By Jarrett Renshaw NEW YORK (Reuters) – Throughout 2016 and 2017, a rail terminal built to accept crude oil for the largest East Coast refinery often sat idle, with few trains showing up to unload. Although little oil flowed, plenty of money did. Under a deal Philadelphia Energy Solutions (PES) signed in 2015, the refiner paid minimum quarterly payments of $30 million to terminal owner North Yard Logistics LP – even if little crude arrived. Much of that cash, in turn, flowed to the investors that own both PES and North Yard, led by the Carlyle Group, a global private equity firm with $178 billion in assets. The deal in effect guaranteed lucrative payouts to Carlyle regardless of whether the refinery benefited from the arrangement. When oil market conditions made the rail shipments unprofitable later that year, the refinery took heavy losses while its investors continued to collect large distributions for two more years. The rail contract exemplifies the financial demands … [Read more...] about Refiner goes belly-up after big payouts to Carlyle Group
U s bankruptcy court
By Tom Hals WILMINGTON, Del (Reuters) – A lawyer for Takata Corp’s U.S. business, bankrupted by a recall of faulty air bags, indicated on Friday that the company is on the verge of receiving court approval for its reorganization and $1.6 billion (1.14 billion pounds) sale of its non-air bag businesses. At the start of a hearing in U.S. Bankruptcy Court in Wilmington, Delaware, lawyer Marcia Goldstein told the court that Takata’s U.S. unit had resolved nearly all objections to the reorganization. “I would call it a largely consensual plan,” Goldstein, a Weil, Gotshal & Manges lawyer for Takata’s U.S. unit, said. The judge will hear from some objectors before reaching any decision. Takata and its U.S. unit, TK Holdings Inc, filed for bankruptcy last year in the wake of the largest automotive recall in history. The company’s air bags inflate with too much force and spray metal fragments. They have been linked to hundreds of injuries and at … [Read more...] about Takata has resolved most objections to its U.S. bankruptcy
By Jessica DiNapoli NEW YORK (Reuters) – Venture capitalist Peter Thiel has made an offer for Gawker, hoping to overcome legal hurdles and rival bidders for the online news site the billionaire helped shutter by funding litigation against it, people familiar with the matter said on Thursday. Gawker, which has been inactive for more than a year, is conducting an auction of its remaining assets, including its domain names and nearly 200,000 archived articles. Most of its assets, including its sister pages Deadspin, a sports site, and Jezebel, a feminist blog, were bought in 2016 for $135 million (£99.7 million) by media company Univision Holdings Inc <UVN.N>. Thiel has not said why he wants Gawker, though the potential acquisition would let him take down stories regarding his personal life that are still available on the website, and remove the scope for further litigation between him and Gawker. Thiel, who is Facebook Inc’s <FB.O> first major investor … [Read more...] about Peter Thiel submits bid for Gawker, faces challenges
By Tom Hals (Reuters) – An affiliate of Canada’s Brookfield Asset Management Inc <BAMa.TO> <BAM.N> plans to acquire Westinghouse Electric Co LLC, the bankrupt nuclear services company owned by Toshiba Corp <6502.T>, for $4.6 billion (£3.39 billion). Brookfield Business Partners LP <BBU.N> <BBU_u.TO>, whose New York-listed shares rose 3.3 percent, said in a statement on Thursday that it and institutional partners would use $1 billion of equity and $3 billion of long-term debt financing to buy the Pittsburgh-based business. The deal is expected to close in the third quarter. Westinghouse has said it is aiming to exit bankruptcy as soon as March, which would allow Toshiba to book tax benefits in the current fiscal year. “Brookfield’s acquisition of Westinghouse reaffirms our position as the leader of the global nuclear industry,” said Westinghouse Chief Executive Officer José Emeterio Gutiérrez. Toshiba did not … [Read more...] about Brookfield Business Partners to buy Westinghouse for $4.6 billion
KERRY Katona has been a household name ever since she burst onto the scene as part of pop group Atomic Kitten.Since then she has continually hit headlines thanks to stints on TV shows, being bankrupt and her very turbulent and public love life. But just what else is there to know about Kerry, and how did she make her fortune?Kerry Katona is said to be worth an estimated £198,800.This includes royalties from her music with Atomic Kitten, her brand deals, and money she's earned from personal appearances.She has been declared bankrupt twice before - with the first time being at the High Court in London after she failed to pay the final £82,000 of a £417,000 tax bill.She filed for bankruptcy for the second time at Wigan County Court in July 2013.Kerry has been working her way back from bankruptcy with a series of money deals and photo opportunities.In December 2016, she landed herself £50,000 for a one month stint as the fairy godmother in panto … [Read more...] about What’s Kerry Katona’s net worth, how did she make her money and did she tour with Atomic Kitten?
