The Italian star wasn't asked about his run-in with Salvatore Caruso. Source: Australian Open
The body of the former US Olympics coach was found hours after shocking charges were filed against him.
SHAREHOLDER ACTION ALERT: The Schall Law Firm Announces the Filing of a Class Action Lawsuit Against Immunovant, Inc.
Eritrean soldiers killed hundreds of civilians in Ethiopia's ancient town of Axum between Nov. 28 and 29, rights group Amnesty International said on Friday, one of several mass killings reported during a conflict that erupted nearly four months ago in the northern region of Tigray. "Over an approximately 24-hour period, on 28-29 November 2020, Eritrean troops operating in the Ethiopian city of Axum killed many hundreds of civilians,” Amnesty said, citing 41 witnesses.
Venezuela's decision to ask the head of the European Union's delegation in Caracas to leave the country further isolates Nicolas Maduro's government, the State Department said on Thursday. "The Maduro regime has removed one of the international champions standing up for democracy in Venezuela and human rights of the Venezuelan people," State Department spokesman Ned Price said. "This action will only further isolate the Maduro regime and the world remains united in calling for a return to democracy in Venezuela," he added.
A bride's brutal text to her recently dumped sister has left the internet gobsmacked over her 'gross' attitude. Take a look at the snap.
TORONTO, Feb. 25, 2021 (GLOBE NEWSWIRE) -- Mandalay Resources Corporation ("Mandalay" or the "Company") (TSX: MND, OTCQB: MNDJF) is pleased to announce its financial results for the fourth quarter and full-year ended December 31, 2020. The Company’s consolidated financial results for the year ended December 31, 2020, together with its Management’s Discussion and Analysis (“MD&A”) for the corresponding period, can be accessed under the Company’s profile on www.sedar.com and on the Company’s website at www.mandalayresources.com. All currency references in this press release are in U.S. dollars except as otherwise indicated. Fourth Quarter 2020 Highlights: Revenue of $45.3 million;Adjusted EBITDA of $25.3 million, third-highest quarterly result in Company history;Consolidated net income of $14.7 million, or $0.16 per share; andAdjusted net income of $12.1 million, or $0.13 per share. Full-Year 2020 Highlights: Revenue of $179.0 million, highest full-year result since 2016;Record adjusted EBITDA of $94.2 million;Record adjusted net income of $34.7 million, or $0.38 per share;Consolidated net income of $9.3 million, or $0.10 per share;$25.3 million in free cash flow and $72.2 million in net cash flows from operating activities; andConsolidated cash cost of $843 per Au Eq. oz produced, a 21% year-over-year improvement. Dominic Duffy, President and CEO of Mandalay, commented: “Mandalay’s fourth quarter 2020 capped off a tremendous year, one in which the Company demonstrated four consecutive quarters of dramatically improved operational and financial performance. These strong results demonstrate the sustainability of the Company’s turnaround.” Mr. Duffy continued, “In 2020 the Company generated $179.0 million in revenue and a record $94.2 million in adjusted EBITDA for a margin of 53% – also a record. We earned $12.1 million (CAD$0.17 per share) in adjusted net income during the fourth quarter, marking our fourth consecutive quarter of profitability. For the full-year, the Company generated $34.7 million (CAD$0.51 per share) in adjusted net income – representing approximately 25% of our market capitalization as at December 31, 2020. “Our consolidated cash cost for 2020 was $843 per saleable gold equivalent ounce produced; a 21% improvement as compared to the $1,066 for full-year 2019. These results were underpinned by Costerfield’s remarkable performance, which generated $20.0 million in quarterly adjusted EBITDA, bringing the site’s year-to-date total to $68.1 million.” Mr. Duffy added, “Costerfield’s operational and financial improvements are a direct result of the high-grade Youle deposit becoming the primary source of ore feed throughout 2020. Processed gold grades averaged 11.6 g/t gold and 4.3% antimony for the full-year 2020, a significant increase over the 2019 full-year average of 5.1 g/t gold and 2.5% antimony. We expect to see continued high gold grades at Costerfield over the course of 2021. This was done while also increasing the Mineral Reserves and mine life of the operation with the ramped-up exploration program carried out over 2020.” “Björkdal maintained stable production and sales, generating $81.5 million and $32.0 million in revenue and adjusted EBITDA, respectively, in 2020. The increase in revenue year-over-year was aided by stronger realized gold prices. We expect Björkdal to build upon its