The founder of bankrupt subprime auto lender Tricolor Holdings didn’t answer questions about the implosion of the company, citing his right to avoid incriminating himself in the face of criminal charges. Daniel Chu appeared by video at a meeting of Tricolor creditors organized by the trustee who is liquidating the company. Chu invoked his Fifth Amendment right under the US Constitution more than 1...
The founder of bankrupt subprime auto lender Tricolor Holdings didn’t answer questions about the implosion of the company, citing his right to avoid incriminating himself in the face of criminal charges. Daniel Chu appeared by video at a meeting of Tricolor creditors organized by the trustee who is liquidating the company. Chu invoked his Fifth Amendment right under the US Constitution more than 100 times in response to questions about how Tricolor operated. He said he was invoking the right under the advice of his lawyers. A lawyer for the trustee asked most of the questions during the meeting, which lasted more than 5 hours. Those included standard queries about how Tricolor operated, to detailed questions about Chu’s personal assets, his use of a company credit card and the multi-million dollar bonuses he received. Chu declined to answer all but a handful. Earlier this month, he pleaded not guilty to charges that he and other top Tricolor executives conspired to defraud lenders and investors in the company. Tricolor filed for bankruptcy in September after shutting down more than 60 locations across Texas and the US Southwest. Lenders have been preparing for significant losses tied to the company. Chu was ordered to appear at Monday’s meeting of creditors by the federal judge overseeing Tricolor’s liquidation in Dallas. Such question and answer sessions are routine in big, corporate bankruptcies and are designed to give creditors a chance to question managers. His lawyers complained repeatedly that many of the questions seemed designed to prove the fraud allegations Chu faces, not to help creditors understand what happened at Tricolor. The trustee who took over Tricolor after the company filed a Chapter 7 bankruptcy has sued Chu to recover money for creditors. The case is Tricolor Holdings, LLC, 25-33487, US Bankruptcy Court, Northern District of Texas (Dallas)
YouTubers have been increasingly frustrated with Google's management of the platform, with disinformation welcomed back and an aggressive push for more AI (except where Google doesn't like it ). So it's no surprise that creators have been up in arms over the suspicious removal of YouTube's advanced SRV3 caption format. You don't have to worry too much just yet—Google says this is only temporary, a...
YouTubers have been increasingly frustrated with Google's management of the platform, with disinformation welcomed back and an aggressive push for more AI (except where Google doesn't like it ). So it's no surprise that creators have been up in arms over the suspicious removal of YouTube's advanced SRV3 caption format. You don't have to worry too much just yet—Google says this is only temporary, and it's working on a fix for the underlying bug. Google added support for this custom subtitle format around 2018, giving creators more customization options than regular users get with traditional captions. SRV3 (also known as YTT or YouTube Timed Text) allows for custom colors, transparency, animations, fonts, and precise positioning in videos. Uploaders using this format can color-code and position captions to help separate multiple speakers, create sing-along animations, or style them to match the video. Over the last several days, creators who've become accustomed to this level of control have been dismayed to see that YouTube is no longer accepting videos with this Google-created format. Many worried Google had ditched the format entirely, which could be problematic for all those previously uploaded videos. Read full article Comments
(RTTNews) - Wells Fargo (WFC) has confirmed plans to relocate the headquarters of its wealth management division to West Palm Beach, Florida, making it the first major U.S. bank to base its wealth operations in the state.
(RTTNews) - Wells Fargo (WFC) has confirmed plans to relocate the headquarters of its wealth management division to West Palm Beach, Florida, making it the first major U.S. bank to base its wealth operations in the state.
US blank-check bankers are staying busy in January after 2025 proved a bumper year for initial public offerings, setting up a critical test of the importance of SPACs as a dealmaking tool. Investors have plowed more than $2 billion this month into special purpose acquisition company IPOs, data from SPAC Research show. That follows some $30 billion pooled across 144 firms last year — the most since...
US blank-check bankers are staying busy in January after 2025 proved a bumper year for initial public offerings, setting up a critical test of the importance of SPACs as a dealmaking tool. Investors have plowed more than $2 billion this month into special purpose acquisition company IPOs, data from SPAC Research show. That follows some $30 billion pooled across 144 firms last year — the most since 2021 — which has resulted in nearly 200 deal-needy SPACs, according to the platform. SPACs present a chance for companies in riskier sectors to participate in deal-making and capitalize on the backdoor to a listing, ideally leading to an opportunity for financing after they make it to an exchange. A range of firms in industries such as digital assets, rare-earths and artificial intelligence have made up the bulk of recent activity — riding themes that have come into vogue with Donald Trump in the White House. Old Glory Bank, a crypto-friendly lender with ties to prominent right-wing political figures, struck a SPAC deal last week, a day after Exascale Labs Inc., an AI compute infrastructure platform, inked a deal that gave it a roughly $500 million pre-transaction equity value. Such activity is expected to continue throughout 2026, with many of the riskiest corners of the market broadly trending higher over the past year even as investment bankers ready for a rush of regular-way IPO activity. “What we’re hearing from investors is more cautious optimism around the future of SPACs,” says Shari Mager, a partner with KPMG’s deal advisory practice. SPAC deals have recently been fairly concentrated “in a handful of industries that are a bit more high growth oriented and in need of more significant capital.” That said, the SPACs that have recently emerged may face a hectic scramble, as blank-check companies typically give themselves a two-year time window to complete deals. Many fail to do so: more than 250 blank checks were forced to shut down since the start of 2023 after not c...
Canadian Prime Minister Mark Carney used a major address in Davos to argue that the world’s middle powers must band together to resist coercion from aggressive superpowers. Recent events have shown the “rules-based international order” is effectively dead, Carney said, which means Canada and other countries have no choice but to create new alliances to oppose pressure tactics and intimidation by t...
Canadian Prime Minister Mark Carney used a major address in Davos to argue that the world’s middle powers must band together to resist coercion from aggressive superpowers. Recent events have shown the “rules-based international order” is effectively dead, Carney said, which means Canada and other countries have no choice but to create new alliances to oppose pressure tactics and intimidation by the world’s great powers. His speech did not mention US President Donald Trump by name. Canada stands...