 | | Featured Premium Content | | | | | ABI Event Materials: Searching for Mr. Green: Valuing Green Tech
A session at VALCON 2025 explored the intersection of climate policy, energy policy, AI and other load growth factors, the fickle winds of U.S. and global government mandates/subsidies, and the impact on deal pricing, structure, post-closing viability and funding. READ MORE | | | | |  | | Editor's Picks | | | | | 23andMe Bankruptcy Prompts Bipartisan Bill to Protect Sensitive Genetic Data
Sens. John Cornyn (R-Texas) and Chuck Grassley (R-Iowa) and Amy Klobuchar (D-Minn.) are rolling out a bipartisan measure to protect sensitive genetic data in response to privacy concerns sparked by 23andMe's bankruptcy, Fox News reported. Cornyn, Grassley and Klobuchar are introducing the Don’t Sell My DNA Act, which would safeguard customers’ sensitive genetic information when an entity that maintains data files for bankruptcy. The bill would add genetic information to the definition of "personally identifiable information" in the Bankruptcy Code. READ MORE | | Major NYC Landlord Puts Thousands of Units in Bankruptcy
Joel Wiener, a major owner of New York City apartments, has put properties with thousands of residential units into bankruptcy months after a bank sought to foreclose on them, Bloomberg News reported. Numerous property holding companies tied to Wiener’s Pinnacle Group sought court protection on Wednesday in New York. The properties listed assets and liabilities of between $500 million and $1 billion on chapter 11 petitions, each of which was signed by Wiener, who is Pinnacle’s chief executive officer. READ MORE | | NY Private School Pleads for Donors to Stay Open After Declaring Bankruptcy
An Upper West Side private school is trying to raise enough cash to stay afloat until the end of the school year after a New York bankruptcy judge rejected its request for an emergency loan, Bloomberg News reported. Manhattan Country School and a little-known foundation called Casa Laxmi are asking for donations to make payroll and keep the school open until graduation on June 12, according to Kiran Kulkarni, Casa Laxmi’s chief executive officer and chairman of the school’s board. Kulkarni said that the school is also collecting “soft loans,” which he defined as contributions from people who couldn’t afford to donate and need to be repaid in a year or two. READ MORE
MORE NEWS BELOW | | |  | | Upcoming Events | | | | | ABI Rocky Mountain Bankruptcy Conference The Chateaux Deer Valley
June 11-13 | Park City, Utah | | ABI Central States Bankruptcy Workshop The Ritz-Carlton, Chicago
June 18-20 | Chicago, Ill. | | | | |  | | Daily Roundup | | | | | Senior Living Company Facing Bankruptcy Spins an Elaborate Web of Companies
During a May 19 hearing, representatives of Pacifica Senior Living (PSL) Management, which filed for bankruptcy in March, claimed that the company was losing money. Creditors’ attorneys appeared to be building a case alleging that Pacifica Companies, which owns many other entities, including PSL Management, was using various entities to avoid paying its debts, including court damages of more than $34 million stemming from two lawsuits. READ MORE | | Trump Signals Loosening U.S. Grip on Fannie and Freddie
President Trump signaled that he may loosen the federal government's grip on mortgage giants Freddie Mac and Fannie Mae, which would end one of the oldest fights on Wall Street, YahooFinance.com reported. "I’m giving very serious consideration to bringing Fannie Mae and Freddie Mac public," Trump wrote in a Truth Social post Wednesday evening. Fannie and Freddie both fell under government control during the 2008 financial crisis as mortgage defaults soared. READ MORE | | Fed's Perli Encourages Firms' Use of Standing Repo Facility
A Federal Reserve Bank of New York official responsible for implementing monetary policy said on Thursday the central bank is encouraging usage of a key liquidity tool that thus far has been largely dormant, Reuters reported. When it comes to the Standing Repo Facility (SRF), "I encourage our counterparties to use the SRF when it makes economic sense — the facility is there to support the effective implementation of monetary policy and smooth market functioning," said Roberto Perli, who manages the central bank’s System Open Market Account, in the text of a speech prepared for delivery at a conference held by his bank. "It's in everyone’s best interest if the SRF works as intended," Perli said. READ MORE | | Shrinking Small Business Administration Brings More Challenges for Entrepreneurs
In addition to aggressive staff cuts, the Small Business Administration is rolling back changes made during the Biden administration aimed at easing access to credit for the smallest enterprises, and has lowered targets for how much the federal government should buy from them. While banks that administer the S.B.A.’s major loan programs have welcomed some of the changes, Democrats and small-business advocates have decried them — especially as the agency is also supposed to inherit a $1.66 trillion student loan portfolio from the largely dismantled Education Department. READ MORE | | | | |
