Man who sought to conceal interest in 5m Dalkey property has bankruptcy extended – The Irish Times

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The High Court has extended a businessmans bankruptcy to last a total of 13 years after finding he had endeavoured to conceal his interest in a 5.5 million Dalkey property.

Godfrey Lalor, who once owned a property on Sorrento Road, Dalkey, Co Dublin, was adjudicated bankrupt in June 2016. A year later the official assignee to the bankrupts property filed a motion seeking to extend the bankruptcy on grounds of non-cooperation and failure to disclose assets.

In a recent judgement, Mr Justice Richard Humphreys extended Mr Lalors bankruptcy to June 2029. The normal term of bankruptcy is for one year, but this can be extended in cases of non-cooperation or non-disclosure of assets, he noted.

Mr Justice Humphreys said he believes to be justified the official assignees characterisation of Mr Lalors approach to the situation as catch me if you can. The judge also endorsed as correct, the official assignees assertion that it is essential for the integrity of the bankruptcy process that a bankrupts obligation to cooperate fully and disclose everything in relation to assets is strictly enforced.

The judge noted that Mr Lalor had sought to conceal his interest in the Monte Rosa property on Sorrento Road to prevent it being realised for the benefit of his creditors. Further, some of the evidence given by Mr Lalor under cross-examination was misleading, while he also had failed to co-operate with the courts previous July 2021 conclusion, Mr Justice Humphreys said.

The judge also found that Mr Lalors assertions of lack of control over relevant corporate assets and accounts were lacking in credibility in all of the circumstances.

Mr Justice Humphreys said that near total non-cooperation would presumably warrant a near maximum bankruptcy period, and these circumstances come into the top bracket of the full 15-year period. However, the judge said he had regard to any limited elements of information arguably supplied by Mr Lalor, as well as any arguably relevant circumstances, in setting the term at 13 years. Mr Justice Humphreys was finalising a 2019 decision made by Ms Justice Teresa Pilkington to extend in principle the bankruptcy term.

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Man who sought to conceal interest in 5m Dalkey property has bankruptcy extended - The Irish Times

Boy Scouts will lobby on bill to curb tactics used in bankruptcy proceedings – Politico

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With Daniel Lippman

PROGRAMMING NOTE: Well be off for Thanksgiving this Thursday and Friday but back to our normal schedule on Monday, Nov. 29.

BOY SCOUTS WILL LOBBY ON BANKRUPTCY BILL: The Boy Scouts of America has hired former Alabama Democratic Rep. Bud Cramer and Jefferies Murray of 535 Group to lobby on bankruptcy reform legislation aimed at curtailing a settlement practice that would release troop sponsors, including tens of thousands of churches and civic groups; local councils; and the national Boy Scouts organization from liability for sexual abuse claims lodged against the organization.

The House Judiciary Committee approved the Nondebtor Release Prohibition Act this month. The bill targets what Democrats describe as a loophole in bankruptcy code that helped the Sackler family, the people and institutions that enabled Larry Nassar, and others like them escape accountability for wrongdoing through bankruptcy proceedings.

The bill would restrict the use of third-party, or nondebtor, releases in bankruptcy proceedings, unless express consent is given by the creditors. The practice, which has split federal courts, shields affiliates, officers or other stakeholders who may be accused of wrongdoing but who have not filed for bankruptcy protections themselves in exchange for settlement payments and, in the Boy Scouts case, signing over some insurance rights. The tactic has been used in the bankruptcy settlements of several high profile cases in recent years, including those of opioid maker Purdue Pharma, USA Gymnastics and church dioceses.

The bill would also place restrictions on bankruptcy courts ability to pause lawsuits against third parties while a repayment plan is negotiated, and allow courts to dismiss Chapter 11 bankruptcy reorganization cases if a debtor was formed during a divisional merger that took place in the last decade. Critics of the bill, which was approved on party lines, argue the legislation could disrupt bankruptcy proceedings in favor of lengthy litigation that may result in less of a recovery or no resolution at all, while empowering small numbers of holdout creditors.

The Boy Scouts of America (BSA) engaged 535 Group to help explain our proposed Plan of Reorganization to lawmakers and demonstrate how the current structure is the best path forward for Scouting and for survivors, with this Plan poised to establish the largest sexual abuse compensation fund in the history of the United States, a spokesperson told PI, adding that the organization has spent nearly two years working through a financial restructuring to come to a resolution that will equitably compensate survivors of past abuse and ensure that Scoutings mission continues. The Associated Press reported this fall that ballots to approve the Boy Scouts reorganization plan and proposed $1.6 billion trust fund are being sent to the more than 82,000 men who say they were molested as scouts.

Good afternoon and welcome to PI. Ill be off for Thanksgiving tomorrow and Friday, but PI will be back in your inboxes on Monday. Until then keep sending those tips, and I hope you have a restful holiday: [emailprotected]. And be sure to follow me on Twitter: @caitlinoprysko.

PANDEMIC PREPAREDNESS GROUP LOBBIES UP: Guarding Against Pandemics, an advocacy group pushing for more investment in preparing for the next pandemic, is ramping up its lobbying operation as it pushes to hike the amount of funding included in Democrats reconciliation bill or through other avenues.

According to disclosures filed this week, Varun Krovi, a former House Democratic aide and former lobbyist at Invariant, registered as an in-house lobbyist for the group in September. The group hired a team of more than a dozen lobbyists at Ogilvy Government Relations a month later, according to another disclosure filing. The group, which is funded in-part by crypto billionaire and Biden donor Sam Bankman-Fried, previously hired Van Scoyoc Associates in August.

Guarding Against Pandemics has fought for Democrats to provide $30 billion for pandemic preparedness in their reconciliation bill, a number initially sought by President Joe Biden this spring. He later decreased that figure to $15 billion, and the sum included in the version passed by the House last week was slashed even further, to $3 billion, according to figures from the Kaiser Family Foundation. Another $16.2 billion would go toward building out public health infrastructure.

In response to earlier reports that pandemic preparedness funding might be gutted as Democrats sought to reduce the price tag of the bill, Guarding Against Pandemics called the suggestion unthinkable. The group has also applauded pandemic preparedness provisions in legislation introduced by Reps. Diana DeGette (D-Colo.) and Fred Upton (R-Mich.) last week, though that bill faces steep odds in a narrowly divided Congress.

DOING IT FOR THE GRAM: Adam Mosseri, the head of Instagram, has agreed for the first time to testify before Congress, as bipartisan anger mounts over harms to young people from the app, The New York Times Ryan Mac and Cecilia Kang report. Mosseri is expected to appear before a Senate panel during the week of Dec. 6 as part of a series of hearings on protecting children online, said Senator Richard Blumenthal, who will lead the hearing.

Mr. Mosseris appearance follows hearings this year with Antigone Davis, the global head of safety for Meta, the parent company of Instagram and Facebook, and with Frances Haugen, a former employee turned whistle-blower. Ms. Haugens revelations about the social networking company, particularly those about Facebook and Instagrams research into its effects on some teenagers and young girls, have spurred criticism, inquiries from politicians and investigations from regulators.

Blumenthal said he would question Mr. Mosseri about how Instagrams algorithms can send children into dangerous rabbit holes and would seek a commitment from Mr. Mosseri to make Instagrams ranking and recommendation decisions transparent to the public and to experts who can study how the app amplifies harmful content.

ANOTHER SETBACK FOR ISRAELI SPYWARE FIRM: Apple sued the NSO Group, the Israeli surveillance company, in federal court on Tuesday, another setback for the beleaguered firm and the unregulated spyware industry, The New York Times Nicole Perlroth reports. The lawsuit is the second of its kind Facebook sued NSO in 2019 for targeting its WhatsApp users and another consequential move by a private company to curb invasive spyware by governments and the companies that provide their spy tools.

Apple, for the first time, seeks to hold NSO accountable for what it says was the surveillance and targeting of Apple users. Apple also wants to permanently prevent NSO from using any Apple software, services or devices, a move that could render the companys Pegasus spyware product worthless, given that its core business is to give government clients full access to a targets iPhone or Android smartphone.

Apple is also asking for unspecified damages for the time and cost to deal with what the company argues is NSOs abuse of its products. Apple said it would donate the proceeds from those damages to organizations that exposed spyware.

Jenelle Krishnamoorthy has been promoted to be vice president for global public policy and international affairs at Merck. She most recently was the company's associate vice president for global policy for communications and population health.

None.

GEORGIA VALUES ACTION (Super PAC)PURPLE PAC (PAC)Supernova PAC (Super PAC)Texans Against Beto (PAC)

535 Group, LLC: Boy Scouts Of AmericaBallard Spahr LLP: Grail, LLCCdb Projx LLC: Clemson UniversityCornerstone Government Affairs, Inc.: The Pew Charitable TrustsGuarding Against Pandemics, Inc.: Guarding Against Pandemics, Inc.Washington & Madison, LLC: American Hellenic Institute

Big Fire Law & Policy Group, LLP: Ndn CollectiveFirst Strategic: Sda Inc.Maryland & District Of Columbia Credit Union Association: Maryland & District Of Columbia Credit Union Association

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Boy Scouts will lobby on bill to curb tactics used in bankruptcy proceedings - Politico

TfL crisis latest: entire Tube line may have to close and bankruptcy notice issued – Evening Standard

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C

losing an entire Tube line is among the options that Transport for London may have to consider as a result of its financial crisis, it has been revealed.

