Genting Hong Kong information for liquidation amid German lawsuit

Hong Kong skyline aboard Genting Cruise Lines Genting Dream while berthed in Hong Kong on Wednesday 28th July 2021.

Lam Yik | Bloomberg | Getty Images

Cruise Provider Genting Hong Kong said on Wednesday it had requested the company’s dissolution as the cash was expected to run out by the end of January.

It comes on the heels Warnings last week from the company that it could face potential cross-defaults on funding deals worth $2.8 billion as a result of the bankruptcy of its German shipbuilding subsidiary MV Werften.

In a filing on the Hong Kong Stock Exchange on Wednesday, Genting said the company will be “immediately unable to pay its debt as it falls due” as liquidity dries up.

The embattled cruise operator said it petitioned the Bermuda Supreme Court to have the company wound up after the company “made all reasonable efforts to negotiate with the relevant counterparties under its financing arrangements.”

However, the company said in its Wednesday filing that certain businesses — including but not limited to Dream Cruises’ cruise line operations — are expected to continue.

Genting Hong Kong owns Star Cruises and Dream Cruises, which operate in the Asia region, and Resorts World theme park in Manila. It also owns the Crystal Cruises line, which offers a range of round trips from Miami, Antarctica and Barcelona.

“However, it is expected that the majority of the group’s existing operations will cease operations,” it said.

Genting Hong Kong is part of a larger conglomerate that also includes Genting Malaysia and Genting Singapore. Among its assets, the conglomerate owns the Resorts World theme park chain, which includes parks in Singapore, New York City and the UK. It also has 30 casinos across the UK

The company, controlled by Malaysian tycoon Lim Kok Thay, has been hit hard by the Covid-19 pandemic as travel has ground to a halt.

Trading in Genting Hong Kong shares was suspended on Tuesday and will remain so until further notice, the company said.

Genting shares in Malaysia and Singapore were still trading on Wednesday. Genting Singapore Shares rose 0.64%, and Stocks in Malaysia were down 1.72%

litigation in Germany

Genting Hong Kong was in the midst of a court case with a regional government in Germany to claim an $88 million backstop facility — or backup funding for a secondary source of repayment — linked to MV Werften.

But in a ruling this week, the German state of Mecklenburg-West Pomerania denied Genting’s request for access to the $88 million, according to Genting’s filing earlier this week.

“The company and the group have no access to further liquidity under the group’s debt documents and the company’s available cash is expected to be depleted by the end of January 2022, according to the company’s cash flow projections,” Genting said on Wednesday.

It said it has petitioned the court to appoint interim liquidators and has also sought to authorize the liquidators to handle the company’s debt restructuring.

The company reported a net loss of US$238 million for the period ended June 2021, compared to a loss of US$742.6 million for the same period in 2020. Genting Hong Kong suspended payment of nearly $3.4 billion in 2020. according to news reports.

Rivian, electrical car maker backed by Amazon and Ford, information to go public

Amazon’s new delivery truck

Amazon

Rivian Automotive, a company that develops electric vehicles including commercial vans for Amazon, filed for an IPO on the Nasdaq on Friday. The company aims to trade on the Nasdaq under the ticker symbol “RIVN”.

It is Paperwork shows Rivian posted a net loss of $ 994 million on zero revenues for the first six months of 2021. In 2020, the company’s net loss was $ 1.02 billion.

The company wrote in its submission: “We are a company in the development phase and have not yet generated any significant revenue. Vehicle production and deliveries began in September 2021.”

CEO RJ Scaringe, who holds a Ph.D. from Sloan Automotive Laboratory at the Massachusetts Institute of Technology, founded in 2009 Rivian. The company is based in Irvine, Calif., And employed 6,274 people at the end of June. It operates a vehicle assembly plant in Normal, Illinois.

Amazon and ford everyone owns more than 5% of the company. Peter Krawiec, Amazon’s Senior Vice President, Global Corporate and Business Development, sits on Rivian’s board of directors.

Rivian’s commercial vehicle business will be heavily dependent on Amazon for the foreseeable future. The company said Amazon has some exclusive rights to purchase Rivian electric delivery vehicles for at least four years, and then the right of first refusal thereafter.

