Ethereum ETFs to launch July 23, Bloomberg analyst says – Crypto Briefing

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The starting date for spot Ethereum exchange-traded fund (ETF) trading in the US is July 23rd, according to Bloomberg ETF analyst Eric Balchunas. He shared on X that the SEC is answering issuers today, asking them to return their final S-1 forms on Wednesday, July 17th.

And then request effectiveness on Monday after close for a TUESDAY 7/23 LAUNCH. This is provided no unforeseeable last min issues of course, he added.

The Ethereum ETF issuers filed their S-1 forms on July 8th but most of them left the fees out of their forms. According to Balchunas, this is likely a strategy from the asset managers to check how competitive the funds fees are, especially BlackRocks.

Notably, the S-1 form is an initial registration required by the US Securities and Exchange Commission (SEC) before a security can be publicly traded.

As highlighted by Balchunas fellow ETF analyst James Seyffart, this could mean that the Ethereum ETFs will start trading the same week as the Bitcoin Conference, set to happen in Nashville.

The launch of the spot Ethereum ETFs is a key step for crypto adoption by mainstream investors, as it solidifies the altcoin as a sound asset among institutional investors. An estimate by Bitwise CIO predicts that these investment instruments will capture $15 billion in inflows until the end of 2025, as reported by Crypto Briefing.

Moreover, the Ethereum ETFs open the door for the approval of exchange-traded funds indexed to other crypto. VanEck and 21Shares both filed their form for the approval of the first spot Solana ETFs in the US on the last week of June.

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Ethereum ETFs to launch July 23, Bloomberg analyst says - Crypto Briefing

Why Is The Ethereum Price Up Today? – NewsBTC

Ethereum (ETH) is up in the last 24 hours. This is thanks to a recent development suggesting that the Spot Ethereum ETFs are set to launch anytime soon. These funds are expected to positively impact ETHs price, with the second-largest crypto token poised to reach new highs.

Ethereum experienced a price surge following Bloomberg analyst Eric Balchunas revelation that the Spot Ethereum ETFs could begin trading by July 23. Balchunas mentioned in an X (formerly Twitter) post that the US Securities and Exchange Commission (SEC) has gotten back to the fund issuers and asked them to submit their final S-1 filings by July 22.

The SEC also asked them to request effectiveness on July 22 so they can launch on July 23. Therefore, the Spot Ethereum ETFs should launch by next week, provided there are no unforeseeable last-minute issues, as noted by Balchunas. The launch of the Spot Ethereum ETFs is undoubtedly bullish for ETH, giving the amount of new money set to flow into its ecosystem through these funds.

Crypto research firm K33 predicted that these Spot Ethereum ETFs could attract as much as $4.8 billion in their first five months of trading. In line with this, crypto analysts predict that Ethereum could record massive gains thanks to these inflows. Crypto analyst Linda recently predicted that the crypto token could rise to as high as $4,000 soon enough.

Other analysts, like Altcoin Sherpa, have also predicted that ETHwill hit $4,000 soon. Meanwhile, crypto analyst and trader Tyler Durden has provided a more bullish prediction for ETH, stating that the crypto token will rise to $10,000 just the way the chips have fallen.

The crypto analyst alluded to the Spot Ethereum ETFs as what will spark such a parabolic move for Ethereum. He claimed that institutional investors had put so much effort into ensuring that the Spot Ethereum ETFs were approved and that they would ensure that they made money from these funds while pumping ETHs price.

The Spot Ethereum ETFs launch is also expected to spark massive moves for other altcoins and is likely to kickstart the altcoin season. Crypto analyst Crypto Rover advised market participants to prepare accordingly, boldly asserting that altcoin season will start once the Spot Ethereum ETFs begin trading.

From a technical perspective, crypto analyst Titan of Crypto mentioned that altcoins are ready to make major moves to the upside as Bitcoins dominance drops. Crypto analyst Mikybull Crypto also stated that the macro short-term correction for altcoins is about to end, meaning that the Spot Ethereum ETFs could be the catalyst that sparks a bullish reversal.

At the time of writing, ETH is trading at around $3,300, up in the last 24 hours, according to data from CoinMarketCap.

Featured image created with Dall.E, chart from Tradingview.com

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Why Is The Ethereum Price Up Today? - NewsBTC

Ethereum Price Prediction as Analyst Says ETH ETF Will Launch 23 July Can ETH Reach $100,000? – Cryptonews

Last updated: July 16, 2024, 00:48 EDT | 4 min read

The cryptocurrency market has always been characterized by its volatility and potential for substantial gains. One recent development that has captured the attention of investors is the advent of spot exchange-traded funds (ETFs), particularly for Ethereum (ETH).

Historically, similar financial products for Bitcoin have led to substantial capital inflows, contributing to significant price increases.

For Ethereum, the introduction of a spot ETF is expected to have a similar, if not greater, impact due to its robust blockchain ecosystem and the variety of applications built on its platform. The market sentiment has been increasingly bullish as regulatory bodies like the SEC move towards approval.

Recent price movements and market activities underpin this optimistic outlook. Institutional investors have been accumulating Ether, taking advantage of recent price dips to establish or expand their positions.

This is evident from the inflows into Ethereum investment products, which have reached their highest levels since March. Such trends suggest the market is gearing up for a potential surge, fueled by the expected influx of new investors through the spot ETF.

Analyst Eric Balchunas shared recently on X (formerly Twitter) that the Spot Ethereum ETF will launch on July 23. This development is poised to be a game-changer for Ethereum, providing a new avenue for investment and potentially driving significant price appreciation.

The ETF is expected to offer a straightforward and regulated way for institutional and retail investors to gain exposure to Ethereum, which could lead to increased demand and liquidity.

The SECs recent communications with ETF issuers, requesting the final submission of S-1 forms, suggest that the regulatory approval is on track.

This follows the May 23 approval of spot Ether ETF 19b-4 filings from eight asset managers, including prominent names like VanEck and Bitwise.