TfL finance chief Simon Kilonback said the failure to secure Government cash for long-term repairs and upgrades would have a disastrous impact on the capitals transport network.

Mr Kilonback told the TfL finance committee on Wednesday that TfL could be forced into the full closure of a line or part of a line or smaller reductions across the whole [Underground] network.

He did not name the line most likely to be closed but the Bakerloo and Jubilee lines are reportedly at risk.

The Metropolitan and Hammersmith & City lines could also be options due to lower passenger numbers and overlapping rail or Tube services.

DLR and London Overground services are also at risk, Heidi Alexander, the deputy mayor for transport, told the committee.

A blue sky future is unlikely for TfL

Mr Kilonback said there was a risk that TfL would have to issue a section 114 notice - effectively declaring itself bankrupt and handing responsibility for services back to the Government.

This would mean it would only commit to providing services required by law, such as school buses, taxi licensing, certain road repairs and the Woolwich ferry.

It would also be likely that TfL would seek to run only services where it made a profit, he suggested.

A video of the TfL meeting can be viewed here:

Mayor Sadiq Khan has requested an urgent meeting with Transport Secretary Grant Shapps, but has yet to receive a reply.

TfL commissioner Andy Byford told the TfL finance committee there was less than three weeks to save TfL and the London recovery.

He said: I never thought I would say this but getting the Elizabeth line across the line seems a darn sight easier than trying to sort this one out.

TfL commissioner Andy Byford: Funding crisis is even worse than Crossrail

Mr Byford has written to the permanent secretary at the Department for Transport requesting the start of negotiations. He said he was desperate to avoid what happened in the last bail-out, when agreement was only reached with 11 minutes to go before the deal expired.

Passengers are also likely to face a bumper fares hike from the New Year. TfLs plans expect a rise of the RPI rate of interest plus one per cent.

This is likely to mean an extra five per cent on fares, though Mr Khan has the final decision.

TfL ticketing chief Shashi Verma said: This is the city with the highest public transport fares in the world to start off with.

Mr Kilonback said: I think we unfortunately face the situation we first faced back in May 2020, where we are going to have to consider what is required under statute, and say that under S114 of the local Government Finance Act we cannot see a way to balance the budget.

That requires us to commute all expenditure other than that which is required for statutory purposes, which are very limited in terms of the transport services we operate, and to continue to run things that contribute to getting out of the problem and to stop anything which makes the problem worse.

Whereas in the past, certainly the Tube and some of our rail services were covering their operating costs. That isnt the case today. This is not a threat. Its the reality of the statutory position we are in, given the lack of certainty over funding.

A TfL spokeswoman, asked whether Londons fares were the highest in the world, said: In London, 72 per cent of the operating costs of running the TfL network are covered completely by fares and another 14 per cent by other commercial revenues.

Other cities cover a much larger proportion of their costs from government subsidies or dedicated taxes.

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TfL crisis latest: entire Tube line may have to close and bankruptcy notice issued - Evening Standard

What happened to Love Actually cast Daniel Craig romance, bankruptcy, tragic death and rant over s*** &… – The Sun

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WITH a love triangle, an affair and doomed romances - who could have predicted Love Actually would become such an iconic Christmas film?

But the festive flick unites Brits around the country and millions of us gather around our TV screens to watch it every year.

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It's been 18 years since Love Actually was released and many have eagerly followed the careers of the actors who starred in it.

They include Thomas Brodie-Sangster - the child star who at 13 years old played lovestruck drummer boy Sam.

Fans were shocked when it was revealed that he's now 31 and reportedly dating Elon Musk's ex-wife, whom he divorced twice, Talulah Riley.

The pair co-star in Danny Boyle's upcoming Sex Pistols drama Pistol, where he plays popstar Malcolm McLaren and she takes on Vivienne Westwood.

Since Love Actually came out in 2003, Thomas has starred in everything from the Maze Runner series to Game Of Thrones and The Queen's Gambit - but what happened to his co-stars?

Here, we look at the fates of those behind one of Britain's all-time favourite Christmas flicks.

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Olivia stole the show when she sang Mariah Carey's All I Want for Christmas is You at just 11 years old.

Now the American actress is 29, living in LA, and you may have followed her on The X Factor: Celebrity, where she ended up coming 12th in 2019.

Olivia has also been part of the cast behind the animated series Adventure Time on Cartoon network, where she voices Marceline the Vampire Queen.

She has also worked on Disney's Phineas and Ferb, where she voices Vanessa Doofenshmirtz.

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German actress Heike Makatsch became one of the biggest villains of Christmas when her character Mia flirted with her married boss, Harry, played by the late Alan Rickman, in the movie.

One of the most emotional scenes saw Harry buy Mia a gold necklace, which his wife, Karen, played by Emma Thompson, thought was for her.

After flirty Mia, Heike played Leisel's mother in the movie version of The Book Thief in 2013.

Heike, 50, has had a string of high-profile romances. She previously dated James Bond star Daniel Craig and was married to actor Max Martin Schrder for 10 years.

She's in a relationship with actor Trystan Ptter and lives in Berlin.

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Lulu played Emma Thompson's daughter in Love Actually and famously dressed up as a lobster for her school nativity.

She was 12 years old when she appeared in the beloved Christmas flick but in recent years branded it "cheesy and sexist".

Speaking on the Almost Famous podcast,Lulu said: "I think it's a s**t film. I think it's aged badly. All the women in it are sort of passive objects."

The 30-year-old, who's now a comedian, was described as unrecognisable by fans of the 2003 film.

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In Love Actually, he was Kiera Knightley's doting husband Peter and was unknowingly caught in the middle of a love triangle.

While their marriage stayed intact, his best friend Mark, played by Andrew Lincoln, made a questionable attempt to seduce Kiera's character.

Since the 2010 film, Chiwetel took a role in Doctor Strange, starred as Scar in The Lion King remake and was the lead role of Solomon Northup in 12 Years A Slave.

The latter landed him Best Actor nominations at the Golden Globes, The Oscars and a winning nomination at the BAFTAS.

One of the most memorable scenes from the film sees Andrew's character Mark express his love to Juliet via some cardboard signs outside her house.

Whilst she ran out and kissed him, the pair don't get together and Juliet stays married to his best friend.

Since his tragic storyline in Love Actually, Andrew's career has boomed, starring in AMC series The Walking Dead as sheriff deputy Rick Grimes.

While he didnt get his fairytale ending in Love Actually, he did in real life.

In June 2006, three years after the heartwarming film was released, he married Gael Anderson. They have two children, Matilda, 14, and Arthur, 11.

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Joanna, who played the character 'Just Judy', was one half of the loveably awkward duo that stood in for sex scenes in a porn film, alongside Martin Freeman.

After Love Actually, she went on to appear in everything from Midsomer Murders to Nativity 2: Danger In The Manger and Doctor Who.

But she's best-known for starring as Stacey Shipman in the hit BBC sitcom Gavin & Stacey, which ran from 2007 until 2010. A Christmas special was released in 2019.

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Former EastEnders star Martine was memorable in Love Actually as the cheerful Downing Street staff member who swore at Hugh Grant's Prime Minister but ended up winning his heart.

Martine has since proved her talents off the screen on the stage, winning an Olivier for her role as Eliza in My Fair Lady in the West End.

While she endeared herself to millions as Natalie, sadly Martines career after Love Actually hasn't been as easy.

The 45-year-old has struggled to land big parts in any major show or film and has only had a few small parts in TV shows.

Shes made appearances on Celebrity Gogglebox and more recently The Masked Singer UK, but she hasnt had anything as high profile as Love Actually.

Martine has also been a panellist on Loose Women, alongside the likes of Katie Price, Andrea McLean, Nadia Swahala and Ruth Langsford.

She has been married to singer Jack McManus since 2012 and has a six-year-old son, Rafferty.

But she hasn't had an easy time of it, having to file for bankruptcy in 2013, and openly struggling with her health, suffering from Chronic Fatigue Syndrome and Fibromyalgia.

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In Love Actually she broke hearts while playing workaholic Sarah, who aside from her busy schedule had to take care of her mentally ill brother.

An outburst from her sibling prematurely ended a saucy moment of passion between Laura's character and ripped actor Rodrigo Santoro.

Since then, she spent a year on the US comedy Frasier, starred in American Dad! and has acted in dark drama Ozark since 2017.

Despite not sharing any scenes together, Laura and Liam Neeson are close friends in real life and he even walked her down the aisle for her wedding in May 2009.

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Brazillian actor Rodrigo Santoro's romance with Sarah, played by Laura Linney, sadly came to nothing in the film - but since then he has played a number of big parts.

He was unrecognisable after shaving off his hair to play 'god' Xerxes in the 2006 action flick 300 and also starred as Paulo in Lost.

Recently, Rodrigo played Westworld's 'most wanted' bandit Hector Escaton and he starred in Boundless, a drama about two men who sailed around the world 500 years ago.

