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Boy Scouts Victims Step Forward; Think Finance Backers Settle Lending Litigation; Wendy's Franchisee Taps Stalking Horse
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Good day. The full scope of the Boy Scouts of America's sexual-abuse legacy will come into focus Monday, the deadline for sexual-abuse victims to step forward for compensation. The total has already surpassed the expectations of lawyers who have spent years suing the organization before it resorted to bankruptcy.
WSJ Pro Bankruptcy has an exclusive look at the venture capitalists that backed defunct online lender Think Finance and the litigation that haunted them after its collapse. And Wendy's franchisee NPC International won approval to tap a stalking-horse bidder but faces obstacles ahead.
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Sexual-misconduct accusations have swirled around the Boy Scouts of America since soon after its founding in 1910.
PHOTO: CHRISTOPHER MILLETTE/ERIE TIMES-NEWS/ASSOCIATED PRESS
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Boy Scouts’ Bankruptcy Deadline Looms
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The Boy Scouts of America will face the last batch of thousands of sex-abuse claims Monday, the deadline for people alleging they were abused as children to come forward in what is shaping up to be the largest bankruptcy case of its kind. Read More.
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Venture Capitalists Pay Up for Backing Accused Online Loan Shark
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Online lender Think Finance LLC and its backers resisted critics for years, litigating and lobbying in defense of its payday lending business. Now two of Silicon Valley’s most prominent venture capitalists are paying $50 million over their roles in the company’s allegedly illegal practices. Read More.
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Flynn Restaurant Named as Stalking Horse in NPC Bankruptcy
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A bankruptcy judge designated the Flynn Restaurant Group LLC’s bid for Wendy’s and Pizza Hut franchisee NPC International Inc. as the best offer so far, setting an $816 million minimum price that rival bidders must beat. Read More.
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High-yield municipal debt financed the Harvest Gold Silica Project in Congress, Ariz., which packages silica from an abandoned gold mine and sells it to farmers. Vintage machines help move and sift raw silica.
ASH PONDERS FOR THE WALL STREET JOURNAL
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More High-Yield Muni Borrowers Are Defaulting but Investors Still Want In
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Covid-19 is wreaking havoc on the market for risky municipal bonds. Investors desperate for tax-exempt yield are still piling in. Read More.
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Guitar Center Preps Bankruptcy Filing to Cut $800 Million in Debt
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Guitar Center Inc., the country’s biggest music-instrument seller, said it expects to file for bankruptcy and emerge from court protection before year’s-end with nearly $800 million less debt. Read More.
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Biden Plan to Forgive Student Debt Hinges on Democratic Control of Senate
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President-elect Joe Biden’s ability to deliver on his plan to forgive hundreds of billions of dollars in student debt faces steep odds unless Democrats take control of the Senate. Read More.
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Smartphone Users Seek Voice in Hertz Bankruptcy Case
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A group of mobile-device users with a pending lawsuit against Hertz Global Holings Inc. is for recognition as a class of creditors in the rental car provider's chapter 11 case. The individuals have alleged Hertz didn't properly delete their data after their smartphones were connected to the vehicles.
The group said in court papers its damages are $1.2 billion and that Hertz did little to notify class members about the proceedings. — Becky Yerak
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“We knew the scope was big, we just didn’t have any idea the scope was this big.”
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— Paul Mones, an attorney for victims of sexual abuse in the Boy Scouts
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The election may be over, but the White House and Capitol Hill are no closer to terms on a new Covid-19 relief plan. And even if a deal is reached, it's far too late to help save as many as 100,000 small businesses that have been forced to close while waiting for more help. (NBC)
Venezuela's Citgo Petroleum stopped contributions to employee 401(k) retirement plans on Nov. 1 and plans to reduce salaries on Jan. 1 to cope with the effects of the coronavirus pandemic. (Reuters)
Tower Records, the beloved music chain that shuttered all of its U.S. physical locations 14 years ago, has been revived as an online store. (Rolling Stone)
Without demand-inducing titles like “Wonder Woman 1984,” movie-theater chains have said they will need to file bankruptcy in order to stay open and restructure their debt, especially considering that the movie calendar doesn’t have many blockbuster releases until March 2021. (CNBC)
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