Rivian beat Tesla, GM and ford launched with an electric pickup truck, the R1-T, which has already received rave reviews.

– CNBC’s Lora Kolodny contributed to this report.

SEE: Rivian CEO: We’re ready for the electric pickup race

Britney Spears’ Lawyer Recordsdata Request For New Conservator Of Her Cash : NPR

Britney Spears’ recently hired attorney Mathew Rosengart spoke to reporters outside the Los Angeles County Courthouse on July 19. Valerie Macon / AFP via Getty Images Hide caption hide

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Valerie Macon / AFP via Getty Images

Britney Spears’ recently hired attorney Mathew Rosengart spoke to reporters outside the Los Angeles County Courthouse on July 19.

Valerie Macon / AFP via Getty Images

Britney Spears’ recently appointed attorney Mathew Rosengart promised when he came aboard July 14th that he would act quickly to set a new course for the pop icon and her conservatory. On Monday, he filed a petition in the Los Angeles Superior Court on behalf of Spears asking for Jason Rubin to be appointed as the new curator of their estate. If approved, Rubin would replace Spears’ father, Jamie Spears, who has been overseeing their monetary and financial decisions since 2008. Rosengart has also filed a request for Jamie Spears to be removed.

According to Rubin’s website, he’s a CPA who specializes in forensic accounting has “managed complex trust portfolios” and “also has experience working on elder abuse litigation” – all of which could prove important in unraveling the Spears case.

Who is Mathew Rosengart, Britney Spears' new attorney?

Monday’s filing contains a motion to Rubin to revoke all other powers of attorney for Spears, including the authority to make health care decisions on their behalf, and “the authority and authority to provide opportunities relating to professional obligations and activities.” including, but not limited to, performing, recording, videos, tours, television shows, and other similar activities so long as they are approved by the person’s conservator, the medical team of the conserved. “

The filing also includes a list of the singer’s financial assets, including over $ 2.7 million in cash and about $ 56.3 million in investment accounts and real estate. A hearing on this petition is scheduled for December 13th.

In related news, judge presiding over Spears’ case, Brenda Penny, on Monday ordered the singer’s current curator, Jodi Montgomery, to remain in that position until October 8. Judge Penny also approved the resignation of Bessemer Trust, a financial institution company that previously expected to act as the co-restorer of the Spears estate, however asked to resign earlier this month.

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AMC recordsdata to promote 11 million shares, then provides up massive inventory acquire

AMC entertainment said Thursday it plans to sell more than 11 million shares amid the trading frenzy in its stock.

“In accordance with the terms of the distribution agreement, we may from time to time offer and sell through our sales agents up to a total of 11,550,000 shares of our Class A common stock,” AMC said in an SEC filing.

AMC stock reversed its price in pre-trading hours and lost 7% after plummeting more than 20%.

AMC Entertainment has drawn the attention of WallStreetBets traders for the past few weeks, propelling the stock nearly 140% this week to an all-time high of $ 62.55 on Wednesday. AMC is up 512% this quarter and a whopping 2,850% this year. The market value has risen to over $ 31 billion.

“We believe that recent volatility and our current market prices reflect market and trade dynamics that are unrelated to our underlying business or macro or industry fundamentals, and we do not know how long those dynamics will last,” that said Company in filing. “In these circumstances, we caution you not to invest in our Class A common stock unless you are willing to take the risk of losing all or a substantial part of your investment.”

In parallel with GameStop’s epic short squeeze in January, short sellers have increased their stakes against AMC stocks last month, potentially fueling the uptrend. According to S3 Partners, around 18% of the AMC shares available for trading had been sold short by Wednesday.

AMC has adopted its new status as a meme stock. On Wednesday, the company launched AMC Investor Connect for its retail investors and is offering them exclusive promotions like a free tub of popcorn and direct communication with CEO Adam Aron, who is referred to as “Silverback”.

Encouragement from retailers comes when the company sells millions of shares in the market to raise capital. In typical times, a company’s stock sale hurts its stock price for a short period of time as it dilutes the number of shares outstanding.

AMC said it plans to use the cash from the stock sale for “general corporate purposes,” which could include paying off existing debts and acquiring theater assets.

