Here's what we are reading this morning:
High Court To Hear Sears Lease Fight With Mall Of America - Law360: The U.S. Supreme Court will hear a long-running dispute between the successor to retail giant Sears Holding Corp. and the Mall of America over the assignment of a store lease, the court said Monday, taking up the question of whether appellate courts have jurisdiction to hear appeals of bankruptcy sale orders.
Crypto Hedge Fund Three Arrows Defaulted on Loan, Says Broker Voyager Digital - WSJ: Three Arrows has defaulted, failing to make loan payments tied to large bets in the digital-currency realm, crypto broker Voyager Digital said.
3M Faces Potentially Billions in Liabilities Over $7.63 Earplugs - WSJ: The company will begin court-ordered settlement negotiations over military earplugs next month, following lawsuits filed by thousands of veterans.
Voyager Digital Provides Market Update: "'We are working diligently and expeditiously to strengthen our balance sheet and pursuing options so we can continue to meet customer liquidity demands,' said Stephen Ehrlich, Chief Executive Officer of Voyager. As part of this process, the Company has engaged Moelis & Company as financial advisors."
Rising Rates, Tech Pullback Pummel Convertible Bonds - WSJ: New sales of bonds that can transform into stock have slowed. An index of the debt has lost 20% this year, pressuring investors and companies.
Backstage Capital cuts majority of staff after pausing net new investments | TechCrunch: Backstage Capital has downsized its staff from 12 to three people, managing partner and founder Arlan Hamilton said during her “Your First Million” podcast that was published Sunday.
Wall Street layoffs likely ahead as two-year hiring boom turns to bust: Broad-based job cuts loom at major banks for the first time since 2019, thanks to a confluence of factors that have cast a pall over markets and caused most deal categories to plunge this year, industry sources said.
SPACs wipe out half of their value as investors lose appetite for risky growth stocks: Appetite for these speculative, early-stage growth names with little earnings has diminished in the face of rising rates as well as elevated market volatility. Meanwhile, a regulatory crackdown is drying up the pipeline as bankers started to scale back deal-making activities in the space.
Recession to Wipe Out Weed Firms Trying to Make ‘Quick Buck’ - Bloomberg: With investors becoming more cautious and capital more expensive, only the strongest cannabis firms will survive a downturn in the global economy.
Ankura Appoints Roy Gallagher and Ben Jones as Co-Leaders of the Turnaround & Restructuring Business Group : Roy Gallagher joined Ankura as a Senior Managing Director in 2016 with nearly 25 years of strategic financial restructuring experience as both an advisor and as an investor. Ben Jones has been a Senior Managing Director with Ankura since 2016 and has more than 25 years of experience advising and leading in complex corporate reorganizations across numerous industries.
Evergrande investor says files lawsuit for non-repurchase of unit shares: Investment holding firm Top Shine Global Ltd has decided to file a winding-up petition against China Evergrande Group as the embattled property developer did not repurchase shares in its unit Fangchebao from investors, a senior executive said.
Endo Bondholders Press Opioid Maker Not to File for Bankruptcy: Endo International junior bondholders have formed a group to press the drugmaker not to file for bankruptcy as it faces opioid-related lawsuits and a drop in earnings.