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• Bankrupt Hertz shares halted as SEC questions controversial stock sale

  Bankrupt Hertz shares halted as SEC questions controversial stock sale Shares of car rental company Hertz, which have become a hot stock for small investors since it filed for bankruptcy last month, were halted on Wednesday pending news. The stock was halted at 11:44 am at $1.94 a share after Jay Clayton, chairman of the powerful Securities and Exchange Commission, went on national television to make it clear that the SEC has concerns about the company’s plans to raise money by selling more potentially worthless stock. “In this particular situation we have let the company know that we have comments on their disclosure,” SEC Chairman Jay Clayton said Wednesday on CNBC’s “Squawk on the Street.” Clayton then suggested that the planned stock sale may not go forward this week as planned, or at least until regulators’ concerns are answered. “In most cases when you let a company know that the SEC has comments on their disclosure they do not go forward until those comments are resolved,” Clayton said. Hertz on Monday told the SEC that it plans seek to sell $500 million in stock after receiving approval for the sale from a bankruptcy judge on Friday. Hertz has said it is turning to a stock sale to raise money amid unusual trading that has resulted in skyrocketing demand for its shares. At one point, the stock jumped to $5.50 a share — a 100 percent gain from where it had been trading leading up to its bankruptcy. As the company acknowledged in its SEC filing on Monday, investing in a bankrupt Hertz is risky. “Although we cannot predict how our common stock will be treated under a plan, we expect that common stock holders would not receive a recovery through any plan unless the holders of more senior claims and interests, such as secured and unsecured indebtedness (which is currently trading at a significant discount), are paid in full, which would require a significant and rapid and currently unanticipated improvement in business conditions to pre-COVID-19 or close to pre-COVID-19 levels,” the filing said. One Hertz lender speculated that Hertz could announce an end to its controversial stock sale. The company at this point has no plan to re-emerge from bankruptcy, or how to reorganize its operations, the lender said. Hertz needs money to restart operations and has not yet arranged what’s known as Debtor-In-Possession financing which is typical of most bankrupt companies. Instead, its advisors including investment bank Moelis & Co. and law firm White & Case advised it to sell shares in its suddenly resurgent stock, the lender said. The Hertz board then approved the move, Hertz said in bankruptcy court. “No, the current Hertz shares have no real value,” the lender said. “I just think this is insane.” The company has about $900 million in cash and owes at least $1 billion now to the lenders that financed its leases of roughly 500,000 cars. Hertz on May 4 missed a payment of roughly $400 million to those lenders which caused its bankruptcy filing, and was scheduled to make another payment earlier this month. In bankruptcy court, Hertz is arguing it should be able to reject some of its car leases, while the lenders to the cars believe Hertz needs to reject all of them or none. “Hertz is trying to agree to a smaller amount of leases,” the lender said. Regardless, Hertz needs money to pay the auto lease lenders, or if it rejects all the leases needs funds to lease another fleet of cars. “They may need $1 billion or more than it has now to operate,” the lender said.

  • Animal Rights

  2020-06-19

• [외신] Facebook sues individuals for offering to scrape data, gather likes

  [외신] Facebook sues individuals for offering to scrape data, gather likes Facebook said on Thursday it filed lawsuits against individuals in Europe and the US for abusing its platforms to offer automated tools for scraping users’ personal data and gathering likes. The social network said the defendant in the US lawsuit operated a data scraping service, called “Massroot8,” which improperly collected data by asking users to provide their Facebook login credentials. The defendants in the European lawsuit operated a Spain-based fake engagement service that provided automation software to receive fake likes and comments on Instagram, Facebook said. “This is one of the first times a social media company is using coordinated, multi-jurisdictional litigation to enforce its terms and protect its users,” the company said here in a blog post. Shares of the company, helmed by CEO Mark Zuckerberg, were trading basically flat on Thursday afternoon, at $235.47.

