Restaurant funding – Fuze Restaurant And Lounge http://fuzerestaurantandlounge.com/ Tue, 22 Nov 2022 07:14:09 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://fuzerestaurantandlounge.com/wp-content/uploads/2021/06/icon-90.png Restaurant funding – Fuze Restaurant And Lounge http://fuzerestaurantandlounge.com/ 32 32 Genesis says it has no immediate plans to file for bankruptcy https://fuzerestaurantandlounge.com/genesis-says-it-has-no-immediate-plans-to-file-for-bankruptcy/ Tue, 22 Nov 2022 07:14:09 +0000 https://fuzerestaurantandlounge.com/genesis-says-it-has-no-immediate-plans-to-file-for-bankruptcy/ Genesisa digital asset financial services company, has denied being about to declare bankruptcyjust days after withdrawals halted in response to the collapse of crypto exchange FTX. On Monday, Nov. 21, the cryptocurrency lender said it had “no plans” to file for bankruptcy in the near future and will seek a “consensual” solution to the situation. […]]]>

Genesisa digital asset financial services company, has denied being about to declare bankruptcyjust days after withdrawals halted in response to the collapse of crypto exchange FTX.

On Monday, Nov. 21, the cryptocurrency lender said it had “no plans” to file for bankruptcy in the near future and will seek a “consensual” solution to the situation.

In a statement emailed to Reuters, a Genesis spokesperson said, “We have no plans to file for bankruptcy any time soon. Our goal is to resolve the current situation in a consensual manner without the need to file for bankruptcy.

According to a report per Bloomberg News, citing sources, Genesis had difficulty raising new capital for its lending unit and warned investors that it could file for bankruptcy if additional funds were not secured.

According to reports, the crypto investment bank has spent the past few days trying to raise at least $1 billion in new capital.

Moreover, the Wall Street Journal reported that Genesis approached crypto exchange Binance looking for an investment, but Binance declined due to a potential conflict of interest down the road.

According to reports, the company has also approached private equity firm Apollo Global Management for funding.

Genesis Global Capitalone of the largest crypto lenders, suspended customer withdrawals last week due to a liquidity crunch triggered by an increase in withdrawal requests following the collapse of Sam Bankman-Fried’s FTX.

Gemini Pose

Gemini, which operates a crypto lending product in partnership with Genesis, tweeted on Monday that it continues to work with the company to help its consumers redeem funds from its return-generating “Earn” program.

Gemini said on its blog last week that the suspension of withdrawals from Genesis had no effect on its other products and services.

Read also : Is FTX Crash the end of crypto? Here’s how a multi-billion dollar scam went down

Dhirendra is a writer, producer and journalist who has worked in the media industry for over 3 years. A technology enthusiast, a curious person who likes to research and know things. When he’s not working, you can find him reading and understanding the world through the lens of the internet. Contact him at [email protected]

The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.

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FTX says it could have over a million creditors in new bankruptcy filing https://fuzerestaurantandlounge.com/ftx-says-it-could-have-over-a-million-creditors-in-new-bankruptcy-filing/ Tue, 15 Nov 2022 11:07:24 +0000 https://fuzerestaurantandlounge.com/ftx-says-it-could-have-over-a-million-creditors-in-new-bankruptcy-filing/ The FTX logo with crypto coins with a 100 dollar bill is shown for illustration. FTX has filed for bankruptcy in the United States, seeking court protection as it seeks a way to return money to users. Jonathan Raa | Nurphoto | Getty Images Embattled cryptocurrency exchange FTX could have more than a million creditors, […]]]>

The FTX logo with crypto coins with a 100 dollar bill is shown for illustration. FTX has filed for bankruptcy in the United States, seeking court protection as it seeks a way to return money to users.

Jonathan Raa | Nurphoto | Getty Images

Embattled cryptocurrency exchange FTX could have more than a million creditors, according to a new bankruptcy filing, hinting at the huge impact of its collapse on crypto traders.

Last week, when it filed for Chapter 11 bankruptcy protection, FTX said it had more than 100,000 creditors with claims in the case.

But in a filing updated tuesdaycompany attorneys said, “In fact, there could be over a million creditors in these Chapter 11 cases.”

Generally, in such cases, debtors are required to provide a list of the names and addresses of the top 20 unsecured creditors, the lawyers said. However, given the scale of its debts, the group instead intends to file a list of the 50 largest creditors by Friday at the latest.

Five new independent directors have been appointed at each of FTX’s major parent companies, according to the filing, including former Delaware District Judge Joseph J. Farnan, who will serve as the lead independent director.

Over the past 72 hours, FTX has been in contact with “dozens” of regulators in the United States and abroad, the company’s attorneys wrote. These include the US Attorney’s Office, the Securities and Exchange Commission, and the Commodity Futures Trading Commission.

This year has seen a series of crypto firms, including Celsius and Voyager Digital, fail as they deal with falling digital asset prices and subsequent liquidity issues.

In previous bankruptcy cases, traders on these platforms have been named as “unsecured creditors”, meaning they will likely be at the back of a long queue of entities seeking reimbursement, suppliers to employees.

Prior to its collapse, FTX offered both amateur and professional traders one-off crypto investments as well as more complex derivatives trading. At its peak, the platform was valued by investors at $32 billion and had over a million users. The company’s failure had a chilling effect on the industry, with investors selling their positions and moving funds off exchanges.

On Monday, the CEOs of Binance and Crypto.com sought to reassure investors about the financial health of their companies. Binance’s Changpeng Zhao said his exchange had seen only a slight increase in withdrawals, while Crypto.com chief Kris Marszalek said his company had an “extremely strong balance sheet”.

Pooling of client funds

The collapse of FTX caused a

CNBC reported As of Sunday, Alameda Research, FTX’s sister company, had borrowed billions of client funds from the exchange to ensure it had enough cash to process withdrawals.

In general, mixing client funds with counterparties and trading them without express consent is illegal under US securities law. This also violates FTX’s Terms of Service.

Bankman-Fried declined to comment on the allegations, but said the company’s recent bankruptcy filing was the result of issues with a leveraged trading position.

