The antibody injection from Sorrento Therapeutics, nasal drops in opposition to Covid

Medical worker Christina Mathers attends to an unconscious patient who is holding the patient’s hand in the COVID-19 intensive care unit at the United Memorial Medical Center in Houston, Texas on December 21, 2020.

Go Nakamura | Getty Images

Sorrento Therapeutics is working on new antibody therapeutics that it hopes will be a game changer in the fight against Covid-19.

The company recently won a $ 34 million contract from DARPA, co-funded by JPEO, to develop an intramuscular injection that delivers gene-encoded neutralizing antibodies to Covid-19 and its variant strains. The award was given to Sorrento’s wholly owned subsidiary SmartPharm Therapeutics and will fund development through a Phase 2 clinical trial.

It is hoped that the injection could provide rapid protection against and / or treatment of SARS-CoV-2 infections and Covid-19 so that patients can produce their own protective antibodies within days of receiving the injection. Sorrento will apply for additional funding to support the program pending successful clinical trials.

The company has begun manufacturing the neutralizing antibody STI-2020 in protein form to produce 100,000 doses, which are expected to be available early next year, pending emergency approval by the FDA.

If successful, the new antibody-encoded plasmid DNA injection could provide an alternative method of protecting populations for months or more. It can be an important therapeutic for people for whom vaccines do not work as well as the elderly or immunocompromised.

The injection is a formulation of the highly effective SARS-CoV-2 neutralizing antibody STI-2020. The company said it could potentially be stored at refrigerator temperatures to avoid some of the cold chain management challenges associated with the use of Pfid-19 vaccines currently being developed, such as the first Pfizer-BioNTech approved in the US.

At the same time, the company has submitted a new drug application to the FDA for a clinical phase 1 study to test the safety and effectiveness of COVI-DROPS. Antibody nasal drops are said to boost immunity to Covid-19 by blocking the infection and spreading the virus. The intranasal drops are a formulation of the antibody STI-2099. In previous animal studies, COVI-DROPS reduced the severity of the disease and shortened the duration of the disease in infected hamsters.

Dr. Slobodan Paessler, Scientific Director of Animal Biosafety Laboratory 3 at the University of Texas Medical Department, has been researching antibodies from Sorrento Therapeutics in hamsters since March to find product candidates. As a molecular virologist, his laboratory is known for conducting research on viral pathogenesis, vaccine development, and developing animal models to test new vaccine candidates and antiviral drugs.

“My studies have shown that hamsters infected with the Covid-19 virus develop severe lung and nasal infections, but when treated with COVI-DROPS it prevents all tissue damage and signs of the disease. It’s an exciting one Discovery and Sorrento have a right to be hopeful, “he said.

“When you think about how such a nasal drop can enable a patient to treat themselves at home, you can see the tremendous benefit.”

If tests are approved in human patients and the drops prove effective, therapy may one day mark a turning point in treatment for the coronavirus that has killed 322,611 Americans to date. There are currently over 18 million cases in the United States, and an average of more than 200,000 Americans are diagnosed with Covid-19 every day, according to John Hopkins University.

Possible antibody treatments in development

Dr. Henry Ji, Chairman and CEO of Sorrento Therapeutics, said, “Our research so far has shown that COVI-DROPS work within 24 hours. The antibodies neutralize viral infection of susceptible cells in the nasal passages and along the airways.”

Upcoming studies will show how many months of protection it could provide from a single dose, and therefore complement approved vaccines.

Dr. Henry Ji, Chairman, President and Chief Executive Officer, stands in the Sorrento Therapeutics laboratory in San Diego, California on May 22, 2020.

Ariana Drehsler | AFP | Getty Images

The reason for both Sorrento’s therapies could be a game changer as existing antibody treatments are expensive and difficult for states to administer. They require an intravenous infusion, which requires patients to go to health centers. However, because they are likely to be contagious, existing IV facilities, such as patients receiving chemotherapy, cannot be used. They must also be given early in the course of the disease – within 10 days of the onset of symptoms – and not when patients are so sick that they are hospitalized.

Moncef Slaoui, chief scientific adviser to Operation Warp Speed ​​of the US government, told CNBC’s Squawk Box last week that the federal government is distributing about 65,000 doses of antibody drugs from Eli Lilly and Regeneron to states every week. But only 5% to 20% of the doses are given to patients. As he explained, it is a challenge for some health systems to set up the infrastructure for the delivery of these drugs.

Companies developing similar antibody therapies include Auris Medical, Eli Lilly, and Regeneron. The nasal mucous membrane is the first barrier against continuously inhaled substances such as allergens and pathogens.

Scientists from the University of Pennsylvania and the biotech company Regeneron are investigating whether the technology developed for gene therapy can be used to manufacture a nasal spray that prevents infection with the new coronavirus.

Regeneron’s antibodies are in clinical trials themselves but have received emergency approval for use in patients with mild or moderate Covid-19 who are at high risk of serious illness – and which have recently been used to treat President Donald Trump in particular.

The researchers hope the nasal spray will be injected through the nostrils, enter the nasal epithelial cells, and hijack their protein-making machinery so that they can make Regeneron’s antibodies.

In Europe, researchers from the University of Birmingham, UK, already announced in November The team at the Healthcare Technologies Institute developed the product using compounds that have already been approved by regulatory agencies in the UK, Europe and the US. This suggests that they are safe for humans.