  • Animal Rights

  2020-06-19

• [외신] AOC rival Michelle Caruso-Cabrera gets massive donation from Wall Street giants

  [외신] AOC rival Michelle Caruso-Cabrera gets massive donation from Wall Street giants Enlarge Image 14 Alexandria Ocasio-Cortez Some of Wall Street’s biggest titans are pumping big bucks into defeating first-term Democratic socialist Rep. Alexandria Ocasio-Cortez by bankrolling the campaign of her business-friendly Democratic primary opponent, Michelle Caruso-Cabrera, campaign records reveal. Caruso-Cabrera’s donors include Blackstone CEO Steve Schwarzman and Goldman Sachs CEO David Solomon. Both gave the maximum $2,800 for the Democratic primary against the far-left freshman AOC. Five other Blackstone employees and three other Goldman Sachs executive also donated to Caruso-Cabrera, according to the Financial Times. Home Depot co-founder Ken Langone and his wife, Elaine, kicked in a combined $11,200 to Caruso-Cabrera. They gave the maximum each for primary ($2,800) and general election ($2,800) — Caruso-Cabrera can only spend half of that for the primary. The Post previously reported that pro-President Trump Republicans and corporate types contributed to Caruso-Cabrera’s campaign as well as an anti-AOC super PAC partly financed by her husband, investment banker and GOP donor Stephen Dizard. Caruso-Cabrera, a former business journalist and CNBC host, is challenging Ocasio-Cortez in next Tuesday’s June 23 primary in the 14th Congressional District that takes in neighborhoods in parts of The Bronx and Queens. AOC shocked the political world two years ago when she toppled Congressman and Queens Democratic Party chairman Joe Crowley in the Democratic primary. She has become a leading voice on the political far left. Despite help from Wall Street, Caruso-Cabrera’s fundraising pales in comparison to AOC’s grassroots donation machine. SEE ALSO Husband of Dem challenger pumps money into anti-AOC super PAC Ocasio-Cortez has raised $10.5 million in campaign contributions to Caruso-Cabrera’s $2 million. The first-time incumbent had $4.6 million in cash on hand to Caruso-Cabrera’s $1 million, according to reports filed with the Federal Election Commission. “It’s not surprising that Republicans would finance the campaign of a lifelong Republican in a Democratic primary,” said Ocasio-Cortez’s spokeswoman, Lauren Hitt. “While we have pushed against corporate power with policies that favor everyday working Americans, those donors prefer to bankroll a candidate who answers to Wall Street over the needs of our constituents.” Caruso-Cabrera’s camp defended the Wall Street donations, saying the finance money is coming because she’s the pro-jobs candidate while Ocasio-Cortez opposed the aborted Amazon plan to open a headquarters along the Queens waterfront that the company said would have created 25,000 jobs. “New York businesses are supporting a Caruso-Cabrera because she wants to create jobs for people. What’s bad about that? Compare that with AOC, who chased 25,000 jobs out of New York,” said Caruso-Cabrera spokesman Hank Sheinkopf.

  • Animal Rights

  2020-06-19

• [외신] Ford’s upcoming electric Mustang to have self-driving capabilities

  [외신] Ford’s upcoming electric Mustang to have self-driving capabilities Enlarge Image Ford’s upcoming all-electric Mustang Mach-E will offer hands-free driving when it hits the road next year, the automaker said Thursday. The feature, dubbed Active Drive Assist, arrives six years after Tesla and four years after General Motors introduced similar features. It will be offered on several Ford models, but most notably on the electric Mustang, a crossover vehicle targeted at the Tesla Model Y market which will hit the road later this year. Ford said that Americans will be able to order the Mustang Mach-E in the fall with the high-tech hardware package, which includes extra radar sensors and a driver-facing camera, but noted the software won’t be ready until fall 2021. When the Active Driver Assist software is ready, users will be able to download an update for their vehicles. Tesla introduced its first semi-automated hands-free driver assist package, called Autopilot, in 2015. GM followed two years later with a similar semi-automated feature called Super Cruise on the Cadillac CT6. Ford unveiled the Mach-E in November 2019, with its unique design polarizing fans of the muscle car line, with one Twitter user calling it “the ugliest vehicle ever made.” “The Mustang Mach-E looks like the ugly love child between a BMW, Jaguar, and Ford Escape,” another wrote. The electric car will have a range of 230 miles, and will cost just under $44,000.

  • NEWS & ISSUE
  • Social

  2020-06-19