Latest news with #Castleman
CNBC
09-08-2025
- Business
- CNBC
The new American shopping mall is less Macy's, more church, bowling, Barnes & Noble
The Dayton Mall has been a shopping staple for residents of Dayton, Ohio, since it opened in 1970. The once-prospering mall, like many, has faced hard times with increased vacancies, exacerbated by the closing of two anchors, Sears and Bon Ton, in 2018. As a result, the mall was put into receivership, where it remains. But the 162,000-square-foot former Sears space was sold to a local church, Crossroads, which has transformed 90,000 square feet of the former store into a house of worship and community hub with a traditional indoor entrance to the rest of the mall. "Nothing says dying mall like having a church move in," said Rebecca Maguire, marketing manager of the Dayton Mall. "But Crossroads has a huge following, and they are so community driven that I think any mall in the world would be lucky to have a partner like that." It's fair to ask if a struggling mall is the right place for a church, and Matt Castleman, the pastor of Crossroads Church in Dayton, said the religious organization had its own reservations. "People were asking, is chaining yourself to a mall wise?" said Castleman. The church, part of an eight-church network based in Cincinnati, celebrated its first services on this year's Easter Sunday and has drawn thousands to the once moribund mall. The church also decided to keep the complex open seven days a week, whenever the mall is open. "We have 400 to 500 people a week pop in who have no affiliation to the church," Castleman said. Teenagers fan the mall after services to eat at the food court and show back up at the church with bags from stores like Claire's and Dick's Sporting Goods, Castleman said. Of course, Claire's bankruptcy filing this week is one more sign of how the hard times for long-time mall tenants are not going away. But filling old anchors with new, niche businesses or destinations, like in the case of the Dayton Mall with its new church tenant, is precisely the type of "cross-shopping" mall landlords are seeking. While a church is the unconventional salvation of the Dayton Mall, other malls are also finding out-of-the-box suitors to fill big empty spaces. The fall of the American mall has long been chronicled, and not exactly greatly exaggerated. Enclosed malls with anchor stores, a bustling food court, and a stable of trendy fashion retailers sandwiched between were the centerpiece of post-WWII suburbia for generations. However, changing demographics, shifting shopping habits, and the rise of Amazon and e-commerce all contributed to the decline of malls. But recent data and industry executives suggest that the enclosed mall could be positioned for a rebirth. The trend of repurposing empty anchors, which in some cases began a decade ago, took a long time to bear fruit, said Stephen Lebovitz, CEO of CBL Properties, one of the largest mall landlords in the U.S. with more than 155,000,000 square feet of mall space. "We have had a rebound and built a lot of positive momentum. These projects to backfill anchors don't happen overnight," Lebovitz said. And even when the old anchors were filled relatively quickly, it can take time to break through to customers. "It has taken several years to recover from anchor closings in 2017-2018," Lebovitz said, referring to a wave of anchors that closed that year. The past decade has seen traditional anchors like Macy's, JCPenney, and Sears shutter. Lebovitz said the key to success is subdividing formerly sprawling anchor stores into niche players that all draw in their cross-shopping constituencies. There are former Sears' locations in the CBL portfolio that were generating $7 million to $8 million a year, with newly filled, subdivided ones bringing in a combined five to six times that amount, according to Lebovitz. A variety of different businesses are filling those voids, from restaurants like The Cheesecake Factory, to large retailers like Dick's Sporting Goods, entertainment options like Dave & Buster's, or hotels. Lebovitz said that mall