In response to official sources, investigators are investigating greater than 500 leads in bombings in Nashville

Debris lies on the street near an explosion site in the Second and Commerce area of ​​Nashville, Tennessee, the United States, on December 25, 2020.

Elliott Anderson | via Reuters

Investigators received more than 500 tips about the Christmas morning explosion in Nashville, but failed to establish the bomber’s identity, officials said on Saturday afternoon.

Local law enforcement agencies are working with federal agencies, including the Federal Bureau of Investigation and the Bureau of Alcohol, Tobacco, Firearms and Explosives, to investigate the explosion site, which includes dozens of companies across the city.

“This is where we are in this investigation. We continue to follow every lead we have, and we will continue to do so until we find out what happened,” said Don Cochran, the US attorney for the Middle District of Tennessee.

The explosion in downtown Nashville early Christmas morning shattered the windows and shut down communications. Authorities said they believe the explosion was intentional and came from a motor home parked on the street.

According to the FBI, the RV arrived in the area just after 1 a.m. local time, and the explosion occurred around 5:30 a.m. A warning to residents in the area to evacuate from the RV before the explosion.

Doug Korneski, the FBI’s special agent in charge of the Memphis Field Office, said Saturday there was no evidence of an ongoing bomb threat in the area. When asked about reports that investigators have identified a person of interest to the case, Korneski said the investigation was still examining several people.

NBC News reported, citing several senior law enforcement officers, that investigators in connection with the bombing ransacked the home of 63-year-old Anthony Quinn Warner. A Google Streetview image of Warner’s Antioch, Tennessee address shows a RV that matches the description of the vehicle that exploded Friday morning.

Metro Nashville police chief John Drake said Friday that there were no known deaths from the explosion, although police were testing tissue found at the scene to see if it could be human remains, according to NBC News. Korneski said investigators are still examining the tissue.

Nashville Mayor John Cooper has imposed a curfew on part of downtown, which will last until Sunday afternoon. Federal regulators briefly suspended flights into the city on Friday as the investigation began.

Social media users reported problems with phone and internet services in Nashville after the explosion. AT&T announced on Saturday morning that portable cellular sites will be deployed in the area to quickly restore coverage.

Nick Cannon welcomes child # 2, who has a robust identify

Nick Cannon is a father again.

The 40-year-old host of Masked Singer welcomed his second child with a partner Brittany Bell and his fourth overall, a little girl. Brittany, 33, announced the news on Christmas Day on her Instagram page, revealing the newborn’s name.

“The best gift we have ever been surprised with … A GIRL !!!!!” She wrote. “”Mighty queen cannon came perfect timing for christmas this week. So much more to share. All I can say is that Nick was my rock through the most intense yet powerful natural water birth. It was nothing but MIGHTY Merry Christmas !!!! THANK YOU GOD.”

Brittany included a selfie of herself holding her newborn daughter and standing next to Nick, dressed as Santa, and her 3 year old son. Golden cannon. She also shared a photo of her and Nick holding their daughter and two pictures of Nick weighing her alone.

40-year-old Nick also shares 9-year-old twins Moroccan and Monroewith ex-wife Mariah Carey.

States are breaking off CDC in rationing pictures

Texas Governor Greg Abbott speaks during an Operation Warp Speed ​​Vaccination Summit at the White House in Washington, DC, the United States, on Tuesday, December 8, 2020.

Al Drago | Bloomberg | Getty Images

People aged 65 and over and people with certain medical conditions can get the Covid-19 vaccine in Texas earlier than recommended by the federal government.

In Massachusetts, prisoners and correction officers are in the first round of vaccine recipients, as well as first responders such as police officers and firefighters, although the federal government has recommended that only healthcare professionals and long-term care residents be included.

The limited supply of vaccine doses has forced officials to ration the shots on a select group of people, especially in hospitals battling the pandemic or the most vulnerable populations in society. The Centers for Disease Control and Prevention has given priority to health workers and nursing home residents in the first round of vaccination.

Most states followed the CDC’s draft for what’s called the Phase 1a group, but some deviate a little from the agency’s recommendations for the Phase 1b group, which the agency outlined on Sunday to include everyone over 74 as well The key frontline workers involve workers such as farm workers, police and teachers.

This decision was the result of months of discussion and analysis by members of the CDC’s Advisory Committee on Immunization Practices. The group wanted to make sure that the US distributes the few million first doses in a fair and equitable manner, which also brings the greatest benefit to society – for example, so that the people who care for Covid-19 patients stay healthy enough to continue to do so. However, their recommendations are not binding, so states have the final say on who will be shot and when.

Texas was one of the first states to break away from the CDC guidelines. The state announced on Monday that it is prioritizing its Phase 1b vaccination schedule for those 65-year-olds and older, and those with certain medical conditions, so key frontline workers will have to wait a little longer.

“A focus on people 65 years of age and older or with comorbidities will protect the most vulnerable populations,” said Imelda Garcia, Chair of Texas’ Panel of Experts on Vaccine Allocation and Deputy Commissioner for Laboratory and Infectious Diseases at the Texas Department of State Health services. “This approach ensures that Texans at the highest risk of Covid-19 can be protected across races and ethnicities and regardless of where they work.”