The positive regulatory stance, coupled with the markets anticipation, has already begun to reflect in Ethereums price, which has seen a notable uptick in recent weeks.

Experts believe that the successful launch of the spot Ethereum ETF will mirror the impact seen with spot Bitcoin ETFs, which attracted substantial capital inflows and drove up prices.

Ethereums recent price performance and technical indicators suggest a bullish trend with the potential for significant gains. The price has been nurturing a V-shaped recovery pattern, a bullish signal that indicates a strong rebound after a period of decline.

Currently, Ethereum is trading above the 50-day exponential moving average (EMA) at $3,439, with a rising relative strength index (RSI) positioned at 55, both of which are positive indicators of ongoing bullish momentum.

The approval and subsequent launch of the spot Ethereum ETF are likely to complete this V-shaped pattern, pushing the price toward $4,000.

This prediction is supported by the increasing inflows into Ethereum investment products and the rising open interest (OI) in ETH contracts, which stands at $7.72 billion.

The growth in OI signifies increased market participant exposure to Ethereum, which historically correlates with price increases.

However, reaching higher price targets, such as $100,000, requires considering both market conditions and broader economic factors.

While the current bullish trend and the ETF launch provide a solid foundation for price appreciation, significant milestones like $100,000 would necessitate sustained institutional investment, broader adoption of Ethereums technology, and favorable macroeconomic conditions.

The In/Out of Money Around Price (IOMAP) metric highlights potential resistance levels, with a notable concentration of addresses around the $3,385 price point, which could pose short-term challenges.

Since launching its presale less than a month ago, Pepe Unchained ($PEPU) has already smashed through the $3 million milestone, and the excitement continues as it pulls in significant investments week after week.

Averaging about $1 million in new funds weekly, this new meme coin, promising to make Pepe great again, is poised to potentially double its investment inflows in the weeks ahead. Early contributors are banking on $PEPU to surpass its predecessor, Pepe ($PEPE).

Earlier this year, $PEPE emerged as a star among meme coins, leading a rally in the first quarter with an astonishing return of 1,235% for early investors. Pepe Unchained aims to match and outshine $PEPEs success, boasting faster and cheaper transactions thanks to its own Layer 2 chain on Ethereum.

The current presale price for its native token, $PEPU, is $0.0084598, but it is set to increase in less than a day, making now a critical time for potential investors to get involved.

Why PEPE Unchaineds Layer 2 is a Game-Changer:

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Ethereum Price Prediction as Analyst Says ETH ETF Will Launch 23 July Can ETH Reach $100,000? - Cryptonews

Brexit is now a dirty word after ZERO mention in Kings Speech, claims Lib Dem MP – NBC Right Now

...EXCESSIVE HEAT WARNING REMAINS IN EFFECT FROM 11 AM SATURDAY TO10 PM PDT MONDAY...* WHAT...Dangerously hot conditions with afternoon temperatures of100-110 degrees expected over the weekend. This will pose a Majorrisk of heat-related illness.* WHERE...Portions of central, north central, and northeast Oregonand central, south central, and southeast Washington.* WHEN...From 11 AM Saturday to 10 PM PDT Monday.* IMPACTS...Extreme heat will significantly increase the risk ofheat-related illnesses for much of the population, especiallythose who are heat sensitive and those without effective coolingor adequate hydration.PRECAUTIONARY/PREPAREDNESS ACTIONS...Drink plenty of fluids, stay in an air-conditioned room, stay out ofthe sun, and check up on relatives and neighbors. Young children andpets should never be left unattended in vehicles under anycircumstances.Take extra precautions if you work or spend time outside. Whenpossible reschedule strenuous activities to early morning orevening. Know the signs and symptoms of heat exhaustion and heatstroke. Wear lightweight and loose fitting clothing when possible.To reduce risk during outdoor work, the Occupational Safety andHealth Administration recommends scheduling frequent rest breaks inshaded or air conditioned environments. Anyone overcome by heatshould be moved to a cool and shaded location. Heat stroke is anemergency! Call 9 1 1.For sheltering information and other human services in your area,dial 2 1 1 during business hours or visit 211info.org for Oregon orwa211.org for Washington anytime.&&

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Brexit is now a dirty word after ZERO mention in Kings Speech, claims Lib Dem MP - NBC Right Now

Brexit, Matt Hancock and black swans: five takeaways from Covid inquiry report – The Week

The UK government, devolved administrations and the civil service "failed" citizens during the pandemic, according to the damning first report from the Covid inquiry.

There were "several significant flaws" in the pandemic response, found retired judge Baroness Heather Hallett, chair of the public inquiry. The 83,000-word document, based on witness statements including from former health secretaries Matt Hancock and Jeremy Hunt, also highlighted the brutal effect of austerity. Cuts to public spending and resulting health inequalities, including high rates of disease and obesity, had overstretched the health system and made the UK "more vulnerable".

Some of the 235,000 deaths involving Covid-19 (one of Europe's highest death tolls), as well as "grief, untold misery and economic turmoil", could have been prevented, she concluded. But the human, societal and economic cost suffered "will have been in vain" if "radical reform" is not carried out before the next pandemic.

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Resources were taken away from pandemic preparedness because of Brexit, said the report. This was especially so in 2018 and 2019, when officials "scrambled to draw up a contingency plan for medicine, food and fuel shortages" in the event of a "no-deal" Brexit, known as Operation Yellowhammer, said The New York Times.

Brexit was prioritised over implementing recommendations from Exercise Cygnus, the government's 2016 pandemic readiness exercises. The programme, which by 2019 was already running two years behind schedule, was further delayed by the demands of Operation Yellowhammer. Health officials in the devolved nations who should have been focused on pandemic preparedness were also "diverted" to deal with Yellowhammer, said the i news site.

The UK "prepared for the wrong pandemic", said the report. The country had long assumed that an outbreak would involve influenza, preparing its plan in 2011 when Andrew Lansley was health secretary. But both subsequent health secretaries, Jeremy Hunt and then Matt Hancock, failed to update it.