fourth quarter production success – the highest quarterly amount in 2020 – of 12,252 gold ounces as underground tonnages continue to rise as ore from Aurora’s higher-grade lower levels comes online.” Mr. Duffy continued, “Mandalay ended 2020 with a cash balance of $34.2 million which was slightly higher than that at the end of the third quarter. This 2020 ending cash balance does not include a $5.0 million payment relating to a delayed shipment at Costerfield. This payment would normally have been received in December but was received at the start of January 2021. The Company also repaid $6.0 million of its senior credit facility prior to the end of 2020, leaving $59.0 million owing. By year-end we also paid $4.9 million towards our hedging programs, however, mainly driven by the recent strengthening of the Australian dollar relative to the U.S. dollar, we anticipate receiving proceeds from the Australian dollar gold forward contracts in the near-term. Ultimately, we remain on track to meeting our goal of having our cash exceed our debt in 2021.” Mr. Duffy concluded, “2020 was a transformative year for the Company. Our results demonstrate the continued commitment of our employees and contractors to execute on our strategic initiatives and the underlying long-term value and cash-generating potential at both sites. This hard work has translated into strong financial performance and increased shareholder value. Looking ahead, we expect continued strong free cash flow generation, which will set the Company up for an exciting 2021 year and beyond.” Fourth Quarter and Full-Year 2020 Financial Summary The following table summarizes the Company’s financial results for the three months and year ended December 31, 2020 and 2019: Three monthsendedDec 31, 2020Three monthsendedDec 31, 2019Year endedDec 31, 2020YearendedDec 31, 2019 $’000$’000$’000$’000Revenue45,320 22,737 178,974 107,795 Cost of sales18,798 17,034 78,782 83,623 Adjusted EBITDA (1)25,346 4,732 94,247 18,804 Income from mine ops before depreciation, depletion26,522 5,703 100,192 24,172 Adjusted net income (loss) (1)12,065 (4,223)34,704 (10,403)Consolidated net income (loss)14,722 (5,328)9,309 (18,649)Capital expenditure14,194 10,225 46,878 37,969 Total assets301,284 258,592 301,284 258,592 Total liabilities165,505 146,840 165,505 146,840 Adjusted net income (loss) per share (1)0.13 (0.05)0.38 (0.13)Consolidated net income (loss) per share0.16 (0.07)0.10 (0.23) 1. Adjusted EBITDA, adjusted net income (loss) and adjusted net income (loss) per share are non-IFRS measures, defined at the end of this press release “Non-IFRS Measures”. In the fourth quarter of 2020, Mandalay generated consolidated revenue of $45.3 million, 99% higher than in the fourth quarter of 2019. This increase is attributable to Mandalay selling 8,514 more gold equivalent ounces in the fourth quarter of 2020 compared to the fourth quarter of 2019. The Company’s realized gold price in the fourth quarter of 2020 also increased by 32% compared to the fourth quarter of 2019, and the realized price of antimony was flat year-over-year. Consolidated cash cost per ounce of $929 decreased by 14% in the fourth quarter of 2020 compared to the fourth quarter of 2019, mainly due to higher production. Cost of sales during the fourth quarter of 2020 versus the fourth quarter of 2019 were $1.1 million lower at Costerfield, offset by a $2.8 million increase at Björkdal. Consolidated general and administrative costs were $0.2 million higher as compared to the prior year quarter. Mandalay generated adjusted EBITDA of $25.3 million in the fourth quarter of 2020, 436% higher compared to the Company’s adjusted EBITDA of $4.7 million in the year ago quarter. Adjusted net income was $12.1 million in the fourth quarter of 2020, which excludes the $10.8 million fair value gain related to the gold hedges associated with the Syndicated Facility, $1.6 million for the Lupin asset write down, $0.9 million in care and maintenance costs and a $5.6 million revisions to reclamation liabilities, compared to an adjusted net loss of $4.2 million in the fourth quarter of 2019. Consolidated net income was $14.7 million for the fourth quarter of 2020, versus a net loss of $5.3 million in the fourth quarter of 2019. Mandalay ended the fourth quarter of 2020 with $34.2 million in cash and cash equivalents. Fourth Quarter and Full-Year 2020 Operational Summary The table below summarizes the Company’s operations, capital expenditures and operational unit costs for the three months and year ended December 31, 2020 and 2019: Three monthsended Dec 31, 2020Three monthsended Dec 31, 2019Yearended Dec 31, 2020Yearended Dec 31, 2019$’000$’000$’000$’000BjörkdalGold produced (oz)12,252 10,990 45,296 51,498 Cash cost (1) per oz gold produced ($)1,251 1,071 1,112 945 