“I think it’s becoming increasingly clear, even at a basic level, that this kind of mixing of interests between the market maker and the exchange is highly unethical,” Jamie Burke told CNBC. , CEO and founder of venture capital firm Web3 Outlier Ventures.

In a Encrypted Twitter feed this week, Bankman-Fried wrote the word “What” followed by the letters “H”, “A”, “P”, “P”, “E”, “N”, “E”, “D”, intermittently tweets.

He ended the thread on Tuesday with the phrase: “10) [NOT LEGAL ADVICE. NOT FINANCIAL ADVICE. THIS IS ALL AS I REMEMBER IT, BUT MY MEMORY MIGHT BE FAULTY IN PARTS.]”

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Elon Musk warns Twitter could face bankruptcy as top executives flee https://fuzerestaurantandlounge.com/elon-musk-warns-twitter-could-face-bankruptcy-as-top-executives-flee/ Fri, 11 Nov 2022 19:09:00 +0000 https://fuzerestaurantandlounge.com/elon-musk-warns-twitter-could-face-bankruptcy-as-top-executives-flee/ Elon Musk told Twitter staff on Thursday to prepare for “tough times ahead” and warned the company could go bankrupt if it doesn’t find new ways to make money. Speaking at an all-employee meeting on Thursday, Musk said Twitter was losing money and “bankruptcy is not out of the question,” according to reports from Platformer […]]]>

Elon Musk told Twitter staff on Thursday to prepare for “tough times ahead” and warned the company could go bankrupt if it doesn’t find new ways to make money.

Speaking at an all-employee meeting on Thursday, Musk said Twitter was losing money and “bankruptcy is not out of the question,” according to reports from Platformer and Bloomberg.

The revelations marked another whirlwind day since Musk took control of the social media platform.

Late Wednesday evening, Musk sent his first email to employees, ordering them to stop working from home and report to the office Thursday morning, reversing the work from anywhere policy Twitter implemented during the pandemic.

“Sorry this is my first company-wide email, but there’s no way to water down the message,” Musk wrote, before describing a dire economic climate for companies like Twitter that almost depend entirely advertising.

“Without significant subscription revenue, there’s a good chance Twitter won’t survive the coming economic downturn,” Musk said. “We need about half of our revenue to be subscriptions.”

The next day, Musk convened his first “everyone” meeting, where he gave a gloomy assessment of the company’s finances and elaborated on the in-person work requirement.

Musk said while “exceptional” workers would be allowed to work remotely, others who didn’t like it could quit, said an employee at the meeting who spoke on condition of anonymity for safety reasons. ‘use. Musk himself is known for his strenuous work weeks and claimed to have worked 120 hour weeksincluding the 24 hours of his 47th birthday.

“He was never a fan of remote work from the start,” MarketWatch reporter Andrew Keshner told CBS News.


Elon Musk lays off senior executives after Twitter takeover

02:21

Dismissals, then resignations

Half a dozen top executives quit Twitter this week, following the carnage of around 3,700 layoffs last weekthat’s half of Twitter’s workforce.

Departures include Twitter’s chief privacy officer, Damien Kieran; its compliance officer, Marianne Fogarty; and its chief information security officer, Lea Kissner, who tweeted on Thursday that “I have made the difficult decision to leave Twitter.”

The latest resignations also include that of Yoel Roth, Twitter’s head of trust and safety, a previously little-known executive who became the public face of the company’s content moderation after Musk took over. An executive confirmed Roth’s resignation to colleagues on an internal bulletin board seen by The Associated Press.

Roth’s resignation is a “huge loss” to Twitter’s reliability and integrity, said his former colleague and friend Emily Horne.

“He worked incredibly hard under very difficult circumstances, including being personally targeted by some of the most vicious trolls that were active on the platform,” said Horne, who oversaw global political communications on Twitter until 2018. “He stuck through it all because he believed so much in the work his team was doing to promote a public conversation and improve the health of that conversation.”


Twitter asks dozens of former employees to return days after mass layoffs

06:11

Since the layoffs, Twitter has asked some of the laid off employees to return. In the meantime, experts say the significantly reduced headcount will likely make it harder for the platform to meet its legal obligations to ensure user data privacy.

Cybersecurity expert Alex Stamos, Facebook’s former chief security officer, tweeted Thursday that there is “serious risk of a breach with significantly reduced staff” that could also put Twitter at odds with a 2011 Federal order. Trade Commission which required him to deal with serious data security breaches.

“Twitter has made huge strides toward a more streamlined internal security model and a rollback will put them in trouble with the FTC” and other regulators in the United States and Europe, Stamos said.

FTC is watching

The FTC said in a statement Thursday that it “is following recent developments on Twitter with grave concern.”

“No CEO or company is above the law, and companies must follow our consent decrees,” the agency’s statement said. “Our revised consent order gives us new tools to ensure compliance, and we’re ready to use them.”

The FTC wouldn’t say whether it was investigating Twitter for potential violations. If so, he is empowered to demand documents and file employees.

In an email to employees seen by the AP, Musk said “Twitter will do whatever it takes to comply with both the letter and the spirit of the FTC’s consent decree.”

“Anything you read to the contrary is absolutely false. The same goes for all other government regulatory matters where Twitter operates,” Musk wrote.

Twitter paid a $150 million fine in May for violating the 2011 consent order. Its updated version established new procedures requiring the company to implement an enhanced privacy program as well as strengthen information security. The new procedures also require the company to include a comprehensive list of disclosures Twitter must make to the FTC when introducing new products and services, particularly when they affect personal data collected about users.

“If Twitter is sneezing, it needs to do a privacy review first,” tweeted Riana Pfefferkorn, a Stanford University researcher who said she previously provided Twitter outside of legal advice.


MoneyWatch: Twitter delisted from the New York Stock Exchange

06:51

Musk is fundamentally overhauling the platform’s offerings and it’s unclear if he’s talking to the FTC about it. Twitter, which emptied its communications service, did not respond to a request for comment from the AP on Thursday.