This led to "an over-reliance on vaccines and antivirals that would have no impact on the Covid virus", said the BBC.

Although there are similarities between Covid and flu viruses, there are differences in terms of infection periods, which "affects the feasibility of border screening, quarantining and contact tracing", said The Times.

The strategy was "outdated and lacked adaptability", said the report. Even Hancock described it as "woefully inadequate".

In March 2020, when the government realised how lethal Covid was, it had to abandon the strategy. Ministers then took a "new, untested approach" and sent the country into lockdown, with "no idea how vast the economic and social damage would be", said The Times.

The report rejected claims that the pandemic was unprecedented: an unforeseeable "black swan event". The scientific community had considered it a "reasonable bet" before 2020, "given there were four large coronavirus outbreaks that nearly became pandemics earlier in the 21st century", said The Guardian.

Asian countries, which had experienced outbreaks of Sars in 2003 and Middle East respiratory syndrome (Mers) in 2016, suppressed initial waves with testing, tracing and quarantining, as well as border controls, while limiting the use of lockdowns.

After both outbreaks, pandemic planning exercises in the UK stressed the importance of PPE and testing. "Lessons that could and should have been learned were not learned," said Hallett.

In 2019, there was widespread hubris, partly resulting from government "groupthink", that the UK was "one of the best-prepared countries in the world to respond to a pandemic", said Hallett.

But the "number of organisations across the UK with responsibility for pandemic preparedness had multiplied over time and become unnecessarily numerous", she wrote. It was a "labyrinthine" civil emergency system based on complex "spaghetti diagrams" of institutions that had "ultimately grown to become too complex and disjointed".

There was "constant reorganisation and rebranding" of the departments responsible and it was not even apparent who was in charge. There was a "lack of adequate leadership" in rectifying contingency planning, including from the then prime minister Boris Johnson.

"The evidence is overwhelmingly to the effect that another pandemic potentially one that is even more transmissible and lethal is likely to occur in the near to medium future," Hallett said. "It is not a question of 'if' another pandemic will strike but 'when'."

She urged a "fundamental reform" of preparation for civil emergencies, adding that the changes made since the Covid pandemic had "fail[ed] on a number of grounds".

The report made 10 recommendations, including planning for a wider range of scenarios and creating a more coordinated response, as well as taking responsibility away from the Department of Health and Social Care. "Never again can a disease be allowed to lead to so many deaths and so much suffering," she said.

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Brexit, Matt Hancock and black swans: five takeaways from Covid inquiry report - The Week

Brexit hit UKs pandemic response, Covid inquiry finds – POLITICO Europe

Chaired by crossbench peer Heather Hallett, the inquiry pointed to Britain's preparations for a no-deal Brexit, which were taking place around the time of a major government training exercise on responding to an influenza pandemic.

After the training operation named "Exercise Cygnus" in 2016, 22 recommendations were made to improve the U.K.'s response to a pandemic. Just eight of these were completed by June 2020, six months after the pandemic began and the inquiry cites the competing demands of no-deal Brexit planning as a reason for this "inaction."

Other avenues of preparation for potential pandemics were also paused due to "Operation Yellowhammer," the codename for Whitehall's contingency planning for a no-deal Brexit.

The existence of the Yellowhammer operation was leaked in 2018. It covered actions to be taken if Britain had crashed out of the European Union without a deal, identifying areas of risk.

"Several witnesses from the U.K. government and devolved administrations told the inquiry that a number of workstreams for pandemic preparedness were paused due to a reallocation of resources to Operation Yellowhammer," the report states.

Elsewhere, the inquiry pointed to "several significant flaws" in the U.K.'s systems of building preparedness, including an "outdated" strategy, a failure to account for "pre-existing health and societal inequalities and deprivation" and a "lack of adequate leadership."

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Brexit hit UKs pandemic response, Covid inquiry finds - POLITICO Europe

Congratulations U.K. Labour Confirms Brexit Reversal Is Dead and Buried – Mish Talk

I was wondering when Brexit would come up. It has already and I am pleased to confirm the Brexit reversal idea is dead and finally buried.

Not In His Lifetime

[Via Eurointelligence] Already assured of victory at todays general election in the UK, Sir Keir Starmer has started to make manifesto pledges for beyond 2029. Yesterday he said that the UK would not rejoin the EU within his lifetime, nor would it try to become an associate member of the single market or the customs union.

We are not surprised, except that the issue came up so early. The reason to shut this down right now and as conclusively as he did is that keeping the door open for the future has policy consequences today.

To rejoin even in the medium-distant future would have required him to start closing the massive regulatory gap that has opened since Brexit almost immediately. Most of that gap was due to divergence by the EU itself. The UK did not mirror the 50 or so laws of the Green agenda. It adopted the data protection regulation GDPR in the last decade, and maintains its own version to this day. But the UK does not have the EUs digital markets act, or EU regulation on AI and cryptocurrencies. Nor does have regulation on what is euphemistically called corporate social responsibility making companies liable for human rights violations in their supply chains. For the UK to rejoin the EU even during a second term would require such a high degree of regulatory convergence that it would dominate all other policy areas.

We see another reason in the EUs Luddite tendency, its attachment to 20th century technologies and corporatism. We always felt that the undoubtedly large economic gains from goods trade integration need to be set against the opportunity cost of the EUs failure to partake in the 21st century digital economy. The single market, as it is constituted today, is very much a product of 20th century product-focused regulatory thinking.

The Right Decision

Who in their right mind wants to adopt the EUs green agenda? The EUs nannycrat legislation on corporate social responsibility? On digital rights? On cryptocurrencies? On anything the EU does?

Those nostalgic for the EU membership need to address those questions.

Congratulations to Boris Johnson for getting Brexit done. Few believed he would.

His problem was not knowing what to do with Brexit once it happened.