All-in sustaining cost (1) per oz gold produced ($)1,616 1,416 1,435 1,203 Capital development2,337 1,441 9,341 6,939 Property, plant and equipment purchases4,832 3,408 12,025 10,162 Capitalized exploration586 768 1,929 1,472 CosterfieldGold produced (oz)12,236 4,749 44,958 15,258 Antimony produced (t)858 684 3,903 2,032 Gold equivalent produced (oz)15,099 7,604 58,148 25,161 Cash cost (1) per oz gold eq. produced ($)668 1,083 634 1,313 All-in sustaining cost (1) per oz gold eq. produced ($)1,077 1,640 1,010 2,024 Capital development3,599 3,776 14,231 13,967 Property, plant and equipment purchases1,886 349 4,951 3,422 Capitalized exploration937 461 4,245 1,776 ConsolidatedGold equivalent produced (oz)27,351 18,594 103,444 76,659 Cash cost* per oz gold eq. produced ($)929 1,076 843 1,066 All-in sustaining cost (1) per oz gold eq. produced ($)1,350 1,568 1,254 1,549 Capital development5,936 5,217 23,572 20,906 Property, plant and equipment purchases6,718 3,757 16,976 13,584 Capitalized exploration (2)1,540 1,251 6,330 3,479 1. Cash cost and all-in sustaining cost are non-IFRS measures. See “Non-IFRS Measures” at the end of this press release.2. Includes capitalized exploration relating to other non-core assets. Björkdal gold mine, Skellefteå, Sweden Björkdal produced 12,252 ounces of gold in the fourth quarter of 2020 with cash and all-in sustaining costs of $1,251/oz and $1,616/oz, respectively, compared to cash and all-in sustaining costs of $1,071/oz and $1,416/oz, respectively, in the fourth quarter of 2019. Costerfield gold-antimony mine, Victoria, Australia Costerfield produced 12,236 ounces of gold and 858 tonnes of antimony for 15,099 gold equivalent ounces in the fourth quarter of 2020. Due to the higher gold equivalent ounces produced, cash and all-in sustaining costs at Costerfield decreased to $668/oz and $1,077/oz, respectively, compared to cash and all-in sustaining costs of $1,083/oz and $1,640/oz, respectively, in the fourth quarter of 2019. Cerro Bayo silver-gold mine, Patagonia, Chile In the fourth quarter of 2020, the Company spent $0.6 million on care and maintenance expenses at Cerro Bayo, which was the same as in the fourth quarter of 2019. Cerro Bayo is currently subject to a binding option agreement between the Company and Equus Mining (“Equus”) pursuant to which Equus has an option to acquire Cerro Bayo. For further information see the Company’s October 8, 2019, press release. During the first quarter of 2021, the Company is planning to restart the processing facility at Cerro Bayo to begin trial processing of waste dumps located at site containing silver and gold mineralization. During 2020, a sampling program was carried out to establish areas within the waste dumps that contain sufficiently-graded mineralization that could be processed profitably. The current plan is a three-month trial period that could be extended if the project is found to be economically profitable. Lupin, Nunavut, Canada Care and maintenance spending at Lupin was $0.1 million during the fourth quarter of 2020, which was the same as in the fourth quarter of 2019. Reclamation spending at Lupin was $4.7 million during the fourth quarter of 2020 as compared to $0.2 million in the fourth quarter of 2019. The full closure of Lupin will continue in the 2021 season funded by ongoing progressive security reductions held by CIRNA. Challacollo, Chile In the fourth quarter of 2020, Aftermath Silver Ltd. (“Aftermath Silver”) completed the second payment of CAD$1.0 million in accordance with the definitive agreement. Further information regarding the definitive agreement signed with Aftermath Silver for the sale of Challacollo can be found in the Company’s November 12, 2019, press release. La Quebrada, Chile No work was carried out on the La Quebrada development property during 2020. COVID-19 The coronavirus (“COVID-19”) pandemic is present in all countries in which the Company operates, with cases being reported in Canada, Australia, Sweden and Chile. At this time, the Company has activated business continuity practices across all sites. Management will continue to monitor developments across all jurisdictions and will adjust its planning as necessary. The Company is not able to estimate the duration of the pandemic and potential impact on its business if disruptions or delays in our operations occur or our ability to transfer our products to market. In addition, a severe prolonged economic downturn could result in a variety of risks to the business, including a decreased ability to raise additional capital when needed on acceptable terms, if at all. As the situation continues to evolve, the Company will continue to closely monitor operating conditions in the countries we operate and respond accordingly. More details are included in the press