The Mercurial CEO, who has been fined for cavalier tweets in the past, has a history of entanglement with regulators. “I don’t respect the SEC,” Musk said in a 2018 tweet, referring to the Securities and Exchange Commission.

The consequences of failing to comply with FTC requirements can be severe, such as when Facebook had to pay $5 billion for violation of privacy.

Appeal to runaway advertisers

Musk’s memo and staff meeting echoed a conversation streamed live on Twitter Spaces on Wednesday in which Musk tried to appease advertisers, who were leak twitter, citing an increase in hate speech on the platform, since he took control of it late last month and fired its top executives.

Advertisers whose Maker of Oreo MondelezAllianz, Audi, General Mills, GM, United Airlines and Pfizer suspended their ads on the platform, leading to a big cash crisis for the company. Others should follow.

In his live stream, Musk claimed hate speech has decreased on the platform since he took over and asked advertisers to be patient, warning them that the company would do “a lot of things stupid” in the coming weeks.

“If we don’t make bold moves, how are we going to make big improvements? We have to be adventurous here and I think we will make very big steps forward,” he said.

For now, Twitter relies exclusively on advertising for its revenue. Musks’ goal is to cut that amount in half, while bringing in more money from subscriptions. In Thursday’s email, Musk told employees that the “priority over the past 10 days” was to grow and launch Twitter’s $8 monthly subscription service, which includes a blue checkmark next to it. named after paying members – the mark had previously only been granted to verified accounts.

The project has had a rocky rollout, as fake accounts newly purchased this week attempted to impersonate high-profile figures such as basketball star LeBron James and pharmaceutical company Eli Lilly.

In a second email to employees, Musk said the “top priority” over the next few days is to suspend “bots/trolls/spam” exploiting the verified account system.

During the rollout of the new subscription service, Twitter Blue, on Friday, a flood of fake accounts had been frozen by the company, according to tech reporter Zoe Schiffer.

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FTX rushes to bankruptcy with $8 billion hole, US probe https://fuzerestaurantandlounge.com/ftx-rushes-to-bankruptcy-with-8-billion-hole-us-probe/ Thu, 10 Nov 2022 10:08:49 +0000 https://fuzerestaurantandlounge.com/ftx-rushes-to-bankruptcy-with-8-billion-hole-us-probe/ (Bloomberg) – The crisis engulfing Sam Bankman-Fried’s FTX.com is rapidly worsening, with the former crypto prodigy warning of bankruptcy if his company can’t get funds to cover a shortfall of up to $8 billions of dollars. Bloomberg’s Most Read Bankman-Fried informed investors of the discrepancy on Wednesday, shortly before rival exchange Binance abruptly backed out […]]]>

(Bloomberg) – The crisis engulfing Sam Bankman-Fried’s FTX.com is rapidly worsening, with the former crypto prodigy warning of bankruptcy if his company can’t get funds to cover a shortfall of up to $8 billions of dollars.

Bloomberg’s Most Read

Bankman-Fried informed investors of the discrepancy on Wednesday, shortly before rival exchange Binance abruptly backed out of a takeover bid. He said FTX.com needed $4 billion to stay solvent and was trying to raise bailout funding in the form of debt, equity or a combination of the two, according to a person with direct knowledge of the matter. .

“I screwed up,” Bankman-Fried told investors on the call, according to people familiar with the conversation. He said he would be “incredibly, incredibly grateful” if investors could help.

A representative for FTX declined to comment.

Recognition of his company’s growing problems and limited options is a stunning turning point for Bankman-Fried, who was once worth $26 billion and was compared to John Pierpont Morgan. It also highlights the uncertainty hanging over FTX, its customers, and the cryptocurrency markets.

US authorities are investigating FTX, the vast majority of Bankman-Fried’s wealth has evaporated, and his rivals are cashing in on his misfortunes. Robinhood Markets Inc. has seen its biggest crypto inflows in the past two days, chief executive Vlad Tenev said Thursday. Binance and Coinbase Global Inc. also saw large inflows, according to data from CryptoQuant.

Investor Sequoia Capital has written down the full value of its holdings in FTX.com and FTX.us, indicating the company sees no clear path to recovering its investment.

Major Contributors

The fate of its investors and lenders, but also that of anyone who has been unable to recover client assets since it halted some withdrawals earlier in the week, hangs in the balance as the exchange falters . The failure of crypto firms Celsius and Voyager saw billions of customer money locked in bankruptcy proceedings.

FTX has a strong list of backers such as Sequoia Capital, BlackRock Inc., Tiger Global Management, and SoftBank Group Corp.

Still, Bankman-Fried remained defiant for a turbulent roughly 24-hour period that included growing speculation that Binance would not go through with the deal.

He repeatedly told investors during the conference call on Wednesday afternoon that it was simply not true that Changpeng Zhao was walking away from the takeover, the person said.

About an hour later, Binance said it was indeed backing off.

Read more: Binance withdraws from FTX Rescue, citing finances, investigations

“Our hope was that we could help FTX customers provide liquidity, but the issues are beyond our control or ability to help,” Binance, the crypto exchange founded by Zhao, said in a statement.

In addition to financial stress, FTX is attracting the attention of US authorities.

The Securities and Exchange Commission and Commodity Futures Trading Commission are investigating whether the firm properly handled client funds, as well as its dealings with other parts of Bankman-Fried’s crypto empire, including its trading house. trade Alameda Research, Bloomberg News reported on Wednesday. Justice Department officials are also working with SEC attorneys, one of the people said.

Zhao said in a memo on Wednesday that there was no “blueprint” to take over FTX and that “user confidence is badly shaken.”

The renewed concern about the risk of contagion is manifesting in the fall in digital asset prices. Bitcoin fell below $16,000, the lowest in two years, following Binance’s announcement.

Coinbase Chief Executive Brian Armstrong said in a Bloomberg TV interview on Tuesday that if the deal with Binance fell through, it would likely mean that FTX customers would suffer losses.

“It’s not a good thing for anyone,” he said.

For crypto market prices: {CRYP}; for the best crypto news: {TOP CRYPTO}.