Simultaneous Burial

Its always a mistake to let EU nannycrats set your policy. Thats why Brexit was smart policy even if takes a while to prove that.

Not only did Starmer finally bury EU membership (the Wicked Witch of the East), he buried an even worse customs union idea (the Wicked Witch of the West) in a simultaneous burial.

Congratulations!

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Congratulations U.K. Labour Confirms Brexit Reversal Is Dead and Buried - Mish Talk

Brexit is now a dirty word after ZERO mention in Kings Speech, claims Lib Dem MP – The Paulding County Progress

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Brexit is now a dirty word after ZERO mention in Kings Speech, claims Lib Dem MP - The Paulding County Progress

Brexit is now a dirty word after ZERO mention in Kings Speech, claims Lib Dem MP – East Oregonian

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Republic of Marshall Islands Martinique Mauritania, Islamic Republic of Mauritius Mayotte Micronesia, Federated States of Moldova, Republic of Monaco, Principality of Mongolia, Mongolian People's Republic Montserrat Morocco, Kingdom of Mozambique, People's Republic of Myanmar Namibia Nauru, Republic of Nepal, Kingdom of Netherlands Antilles Netherlands, Kingdom of the New Caledonia New Zealand Nicaragua, Republic of Niger, Republic of the Nigeria, Federal Republic of Niue, Republic of Norfolk Island Northern Mariana Islands Norway, Kingdom of Oman, Sultanate of Pakistan, Islamic Republic of Palau Palestinian Territory, Occupied Panama, Republic of Papua New Guinea Paraguay, Republic of Peru, Republic of Philippines, Republic of the Pitcairn Island Poland, Polish People's Republic Portugal, Portuguese Republic Puerto Rico Qatar, State of Reunion Romania, Socialist Republic of Russian Federation Rwanda, Rwandese Republic Samoa, Independent State of San Marino, Republic of Sao Tome and 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United Arab Emirates United Kingdom of Great Britain & N. Ireland Uruguay, Eastern Republic of Uzbekistan Vanuatu Venezuela, Bolivarian Republic of Viet Nam, Socialist Republic of Wallis and Futuna Islands Western Sahara Yemen Zambia, Republic of Zimbabwe

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Brexit is now a dirty word after ZERO mention in Kings Speech, claims Lib Dem MP - East Oregonian

Brexit is now a dirty word after ZERO mention in Kings Speech, claims Lib Dem MP – Delphos Herald

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Brexit is now a dirty word after ZERO mention in Kings Speech, claims Lib Dem MP - Delphos Herald

Judge Suggests He Is Likely to Dismiss Giulianis Bankruptcy Case – The New York Times

A federal judge on Wednesday said he was leaning toward dismissing Rudolph W. Giulianis request for bankruptcy protection after months in which the former New York mayor ignored court filing deadlines and evaded questions about his finances.

Should the judge follow through and dismiss the case, it would allow creditors to pursue foreclosures, repossessions and lawsuits that have been on hold for over six months as Mr. Giuliani, who served as a personal lawyer for former President Donald J. Trump, sought the protection of bankruptcy law.

In his latest shift in legal strategy, Mr. Giuliani himself asked the court in a filing on Wednesday morning, just minutes before a scheduled hearing, to dismiss his bankruptcy petition, which he filed after being held liable for $148 million in damages for defaming two Georgia election workers.

Im leaning toward dismissal, frankly, because I am concerned that the past is prologue, Judge Sean H. Lane of the U.S. Bankruptcy Court in the Southern District of New York said at the hearing, adding that he believed Mr. Giulianis lack of transparency with the court would continue.

Mr. Giuliani filed for bankruptcy in December, after a federal jury awarded the damages to the election workers, Ruby Freeman and Shaye Moss.

His main goal in bankruptcy was to hold off paying them without having to post a bond while he appealed the judgment. But the bankruptcy court did not allow him to do this.

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Judge Suggests He Is Likely to Dismiss Giulianis Bankruptcy Case - The New York Times

Toy company that owns Minnesota-made Tonka brand files for Chapter 11 bankruptcy protection – Star Tribune

Basic Fun, a Florida-based toy design and development company that since 2019 has owned the Tonka toy brand, has filed for Chapter 11 bankruptcy protection as part of a financial restructuring plan.

Per regulatory filings with the U.S. Bankruptcy Court for the District of Delaware, leaders of the Boca Raton-based company estimated Basic Fun's debt to be between $50 million and $100 million, with fewer than 50 creditors. Its assets, the filing said, are less than $50,000.

The company is seeking approval of $50 million in debtor-in-possession financing, a specific type of financing for companies going through bankruptcy. The financing would come from affiliates of Great Rock Capital, plus a $15 million letter of credit from RBC and Basic Fun's founders, Jay Foreman and John MacDonald, to keep the business afloat during the restructuring proceedings, according to a release from the company.

Basic Fun acquired Tonka from Hasbro in 2019. Hasbro had owned the Tonka brand since 1991. Other toy brands owned by Basic Fun include My Little Pony, Lite Brite, Lincoln Logs, Care Bears and Tinkertoy.

In a statement, Foreman, also the company's chief executive and majority shareholder, said a number of setbacks led to financial distress for the business.

"Since the demise of our industry's largest toy retailer, Toys 'R' Us in 2018, through the tumult of the trade wars with China in 2019, COVID in 2020 through 2021, the travails of the supply chain crisis in 2022, inventory overstocks in 2023 and a consumer slowdown in the early part of 2024, our industry and Basic Fun have been through a gauntlet of challenges," he said. "We intend to use the restructuring process to put those challenges in the rear-view mirror, enabling us to secure a successful future and position us for growth and value creation."

Toys 'R' Us has reopened as a smaller player under new ownership.

Operated and based in Mound, a Twin Cities suburb, Tonka originally began in 1946 as Mound Metalcraft. Founders Al Tesch, Avery Crounse and Lynn Baker created the business to make metal items like tie racks and gardening tools. In 1947, Mound Metalcraft began manufacturing metal toys based on a toy steam shovel designed by Streater Industries, a Minnesota company later known for its retail merchandising displays.