release dated March 20, 2020, and on the Company’s website. Conference Call Mandalay’s management will be hosting a conference call for investors and analysts on February 26, 2021 at 8:00 AM (Toronto time). Analysts and interested investors are invited to participate using the following dial-in numbers: Participant Number:(201) 689-8341Participant Number (Toll free):(877) 407-8289Conference ID:13716917 A replay of the conference call will be available until 11:59 PM (Toronto time), March 12, 2021 and can be accessed using the following dial-in number: Encore Toll Free Dial-in Number:(877) 660-6853Encore ID:13716917 About Mandalay Resources Corporation: Mandalay Resources is a Canadian-based natural resource company with producing assets in Australia and Sweden, care and maintenance and development projects in Chile. The Company is focused on growing production at its gold and antimony operation in Australia, and gold production from its operation in Sweden to continue being a significant cash flow generating Company. Forward-Looking Statements This news release contains "forward-looking statements" within the meaning of applicable securities laws, including statements regarding the Company’s anticipated performance in 2021. Readers are cautioned not to place undue reliance on forward-looking statements. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, changes in commodity prices and general market and economic conditions. The factors identified above are not intended to represent a complete list of the factors that could affect Mandalay. A description of additional risks that could result in actual results and developments differing from those contemplated by forward-looking statements in this news release can be found under the heading “Risk Factors” in Mandalay’s annual information form dated March 30, 2020, a copy of which is available under Mandalay’s profile at www.sedar.com. In addition, there can be no assurance that any inferred resources that are discovered as a result of additional drilling will ever be upgraded to proven or probable reserves. Although Mandalay has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Non-IFRS Measures This news release may contain references to adjusted EBITDA, adjusted net income, free cash flow, cash cost per saleable ounce of gold equivalent produced and all-in sustaining cost all of which are non-IFRS measures and do not have standardized meanings under IFRS. Therefore, these measures may not be comparable to similar measures presented by other issuers. Management uses adjusted EBITDA and free cash flow as measures of operating performance to assist in assessing the Company’s ability to generate liquidity through operating cash flow to fund future working capital needs and to fund future capital expenditures, as well as to assist in comparing financial performance from period to period on a consistent basis. Management uses adjusted net income in order to facilitate an understanding of the Company’s financial performance prior to the impact of non-recurring or special items. The Company believes that these measures are used by and are useful to investors and other users of the Company’s financial statements in evaluating the Company’s operating and cash performance because they allow for analysis of its financial results without regard to special, non-cash and other non-core items, which can vary substantially from company to company and over different periods. The Company defines adjusted EBITDA as income from mine operations, net of administration costs, and before interest, taxes, non-cash charges/(income), intercompany charges and finance costs. The Company defines adjusted net income as net income before special items. Special items are items of income and expense that are presented separately due to their nature and, in some cases, expected infrequency of the events giving rise to them. A reconciliation between adjusted EBITDA and adjusted net income, on the one hand, and consolidated net income, on the other hand, is included in the MD&A. The Company defines free cash flow as a measure of the Corporation’s ability to generate and manage liquidity. It is calculated starting with the net cash flows from operating activities (as per IFRS) and then subtracting capital expenditures and lease payments. Refer to Section 1.2 of MD&A for a reconciliation between free cash flow and net cash flows from operating activities. For Costerfield, saleable equivalent gold ounces produced is calculated by adding to saleable gold ounces produced, the saleable antimony tonnes produced times the average antimony price in the period divided by the average gold price in the period. The total cash operating cost associated with the production of these saleable equivalent ounces produced in the period