Village Roadshow's $417.5 Million Stalking Horse Deal Approved
Judge Thomas M. Horan approved the bankrupt company's stalking horse deal with Alcon, which will set a price for Village Roadshow's film library, according to a filing Tuesday. Alcon bested an earlier offer from Los Angeles-based investment firm Content Partners, though Content could still bid on the film library.
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New York Post
7 minutes ago
- New York Post
Disgraced crypto exec Do Kwon to plead guilty to fraud charges in $40B collapse
Do Kwon, the South Korean cryptocurrency entrepreneur behind two digital currencies that lost an estimated $40 billion in 2022, is planning to plead guilty on Tuesday to two charges of conspiracy to defraud and wire fraud, a judge said at a US court hearing. US District Judge Paul Engelmayer is expected to ask Kwon, who co-founded Singapore-based Terraform Labs and developed the TerraUSD and Luna currencies, a series of questions before formally asking him to enter the plea. Kwon, 33, had pleaded not guilty in January to a nine-count indictment charging him with securities fraud, wire fraud, commodities fraud and money laundering conspiracy. Do Kwon, 33, had pleaded not guilty in January to a nine-count indictment charging him with securities fraud, wire fraud, commodities fraud and money laundering conspiracy. REUTERS The TerraUSD and Luna currencies developed by Kwon lost an estimated $40 billion in 2022. REUTERS He was accused of misleading investors in 2021 about TerraUSD, a so-called stablecoin designed to maintain a value of $1. Kwon allegedly told investors a computer algorithm known as 'Terra Protocol' had restored the coin's value when it slipped below its peg in May 2021, when in fact he arranged for a high-frequency trading firm to secretly buy millions of dollars of the token to artificially prop up its price. Prosecutors with the Manhattan US Attorney's office said that false claim and others drove retail and institutional investors to buy Terraform products and boost the value of Luna, a more traditional token developed by Kwon that fluctuated in value but was closely linked to TerraUSD, to $50 billion by the spring of 2022. Kwon had agreed in 2024 to pay an $80 million civil fine and be banned from crypto transactions as part of a $4.55 billion settlement that he and Terraform reached with the Securities and Exchange Commission. Kwon has been detained since his extradition from Montenegro late last year. He is one of several cryptocurrency moguls to face federal charges after a slump in digital token prices in 2022 prompted the collapse of a number of companies.
Newsweek
8 minutes ago
- Newsweek
H-1B Visas Changes Approved by White House: Report
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. A proposed Department of Homeland Security rule that would alter how H-1B visas are allocated has cleared review by the White House's Office of Information and Regulatory Affairs (OIRA), according to Bloomberg Law. Federal regulators cleared a proposed rule that would apply a "weighted selection process" by replacing the current random lottery with a new system that gives priority in the selection process to registrants who meet or exceed certain criteria, such as wage or education level. Newsweek reached out to the DHS and the OIRA for comment. Why It Matters The H-1B program supplies tens of thousands of specialty-occupation workers to U.S. employers each year and is heavily used by the technology sector. Any shift from a random lottery to a weighted, wage- or skill-based system could change hiring incentives for employers, affecting which foreign professionals obtain U.S. work authorization. The H-1B cap of 85,000 slots annually influences employers' ability to hire specialized foreign workers in fields including engineering, computer science and business specialties. Any change to the selection criteria could incentivize employers to offer higher wages to improve odds in a weighted system or change recruitment strategies. Stock image of an H-1B visa. Stock image of an H-1B visa. Getty Images What To Know Federal review clearance by the OIRA typically preceded publication of a proposed rule in the Federal Register and a public comment period. The next step is a Federal Register publication, followed by a 30- to 60-day comment window and a multistep process before any final rule could take effect. The proposed weighted-selection concept echoes a 2021 DHS plan under President Donald Trump's first administration that had sought to rank and select petitions by wage tiers (OES wage levels IV down to I), an approach that the Trump administration argued would prioritize higher-paid, highly skilled hires. That earlier plan faced opposition, was withdrawn by the Biden administration and saw related regulations blocked in federal court. The Institute for Progress, a nonpartisan think tank examining innovation policy, earlier this year suggested eliminating the H-1B lottery. It argued that the economic value of the visa program could be increased by 88 percent if applicants were evaluated based on seniority or salary. The H-1B visa has come under increasing scrutiny since Trump assumed office in January, as the president's supporters have called into question the number of visas handed out to foreign nationals at what they claim is the expense of American workers. For example, Microsoft is under growing pressure to account for its H-1B visa requests while the company has issued major layoffs in recent months. The Washington-based tech giant applied for 9,491 H-1B visas during the last fiscal year, all of which were approved. The company has laid off nearly 16,000 people in total this year, out of a 228,000-strong global employee base. What People Are Saying U.S. Citizenship and Immigration Services agency guidance, July 18, 2025: "USCIS has announced that it has received enough petitions to meet the congressionally mandated 65,000 H-1B visa regular cap and the 20,000 H-1B visa U.S. advanced degree exemption, also known as the master's cap, for fiscal year 2026." Immigration attorneys Fragomen LLP, in an August 11 article: "The next step for the proposal is publication in the Federal Register for public feedback." What Happens Next Industry advisers and regulatory watchers expected the administration to publish the proposed rule in the Federal Register, which would trigger a formal public comment period. A proposed rule overhauling the allocation of H-1B visas for specialty occupation workers was approved by a key White House office, signaling it may be released publicly soon.