The company gradually switched to predominantly toy manufacturing, with six employees assembling just two models, a steam shovel and a crane. Mound Metalcraft became Tonka Toys Inc. in 1948, named after nearby Lake Minnetonka.

By 1968, the company moved headquarters from Mound to offices just west of Minneapolis. Between 1974 and 1975, the company reached $102 million in annual sales and had facilities in eight countries. The Mound plant employed more than 2,000 people.

In 1983, Tonka closed the Mound plant and moved all manufacturing to El Paso, Texas, and Juarez, Mexico.

Read more:

Toy company that owns Minnesota-made Tonka brand files for Chapter 11 bankruptcy protection - Star Tribune

Rudy Giulianis Bankruptcy Case Devolves Into Threats of Jail Time – The Daily Beast

Court proceedings in Rudy Giulianis bankruptcy case hit a boiling point Wednesday when lawyers for the creditors owed $148 million by the former New York City mayor floated the possibility of seeking jail time for his alleged bankruptcy crimes.

In New York federal court, Rachel Strickland, an attorney representing the two Georgia 2020 election workers who Giuliani defamed, pushed to have Giulianis Chapter 11 bankruptcy case thrown out, offering that Giuliani could receive a hall pass if the court did not do so, the Independent reported.

Strickland alleged Giuliani, the former attorney for Donald Trump, has used the proceedings to protect himself from the financial ramifications of the defamation case, and pointed to how he has time and again refused to follow requirements that he disclose his income and assets, according to Politico.

He regards this court as a pause button on his woes while he continues to live his life unbothered by creditors, Strickland added. If the case is dismissed, creditors will be able to hold Americas mayor accountable for the harms hes caused.

The assertion prompted Giuliani to interrupt on the call, characterize Stricklands statements as highly defamatory, and request a break, which U.S. Bankruptcy Judge Sean Lane declined to give.

Gary Fischoff, Giuliani's attorney, later clarified Giuliani would not be committing any bankruptcy crimes.

Lane indicated he was leaning toward dismissing the case, namely because of his concern Giuliani has used the matter to delay the payouts, per Politico.

I am concerned that the past is prologue, the judge said, adding he remains concerned the difficulties that weve encountered in this case in terms of transparency will continue and dog the case.

According to the Independent, Giuliani was initially seeking to convert the case from a Chapter 11 to a Chapter 7 to liquidate his assets.

But just before the hearing began, Giulianis legal team changed course and indicated it also supported dismissing the case. Fischoff said a dismissal would allow for the best chance for an appeals ruling in the defamation case.

Continued here:

Rudy Giulianis Bankruptcy Case Devolves Into Threats of Jail Time - The Daily Beast

Giuliani proposes leaving bankruptcy as creditors ask for a trustee to control his assets – WBAL TV Baltimore

Rudy Giuliani proposed to a judge he leave bankruptcy protection on Wednesday before a pivotal hearing where the former New York City mayor stands to potentially lose control of all of his assets, and he is already upset with how the proceedings are going.Related video above: Former Georgia election workers awarded $148M in civil suit against GiulianiHis two most significant creditors, Ruby Freeman and Shaye Moss, the Georgia election workers whom he defamed, asked the bankruptcy judge in recent days to toss Giuliani out of bankruptcy, so they can pursue his assets to begin to collect the $148 million he owes them.If the judge agrees with their plan which Giuliani says in his new court filing he is now on board with Freeman and Moss are entitled to take both of his homes immediately, in Florida and New York, their bankruptcy attorney Rachel Strickland told CNN.The next steps are being discussed at length in a court hearing that is ongoing in federal bankruptcy court in White Plains, New York.Giulianis attorney Gary Fischoff told the judge at the start of the hearing on Wednesday his team believed the purpose of Giuliani for being in bankruptcy has run its course.Fischoff added the assets Giuliani has that Freeman and Moss may be able to claim immediately are jewelry and his two apartments.Giuliani has piped up a few times in the hearing already after calling in via his iPhone, about 10 minutes late.He is currently trying to tell the judge he believes the creditors committee has been defaming him, but the judge, Sean Lane, asked him not to interrupt. If the judge does not agree to dismiss the bankruptcy case, Giuliani has asked the judge to change the classification of his bankruptcy, from Chapter 11 to Chapter 7, which would limit creditors ability to pursue his incoming income.Other creditors have been arguing to the judge to remove all of Giulianis accounts from his control and place them under the control of a Chapter 11 trustee. That committee does not wish for Giuliani to leave bankruptcy.This is slick maneuvering, Daniel Gielchinsky, a bankruptcy expert who isnt involved in the case but following it closely, said in response to Giulianis 11th-hour move.Giuliani has repeatedly said he plans to appeal the jury verdict Freeman and Moss won against him late last year, but cant while he is in Chapter 11 proceedings.Bernie Kerik, a close friend of Giulianis, told CNN on Wednesday morning that his spirits are great.But hes frustrated with the system, Kerik added. Hes really frustrated by frivolous , such as his many ongoing civil and criminal court proceedings.The two men had spoken Tuesday night, Kerik said, but hadnt discussed Giulianis bankruptcy situation.

Rudy Giuliani proposed to a judge he leave bankruptcy protection on Wednesday before a pivotal hearing where the former New York City mayor stands to potentially lose control of all of his assets, and he is already upset with how the proceedings are going.

Related video above: Former Georgia election workers awarded $148M in civil suit against Giuliani

His two most significant creditors, Ruby Freeman and Shaye Moss, the Georgia election workers whom he defamed, asked the bankruptcy judge in recent days to toss Giuliani out of bankruptcy, so they can pursue his assets to begin to collect the $148 million he owes them.

If the judge agrees with their plan which Giuliani says in his new court filing he is now on board with Freeman and Moss are entitled to take both of his homes immediately, in Florida and New York, their bankruptcy attorney Rachel Strickland told CNN.