is then divided by the saleable equivalent gold ounces produced to yield the cash cost per saleable equivalent ounce produced. The cash cost excludes royalty expenses. Site all-in sustaining costs include total cash operating costs, sustaining mining capital, royalty expense, accretion and depletion. Sustaining capital reflects the capital required to maintain each site’s current level of operations. The sites the all-in sustaining cost per ounce of saleable gold equivalent in a period equals the all-in sustaining cost divided by the saleable equivalent gold ounces produced in the period. For Björkdal, the total cash operating cost associated with the production of saleable gold ounces produced in the period is then divided by the saleable gold ounces produced to yield the cash cost per saleable gold ounce produced. The cash cost excludes royalty expenses. Site all-in costs include total cash operating costs, royalty expense, accretion, depletion, depreciation and amortization. Site all-in sustaining costs include total cash operating costs, sustaining mining capital, royalty expense, accretion and depletion. Sustaining capital reflects the capital required to maintain each site’s current level of operations. The sites the all-in sustaining cost per ounce of saleable gold equivalent in a period equals the all-in sustaining cost divided by the saleable equivalent gold ounces produced in the period. For the Company as a whole, cash cost per saleable gold equivalent ounce is calculated by summing the gold equivalent ounces produced by each site and dividing the total by the sum of cash operating costs at the sites. Consolidated cash cost excludes royalty and corporate level general and administrative expenses. This definition was updated in the third quarter of 2020 to exclude corporate general and administrative expenses to better align with industry standard. All-in sustaining cost per saleable ounce gold equivalent in the period equals the sum of cash costs associated with the production of gold equivalent ounces at all operating sites in the period plus corporate overhead expense in the period plus sustaining mining capital, royalty expense, accretion, depletion, depreciation and amortization, divided by the total saleable gold equivalent ounces produced in the period. A reconciliation between cost of sales and cash costs, and also cash cost to all-in sustaining costs are included in the MD&A. For Further Information: Dominic DuffyPresident and Chief Executive Officer Edison NguyenManager, Analytics and Investor Relations Contact:(647) 260-1566
(Bloomberg) -- The global bond rout that sent the benchmark U.S. yields to a one-year high rolled on in Asia Friday, testing the resolve of central banks trying to curb rising market interest rates.Australia’s 10-year yield jumped as much as 20 basis points to 1.93%, following a similar surge in Treasuries. The three-year yield reached 0.15%, the highest level since October and well above the Reserve Bank of Australia’s 0.1% target. In Japan, the world’s second-largest bond market, the benchmark 10-year yield surged to a five-year high.“The spike up in Treasury yields will have major implications across the world whether from bank refinancing to loans,” said Mark Grant, chief global strategist at B. Riley FBR Inc. Central banks are “just going to have to increase their balance sheets -- if this blows out, it will change countries’ debt-to-GDPs, their currencies.”Read More: In a Flash, U.S. Yields Hit 1.6%, Wreaking Havoc Across MarketsDespite soothing comments by the Federal Reserve on inflation, the spike in U.S. yields indicates bond traders are skeptical and relentlessly pricing in the risks of rising inflation. The bond rout led to a bruising session for U.S. shares on Thursday.The moves in Australia came after the RBA on Thursday bought A$5 billion ($3.9 billion) of bonds, matching the record last March when it began quantitative easing, as it sought to defend the target.Japan’s 10-year yield climbed two basis points to 0.17%, as it pushes further toward the edge of the central bank’s perceived range of about 20 basis points on either side of zero.Read More: Fidelity and Aberdeen Say Beware Next Leg of Treasury Rout“The market is likely to try to force the BOJ into conducting an unscheduled bond purchase operation” on Friday, Kazuhiko Sano, chief strategist at Tokai Tokyo Securities, wrote in a note. “Should the BOJ decide not to move, the 10-year yield could test 0.20%.”New Zealand bonds also slid, with the benchmark 10-year yield up as much as 15 basis points at 2.02%, the highest since 2019.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
BPLI Holdings Inc. ("BPLI" or "the Company") (TSX-V:BPLI) today reported its financial results for the three months ended December 31, 2020.
