 | | Featured Premium Content | | | | | ABI Journal: When the Mission Isn’t Enough: How Nonprofit Health Care Organizations Drift Toward Insolvency, and the Warning Signs Hiding in Plain Sight
A recent ABI Journal article examined trends related to nonprofit health care organization distress. Read the article here. | | |  | | Editor's Picks | | | | | 23andMe’s Former CEO Pushes Purchase Price Nearly $50 Million Higher
23andMe has a path to a higher purchase price than the $256 million offered by biotech giant Regeneron after the genetic-testing company’s former chief executive pushed a bankruptcy court to reopen its sale process, WSJ Pro Bankruptcy reported. 23andMe was set to sell itself in bankruptcy to Regeneron before former CEO Anne Wojcicki bid $305 million after the auction ended through her recently founded nonprofit TTAM Research Institute. Wojcicki’s bid dwarfs her previous offer to acquire the company for $40 million just ahead of its March bankruptcy filing. READ MORE | | Hedge Fund Veteran Weiss Files for Bankruptcy Following $113 Million Jefferies Judgement
George Weiss, the veteran hedge fund manager and founder of Weiss Multi-Strategy Advisers, has filed for personal chapter 11 bankruptcy protection, following a court ruling that held him personally liable for over $100m in debt owed to Jefferies Financial Group, HedgeWeek.com reported. The filing, made in Florida on yesterday, comes just months after a federal judge sided with Jefferies in a dispute over funding arrangements tied to Weiss’s now-insolvent hedge fund. Weiss listed estimated assets and liabilities between $100m and $500m, including a $180m IRS claim, which he disputes. READ MORE | | Hooters Closes More than 30 Restaurants Suddenly, Company Calls It 'Difficult Decision'
Restaurant chain Hooters abruptly closed over 30 locations across multiple states June 4. Hooters said in a statement to USA TODAY that the closed stores were company owned and called the closures a "difficult decision." The company filed for bankruptcy in late March but did not indicate that restaurants would close as a result of the filing. READ MORE
MORE NEWS BELOW | | |  | | Upcoming Events | | | | | ABI Rocky Mountain Bankruptcy Conference The Chateaux Deer Valley
June 11-13 | Park City, Utah | | ABI Southeast Bankruptcy WorkshopThe Ritz-Carlton, Amelia Island
July 24-27 | Amelia Island, Fla. | | | | | | |  | | Daily Roundup | | | | | Celebration Pointe Investor Sues Developer, Financial Advisor Following Bankruptcy
A newly filed lawsuit compares the schemes of famous fraudsters Charles Ponzi and Bernie Madoff to a woman’s investments in the Celebration Pointe plaza project, WCJB.com reported. Patricia Shively claims that she was misled into investing and guaranteeing loans worth hundreds of millions of dollars for the project. With Celebration Pointe filing for bankruptcy protection, Shively faces “financial ruin.” On Tuesday, attorneys representing Shively say that they filed a lawsuit against developer Viking Construction and owner Svein Dyrkolbotn, as well as wealth-management firm Koss Olinger and partner William Olinger, among others. READ MORE | | NY Fed Survey: Last Month Most Firms Passed on Some of Tariff Surge
The majority of businesses in the New York Federal Reserve’s district said they passed on at least some of President Donald Trump’s tariffs in the form of higher prices last month, as firms flagged considerable confusion and uncertainty in navigating the surge in import taxes, a report from the bank released on Wednesday said, Reuters reported. As of early May, "most businesses passed on at least some of the higher tariffs to their customers, with nearly a third of manufacturers and about 45% of service firms fully passing along all tariff-induced cost increases by raising their prices," the New York Fed report said. READ MORE | | U.S. Services Sector Contracts in May; Businesses Face Higher Prices
The U.S. services sector contracted for the first time in nearly a year in May while businesses paid higher prices for inputs, a reminder that the economy remains in danger of experiencing a period of very slow growth and high inflation, Reuters reported. The survey from the Institute for Supply Management (ISM) on Wednesday showed that uncertainty was the dominant theme among businesses as they tried to navigate President Donald Trump's constantly shifting trade policy. READ MORE | | | | |