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Lucia played Colin Firth's housekeeper turned love interest, Aurelia, in Love Actually.

Towards the end of the film, he won her heart in a hilariously bumbling scene where the writer tried and often misspoke Portuguese.

Since then Lucia has starred in a number of TV series and films back in Portugal.

January played Jeannie, one of the attractive American girls that sex-obsessed Colin (Kris Marshall) bumps into in Wisconsin.

She was the ringleader of the group of girls who fell for his English accent and charms.

A few years later in 2007, she was cast as Betty Draper in Mad Men, which ran until 2015 and is regarded as one of the best television dramas ever made.

The role saw January nominated for two Golden Globe Awards for Best Actress in Television Series Drama and a Primetime Emmy Award for Outstanding Lead Actress in a Drama Series.

Alan was already an acting legend when he starred in Love Actually alongside Emma Thompson and Hugh Grant.

He had already taken on the iconic role of Severus Snape in the Harry Potter franchise, and had previously starred in Die Hard, Robin Hood: Prince of Thieves and Sense and Sensibility.

Alan played the character of Harry, a successful director of a design agency, who cheats on his wife Karen with his young, pretty secretary Mia.

Alan couldn't have been more different from his on-screen loverat character in real life, happily married to former Labour Party councillor Rima Horton after meeting in their late teens.

Tragically, Alan passed away from pancreatic cancer in 2016 at the age of 69, having won a Bafta, Emmy, a Golden Globe and a SAG during a glittering career.

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What happened to Love Actually cast Daniel Craig romance, bankruptcy, tragic death and rant over s*** &... - The Sun

Where Westlife are now from breakup and bankruptcy to successful comeback – Birmingham Live

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Pop group Westlife are set to take over the Loose Women panel today to celebrate the release of their new album, Wild Dreams.

Just a week after Vernon Kays Loose Men special, the hit ITV daytime show will temporarily rebrand itself as Loose Life as band members Shane Filan, Nicky Byrne, Kian Egan and Mark Feehily host a one-off special.

The regular Loose Women will interview the group before handing over the reins for a quarter of the show.

READ MORE: Where the Great British Bake Off winners are now from Strictly Come Dancing to baking for the Queen

But when did Westlife get back together and who is the bands richest member? Heres everything you need to know.

While Westlifes exact net worth isnt known, it is currently estimated to be around $22 million, with Kian Egan reported to be the bands richest member, according to internet reports.

Forming in 1998, Westlife went on to become one of the top-selling boybands of all time, alongside Take That and Boyzone.

Until their split in 2012, Westlife sold more than 55 million records across the world, releasing 13 albums and going on 12 world tours.

However, in 2012, lead singer Shane Filan was left devastated after his property development company Shafin Developments went bust, leaving him with debts reportedly amounting to 18 million.

Shane was declared bankrupt at Kingston county court in Surrey a month after his company collapsed.

Six years later, Shanes wife Gillian was also declared bankrupt in relation to joint loans she shared with her husband.

Shanes fellow band member Nicky has spoken about Westlifes fortunes in the past, telling the Irish Independent: We have all lost money.

We were all very foolish with money in the early days, we all bought cars and watches - the silly things.

We did very well out of Westlife but everybody lives and spends. In the early days we earned great money, and in the latter days it was all gone.

On October 19, 2011, Westlife announced that they would be splitting after one final album and tour.

In a statement, they described the split as amicable, and explained that they wanted to have a well-earned break and look at new ventures.

On October 3, 2018, Westlife announced on social media that they would be reuniting to release new music and go on tour.

The band released Spectrum in 2019, with the comeback album going on to reach number one and become the fastest selling album of the year in Ireland.

Tickets for Westlifes upcoming Wild Dreams 2022 tour are now on sale.

Loose Life, a one-off Loose Women special, airs on Friday, November 26 at 12.30pm on ITV and ITV Hub

Stay abreast of the latest on days out, nights out, shopping and more with our Daily What's On Email updates.

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Where Westlife are now from breakup and bankruptcy to successful comeback - Birmingham Live

Foreign creditors may soon be in charge of defaulting Indian companies assets – Livemint

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NEW DELHI :Representatives of foreign creditors could be in charge of distributing the local assets of defaulting Indian companies in cases where an Indian tribunal recognizes overseas bankruptcy proceedings under New Delhis proposed cross-border insolvency regime.

New rules to be framed under a proposed section in the Insolvency and Bankruptcy Code (IBC) would allow local courts to entrust foreign creditors representatives to distribute these assets once it is satisfied that the interests of creditors in India are adequately protected. This would be one of the benefits to be granted to overseas creditors under the cross-border insolvency regime, said a person familiar with the matter.

Foreign creditors would get this right irrespective of whether the overseas proceeding gets recognized as the main bankruptcy proceedings or as non-main proceedings. If the overseas legal action is recognized as the main proceeding, there would also be a moratorium on other recovery action in India by creditors.

The new section will also apply to Indian lenders requiring assistance in another country for their IBC proceedings against Indian businesses and corporate guarantors with overseas assets. This would be a major shot in the arm for lenders fighting promoters who shift funds out of the company by manipulating books. One key corporate governance challenge for regulators and lenders is the diversion of funds from a company with public interest to a firm closely held by major shareholders.

Whenever a notice is to be issued to creditors of a defaulter, overseas creditors will also be kept in the loop. The government is conducting public consultation till 15 December before a bill for further amending the IBC is placed before Parliament.

The Insolvency and Bankruptcy Board of India (IBBI), the regulator, would make regulations under the new regime for a principle-based, light-touch code of conduct for the representatives of foreign creditors. It will also provide for investigation and disciplinary action against misconduct by foreign representatives.

The proposed new part of the IBC to deal with the failure of businesses with assets and liabilities in multiple markets marks a major improvement in the scope of IBC. This is a much-awaited requirement that will strengthen the insolvency resolution regime in India, experts said.

Being part of the global economy and trade, it is only justifiable that we adopt the international framework widely used by more than 50 countries with appropriate amendments. It is proposed to cover corporate borrowers and personal guarantors and this will help in global asset tracing and recoveries for Indian creditors," said Ashish Chhawchharia, resolution professional and partner at Grant Thornton Bharat.

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Foreign creditors may soon be in charge of defaulting Indian companies assets - Livemint

Evergrande’s bankruptcy still just a matter of time – Asia Times

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The potential for Chinas Evergrande Group to finally go bankrupt is still high despite recent progress made in selling assets and paying down debts, analysts and commentators say.

The Shenzhen-based property developer saw its contracted sales collapse by about 90% year-on-year in September and October, the traditional high sales season for Chinese property markets.

The company also suffered from a property market down cycle where 21 lower-tier cities, where most of Evergrandes property projects are situated, announced market-intervening measures last month to limit price reductions. Those caps are reportedly contributing to Evergrandes cash-flow problems by reducing its ability to slash prices to facilitate sales.

At the same time, a 2.8 billion Evergrande share stake worth about US$1 billion, appeared in Hong Kongs Central Clearing and Settlement System (CCASS) last Friday, indicating that company chairman Hui Ka-yan may be pledging part of his stake as collateral for loans, media reported.The stake was reported to CCASS by Haitong International Securities Co.

Hui and his wife own more than 76.69% of Evergrandes outstanding shares. On October 8, Hui, through Xin Xin (BVI) Limited,pledged 500 million Evergrande shares to a third party by providing share rights as a guarantee to persons other than qualified lenders. On October 12, Haitongs CCASS holdings in Evergrande increased by 500 million shares.

Evergrande has faced a liquidity shortage since its plan to go public in Shanghai was scrapped last year. Chinese financial regulators also announced three red lines to forbid heavily indebted property developers from borrowing money from banks until they lower their gearing ratios.

With worse-than-expected contract sales in the first half, Evergrande failed to pay for the construction of many of its real estate projects. The suspension of construction sent Evergrande into a vicious cycle in which the company could not generate revenue to pay creditors and holders of its wealth management products.

Between September 23 and October 11, Evergrande failed to pay interest of $276.5 million to global investors who hold its bonds. The company finally made payments by the end of the 30-day grace period to avoid an immediate default. It was reported that Hui settled the payments with his own funds.

Evergrande will be removed from the Hang Seng China Enterprises Index (HSCEI) from December 6, according to a statement released by the Hang Seng Indexes Co Ltd, a wholly-owned subsidiary of Hang Seng Bank, last Friday.

On November 17, Evergrandes weighting in the HSCEI was only 0.07%, compared with Meituans 9.41%, Tencents 8.47% and Alibabas 7.98%. Evergrandes shares fell 1.08% at HK$2.75 on Monday. They are down 83% from HK$16.28 a year ago.

Meanwhile, credit rating agencies continue to issue warnings. S&P Global Ratings said in a recent research report that Evergrandes debt crisis had not yet ended and that the bigger test would come when $3.5 billion comes due for US dollar-denominated notes in March and April next year.

We still believe an Evergrande default is highly likely, said analysts at S&P Global Ratings. The firm has lost the capacity to sell new homes, which means its main business model is effectively defunct. This makes full repayment of its debts unlikely.