AUSTIN, Texas, Feb. 25, 2021 (GLOBE NEWSWIRE) -- SilverBox Engaged Merger Corp I (the “Company”) today announced the pricing of its initial public offering of 30,000,000 units at $10.00 per unit. The units will be listed on the Nasdaq Stock Market and trade under the ticker symbol “SBEAU” beginning February 26, 2021. Each unit consists of one share of the Company’s Class A common stock and one-third of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one share of the Company’s Class A common stock at a price of $11.50 per share, subject to adjustment. Once the securities comprising the units begin separate trading, the Class A common stock and warrants are expected to be listed on the Nasdaq Stock Market under the symbols “SBEA” and “SBEAW,” respectively. The initial public offering is expected to close on March 2, 2021, subject to customary closing conditions. In connection with the initial public offering, the Company has entered into a forward purchase agreement with Engaged Capital, LLC, that will provide for the aggregate purchase of $100,000,000 of Class A common stock at $10.00 per share. Any such purchases will take place in a private placement that will close concurrently with the closing of the Company’s initial business combination. The Company, which is sponsored by SilverBox Engaged Sponsor LLC and is led by Joseph Reece and Stephen Kadenacy who will serve as Executive Chairman and Chief Executive Officer, respectively, is a newly organized blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. Citigroup Global Markets Inc. and Deutsche Bank Securities Inc., are acting as joint book-running managers. The Company has granted the underwriters a 45-day option to purchase up to 4,500,000 additional units at the initial public offering price to cover over-allotments, if any. The initial public offering is being made only by means of a prospectus. Copies of the prospectus relating to the offering may be obtained from Citigroup Global Markets Inc., Attn: Prospectus Department, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at (800) 831-9146 or Deutsche Bank Securities Inc., Attn: Prospectus Department, 60 Wall Street, New York, New York 10005, telephone: 800-503-4611 or email: prospectus.cpdg@db.com. A registration statement relating to the securities sold in the initial public offering has been filed with, and declared effective by, the Securities and Exchange Commission (“SEC”) on February 25, 2021. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The securities to be sold in the private placement have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of such Act and applicable state securities laws. Cautionary Note Concerning Forward-Looking Statements This press release contains statements that constitute “forward-looking statements,” including with respect to the proposed initial public offering and the anticipated use of the net proceeds thereof. No assurance can be given that the funding of the forward purchase agreement will occur or that the net proceeds of the offering or forward purchase agreement will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and preliminary prospectus for the Company’s offering filed with the SEC. Copies of these documents are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law. Contact Dan Gagnier / Jeff Mathews Gagnier Communications 646-569-5897 sbcap@gagnierfc.com
GameStop, however, is not trading anything like a typical stock. Since announcing the resignation of CFO Jim Bell after the market close on Tuesday, GameStop's shares have climbed more than 140%. GameStop took investors on another wild ride on Thursday.
