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John J. Ray III
John J. Ray III (born January 1959) is an American attorney and CEO who specializes in recovering funds from failed corporations. He was appointed CEO of cryptocurrency exchange FTX in the aftermath of its November 2022 collapse. He previously served as chairman of Enron Creditors Recovery Corp., a company tasked with recovering creditor funds from Enron in the wake of its accounting scandal and subsequent collapse. Early life and education Ray grew up in Pittsfield, Massachusetts. He is the son of union plumber John J. Ray Jr. and his wife Florence. He graduated from the University of Massachusetts Amherst cum laude and Drake University Law School second in his class making the Dean's List. Career Ray started his career at Touche Ross, an accounting firm that later merged into Deloitte, before moving to the law firm Mayer Brown in 1984 and then to Waste Management. Soon after he was hired as general counsel of Fruit of the Loom in 1998, the clothing company posted massive lo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States House Committee On Financial Services
The United States House Committee on Financial Services, also referred to as the House Banking Committee and previously known as the Committee on Banking and Currency, is the committee of the United States House of Representatives that oversees the entire financial services industry, including the securities, insurance, banking and housing industries. The Financial Services Committee also oversees the work of the Federal Reserve, the United States Department of the Treasury, the U.S. Securities and Exchange Commission and other financial services regulators. The House Committee on Financial Services is considered to be one of the House's most powerful committees. It is currently chaired by Democrat Maxine Waters from California. Waters was elected as chair of the committee, and assumed office on January 3, 2019. The Ranking Member is Republican Patrick McHenry from North Carolina, he has served as the Ranking Member since January 3, 2019. Jurisdiction Under the rules of the 11 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mayer Brown
Mayer Brown is a global white-shoe law firm, headquartered in Chicago, Illinois, United States. It has offices in 27 cities across the Americas, Asia, Europe, and the Middle East, with its largest offices being in Chicago, Washington, D.C., New York City, Hong Kong, and London. Mayer Brown has more than 1,800 lawyers and by revenue is the 19th largest law firm in the world. History The three firms that now form the core of Mayer Brown were all founded in the 19th century. The US portion of the firm was founded in 1881 in Chicago, by Adolf Kraus and Levy Mayer, and was shortly thereafter known as ''Kraus, Mayer & Brackett''. After several changes in name to reflect its changing membership, the firm eventually became known in the US as ''Mayer, Brown & Platt''. The English portion of the firm, ''Rowe & Maw'', was established in 1895 in London and operated under that name until joining with ''Mayer, Brown & Platt'' in 2002 to form ''Mayer, Brown, Rowe & Maw''. In 2007, the amalgama ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Chapter 11 Bankruptcy
Chapter 11 of the United States Bankruptcy Code (Title 11 of the United States Code) permits reorganization under the bankruptcy laws of the United States. Such reorganization, known as Chapter 11 bankruptcy, is available to every business, whether organized as a corporation, partnership or sole proprietorship, and to individuals, although it is most prominently used by corporate entities. In contrast, Chapter 7 governs the process of a liquidation bankruptcy, though liquidation may also occur under Chapter 11; while Chapter 13 provides a reorganization process for the majority of private individuals. Chapter 11 overview When a business is unable to service its debt or pay its creditors, the business or its creditors can file with a federal bankruptcy court for protection under either Chapter 7 or Chapter 11. In Chapter 7, the business ceases operations, a trustee sells all of its assets, and then distributes the proceeds to its creditors. Any residual amount is returned to t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cryptocurrency
A cryptocurrency, crypto-currency, or crypto is a digital currency designed to work as a medium of exchange through a computer network that is not reliant on any central authority, such as a government or bank, to uphold or maintain it. It is a decentralized system for verifying that the parties to a transaction have the money they claim to have, eliminating the need for traditional intermediaries, such as banks, when funds are being transferred between two entities. Individual coin ownership records are stored in a digital ledger, which is a computerized database using strong cryptography to secure transaction records, control the creation of additional coins, and verify the transfer of coin ownership. Despite their name, cryptocurrencies are not considered to be currencies in the traditional sense, and while varying treatments have been applied to them, including classification as commodities, securities, and currencies, cryptocurrencies are generally viewed as a distinc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Residential Capital
GMAC ResCap, Inc. was a residential mortgage loan originator and servicer based in Minneapolis, United States. As a result of its exposure to subprime lending during the subprime mortgage crisis, the company filed for bankruptcy protection in 2012 and underwent liquidation in December 2013. History In 1982, Residential Funding Company LLC was formed as a subsidiary of Northwest Bank. In 1990, the company was acquired by GMAC Mortgage Corp. In 2005, GMAC (now Ally Financial), a subsidiary of General Motors, transferred ownership of GMAC Mortgage Corporation and Residential Funding Corporation (GMAC-RFC) to Residential Capital Corporation (ResCap) and contributed $2 billion of equity. In January 2007, the company eliminated 1,000 jobs. In October 2007, the company eliminated 3,000 jobs. At the beginning of 2007, the company had 14,000 employees. In May 2008, the company reported that it may run out of money. In June 2008, the company completed a $60 billion refinancing. In 20 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Overseas Shipholding Group