On September 3, Evergrande said its contracted sales decreased 26% to 38.08 billion yuan ($4.89 billion) in August from a year ago. It said its August sales included amounts offset through the sales of property units to suppliers and contractors.

In the first eight months of this year, the companys contracted sales fell 2.7% to 438.65 billion yuan from the same period in 2020.

Although the company did not announce its contracted sales in September and October, it could have only generated revenue of 17 billion yuan in September and 2.9 billion yuan in October from property sales, according to China Index Academy, a Beijing-based real estate data provider. The combined revenue in the two months was down 89% from the same period of 2020.

Last month, Evergrande tried to replenish its foreign exchange by offering to sell its Hong Kong headquarters building in Wan Chai district to Chinese state-owned Yuexiu Property for $1.7 billion. But Yuexiu Property pulled out of the deal, fearing that Evergrandes debt problems would undermine the transaction.

On October 20, Evergrande said it had scrapped its plan to sell a 50.1% stake in Evergrande Property Services Group to Hopson Development Holdings. The deal, if it had gone through, could have provided Evergrande net cash of HK$20 billion ($2.57 billion) on October 12.

On November 16, China Business News, or Yicai.com, reported that Hui had personally injected 7 billion yuan into his company since July 1. The report said that Hui had already sold three luxury apartments in Hong Kong and several private jets, and planned to sell two more luxury flats in Shenzhen and Guangzhou.

On the same day, the company announced that it had agreed to sell all of its remaining 18% stake in HengTen Networks Group, which operates an online video platform, for HK$2.13 billion, or HK$1.28 per share, to a company owned by mainland investor Li Shaoyu. The selling price represented a 24% discount on the closing price of the Hong Kong-listed HengTen on November 17.

Prior to this, Evergrande had already sold a 19.55% stake in HengTen for HK$4.37 billion. Shares of HengTen had gained 72% to close at HK$2.9 on Monday from November 17.

On November 20, Yicai.com, a Chinese financial news media, said more and more lower-tier Chinese cities were facing a down cycle in their property markets.

Since October 12, at least 21 local governments in third and fourth-tier cities, including Shenyang and Kunming, have launched new measures to forbid property developers from cutting their selling prices by more than 15% from market levels. When selling flats in the same building, developers are not allowed to cut prices by more than 5% from the previous quarter.

Zhang Bo, chief analyst at 58 Anjuke Institute, a research unit of the property marketplace Anjuke.com, said property prices in lower-tier cities had fallen rapidly in recent months, forcing local governments to limit price cuts. Zhang said many local property developers wanted to replenish their cash flow by offering discounts to homebuyers, creating a huge price pressure on the markets.

Zhang added that some property developers paid their contractors in property units due to a lack of cash. He said these contractors then sold these apartments to homebuyers at big discounts, adding more price pressure on the markets. Fortunately, he said, these price pressures had not yet spread to the first and second-tier cities.

It is still unclear whether Evergrande would be able to boost its contracted sales or sell more assets in the coming few months. On October 22, Hui said in an internal meeting that the companys annual property sales would be gradually reduced to 200 billion yuan within the coming decade from 700 billion yuan in the past.

He said Evergrande would allocate more resources to its e-vehicle businesses in the next 10 years.

Read: Evergrande staves off default with dollar bond payment

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Evergrande's bankruptcy still just a matter of time - Asia Times

Opinion: In appreciation of Neil E. Harl making farm credit work for everybody – Ames Tribune

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John Blanchfield| Guest columnist

Reading about the recent passing of Professor Neil Harl caused me to reflect back on my 40 years in agricultural banking, 25spent at the American Bankers Association in Washington. While Professor Harls obituary mentioned his involvement in the farm debt crisis of the 1980s, it failed to mention what was perhaps his most lasting achievement, creation by Congress in 1986 of a special chapter of bankruptcy for family farmers know as Chapter 12.

Professor Harl created the intellectual framework that allowed members of Congress to envision how such a provision could work. He recognized early on that farmers, after being hit by a triple whammy in the early 1980s; high interest rates, the resulting collapse of farm asset values, and the collapse of commodity prices following the Russian Grain Embargo in 1980, that many of them had more debt than they could ever repay. Farmers who were going out of business in the Heartland at an alarming rate. Farmers were committing suicide. Open conflict developed between farmers and their bankers, and in some cases bankers were murdered. A full-blown crisis had developed.

More: Wendy Wintersteen: Neil Harl's distinctive voice will echo at Iowa State

More: Neil Harl, ISU economist and lawyer who pushed to save farms during 1980s crisis, dies at 88

Being an attorney, Professor Harl was very aware that large businesses were able to reorganize their operations by utilizing Chapter 11 of the US Bankruptcy code. By reorganizing, they were able to get debt written off, repayment terms lengthened, and in some cases interest rates lowered. Many businesses during the 1970s and 1980s successfully used Chapter 11, or the threat of filing bankruptcy to bring their creditors and their suppliers to the table to negotiate a reorganization plan. Chrysler was perhaps the most famous example at the time with a threat to go into bankruptcy in 1979 resulting in federal assistance that helped them continue as a going concern.

While farmers at the time had the option of filing Chapter 11 bankruptcy, Professor Harl and others recognized that it was far too expensive and far too time consuming for a family farmer to successfully reorganize under Chapter 11. He came up with the idea of a special chapter of the US Bankruptcy code specifically for family farmers (family fishermen were included in the enabling legislation).

Features of the legislation included a lower cost of filing, a court appointed trustee, a promise of a rapid turnaround, a requirement that those filing were indeed family farmers as evidenced by a cap on total debt and how much debt came from their farming operation. The most potent feature of the legislation was a cramdown provision that allowed the farmer to argue, in court, what the current market value of the farm was and if that number was lower than the debt owed against it, the court had the power to order the unsecured portion of the debt to be written off.

Understandably the cramdown provision was the bone that stuck in the throats of all those who had loaned money to farmers that was secured by their real estate. Despite the objection of the banking industry, Congress pushed ahead with the legislation and it went into effect on Nov.26, 1986. Over the years Chapter 12 has been expanded. In addition, Chapter 12 was supposed to sunset at a particular date, but that too was removed, and 35years after enactment Chapter 12 is still on the books.

Chapter 12 never lived up to the hype that surrounded it when it was debated and when it became law. It did help some farmers successfully reorganize and continue farming. But the promise that it would get farmers into and out of Bankruptcy Court quickly never materialized. On the bankersside, the cramdown provision did result in some real losses. As a result, Chapter 12 might have made it harder for some farmers to get credit because some bankers were loath to consider deals that were less than perfect. But over time, bankers overcame their fears and today the banking industry has over 50% of the farm credit market.

So, given the uneven success that Chapter 12 has had, why were Professor Harls contributions so pivotal in helping to settle the farm credit crisis of the 1980s? With the creation of Chapter 12, farmers and their lenders were driven to seek solutions before and/or without going to court. The existence of Chapter 12 brought both parties to the table. These table top bankruptcies enabled bankers and their customers to come to terms knowing that failure to do so would end up with both parties in court, with the knowledge that Chapter 12 was a huge pain to deal with. Shortly after Chapter 12 was enacted, the USDA, Farmers Home Administration began voluntarily writing down debt that was uncollectable. While lender losses were great at the time, Professor Harls contribution was that he unblocked the farm debt logjam. By finally coming to terms with the fact that much farm debt from that period was uncollectable, the agricultural credit system thawed and the farm economy recovered.

Finally, Professor Harl was instrumental in de-stigmatizing farm bankruptcy. The literature of the 1980s farm debt crisis in filled with stories about farmer suicides and banker killings. By removing the stigma of business reorganization, many farmers were able to successfully continue their operations or, at least, exit from farming with something. In either case, lives were saved and for that we owe a huge debt to Neil E. Harl.

John Blanchfield directed the Center for Agricultural and Rural Banking at the American Bankers Association in Washington, DC for 25 years.

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Opinion: In appreciation of Neil E. Harl making farm credit work for everybody - Ames Tribune

Trainer hit with bankruptcy and forced to muck out completes remarkable comeback with Cheltenham and… – The Sun

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AS the saying goes where theres muck, theres brass.

And it took a whole lot of sh*t-shovelling and graft for Milton Harris to dig himself out of bankruptcy hell and rebuild his training career.

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Now he has a lively contender for the 250,000 Ladbrokes Trophy in Danny Whizzbang, who can continue a remarkable rise in fortunes for west country-based Harris.

Winners at Cheltenham and Aintree this season have put his team back on the map after a torrid spell.

The 62-year-old, who had amassed 172 winners over a ten-year career, declared himself bankrupt in 2011 and had his licence taken away.

He tried and failed on two occasions to be let back into the training ranks.

Only after a seven-year spell in the dark did the BHA finally relent and Harris made the move from the Cotswolds to his new home in Warminster, Wiltshire with just two members of staff and a handful of moderate horses.

He said: It has been hard work. The staff rode the horses and I mucked out every box on my own.

It wasnt easy, I was doing the dirty work every day as we had no choice.

