Here's what we are reading this morning:
Calculated Risk: Seven High Frequency Indicators for the Economy: These indicators are mostly for travel and entertainment.
Real Estate: Billionaire Igal Namdar Buys Shopping Malls No One Else Wants - Bloomberg: He scoops up struggling centers at bargain-basement prices after their landlords lose faith, betting he can turn a profit before the last tenants turn out the lights. So far, that strategy has netted big gains -- as well as lawsuits accusing Namdar of allowing his real estate to slide into disrepair.
Retailers begin reporting earnings, with delta variant a big wild card: Big retailers get their time to shine as they report earnings this week. The question is whether they can maintain momentum through the rest of 2021.
Tesla Autopilot Faces U.S. Inquiry After Series of Crashes - The New York Times: The new investigation appears to be the broadest look yet at how Autopilot works and how it might be flawed. It could ultimately be used by the safety agency to force Tesla to recall cars and make changes to the system.
Why Has Mediation Been Slower to Catch On in Bankruptcy Court? | Miles Mediation & Arbitration - JDSupra: While mediation has become part of the legal landscape and is now almost second nature to most litigators, there remain some pockets of resistance....
Judge overseeing Puerto Rico bankruptcy proceedings applied alternative test to determine that settlement agreements were executory | Hogan Lovells : This decision is among many recent cases that have relied on non-Countryman tests to determine whether a contract is executory, with the “functional approach” appearing to be the most prevalent Countryman alternative.
From billion-dollar valuation to bankruptcy: Lessons of the Alex and Ani saga - Jeweller Magazine: Arabella Roden examines how management missteps created a perfect storm for a once-prosperous jewellery business.
A Skeptical Stock Analyst Wins Big by Seeking Out Frauds - The New York Times: The activist short-seller behind Hindenburg Research has become known for research that sends companies’ stock sinking. He says he’s not in it just to move share prices.
Colorado River water cuts declared for Arizona, Nevada, amid historic drought | CNN: Lake Mead, the largest reservoir in the US by volume, has drained at an alarming rate this year. At around 1,067 feet above sea level and 35% full, the Colorado River reservoir is at its lowest since the lake was filled after the Hoover Dam was completed in the 1930s.
Wish stock down 27% in two days and 78% since January: Wish reported a 6.4% drop in quarterly revenue from a year earlier to $656 million, while analysts expected a slight increase. Its net loss swelled by tenfold to $111 million, and monthly active users (MAUs) dropped 22% to 90 million.
Retail sales likely dipped in July as consumers held off on purchases: Economists expect retail sales fell by 0.3% in July, compared to a 0.6% gain in June, according to Dow Jones consensus forecast. Excluding autos, sales were expected to have gained 0.2%, after a 1.3% gain in the month of June.
Boy Scouts defend sex abuse deal, deny undue influence | Reuters: Boy Scouts of America on Monday made its final case for preliminary approval of a deal to resolve sex abuse claims, urging the judge overseeing its Chapter 11 case to reject insurers’ efforts to thwart the settlement.
Will PG&E’s Fire Victims Ever Be Made Whole? 'Never,' Says Trustee Overseeing Compensation | KQED: John Trotter, the trustee of the Fire Victim Trust, spoke with The California Report about the pace of payments to fire victims, about KQED's previous reporting on the Trust's overhead costs, and about issues of budgetary transparency, among other things.
Current Reports (Form 8-K) Filed With the Securities & Exchange Commission (SEC) Regarding Bankruptcy or Receivership (Item 1.03) for the Week Ended Monday Aug 16, 2021:
Buffalo Diocese hit with 900 abuse claims in bankruptcy court, more than any diocese | buffalonews.com: “The total count right now is 924,” said Ilan D. Scharf, attorney for the committee of unsecured creditors in the diocese bankruptcy case. “There are sometimes duplicate claims or amended claims and we’re still working through that, but 924 were filed.”