Texas’s departure from federal guidelines is not unreasonable, said Dr. Jen Kates, senior vice president and director of global health and HIV policy at the Kaiser Family Foundation. The question of how to prioritize people for a potentially life-saving shot is not an easy one, and there are no right answers. But the state’s deviation is pretty big, Kates noted, adding that she expects even more states to deviate from the CDC recommendation when the plans are put in place.

Florida Governor Ron DeSantis followed Texas on Tuesday, saying he intends to prioritize people over the age of 70 to be the first to receive the vaccine, not essential workers.

“The vaccines are targeted where the risk is greatest, including our older population,” DeSantis said at a press conference. “We will not put young, healthy workers in front of our older, vulnerable population.”

‘State values’

“It’s not really about right or wrong, it’s about state values,” said Kates, who closely monitors state vaccine prioritization plans as they are released.

One of the key questions in deciding whether to prioritize those who are most at risk of dying from Covid, the elderly, or those who are most at risk of becoming infected and spreading the virus, the essential ones Workforce, she said.

“Texas is clearly on its side:” We will focus on those at greatest risk for disease and death, “she added, noting that other states are likely to have different values ​​in their plans.” Basically, it creates a different order for management and, in relative terms, people will have different access depending on where they live. “

Texas’ prioritization plan excludes key frontline workers from the next batch of shots, including the state’s nearly 2 million food and farm workers, according to trade group Feeding the Economy. Teachers and school staff, police officers, manufacturing workers, U.S. Postal Service employees, and public transportation employees are also among those prioritized under the CDC’s Phase 1b recommendation, but not in Texas.

“Farm workers have little protection and have suffered disproportionately, but in this scheme that Texas uses [they] won’t be at the top of the line, “said Kates.” It sends a signal. “

The CDC manual came “late”

Dr. Bill Schaffner, an epidemiologist at Vanderbilt University and liaison to the CDC Advisory Board, said that he, too, expects more states to part ways with the CDC guidelines in the coming weeks. At this point, state officials have been working on their prioritization plans for months, Schaffner noted, and they are unlikely to revise their plans following the CDC recommendation.

“The ACIP recommendation was serious, careful, thoughtful, egalitarian, sincere, honest, all these good things and a little late,” Schaffner said in a telephone interview. “I was pretty sure that in our diverse country of 50 states and I can never remember how many areas there would be some, say, harmonics – variations on a theme.”

ACIP members, when voting on their recommendations for phases 1b and 1c at their Sunday meeting, noted that local officials should follow federal guidelines and adapt them to local situations. However, Schaffner noted that the Texas plan is more than an interpretation of federal guidelines. It’s a remarkable departure.

He also reiterated Kates’ argument that there is no right or wrong answer here and that the Texas plan appears to be well worked out. Not everyone on the CDC’s vaccines committee supported the plan, which was passed on Tuesday. Dr. Henry Bernstein of Northwell Cohen Children’s Medical Center voted against the plan because he wanted to cover all 65-year-olds and older like Texas in the next round of shooting, Schaffner said.

implementation

The implementation of the plans is a great challenge. Of the 4.6 million doses of vaccine that were shipped to the US, only 614,117 were given by Tuesday morning, according to the CDC. Delivering the vaccine successfully to all critical populations will require time and money that local health officials currently do not have, he said. The recently passed Covid Relief Act provides more than $ 8 billion for vaccine distribution.

“It is implementation where justice really matters. What will the different states do to really reach the underserved populations?” he said. “If additional resources have not been made available to the health departments, the intentions can stand at the door.”

And tougher questions are likely to arise as states try to expand their vaccine allocation programs, said Kates of the Kaiser Family Foundation. For example, she noted that there could be a situation where neighboring states have different prioritization plans, encouraging some residents to travel across borders to get the vaccine.

“There are all these kinds of problems that are going to come up and really, they need to be managed and they can only be dealt with at the national level,” she said. “Otherwise the inequalities will arise.”

The 10 largest retail bankruptcies of 2020

Robert Barnes | Getty Images

More than three dozen retailers, including the nation’s oldest department store chain, filed for bankruptcy this year, marking an 11-year high.

Pre-pandemic, several of these retailers were already teetering on the brink of survival. But the Covid health crisis pummeled the industry. Lockdown orders put in place in March to slow the spread of the virus turned into prolonged store closures for many businesses that didn’t sell essential items like groceries. Retailers that started 2020 already in a tough spot were hit harder. Liquidity was strained and sales went into a freefall.

“The magnitude of bankruptcies has been larger this year compared to previous years,” said David Berliner, chief of BDO’s business restructuring and turnaround practice. “You’re noticing national brands and other prominent franchises, that had hundreds of stores, now being liquidated or going through a restructure to salvage what they can.”

About 60% of the retailers that had filed for bankruptcy in 2020 through August listed more than $100 million in assets, compared with 50% of filings during the same period in 2019 and 36% in 2018, Berliner said.

Neiman Marcus, J.C. Penney, Ascena Retail Group and Tailored Brands have now joined the ranks of some of the all-time biggest retail bankruptcies on record — including Sears, Toys R Us and Circuit City.

The pandemic accelerated a number of industry trends, including rampant growth in digital commerce. Consumers habits shifted, and the items they wanted to buy changed abruptly. Sales of apparel fell sharply, as working from home and not getting dressed up became the norm. And instead, consumers looked to buy things to entertain themselves at home, like bikes and puzzles. This has largely benefitted companies such as Amazon, Walmart and Target, which have strong online businesses and sell a little bit of everything.