developers are also trying to add more experiential categories, such as games, bowling, and laser tag. Other mall owners are taking it even a step further, converting old stores into things like apartments or large food courts. Brookfield Properties, another major mall landlord, is seeing similar success from the same playbook. Brookfield's mall portfolio is more upscale, insulating it from some of the retail turmoil, but they've still had to repurpose some anchors (or "reprogram the box" in industry parlance). "Gen Z loves the mall; they love the experience of the mall and being in person with each other at malls," said Kirsten Lee, executive vice president of luxury leasing at Brookfield Properties. Lee points to the post-Covid experience as a turning point when people sought out old comforts like the mall. "People are seeing the shopping center as a community space," Lee said. To lean into that, Brookfield's Tyson's Galleria, for example, has added a bowling entertainment complex and yoga studio to the mix. That has helped to increase the amount of crossover shopping, Lee said, with customers who may hit the lanes for some games of bowling and then go look for a new shirt. Recent data from shows that the positive mall vibes from owners are more than just corporate cheerleading, with a tangible increase in traditional enclosed mall traffic. R.J. Hottovy, head of analytical research at agrees with mall owners that the changes made to anchors over the past few years are finally taking hold. "It takes time," Hottovy said, adding that open-air "lifestyle centers" were the first to adopt mixed-use strategies successfully. "Now we are starting to see enclosed malls do it." Hottovy credits much of the success to non-traditional anchor selections, with malls incorporating a variety of tenants into their mix. For the 2024 holiday season, mall visits were ahead of retailers, Hottovy said. People were going to malls for reasons other than shopping, including seasonal events, restaurants, and movie theaters. In some cases, Hottovy said, the malls are experiencing a "Barnes & Noble" effect even when it isn't a formal anchor. At the Coronado Center mall in Albuquerque, New Mexico, Barnes & Noble accounted for 7.9% of visits to the mall in 2024, outperforming both Macy's and JCPenney. Barnes & Noble has approximately 660 stores throughout the United States, with 107 of them located in traditional enclosed malls. "Malls are absolutely places we are interested in being a part of," said Jason Stryker, head of real estate and development for Barnes & Noble, which has been lauded for its turnaround. The company is considering adding 10 more enclosed mall locations this year and is actively exploring approximately a dozen now-vacant Forever 21 sites, which are often sprawling and sometimes two stories high, making it a good fit for a Barnes & Noble layout, Stryker said. Stryker says the bookseller aims for a store in the 18,000 to 22,000 square foot range so that an old anchor is often carved up among niche retailers. "We like to be around stores where people will cross-shop," Stryker said, adding that Barnes & Noble can be especially appealing to malls because "We really don't compete with any other retailer there." Developers point to something intangible that malls capture, nostalgia, and they may be onto something. "Most Gen X and millennials spent their adolescent years making memories in malls – going to the food court with their friends, smelling all the lotions or perfumes at a store, or just generally hanging out chatting," said Dr. Vassilia Binensztok, a Florida-based licensed mental health counselor and the founder of Juno Counseling and Wellness, a group psychotherapy practice. "For many people, going to the mall can make them feel more like themselves as it evokes memories of those younger days," Binensztok said. Meanwhile, the coffee and free WiFi will continue to flow at Crossroads Church at the Dayton Mall while other malls look to unconventional anchor tenants. "We want life, business, money, and energy to surge back into the mall," said Castleman.
