Streetbeat News

Bankruptcy

FTTUSD

Constance Wang, former associate of the bankrupt FTX (CRYPTO: FTT), is set to lead gaming at Sino Global Capital. Wang previously held positions at FTX and its Bahamas affiliate FTX Digital Markets. Sino Global Capital, which had previously invested in FTX, is a crypto venture capital firm established in 2015. The news highlights the ability of former FTX employees to move on from the legal drama surrounding FTX's bankruptcy.

Portfolio Pulse from Murtuza Merchant

July 19, 2023 | 5:10 pm

VRAY

Viewray has received court approval of its first day motion, according to a court document. This is a significant step in the bankruptcy process, allowing the company to continue its operations while it restructures its debts.

Portfolio Pulse from Happy Mohamed

July 19, 2023 | 2:54 pm

JNJ

Johnson & Johnson (JNJ) has been ordered to pay $18.8 million to a man who allegedly developed cancer due to exposure to the company's baby powder. This is the first talc-related trial that JNJ has faced in nearly two years. Despite J&J's subsidiary LTL Management filing for bankruptcy and proposing to pay $8.9 billion to settle over 38,000 lawsuits, this trial was allowed to proceed. JNJ plans to appeal the verdict.

Portfolio Pulse from Vandana Singh

July 19, 2023 | 11:50 am

BTCUSD

ETHUSD

The Australian Securities & Investments Commission (ASIC) has revoked the license of FTX’s Australian subsidiary, a cryptocurrency exchange. The cancellation will take effect on July 14. FTX, once valued at $32 billion, filed for U.S. bankruptcy protection in November, unable to fully repay customers. FTX founder Sam Bankman-Fried is facing a criminal lawsuit by the U.S. government for alleged fraud.

Portfolio Pulse from Benzinga Neuro

July 19, 2023 | 7:31 am

JNJ

Johnson & Johnson (J&J) asserts that the verdict award will not be paid during the ongoing bankruptcy proceedings. The company maintains that the verdict contradicts decades of independent scientific evaluations confirming the safety of their baby powder and its lack of asbestos or cancer-causing properties.

Portfolio Pulse from Charles Gross

July 18, 2023 | 11:48 pm

VRAY

ViewRay Inc's shares fell by 13% to a new 52-week low after the company filed voluntary Chapter 11 petitions. The company plans to sell its business and assets, and has secured $6 million in debtor-in-possession financing. Resignations from the Board of Directors were announced, and a new CEO and Senior Vice President have been appointed.

Portfolio Pulse from Henry Khederian

July 18, 2023 | 6:11 pm

BRPHF

CELUSD

Bankrupt crypto lender Celsius Network has sought approval for the distribution of funds from its sale of self-custody platform GK8. The Series B holders have agreed to distribute $25 million from the proceeds of the sale. The majority of the funds, $24 million, will be allocated for legal expenses, with the remaining $1 million to be shared among the holders. The settlement agreement aims to avoid expensive litigation and increased professional fees. Investment firm Galaxy Digital won the bid to buy GK8 in late 2022.

Portfolio Pulse from Murtuza Merchant

July 18, 2023 | 3:12 pm

NMTR

9 Meters Biopharma Inc (NASDAQ:NMTR) filed for Chapter 11 bankruptcy protection, causing its shares to plummet. The company will cease operations and its assets will be liquidated. Concurrently, Interim CEO and CFO, Bethany Sensenig, resigned. The company's shares are down 69.50% at $0.19.

Portfolio Pulse from Vandana Singh

July 18, 2023 | 1:36 pm

NMTR

9 Meters Biopharma has announced that it and its subsidiaries have ceased operations and filed for bankruptcy. This has led to a decrease in the company's share price.

Portfolio Pulse from Benzinga Newsdesk

July 18, 2023 | 12:26 pm

NMTR

Meters Biopharma Inc has ceased operations and filed a voluntary petition for relief under the bankruptcy code on July 17.

Portfolio Pulse from Happy Mohamed

July 18, 2023 | 12:06 pm