Business Upturn
12 minutes ago
- Business Upturn
Kinly Merges with Yorktel to Accelerate Global Growth and Expand Managed Services and Systems Integration Portfolios
Business Wire India Yorktel, a New Jersey-based global AV systems integrator and managed services provider, today announced it has signed an agreement to combine with Kinly, a global AV and UCC integration firm headquartered in Amsterdam, to merge the two firms into a premier workplace experience and collaboration provider with unparalleled reach. This strategic merger will significantly accelerate global growth and expand next-generation systems integration capabilities with a larger talent base and portfolio of managed services and technology offerings. Advertisement The addition of Kinly's operations, workforce, and client base will enhance Yorktel's ability to meet the evolving needs of enterprise and public sector clients and provide a world-class customer experience across the globe. With complementary cultures and a shared commitment to service excellence, the planned integration strengthens Yorktel's position as a trusted partner in digital workplace transformation while bringing additional capabilities and capacity to Kinly customers worldwide. 'This acquisition is an intentional step forward to grow with purpose and is an example of what is still to come as we pursue our strategy and deliver advanced solutions to our global clients,' said Ken Scaturro, CEO of Yorktel. 'We are committed to leading the next wave of agentic transformation — simplifying operations, reducing complexity, and empowering organizations to work smarter all while improving the customer experience.' 'Merging with Yorktel marks an exciting next chapter for our team and customers,' said Tom Martin, CEO of Kinly. 'Our organizations are aligned in values, strategy, and a relentless focus on delivering exceptional outcomes for our clients. Together, we will drive innovation, provide great opportunities to our employees and partners, and create even more value in a rapidly changing collaboration market.' Together, the merged company will serve over 2,500 clients across 27 global locations, with more than 1,600 employees, including 900+ industry-specialist accreditations. This expanded scale elevates the ability to deliver truly global managed services, from on-site support and proactive monitoring to remote management, cloud voice, and AV lifecycle services, with greater consistency, capacity, and speed. Clients will benefit from broader geographic coverage, unified service operations, and an enhanced portfolio of AV, UCC, and UCaaS solutions, all backed by a commitment to ISO-certified security practices. 'We are proud to support the combination of Yorktel and Kinly, allowing both companies to be more relevant and valuable to their customers through their combined offerings in the continuously evolving AV space,' said Carlo Padovano, Partner at OEP. 'Yorktel's scaled North American and global footprint is perfectly complemented by Kinly's extensive European base. Combined with their joint Asia Pacific capabilities, this creates unmatched global delivery,' added Otavio Birman, Principal at OEP. The transaction is subject to customary regulatory and other approvals. About Yorktel With over 40 years of experience supporting Fortune Global 1000 companies and top government agencies, Yorktel is a trusted global systems integrator and managed services provider. As a founding pioneer of managed services in the video communications industry, we deliver AI-driven collaboration technology solutions, next-gen global integration, and holistic managed services to transform digital workplaces, optimize technology estates, maximize productivity, and reduce costs. For more information, visit About Kinly Kinly is a leading AV and UCC systems integrator and the largest in Europe. It has over 25 years' experience, and an international reach with 19 offices across EMEA, US and APAC. Kinly specializes in complex AV integration, UCC, corporate communications, workspace management, corporate communications, events and managed services. From small installations to global digital transformations, Kinly collaborates with the world's leading organizations to deliver their workplace ambitions with a unique and unrivalled service built on core pillars of innovation, security and quality, as well as a commitment to responsibly designed solutions. About One Equity Partners One Equity Partners ('OEP') is a middle market private equity firm focused on the industrial, healthcare, and technology sectors in North America and Europe. The firm seeks to build market-leading companies by identifying and executing transformative business combinations. OEP is a trusted partner with a differentiated investment process, a broad and senior team, and an established track record generating long-term value for its partners. Since 2001, the firm has completed more than 400 transactions worldwide. OEP, founded in 2001, spun out of JP Morgan in 2015. The firm has offices in New York, Chicago, Frankfurt and Amsterdam. For more information, please visit View source version on Disclaimer: The above press release comes to you under an arrangement with Business Wire India. Business Upturn take no editorial responsibility for the same.
