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Dan Kamensky's Downfall; J&J Probes Chapter 11 Vote; Bankrupt SoCal Power Authority Winds Down
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Good day. Hedge-fund manager Dan Kamensky waged an intense battle against Neiman Marcus and its private equity backers. Then, on the cusp of victory, he "came undone," and earned himself a six-month prison sentence for bankruptcy fraud. Now he gives his explanation of what happened and why.
In bankruptcy court, Johnson & Johnson alleged "irregularities" in voting on its former talc supplier's bankruptcy plan. And a municipal power authority in California abandoned hopes for a turnaround just weeks after filing for chapter 9 bankruptcy.
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Dan Kamensky begins a six-month sentence next week for his actions as a Neiman Marcus creditor.
NATALIE KEYSSAR FOR THE WALL STREET JOURNAL
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Hedge-Fund Manager Who ‘Came Undone’ Is Headed to Prison
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“I regret letting anger get the best of me,” hedge-fund manager Dan Kamensky said of the actions he took as a Neiman Marcus Group Ltd. creditor last year that landed him a six-month prison sentence for bankruptcy fraud. Read More.
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Johnson & Johnson Alleges ‘Irregularities’ in Former Supplier’s Bankruptcy Vote
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Johnson & Johnson alleged “numerous irregularities” in the voting for its former talc supplier’s bankruptcy plan and asked for court approval to conduct further investigation into the counting. Read More.
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Bankrupt California Power Authority Winding Down Service Over Cash Crunch
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California municipal power authority Western Community Energy said Friday it would wind down operations, dashing its hopes of a bankruptcy turnaround. Read More.
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Mall Owner Washington Prime Group Files for Bankruptcy
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Mall owner Washington Prime Group Inc. said it has filed for bankruptcy, citing the Covid-19 pandemic’s toll on the company and the need to reduce debt. Read More.
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Signage outside a Brazos Electric Power Cooperative Inc. plant in Palo Pinto, Texas.
PHOTO: THOMAS RYAN ALLISON/BLOOMBERG NEWS
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Bankrupt Texas Co-op Brazos Urges Veto Of Winter Storm Finance Legislation
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Brazos Electric Power Cooperative Inc. lobbied Texas Gov. Greg Abbott to veto a pair of bills that would compel electricity cooperatives to put their customers on the hook for full payment of energy purchased at elevated prices during February's winter storm. Read More.
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“This legislation presumes everyone who remains a market participant in Ercot will pay their bills in full."
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— Bill Harrelson, chief legal officer at Texas-based Golden Spread Electric Cooperative
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AMC Bet by Hedge Fund Unravels Thanks to Meme-Stock Traders
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Jason Mudrick had been trading AMC stock, options and bonds for months.
MICHAEL NAGLE/BLOOMBERG NEWS
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A multipronged bet on AMC Entertainment Holdings Inc. boomeranged on Mudrick Capital Management LP when the theater chain's stock price unexpectedly jumped, highlighting the risks of holding significant exposure to social media-fueled meme stocks. Read More.
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Europe Keeps Aiding Companies to Avoid Surge of Covid-19 Insolvencies
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Economies such as the U.S. and China are quickly bouncing back from the Covid-19 pandemic. But in Europe, where vaccination programs have lagged behind other regions and economies have been slower to adapt, companies continue to struggle. To prevent an avalanche of insolvencies and a new financial crisis on the continent, governments are extending support measures.
Some of the measures will pile more of a burden on governments, whose debt has skyrocketed since last year to levels above those seen in the 2011 sovereign-debt crisis. Read More.
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Being on the brink of bankruptcy no longer seems to matter much in the U.S. stock market. While that might sound like the beginning of a cautionary tale about the state of investing in 2021, the reality is far stranger. Redditors have bid up shares of AMC Entertainment Holdings Inc. and GameStop Corp. so much that it’s saved them -- for now, at least -- from deep trouble. (Bloomberg)
U.S. oil and gas producer Chesapeake Energy Corp. said on Friday that three executives will leave the company, the latest exits this year after it launched a search for a new chief executive and emerged from bankruptcy. (Reuters)
Bankruptcy typically involves vultures fighting for scraps. Instead, the brawl over Hertz Global Holdings revolved around a once broken company that was getting more valuable by the minute. (Financial Times)
The Diocese of Rochester has asked a federal judge to approve a $35 million settlement agreement with its insurers to help pay survivors of sexual abuse. (Rochester Democrat & Chronicle)
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