REALITY TV star Abby Lee Miller has been jailed for a year and a day after hiding almost £600,000 in earnings from the U.S. government.The Dance Moms celebrity told the court she was a "laughing stock" as she was sentenced for bankruptcy fraud and for taking £100,000 worth of Australian currency into the country without reporting it.A federal judge also ordered Miller to pay a £30,942 fine and spend two years on probation following her release.Miller pleaded guilty in both cases last year, claiming her new found fame led to her being charged with fraud.She said: "Dance Moms became a hit and I became the laughing stock of reality TV."Before she was sentenced, Miller read out a statement in court, which said: "I'm certainly ashamed to be meeting you for the first time in this manner."I wish you could take my class or come to one of my events and see how much I love this."I didn't realise when you apply for bankruptcy it's like signing up for more … [Read more...] about Dance Moms star Abby Lee Miller jailed over fraud charges after hiding £600,000 in earnings
DISGRACED reality star Abby Lee Miller has vowed to use her time behind bars to create a new TV show.The Dance Moms star, 50, was jailed yesterday for one year and a day after hiding nearly £600,000 of earnings from the US government.She shared her feelings with ET outside the courthouse, saying: "I feel relieved… I feel peaceful."Despite being handed time behind bars, Abby is maintaining a positive outlook.She continued: "There's a few physical limitations, dietary limitations [in prison], of course, but it'll be OK... It's a realm of the world I know nothing about. I just know what I know and I do the best I can."A federal judge also ordered Miller to pay a £30,942 fine and spend two years on probation following her release.Miller pleaded guilty in both cases last year, claiming her new found fame led to her being charged with fraud.She said: “Dance Moms became a hit and I became the laughing stock of reality TV.”Before she was sentenced, Miller read … [Read more...] about Dance Moms’ Abby Lee Miller vows to ‘come up with a new TV show’ while in prison for £600,000 fraud charges
BLUE have been a household name for many years, thanks to their rise to fame in the noughties.But what are their biggest hits? And when is their book out? Here’s what we know…Blue are a British boyband consisting of members Antony Costa, Duncan James, Lee Ryan and Simon Webbe.The band originally formed in 2000 and released three albums, All Rise (2001), One Love (2002) and Guilty (2003) that all hit the number one spot.In late 2004, the band announced a hiatus before releasing a compilation album later that year.In 2011, the band reunited to represent the UK at the Eurovision song contest where they sang a song called I Can – finishing in 11th place with 100 points.In 2013, the lads reformed once more to take part in The Big Reunion TV show and subsequent tour alongside other popular pop groups from the past – including Atomic Kitten, Liberty X and 5ive.Since their rise to fame, the boys have released some massive hits, which include:All RiseToo … [Read more...] about What are Blue’s best songs, when is their autobiography All Rise released and who are the band’s members?
Samsung said in a statement Thursday it had asked a US judge to allow the South Korean company to pay cargo handlers to remove its goods from Hanjin Shipping vessels after a court order earlier "did not encourage the Hanjin ships to enter US ports as Intended." The maker of electronic goods including Galaxy smartphones said the judge should issue an order barring the seizure of ships and allow it and other cargo owners to retrieve their goods by paying cargo handlers, who have been demanding payment guarantees. "There's no earthly reason why these parties should not be permitted to cut their own deals," Samsung said in a court filing with the US Bankruptcy Court in Newark, New Jersey. South Korea-based Hanjin Shipping - the world's seventh largest container carrier filed for Chapter 15 bankruptcy protection in the United States last week. It won a provisional ruling Tuesday, protecting its assets in the US against creditors, while the shipping line proceeds with its reorganization … [Read more...] about Samsung struggles to free cargo from insolvent Hanjin ships