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Toys R Us files for Chapter 11 reorganization
Stock Market News |
2017/09/19 10:59
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Toys R Us, the pioneering big box toy retailer, has announced it has filed for Chapter 11 bankruptcy protection while continuing with normal business operations.
A statement by the Wayne, New Jersey-based company late Monday says it voluntarily is seeking relief in U.S. Bankruptcy Court for the Eastern District of Virginia in Richmond - and that its Canadian subsidiary is seeking similar protection through a Canadian court.
Toys R Us says court-supervised proceedings will help restructure its outstanding debt and reorganize for long-term growth.
The company says separate operations outside the U.S. and Canada, including more than 250 licensed stores and a joint venture partnership in Asia, are not part of the filings.
It emphasizes that its approximately 1,600 locations will remain open, that it will continue to work with suppliers and sell merchandise. |
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Wisconsin panel changes court rules for Foxconn plant
Stock Market News |
2017/09/06 09:05
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Foxconn Technology Group could appeal lawsuits directly to the conservative-controlled Wisconsin Supreme Court, skipping the state appeals court, under changes to a $3 billion incentive package the Legislature's budget-writing committee approved Tuesday.
The unprecedented change to the usual judicial process drew criticism from Democrats, who also blasted the $3 billion incentives as a corporate welfare giveaway. But they didn't have the votes needed to stop the proposal.
The Republican-controlled committee approved the bill on a party line 12-4 vote. The state Senate planned to vote on it Sept. 12, with the Assembly expected to quickly follow. Both are under GOP control.
The Assembly approved it last month, but will have to vote again since the committee changed the measure which amounts to the largest state tax break to a foreign corporation in U.S. history. It must pass both houses of the Legislature in the same form before going to Gov. Scott Walker for his signature.
Taiwan-based Foxconn signed a deal with Wisconsin to invest up to $10 billion in the state on a massive flat-screen manufacturing campus that could employ up to 13,000 people. The plant is to be built in southeastern Wisconsin and be open as soon as 2020, although Foxconn has not identified its exact location yet.
"This is probably the biggest thing to happen to Wisconsin since the cow," Republican budget committee co-chair Rep. John Nygren said Tuesday.
Proponents say the plant offers a once-in-a lifetime opportunity for the state, while critics say the state is giving away too much with the $3 billion incentive package. The bill also waives environmental regulations that will allow Foxconn to build in wetland and waterways and construct its 20-million-square-foot campus without first doing an environmental impact statement.
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Otter appoints new justice to Idaho Supreme Court
Stock Market News |
2017/08/28 23:50
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Idaho Gov. C.L. "Butch" Otter has appointed Twin Falls judge Richard Bevan to the state's highest court.
Otter announced Tuesday that Bevan — currently the 5th Judicial District's administrative judge — will replace retiring Idaho Supreme Court Justice Daniel Eismann. Bevan was among four other finalists vying for the open seat. Eismann will retire at the end of the month.
Bevan has been a judge since 2003, where he helped establish the 5th District's mental health court and presided over the Veterans Treatment Court. Previously, he was a private practice attorney and served a term as Twin Falls County prosecuting attorney.
Otter praised Bevan's judicial demeanor and understanding of the legal system, adding that Bevan has shown to have open mind on tough, socially significant issues.
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Kentucky governor, attorney general clash before high court
Stock Market News |
2017/08/19 08:30
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Kentucky's Democratic attorney general warned the state's highest court on Friday that the accreditation of the state's public colleges and universities would be at risk if they don't take his side against the Republican governor.
But an attorney for Republican Gov. Matt Bevin called Andy Beshear's argument "poppycock." He told the justices they should dismiss Beshear's lawsuit and vacate a lower court's judgment that the governor broke the law when he abolished the University of Louisville's board and replaced its trustees with an executive order last year.
What was supposed to have been a 30-minute hearing stretched more than an hour in a courtroom packed with political aides from both parties as two of Kentucky's top politicians faced off before the Supreme Court for the second time in a year.
Ultimately, Bevin got his wish for a new board at the university after the legislature convened and the Republican majority approved his choices under a new law. That's why a ruling from the Kentucky Supreme Court in this case likely won't affect the new board.
But Beshear is asking the court to declare Bevin's original order illegal and to prevent him from doing it again. If he's successful, it would be his second legal victory against Bevin and would be likely fodder for a potential campaign for governor in 2019.
If Bevin wins, it would bolster the governor's argument that Beshear has wasted time filing frivolous lawsuits against him.
Bevin replaced the board because he said the university needed a "fresh start" after a series of scandals and because the board violated state law by not having proportionate representation of racial minorities and political parties.
In issuing his executive order, Bevin relied on a state law, KRS 12.028 , that lets the governor make temporary changes when the legislature is not in session. The legislature then reviews those changes when they reconvene. If they don't act on them, the changes expire.
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British cybersecurity expert pleads not guilty to US charges
Stock Market News |
2017/08/08 09:27
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A British cybersecurity researcher credited with helping curb a recent worldwide ransomware attack pleaded not guilty Monday to federal charges accusing him of creating malicious software to steal banking information three years ago.
Marcus Hutchins entered his plea in Wisconsin federal court, where prosecutors charged him and an unnamed co-defendant with conspiring to commit computer fraud in the state and elsewhere. Authorities arrested the 23-year-old man on Aug. 2 at McCarran International Airport in Las Vegas, where he was going to board a flight to his home in Ilfracombe, England. He had been in Las Vegas for a cybersecurity convention.
Hutchins is free on $30,000 bail, but with strict conditions. His bond has been modified so that he can stay in Los Angeles near his attorney and travel anywhere in the U.S., but Hutchins is not allowed to leave the country. He is currently staying at a hotel in Milwaukee.
He was also granted access to use a computer for work, a change from an earlier judge's order barring him from using any device with access to the internet. Hutchins' current work wasn't detailed at Monday's hearing. The next hearing in the case was set for Oct. 17.
Hutchins' attorney, Adrian Lobo, hasn't responded to several phone messages left by The Associated Press over the last week.
The legal troubles Hutchins faces are a dramatic turnaround from the status of cybercrime-fighting hero he enjoyed four months ago when he found a "kill switch" to slow the outbreak of the WannaCry virus. It crippled computers worldwide, encrypting files and making them inaccessible unless people paid a ransom ranging from $300 to $600.
Prosecutors allege that before Hutchins won acclaim he created and distributed a malicious software called Kronos to steal banking passwords from unsuspecting computer users. In addition to computer fraud, the indictment lists five other charges, including attempting to intercept electronic communications and trying to access a computer without authorization.
The indictment says the crimes happened between July 2014 and July 2015, but the court document doesn't offer any details about the number of victims. Prosecutors have not said why the case was filed in Wisconsin. The name of Hutchins' co-defendant is redacted from the indictment.
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Investment Fraud Litigation |
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Securities fraud, also known as stock fraud and investment fraud, is a practice that induces investors to make purchase or sale decisions on the basis of false information, frequently resulting in losses, in violation of the securities laws. Securities Arbitration. Generally speaking, securities fraud consists of deceptive practices in the stock and commodity markets, and occurs when investors are enticed to part with their money based on untrue statements.
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The content contained on the web site has been prepared by Securities Law News as a service to the internet community and is not intended to constitute legal advice or a substitute for consultation with a licensed legal professional in a particular case. | Affordable Law Firm Website Design by Law Promo |
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