After the holiday season wraps, more turmoil is expected in the new year. The holidays are always a “make or break” time for retailers, but analysts say that’s especially true in 2020.

“The silver lining of all this, however, is that in an accelerated understanding of great weakness comes the ability to look at 2021 and our new normal when modeling for the future,” said Scott Stuart, CEO of the Turnaround Management Association.

“I believe the retail sector is in a time of soul-searching and reckoning, understanding that what was, is likely gone forever,” he added.

Below are the 10 biggest retail bankruptcies of 2020, listed by asset sizes and liabilities at the time of their filings. The list was compiled using data from court filings, S&P Global Market Intelligence and BDO.

J.C. Penney

Signage is seen on a shopping cart inside a J.C. Penney Co. store in Peoria, Illinois.

Daniel Acker | Bloomberg | Getty Images

Assets: More than $5 billion
Liabilities: More than $10 billion
Stores at time of filing: 846

Following more than a century in business and a years-long sales slump, J.C. Penney filed for Chapter 11 bankruptcy protection in mid-May. Weighed down by debt, it was struggling long before the pandemic, but the Covid crisis exacerbated its problems.

Penney, which employed roughly 90,000 full- and part-time workers as of February, has closed more than 150 locations since its bankruptcy filing. Another 15 stores will close by March, it said earlier this month.

The department store chain has been given another chance with new owners: Simon Property Group and Brookfield Asset Management. After months of negotiations in the courtroom, the two mall owners acquired Penney in early December, keeping more than 60,000 jobs intact. But Penney’s future is dependent on shoppers heading back to malls for dresses, shoes and handbags. And this year has proven that will be a hard-fought battle.

Neiman Marcus

People walk outside of Neiman Marcus and The Shops at the Hudson Yards as the city continues Phase 4 of re-opening following restrictions imposed to slow the spread of coronavirus on July 31, 2020 in New York City.

Noam Galai | Getty Images

Assets: More than $5 billion
Liabilities: More than $5 billion
Stores at time of filing: 67

The upscale department store chain filed for Chapter 11 in early May, marking one of the highest-profile retail collapses during the pandemic.

After eliminating billions in debt, Neiman brought on a new board of directors that includes former LVMH North America Chair Pauline Brown and former eBay Chief Strategy Officer Kris Miller. Geoffroy van Raemdonck has remained as CEO.

“While the unprecedented business disruption caused by Covid-19 has presented many challenges, it has also given us the opportunity to reimagine our platform and improve our business,” van Raemdonck said in the fall.

As part of its restructuring, Neiman has closed a handful of shops, including a massive store at Hudson Yards in New York that had hardly been open for a year. Over the next three years, the company has earmarked more than $160 million to invest in its stores, including renovating its Dallas flagship, the CEO said in a recent interview.

Neiman hopes to ride the strong rebound of the luxury market, as high-income consumers splurge more on themselves, with travel and other social activities are on hold.

Guitar Center

ans pay tribute to the late rock legend Eddie Van Halen at the site of his guitar and handprints on the Hollywood Rock Walk after the announcement of his death on October 06, 2020 in Hollywood, California. (Photo by AaronP/Bauer-Griffin/GC Images)

Aaron P. | GC Images | Getty Images

Assets: More than $1 billion
Liabilities: More than $1 billion
Stores at time of filing: Roughly 300

Guitar Center started its business in Hollywood in the 1950s selling home organs, and grew to become a leader in the music category. But temporary store closures brought on by the pandemic hurt the company, as shoppers turned to the internet to buy instruments and sheet music. The retailer, which employed roughly 13,000 people, filed for Chapter 11 in late November.

Its goal to rebound in the new year is taking shape. In early December, Guitar Center’s restructuring plans were approved by a court judge, and it expects to emerge from bankruptcy by Dec. 31. The retailer and stakeholders reached a restructuring agreement that slashes its debts by almost $800 million and raises as much as $165 million in new equity.

“With our strengthened financial position, we will continue to reinvest and grow our business,” CEO Ron Japinga said in a statement. “We are nearing the end of a successful holiday season and I am excited about our bright future.”

Tailored Brands

A Jos. A. Bank store window

Source: Getty Images

Assets: More than $1 billion
Liabilities: More than $1 billion
Stores at time of filing: 1,400

Tailored Brands, the owner of Men’s Wearhouse and Jos. A. Bank, filed for Chapter 11 in August, expecting to reduce its debt and strengthen its finances, which were eroded by the pandemic.

Tailored Brands’ filing was among a string of apparel retail casualties blamed on the work-from-home casualization of corporate America and fewer men buying suits and ties. About a month before its bankruptcy filing, Tailored Brands announced plans to close as many as 500 stores “over time.” It also slashed its corporate workforce by 20%.

In early December, the company announced it had successfully emerged from Chapter 11 and eliminated $686 million of existing debt. Looking to the future, President and CEO Dinesh Lathi said the company is planning to adjust its merchandise and launch new brand partnerships.

Ascena Retail

Shopper enters a Ann Taylor LOFT clothing store located on Madison Avenue in New York City.