(Bloomberg) -- Two Apollo Global Management units were accused by a firm that funds high-stakes lawsuits of stealing its method for calculating the value of the cases.Greenpoint Capital Management, which raises money from investors and lends it to law firms involved in litigation that may result in big settlements or verdicts, sued Apollo Hybrid Value Management LP and Apollo Hybrid Value Management GP in Manhattan federal court late Wednesday.Brooklyn, New York-based Greenpoint claims it provided Apollo trade secrets as part of a proposed investment in litigation finance. Apollo then passed them along to a Greenpoint competitor, Kerberos Capital Management LL, in which Apollo was investing, according to the suit. Greenpoint said it developed a way to value legal cases to reduce risk and boost returns to investors.An Apollo spokeswoman said the case has no merit and the firm plans to defend itself in court.Kerberos, which is not a defendant in the case, also disputed Greenpoint’s claims.“Kerberos has originated $300mm in law firm loans since 2018,” the company said in an emailed statement. “Our investors include some of the world’s most respected pension funds, multi-family offices, and asset managers. The idea that Kerberos modeled its business on some broker’s marketing material is meritless.”The suit comes as Apollo has been dealing with fallout from business ties between Chief Executive Officer Leon Black and deceased sex offender Jeffrey Epstein. Black said in January he’d relinquish his CEO role after a review by law firm Dechert LLP found that he had paid Epstein $158 million for financial services advice. The report found no evidence Black was involved with any criminal activities and showed Apollo did no business with Epstein.Greenpoint, which is demanding unspecified damages, claimed that its email-logging software showed that a February 2020 email to Apollo containing its confidential documents was “opened by an individual located in or near Illinois.” Kerberos is based in Chicago. Neither of the Apollo units that were sued have offices in Illinois, Greenpoint said.A survey by Westfleet Advisors, a litigation finance broker, showed 46 funding companies in the U.S. managed in mid-2020 a combined $11.3 billion in assets allocated to U.S. commercial litigation investments.The case is: Greenpoint Capital Management v. Apollo Hybrid Value Management, 21-cv-01654, U.S. District Court, Southern District of New York (Manhattan).(Updates with comment from Kerberos.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Lyrebirds filmed in Sherbrook forest by the study's co-auther Alex Maisey. Source: Dalziell et al. 2021
Kate DeAraugo, who won Australian Idol in 2005, has reemerged after three years out of the spotlight to talk about beating addiction and her new career.
MRNA earnings call for the period ending December 31, 2020.
If you've not seen a copy of our earnings release, please visit the Investor Relations page on our website at kaiseraluminum.com. Joining me on the call today are President and Chief Executive Officer, Keith Harvey; Senior Vice President and Chief Financial Officer, Neal West; and Vice President and Chief Accounting Officer, Jennifer Huey.
Finally, this earnings call is the property of Gran Tierra Energy, Inc. Any copying or rebroadcasting of this call is expressly forbidden without the written consent of Gran Tierra Energy. Mr. Guidry, please go ahead.
Venezuela's decision to ask the head of the European Union's delegation in Caracas to leave the country further isolates Nicolas Maduro's government, the State Department said on Thursday. "The Maduro regime has removed one of the international champions standing up for democracy in Venezuela and human rights of the Venezuelan people," State Department spokesman Ned Price said. "This action will only further isolate the Maduro regime and the world remains united in calling for a return to democracy in Venezuela," he added.
Bentley announced the acquisition of E7 Pty Ltd, a Australia-based leader in field-based construction delivery software for civil construction.
Image source: The Motley Fool. Nomad Foods Limited (NYSE: NOMD)Q4 2020 Earnings CallFeb 25, 2021, 8:30 a.m. ETContents: Prepared Remarks Questions and Answers Call Participants Prepared Remarks: OperatorGood day, and welcome to Nomad Foods Fourth Quarter 2020 Earnings Conference Call.
Image source: The Motley Fool. Agios Pharmaceuticals Inc (NASDAQ: AGIO)Q4 2020 Earnings CallFeb 25, 2021, 8:00 a.m. ETContents: Prepared Remarks Questions and Answers Call Participants Prepared Remarks: OperatorGood morning, and welcome to Agios' Fourth Quarter 2020 Conference Call.
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