It was a tricky time, I wouldnt want to go there again. It was hard for me personally, emotionally and financially.

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You wouldnt have wished it on your enemy.

But you try not to let it knock you down. You have to get up and get on with it.

Did I do some things wrong? Yes. I have no bitterness towards the BHA as they have a thankless task, but sometimes you do question whether its something else youve done.

Having spent so long on the sidelines, the comeback was never going to be straightforward. Was Harris always planning to get back in the game?

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Oh God, yes, he answered before the question was close to being finished.

I was always going to come back, the only reason I wouldnt have was if the BHA didnt let me. I never went away, I stayed in the industry as much as I could. I managed horses for a few people, but it wasnt rewarding, especially not financially. I was struggling.

I never left the industry but people do forget about you and it wasnt easy getting back into the swing of things.

Already on 28 winners for the campaign, Harris is a shoo-in to beat his previous best of 32 with more than five months of the season to run.

Stable star Knight Salute has already notched a Grade 2 at Cheltenham and his trainer thinks hes the real deal, with Aintree winner Legionar another youngster he has high praise for.

After what hes been through, most would be satisfied with a full yard of horses and a growing team, but Harris wants more. He said: Weve got 52 stables and were full, we have about 60 in with a few in the fields and what not. But it wasnt always like that, far from it.

Im very grateful, Im a hardy b*****d, but Im grateful for where we are and thats only possible because of loyalty and working bloody hard.

In my last full season before the ban I finished 22nd in the championship, out of about 650 which I would say is in the Premier League the relegation zone!

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Now were back in that position, Id like to think, but weve got to get ourselves in Europe as they say. Thats hard with the horses we have, we dont pay a lot of money for the ones in but were doing our best to get there.

The phone is ringing a hell of a lot more, that wouldnt have happened 18 months ago.

Its lovely, but you cant lose sight of the fact you need to train winners the bubble can quickly burst, as we know.

Danny Whizzbang was bought cheaply from Paul Nicholls and will make his first start for Harris in the Newbury feature.

A Grade 2 winner at the track, hes no lost cause and the Harris horses could not be in better form. The trainer said: He was 50-1 when the race first came out, now hes shortened up into about 33-1 and I expect hell be about 25-1 before the off.

I have a feeling he might be the kind of horse to catch fresh. I feel like while the horses are healthy we have to have a shot.

Hes not a sexy workhorse, but boy hes fit, his blood count is perfect and were going to put a bit of headgear on him.

Paul is a good friend of mine. Youre never going to improve one of his massively so we need to try and change something. A change of scenery can sometimes be enough to do the trick.

To even have a runner in a race like this is something. God forbid he runs a good race!

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Trainer hit with bankruptcy and forced to muck out completes remarkable comeback with Cheltenham and... - The Sun

Avianca to reoffer jobs to around 100 pilots amid restructuring – Reuters

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A departing Avianca Airlines flight is seen on the tarmac during the reopening ceremony at the Mons. Oscar Arnulfo Romero International Airport, in San Luis Talpa, El Salvador September 19, 2020. REUTERS/Jose Cabezas/File Photo

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BOGOTA, Nov 25 (Reuters) - Airline Avianca Holdings, which is in the process of finishing a restructuring process under Chapter 11 bankruptcy, is to offer around 100 pilots who left the company following a strike in 2017 the chance to rejoin the company, it said on Thursday.

"Without doubt, today we mark a milestone in our history and this is a golden opportunity to start from scratch, to strengthen teamwork and build the Avianca we all need," said the company's chief executive and president, Adrian Neuhauser.

The airline struggled with a 51-day pilots' strike between September and November 2017, grounding half its fleet and resulting in dozens of pilots being fired, while others resigned or were pensioned off.

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The plan will permit the airline to operate more than 200 direct routes with its fleet of more than 130 aircraft by 2025, it said.

The pilots who return to Avianca will do so under the same conditions that were agreed with pilots in 2020, while the company plans to start a training program that exceeds the requirements of aeronautical regulations.

Avianca filed for Chapter 11 bankruptcy after being battered by the coronavirus pandemic. A court in the United States approved the company's restructuring plan in November.

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Reporting by Luis Jaime AcostaWriting by Oliver GriffinEditing by Jonathan Oatis

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Avianca to reoffer jobs to around 100 pilots amid restructuring - Reuters

No one seems to like the Lincoln Project anymore – Politico

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It is incredibly important that we all head into the upcoming elections with a level of humility and fresh eyes about what the political landscape is going to look like, Petkanas added. It would be a mistake to know for certain who is easier to beat than somebody else. Weve all seen this movie before and they occasionally have a twist ending.

Officials working for the Lincoln Project contend theyre simply being practical even shrewd about the new political climate, in which Trump is likely to be the GOP nominee anyway and brass-knuckle tactics are now the norm.

President Joe Biden even called one of the Lincoln Project co-founders Steve Schmidt after the 2020 election to say thank you for the groups work helping him get elected, according to a person familiar. The White House did not comment.

But a year after delighting liberals with their insistence on bringing guns to a gunfight, operatives across the spectrum now say the group is, at best, ineffective and prodigal, at worst, counterproductive. In particular, fellow never-Trumpers and moderate Republicans have recoiled at Lincoln Project co-founder Rick Wilsons recent encouragement of a Trump presidential run in 2024.

I think this is the mother of bad ideas, said conservative commentator and Trump critic Charlie Sykes. But also the father, brother, sister, and cousin of a truly bad idea. [It] ignores the fact that Trump could actually be elected again, and you wouldve thought we had all learned our lesson from playing games with that possibility the last time.

Sarah Longwell, a Republican strategist and Trump critic who started Defending Democracy Together, joined in a chorus of other anti-Trump Republicans baffled by Wilsons strategy.

It would be a high-impact event on our democracy if Trump were reelected and you want to do everything you can to keep him from getting one step closer, Longwell said. The best way to ensure Trump doesn't win the election 2024 is to make sure he doesnt become the nominee.

In an interview with POLITICO, Wilson defended his position by arguing that Trumpism was a greater problem now than just Trump himself. He pointed to his response on Twitter and added that the idea that he actually wants the 45th president to run again is risible.

Its not that I want [Trump] to be here, Id love for him to be eaten by a shark tomorrow, Wilson said. I want Trump to run to destroy the people who are more sophisticated than Trump. I want to use Trumps psychological problems to weaken him because I think the most dangerous thing we face is Trump with an Ivy League degree. All the abrasive authoritarianism and nationalism and none of the obvious deficits.

The Lincoln Project was started in 2019 by a number of prominent Republican operatives who opposed Trumps presidency and feared the direction their party was taking. They faced charges of self-dealing and ineffectualness both of which they heartedly dismissed. And along the way, the group raised tens of millions of dollars, in large part because of the splashy web and TV ads it ran going after the sitting president and his family in visceral, personal ways.

The post-Trump presidency has been a more difficult era. The group was rocked by the allegations that co-founder John Weaver sexually harassed young men, and finger-pointing over the fallout has lasted for months. A law firm, Paul Hastings LLP, hired by the Lincoln Project found no evidence that anyone at The Lincoln Project was aware of any inappropriate communications with any underage individuals at any time prior to the publication of those news reports. Critics have questioned the independence of that inquiry.

There are questions about who remains in the group and directs day-to-day strategy. There have been internal frustrations over resources being put toward things such as an online streaming show. After the scandal involving Weaver went public, one of the co-founders, Jennifer Horn, as well as fellow officials or advisers Kurt Bardella, Ron Steslow, Mike Madrid, and George Conway all resigned, with some publicly calling for the group to be permanently shuttered.

Currently, the groups website names co-founders Rick Wilson and Reed Galen, Tara Setmayer, Stuart Stevens and Steve Schmidt as involved in the project, although it is unclear how involved some remain. Two people close to the group said there have been internal tensions and disputes with Schmidt, who resigned from the board of the Lincoln Project after the sexual misconduct charges against Weaver surfaced.

Ryan Wiggins, a spokesperson for the Lincoln Project, said the streaming shows garner hundreds of thousands of viewers each week and provide a unique, innovative connection to our millions of supporters. Also, the podcast has over 1 million downloads/month.

Theres no question as to who runs the day-to-day or the strategy. Rick Wilson, Reed Galen, [Stuart] Stevens and Joe Trippi run the strategy. The day-to-day is managed by our incredible team. Anyone who doesnt know that doesnt spend anytime watching and/or listening to us, Wiggins said.

Schmidt reappeared months later vowing for the group to fight on. But he also tore into the organization for being recklessly stupid and dishonest for the stunt involving actors posing as Charlottesville white nationalist protesters at a stop made by incoming Virginia Gov. Glenn Youngkin.

A McAuliffe adviser conceded that the Lincoln Projects ads in the governors race were solid, but echoed Schmidts assessment, saying the Charlottesville stunt backfired so spectacularly at least in the cable news-social media bubble that the groups involvement was altogether unhelpful.

More broadly, Democrats who once saw the Lincoln Project as a helpful compliment to their efforts to defeat Trump now view the group as a distraction and a drain of broader campaign funds.