Adam Rountree | Bloomberg | Getty Images

Assets: More than $1 billion
Liabilities: More than $1 billion
Stores at time of filing: 2,800

The parent of Ann Taylor and Loft, Ascena Retail Group, filed for Chapter 11 in July. Founded as Dressbarn in 1962, the company grew to become one of the nation’s largest sellers of women’s clothing. But its sales dwindled from nearly $7 billion in 2016 to $5.5 billion in fiscal 2019, annual filings show.

Ascena increasingly struggled to grow its business as more women steered toward fast-fashion retailers such as H&M and Zara, off-price chains such as TJ Maxx and Ross Stores, and even Target, for clothing.

In 2019, Ascena announced it was winding down its Dressbarn business and it sold its Maurices plus-size banner. Since filing for Chapter 11, it has sold off its Justice children’s clothing division and shut all of its Catherines stores. Earlier this month, a court judge approved Ascena’s sale of its Ann Taylor, Loft, Lane Bryant and Lou & Grey brands to the private-equity firm Sycamore Partners for $540 million. 

Sycamore has vowed to keep the majority of Ascena’s remaining stores open for business. But, like Tailored Brands, it will need to work to win over a generation of younger consumers seeking comfortable and casual clothing.

GNC

Pedestrians walk by a GNC store in New York.

Scott Mlyn | CNBC

Assets: More than $1 billion
Liabilities: More than $1 billion
Stores at time of filing: 2,633

Despite earlier attempts to cut its store count and shift investments to digital, GNC filed for Chapter 11 in June. GNC said the pandemic only exacerbated the financial pressure of recent years. While in bankruptcy, GNC said it hoped to speed up the closure of 800 to 1,200 stores, while it searched for a buyer.

In September, a bankruptcy court judge approved the sale of the Pittsburgh-based, vitamin and health supplements maker to China-based Harbin Pharmaceutical Group for $770 million.

“Through the restructuring and court-approved sale to Harbin, GNC has optimized its store footprint, improved its financial standing and is now better positioned to meet the strong consumer demand for health and wellness products under Harbin’s leadership,” the company said in a statement.

J.Crew Group

A women holding a bag poses for a photograph at J. Crew Group Inc.’s new women’s store inside the International Finance Centre (IFC) mall in Hong Kong, China, on Thursday, May 22, 2014.

Brent Lewin | Bloomberg | Getty Images

Assets: More than $1 billion
Liabilities: More than $1 billion
Stores at time of filing: 491

The preppy apparel company J.Crew filed for Chapter 11 in early May, marking the first major retail bankruptcy of the pandemic.

It had already been struggling under a heavy debt load and sales challenges, suffering from criticism that it fell out of touch with its once-loyal customers. J.Crew had also once hoped to spin off its Madewell brand in an IPO that could have helped pay down its debt load but faced pushback from creditors. 

In September, the company emerged from bankruptcy, with its portfolio of stores about unchanged. When it filed, it had 181 J.Crew stores, 140 Madewell shops and 170 locations at factory outlets.

The restructuring deal cut its debt and shifted ownership of the retailer to a group of lenders, led by New York hedge fund Anchorage Capital Group.

“Looking forward, our strategy is focused on three core pillars: delivering a focused selection of iconic, timeless products; elevating the brand experience to deepen our relationship with customers; and prioritizing frictionless shopping,” Jan Singer, who was CEO of J.Crew Group at the time, said in a statement. Singer was replaced by Libby Wadle, a longtime J.Crew exec, in November.

Brooks Brothers

Brooks Brothers, one of the oldest apparel retailers in the United States, filed for bankruptcy protection on July 8, 2020 as the coronavirus pandemic continues to impact businesses.

Wang Ying | Xinhua News Agency | Getty Images

Assets: $500 million
Liabilities: $500 million
Stores at time of filing: 244

Brooks Brothers, one of the oldest apparel chains in the nation, filed for Chapter 11in July. Leases from its real estate expansion over the years became too costly, and the pandemic forced it to rethink its retail strategy as many consumers shifted into sweat pants.

In bankruptcy, the company sought a new owner while it began shutting dozens of stores, attributing the decision to the health crisis.

In September, mall owner Simon and the apparel licensing firm Authentic Brands Group, which also owns Forever 21 and Aeropostale, completed their acquisition of Brooks Brothers. They paid $325 million for the retailer and promised to keep at least 125 locations open for business.

“We see a great opportunity to strategically expand this powerhouse brand across the globe,” ABG CEO Jamie Salter said.

Stein Mart

A Stein Mart store in King of Prussia, PA.

Google Earth

Assets: $500 million to $1 billion
Liabilities: $500 million to $1 billion
Stores at time of filing: 281

The discount apparel and accessories chain Stein Mart sought Chapter 11 protection in August, and went on to liquidate all 281 stores. Stein Mart was already struggling with an overhang of debt pre-Covid, but its sales dried up during temporary store closures in the spring.

Earlier this month, the Miami-based investment firm Retail Ecommerce Ventures acquired Stein Mart’s intellectual property in a court auction for $6.02 million. SteinMart.com is expected to relaunch in early 2021.

“Any time you see the big, 800-pound gorilla competitor, like TJ Maxx, you know they’re doing something right,” REV co-founder Tai Lopez said in a recent interview. “We want to be kind of an online version.”

