The parent company of failed Silicon Valley Bank cannot access about $2 billion in its deposits to the bank because the company’s accounts were frozen by federal regulators, according to a new report late Tuesday. The Wall Street Journal reported that SVB Financial Group complained in bankruptcy court Tuesday that the Federal Deposit Insurance Corp….
The company’s Chapter 11 bankruptcy petition Friday is another development in a banking crisis that’s shaken stock markets and applied pointed questions to banks’ financial health. After bankruptcy cases dropped off during the pandemic, are they making a comeback? In January, newly-filed consumer and commercial filings increased by 19% over the same period last year…
Hedge funds are offering to buy startup deposits at Silicon Valley Bank (SVB) for as little as 60 cents on the dollar, Semafor reported on Saturday, citing people familiar with the matter. Bids range from 60 to 80 cents on the dollar, the report said adding that the range reflects expectations for how much of…
Silvergate Capital SI, -11.27% served as one of the main banks for the crypto industry, prior to its collapse earlier this week. The news came just a week after the firm delayed its annual report to the U.S. Securities and Exchange Commission, causing shares of the Silvergate Capital to slump. Here’s an overview of the…
“‘This is an “extinction level event” for startups and will set startups and innovation back by 10 years or more. BIG TECH will not care about this. They have cash elsewhere. All little startups, tomorrow’s Google’s and Facebooks, will be extinguished if we don’t find a fix.’” — Garry Tan, Y Combinator president and CEO…
Troubled discount home-goods retailer Tuesday Morning Corp. will close more than half its locations nationwide after filing for Chapter 11 bankruptcy protection for the second time in three years. The company filed for bankruptcy on Feb. 14, with Chief Executive Andrew Berger citing “exceedingly burdensome debt.” The company said it has secured a $51.5 million…
Bed Bath & Beyond Inc.’s BBBY, -5.79% unusual equity offering may have averted bankruptcy for the time being, but big challenges remain for the troubled retailer, according to KeyBanc Capital Markets analyst Bradley Thomas. The equity offering “is one of the most unusual financing situations we have witnessed in 20+ years of following consumer and retail companies,”…
Troubled home-goods retailer Bed Bath & Beyond Inc. disclosed in a filing Thursday that it was in default on loans that have been called in, sending its stock plunging. The filing comes just three weeks after Bed Bath & Beyond BBBY, +1.19% said it may need to declare bankruptcy. The struggling company, which was recently threatened with having…
S&P Global Ratings downgraded Bed Bath & Beyond Inc.’s credit Friday, a day after the beleaguered retailer said it was in default on loans that have been called in. The default filing sent Bed Bath & Beyond’s BBBY, +1.19% stock plunging, although it rallied to end Friday’s session up 1.2%, outpacing the S&P 500 Index’s…
Republicans don’t want fiscal responsibility; they want to destroy the government’s ability to improve the lives of American citizens
Like a lightning bolt that suddenly throws a landscape into sharp relief, higher interest rates have exposed where the financial system could buckle or break—but higher borrowing costs will last longer than a flash. The nonbank sector—made up of the thousands of private-equity funds, hedge funds, and insurance companies—now plays role the biggest banks used…
Last year the price of bitcoin plunged 64%. The price was down 19% from Nov. 1 through the end of the year. That action followed CoinDesk’s Nov. 2 report about the “unusually close” relationship between FTX and Alameda Research. Both companies were co-founded by Sam Bankman-Fried and FTX filed for bankruptcy on Nov. 11. But…
Brett Harrison, former head of the U.S. arm of FTX, distanced himself from the crypto exchange co-founded by Sam Bankman-Fried, which filed for bankruptcy back in November. Harrison, who resigned as FTX US’s president in September, wrote about his experience with the company in a 49-part Twitter thread published Tuesday. Harrison had rarely made any…
Bed Bath & Beyond Inc. said Thursday that it has “substantial doubt” about its “ability to continue as a going concern,” as the company also disclosed that it expects to record lower sales for the latest quarter than analysts were anticipating. Shares were down more than 17% in premarket trading. Bed Bath BBBY, -19.71% expects…
‘The more damage you do now, the more jail time.’ Binance founder Changpeng Zhao reportedly sent a flurry of concerned texts to FTX founder Sam Bankman-Fried the day before the now collapsed crypto exchange filed for bankruptcy, warning him that his trades could destabilize the industry. In a group chat with other cryptocurrency executives on…
The Bahamian attorney general defended the island nation’s actions during the collapse of FTX Digital Markets Ltd. and urged patience while authorities investigate the embattled cryptocurrency exchange. In a national address late Sunday, Ryan Pinder disputed recent statements made by FTX’s new chief executive and lawyers in U.S. Bankruptcy Court questioning whether Bahamian regulators had the authority to take…
A recently launched exchange-traded fund has been benefiting from turmoil in the cryptocurrency industry, soaring more than 20% since its inception in September. The Defiance Daily Short Digitizing the Economy ETF IBIT, , which is a bet against the Amplify Transformational Data Sharing ETF BLOK, +0.36%, is up almost 21% since it began trading on…
A research paper published at Harvard University is advocating that central banks should buy bitcoin BTCUSD, +0.61% as a hedge against sanctions by other countries. The paper, titled “Hedging Sanctions Risk: Cryptocurrency in Central Bank Reserves,” was authored by Ph.D. candidate Matthew Ferranti from Harvard’s economics department, and likens central banks’ gold reserves to potential…
Investors are worried that liquidity problems for crypto financial-services firm Genesis could spill over to its parent company, Digital Currency Group, and damage the already battered crypto market even further, after Genesis’s lending arm paused withdrawals last week. Genesis has been trying to raise at least $1 billion from investors and warned that it may…
Bitcoin briefly tumbled to its lowest level in two years on Monday after Bloomberg News reported that Genesis, the digital-asset brokerage and lender, has told investors it could be forced to file for bankruptcy if its current fundraising efforts are unsuccessful. The price of bitcoin BTCUSD, +1.94% tumbled to $15,615 on Monday after Bloomberg published…