B. Riley Securities and Citigroup Global Markets are AMC’s sales agents for the sale of stocks.

Regardless, on Tuesday, AMC announced a sale of 8.5 million shares in Mudrick Capital at about $ 27.12 per share – worth about $ 230.5 million. Despite this share sale, the stock rose as private investors cheered the capital increase.

Marqeta recordsdata S-1 as worth tops $16 billion on non-public markets

Marqeta is headquartered in Oakland, California.

Yalonda M. James | San Francisco Chronicle | Hearst Newspapers via Getty Images

Marqeta has grown into one of the hottest companies in digital commerce, although few consumers have ever heard of it.

His name becomes much better known. On Friday the company has submitted to go public Its investor prospectus reported annualized revenue growth of 123% to $ 108 million for the first quarter, while net loss decreased to $ 12.8 million from $ 14.5 million a year ago.

In 2020, annual sales more than doubled to $ 290.3 million and the company posted a loss of $ 47.7 million.

Marqeta was founded in 2010 and is based in Oakland, California. The company sells payment technology designed to detect potential fraud and ensure the proper routing of funds. The company issues bespoke physical cards that look like credit and debit cards and that DoorDash or Instacart contractors use to make checkout purchases in restaurants or supermarkets.

Many of Marqeta’s top customers have had record years as the pandemic shifted commerce to mobile devices. Marqeta is in power alongside the food delivery companies place Small business debit card and the popular Cash app for peer-to-peer payments. To confirm and Klarna, who provide small dollar credit to consumers for purchases like bicycles and televisions, use Marqeta’s technology to move money around with their installment loans.

Larry Albukerk, who brokered pre-IPO shares at EB Exchangesaid Marqeta shares traded for $ 33 to $ 35 each on the secondary market. Based on a total of 484.4 million Class A and B shares as listed in the prospectus, the company values ​​the company at approximately $ 16 billion to $ 17 billion.

A year ago, Marqeta raised capital with a valuation of around $ 4.3 billion.

“It’s definitely one of the hottest companies in the private markets,” said Albukerk, who also owns several shares in Marqeta. “It’s been stable over the past two years and has recently become one of the most sought-after stocks to buy in front of the public.”

Albukerk said Marqeta is at the top with Stripe and Plaid on fin-tech stocks that investors seek, but Marqeta is the only one of the three to trade regularly because the other two companies are more restrictive on property transfers.

Marqeta competes at one end of the payment technology market with older vendors like Fiserv and FISand at the other end with modern providers like Adyen and stripes. Marqeta differs most through its card issuing service, which allows customers to create a very special physical or virtual card for their business partners.

The company says in the Risk Factors sections of its prospectus that its expansion in 2020 mirrored that of its customers in the e-commerce and grocery and grocery delivery sectors. As the economy reopens, spending patterns may change.

“Our net sales growth has increased over the past few periods as additional consumers have used these services,” the company said. “If this trend in consumer demand and spending patterns slows or reverses, as housing restrictions ease and the pandemic subsides, our net sales growth may be adversely affected.”

Marqeta took 33rd place CNBC disruptor 50 List last year.

CLOCK: Jason Gardner, CEO of Marqeta, on the partnership with Goldman

Corwin Legislation Agency Recordsdata Class Motion Lawsuit towards Occasion Leisure Group, Metropolis of Miami over COVID Cancellation of the 2020 Extremely Music Pageant

MIAMI, April 1, 2021 / PRNewswire / – Corwin Law, a consumer rights law firm based in Boca Ratonhas filed a class action lawsuit against Event Entertainment Group and the City of Miami on behalf of Florida Residents who bought tickets for the 2020 Ultra Music Festival that was supposed to take place March, 20th – 22, 2020 at Bayfront Park in Miami Beach.

Lawyer Marcus W. Corwin stated that the 2020 festival cancellation was disguised as a postponement due to the COVID-19 pandemic, with the promise of an expanded package of benefits for the 2021 festival for ticket buyers in lieu of refunds. After the 2021 event was canceled, the event organizers reached out to ticket holders again to make further promises but still no refund.