Pier 1 Imports

A “Going Out of Business” sign hangs outside a Pier 1 Imports store on August 9, 2020 in Las Vegas, Nevada.

Ethan Miller | Getty Images

Assets: More than $400 million
Liabilities: More than $250 million
Stores at time of filing: 991

The home-goods chain Pier 1 Imports filed for Chapter 11 in mid-February, after nearly 60 years in business. Its plans to find a buyer were unsuccessful, as the pandemic worsened in March, ultimately pushing Pier 1 into a total liquidation.

Going-out-of-business sales at its hundreds of stores were temporarily stalled until the spring and summer, when local lockdowns were lifted.

But some still saw value in the Pier 1 brand name. REV, Stein Mart’s new owner, acquired the rights to Pier 1′s trademark, intellectual property and other assets for $31 million in July. It relaunched Pier1.com in the fall. REV’s Lopez has told CNBC he has no plans to reopen stores at this time. REV also owns Modell’s Sporting Goods, Dressbarn and Linens ‘n Things.

“I’ve always been a big fan of Warren Buffett, and his strategy of just acquiring things that are already there versus building from scratch. And in 2019, we started seeing the writing on the wall with the so-called retail apocalypse,” Lopez said.

Trump apologizes to Paul Manafort, Roger Stone and Charles Kushner

WASHINGTON – President Donald Trump issued 26 pardons Wednesday night, including one to son-in-law Jared Kushner’s father, as well as to campaign manager Paul Manafort and Republican politician Roger Stone.

Trump’s recent pardon requests came a day after the president issued an initial wave of 15 pardons, a week after the electoral college confirmed he had lost the presidential election to Joe Biden.

“This is rotten to the core,” said Senator Ben Sasse, R-Neb., Of the recent pardons announced after Trump left the White House for his Mar-a-Lago resort in Palm Beach, Florida .

Sasse’s office, on making his six-word statement, said Trump had “exercised his constitutional power to pardon another tranche of offenders like Manafort and Stone who have openly and repeatedly violated the law and harmed Americans.”

The 70-year-old Manafort was one of the first in Trump’s inner circle to bring charges against Robert Mueller’s investigation into Russian interference in the 2016 presidential election.

Manafort, convicted of counseling crimes in Ukraine, thanked Trump on Twitter for the pardon that came months after his early release from more than seven years’ imprisonment over concerns over the coronavirus pandemic.

“Words cannot fully convey how grateful we are,” wrote the longtime Republican.

Senator Lindsey Graham, RS.C., a close ally of Trump, said in March 2019 that “the Manafort pardon would be seen as a political disaster for the president.”

“It may come a day later after the policy changes that you might want to consider a motion from him like everyone else, but now it would be a disaster,” Graham said at the time.

Manhattan prosecutors are still trying to prosecute Manafort for allegations of mortgage fraud, conspiracy and forgery of business records in New York state.

A judge last December prevented DA Cyrus Vance Jr. from bringing the case to court because it would violate the double risk rules, which protect people from being prosecuted twice for the same wrongdoing.

Vance is appealing this decision.

Regarding the pardon, Vance spokesman Danny Frost said, “This action underscores the urgent need to bring Mr. Manafort to justice for his alleged crimes against the people of New York in our indictment, and we will continue to appeal.”

Stone was convicted in November 2019 for swearing Congress to be pre-notified of WikiLeaks’ disclosure of emails sent by Russians to Hillary Clinton’s campaign manager for then-presidential candidate Hillary Clinton and the Democratic National Committee during the 2016 campaign were hacked.

Earlier this year, Trump commuted his long-time friend Stone’s more than three-year sentence, less than a week before the Republican agent was due to report to prison.

In July, the White House named Stone “a victim of the Russia hoax” and someone who “would be at medical risk” if he were detained.

Roger Stone, former campaign advisor to US President Donald Trump, arrives at federal court on February 20, 2020 in Washington, USA, where he is to be sentenced.

Leah Millis | Reuters

Real estate mogul Charles Kushner, whose son is a senior White House advisor, was sentenced to two years in prison after pleading guilty in 2004 to 18 cases of tax evasion, witness manipulation and illegal campaign contributions.

The older Kushner had hired a prostitute, among other things, to lure his own brother-in-law, William Schulder, into a sexual tryst that was secretly videotaped and then sent to his wife, Charles Kushner’s sister. The stunt was supposed to prevent Schulder from witnessing an investigation into Kushner for illegal campaign contributions.

Former New Jersey Governor Chris Christie, a key Trump ally who prosecuted Charles Kushner, said in an interview last year that Kushner committed “one of the most heinous, disgusting crimes I have prosecuted as a US attorney” .

Christie and Jared Kushner, who are married to Trump’s daughter Ivanka, had a cool relationship because of law enforcement.

Christie was unceremoniously sacked as manager of Trump’s presidential transition efforts after Trump won the 2016 election, a move widely viewed by Jared Kushner as lagging.

Charles Kushner and Jared Kushner attend an event at Lord & Taylor in New York City on March 28, 2012.

Patrick McMullan | Patrick McMullan | Getty Images

Announcing Kushner’s pardon, the White House said, “Since his conviction in 2006, Mr. Kushner has been serving important philanthropic organizations and causes such as Saint Barnabas Medical Center and United Cerebral Palsy.”