Overseas Shipholding Group, Inc. (OSG - Overseas Shipping Group) () is the operator of a fleet of twenty-four oil tankers and oil tug-barges. It is based in Tampa, Florida, United States, and was founded in 1948. In 1969, under the leadership of Raphael Recanati, OSG began acquiring tanker ships to transport oil from Alaska to the lower 48 US states. In the 1990s, OSG began to acquire luxury cruise liners. In 1995, the cruise ships resulted in losses of over $12 million to OSG. As a result of the losses, Michael Recanati, the son of Raphael Recanati, was reported to have been forced to leave OSG. OSG has offices in Tampa, Florida and Newark, Delaware with nearly 900 sea and shore-based employees. The company filed for Chapter 11 bankruptcy in 2012 after the SEC accused CEO Morten Arntzen and CFO Miles Itkin of falsifying financial statements. In 2017, the company paid a $75,000 fine to the SEC to settle the securities fraud allegations. Former CFO Miles Itkin also paid a se ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
GMAC ResCap
GMAC ResCap, Inc. was a residential mortgage loan originator and servicer based in Minneapolis, United States. As a result of its exposure to subprime lending during the subprime mortgage crisis, the company filed for bankruptcy protection in 2012 and underwent liquidation in December 2013. History In 1982, Residential Funding Company LLC was formed as a subsidiary of Northwest Bank. In 1990, the company was acquired by GMAC Mortgage Corp. In 2005, GMAC (now Ally Financial), a subsidiary of General Motors, transferred ownership of GMAC Mortgage Corporation and Residential Funding Corporation (GMAC-RFC) to Residential Capital Corporation (ResCap) and contributed $2 billion of equity. In January 2007, the company eliminated 1,000 jobs. In October 2007, the company eliminated 3,000 jobs. At the beginning of 2007, the company had 14,000 employees. In May 2008, the company reported that it may run out of money. In June 2008, the company completed a $60 billion refinancing. In 20 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nortel
Nortel Networks Corporation (Nortel), formerly Northern Telecom Limited, was a Canadian multinational telecommunications and data networking equipment manufacturer headquartered in Ottawa, Ontario, Canada. It was founded in Montreal, Quebec, in 1895 as the Northern Electric and Manufacturing Company. Until an antitrust settlement in 1949, Northern Electric was owned principally by Bell Canada and the Western Electric Company of the Bell System, producing large volumes of telecommunication equipment based on licensed Western Electric designs. At its height, Nortel accounted for more than a third of the total valuation of all companies listed on the Toronto Stock Exchange (TSX), employing 94,500 people worldwide. In 2009, Nortel filed for bankruptcy protection in Canada and the United States, triggering a 79% decline of its corporate stock price. The bankruptcy case was the largest in Canadian history and left pensioners, shareholders and former employees with enormous losses. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The American Lawyer
''The American Lawyer'' is a monthly legal magazine and website published by ALM Media. The periodical and its parent company, ALM (then American Lawyer Media), were founded in 1979 by Steven Brill.''Media and American Courts'' by S. L. Alexander, ABC-CLIO, 2004. Retrieved November 25, 2021. In 1983, journalist and lawyer Tom Goldstein wrote an in-depth review of ''The American Lawyer'' that was published by the '''', observing that, following "a series of court decisions since 1977" that allowed self-promotion by lawyers; the magazine was the first to treat law as a business, rather than solely as a profession. In 1986, American Lawyer Media pur ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pac-West Telecomm
Pac-West Telecomm, Inc. is a privately owned wholesale telecommunications carrier headquartered in Oakland, California, United States. Founded in 1980, the company is one of the few wholesale-focused competitive local exchange carriers (CLEC) in the United States{{Citation needed, date=March 2010 and provides origination services to thirty-one states. The range of service areas include the West coast, Texas, and the Northeast. On March 28, 2013, Pac-West submitted its filing in the U.S. Bankruptcy Court in the Western District of Texas. According to the Chapter 11 filing, Pac-West has over 20 creditors, many of which are a mix of large service providers and CLECs including AT&T (NYSE: T), CenturyLink (NYSE: CTL), Frontier (Nasdaq: FTR), Telus (Toronto: T.TO), and Alpheus Communications. On September 9, 2013, TNCI Operating Company LLC completed the acquisition of Pac-West Telecomm Inc. Services Pac-West provides termination, origination, and managed services to retail carr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Resolute Forest Products
Resolute Forest Products (French: ''Produits forestiers Résolu''), formerly known as AbitibiBowater Inc., is a Canada-headquartered pulp and paper company. Headquartered in Montreal, Quebec, Resolute was formed in 2007 by the merger of Bowater and Abitibi-Consolidated. At the time, AbitibiBowater was the third largest pulp and paper company in North America, and the eighth largest in the world. On 1 July 2012, the company name changed to Resolute Forest Products. History On 29 January 2007, Bowater Inc and Abitibi-Consolidated announced they would be merging to create AbitibiBowater. The merger created the third largest pulp and paper company in North America, and the eighth largest in the world. On 16 April 2009 the company filed for bankruptcy protection in the United States and similar protection under the Companies' Creditors Arrangement Act in Canada, eventually reporting debt of about US$6 billion. The company won court approval for an injection of $206 million to get it t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Chapter 11, Title 11, United States Code
Chapter 11 of the United States Bankruptcy Code (Title 11 of the United States Code) permits reorganization under the bankruptcy laws of the United States. Such reorganization, known as Chapter 11 bankruptcy, is available to every business, whether organized as a corporation, partnership or sole proprietorship, and to individuals, although it is most prominently used by corporate entities. In contrast, Chapter 7 governs the process of a liquidation bankruptcy, though liquidation may also occur under Chapter 11; while Chapter 13 provides a reorganization process for the majority of private individuals. Chapter 11 overview When a business is unable to service its debt or pay its creditors, the business or its creditors can file with a federal bankruptcy court for protection under either Chapter 7 or Chapter 11. In Chapter 7, the business ceases operations, a trustee sells all of its assets, and then distributes the proceeds to its creditors. Any residual amount is returned to the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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