Say what you will about Waterloo Capital’s case against BWX BWX’s independent board committee says it’s “filed opportunistically” but no one really cares about whether Michael Fabregas is owed millions for allegedly being cut out of a management buyout deal he helped create.
The interest and maybe this is Fabregas’ legal strategy is entirely in what the case alleges about BWX’s now-benched executives and the motives behind their decision-making while they ran the company. And when it comes to that, it is no less intriguing than a Michael Lewis thriller.
We could go on for days about the many implications raised by the submissions, and the hundreds of pages of emails filed in the Supreme Court of New York.
But we’ll…
Read the full article at: https://www.afr.com/brand/rear-window/did-hushed-takeover-planning-allow-bwx-execs-to-buy-cheap-shares-20180718-h12tll
The crisis engulfing Britain’s high streets will deepen on Wednesday when Gaucho, the steak restaurant chain, crashes into administration after its lenders opted not to pursue a rescue deal.
Sky News has learnt that the company, which employs about 1,500 people, has filed a notice of intention to appoint Deloitte as its administrator.
While that gives it up to ten days’ breathing space from creditors, sources close to the company said it could fall into administration as soon as Wednesday afternoon.
The decision will come after weeks of talks about a sale to new investors, with the restaurant entrepreneur Hugh Osmond among those who examined a potential deal.
However, insiders said the failure of Gaucho’s lending syndica…
Read the full article at: https://news.sky.com/story/1500-jobs-at-risk-as-gaucho-collapse-deepens-high-street-crisis-11440486
The rate of personal insolvencies in Wakefield has increased by more than a third over the last two years, official data has revealed.
In 2015, 16.9 adults per 10,000 were declared insolvent in Wakefield, according to Insolvency Service figures.
However by 2017 that figure had risen to 22.8, an increase of 35.3%.
Insolvency is when someone cannot pay their debts, and has to arrange a plan with an official body to pay off creditors. This can include being declared bankrupt.
The England and Wales average is 21.4, with Stoke, in Staffordshire, having the highest insolvency rate of 45 people per 10,000 in serious debt.
The figures are comprised of people who have been declared bankrupt, those who have been given debt…
Read the full article at: https://www.wakefieldexpress.co.uk/news/business/personal-insolvency-rate-in-wakefield-has-increased-1-9257185
Education provider Navitas is exiting its health care and community services training business in Australia, closing some US colleges in a restructure that will cost it $130 million.
Navitas says Health Skills Australia will be closed or sold because changes to vocational education funding rules in Australia have affected the long-term viability of the business.
Health Skills Australia has about 60 staff and more than 500 students, and offers a diploma in nursing with one campus in Melbourne and another in Brisbane.
Navitas said affected students will be able to complete their programs before closure or will be transferred to a similar provider to complete their program.
No notice of the impending changes was on the Health Skills Australia w…
Read the full article at: https://finance.nine.com.au/2018/07/18/13/56/navitas-closing-colleges-amid-restructure
Americans credit card debt has just hit a disturbing record of $1.02 trillion according to the federal reserve.
Buzz60
Question: Im 64. My credit score is about 656. For different reasons over a long period of time including unemployment and health issues I accumulated credit card debt of about $50,000.
I intend to take out an unsecured personal loan, but I dont want it to have a negative impact on my credit score. I have a job now and I will pay my monthly payments on time. But what will happen if I cannot continue my payments to the lender? If I should fi…
Read the full article at: https://www.usatoday.com/story/money/columnist/2018/07/18/personal-loan-repayment-plan-how-best-lower-credit-card-debt/768671002/
FILE
PHOTO: Thyssenkrupp’s logo is seen close to the elevator test
tower in Rottweil
Thomson
Reuters
FRANKFURT (Reuters) – Thyssenkrupp shares were indicated 3.4
percent higher early on Tuesday as analysts expect a deeper
restructuring of the German submarines-to-elevators conglomerate
after the resignation of its chairman.
Ulrich Lehner resigned on Monday saying he was no longer able to
safeguard the interests of employees and shareholders, deepening
a leadership crisis after Chief Executive Heinrich Hiesinger
resigned earlier this month. [nL8N1U91S5]
“A sharply worded resignation announcement from Dr. Lehner makes
clear that aggressive …
Read the full article at: http://uk.businessinsider.com/r-thyssenkrupp-leadership-vacuum-revives-restructuring-hopes-2018-7
Seven West-backed video service Crowdspark, formerly New Zulu, has gone into liquidation following a strategic review by the companys management.
The ASX-listed user-generated content management company promised to make everyone with a smartphone a potential journalist and at one stage was endorsed by Pauline Hanson.
Crowd Spark was founded as New Zulu in 2012
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Since its founding by Dot Com boom prodigy Alex Hartman in 2012, the company had raised over $37m from investors.
Hartman rose to prominence as Australias youngest tech entrepreneur in 1996 when the then 16-year-old founder licensed his internet access software to Telstra Bigpond.
The New Zulu founder was deposed from the board in 2016 shortly after Seven West Med…
Read the full article at: https://mumbrella.com.au/seven-west-backed-user-generated-video-platform-crowdspark-goes-into-liquidation-530032
Reggiana, the third-division Italian soccer team Mike Piazza agreed to purchase in 2016, has been declared bankrupt, according to reports out of Italy.
The team announced on June 24 that it would not be registering in Serie C for the forthcoming season because of its financial issues.
Five days later, the team had begun negotiations with an ownership group led by businessman Pablo Victor Dana, but those negotiations reportedly have ended unsuccessfully, and Reggiana declined to appeal the June 13 ruling that booted it from Serie C. The club, which was founded in 1919, was relegated from Italys top flight in 1997 and forced to sell the naming rights of its stadium in subsequent years because of financial woes.
Reggiana would be…
Read the full article at: https://nypost.com/2018/07/17/mike-piazzas-soccer-team-goes-bust/