|
|
|
|
|
Daily Briefing: Boy Scouts Move Closer to Bankruptcy Exit; Ex-Theranos Lab Tech Testifies; Billionaire Buys Hearst Estate
|
|
|
|
|
|
Good morning. The Boy Scouts took a step toward exiting chapter 11 by reaching $1 billion in settlements to pay sex-abuse survivors, though the deals are being opposed by some victims’ representatives. And in San Jose, Calif., an ex-Theranos lab associate testified against company founder Elizabeth Holmes.
Finally, billionaire investor Nicolas Berggruen won a bankruptcy auction for a former Hearst estate in Beverly Hills that’s been tied up in court for nearly two years.
|
|
|
|
|
Insurer Hartford and the Mormon Church have agreed to pay more than $1 billion combined to sex-abuse victims, but the official victims committee says that is not enough.
PHOTO: LM OTERO/ASSOCIATED PRESS
|
|
|
|
Boy Scouts strike $1 billion in settlements. The youth group’s new deals are a big step toward its goal of resolving claims of childhood sexual abuse and leaving chapter 11. But plaintiff firms and an official committee representing victims still oppose the plan, saying more compensation is needed.
|
|
|
Billionaire investor buys former Hearst estate. Investor Nicholas Bergguen won a bankruptcy auction for a Beverly Hills estate that’s been tied up in court for two years. The L.A. property was featured in the memorable horsehead scene from “The Godfather” and more recently in Beyonce’s visual album “Black is King.”
|
|
|
|
|
|
|
Stefan Qin, who pleaded guilty in February to one count of securities fraud, was sentenced to 7½ years in prison Wednesday.
PHOTO: BILLY H.C. KWOK FOR THE WALL STREET JOURNAL
|
|
|
|
Ex-crypto hedge fund manager sentenced over Ponzi scheme. A federal judge sentenced Stefan Qin to 7½ years in prison Wednesday after he pleaded guilty to securities fraud. Prosecutors said Mr. Qin lied about returns at Virgil Sigma Fund LP and ran it like a Ponzi scheme, scamming more than 100 investors.
|
|
|
|
|
From left, Aly Raisman, Simone Biles, McKayla Maroney and Maggie Nichols appeared before the Senate Judiciary Committee.
PHOTO: SAUL LOEB/BLOOMBERG NEWS
|
|
|
|
Star gymnasts recount FBI failures. Olympic gymnasts who were sexually abused by USA Gymnastics’ former team doctor told Senators about how the FBI failed to investigate their claims when they alerted officials. The hearing comes at a critical time in the bankruptcy of USA Gymnastics which has proposed a $425 million settlement with survivors.
|
|
|
Business travel firm CWT strikes debt deal. CWT, the business travel and events firm, said on Wednesday that it has reached an agreement to restructure its balance sheet.
The plan, which has the support of financial stakeholders owning more than 90% of the company’s debt, involves adding $350 million of new equity capital and eliminating $900 million of debt.
“Implementation of this agreement will enable us to move beyond the pandemic, accelerate investments that create industry-leading experiences for our clients and travelers, and position CWT to benefit from the recovery already underway,” said Chief Executive Michelle McKinney Frymire.
—Alexander Gladstone
|
|
|
|
$1.86 Billion
|
Total value of settlements the Boy Scouts have reached in chapter 11 to compensate sex abuse survivors.
|
|
|
|
|
Former W.R. Grace miners are moving ahead with their lawsuit against the company’s insurers over asbestos-related injuries. (Bloomberg Law)
|
|
|
|
|
|
|