drop, massive buyback fuels stock jump

Published by skeptic

Apple on Thursday reported a 10% drop in iPhone sales for the second fiscal quarter, dropping from $51.33 billion to $45.96 billion, year-over-year. The slowdown was fueled, in part, by an 8% drop in China. Apple’s slow adoption of AI versus competitors like Google and Microsoft likely played a role in consumers’ decision to hold off on purchasing a new iPhone. Apple has promised some big announcements on that front (likely at WWDC in June), but the iPhone 16 itself likely won’t arrive until fall. “Keep in mind as we described on the last call in the March quarter a year ago, we were able to replenish iPhone channel inventory and fulfill significant pent up demand from the December quarter COVID-related supply disruptions on the iPhone 14 pro and 14 Pro Max,” CEO Tim Cook explained on an earnings call. “We estimate this one time impact is to $5 billion to the March quarter revenue last year. If we remove this from last year’s results, our March quarter total company revenue this year would have …