CBS News
29-05-2025
- Entertainment
- CBS News
This Philadelphia doctor's story of saving his own life is being made into a movie: "I almost died five times"
Penn Medicine doctor's story of saving his life is being made into a movie Penn Medicine doctor's story of saving his life is being made into a movie Penn Medicine doctor's story of saving his life is being made into a movie Saving lives, first his own, then others. It's the story of a doctor researcher at Penn Medicine that's now being made into a movie. A man on a mission, with science always running through his mind. Dr. David Fajgenbaum works out the equations on his windows at Penn Medicine. Focusing on immune cells is how he saved his life, with a new approach that's now saving others. It's a story that's headed to Hollywood. CBS News Philadelphia. "This is a story about living from someone who was dying, and it's a story about creating hope when it feels like there is no hope," he said. Fajgenbaum was filled with a more innocent kind of hope at Georgetown, where he was a quarterback. Then, at Penn Medicine, in his third year, he developed a rare disease called Castleman for which there was no treatment. "In the first three years after my diagnosis, I almost died five times," he said. "I knew that if I didn't find a treatment, that I wasn't gonna survive. And so that was just my only hope." Castleman puts the immune system in overdrive. Fajgenbaum figured an established transplant drug, which suppresses the immune system, might work, and it did. "Turning hope into action," he said. That's the theme of his book, "Chasing My Cure," A cure that came from an existing drug. CBS News Philadelphia. "It's so amazing to think that this drug was at my local CVS for all those years when I was in and out of the ICU, and no one knew to try it," said Fajgenbaum. "So I just keep thinking, how many more drugs that could treat more patients that are suffering from diseases?" Fajgenbaum and his team at Penn find new uses for existing medications, drug repurposing. "We've just uncovered time and time again that the solutions are out there. We just don't have anyone looking for these old solutions. Our medical system focuses on new drugs for profitable diseases. We want to focus on existing drugs for neglected diseases," Fajgenbaum said. He started a nonprofit called Every Cure, where they repurpose drugs with the help of artificial intelligence. Every Cure. "And over the last 11 years, we've identified and advanced 13 more repurposed treatments for diseases they weren't intended for," Fajgenbaum said. One is a vitamin derivative that can help some autistic children. "That's one of my favorite programs. We're advancing another one is with the numbing medicine, lidocaine," he said. That one is showing promise with breast cancer. His story and research has made headlines and now a movie is in the works. "The script is being written. I hear it's almost done, which is exciting. And then the next step is to identify the right lead actor," said Fajgenbaum. "My wife has ideas for people in mind. She would love Bradley Cooper to play me." Playing the real-life story of a lifesaver. As if he doesn't already have enough accolades, Fajgenbaum was also just recognized as one of Time's 100Health leaders.
Chicago Tribune
07-05-2025
- Entertainment
- Chicago Tribune
Column: When Harry met Wally, the result was a definitive book on how to watch television
They were young wide-eyed students when they met at Northwestern University. Walter Podrazik was from Bridgeport and Harry Castleman from Boston and it did not take them long to discover that they shared a passion for The Beatles. They created a 17-hour, 46-minute live radio history of The Beatles in 1974 when they were seniors. That led, logically, to a book, 'All Together Now: The First Complete Beatles Discography,' a fine book published in 1975. And as the fellas graduated and Castleman returned East, they continued their literary collaboration. There were more Beatles books and a book about television, the latest edition of which sits on my desk, and it's massive. 'Watching TV: American Television Season by Season' is 644 pages in 8-by-11 format. It is remarkably informative and surprisingly lively and entertaining and, when first published in 1982, it was greeted with a stream of praise. From Publishers Weekly: 'Castleman and Podrazik have put together a well-researched, tightly written documentary on the development of the television industry and the individuals involved.' Here's Library Journal: 'The authors have meticulously documented an in-depth survey of the entire world of TV trends and programming from the industry's beginnings, presenting along the way some very judicious critical analyses.' I used that first copy all of the time. I was the Tribune's television critic for a few years and found