bankruptcy

25Apr

By THEIRL1ADMIN01No Comments

CRYPTOMARKET, IN OTHER NEWS

FTX Bankruptcy Is Bad News For The Charities That Crypto Mogul Sam Bankman-Fried Generously Supported

FTX, an exchange for trading cryptocurrencies, quickly became bankrupt and defunct in November 2022. Its founder, Sam Bankman-Fried, is broke, and the 30-year-old former billionaire could be in serious legal trouble for his alleged financial improprieties. The Conversation asked Brian Mittendorf, an accounting scholar at The Ohio State University, to explain the significance of FTX’s implosion for philanthropy and the nonprofits Bankman-Fried supported. What was the connection between FTX and philanthropy? Though FTX was a cryptocurrency exchange, Bankman-Fried viewed it as something more: a vehicle to change the world through giving. Bankman-Fried often noted that his goal for his business was to make money in order to donate it to support a variety of social causes like global heal...

4Apr

By THEIRL1ADMIN01No Comments

Journalism

The NRA Declares Bankruptcy

Although the National Rifle Association is headquartered in Northern Virginia, it is incorporated in New York. The gun group recently announced a new “strategic plan” to restructure under bankruptcy and reincorporate in Texas. The Conversation U.S. asked accounting scholars Brian Mittendorf and Sarah Webber to answer five key questions related to the NRA’s intentions. 1. What precipitated this announcement? New York Attorney General Letitia James sued the NRA in 2020 over alleged financial irregularities, such as improperly making millions of dollars in payments to benefit longtime leader Wayne LaPierre and other executives. Among the lawsuit’s allegations is a claim that the NRA tried to disguise trips to the Bahamas and other forms of lavish compensation as business expenses. James seeks...

Bankruptcy courts ill-prepared for tsunami of people going broke from coronavirus shutdown

4Apr

By THEIRL1ADMIN01No Comments

IN OTHER NEWS

Bankruptcy courts ill-prepared for tsunami of people going broke from coronavirus shutdown

As more Americans lose all or part of their incomes and struggle with mounting debts, another crisis looms: a wave of personal bankruptcies. Bankruptcy can discharge or erase many types of debts and stop foreclosures, repossessions and wage garnishments. But our research shows the bankruptcy system is difficult to navigate even in normal times, particularly for minorities, the elderly and those in rural areas. COVID-19 is exacerbating the existing challenges of accessing bankruptcy at a time when these vulnerable groups – who are bearing the brunt of both the economic and health impact of the coronavirus pandemic – may need its protections the most. If Americans think about turning to bankruptcy for help, they will likely find a system that is ill-prepared for their arrival. It’s a hard...

By filing for bankruptcy, the Boy Scouts may compensate more survivors of sexual abuse

3Apr

By THEIRL1ADMIN01No Comments

BUSINESS

By filing for bankruptcy, the Boy Scouts may compensate more survivors of sexual abuse

The Boy Scouts of America has filed for bankruptcy to figure out how to fairly compensate thousands of survivors of alleged sexual abuse who accuse the Scouts of neglecting to protect them. Revelations regarding decades of the abuse of children and long-running institutional failures to stop the abuse are raising questions about the future of the Boy Scouts and what will become of its troops. The Scouts’ initial bankruptcy documents state that 275 lawsuits are pending in state and federal courts across the country, and that attorneys for survivors estimate another 1,400 claims will be filed. The Scouts disclosed that they have spent US$150 million on settlements and legal fees between 2017 and 2019. I’m a legal scholar who has studied the bankruptcy cases filed by hundreds of nonprofit...

4Dec

By THEIRL1ADMIN01No Comments

Journalism

How the Bankruptcy System Is Failing Black Americans

Black people struggling with debts are far less likely than their white peers to gain lasting relief from bankruptcy, according to a ProPublica analysis. Primarily to blame is a style of bankruptcy practiced by lawyers in the South. Novasha Miller pushed through the revolving doors of the black glass tower on Jefferson Avenue last December and felt a rush of déjà vu. The building, conspicuous in Memphis’ modest skyline along the Mississippi River, looms over its neighbors. Then she remembered: Years ago, as a teenager, she’d accompanied her mother inside. Now she was 32, herself the mother of a teenager , and she was entering the same door, taking the same elevator. Like her mother before her, Miller was filing for bankruptcy. She’d cried when she made the decision, but with three boy...