–With help from Yueqi Yang, Hannah Miller and Tanzeel Akhtar.

Bloomberg Businessweek’s Most Read

©2022 Bloomberg LP

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Sears emerges from bankruptcy, a handful of stores remain https://fuzerestaurantandlounge.com/sears-emerges-from-bankruptcy-a-handful-of-stores-remain/ Sun, 06 Nov 2022 20:07:34 +0000 https://fuzerestaurantandlounge.com/sears-emerges-from-bankruptcy-a-handful-of-stores-remain/ Alba Wheels Up International founder Salvatore Stile said importers and retailers predict a “decline ahead”. Sears Management emerged from bankruptcy after more than 10,000 court filings and a four-year suspension that saw the department store chain shrink from nearly 700 stores to less than two dozen. The bankruptcy estate reorganization plan went into effect on […]]]>

Sears Management emerged from bankruptcy after more than 10,000 court filings and a four-year suspension that saw the department store chain shrink from nearly 700 stores to less than two dozen.

The bankruptcy estate reorganization plan went into effect on October 29, signaling a end of chapter 11 and the start of a liquidation process for its remaining assets.

Sears Holdings is a front company. It sold its stores in February 2019 to ESL Investments, a subsidiary of former Sears chairman Eddie Lampert. The $5.2 billion sale included more than 400 outlets.

Syracuse University retail professor Ray Wimer doesn’t expect the remaining 20+ Sears stores in this sale to survive. “They don’t have an attractive value proposition for customers and the degree of competition in the retail market with similar products means the end will come at some point,” he told FOX Business.

Where America shopped

Customers shop at a Sears store in Woodfield Mall on September 17, 2021 in Schaumburg, Illinois. (Scott Olson/Getty Images/Getty Images)

Sears once advertised itself as “Where America Shops” and boasted merchandise lines from model Cheryl Tiegs and “Charlie’s Angel’s” star Jaclyn Smith.

In its heyday, Sears, Roebuck was the largest retailer in the world, with nearly 3,500 Sears and Kmart stores, including 2,350 full-line and non-mall stores and 1,100 specialty retail stores. Sears also had a portfolio of leading brands and operating businesses, including Kenmore, DieHard, Craftsman, Sears Home Services, Sears Auto Centers and Innovel.

Competitor Walmart had just over 3,000 stores: 1,353 discount stores and 1,713 Supercenters.

FOX Business

The Kmart sign still dominates a mall in Lawnside, New Jersey on October 29, 2022, a decade after Kmart closed. The property was finally sold in 2022.

Lampert, then chairman of Kmart Holding, bought Sears for $11 billion in March 2005 in an effort to fend off physical competitors such as Walmart and e-commerce rivals such as Amazon.

At the time of the merger, the Sears-Kmart combo, called Transformco, had annual revenues of $55 billion, one-fifth of Walmart’s $256 billion total for fiscal 2004.

Amazon had annual revenue of $2.54 billion. Since then the the largest online retailer in the world reached $469.8 billion in sales while Walmart ended 2021 at $572.8 billion. Transformco is privately held and does not publish financial results.

fire sales

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Sears tried to avoid bankruptcy by closing stores and selling assets. sear sold its Craftsman brand to Stanley Black & Decker in 2017 for $775 million and closed 300 stores in 2018.

It wasn’t enough.

The company went bankrupt in October 2018 with 687 stores. Like many brick-and-mortar retailers, the department store has been a victim of declining sales. Revenues plummeted 53.8% in the five years before bankruptcy, prompting some suppliers to demand unfavorable payment schedules, cut subsidies or demand upfront payment as a condition for lawsuit of the delivery of the goods.

Lampert purchased the remaining assets of Sears in a January 2019 Bankruptcy Auction and acquired Sears Hometown and Outlet Stores in June. He sold DieHard to Advance Auto for $200 million in December 2019.

Transformco continued to sell stores and closed the last 15 Sears Auto Center locations in January.

Professor Wimer says, based on what he has seen, he expects Sears stores to die slowly, noting that it is unlikely anyone will be interested in buying any of Sears’ assets. Sears, if Lampert was interested in selling, given the small footprint of the remaining stores.

There are now fewer than two dozen Sears stores, excluding smaller-format hometown stores, according to BroStocks and the Sears website.

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Surviving Sears stores:

  • Alaska: Anchorage (home and life)
  • California: Burbank, Concord, Stockton, Whittier
  • Colorado: Fort Collins (appliances and mattresses)
  • Florida: Miami, Orlando, Palm Beach Gardens
  • Hawaii: Honolulu (appliances and mattresses)
  • Kansas: Overland Park (home and life)
  • Louisiana: Lafayette (home and life)
  • Maryland: Frederick
  • Massachusetts: Braintree
  • New Jersey: Jersey City
  • North Carolina: Greensboro
  • Pennsylvania: Camp Hill
  • Puerto Rico: San Juan
  • Texas: El Paso, Pharr (appliances and mattresses)
  • Washington: Tukwila, Union Gap
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Local families left behind after hired contractor suddenly files for bankruptcy https://fuzerestaurantandlounge.com/local-families-left-behind-after-hired-contractor-suddenly-files-for-bankruptcy/ Fri, 04 Nov 2022 01:25:03 +0000 https://fuzerestaurantandlounge.com/local-families-left-behind-after-hired-contractor-suddenly-files-for-bankruptcy/ Several local families are on the verge of losing thousands of dollars to a single contractor. Shane Solomon, Hugh Lyon and Evan Wahlman paid Thomas Weems and his company, Elite Custom Homes and Construction in Puyallup, to renovate their homes. Now, Weems and his company are filing for Chapter 7 bankruptcy — a full asset […]]]>

Several local families are on the verge of losing thousands of dollars to a single contractor.

Shane Solomon, Hugh Lyon and Evan Wahlman paid Thomas Weems and his company, Elite Custom Homes and Construction in Puyallup, to renovate their homes.

Now, Weems and his company are filing for Chapter 7 bankruptcy — a full asset liquidation — potentially leaving his clients nearly $1 million short after doing little or no work on their homes.

