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Receivership

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Vector W8: America's Independent Supercar Dream That Faded
automotive1 month ago

Vector W8: America's Independent Supercar Dream That Faded

The Vector W8, designed by Jerry Wiegert, was America’s only domestically built late-20th‑century supercar, boasting aerospace-inspired tech and a twin‑turbo 6.0L V8 with claimed 0–60 around 3.8 seconds and a top speed near 218 mph. Prototypes faced reliability issues and public scrutiny after notable incidents, including Andre Agassi’s melted carpet episode. Financial troubles led Vector into receivership in 1993, with only 17 roadgoing W8s produced; Megatech replaced the line with the Diablo-based M12. Wiegert later reclaimed the Vector name, but the W8 commercial dream faded, leaving a lasting myth of American independent automotive ambition.

via Jalopnik|
#american-supercar#automotive#jerry-wiegert
business3 months ago

Justice Family Fights to Keep The Greenbrier in Local Court Battle

Jim Justice and the Justice family filed a local lawsuit in Greenbrier Circuit Court against Carter Bank & Trust, TRT Holdings and related parties, alleging they tried to seize The Greenbrier through a disputed loan sale and foreclosure process after a proposed debt-for-equity framework collapsed; the Justices seek tovoid the loan sale, halt foreclosure, and pursue fraud and breach-of-contract claims with a jury trial.

via WV MetroNews|
#business#carter-bank-and-trust#greenbrier
North Country Lawmaker Slams North Star Restructuring Amid State Intervention Talks
local4 months ago

North Country Lawmaker Slams North Star Restructuring Amid State Intervention Talks

North Country Assemblyman Scott Gray denounces North Star Health Alliance’s restructuring plan as absurd and urges state action as the system faces layoffs and care disruptions during Chapter 11. Wintergreen would be paid about $240,000 monthly, raising concerns about the use of operating funds. Gov. Hochul says discussions on receivership are underway but provides few specifics, while Gray calls for immediate worker protections and patient-care measures, suggesting options like repairing the CT scanner, deploying a portable CT unit, and bolstering emergency services to stabilize access in Jefferson and St. Lawrence counties during bankruptcy proceedings.

via North Country Now|
#bankruptcy#hochul#local
Providence Place Mall in limbo as vacancies mount and debt looms
business4 months ago

Providence Place Mall in limbo as vacancies mount and debt looms

Providence Place Mall in downtown Providence is in receivership after owners defaulted on $259 million, with multiple vacant storefronts (including Tiffany & Co., Banana Republic, and Swarovski) and only a few anchors like Macy’s and Apple remaining; the future hinges on finding a new owner and potentially reinventing the center to adapt to shifting retail demand.

via The Boston Globe|
#anchor-tenants#business#debt
Federal Judge Moves Closer to Rikers Island Takeover After NYC Contempt Ruling
law-and-justice1 year ago

Federal Judge Moves Closer to Rikers Island Takeover After NYC Contempt Ruling

A Manhattan federal judge has recommended appointing a third-party receiver to oversee Rikers Island jails due to persistent safety and use-of-force issues, citing nine years of failed reforms by the Department of Correction. Despite opposition from Mayor Eric Adams, who points to recent improvements, Judge Laura Taylor Swain argues that a receivership is necessary to address ongoing threats and non-compliance with court orders. The decision requires parties to agree on the receiver's powers and role by January 14, 2024, amid concerns about the jails' culture of brutality and management inefficiencies.

via THE CITY|
#department-of-correction#eric-adams#judicial-reform
State Police Scandals: Calls for Receivership and Discharges
law-enforcement2 years ago

State Police Scandals: Calls for Receivership and Discharges

Critics are calling for a major overhaul of the Massachusetts State Police, with some urging the government to put the agency into receivership following a string of scandals including bribery charges, overtime abuse, and drunken driving. The agency's high pay and corruption have eroded public trust, leading to demands for a complete management overhaul and sustained oversight on ethics. While the Healey administration claims to have taken steps to clean up the State Police, critics argue that the agency's union wields too much power and there is still a lack of oversight.

via Boston Herald|
#corruption#law-enforcement#massachusetts-state-police
Trump Org. Faces Uncertain Future After Devastating Fraud Ruling
business2 years ago

Trump Org. Faces Uncertain Future After Devastating Fraud Ruling

The Trump Organization is grappling with the implications of a recent fraud ruling that found Donald Trump liable for fraud and canceled the business certification of the Trump Organization. Trump's attorneys are uncertain about the extent of the ruling and are working to determine which parts of the company may need to be dissolved. A court-appointed receiver will oversee the dissolution of Trump's corporate entities, and both sides will propose names for the role. Questions remain about how the receiver will operate, the impact on properties outside of New York, and the potential transfer of assets to a new out-of-state company. The trial will proceed as scheduled, allowing the attorney general's office to seek a larger penalty from the Trump Organization. The Trump team plans to appeal the ruling.

