|
Marble Ridge's Kamensky Gets Prison Sentence; Colorado Drillers Combine After Bankruptcies
|
|
|
|
|
|
Good day. Hedge-fund founder Dan Kamensky was sentenced to prison after pleading guilty to bankruptcy fraud, punctuating a rare criminal prosecution to arise from a corporate chapter 11 case. And, two oil-and-gas drillers are combining after going through a bankruptcy restructuring, separately.
|
|
|
Kamensky Gets Prison Sentence for Fraud Tied to Neiman Bankruptcy
|
|
|
MARK MAKELA/REUTERS
|
|
|
Dan Kamensky admitted that last year he tried to sideline a competitor’s bid for shares of Mytheresa, a thriving e-commerce business formerly owned by bankrupt department store Neiman Marcus. Read More.
|
|
“He tried to control what he could not control.”
|
— New York federal judge Denise Cote during the sentencing of Dan Kamensky
|
|
|
|
Colorado Drillers to Combine as Consolidation Continues in Oil Patch
|
|
Two oil-and-gas producers that operate in Colorado— Bonanza Creek Energy Inc. and Extraction Oil & Gas Inc.—plan to announce that they are combining into a company valued at about $2.3 billion.
The all-stock, no-premium merger of companies that produce in Colorado’s Denver-Julesburg Basin is the latest example of regional consolidation in U.S. oil and gas fields, as the energy industry emerges from the pandemic.
|
|
|
|
|
Hertz Posts Lower 1Q Revenue, Narrower Adjusted Loss
|
|
Hertz Global Holdings Inc. said first-quarter revenue was $1.29 billion compared with $1.92 billion a year earlier. The rental-car company swung to a profit that reflected a gain on the sale of its Donlen business to Athene Holding Ltd. Adjusted loss was 33 cents a share, compared with an adjusted loss of $1.78 a share a year earlier.
U.S. rental car revenue declined 32%, but strong pricing reflected "tighter fleet levels combined with upward trending leisure travel." Hertz, which filed for bankruptcy in May 2020, said it remains on track to emerge in June. —Josh Beckerman
|
|
|
|
Space-technology startup Momentus said it repaid its PPP loan ahead of its SPAC deal.
MOMENTUS
|
|
|
Some Startups Went From Rescue PPP Loans to SPAC Windfalls
|
|
More than 30 venture-funded tech startups with valuations of more than $150 million announced a deal with a special-purpose acquisition company, or SPAC, within about a year of receiving taxpayer-funded forgivable loans designed to help small businesses pay their employees through the pandemic. Read More.
|
|
|
Yield-Starved Investors Snap Up Muni Bonds
|
|
Investors in search of higher returns and lower taxes are scooping up debt sold by state and local governments, a reversal from the pandemic’s lows when many predicted tax collections would plunge and mounting financial distress would spur a wave of defaults. Read More.
|
|
|
JCPenney landed in bankruptcy court after foundering during the pandemic, but the reorganized retailer now sports a relatively big liquidity cushion and its sales are growing. (Bloomberg)
Brookfield Property Partners LP sold its stake in fast-fashion retailer Forever 21 ahead of a proposed buyout that would see the mall owner taken private by its parent company. (Bloomberg)
A New York firm has won an auction to buy the 1,038-unit Henry Ford Village retirement community in Dearborn out of bankruptcy and intends to pay a portion of current residents' refundable entrance fee deposits that bankruptcy had put at risk. (Detroit Free Press)
The Harrisburg Diocese's bankruptcy case could collide with bill giving child sex abuse victims a chance to sue. (PennLive)
|
|
|
|