myself seeking answers to questions I had on the book's page, but more often than not would find myself grabbed by something interesting apart from what I was seeking. That's the real joy of this book. Yes, it provides the nuts and bolts of television history — facts, figures, prime time grids for every season, timelines — but also offers surprising anecdotes and smart commentary. I just looked up one of my favorite teenage shows and found, in part, that 'The Mod Squad' 'marked the first full-fledged attempt by a network to absorb the look and lingo of the self-proclaimed counterculture and turn them into a standard TV action show. … ABC could exploit current issues such as youth rebellion, drug abuse, and racial tension while making sure the legitimate authority always triumphed.' This is the fourth edition of this remarkable book, published by Syracuse University Press, and I asked Podrazik how it came to be, long ago. And he said, 'We had so enjoyed doing the Beatles book and I asked Harry, 'Now what?' And here we are.' Television was a gargantuan and dizzying subject, even then, but new editions came with some regularity. Still, now with so much information available on the internet, I thought it a pleasant surprise a couple of years ago for Syracuse University Press to approach the pair about a new edition. They took on the challenge, completing new chapters in little over a year. Since one can not live on book royalties alone (OK, OK, James Patterson, Steve King and a few others do very nicely), so Castleman has worked as a lawyer and Podrazik done a variety of things. He has long been a teacher at the Department of Communication at UIC, focusing on television history as well as the intersection of mass media and politics. He has been television curator at the Museum of Broadcast Communications. He has handled the details of media logistics for the Democratic Party's presidential nominating conventions since the 1970s. 'That work gives me a real snapshot of where TV is going, technologically, ' he says. 'I select and organize where and how the conventions will be covered, for TV networks, but also for print and radio operations. The conventions are where TV really tries to show off their stuff, a time for 'Look what we can do.'' He is married to Grace DuMelle, a family historian at the Newberry Library. They live in an 'ancient' Bridgeport house, the third generation of his family to do so. He told me he believes that the first thing he ever saw on television was Jackie Gleason, 'But I'm not sure if it was in reruns or not.' He's still watching, and one of his favorite shows is 'Only Murders in the Building.' As he and Castleman write, early in their book, 'No matter the era, television has consistently delivered a reflection of ourselves and our interests, in comedy and drama, real world news and sports, conversations and games, the grand and the intimate, the silly and the profound.' He tells me, 'The history of TV is the history of this country.' Later in the book they quote a network executive in 2015, saying, 'There is simply too much television.' Does Podrazik believe that? 'If your goal is to watch everything, sure it is,' he said. 'There is so much that it would be physically impossible to watch all that is broadcast.' The final chapter of the book begins, 'No one knows where this is going.' True enough, but millions of us will be watching. Wally and Harry too.
Business Journals
24-04-2025
- Entertainment
- Business Journals
Penn's Dr. David Fajgenbaum gets a movie deal for his survival story
By submitting your information you are agreeing to our Privacy Policy and User Agreement . The film based on Fajgenbaum's memoir "Chasing My Cure" is backed by the Academy Award-winning producer of "Forrest Gump" and "The Devil Wears Prada." Dr. David Fajgenbaum is going Hollywood. The life of the University of Pennsylvania physician-researcher will be the subject of an upcoming feature film after the rights to his book "Chasing My Cure" were optioned by City Hill Arts. Founded by biotech entrepreneur Dr. Jonathan E. Lim, the San Diego media production and financing company plans to immediately put the movie into development. "Chasing My Cure" is Fajgenbaum's 2019 memoir about being diagnosed with a rare and usually fatal illness known as Castleman disease while he was a medical student at Penn. Given six months to live, the former Georgetown University quarterback decided not to accept that fate. GET TO KNOW YOUR CITY Find Local Events Near You Connect with a community of local professionals. Explore All Events Fajgenbaum turned to crowdsourcing to bring together an unconventional team of researchers studying Castleman, a disease that affects the lymph nodes. The effort led to Fajgenbaum's discovery of a drug called sirolimus, used by transplant patients to combat organ rejection, as