When it first started, I was like, This is so great. I love it, said Tim Lim, a veteran Democratic digital strategist. Now, Lim added, Most of the left is not sure why they're still around. Thats the prognosis in story after story, and its been brutal for them.

With fewer allies and Trump off the ballot, the Lincoln Project has suffered financially. In the first half of 2021, the most recent figures available, the group raised $4.8 million and spent $8.7 million, an exceedingly high burn rate. But digital strategists predicted that the organization, with its robust email list, could survive down cycles. The idea that its so far been able to withstand so much scandal and infighting has surprised people familiar with the dynamics, including several who believe the Lincoln Project long exceeded its expiration point.

Still, the group has a formidable online following, boasting just as many Twitter followers as the Republican National Committee at 2.7 million followers, for example. And those involved with the group say their daily work and mission is simply different without Trump on the ballot right now.

The group has made the case for its relevance by getting involved in down-ballot races. It tried, unsuccessfully, to tie Youngkin to Trump and has gone after lawmakers who have spread election fraud lies. But theyve also continued going after the 45th president as part of a campaign it often describes as political psy-ops. The group also aired ads in Trumps getaways of Bedminster, N.J., and Palm Beach, Fla., taunting him, and they have plans to play an active role in the upcoming midterm elections.

Even though Trump has not officially announced any plans to jump in the 2024 race, Wilson said the group remains relevant because they understand how to attack the vertical power structure of Trump in the Republican Party.

No one is here because its comfortable and fun or a great way to make new friends, we work a hard job against very tough people and bad guys who spend a lot of money attacking us and the individuals inside the Lincoln Project, Wilson said. Are we perfect? Of course not and we own those mistakes but what we do is fill a gap in the pro-democracy movement and we show people how to fight.

In interviews, two big Republican donors to the organization defended its work, both contending that the mere threat of Trump returning to the national stage and the likely impacts on American democracy itself make their support worthwhile. One stressed that Lincoln Projects work on so-called moveable voters college-educated people and suburban women went far beyond the TV and digital ads. But two operatives with insight into its operations said its mostly surviving off of small-dollar donors, thanks to that massive email list and its ability to generate internet buzz.

Despite the intense focus on rattling Trump, people close to the former president say he hasnt been moved by Lincoln Projects recent attacks. But he and his allies still delight in taking digs at the organization.

In a statement, a spokesperson for Trump said the Lincoln Project was a sad group. Democrats are abandoning the group not just because theyve been terribly ineffective, but because they are worried that the last shoe has not dropped. Yikes!

There is an obvious self-interest to Trump worlds gloating over Lincoln Projects troubles. But the general criticism that the organization has veered from its overall mission and is beset by controversy is shared elsewhere, including by those once involved with it. Now, some never-Trumpers wonder where their efforts fit in the broader Republican party.

As far as never-Trumpers are concerned, its a problem, people like us are without a home, we dont have influence in the party, and even the best people who are taking a stand are taking huge political risks, like Liz Cheney, who wasnt even a never-Trumper until Jan. 6, said former Lincoln Project leader and vocal Trump critic George Conway. Forming a third party is a non-starter because the research has all shown a third party would help Trump. So its a conundrum, and I don't know how its going to play out.

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No one seems to like the Lincoln Project anymore - Politico

Elon Musk | Biography, SpaceX, Tesla, & Facts | Britannica

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Top Questions

When was Elon Musk born?

Elon Musk was born on June 28, 1971.

How did Elon Musk become famous?

Elon Musk cofounded the electronic payment firm PayPal and founded the spacecraft company SpaceX. He became chief executive officer of the electric-car maker Tesla.

Where did Elon Musk go to college?

What did Elon Musk accomplish?

Elon Musk founded SpaceX, a company that makes rockets and spacecraft. He became the chief executive officer and a major funder of Tesla, which makes electric cars.

Elon Musk, (born June 28, 1971, Pretoria, South Africa), South African-born American entrepreneur who cofounded the electronic-payment firm PayPal and formed SpaceX, maker of launch vehicles and spacecraft. He was also one of the first significant investors in, as well as chief executive officer of, the electric car manufacturer Tesla.

Musk was born to a South African father and a Canadian mother. He displayed an early talent for computers and entrepreneurship. At age 12 he created a video game and sold it to a computer magazine. In 1988, after obtaining a Canadian passport, Musk left South Africa because he was unwilling to support apartheid through compulsory military service and because he sought the greater economic opportunities available in the United States.

Musk attended Queens University in Kingston, Ontario, and in 1992 he transferred to the University of Pennsylvania, Philadelphia, where he received bachelors degrees in physics and economics in 1997. He enrolled in graduate school in physics at Stanford University in California, but he left after only two days because he felt that the Internet had much more potential to change society than work in physics. In 1995 he founded Zip2, a company that provided maps and business directories to online newspapers. In 1999 Zip2 was bought by the computer manufacturer Compaq for $307 million, and Musk then founded an online financial services company, X.com, which later became PayPal, which specialized in transferring money online. The online auction eBay bought PayPal in 2002 for $1.5 billion.

Witness the successful launch of the SpaceX Dragon capsule, May 25, 2012

Video released by spacecraft maker SpaceX celebrating its Dragon capsule, which on May 25, 2012, became the first commercial spacecraft to dock with the International Space Station.

Musk was long convinced that for life to survive, humanity has to become a multiplanet species. However, he was dissatisfied with the great expense of rocket launchers. In 2002 he founded Space Exploration Technologies (SpaceX) to make more affordable rockets. Its first two rockets were the Falcon 1 (first launched in 2006) and the larger Falcon 9 (first launched in 2010), which were designed to cost much less than competing rockets. A third rocket, the Falcon Heavy (first launched in 2018), was designed to carry 117,000 pounds (53,000 kg) to orbit, nearly twice as much as its largest competitor, the Boeing Companys Delta IV Heavy, for one-third the cost. SpaceX has announced the successor to the Falcon 9 and the Falcon Heavy: the Super HeavyStarship system. The Super Heavy first stage would be capable of lifting 100,000 kg (220,000 pounds) to low Earth orbit. The payload would be the Starship, a spacecraft designed for providing fast transportation between cities on Earth and building bases on the Moon and Mars. SpaceX also developed the Dragon spacecraft, which carries supplies to the International Space Station (ISS). Dragon can carry as many as seven astronauts, and it had a crewed flight carrying astronauts Doug Hurley and Robert Behnken to the ISS in 2020. Musk sought to reduce the expense of spaceflight by developing a fully reusable rocket that could lift off and return to the pad it launched from. Beginning in 2012, SpaceXs Grasshopper rocket made several short flights to test such technology. In addition to being CEO of SpaceX, Musk was also chief designer in building the Falcon rockets, Dragon, and Grasshopper.

Musk had long been interested in the possibilities of electric cars, and in 2004 he became one of the major funders of Tesla Motors (later renamed Tesla), an electric car company founded by entrepreneurs Martin Eberhard and Marc Tarpenning. In 2006 Tesla introduced its first car, the Roadster, which could travel 245 miles (394 km) on a single charge. Unlike most previous electric vehicles, which Musk thought were stodgy and uninteresting, it was a sports car that could go from 0 to 60 miles (97 km) per hour in less than four seconds. In 2010 the companys initial public offering raised about $226 million. Two years later Tesla introduced the Model S sedan, which was acclaimed by automotive critics for its performance and design. The company won further praise for its Model X luxury SUV, which went on the market in 2015. The Model 3, a less-expensive vehicle, went into production in 2017.

Elon Musk, 2010.

Musk expressed reservations about Tesla being publicly traded, and in August 2018 he made a series of tweets about taking the company private, noting that he had secured funding. The following month the U.S. Securities and Exchange Commission (SEC) sued Musk for securities fraud, alleging that the tweets were false and misleading. Shortly thereafter Teslas board rejected the SECs proposed settlement, reportedly because Musk had threatened to resign. However, the news sent Tesla stock plummeting, and a harsher deal was ultimately accepted. Its terms included Musk stepping down as chairman for three years, though he was allowed to continue as CEO.

Dissatisfied with the projected cost ($68 billion) of a high-speed rail system in California, Musk in 2013 proposed an alternate faster system, the Hyperloop, a pneumatic tube in which a pod carrying 28 passengers would travel the 350 miles (560 km) between Los Angeles and San Francisco in 35 minutes at a top speed of 760 miles (1,220 km) per hour, nearly the speed of sound. Musk claimed that the Hyperloop would cost only $6 billion and that, with the pods departing every two minutes on average, the system could accommodate the six million people who travel that route every year. However, he stated that, between running SpaceX and Tesla, he could not devote time to the Hyperloops development.

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Elon Musk sold another $1 billion in Tesla shares on Tuesday

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SpaceX founder and Tesla CEO Elon Musk visits the construction site of Tesla's gigafactory in Gruenheide, near Berlin, Germany, May 17, 2021.

Michele Tantussi | Reuters

Tesla CEO Elon Musk sold about $1.05 billion in stock on Tuesday evening, according to financial filings postedthis week. The sales were scheduled in September to exercise options that were set to expire in 2022.

