
Tom Girardi, former high-profile lawyer, sentenced to 7 years for fraud
He was best known for representing residents of Hinkley, California, during the 1990s in a lawsuit against Pacific Gas & Electric, which paid hundreds of millions of dollars in settlements over claims of contaminated groundwater. The case was later made famous by the 2000 film 'Erin Brockovich.'
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Searchlight strikes Chord with $400m deal for ZZ Top music-owner
The owner of song catalogues produced by artists such as ZZ Top and Ellie Goulding is raising hundreds of millions of dollars in a deal with the private equity firm Searchlight Capital. Sky News has learnt that Chord Music Partners has struck an agreement for Searchlight to invest $400m in the company, which is backed by Universal Music Group (UMG), the world's leading record label. Industry sources said the deal was likely to be announced this week. Chord, which also owns the rights to songs made by Lorde, The Weeknd and John Legend, recently bought a stake in the catalogue of Morgan Wellen. The company is jointly owned by Dundee Partners, a family office, and UMG, with KKR, the private equity giant, having been a shareholder until last year. The sale of KKR's stake took place at a valuation of $1.85bn. It is the latest in a glut of deals involving prominent music rights, with a land grab for valuable entertainment content continuing to drive prices higher. Chord was formed in 2021 and is expected to announce further catalogue acquisitions in the coming months. Sir Lucian Grainge, chairman and chief executive of UMG, said at the time of its Chord stake purchase: "Finding partners who share our passion for identifying iconic songs and recordings that will stand the test of time and deliver long-term growth is essential. "We look forward to creating maximum commercial and creative value for the songwriters and artists in Chord and building for the future." UMG declined to comment, while neither Chord nor Searchlight could be reached for comment.
Yahoo
25 minutes ago
- Yahoo
Trump administration to unveil tougher solar and wind subsidy rules
By Nichola Groom (Reuters) -The Trump administration is expected as soon as Monday to take another step toward curbing the growth of renewable energy in the United States by making it harder for companies to claim federal tax subsidies for wind and solar energy. The Treasury Department next week will reach a 45-day deadline, set by U.S. President Donald Trump in July, to revise rules governing who can qualify for clean energy tax credits that the Republicans' One Big Beautiful Bill Act is phasing out years earlier than planned. The rule under scrutiny centers around what it means for a project to be considered under construction, a definition that is critical to companies building facilities that require years of planning. The OBBBA requires projects to begin construction by July of next year or enter service by the end of 2027 to qualify for a 30% tax credit and bonuses that can push the subsidy even higher. Under previous law, the credits were available through 2032. In an executive order last month, three days after signing the OBBBA into law, Trump directed Treasury to restrict the use of safe harbors, rules that have allowed project owners for years to claim tax credits so long as they incur 5% of their costs or make meaningful physical progress before the credit expires. Washington policy advisory firm Capstone said it could see Treasury requiring developers to incur a higher percentage of costs, such as 10% or 15%. Under the physical work requirement, the agency could exclude off-site construction or require more contact with the government and proof of continuous work. The Treasury Department did not respond to a request for comment. Tightening the requirements would be the latest in a string of steps the administration has taken to stall development of wind and solar energy, which Trump says are unreliable, expensive, and dependent on Chinese supply chains. According to advisory firm Clean Energy Associates, the United States could lose about 60 gigawatts of planned solar capacity through 2030 if stricter "beginning of construction" rules are implemented. That would be enough electricity to power about 10 million homes. Project developers and financiers have leaned on the tax credit rules to guide their investment and construction decisions for the last decade. "The executive order and the uncertainty has actually had a more negative impact than the legislation itself," said Reagan Farr, CEO of solar project developer Silicon Ranch. In the six weeks since the executive order, some companies have stalled progress, while others have ramped up activity to start as many projects as possible, said Javad Asghari, a partner with the law firm Simpson Thacher who focuses on energy and infrastructure projects. Aaron Halimi, founder and president of San Francisco-based solar project developer Renewable Properties, described measures his company has taken to protect its access to subsidies he fears could be at risk. "We've taken many steps to safe harbor a large portion of our pipeline of projects we plan to deliver between now and end of 2029," Halimi said, including buying transformers and American-made panels, and increasing lines of credit for purchasing equipment. Solve the daily Crossword


New York Times
25 minutes ago
- New York Times
Why Trump's Pay-for-Play Chips Deal May Not Be the Last
Andrew here. The unusual arrangement between the White House, Nvidia and Advanced Micro Devices to collect 15 percent of the tech giants' revenue on certain chips sold to China continues to raise eyebrows. We dive deeper into that — and look at how such an arrangement might expand to other companies, too. We also share some of your insightful takes on the debate. And don't miss our rundown of who may be starring in what increasingly looks like a reality TV show that could be called 'The Apprentice — Fed Edition,' as we assess the possible candidates for the next Fed chair. More below. 'Rational industrial policy'? Since Inauguration Day, C.E.O.s have made the pilgrimage to the White House to shake hands with President Trump on big-money deals — proof, he says, that 'America is back.' But the business world and Washington are still reeling over one pact in particular: Trump's announcement this week granting the chipmakers Nvidia and Advanced Micro Devices permission to resume selling some powerful semiconductors to Chinese companies in exchange for giving the U.S. government an expected 15 percent cut. The apparent green light alarmed some China hawks and national security experts, who worry it could ultimately harm America's tech industry, and the country. Beyond that, DealBook and others have asked, is this just a one-off business arrangement unique to the giants of the chips industry, or Trump's new rules of global capitalism? Think of it as both, Scott Bessent said. 'I think we could see it in other industries over time,' the Treasury secretary told Bloomberg TV on Wednesday. 'I think right now, this is unique, but now that we have the model and the beta test, why not expand it?' Want all of The Times? Subscribe.