The next steps are being discussed at length in a court hearing that is ongoing in federal bankruptcy court in White Plains, New York.

Giulianis attorney Gary Fischoff told the judge at the start of the hearing on Wednesday his team believed the purpose of Giuliani for being in bankruptcy has run its course.

Fischoff added the assets Giuliani has that Freeman and Moss may be able to claim immediately are jewelry and his two apartments.

Giuliani has piped up a few times in the hearing already after calling in via his iPhone, about 10 minutes late.

He is currently trying to tell the judge he believes the creditors committee has been defaming him, but the judge, Sean Lane, asked him not to interrupt.

If the judge does not agree to dismiss the bankruptcy case, Giuliani has asked the judge to change the classification of his bankruptcy, from Chapter 11 to Chapter 7, which would limit creditors ability to pursue his incoming income.

Other creditors have been arguing to the judge to remove all of Giulianis accounts from his control and place them under the control of a Chapter 11 trustee. That committee does not wish for Giuliani to leave bankruptcy.

This is slick maneuvering, Daniel Gielchinsky, a bankruptcy expert who isnt involved in the case but following it closely, said in response to Giulianis 11th-hour move.

Giuliani has repeatedly said he plans to appeal the jury verdict Freeman and Moss won against him late last year, but cant while he is in Chapter 11 proceedings.

Bernie Kerik, a close friend of Giulianis, told CNN on Wednesday morning that his spirits are great.

But hes frustrated with the system, Kerik added. Hes really frustrated by frivolous [expletive], such as his many ongoing civil and criminal court proceedings.

The two men had spoken Tuesday night, Kerik said, but hadnt discussed Giulianis bankruptcy situation.

More here:

Giuliani proposes leaving bankruptcy as creditors ask for a trustee to control his assets - WBAL TV Baltimore

"Back to the real world": Court set to toss Giuliani bankruptcy – Salon

Former Trump advisor and New York City mayor, Rudy Giuliani, is facing yet another financial and legal hurdle as a New York bankruptcy judge appears ready to toss out his 2021 bankruptcy, potentially allowing for a full liquidation.

Im leaning toward dismissal, frankly, because I am concerned that the past is prologue, U.S. Bankruptcy Judge Sean Lane said, per Politico. "The difficulties that weve encountered in this case in terms of transparency will continue and dog the case.

Giulianis bankruptcy, stemming from several costly settlements, still left the former NYC mayor with over $40,000 in monthly spending cash, a figure which he reportedly blew past since the December 2021 filing.

Giuliani has lost a number of gigs recently, including a spot on a conservative radio show and his license to practice law in New York, due to his promotion of election misinformation and illegal schemes to overturn the 2020 election.

If tossed, Giuliani would have to liquidate his assets to pay the staggering sums he owes to two Georgia election workers who he repeatedly defamed, leading to violent threats against the pair, among numerous other debtors.

He regards this court as a pause button on his woes while he continues to live his life unbothered by creditors, an attorney for the Georgia election workers said in court. If the case is dismissed, creditors will be able to hold Americas mayor accountable for the harms hes caused. Its time for Mr. Giuliani to go back to the real world.

The financial issues add to his mounting legal troubles, as he doubles down on election denialism amidst an Arizona prosecution of his false elector role.

Judge Lane reportedly plans to have a ruling in by Friday.

Link:

"Back to the real world": Court set to toss Giuliani bankruptcy - Salon

Henrik Fisker drops salary to $1 to keep Fisker Inc. bankruptcy case alive – TechCrunch

Fisker Inc. co-founders Henrik Fisker and his wife, Geeta Gupta-Fisker, are lowering their salaries to $1 in order to keep their failed EV startups bankruptcy proceedings funded, as lawyers work to complete a sale of its remaining inventory.

Fisker Inc.s restructuring officer, John DiDonato, said in a Tuesday morning filing that the couple, who co-founded the startup in 2016, made the decision July 8 just five days after he was grilled about the issue by Linda Richenderfer, a lawyer for the office of the U.S. Trustee.

In that July 3 hearing, Richenderfer asked DiDonato whether the Fiskers were still on the payroll. Richenderfer wanted to be sure that every other option had been exhausted given that the lawyers for the company were asking the court to approve an expedited sale of Fiskers EVs (at least the ones designed for North America) in order to fund the rest of the Chapter 11 case. Those funds are meant to cover legal proceedings and the wind-down of the company.

DiDonato stumbled trying to recall what Henrik and Geeta were currently being paid but told Richenderfer that their salaries were undertaking a modification and possibly some deferrals.

Its still not clear what the couple were being paid every other week as the company slid into bankruptcy. The company said in a regulatory filing last year that it paid them a minimum-wage salary in 2022, which at the time in California was $62,400. But they were each additionally paid cash bonuses of $710,000.

In addition to the salary reductions, DiDonato said in Tuesdays filing that Fisker will defer certain severance payments, certain employee healthcare benefits, and vehicle sale incentive bonuses that have not yet been paid. Most of Fiskers workforce, which was around 1,300 in September 2023, has been whittled down to about 130 people.

All of this comes as the company is pushing to sell more than 3,000 of its remaining Ocean SUVs to American Lease, a New York-area company that mainly serves ride-hail drivers, in a deal that is supposed to net around $46.25 million. And while Fisker is in agreement to make that sale to American Lease, another potential buyer has approached the startup but that unknown party is under NDA and its not been made clear what, exactly, they might want and what theyd be willing to pay.

A lawyer for Fisker said at the July 3 hearing that the plan was to parcel out about 200 Oceans to American Lease at a time, due, in part, to a problem with the EVs water pump that can cause the high-voltage battery to lose power. Fisker needs to fix that problem on every car before it can be sold because the part is now under an official recall with the National Highway Traffic Safety Administration.