“These record of reform and charity overshadow Mr. Kushner’s conviction and two-year prison sentence for filing false tax returns, retaliating with witnesses and giving false testimony to the FEC,” the White House said.

Trump also pardoned Margaret Hunter, the estranged wife of former MP Duncan Hunter, R-Calif., Who pleaded guilty to misusing campaign funds for personal expenses.

Duncan Hunter, convicted of the same crimes, had been pardoned by Trump the night before in a first wave of pardons from the president, who refuses to admit that he lost the presidential election to Biden.

Trump also commuted all or part of the criminal convictions of three people.

Two of them were Mark Shapiro and Irving Stitsky, who were each sentenced to 85 years in prison for their key roles in a real estate-related Ponzi program that defrauded more than 250 people of $ 23 million. The judge in Stitsky’s case called him a “die-hard cheater”.

A statement from White House press secretary Kayleigh McEnany announcing the conversion of the remaining prison term for Shapiro and Stitsky said their sentences were more than ten times the imprisonment years offered to Shapiro in an objection agreement he rejected, and made almost ten times the objection offer to Stitsky.

McEnany’s testimony downplayed the gravity of their crimes, saying, “Messrs. Shapiro and Stitsky started a real estate investment company but hid their previous criminal convictions and installed a straw CEO. The company lost millions to its investors due to the 2008 financial crisis.”

Trump on Tuesday apologized to 15 people, including two men convicted in the context of Mueller’s investigation – 2016 campaign foreign policy advisor George Papadopoulos and Dutch lawyer Alex van der Zwaan – as well as four former Blackwater USA guards who worked with the The murders of 14 people were convicted of unarmed Iraqi civilians in Baghdad in 2007.

Others pardoned that evening included former GOP MP Chris Collins from Buffalo, New York, who illegally alerted his son to a failed drug trial at a pharmaceutical company and caused the son and others to throw shares into the company, before this information was published.

Another pardon on Tuesday was Philip Esformes, owner of a health facility in South Florida, who was in the first few years of a 20-year prison sentence for prosecutors saying it was “the biggest healthcare fraud ever charged by the Justice Department.” “”

Prior to Tuesday, Trump had issued just 28 pardons – 13 less than his Tuesday and Wednesday total – making him the stingiest U.S. president of modern times in terms of executive mercy.

However, after losing the national referendum to Biden, Trump pardoned Michael Flynn, the retired Army Lieutenant General who served as his first national security adviser. Flynn pleaded guilty three years ago to lying to FBI agents about the nature of his talks with Russia’s ambassador to the United States weeks before Trump’s inauguration in January 2017.

Flynn had been trying to reverse his admission of guilt since last year, and this year he received support for those efforts from the Justice Department, which in an extremely rare move called a federal judge to dismiss the case despite Flynn’s admission of his crime.

Trump’s other previous pardons included financial fraudster Michael Milken; Press Baron Conrad Black; former Arizona Sheriff Joe Arapaio, convicted of contempt of court; Lewis “Scooter” Libby, former advisor to ex-Vice President Dick Cheney on obstruction of justice; Conservative Gadfly Dinesh D’Souza for Campaign Submission Fraud; and Ex-New York Police Commissioner Bernie Kerik for Tax and Other Crimes.

Senator Chris Murphy, D-Conn., Said in a tweet on Wednesday evening, “Once a party allows pardon power to become a tool of criminal entrepreneurship, its threat to democracy outweighs its usefulness as an instrument of justice.”

“It is time to remove the pardon power from the constitution,” added Murphy.

– Dan Mangan reported from New York.

Lala provides Carmelo Anthony a diamond pendant within the form

Celebrities went out of their way by Christmas Day exchanging lavish gifts to their friends, families, and those in need. Today Lala Anthony and her son Kiyan Anthony did not disappoint! Lala shared a preview of a custom piece of jewelry with her son’s face on Instagram that he designed for his father, Carmelo Anthony. The piece that came from Mazza New York was really one of a kind.

Lala wrote on Instagram: “WOOWWWWWW‼ ️Kiyan came to me with a crazy idea of ​​what he was going to bring his father for Christmas this year. Thank you @mazzanewyorkofficial for bringing my son’s vision to life! That’s crazy! IMPRESSIVE! I’m speechless. My son went crazy !! 🥰🥰 # stayme7o ”

TSR reached out to Mazza New York and was able to find out exclusive details about the piece. Carmelo received 14 carat rose gold with VVS ED diamonds, all floral set pieces. Kiyan’s face and body have been hand painted in enamel to capture all of the details and features required to make it a work of art.

As of now, the video Lala shared is the digital rendering, and the actual piece will be ready in about 2-3 weeks. Then it is delivered to Lala by hand. When it comes to this piece of jewelry, we know Lala has the coins so we definitely checked out how much of a bag she blew.

Mazza New York has told us that the cost is “priceless, to be honest!” They also said that such a piece was extremely sentimental and not a typical piece of jewelry. That being said, it cost between $ 20,000 and $ 25,000. My goodness! We look forward to the final version as soon as Lala receives it!

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How Mega Tens of millions and Powerball winners can shield their stroke of luck

Frederic J. Brown | AFP | Getty Images

Mega Millions players can continue daydreaming.

With no one getting all six numbers drawn on Friday, the jackpot has risen to an estimated $ 376 million. And Powerball, with the next draw for Saturday night, is $ 341 million.