Musk has sold a total of $9.85 billion in Tesla stock this month, including the $6.9 billion he sold the week of Nov. 10 and another $1.9 billion he sold on Nov. 15 and Nov. 16. Some of the shares were sold in part to satisfy tax obligations related to an exercise of stock options.

Musk and his trust still hold more than 169 million shares in the company.

Tesla shares fell 15.4% the week ended Nov. 12, marking the worst week for Tesla stock in 20 months after Musk began selling shares. Shares of Tesla were up about 1% on Wednesday afternoon.

Musk ran an informal Twitter poll on Nov. 6 asking his more than 60 million Twitter followers whether or not he should sell 10% of his Tesla stock. The poll ultimately ended with users telling Musk to sell.

But, Musk had already indicated earlier this year he was likely to sell "a huge block" of his options in the fourth quarter. During anappearance at the Code Conferencein September, he said when his stock options expire at Tesla, his marginal tax rate would be over 50%.

CNBC's Lora Kolodny contributed to this report.

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Correction: Updated to reflect shares of Tesla fell 15.4% for the week ended Nov. 12, not the week ended Nov. 19.

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Elon Musk sold another $1 billion in Tesla shares on Tuesday

Company melts $58,000 Teslas into busts of Elon Musk that look nothing like him – Business Insider

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A Russia-based luxury accessory company is selling eight-inch-tall busts of Tesla CEO Elon Musk, which it says are made from the melted-down parts of a Tesla electric car.

The sculptures, though, bear little resemblance to the world's richest man.

The brand, Caviar, usually makes luxury smartphones. In a press release, the company said it made 27 Musk busts as part of a limited-edition set. Each one is worth $2,700, said Caviar, though its website lists the bust at $3,220.

"These new items embody the soul of Elon Musk and, therefore, they will bring their owners the success and creativity of this outstanding individual," wrote company founder Sergey Kitov in the release.

The bust material comes from the metal of a blue Tesla Model 3 (which has a starting price in Russia of around $58,000), Head of Marketing Dmitrey Stoliarov told Insider.

Stoliarov said the sculpture's likeness of Musk was crafted by a 3D artist hired by Caviar. "We didn't download it from the internet," he said.

When asked about the discrepancies between the bust design and Musk's appearance, Stoliarov said: "Our artist did not pursue the goal of creating photographic accuracy. He created an image of the inventor in which all his achievements and inventions are reflected."

As to how many busts have been sold so far, Stoliarov said sales had just started.

The company is also selling iPhone 13 Pro and iPhone 13 Max designs made from Tesla parts, starting at $5,600 a piece, it said. The designs feature a portrait of Musk on the top right corner, with an engraving made from the copper of a Tesla battery.

Only 99 such phones will be available worldwide, Caviar said.

The phone designs and statues are part of its Visionaries collection, which also include (more recognizable) busts of Alibaba founder Jack Ma and the late Apple magnate Steve Jobs, selling at $1,990 and $1,680 respectively. These busts are made of nickel-plated brass.

"We want our customers to look at the desktop bust of Elon Musk or Steve Jobs and their customized iPhone and be inspired by their example every day and build their own future," Stoliarov said.

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Company melts $58,000 Teslas into busts of Elon Musk that look nothing like him - Business Insider

Elon Musk sold another $1 billion in Tesla shares on Tuesday – CNBC

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SpaceX founder and Tesla CEO Elon Musk visits the construction site of Tesla's gigafactory in Gruenheide, near Berlin, Germany, May 17, 2021.

Michele Tantussi | Reuters

Tesla CEO Elon Musk sold about $1.05 billion in stock on Tuesday evening, according to financial filings postedthis week. The sales were scheduled in September to exercise options that were set to expire in 2022.

Musk has sold a total of $9.85 billion in Tesla stock this month, including the $6.9 billion he sold the week of Nov. 10 and another $1.9 billion he sold on Nov. 15 and Nov. 16. Some of the shares were sold in part to satisfy tax obligations related to an exercise of stock options.

Musk and his trust still hold more than 169 million shares in the company.

Tesla shares fell 15.4% the week ended Nov. 12, marking the worst week for Tesla stock in 20 months after Musk began selling shares. Shares of Tesla were up about 1% on Wednesday afternoon.

Musk ran an informal Twitter poll on Nov. 6 asking his more than 60 million Twitter followers whether or not he should sell 10% of his Tesla stock. The poll ultimately ended with users telling Musk to sell.

But, Musk had already indicated earlier this year he was likely to sell "a huge block" of his options in the fourth quarter. During anappearance at the Code Conferencein September, he said when his stock options expire at Tesla, his marginal tax rate would be over 50%.

CNBC's Lora Kolodny contributed to this report.

Subscribe to CNBC on YouTube.

Correction: Updated to reflect shares of Tesla fell 15.4% for the week ended Nov. 12, not the week ended Nov. 19.

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Elon Musk sold another $1 billion in Tesla shares on Tuesday - CNBC

Elon Musk Supports View That Dogecoin Hodlers Need To Be Wary Of Leveraged Trading – Benzinga – Benzinga

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Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk recently responded to a tweet that called attention to the dangers and pitfalls of leveraged Dogecoin (CRYPTO: DOGE) trading.

Musk was reacting to a post by Twitter user Mishaboar.

Mishaboar tweeted that some holders of the meme cryptocurrency started asking for help after their margin accounts got liquidated.

He mentioned that educating people about risky leveraged trading was important, and compared taking on theadditional risk to adding gasoline to the fire.

"Experienced traders and those with vast amounts of liquidity can try their chance at gambling with this. But believe me, many are not as "experienced" as they think they are," Mishaboartweeted. "You are against organizations and institutional investors that have a lot more information than you do."

Mishaboar wrote, "These tools are already dangerous in traditional markets. However, in the crypto market, which is vastly unregulated, the risks and unfairness are multiplied x100."

"Again: it is playing Russian roulette against the guy who made the gun and knows exactly which chamber holds the bullet," he added.

Musk reacted to the tweet and said, "Good thread."

Last week Musk backed another perspective on Dogecoin, saying it should break its dependence on centralized exchanges like Robinhood Markets Inc. (NASDAQ:HOOD) and Binance.

Binance and Robinhood are some of the cryptocurrency exchanges that support Dogecoin. These exchanges allow users to buy and sell coins using fiat or other cryptocurrencies.

Related Link:Whales Are Buying Dogecoin, The Meme Crypto Ranks Among The Most Actively Used Smart Contracts

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Austin adjusts to life with Tesla and its eccentric billionaire boss Elon Musk – The Dallas Morning News

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Welcome to life in Musklandia.

As Elon Musks sphere of influence in Austin and across Texas seems to expand by the day, the eccentric Texas-based billionaire is taking the region and the state along on the wild and often weird roller coaster ride that is his life.

Its been a little more than a month since Musk announced Oct. 7 that Tesla is moving its headquarters to Austin, but even before that, Musk was already spending an increasing amount of time in Austin. He has been moving more of his companies into the region since at least 2020, most notably with Teslas $1.1 billion manufacturing facility currently being built in southeastern Travis County.

As Austin becomes ground zero for all things Musk, that leaves the rest of us figuring out how to navigate the new landscape good, bad and odd.

Musk is a modern-day Albert Einstein in the eyes of many, and the richest person in the world by a wide margin. Hes going to bring a lot more limelight and focus on Austin, said Dan Ives, an analyst with Wedbush Securities.

Musk and Austin are likely to become inextricably linked in the coming years, Ives said.

When the average person in the world thinks Austin, Texas, theyre not going to the music festival or Dell or for the great city it is. Tesla and Elon Musk are going to become synonymous with Austin, Ives said.

Roger Kay, an analyst with Endpoint Technologies, said Musks status and personality are sure to have an impact on Central Texas.

Hes the richest guy in the world, which is interesting. So what hell do immediately is upstage (Dell Technologies founder and CEO) Michael Dell, at least on that, Kay said. Michael has been the kind of king of Austin, I would say, all up until this point.

While the $1.1 billion Tesla manufacturing facility and Teslas planned headquarters move to Austin have drawn the most attention, Musks ventures have been quietly expanding in Central Texas for some time now. They include Musks tunneling and infrastructure company, the Boring Co., which has facilities in Pflugerville and Bastrop; a potential SpaceX expansion somewhere in Austin; a potential Neuralink office; and the headquarters of his private foundation, the Musk Foundation.

Also, a Tesla subsidiary, Tesla Energy, was recently licensed to operate as an energy provider in Texas, according to documents filed with the Texas Public Utility Commission. The company is already building the first Tesla solar neighborhood in Austin, called SunHouse at Easton Park, with solar- and alternative-powered energy.

Meanwhile, SpaceX Musks aerospace and rocket company has multiple facilities around Texas, including a launch site near Boca Chica in far South Texas.

Whats not clear is whether Musk has a residence in Austin. Although various media outlets have listed Austin as his home, he has never publicly confirmed that. Musk announced last year that he had moved to Texas but said his main residence is a small home near Boca Chica on the SpaceX campus.

Whether Musk actually lives in Austin or not, his influence in and impact on Central Texas cant be denied.

Kay said the influx of Tesla and other Musk-related companies will lead to higher salaries in the local tech industry, as well as add to the regions already booming housing market and send real estate prices even higher.