With the cost-saving measures DiDonato laid out, along with additional cash coming in from prior vehicle auctions and interest on bank accounts, Fisker now thinks it can fund the case over the next few weeks. A final decision on the approval of the sale to American Lease is now not expected until July 16.

I think holding the hearing on that date allows a little more breathing room for the parties and potential other events, Brian Resnick of Davis Polk, who represents Fisker in the bankruptcy case, said in a hearing Tuesday morning. That includes the potential new buyer for Fiskers assets, Resnick said, but he added: Were certainly not taking our eye off the ball on the American Lease transaction.

In the interim, the fight between Fiskers lone secured creditor Heights Capital Management, an affiliate of financial services company Susquehanna International Group and its many unsecured lenders continues. A committee of unsecured creditors was finally formed last week, and their legal representation got its first chance to speak at Tuesdays hearing.

That lawyer, Doug Mannal of Morrison Foerster LLP, didnt waste the moment. He spent about 10 minutes of the roughly 30-minute hearing building on claims, frustrations and allegations made by another lawyer who spoke on behalf of an unsecured creditor in the first Chapter 11 hearing on June 21. Mannals speech aimed to deliver the court a message: The committee of unsecured creditors is uncomfortable with the way that Heights wound up first in line for all of Fiskers assets.

Heights extended around $500 million worth of loans to Fisker in 2023. That debt was not secured by any collateral, but instead could be converted into Fisker stock. When Fisker was late in filing its third-quarter financial results in late 2023, that breached one of the covenants of the deal with Heights.

Somehow and its still unclear exactly what happened here Fiskers way of making good with Heights was to pledge all of its assets as collateral for the remaining debt. What would be a relatively benign event in most other situations has had a dramatic impact on Fisker, Mannal said in the hearing. He also noted that the covenant breach allowed Heights to convert and sell Fisker stock at a juicy premium, essentially turning $1 into $1.60 by flipping it on the open market.

Mannal accused Heights of using Fisker as a money tree and claimed theyve already made back far more than the value of the original loans. He therefore questioned why Heights is still claiming to be owed more than $180 million debt that remains collateralized by all of Fiskers assets when the unsecured creditors are collectively owed around $1 billion.

Scott Greissman, a partner at White & Case LLP who represents Heights, said the firm has at all times acted within the four corners of a series of contracts with Fisker. He reminded the court that Fisker was a publicly traded company with a board of directors and fine counsel, all of whom oversaw the negotiations of the original loans and the agreement to repair the breach.

Your Honor, similar to the first day hearing, different law firm, same allegations, perhaps a little more dramatic, we dont think its appropriate necessarily at all to respond to any of these allegations that Mr. Mannal has stated on the record almost in the form of testimony, Greissman said. We are very concerned that the [unsecured creditors] committees approach to the case will destroy value rather than enhance it.

(One way the committee of unsecured creditors is already trying to enhance the value of whats left at Fisker: It was the one that found the new potential buyer.)

Whichever way the next few weeks go, Greissman stressed the point that, though Fisker entered a Chapter 11 proceeding, Heights sees this as a liquidation and little else. Every dollar expended is unrecoverable, he said. Even an approved sale wont necessarily sustain a Chapter 11 case, especially a highly litigious one.

Originally posted here:

Henrik Fisker drops salary to $1 to keep Fisker Inc. bankruptcy case alive - TechCrunch

Rudy Giuliani warned by judge at chaotic bankruptcy hearing – The Daily News Online

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Rudy Giuliani warned by judge at chaotic bankruptcy hearing - The Daily News Online

Why the Redbox Bankruptcy Is Very Bad News for DVD and Blu-ray Collectors – IndieWire

Redbox and its parent company, Chicken Soup for the Soul Entertainment, filed for Chapter 11 bankruptcy in a Delaware court June 29 and claimed nearly $1 billion in debt. Its a reorganization, not a dissolution, so the red refrigerator-sized kiosks often found outside drug stores and in-grocery vestibules are not (yet) going the way of the VHS. However, its already bad news for physical media.

The obituary for physical movie rental has long been a work in progress, dating back to Blockbuster Video filing for bankruptcy protection in 2010. Netflix, then primarily a DVD-by-mail service, destroyed the brick-and-mortar business. Within a few years, it was clear that streaming was Netflixs future although it didnt mail its last DVD until September 2023.

This year, we saw Best Buy stop carrying DVDs and Blu-rays while Disney pulled the plug on its own physical home-entertainment business, outsourcing production to Sony. Walmart, Target, and Barnes & Noble still carry a torch for physical media, but DVDs increasingly populate their bargain bins. With Prime Video, Amazon has a homegrown incentive to move toward digital delivery. Next-gen video-game consoles wont even have disc slots, which means a lot fewer homes will have DVD players.

If retailers cant be bothered, why should studios continue making DVDs? Rather than see it as a death knell, some wonder if this shift in the market opens a door for physical media enthusiasts.

Im really hoping they see it as an opportunity. If Disney can outsource to Sony, why couldnt the studios outsource to places like Criterion or Kino Lorber? said Leah Aldridge, a professor of Film and Media Studies in Chapmans Dodge College told IndieWire. Im banking on an entrepreneur to come through and say, Let us do it. Well take it on. Well do it cheaper than Sony.'

Joe Rubin, co-founder anddirector of acquisitions at cult DVD distributor Vinegar Syndrome, said the upheaval has some advantages. Studios now seem more willing to license their titles for collectors editions; in the past the answer would be a flat no or an impractical yes the kind that comes with astronomical expectations.

The reduction in interest in physical media at studios has been something of a blessing, because its made those titles available, Rubin said.

That doesnt mean were in for a boon of opportunity for indie DVD distributors. Theres a growing gap between the casual movie fans who want their own copy of Barbie and the collectors who want the 4K edition of the 1986 Chuck Norris thriller Invasion U.S.A.

I dont think that the home video or physical media market is expanding, Rubin said. Its hit its peak. Its plateaued. If anything, its going to start contracting. And this may not be a true sign of death for it, but its definitely not getting any bigger. Were not seeing growth.

