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NRA Trial Winds Down; Stoneway Bondholders Argue for Canadian Restructuring; Alleged Missteps Made in $700 Million Trucking Loan
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Good day. A government lawyer says a monthlong trial has established that NRA management should be removed or the group’s chapter 11 case thrown out. Elsewhere, Stoneway bondholders want restructuring proceedings to continue in Canada; and, a Congressional commission suggests that data inconsistencies led to the designation of financially troubled Yellow Corp. as being critical to national security.
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National Rifle Association leader Wayne LaPierre in 2018.
PHOTO: JIM WATSON/AGENCE FRANCE-PRESSE/GETTY IMAGES
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DOJ Lawyer Says LaPierre Failed to Provide NRA Oversight
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A Justice Department lawyer said that National Rifle Association leader Wayne LaPierre has failed to provide adequate oversight of the gun-rights organization and that management should be removed or curtailed if a bankruptcy judge allows the NRA to remain in chapter 11. Read More.
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Stoneway, Bondholders at Odds Over Restructuring Venue
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BlackRock Inc., DoubleLine Capital LP and other senior bondholders of Argentine power plant owner Stoneway Capital Ltd. are seeking to have restructuring proceedings unfold in Canada and to override a U.S. bankruptcy case filed by the company. Read More.
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Government Made Missteps in Extending Coronavirus Aid to Trucker, Report Says
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The Treasury and Defense departments “made missteps” last year by labeling Yellow Corp. critical to national security, according to a bipartisan congressional panel probing a $700 million coronavirus-relief loan to the financially troubled trucker. Read More.
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Rival investor groups are vying for ownership of bankrupt car rental giant Hertz.
PHOTO: LARRY PEARLMAN
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Bankrupt Hertz Gets Sweetened Offer From Knighthead, Certares
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A group of investors that was previously outbid for bankrupt Hertz Global Holdings Inc. has sweetened its offer for the bankrupt rental car company. A revised bid from Knighthead Capital Management LLC, Certares Management LLC and a committee of hedge-fund shareholders now includes the chance for common equity owners to receive warrants to buy up to 10% of the restructured company, in addition to a 50-cent-per-share cash payout. Hertz rejected a previous bid from Knighthead and Certares as incomplete.
Proposed terms of the current lead bidding group, made up of Dundon Capital Partners LLC, Centerbridge Partners LP and Warburg Pincus LLC, offers shareholders warrants for up to a 4% stake. Hertz is scheduled to hold an auction on May 10. Any restructuring deal requires Hertz's support, and bankruptcy-court approval, to advance. —Becky Yerak
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Bankrupt Plastics Recycler CarbonLite Gets $96 Million Bid For Assets
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CarbonLite Holdings LLC, which bills itself as the world's largest recycler of plastic bottles, received a $96 million bid to purchase certain of its assets out of bankruptcy, including equipment, inventory, and business contracts, according to court documents. DAK Americas LLC, a producer of PET resins and polyester staple fibers, which is owned by Alfa S.A.B de C.V. of Mexico, is the stalking horse bidder.
CarbonLite filed for chapter 11 in March, citing disruption to its business operations from the coronavirus pandemic. —Alexander Gladstone
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Bankrupt Nonprofit Connections Has Second Deal With Inperium
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Bankrupt nonprofit Connections Community Support Programs Inc., which provides drug addiction and mental illness treatment to thousands of Delaware residents, has struck a second deal to sell more of its assets to Inperium Inc. Pennsylvania-based Inperium itself is a nonprofit that provides support services to other organizations in four states. Last month it became lead bidder, with a $10 million offer, for Connections programs that include serving people with mental health problems and intellectual disabilities.
It now has made a $2.5 million offer for an outpatient clinic and programs related to medication-assisted treatment for individuals with addiction problems. —Becky Yerak
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Record Share of Companies Are Beating Earnings Estimates
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Corporate earnings have rarely looked this good. With the earnings season more than halfway over, most companies in the S&P 500 have surpassed analysts’ profit expectations. Read More.
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Landmark Opioid Trial Opens in West Virginia
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Lawyers for a West Virginia county and city told a judge Monday that the nation’s three largest drug distributors should be held liable for helping spur a public-health crisis by ignoring mounting evidence for years that prescription drugs were being diverted for illegal use. Read More.
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3,000
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Number of lawsuits in which states and local governments argue that drug distributors created a “public nuisance” by allowing opioids like OxyContin to flood communities.
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“Nothing has ever hit our city where young and old, affluent and poor, people of all races and nationalities felt there was no avenue of escape.”
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— Lawyer representing Huntington, W.Va., in the landmark opioid trial
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Should members of the Sackler family who own Purdue Pharma be protected from opioid-related lawsuits? (NPR)
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President Joe Biden may pause student loans beyond September 30, although it may be an uphill battle. (Forbes)
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Following minor league baseball’s constriction last year and a 2020 without revenue due to the COVID-19 pandemic, Connecticut Democratic Sen. Richard Blumenthal is proposing roughly $500 million in federal assistance for the sport. (Hartford Courant)
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