an effective treatment against Castleman disease. expand "Chasing My Cure" is a memoir by David Fajgenbaum. John George "I am so thankful to be alive and to be able to share my story with the world,' Fajgenbaum said. "Going through it, the experience felt pretty similar to a movie thriller — the same drop in your stomach, the same fear about how it's all going to turn out. And, at times, I lost all hope, but also, like a movie, I kept grinding and believing it would work out — and that is what I hope will make this movie gripping and inspiring for audiences." The Business Journal first talked to Fajgenbaum about his story, which included almost dying five times, back in 2019. Today, Fajgenbaum is an associate professor of medicine at Penn and president of Every Cure, a nonprofit organization he co-founded that is using artificial intelligence to find new cures for rare diseases by repurposing existing medicines. City Hill Arts, which began operations in 2019, produced two films that were released last year: "My Penguin Friend" with actor Jean Reno and "The Secret Art of Human Flight." It is currently producing "The Housewife" starring Naomi Watts and Tye Sheridan, and "Rain Reign" starring Paul Rudd and Jeremy Sisto. Among its documentaries in post-production are "Bucks County, USA" from director Barry Levinson. The movie adaptation of "Chasing My Cure" will be written by Amy Snow and produced by Robin Jonas and Academy Award winner Wendy Finerman, whose producing credits include "Forrest Gump" and "The Devil Wears Prada," alongside City Hill Arts founder Lim. Fajgenbaum said the idea of turning his memoir into a movie gained traction when Finerman reached out to him more than seven years after she read a story about him in the New York Times. "She is a Penn alum and we've become friends over these years," he said. Lim has been founder, CEO or chairman of six life sciences companies: Halozyme, Eclipse, Ignyta, Bonti, Erasca, and Boundless Bio. The firms have collectively raised more than $3 billion and generated over $10 billion in shareholder value. Fajgenbaum said when he met Lim, he found another person who had dedicated his life to searching for cures for devastating conditions. "He is passionate about sharing inspiring stories with the world," Fajgenbaum said. " I knew he was the right person to partner with [Finerman] and me to bring this story to life." Lim, in a statement, called "Chasing My Cure" precisely the kind of movie his team at City Hill Arts is pursuing. "[It's] a story of someone doing something extraordinary," Lim said. "The fact that there's a medical and biotech angle to the story is certainly a plus, given that we know that world so well. But audiences will connect with the unwavering determination to live, and the love and ingenuity that helped make it possible, that defines David's story. He's an incredible individual and a true movie hero." Asked who he would like to see play him in the movie, Fajgenbaum said just wants "someone who really cares about sharing this story and our mission." He said his wife Caitlin's two top choices are Miles Teller and Bradley Cooper. "They are both Philly guys," he said, "and they seem like they could be great." Sign up here for the Philadelphia Business Journal's free newsletters, and download our free app for breaking news alerts.
Reuters
28-01-2025
- Business
- Reuters
In $260 million crypto scheme, will brokerage IBKR share liability?
Jan 27 (Reuters) - As far as scams go, Eddy Alexandre's $260 million cryptocurrency scheme fell squarely in the too-good-to-be-true camp. The CEO of trading platform EminiFX, Alexandre allegedly promised tens of thousands of investors, many of them fellow members of the U.S. Haitian community, huge returns with no risk. What's more novel is a move by the court-appointed receiver charged with recovering the victims' funds. Earlier this month, receiver David Castleman, a partner at law firm Otterbourg, sued, opens new tab electronic trading firm Interactive Brokers, or IBKR, claiming it knew or should have known that Alexandre, now serving a nine-year prison sentence, opens new tab, was running a Ponzi scheme, and that it negligently allowed him to 'squander' his investors' money. Based on court holdings in other cases, I suspect it's likely to be a steep — though not unprecedented — hill to climb. Still, the effort raises intriguing questions to me about how third parties might be held liable for enabling investment scams, which have proliferated. According to the U.S. Federal Trade Commission, consumers reported, opens new tab losing an all-time high of $4.6 billion to investment scams in 2023, more than any other category of fraud. IBKR in a statement denied wrongdoing. 