Vinegar Syndrome handles home video and DVD sales for smaller distributors. It has about 30 independent partners, including the smallest niche distributors and more mid-sized players like Utopia and IFC Films. Rubin said many other niche DVD distributors have cropped up to fill the void left by the major studios, but none of them operate on a scale that could handle outsourcing for an entire studio.

I dont know that we or any of the other companies of our size are really set up for it, he said. The logistics of working with a major studio is always going to be more difficult than working with an independent filmmaker or a smaller distribution company just because of how their own businesses are structured more departments to go through, more clearances, more strictness.

Its been a long time since DVDs were a key revenue stream for studios, but DVD production is very cheap. If a movie can justify the cost, studios will still make the effort. Aldridge said some international markets havent fully matured with streaming and still need discs, as do some pockets of the U.S.

If places like Redbox go out of business entirely, those consumers could be completely out of luck for new movies outside of first-run theaters (and some regions dont even have that). With more forced to pay monthly streamer subscription fees, score that as another reason for studios to lose interest in physical media. Places like Vinegar Syndrome have anticipated some of these changes and moved more of their operations to their website and DTC offerings rather than rely on third-party sellers.

Maybe theres a possibility that DVDs could become the new vinyl another outdated format, which turned its impracticality into cachet. However, LPs have an advantage that DVDs do not: Record stores exist across the country; specialty video stores are few and far between. As much as Rubin said hed like to champion more obscure titles in need of discovery and preservation, the DVD releases most likely to see a return have a built-in audience.

Redbox could have been a solution, but it still required you to leave your home in an age when everything is available at your fingertips. According to Rubin, Redbox courted Vinegar Syndrome to supply the kiosks with more niche offerings. But Redbox required scale thousands of discs sans packaging to pack their kiosks. The partnership never came to pass, and the movie selection at most Redbox locations remained limited to more recent, forgettable studio movies you probably wouldnt watch if they were available on a streamer for free.

Shortly after the now-ousted Redbox CEO Bill Rouhana acquired Redbox in May 2022, he told IndieWire that there was absolutely nothing in [the kiosks] today that youd want to watch. Now Redbox feels as antiquated as the Blockbuster video stores it was meant to replace.

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Why the Redbox Bankruptcy Is Very Bad News for DVD and Blu-ray Collectors - IndieWire

Rudy Giuliani Threatened With Jail By Opposing Lawyer At Bankruptcy Hearing – KFI AM 640

Former New York City Mayor Rudy Giuliani faced a threat of jail during a chaotic bankruptcy hearing on Wednesday (July 10). Judge Sean Lane, who presided over the hearing, warned Giuliani that his microphone could be cut off due to repeated interjections.

The judge also indicated that he was leaning towards dismissing Giuliani's bankruptcy case, with a final ruling expected later this week.

Giuliani's bankruptcy was triggered by a $148 million verdict against him after he falsely accused Georgia election workers Shaye Moss and Ruby Freeman of 2020 election fraud. During the hearing, Giuliani contested his creditors' allegations of bankruptcy crimes.

Highly defamatory, your honor! Giuliani exclaimed.

The former mayor's creditors, including the electronic voting machine company Dominion Voting Systems and former employee Noelle Dunphy, accuse him of using bankruptcy as a delay tactic while hiding assets and spending extravagantly. They propose appointing a bankruptcy trustee to take control of Giuliani's assets and monitor his finances.

Giuliani's team agreed with the election workers' proposal to dismiss the bankruptcy less than an hour before the hearing. However, the official creditors committee wants to remain in the bankruptcy system, fearing they would otherwise be left with nothing. The case continues to unfold, with the final ruling expected on Friday.

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Rudy Giuliani Threatened With Jail By Opposing Lawyer At Bankruptcy Hearing - KFI AM 640

Hornblower Emerges from Bankruptcy Focusing on Sightseeing and Ferries – The Maritime Executive

Hornblower Group emerged from its bankruptcy last week approximately five months after filing a prepackaged deal designed to restructure the company. As part of the deal that was presented to the bankruptcy court, Hornblower narrowed its focus of operations and received a new majority owner.

The slimmed-down Hornblower operates its brand City Cruises which conducts sightseeing cruises in more than 20 U.S., Canada, and UK destinations. They also provide transportation to landmarks such as the Statue of Liberty, Alcatraz Islands, and Niagara Falls. The other portion of the water bourn operation is ferries and transport. The company says it services over 20 million people each year in more than 100 countries, including 50 U.S. cities

Filing for bankruptcy in February 2024, Hornblower cited its heavy debt load and the failure of its overnight cruise lines to recover from the pandemic. American Queen Voyages separately filed for bankruptcy and was disbanded. Its paddleboat river cruise vessels were sold to American Cruise Lines which has scrapped several of the ships. The companys two coastal cruise ships were sold to their prior owner who is promising to restart the cruise operations in 2024. A charter for an exploration cruise ship from Sunstone was canceled and this has been re-leased to a new startup cruise line in Spain.

Today marks a new beginning for Hornblower, said Kevin Rabbitt, Hornblower's Chief Executive Officer, in the July 3 statement announcing the completion of the restructuring. We have an expert team with a long history of delivering safe, world-class experiences. We have the continued support of our government agency and business partners, and we have new owners who support our strategic priorities.

Management emphasizes that they have a focused portfolio and new financial flexibility and liquidity. As a result of the restructuring process, Hornblower reduced its total debt by approximately $720 millionor more than 70 percent.

Majority ownership of Hornblower is now held by funds managed by Strategic Value Partners, a private investment firm with more than $18 billion under management. Crestview Partners, a private equity firm that acquired Hornblower in 2018, retained a minority position and took sole ownership of the tour company Journey Beyond based in Australia.

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Hornblower Emerges from Bankruptcy Focusing on Sightseeing and Ferries - The Maritime Executive