via CNN|
#business#fraud-ruling#future-of-business
"Financial Crisis at Mercy Iowa City: Receiver Sought to Take Control"
healthcare3 years ago

"Financial Crisis at Mercy Iowa City: Receiver Sought to Take Control"

Mercy Hospital-Iowa City, a 234-bed acute care hospital in Iowa City, is facing financial collapse and may be placed in receivership. Preston Hollow Community Capital, the hospital's largest senior secured creditor, has filed a court petition seeking the appointment of a receiver to address unsustainable financial losses and prevent closure. The finance company blames the hospital's board of directors for making decisions that have jeopardized the hospital's mission and ability to meet financial obligations. The hospital disputes the default notice and argues that it has made required bond payments and reduced reliance on traveling nurses. Preston Hollow alleges that the hospital's liquidity has declined by $40 million over the past nine months, with negative cash flow of $2.6 million per month. The hospital's net assets dropped from $96.8 million in 2021 to $55.8 million in 2022.

via Iowa Capital Dispatch|
#board-of-directors#financial-crisis#healthcare
cryptocurrency3 years ago

Nevada seeks receivership for crypto custodian Prime Trust.

Nevada's Financial Institutions Division has filed to take over crypto custodian Prime Trust and freeze all of its businesses, following a cease-and-desist order alleging the company was near insolvency. Prime Trust owes its clients over $85 million in fiat and $69.5 million in crypto, and is operating with a $12 million equity deficit. The filing asks for a court to ban Prime Trust and its officers from disposing of any assets or conducting any transactions. The company's board and interim CEO have signed off on the petition. Fireblocks, which manages Prime Trust's crypto assets, said no funds held by it are in limbo.

via CoinDesk|
#crypto-custodian#cryptocurrency#insolvency
Uncertainty looms over future of Telegraph Media Group as potential sale and administration loom.
business3 years ago

Uncertainty looms over future of Telegraph Media Group as potential sale and administration loom.

The Telegraph Media Group, which owns the Daily and Sunday Telegraph newspapers and The Spectator magazine, is set to be put up for sale due to debts owed by its parent group. Lender Lloyds Bank is unlikely to recover the original value of the loan, worth hundreds of millions of pounds. The bank has placed B.UK, a Bermuda-based holding company controlled by the Barclay family, into receivership. The investment bank Lazard has been appointed to start exploring options for the sale.

via BBC|
#barclay-family#business#lloyds-bank
Navigating the Delinquent Office Space Market: Insights from NYC Developers and Property Barons.
real-estate3 years ago

Navigating the Delinquent Office Space Market: Insights from NYC Developers and Property Barons.

The distressed asset specialists are preparing for a wave of negotiations as cities nationwide will likely see a wave of distressed office assets hit the market later this year. The drama of a distressed property tends to have three main players: the bank, the borrower, and a receiver. The receiver role can be akin to that of Mr. Wolf, the fixer from the film Pulp Fiction. The rush to create funds focused on distressed office assets may complicate the sales process of this real estate.

via Bisnow|
#buying-and-selling#commercial-real-estate#distressed-assets
First Republic Bank faces potential receivership by FDIC.
finance3 years ago

First Republic Bank faces potential receivership by FDIC.

The US Federal Deposit Insurance Corporation (FDIC) is reportedly preparing to place First Republic Bank under receivership, as the troubled regional lender's position has deteriorated and there is no more time to pursue a rescue through the private sector. If the San Francisco-based lender falls into receivership, it would be the third US bank to collapse since March. First Republic said earlier this week its deposits had slumped by more than $100 billion in the first quarter. Shares of the bank closed down 43%, worsening a stock rout that has wiped out 75% of its value this week.

via Reuters|
#banking#fdic#finance
First Citizens persists in pursuit of Silicon Valley Bank despite banking turmoil.
finance3 years ago

First Citizens persists in pursuit of Silicon Valley Bank despite banking turmoil.

First Citizens BancShares has submitted an offer to buy all of failed Silicon Valley Bank, according to a person familiar with the matter. The FDIC has been trying to find a buyer for SVB since it took it into receivership on March 10. First Citizens is a 125-year-old bank that operates in over 20 different states. The FDIC said it had substantial interest from multiple parties seeking to buy SVB, adding that it is still accepting bids from qualified financial institutions for the whole company.

via Axios|
#banking#fdic#finance