'This is a baseless and unwarranted case that should be dismissed,' the Greenwich, Connecticut-based company said, adding that it 'had nothing to do with the fraud Mr. Alexandre conducted.' The federal government in 2022 brought criminal and civil charges against Alexandre, who pleaded guilty, opens new tab to one count of commodities fraud and is currently incarcerated at a low-security prison in Pennsylvania. Prosecutors said he promised investors returns between 1,164% and 14,037% per year, claiming that he used 'secret' artificial intelligence trading technology to invest in cryptocurrency and foreign currency exchanges. The scheme itself was relatively short-lived, running from September 2021 until U.S. District Judge Valerie Caproni in Manhattan froze EminiFX's assets, opens new tab in May 2022 and appointed Castleman as receiver. He's already recovered $152 million in assets, announcing, opens new tab last week that he'll be distributing $100 million to about 35,000 victims, covering 45% to 55% of their losses. (The balance is being held in reserve, mainly for potential tax liabilities.) But he's not done. Suing IBKR offers the chance for further monetary recovery for victims of Alexandre's fraud, Castleman told me. According to the complaint, which was filed in New York state court, removed by IBKR to federal court in Manhattan and may yet be remanded back, Alexandre had just over $3,000 in his personal IBKR brokerage account on Nov. 30, 2021. Over the next two months, he transferred $9 million from his personal bank account to his account at IBKR. The brokerage allowed the deposits, as well as Alexandre's subsequent high-risk trading, even though the behavior was 'radically divergent from Alexandre's use of his personal account up to that time,' the complaint states. At the same time, Alexandre also attempted to open an IBKR account for EminiFX, allegedly indicating that the deposits in his personal account were 'to complete the funding' of the new corporate account. IBKR rejected EminiFX's application as deficient, requesting additional information about the business, which Alexandre vaguely described as an 'investment club' with a 'userbase.' Asserting gross negligence, negligence and aiding and abetting breach of fiduciary duty, the complaint claims IBKR knew or should have known that Alexandre was trading EminiFX customer funds that he'd deposited into his own account, losing more than $7 million in short order. The suit seeks a refund of the losses plus interest and legal fees. Represented by Dechert, the brokerage in a motion to dismiss, opens new tab responded that Alexandre 'hid his fraud,' and that IBKR did not know of or participate in the Ponzi scheme. Alexandre lost the money based on 'self-directed investment decisions' in his personal brokerage account, IBKR said, noting that it already handed over the $1.7 million he had left in the account to the receiver. Moreover, defense counsel argue that the receiver lacks standing to sue IBKR on behalf of scam victims. 'Brokerage firms, like banks, do not owe non-customers a duty to protect them from the intentional torts of their customers,' they wrote in seeking dismissal. Here, the lone plaintiff in the case (acting through the receiver) is EminiFX, which did not have an IBKR account. As for the wronged investors, they're neither parties to the case nor IBKR customers, and the Dechert lawyers argue Castleman overstepped his mandate in bringing the suit. One key point of contention may be the applicability of in pari delicto ('In equal fault'). The doctrine is based on the notion that a party injured by its own wrongdoing should not be able to use the courts to go after other participants in the same scheme who bear equal or lesser fault. What's less clear is how this applies when there's a receivership in place. Yes, Castleman is standing in the shoes of fraudster EminiFX, but he's doing so on behalf of innocent people who were scammed. Does that mean the receivership is cleansed of EminiFX's taint? Maybe not. For example, the 8th U.S. Circuit Court of Appeals in September threw out a $564 million jury verdict against a Bank of Montreal subsidiary over its role in multibillion dollar Ponzi scheme run by a now-convicted Minnesota businessman. The court held, opens new tab that the trustee of the man's bankrupt company could not recover on behalf of its creditors because the company helped orchestrate the fraud. Likewise, the 2nd Circuit in 2013 barred, opens new tab a trustee from asserting claims on behalf of the estate of Bernard Madoff's failed brokerage firm against JP Morgan Chase. However, Castleman points to a $95 million federal jury verdict, opens new tab in Florida against Deutsche Bank in 2023 finding the bank was negligent in disregarding warning signs of a Ponzi scheme. "Every case has its own facts," Castleman said, adding that in pressing forward with the suit against IBKR, he's seeking to reclaim 'real money for real people.'