“I mean, he definitely shouldn’t be able to walk away,” Wahlman said.

Yet Weems apparently did just that and started a brand new construction company, Warrior Construction Services.

“I don’t know how he got that license after what he’s been going through, trying to file for bankruptcy,” Lyon said. “That does not make any sense.”

That seems to be the case, especially after Weem posted a trip to Miami on Facebook. He says there that he dined in fancy restaurants where the steaks cost up to a thousand dollars.

He got bottle service at the Clevelander Hotel — ranging from $225 to $800 each.

He played golf in Doral – it’s almost $400 a game.

He talked about it on May 30. On June 1, Weems decided to shut down Elite Custom Homes and Construction — just two days after telling everyone about his Miami adventure.

A few weeks later, he continued to eat well in Puget Sound in El Gaucho.

Three days later, he filed for bankruptcy.

“I think he’s incredibly irresponsible financially,” Solomon said.

Today, at least five former clients are filing lawsuits in federal court challenging his bankruptcy. In court documents, Solomon says he paid $103,000 and Weems provided no service and did no work.

KIRO 7 called and texted Weems – he told us to talk to his attorney. When the lawyer didn’t answer, we stopped at Weems’ house to look for answers. He did not answer or respond.

Randy Littlefield leads the Bankruptcy Unit at Labor and Industries. He said if a contractor has no L&I violations, has paid their employees’ bills, and has no court judgments, the agency cannot stop them from getting a license.

And court cases filed declaring bankruptcy don’t count.

Weems’ new and old companies are supposed to be separate, but on his new company Warrior’s website, some parts are clearly from his old company, Elite.

As a result of our investigation, Rep. Tina Orwall of Des Moines said she would draft legislation to better protect consumers in the event of bankruptcy and weak contractor bonds.

In this case, all former customers would have to share the $12,000 deposit.

“It’s going to be a big lift. We are going to be pushed back,” Orwall said. “But I think at the end of the day we don’t have a balance in our system. The protections are simply not there.

“I think it’s more than a bad deal. It’s a bad deal and then more.

As for those who have done business with Weems, the pain goes far beyond the wallet.

“It’s crazy. And it hurts,” Lyon said. “It’s going to hurt more people.”

“I don’t care if he has to pay me a dollar out of every paycheck for the next hundred years like I will, I’ll exhaust all my efforts,” Solomon said.

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Benjamin Morris issued bankruptcy notice after luxury trip to Hamilton Island with Australian models https://fuzerestaurantandlounge.com/benjamin-morris-issued-bankruptcy-notice-after-luxury-trip-to-hamilton-island-with-australian-models/ Tue, 01 Nov 2022 01:36:00 +0000 https://fuzerestaurantandlounge.com/benjamin-morris-issued-bankruptcy-notice-after-luxury-trip-to-hamilton-island-with-australian-models/ Aspiring influencer who tried to launch a ‘rich-only’ vacation is slapped with a bankruptcy notice after a luxury Hamilton Island getaway A Queensland Magistrates’ Court has issued Benjamin Morris with a bankruptcy notice The 33-year-old used investor money to spend a luxury vacation on Hamilton Island Investors claim Morris blocked communication after paying $12,000 to […]]]>

Aspiring influencer who tried to launch a ‘rich-only’ vacation is slapped with a bankruptcy notice after a luxury Hamilton Island getaway

  • A Queensland Magistrates’ Court has issued Benjamin Morris with a bankruptcy notice
  • The 33-year-old used investor money to spend a luxury vacation on Hamilton Island
  • Investors claim Morris blocked communication after paying $12,000 to attend

A budding influencer, who tried to launch a ‘rich only’ vacation in Australia filled with young models and social media stars, has been served with a bankruptcy notice.

New Zealand-born Benjamin Morris faced backlash after using money from investors to spend a luxury holiday on Hamilton Island, Queensland, with a group of models in late August last year .

The 33-year-old promised the Bondi-based company Vacay Seltzer, which gave him $20,000 for accommodation, flights and participants’ activities, that the luxury trip would be offered to wealthy men of attending a getaway.

Benjamin Morris has been served with a bankruptcy notice after he used an investor’s money to spend a luxury vacation on Hamilton Island with a group of social media influencers and role models (pictured, Mr Morris at the Palazzo Versace, Queensland)

Mr Morris was joined by some of Australia’s top social media followers for a weekend at an upscale Airbnb where they enjoyed a yacht cruise, seaplane flight and gourmet food and drink.

Gold Coast entrepreneur Hunter Johnson has filed a lawsuit against Mr Morris and his company after spending $12,000 to attend the trip with influencers including Annabelle Gelly, Evie Maree, Sasha Morpeth and Julia Zeito.

Southport Magistrates Court took proceedings in Federal Court over the holidays and slapped Mr Morris with a bankruptcy notice after he proved difficult to locate.

The notice would be served once it was sent to Mr. Morris’ known phone number, addresses, social media and email accounts, according to the Bulletin of the Côte d’Or.

Mr. Johnson could file a petition to declare Mr. Morris bankrupt if he does not comply with the notice.

Influencers and models were told they were on a free vacation to promote Bondi-based start-up Vacay Seltzer, which they tagged in Instagram posts (pictured)

Influencers and models were told they were on a free vacation to promote Bondi-based start-up Vacay Seltzer, which they tagged in Instagram posts (pictured)

Mr Johnson told the court he became suspicious of the holiday when he asked for an invoice and was not given an itinerary or travel confirmation and was then prevented from communicating with Mr. Morris.

A Gold Coast entrepreneur claims he paid $12,000 to attend but was never given an itinerary and then was blocked by Morris (pictured, Morris on a yacht at Hamilton Island in a video posted by one of the models)

A Gold Coast entrepreneur claims he paid $12,000 to attend but was never given an itinerary and then was blocked by Morris (pictured, Morris on a yacht at Hamilton Island in a video posted by one models)

Social media influencers – who have a combined 850,000 followers – have been told they are on all-expenses-paid leave to promote Vacay Seltzer, whom they tagged in Instagram posts showing them in bikinis by the sea .

