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Cadillac F1 backer at center of Florida class-action over alleged insurer scheme
formula-122 days ago

Cadillac F1 backer at center of Florida class-action over alleged insurer scheme

A Florida-based class-action lawsuit targets Cadillac F1 shareholder Mark Walter and his investment firm TWG Global, accusing them of using affiliated insurers to divert billions from policyholders to support Walter's private business network, which included stakes in sports teams and helped launch Cadillac F1 with General Motors. The allegations suggest about $17 billion was funneled into Walter's network; a concurrent fraud inquiry is underway with no criminal charges yet. TWG has defended itself and says Cadillac assets are not for sale.

via Motorsport.com|
#cadillac-f1#class-action-lawsuit#formula-1
Dodgers Owner Mark Walter Faces Federal Probes Amid Expanding Sports Empire
business1 month ago

Dodgers Owner Mark Walter Faces Federal Probes Amid Expanding Sports Empire

Dodgers owner Mark Walter, known for a low public profile, is under federal and Delaware insurance regulator scrutiny over alleged related-party loans from insurers to his companies; despite selling the Lakers and the Dodgers’ growing, multi‑billion‑dollar value, TWG Global says there is no plan to divest and Walter remains deeply involved in the franchise and his broader sports investments.

via Los Angeles Times|
#business#dodgers#investigations
TWG Global Defends Dodgers Financing as Probe Finds No Fraud and Lakers Sale Sparks Speculation
business1 month ago

TWG Global Defends Dodgers Financing as Probe Finds No Fraud and Lakers Sale Sparks Speculation

TWG Global, Mark Walter’s holding company, pushed back on federal scrutiny of its Dodgers financing, asserting there has been no fraud and defending the deal’s integrity; the probe centers on investments through Walter’s life-insurance affiliates and potential self-dealing, while outside investigators found no irregularities in the Dodgers purchase. Amid the scrutiny, Walter sold the Lakers for $12.5 billion and is weighing other sports-property moves, with Dodgers not for sale and TWG exploring orderly steps to reduce affiliate exposure by buying loans.

via The New York Times|
#business#dodgers#federal-probe
TWG Global Defends Dodgers Financing as Lakers Sale Buzz Intensifies
business1 month ago

TWG Global Defends Dodgers Financing as Lakers Sale Buzz Intensifies

TWG Global defended its financing of the Dodgers, denying any financial impropriety and saying regulators cleared the 2012 purchase and harmed no policyholders. The Dodgers’ payroll remains funded by strong revenues, and the company reiterated the team is not for sale. Amid Mark Walter’s Lakers sale at a record $12.5 billion, analysts say a Dodgers sale would likely fetch roughly $10–$13 billion if pursued, but TWG says no sale process has begun and it is cooperating with regulators.

via Los Angeles Times|
#business#dodgers#insurance-regulators
TWG Global Denies Fraud as Lakers Sale Buzz Surfaces Amid Probes
business1 month ago

TWG Global Denies Fraud as Lakers Sale Buzz Surfaces Amid Probes

TWG Global pushed back on “multipronged attacks” amid federal probes into related-party insurer transactions, insisting there has been no fraud and that it is not pursuing a fire-sale of its sports assets; the company says it will cooperate with the DOJ and SEC, continues to field legitimate offers for its assets (including the Lakers, with the Dodgers not yet up for sale), and notes there is no current sale process for the Dodgers.

via CNBC|
#business#doj-sec-investigations#lakers
Insurer tied to Dodgers owner trims $6.5B of investments as fraud probes mount
business1 month ago

Insurer tied to Dodgers owner trims $6.5B of investments as fraud probes mount

Mark Walter’s Delaware Life Insurance, a unit of TWG Global, will swap up to $6.5 billion of related-party investments for independent assets amid regulatory scrutiny into his financing dealings; federal prosecutors and the SEC are examining whether Walter and his companies concealed financial connections while borrowing from insurers he controls, with S&P cutting Delaware Life’s outlook after restating financials and reclassifying private credit investments.

via nypost.com|
#business#delaware-life#fraud-probes
Slate Auto secures $650M to push its budget electric pickup into production
transportation5 months ago

Slate Auto secures $650M to push its budget electric pickup into production

Bezos-backed Slate Auto raised $650 million in a Series C led by TWG Global to accelerate production of its minimal, modular Slate Truck, a budget-priced electric pickup expected to start in the mid-$20,000s with first deliveries later this year. Slate has 160,000 reservations for the two-seat truck that omits paint, power windows, a radio, and infotainment, instead offering accessories and a kit to convert it into a five-seat SUV. Production will occur at a $400 million factory in Warsaw, Indiana, with the company projecting over 2,000 jobs and up to $39 billion in economic impact over 20 years; preorder timing is set for June 2026.

via The Verge|
#electric-truck#ev-funding#jeff-bezos