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NRA Leadership Goes on Trial; Hertz Taps Lead Investors; Abuse Victims Challenge Boy Scouts
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Good day. Monday begins a multiday trial on the National Rifle Association's chapter 11 filing and the allegations of financial wrongdoing that spurred it to file for bankruptcy. Hertz picked new bankruptcy-exit sponsors, and victims challenged the Boy Scouts for control over settlement terms.
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Wayne LaPierre, head of the National Rifle Association, at the Conservative Political Action Conference in Orlando, Fla., in February.
ELIJAH NOUVELAGE/BLOOMBERG NEWS
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NRA Leadership on Trial in High-Stakes Bankruptcy Hearings
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Among those whose fates are on the line in the National Rifle Association's bankruptcy case is Wayne LaPierre, the chief executive who has led the not-for-profit group for three decades and become the public face of one of America’s most powerful advocacy organizations. Read More.
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Hertz Selects Investors to Sponsor Planned Chapter 11 Exit
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Hertz tapped a consortium made up of Centerbridge Partners LP, Warburg Pincus LLC and Dundon Capital Partners LLC to sponsor the company’s exit from chapter 11 along with bondholders that agreed to take control of the reorganized company. Read More.
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Sex-Abuse Victims Duel With Boy Scouts for Right to Steer Bankruptcy
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A committee of sex-abuse victims sharpened its criticism of the Boy Scouts' bankruptcy plan as legally flawed and financially insufficient for the nearly 84,000 men who have stepped forward seeking compensation. Read More.
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“We are in survival mode as a council."
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— Jon Ball, former president of the Boy Scouts' Silicon Valley Monterey Bay Council
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‘Black Widow,’ with Scarlett Johansson, will be released in the cinema and on the Disney+ streaming service.
MARVEL STUDIOS/ASSOCIATED PRESS
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Disney’s ‘Black Widow’ Sets Stage for Possible Clash With Theaters
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Some theaters are considering ways to push back at the biggest studio in Hollywood over one of the summer’s most anticipated movies. Read More.
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‘Godzilla vs. Kong’ Roars at Theaters, Suggests Pent-Up Demand
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An entertainment industry worried about getting consumers back to the theater received a burst of confidence over the weekend, when the monster mashup collected a robust $48.5 million over five days despite coronavirus-driven capacity limitations in most auditoriums. Read More.
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Philadelphia restaurant owner Townsend Wentz has a personal guarantee that makes him responsible for around $540,000 in rental payments and another $175,000 for a liquor license.
MICHELLE GUSTAFSON FOR THE WALL STREET JOURNAL
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Small-Business Owners Feel Weight of Personal Debt Guarantees
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Small-business owners taking on debt or signing a lease often end up providing a personal guarantee, in which they promise to be responsible for the payments if the business can’t pay. The weight of personal guarantees has grown as the pandemic has stretched on, increasing the amount small-business owners owe and forcing many to draw down savings. Read More.
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Equinox Group is fielding interest from blank-check firms that would take the company public after it lost around $350 million last year amid the pandemic, according to people with knowledge of the matter. (Bloomberg)
Mercy Hospital and Medical Center has finalized a deal to sell its facility for $1 to a Michigan-based not-for-profit, in a deal that promises to keep the Bronzeville hospital open after months of uncertainty regarding its future. (Chicago Sun-Times)
The plight of one couple who owned a warehouse full of Brooks Brothers mannequins illustrates the far-reaching consequences of retail bankruptcies, which cascaded during the pandemic and affected everyone from factory workers to executives. (New York Times)
While 2020 was an exceptional year for U.S. corporate bankruptcies, a larger share of distressed companies upended by the COVID-19 pandemic is using court processes to restructure instead of close shop. (S&P Global Market Intelligence)
A federal judge denied the hiring of a financial advisor, which would have cost up to $75,000 a month, in the Archdiocese of Agana's two-year-old bankruptcy case. (Guam Daily Post)
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