Seltzer was promised that the exposure of influencers would favor the startup.

The women have not been accused of any wrongdoing and there is no indication that they were involved in organizing the event.

Mr Morris was an intermittent director of Boss Media Empire from March 2018 until the company was delisted by ASIC in July 2020.

His other company, Boss Yacht Club, with an Instagram bio stating “only for the rich”, has promoted luxury getaways to international events such as the Grammys, the Super Bowl and the Monaco F1 Grand Prix.

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‘Crypto King’ refused to give up his watch, car and phone in bankruptcy https://fuzerestaurantandlounge.com/crypto-king-refused-to-give-up-his-watch-car-and-phone-in-bankruptcy/ Fri, 28 Oct 2022 14:34:42 +0000 https://fuzerestaurantandlounge.com/crypto-king-refused-to-give-up-his-watch-car-and-phone-in-bankruptcy/ Aiden Pleterski, the self-proclaimed “Crypto King,” refused to surrender his diamond-set Rolex, Audi, and cellphone to a bankruptcy trustee. According CTV News Torontothe bankruptcy trustee noted that Pleterski owed more than $25 million to 119 investors. Rob Stelzer, Pleterski’s bankruptcy attorney and senior vice-president of Grant Thornton Ltd, told CTV News Toronto that he “has […]]]>

Aiden Pleterski, the self-proclaimed “Crypto King,” refused to surrender his diamond-set Rolex, Audi, and cellphone to a bankruptcy trustee.

According CTV News Torontothe bankruptcy trustee noted that Pleterski owed more than $25 million to 119 investors.

Rob Stelzer, Pleterski’s bankruptcy attorney and senior vice-president of Grant Thornton Ltd, told CTV News Toronto that he “has been doing this kind of work for over 15 years and [he’s] never made such a request.

Pleterski’s refusal to hand over his belongings nearly led to his arrest. However, the day before his court appearance, he gave up his Audi RSQ8 and his Rolex, while setting a delivery date for his phone.

Pleterski’s lawyer, Michael Simaan, argued that the claims made in court were “grossly exaggerated”.

“While Aiden’s past compliance is far from perfect, he is currently cooperating with the trustee in bankruptcy,” Simaan told CTV News Toronto.

By August, the amount owed by Pleterski approached $13 million, climbing to $25 million. Only $2 million was recovered.

The bankruptcy trustees also noted that they had discovered Pleterski’s creditor funds had paid for five luxury registered cars to various family members. Stelzer will seek a court order to release information regarding the vehicles.

“We are going to be in court in two days, hopefully we get all the relief we are looking for. When we get those bank statements, there will be a lot of work going through the statements, figuring out where the money went,” Stelzer said.

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Thai Airways International: Central Bankruptcy Court Approves THAI’s Amendment of Business Reorganization Plan https://fuzerestaurantandlounge.com/thai-airways-international-central-bankruptcy-court-approves-thais-amendment-of-business-reorganization-plan/ Sat, 22 Oct 2022 04:00:02 +0000 https://fuzerestaurantandlounge.com/thai-airways-international-central-bankruptcy-court-approves-thais-amendment-of-business-reorganization-plan/ On July 1, 2022, the plan administrator of Thai Airways International Public Company Limited submitted the Business Reorganization Plan Amendment Application (the “Plan”) to the Official Receiver. On July 1, 2022, the Official Receiver convened the meeting of creditors electronically (e-Meeting). The creditors, with the sum total of their debt amount equal to 78.59% of […]]]>

On July 1, 2022, the plan administrator of Thai Airways International Public Company Limited submitted the Business Reorganization Plan Amendment Application (the “Plan”) to the Official Receiver. On July 1, 2022, the Official Receiver convened the meeting of creditors electronically (e-Meeting). The creditors, with the sum total of their debt amount equal to 78.59% of the debt amount of all creditors who attended the meeting of creditors and cast their vote, accepted the proposed amendment to the Plan . Later, during the hearing before the Central Bankruptcy Court, some creditors filed an objection with the Central Bankruptcy Court. On October 20, 2022, the Central Bankruptcy Court issued an order approving the proposed modification of the Company’s Plan. The summary of the Court’s order is as follows:

(1) The amendment to the Debt Repayment Plan, by conversion of existing debt into a newly issued common stock to the Department of Finance, creditors of financial institutions and creditor of debentures, provides a time limit for the payment of debts to each creditor in the same class in equal shares by December 31, 2024. In addition, the plan administrator must review and determine an appropriate price of the newly issued common stock for existing shareholders, THAI employees and new investors. In addition, this deadline has always been discussed with the creditors’ committee, of which Bangkok Bank, the 4th opponent, is also one of the creditors’ committees. Moreover, under the law, each creditor of the same class must be treated in the same way. The plan administrator also confirmed that the resolution on the conversion of the existing debt of each class and creditors at the same time, so that the repayment made to the same class is also done. The proposed modification of this part therefore contains all the details, the procedure and the condition. No part is considered discriminating. Furthermore, creditors who are affiliated with Bangkok Bank, which is Thailand’s main financial institution, did not object to this amended part. In addition, 78.59% of the creditors who attended the meeting and cast their vote accepted the proposed amendment to the Plan. This shows that the majority of creditors, including creditors who receive debt repayment through debt-to-equity conversion, have accepted and support this amendment. It is believed that such a modification will help the debtor to have better financial statements and that the creditors will receive the repayment of the debt more quickly. The conversion of debt into equity is therefore not contrary to the Bankruptcy Act.

(2) The amendment to the plan consists in part of adding conditions to the repayment of the indebtedness of the creditors of the repayment of the note, i.e. to repay the value of the note which has been registered and the repayment can be made from from the date the court approves the plan amendment and such repayment must be completed no later than March 31, 2024, may result in a difference in repayment amount from the Official Receiver’s final debt repayment order or of the court. The modification of the means of repayment of the debt is not a deduction from the amount of the debt. It is debt repayment based on the actual price of the ticket the debtors receive and the right and obligation of the parties involved in normal business and the ticket agent. In addition, the passenger can receive debt repayment more quickly, without having to wait for the final debt repayment order. Furthermore, no creditor opposed this proposed modification of the Plan.

