How Alameda, FTX’s Sister Firm, Brought the Crypto Exchange Down - The New York Times: Alameda Research was Sam Bankman-Fried’s first company. He built FTX partly to help Alameda’s trading business. Then things got out of control.
Why Office Buildings Are Still in Trouble - The New York Times: Hybrid work, layoffs and higher interest rates are leaving lots of office space vacant and hurting the commercial real estate business.
FTX Looks at Years of Lawsuits to Recover Billions From Customers: FTX’s bankruptcy opens the door to creditors’ likely lawsuits looking to claw back billions of dollars in assets that customers and insiders withdrew before the crypto company’s abrupt Chapter 11 filing.
FTX Disclosed Related-Party Transactions but Didn’t Name Names - WSJ: The lack of detail in the cryptocurrency exchange’s financial statements echoes past scandals including Enron.
Carvana Holders Reel as Credit Risk Rises, Job Cuts Deepen Gloom - Bloomberg: Company’s bonds have fallen below 50 cents on the dollar
Sears Limps Through What Could Be Its Final Holiday Season - Bloomberg: With just a handful of stores left and much of its real estate on the block, the once-dominant retailer has a grim outlook
FTX’s Sam Bankman-Fried Cashed Out $300 Million During Funding Spree - WSJ: Cryptocurrency-exchange founder told investors last year that the share sale was partial reimbursement of money he’d spent to buy out rival Binance’s stake
FTX Launches Strategic Review of Its Global Assets: Engages Perella Weinberg Partners LP as Lead Investment Bank; Begins to Prepare Businesses for Sale or Reorganization; Seeks Court Relief to Resume Limited Operations in Consultation with Regulators
Bankrupt Crypto Lender Celsius Was Lax With Custody Program, Examiner Finds - Bloomberg: A new report by the examiner of bankrupt crypto lender Celsius Network details shortfalls in controls and operations at two of the company’s product offerings related to digital assets it held in custody for customers, raising issues of whether and how these users can get reimbursed.