For some people there will be good opportunities. Other people, Kay said, are going to be irritated.

One of the places where Musk has drawn the most attention and perhaps created the most irritation has been on social media. Musk is active on Twitter, where he has more than 63 million followers.

With his immense wealth and such a huge audience, the influence of what Musk posts on social media shouldnt be downplayed, Ives said.

He is one of, if not the most powerful voice in the world in terms of social media and a following, Ives said. If Musk talks, everyones listening. When youre on the right side of that, its great. When youre on the wrong side of that, its a lot of downsides.

Few days go by without Musk making some sort of headline on social media, whether it be for company news, cryptic personal statements, political commentary or just posting a meme.

One example was earlier this month when, after polling his Twitter followers on whether he should sell 10% of his Tesla stock, Musk sold about 900,000 shares, netting over $1.1 billion. His trust also sold more than 3.5 million shares worth $3.88 billion. The stock options that were sold would expire next year and still leave Musk with about 170 million Tesla shares.

More sales later in the week, from both Musk and his trust, have brought the total stock sold to 6.4 million shares, worth a total of $6.9 billion. The sales so far amount to less than 4% of the shares he holds.

Ives said that while a sale of some stock has been expected to pay upcoming taxes, holding a Twitter poll to sell the stock is another soap opera that can only happen to one company and one CEO in the world, Musk.

Here are a few more highlights and lowlights from Musk on social media in the past month:

While most of that social media activity hasnt focused directly on Austin or Texas, there are signs Musk is starting to take more of an interest in whats going on in the Lone Star State.

When Musk announced he was moving Teslas headquarters to Austin, he didnt mention previous clashes hed had with California officials. But industry analysts say that while Austin is more affordable than Silicon Valley and still has the tech and engineering talent Musk needs for his companies, it seems clear he decided he preferred Texas more business-friendly environment over Californias more regulation-heavy approach.

I think Musk selected Texas in particular because of its kind of frontier style. Hes always thought that Californias heavy regulatory environment was not particularly conducive to his style, Kay said. Hes made it really clear that he doesnt think public authorities have any business telling him what to do.

All of which means officials in Texas and in Austin could eventually find themselves getting the same pushback California did from Musk if regulatory conditions rub him the wrong way.

Musk tends to do what he wants and is clever and aggressive in how he goes about disputes, Kay said. At the same time, he will bring a lot of jobs and tax revenue to the region, which gives him cards to play.

Hell say, Well, listen, you want me to just pick up stakes and go to Mississippi? Kay said. Theres probably going to be some ruffled feathers there when he says, Its my way or the highway and now I own your highway. You cant say anything about it. You do well, then Ill bring all my resources to bear upon you.

It remains to be seen how Musk might aim to influence state or local policymaking.

In September, Gov. Greg Abbott said that Musk supported Texas social policies. In response, Musk tweeted: In general, I believe government should rarely impose its will upon the people, and, when doing so, should aspire to maximize their cumulative happiness. That said, I would prefer to stay out of politics.

However, Musk has weighed in on some Austin political issues already.

Austin should be its city, not a San Francisco copycat, Musk said in a Halloween tweet replying to a tweet about Proposition A, which didnt pass earlier this month. The proposition would have required the city of Austin to hire hundreds more police officers.

Whatever positions Musk takes, they are sure to have influence in Austin, across the state and globally, Ives said in large part because of Musks immense wealth and the power that affords him.

Musk recently became the first person in the Bloomberg Billionaires Index to have an estimated net worth of more than $300 billion, making him not only the wealthiest person in the country but also the richest person in history. Musks current estimated net worth is somewhere between $280 billion and $300 billion.

Having Musk and Tesla in the city comes with exponentially more positives than negatives for Austin, Ives said. But Austin has to embrace Tesla and Elon, and not just treat him like any other business person. There are 300 billion reasons hes not.

Kara Carlson,

Austin American-Statesman (TNS)

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Austin adjusts to life with Tesla and its eccentric billionaire boss Elon Musk - The Dallas Morning News

Elon Musk shares hilarious theory about why US leaders are refusing to admit that Tesla exists – Teslarati

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US President Biden, Vice President Kamala Harris, and members of the current administration who are seemingly refusing even to mention the word Tesla may soon find their online presence saturated with the EV makers name. This was after Tesla CEO Elon Musk poked fun at the Biden administrations tendency to completely ignore Teslas existence or accomplishments during public appearances and on social media.

Last week, the online electric vehicle community was aghast after US President Joe Biden visited General Motors Factory Zero in Detroit, Michigan. While speaking to the audience, Biden patted GM CEO Mary Barras back, stating that the executive was leading the auto sectors transition to electric vehicles. You electrified the entire automotive industry. Im serious. You led, and it matters, Biden said. The US President doubled down on this sentiment with a series of posts on Twitter, stating that the future of the US is electric.

Bidens sentiments were later echoed by VP Kamala Harris, who also noted that the United States would be building electric vehicles, including the batteries and parts that go in them, instead of relying on other countries. Just like the President, she also noted that the future will be made in America. This resulted in numerous netizens poking fun at the Vice President, stating that the future is already being made in America by Tesla for over a decade. Other Twitter users further joked that Harris might have simply never seen a Tesla, despite serving as Californias attorney general from 2011 to 2017.

Considering that Elon Musks suggestions for a carbon tax were rejected by the Biden administration for being too politically difficult, the fact that Tesla was not invited to the White Houses EV summit earlier this year, the Presidents rewriting of modern auto history by giving GM credit for the current EV transition, and the fact that the both Biden and his VP seems adamant not to even mention the word Tesla online, Elon Musk opted to poke fun at the White Houses ongoing snub. In a recent post on Twitter, Musk joked that the White Houses leadership might actually be NPCs (non-player characters), so the word Tesla may simply be outside their dialogue tree.

In a follow-up comment, Musk playfully urged his followers to see if everyone could get the US President and Vice President to say the word Tesla. This suggestion inspired numerous responses on Twitter and other social media platforms, with some EV supporters noting that it would be interesting to have numerous Teslas conduct a drive to Washington. Other suggestions were more humorous, with some noting that Musk should personally invite Biden to Giga Texas opening ceremony, and if the President ignores the invitation, the Tesla CEO should simply have a life-sized cardboard cut-out of the politician attend the event instead.

Overall, Musk seems to be taking the administrations evident Tesla snub in stride, which is a pretty good sign on its own. At this point, after all, Tesla appears to have already reached a point where it is already a stable business that could stand on its own two feet, even without the help of regulatory credits. And with more factories opening in the near future in the form of Gigafactory Texas and Giga Berlin, Teslas presence would likely be acknowledged worldwide, even if its existence is flat out denied by the US President and the current administration.

Dont hesitate to contact us with news tips. Just send a message to[emailprotected]to give us a heads up.

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What Putin Just Did To Beat Elon Musk Is Terrifying! | SpaceX News – Oakland News Now

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Would Jeff Bezos, Elon Musk And Bill Gates Be Villains Or Heroes On ‘The Boys’? Erin Moriarty Weighs In – TooFab

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Starlight's allies... or enemies?

They're mysterious, they're loaded, and they already kinda rule the world... so Jeff Bezos, Bill Gates and Elon Musk pretty much tick all the movie villain boxes.

But in the world of "The Boys", where the line between good guys and bad guys is a little blurred on which side of the divide would the trio fall?

Erin Moriarty, who plays Starlight on the Amazon Prime hit series, had no hesitation giving her opinion... on two of them anyway, as Jeff Bezos is technically her boss:

"Oh that's an interesting question and I feel like the Amazon snipers will shoot me down if I answer that," she dodged with superhero-like reflexes.

The other two, she insisted while leaving Zinque Cafe in LA recently, are definite good guys.

"Honestly I like Bill Gates and what he does with vaccines," she said, "and I think even though Elon Musk is heavily criticized I have a feeling he's going to make a better impact on the world than most of us, in terms of the environment, so I'm not for the vilification of Elon Musk.... I like an electric car!"

The 27-year-old shrugged off criticism Bezos and Musk faced for dallying in a personal space race while the planet we have suffers, or Gates calling for climate change from the top of his super yacht (which are all pretty supervillain-sounding pursuits, to be fair).

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"Yeah I know, I know," she sighed. "I do feel like though ultimately with what [Gates] does with the vaccine world, and Elon Musk like I said with the whole environment..."

"I think Starlight would try and just work in conjunction with Elon Musk and all the things that he does with the environment."

While "The Boys" features plenty of female butt-kickers both good and bad such as Queen Maeve, Stormfront, Kimiko, and of course, Starlight herself, Moriarty agrees the "damsel in distress" is a tired TV trope that still needs putting to bed.

"I think we've seen enough strong men in strong roles, period," she declared. "I think we need more women in strong roles for about a century to overcompensate for the men taking up that arena, to be honest."

And will the upcoming season 3 of "The Boys" feature even more diverse roles?

"Yes but that's all I can say," she replied. "Otherwise again, I'll lose my job."

William Shatner Fires Back at George Takei After Space Flight Slam View Story

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