(3) Amendment of the Plan on the repayment of debt to creditors having a dispute with the Company in the foreign court and it is necessary for the Plan Administrator to negotiate and settle the disputes with such creditor. If the debtor does not repay the debt to these creditors, the debtor’s assets located abroad may be seized, including an aircraft while it is landed. This can be an impediment to business operation which can adversely affect revenue and reputation, including financial position and the ability to repay debt to the creditor in accordance with the Plan. Furthermore, it does not appear that opponents receive any effect from such an amendment. Opponents do not offer any other better alternative or solution that allows the administrator of the plan to operate flights in the country where the disputes arose without any difficulty or obstacle provided that the modification of this part is not carried out. Thus, the modification of the Plan on this part is essential.

(4) Amendment of the Creditor Debt Reimbursement Plan which is very important for the business operation of THAI. The creditor who is the provider of airport services, ground handling services and other services important to the operation of the business, as specified in the list of names together with details of the amount of the outstanding debt, must be considered as very important creditors for the normal functioning of THAI. operation of the company. If the Plan were not modified, the debtor would not be able to continue its normal activities. It is not considered that the creditors who submitted the repayment of the debt are affected. Moreover, such an amendment is intended to generate revenue in order to repay creditors. It is therefore necessary and not considered contrary to the Bankruptcy Act. However, a condition that allows the debtor to propose additional creditors, the outstanding amount and the need to make repayment to the creditors’ committee means that the creditors’ meeting and the court could not examine these details. Therefore, this condition should be removed. However, such withdrawal does not constitute a material part of the Plan. The other parts of the plan are still in effect.

(5) The amendment of the plan on the business transformation plan, the new installation commission and the condition to minimize the risk of creditor who is forced to convert the debt into equity, including the condition of completion of the plan are not the condition provided by law. Removing a new installation committee will shorten the process. From the creditors’ committee that will oversee the plan administrator. Therefore, the modification of the plan is considered legal. With respect to the business transformation plan, the authority of the plan administrator is to manage the debtor’s assets in accordance with the plan, including the business plan. The conditions (i) to minimize the risk of the creditor who is forced to convert the debt into shares and (ii) to have sufficient financial facilities as a condition of completion of the Plan concerned by Bangkok Bank, the 4th Objector would oblige the Plan administrator to seek a high amount of facility in order to repay debt by converting debt to equity and exit from corporate reorganization. However, it is not easy to seek a high amount of relief while the debtor’s business is insolvent. Also, it depends on the terms or negotiation of the organization or financial institution that can provide the financial support, which is an external and uncontrollable factor. Such a condition is therefore a burden on the debtor, i.e. the debtor is obliged to repay a huge debt in the future. The plan only needs to clearly mention the new installation, but it is not necessary to specify as a condition of completion of the plan. The proposed Plan amendment is therefore fully required by law.

The Plan Administrator, officers and each employee are confident that the reorganization of operations under the Court-approved Plan will be smoothly implemented through to completion to the benefit of all creditors. We assure THAI’s creditors, customer and business partner that THAI will resume its business and services as the flag and pride of Thailand and the Thai people, and will generate profits and continue to grow sustainably in a near future.

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CannTrust Holdings Inc. makes a proposal under the Bankruptcy and Insolvency Act https://fuzerestaurantandlounge.com/canntrust-holdings-inc-makes-a-proposal-under-the-bankruptcy-and-insolvency-act/ Wed, 19 Oct 2022 23:59:00 +0000 https://fuzerestaurantandlounge.com/canntrust-holdings-inc-makes-a-proposal-under-the-bankruptcy-and-insolvency-act/ VAUGHAN, ON, October 19, 2022 /PRNewswire/ – CannTrust Holdings Inc. (the “Company” or “CTH”), a minority investor in Phoena Holdings Inc. (“Phoena”, formerly CannTrust Equity Inc.) announced today that it has made a proposed division I in accordance with the Bankruptcy and Insolvency Law (Canada) (The Proposal”). Phoena’s operations are not affected by the restructuring […]]]>

VAUGHAN, ON, October 19, 2022 /PRNewswire/ – CannTrust Holdings Inc. (the “Company” or “CTH”), a minority investor in Phoena Holdings Inc. (“Phoena”, formerly CannTrust Equity Inc.) announced today that it has made a proposed division I in accordance with the Bankruptcy and Insolvency Law (Canada) (The Proposal”). Phoena’s operations are not affected by the restructuring of CTH.

Logo (CNW Group/CannTrust Holdings Inc.)

Following its press release of July 7, 2022CTH intended to hold its Annual General Meeting on or before November 30, 2022. However, in order to hold such an annual meeting, CTH would be required, among other things, to prepare audited financial statements. CTH has determined that it is not possible to complete the audit and other work necessary to hold an annual general meeting before November 30, 2022. In these circumstances, CTH believes it is in the best interest of its stakeholders to make a proposal to its creditors under the BIA.

The proposal is being funded by Phoena, with backing from Phoena’s largest shareholder, Marshall Fields Holdings, a wholly owned subsidiary of Kenzoll BV, a Netherlands private equity based company. Phoena’s operations are not affected by the restructuring of CTH. The proposal is also supported by CTH’s lenders.

Subject to the satisfaction of certain conditions, including creditors’ approval and obtaining a court order approving the proposal, CTH intends to settle its remaining debts, dispose of its assets residuals, to distribute its shares in Phoena and to dissolve before November 30, 2022 or as soon as possible after that date.

