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Bankruptcy

LMFA

LM Funding America Inc (NASDAQ:LMFA) shares dropped approximately 12% following the announcement of an agreement to sell Symbiont's blockchain technology to Platonic Holdings Inc. for $2 million. The sale proceeds will be held in escrow until December 26, 2024. LMFA will acquire the assets of Symbiont.IO in its Chapter 11 bankruptcy case. The company plans to use the funds to expand its bitcoin mining operations and strengthen its balance sheet. LMFA reported a significant revenue increase in Q3, with over 1,720% growth year-over-year.

Portfolio Pulse from Lekha Gupta

December 28, 2023 | 4:40 pm

LMFA

LM Funding America (LMFA) has entered into a $2M agreement to sell the blockchain technology assets of Symbiont.IO to Platonic Holdings. $200,000 of the sale will be held in escrow until December 26, 2024. LMFA acquired these assets during Symbiont.IO's Chapter 11 bankruptcy proceedings, and they are valued at $2M on LMFA's books.

Portfolio Pulse from Benzinga Newsdesk

December 28, 2023 | 2:01 pm

Parts ID has entered into a credit agreement with Fifth Star for a secured credit facility, which includes prepetition and post-petition term loans, in preparation for the company's intended Chapter 11 bankruptcy filing, as per an SEC filing.

Portfolio Pulse from Happy Mohamed

December 26, 2023 | 4:12 pm

BRK

Morgan Stanley CEO James Gorman agrees with Warren Buffett's view that poor management decisions led to recent bank failures. In an interview, Gorman criticized the mismanagement and recklessness of banks, specifically citing the collapses of Silicon Valley Bank and others as 'entirely their own doing.' Despite this, he remains optimistic about the future of investment banks, predicting a surge in activity once interest rates stabilize.

Portfolio Pulse from Ananya Gairola

December 23, 2023 | 6:28 am

AAPL

AMZN

BRK.A

DIS

MSFT

NKE

TSLA

Cryptocurrencies like Dogecoin, SHIB, and Solana are experiencing significant market movements. Tesla is recalling 120,000 Model S and X EVs due to door issues. Nike and NetEase stocks moved lower in pre-market trading. US markets are optimistic with Dow jumping over 300 points. US and world politics are active with developments in US-China relations and Trump's potential 2024 run. The US economy sees criticism from Peter Schiff regarding Q3 GDP. In tech, Apple and Microsoft face challenges, while Tencent is hit by new regulations. The EV sector is highlighted by Tesla's recall and bullish predictions. GM recalls Chevrolet Bolt EVs. Amazon and Disney face challenges in communication, while Boeing resumes 787 deliveries to China. US banks may face significant losses in real estate, and Berkshire Hathaway increases its stake in Occidental Petroleum.

Portfolio Pulse from Akanksha Bakshi

December 22, 2023 | 1:35 pm

FTTUSD

The British Virgin Islands court has ordered a freeze of about $1 billion in assets of Three Arrows Capital founders. The liquidator, Teneo, reported the fund's estimated debt at $3.3 billion. The fund collapsed in 2022 amid a crypto downturn. Teneo is pursuing claims against the founders for their role in the fund's losses. The founders, Su Zhu and Kyle Davies, have faced legal challenges, including a previous asset freeze in Singapore and Zhu's arrest. This case is reminiscent of Sam Bankman-Fried's fraud conviction related to FTX Trading Ltd. (CRYPTO: FTT).

Portfolio Pulse from Murtuza Merchant

December 21, 2023 | 1:40 pm

FSR

NKLA

RMO

TSLA

VLTA

A Wall Street Journal analysis predicts that 18 EV and battery startups, including Nikola Corp. (NKLA) and Fisker Inc. (FSR), may run out of cash by the end of 2024. These companies have seen over 80% declines in their stock prices since their market debuts. Lordstown Motors, Proterra, and Electric Last Mile Solutions have filed for bankruptcy, while Romeo Power (RMO) and Volta (VLTA) were sold at lower valuations. Tesla Inc. (TSLA) is increasing pressure on these startups with price reductions.

Portfolio Pulse from Benzinga Neuro

December 20, 2023 | 9:51 am

BTCUSD

DOGEUSD

ETHUSD

The cryptocurrency market saw a downturn with $116M in liquidations, affecting Bitcoin, Ethereum, and Dogecoin. Genesis blocked DCG from selling its ownership during bankruptcy proceedings. The S&P 500 and Nasdaq showed gains, with the latter closing above 15,000 for the first time since January 2022. Analyst Michael Van de Poppe predicts Bitcoin will stay in the $38-48K range for 3-6 months, while Jon Najarian suggests a potential Bitcoin ETF approval could lead to a 30% surge in its value. Wallets holding 1 or less BTC have accumulated the most coins ever since November.

Portfolio Pulse from Mehab Qureshi

December 20, 2023 | 3:09 am

FTTUSD

FTX's debtors have reached a settlement with FTX Digital Markets Ltd., a Bahamian subsidiary, to streamline bankruptcy proceedings in the U.S. and The Bahamas. The agreement aims to coordinate asset pooling and distribution, reconcile customer claims, maintain valuation consistency, and maximize recoveries for customers and creditors. The settlement is pending approval from courts in both jurisdictions. FTT interests will be treated as equity with no recovery, and customers can choose the jurisdiction for claim reconciliation and payment in Q2 2024.

Portfolio Pulse from Murtuza Merchant

December 19, 2023 | 5:28 pm

HUT

Hut 8 Mining Corp. (NASDAQ:HUT) shares have surged over 55% in the past five days, with continued gains on Tuesday. The increase follows the announcement of an agreement to build and install mining operations in Cedarvale, TX, as part of the Celsius Network bankruptcy proceedings. The new site will support approximately 66,000 miners with over 215 MW of energy. Hut 8's president highlighted the company's managed services business and its efficiency in setting up and optimizing mining operations as key to securing the project. The stock is experiencing heavy trading volume, surpassing its 100-day average, and is trading above its 50-day moving average.

Portfolio Pulse from Erica Kollmann

December 19, 2023 | 4:17 pm