Obviously, due to taxes, these advertised amounts are not what you would end up with if you managed to beat the astronomical odds of winning a single ticket (1 in 302 million for Mega Millions and 1 in 292 million for Powerball).

Even so, the sudden gust of wind in your life would likely feel overwhelming, experts say. And while you might be keen to claim your winnings, experts say it’s best not to rush to lottery headquarters on the day you discover your luck.

In other words, take a deep breath.

“The first thing I would recommend is building a team of professionals to handle the many aspects of investing money,” said certified financial planner Doug Boneparth, president of Bone Fide Wealth in New York.

This team should include an accountant, a financial advisor, and a lawyer. Here are some other considerations when hitting the jackpot.

Annuity or lump sum?

You can choose to take your winnings either as a lump sum or as a 30 year pension. The Mega Millions jackpot of $ 376 million has a cash option of $ 287.4 million. For the $ 341 Powerball prize, that amount is $ 262.5 million.

Experts usually recommend getting the money all at once – which is what most winners do.

“The flat rate distribution would be the preference,” said Boneparth. “When you do that, you have more control over the money.”

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However, he added a caveat.

“If you are not disciplined or are afraid of how to invest with support, retirement may be a better option,” said Boneparth.

The tax hit

Before the money reaches you, 24% is withheld for federal taxes. For Mega Millions’ $ 287.4 million cash option, that would mean $ 69 million off the top and you get $ 218.4 million. For the Powerball flat fee of $ 262.5 million, withholding tax would be $ 63 million, leaving $ 199.5 million.

But that’s not all. The highest marginal rate of 37% applies to income above $ 518,400 for individual taxpayers ($ 622,050 for married couples filing together), which means much more would be due at tax time. And state taxes can be withheld or due.

“If you factor in city, state, and town taxes in some places, you might look into this [close to] 50% goes to taxes, “said Boneparth.

There may be strategies in place to reduce your tax payments. That is why it is important to have a tax advisor on your team.

Other things

If you can’t claim your prize anonymously – it depends on the state – you can skip town for a while. Unwanted attention can come from both the public and the extended family.

“Your fifth uncle, once removed, could reach you,” said Boneparth. “Find a comfortable place and go away.”

If you want to share some of the money with family or friends, plan for these gifts in advance, said Boneparth.

“You want to avoid getting hit repeatedly,” he said. “You can set expectations in advance. Then planning really comes into play.”

Trump threatens to derail the US impulses

LONDON – European markets closed higher on Wednesday as investors hoped a Brexit trade deal could be reached amid concerns over approval of a long-belated US coronavirus stimulus package.

The Europe-wide Stoxx 600 Index tentatively closed 1.1% with Travel & Leisure stocks rising 3.67% to lead earnings. Healthcare stocks bucked the trend, slipping 0.4%.

On Tuesday, EU chief negotiator for Brexit, Michel Barnier, said the bloc was making a “final push” to reach a Brexit trade deal with the UK, but disagreements persist over fishing rights. There were positive reports of the talks, with ITV’s Robert Peston claiming an agreement could be reached on Wednesday.

In the United States, President Donald Trump proposed on Tuesday not to sign the US $ 900 billion Covid Aid bill passed by Congress earlier this week. Trump called the move an inappropriate “disgrace” and urged lawmakers to make a number of changes, including larger direct payments to individuals and families.

On Wall Street, major US indices were moderately higher in the opening moments of trading on Wednesday. The Dow was up 130 points and the S&P 500 was up 0.3%. The Nasdaq Composite lagged 0.2%.

Back in Europe, France reopened its border with England on Wednesday. Passengers arriving at the border must have a negative coronavirus test result. It did so after France imposed a ban on people and cargo from the UK amid concerns about the apparently fast-spreading strain of Covid first identified in the south-east of England.

Concerns about the economic impact of the UK’s tough new lockdown measures to contain the spread of the new strain of coronavirus, as well as ongoing uncertainty over Brexit, have weighed on investor sentiment recently.

Travel and leisure stocks got a boost from news that France lifted its travel restrictions on Wednesday. The industry leaders included the German airline Lufthansa with an increase of 4.3% and the aircraft manufacturer Airbus with an increase of 4.6%.

In terms of individual stocks, financial institution Lloyds climbed 7% to the top of the Stoxx 600.

In the European benchmark, the German manufacturer of medical packaging Gerresheimer fell by 2.8%, while the supplier of meal sets HelloFresh fell by more than 5%.

New York Governor Andrew Cuomo briefs the general public on the introduction of Covid vaccines

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New York Governor Andrew Cuomo will hold a press conference Wednesday on plans to distribute Covid-19 vaccines amid threats of further economic shutdown of the state.

Last week, Cuomo and New York City Mayor Bill de Blasio noted that the state may close non-essential stores in some regions in January. For weeks, Cuomo has been saying he will put more restrictions in parts of the state where hospitals are so overwhelmed they can’t care for every patient.

However, he has determined that it is up to New York residents to follow public health precautions to limit the spread of the coronavirus and avoid a shutdown.

“Of course, a shutdown in January is possible,” Cuomo said last week. “But there is a big but,” he said and spelled the word “BUT” one letter at a time.

– CNBC’s Noah Higgins-Dunn contributed to this report.

Read CNBC’s live updates for the latest news on the Covid-19 outbreak.