CTH intends to distribute the shares it holds in Phoena to its existing shareholders, provided that (i) shareholders are required to hold at least 10,000 common shares of CTH in order to qualify for a share distribution ordinaries of Phoena; and (ii) any distribution of Phoena Shares to a holder of CTH Shares who is a Non-Canadian Person or a United States Person will be subject to CTH obtaining notice of a qualified and independent securities adviser that this distribution is exempt from any obligation to prepare, file or deliver a prospectus or similar document. The Company limits the distribution of its Phoena Holdings shares to holders or owners of at least 10,000 shares of CTH common stock so that distribution costs do not significantly exceed the value of the Phoena shares being distributed. When Phoena completed its private placement with Marshall Fields Holdings and the other strategic investors in March 2022, common shares were issued to them at a price of approximately $0.009 per share, implying that 10,000 shares had a value of $90.

Only CTH creditors with proven claims (after submitting a proof of claim in accordance with the claims procedure) will be entitled to attend the meeting of creditors, vote on the resolution to approve the proposal and participate any distribution contemplated by the proposal. For more details on the claims procedure, time and place of the meeting of creditors and/or to obtain a proof of claim form and a copy of the claim file, please visit the trustee’s website. the proposal to http://www.ey.com/ca/canntrust. The Proposal Administrator will post additional relevant information and documents related to these procedures on its website as they become available.

The hearing date for court approval of the proposal will be set after the meeting of creditors, if the proposal is approved by the creditors at the meeting of creditors. Details of the hearing date will be posted on the Proposal Trustee’s website as they become available. Anyone wishing to support or oppose the relief sought at the approval hearing may serve court documents on the service list setting out the reasons for their support or opposition and/or attend the hearing. After reviewing the court documents filed by the proposal trustee, CTH and any other person, and hearing submissions from those present at the hearing, the court may approve the proposal and any other relief requested by CTH. If approved by the Court, CTH will then proceed to implement the Proposal.

Phoena continues to explore strategic options to generate cash for its shareholders. Council deliberations are ongoing and progressing, but there is no guarantee that Phoena will ultimately be successful.

About CannTrust Holdings Inc.

It is a holding company and its core asset is an approximately 10% stake in Phoena. Although CannTrust is a reporting issuer under the laws of each of the Canadian provinces, except Quebecit remains subject to the CTO and its common shares have been delisted from the Toronto Stock Exchange and the New York Stock Exchange.

About Phoena

Phoena is an award-winning, federally regulated cannabis producer, with locations in Vaughan and Fenwick, Ont.. Phoena operates a portfolio of brands, including estora, Liiv, SYNR.G and Xscape.

Phoena is committed to providing an exceptional customer experience, quality and consistent products. Phoena’s greenhouse produces Grade A cannabis flowers, which are sold in a variety of dried flower and extract formats.

Phoena creates cannabis products that meet the diverse needs of patients and consumers, promoting positivity, supporting creativity and inspiring confidence.

Phoena, empowers you every day.

Learn more at Phoena.com

Forward-looking statements

This press release contains “forward-looking information” within the meaning of Canadian securities laws and “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and other applicable laws. United States safe harbor laws, and such statements are based on CannTrust’s current internal expectations, estimates, projections, assumptions, beliefs and opinions about future events.

Forward-looking information and forward-looking statements can be identified by the use of forward-looking terms such as “believes”, “expects”, “likely”, “may”, “will”, “should”, “should”. intention”, “anticipate”, “potential”, “proposed”, “estimate” and other similar words, including negative and grammatical variations thereof, or statements that certain events or conditions “could”, “would” or “will” will occur, or through discussions of strategy.

Forward-looking information and statements in this press release include statements relating to CTH’s efforts to implement a proposal under the BIA and Phoena’s exploration of strategic options to generate cash for its shareholders. Forward-looking information and statements necessarily involve known and unknown risks, including, but not limited to: the risk that, if Phoena needs additional capital, the Company’s investment in Phoena may be further diluted; the risk that Phoena or its affiliates default under the credit facilities of Cortland Credit Lending Corporation or Marshall Fields International BV, which are secured by substantially all of the assets of Phoena and the Company; the risk that the Company may not be able to obtain an order approving the Court’s proposal or complete the proposed restructuring; the impact of any regulatory and other investigations or proceedings; risks associated with general economic conditions and/or adverse industry events; the risk of losing markets; the risk of future legislative and regulatory developments Canada, United States and elsewhere; the state of the cannabis industry in Canada in general; Phoena’s ability to attract and retain suitable directors, officers and employees; the risks that Phoena may not be able to satisfy the requirements of a stock exchange to obtain a listing or complete a strategic transaction; and Phoena’s ability to successfully implement its business strategies.

All forward-looking information and statements speak only as of the date they are made and, except as required by law, neither the Company nor Phoena undertakes to update or revise any forward-looking information or statements. , whether as a result of new information, future events or otherwise. New factors emerge from time to time and it is not possible for the Company or Phoena to predict all of these factors. When reviewing such forward-looking information and statements, readers should keep in mind the risk factors and other cautionary statements contained in the Company’s Annual Information Form dated March 28, 2019 (there “FIA“) and filed with the relevant Canadian securities authorities on SEDAR at www.sedar.com and filed as an attachment the company’s annual report on Form 40-F under the United States Securities Exchange Act of 1934, as amended, with the United States Securities and Exchange Commission on EDGAR at www.sec.gov (there “March 2019 Form 40-F”). The risk and other factors disclosed in the AIF could cause actual events or results to differ materially from those described in the forward-looking information or statements. We also remind readers that the Company remains in default of its periodic disclosure requirements under applicable securities laws and stock exchange requirements, that its most recent Annual Information Form, Form 40-F and other information does not reflect all of the risk factors currently facing the company, and that the company has not completed or filed the restatements of the financial statements included in the annual information form or the March 2019 Form 40-F or otherwise filed an amendment to such Form 40-F, and that the company was permitted by the original order of the Superior Court of Justice not to correct its prior filings or file other documents in this regarding periodic disclosure requirements under applicable securities laws and stock exchange requirements. None of the Company’s securities are listed on a stock exchange in any jurisdiction and, in Canadatrading in the Company’s securities is subject to a cease trade order issued on April 13, 2020 by the Ontario Securities Commission for CannTrust’s failure to meet its disclosure obligations under applicable securities laws.

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SOURCE CannTrust Holdings Inc.

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