Revlon tells bankruptcy judge its shares may be worthless

The committee representing unsecured creditors also asked Jones to reject a shareholder committee.

“Revlon stock trading has all the outward appearances of a so-called ‘meme’ stock,” the committee said in its objection, referring to shares that rise in value only because of Internet chatter, not economic reason.

Revlon shares tumbled as much as 34% to as low as $5.62 Monday before rebounding to around $8.22, leaving them down some 3% on the day. That price is up from as little as $1.17 in June.

Nearly all official committee are appointed by the Office of the U.S. Trustee, an arm of the U.S. Justice Department that acts as a watchdog in corporate bankruptcies. In the Revlon case, the office appointed the unsecured creditor committee, but last month rebuffed the shareholders.

The shareholder group, which says it owns 4.7% of Revlon’s common stock not held by insiders, asked Jones on Aug. 9 to order the U.S.Trustee to appoint a panel. On that day, the shares closed at about $8.

Forcing Revlon to fund lawyers and other advisers for a minority group of shareholders would be a waste of money, the company said in court papers. Official committees have the fees of

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3M awaits bankruptcy ruling that could sink litigation tactic

3M’s attempt to block jury trials of more than 230,000 lawsuits accusing it of harming U.S. soldiers faces a key test this week in front of a federal judge in Indianapolis.

U.S. Bankruptcy Judge Jeffrey Graham is set to consider a temporary halt to the lawsuits so that 3M and its bankrupt subsidiary, Aearo Technologies, can try to settle the claims, most of which have been filed by veterans who say the combat arms earplugs left them with hearing damage.

Graham’s decision will echo across the offices of other firms facing massive numbers of product liability lawsuits, Harvard Law School professor Jared Ellias said in an interview.

“To the extent 3M suffers a setback here it’s likely to set off alarm bells in other corporate boardrooms of companies that want to take advantage of the bankruptcy system,” Ellias said.

The Aearo case uses an increasingly popular strategy in which profitable companies use insolvency proceedings to force settlement talks with victims of allegedly harmful products.

Johnson & Johnson and lumber giant Georgia-Pacific have also put units into bankruptcy with the same goal of ending their litigation woes in one place instead of fighting thousands of trials around the country.

Fighting each

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Owner of Glasser Images files for bankruptcy – InForum

FARGO – The owner of the now defunct Glasser Images has filed for Chapter 7 Bankruptcy protection.

North Dakota Attorney General Drew Wrigley said Jack Glasser scammed more than 500 brides and grooms to live a lifestyle of luxury.

Glasser’s attorney says that’s the furthest from the truth, that Covid just simply ruined the business.

Marissa Tyre is still getting used to wearing that big rock on her finger. She got married just two weeks ago.

She said it was the perfect wedding day.

“It was such a great experience and great day that I wish would have lasted longer,” said Tyre.

Getting to wedding day though was anything but picture perfect.

Tyre originally hired Glasser Images for pictures and videos.

However, she’s now out $4,200 after Glasser closed its doors last Fall.

“I knew it was coming, I surprised it took this long,” she said.

“For the people who are still owed money, is there any chance they may get any money back?” WDAY Reporter Matt Henson asked Tim O’Keeffe, the lawyer who is defending Glasser in a civil suit filed by North Dakota Attorney General Drew Wrigley.

“Unfortunately, I don’t see that happening,” O’Keefe replied.

Jack Glasser started

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Celsius Customers Feel Betrayed As Bankruptcy Swallows Assets. Here’s How To Manage Crypto Risk

Celsius Customers Feel Betrayed As Bankruptcy Swallows Assets. Here’s How To Manage Crypto Risk

KEY POINTS

  • Celsius customers are hoping heartfelt letters will convince the bankruptcy courts to return their money
  • Crypto platforms do not have FDIC insurance or the other protections offered by bank accounts
  • Always read the terms and conditions before you commit money to a crypto platform and only invest money you can afford to lose

Celsius, the crypto lending platform that collapsed over the summer, owes $4.7 billion, according to its bankruptcy filing. That’s a lot of money. For some retail investors, it was their life savings. For others, it was money they wanted to put towards a house deposit or use to fund their retirement. They trusted Celsius and believed it was a safe alternative to a savings account.

Then Celsius froze withdrawals in June, and that trust was destroyed. Many customers are grappling with the possibility that they could lose their money altogether. Celsius owes about $1.2 billion more than it holds, and retail investors will be low down on the pecking order when it comes to recovering funds. It’s now in the hands of the bankruptcy courts who need to decide who gets what.

Celsius customers fight for their life savings

One big issue for Celsius

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Jury selection begins Thursday in Alex Jones’ CT Sandy Hook trial

NEWTOWN — Just days after a Texas jury decided Alex Jones should pay $49.2 million in defamation damages to parents of a slain Sandy Hook boy, a new trial for other families Jones defamed will begin in Waterbury on Thursday with jury selection.

News that jury selection will begin in a trial that will determine how much Jones should pay eight Sandy Hook families and an FBI agent he defamed comes one day after a federal judge in Bridgeport stripped Jones of protection he was seeking when he put the parent company of his conspiracy merchandising platform Infowars into bankruptcy.

At stake is the future of Jones as the face of America’s conspiracy community and the fate of 15 people Jones defamed when he called the 2012 shooting of 20 first-graders and six educators at Sandy Hook Elementary School “staged,” “synthetic,” “manufactured,” “a giant hoax,” and “completely fake with actors.”

“I am looking forward to taking this to the jury,” said Norm Pattis, a high-profile New Haven attorney who is running Jones’ defense in Connecticut. “We have heard what the plaintiff’s have had to say about this case ad nauseam, and now we want to hear what the jury says.”

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