“It is completely irresponsible for the organizers to withhold refunds for more than two years, and for the City of Miami with no guarantee that this event can take place in 2022 or 2023, “Corwin said.

“This is an abuse of fairness and accepted and proper trading practice,” Corwin continued. “Nobody argues that the festival should have continued, but if it didn’t, the organizers should have refunded the money. If ticket holders want to attend the festival, they can choose and pay on their own terms.” “

After the class action lawsuit with eight counts filed in the Eleventh Judicial District in Miami-Dade County, “Ultra engages in intangible, unfair, and / or misleading trading practices by promoting, offering, and promoting the festival, taking the money from individuals to attend the advertised festival, canceling the festival, and then not allowing ticket buyers to receive it a refund, effectively shifting all of the risks and costs of Ultra’s decision to cancel the event to consumers. “

Gabriella PetrokaThe class representative stated, “As a longtime loyal participant, I am grateful to Ultra for making many amazing memories possible, and I hope Ultra will last for many years to come. However, I also hope Ultra will do the same.” Please consumers by giving us the choice of getting refunds and our own choice of how to use that money and whether or not to attend future events as I believe that, given the indescribable duration, that is the only thing fair result is this ‘shift’. “

Corwin, who has been practicing since 1986, has successfully fought Madonna, Live Nation, AT&T, Comcast, HBO and others, validating the offer to replace old tickets with new tickets for dates that were not confirmed as “totally unacceptable” .

The Corwin lawsuit is filing # 124094995 with the Miami-Dade County, Florida Circuit Civil Division.

This is not a solicitation of an invitation to members of the class to join the litigation. NO CLASS HAS BEEN CERTIFIED IN THE ABOVE PROMOTION. Until a class is certified, you will not be represented by an attorney unless you keep one. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT.

For further information please contact CORWIN LAW AT [email protected]

Marcus Corwin
Lawyer
Corwin Law
[email protected]

This version was published via WebWire®. For more information, visit https://www.webwire.com.

SOURCE Corwin Law

Esports Leisure Group information NJ gaming licence

Listed gaming provider Sports entertainment group (EEG) has submitted his game license to New Jersey Division of Gaming Enforcement (NJDGE).

Photo credit: New Jersey Future

If the license is approved, the EEG can operate and maintain weather in the Garden State, including via the sports-oriented sports betting VIE.gg. The company expects the NJDGE to approve its filing in the second quarter of 2021.

CONNECTED: Baltimore Ravens signs a multi-year contract with the Esports Ent Group

Grant Johnson, CEO of Esports Entertainment GroupA press release states: “According to a study by the data company Interpret, over 50% of US sports fans said they are likely to bet on sports betting. We are therefore confident that the demand will be strong. We are ready to move forward quickly with the launch of our sports-focused betting platform as soon as the DGE allows, which is what we expect for the second quarter of this year.

“Securing access to what is currently the largest market for sports betting in the US will be a great advantage if we want to expand into other US markets in the future.”

New Jersey has been a pioneer in sports betting since it helped make the Supreme Court decision PASPA repealed in May 2018. In December, the Garden State reported stakes of nearly $ 1 billion. This was the second month in a row that a total of over $ 900 million in sports stores was generated.

CONNECTED: Philadelphia Eagles signs multi-year deal with Esports Ent Group

In addition to promoting sports betting in general, New Jersey has shown an acute interest in lobbying for legalized esports betting through several initiatives.

First and foremost is the non-partisan law A637, which would permanently incorporate sport into the state’s legal legislature for sports betting and find its way through the Senate. The bill was passed unanimously by the House of Commons at the end of July last year has since been brought to the Senate where NJ lawmakers have the last word of approval.

Two months later in September, the NJDGE approved licensed operators in the state Accept bets on the VIE.gg Counter-Strike: Global Offensive Legend Series. The approval was one of several state strategies that were part of the New Jersey Economic Development Authority’s larger goal to promote esports activity nationwide.

Esports Insider Says: Despite the growing interest in esports betting in the US, it still lags well behind other regions like Europe and Latin America. The country’s regulatory framework has signaled that its further development will be slow, although news like the EEG’s push for licensed operation in New Jersey is another step in the right direction.

Read the Esports Journal