Latest news with #Chapter22
The Star
3 days ago
- The Star
Malaysian man involved in online Macau scam sentenced to seven years' jail in Brunei
Royal Brunei Police Force personnel escort the suspect to a police cell. - Photo: RBPF BANDAR SERI BEGAWAN: A Malaysian national believed to be involved in an online Macau scam produced before court on May 17 was sentenced to a seven year jail term by Magistrate Nur Eleana Hairol Arni. The man faced nine charges under Section 420 and 109 of Chapter 22 of the Penal Code, as well as the Criminal Asset Recovery Order, 2012, related to money laundering. Deputy Public Prosecutors Emily Goh and Mohammad Syafi'e Mirhan led the prosecution. The suspect was apprehended by the Royal Brunei Police Force (RBPF) on March 21, following an investigation by the Cyber Crime Investigation Division under the Criminal Investigation Department. As part of ongoing efforts, the Interpol Unit under RBPF is working with foreign agencies to trace and extradite other suspects believed to be still at large overseas. Authorities have reported several cases where scammers impersonated bank officers or police personnel to deceive victims. The modus operandi is the victims are falsely informed they are involved in credit card debt or money laundering and are tricked into transferring money online or handing over cash to unknown individuals. To date, over 50 such cases have been reported, with local victims suffering losses exceeding BND1 million. The RBPF urged the public to remain vigilant and avoid sharing personal or financial information over calls or messages from unknown sources. Members of the public are advised to confirm with official authorities before making financial transactions and to report suspicious calls to the police immediately. - Borneo Bulletin/ANN
Yahoo
22-05-2025
- Business
- Yahoo
Davenport city leaders testify in Scott County lawsuit about 3 settlements
City of Davenport leaders testified Wednesday in a Scott County Court trial after allegations that the City of Davenport violated state law. Mayor Mike Matson and other city leaders, including Alderperson Marion Meginnis, took the stand Wednesday. Scott County Court records show that, although deputies tried to make contact with retired assistant city attorney Brian Heyer, attempts to serve him a subpoena have been unsuccessful. In January 2024, Dr. Allen L. Diercks, who lives in Bettendorf and owns property in Davenport, filed a petition about the open meetings act and settlements of nearly $2 million with three city employees. In the civil suit, he is represented by attorneys Michael J. Meloy, and John T. Flynn, Scott County Court documents show, A judge is presiding over the trial, which began Tuesday and is scheduled to continue for four days. (In a bench trial, the judge makes the decisions, whereas jurors make the decisions in a jury trial.) Read the lawsuit below: Dierks-lawsuitDownload Details of the lawsuit The lawsuit names as defendants the City of Davenport, the Davenport City Council, and City Attorney Tom Warner. The suit challenges the execution of three 'settlement' contracts by Warner of about $2 million with three city employees, and says the contracts were signed without prior city council approval in violation of the Iowa Code. Warner was the corporation counsel for the City of Davenport and was a full-time in-house legal employee of the city, the suit says. The suit says Corrin Spiegel was the city administrator in 2023 and was hired in 2016 as city administrator, and that Spiegel was Warner's immediate job and operational supervisor. Tiffany Thorndike and Samantha Torres were at-will employees who were supervised by Spiegel and who both worked as executive assistants for the office of the mayor and the city council, according to the suit. On Sept. 8, 2023, 'without prior council approval voted upon by the Council in an open meeting,' Warner signed two separate settlement agreements with Thorndike and Torres for $157,000 and $140,500 dollars, respectively, the suit claims, saying the council did not vote to approve nor was provided the actual Thorndike and Torres agreements 'prior to its execution on September 8, 2023.' On Oct. 2023, 'without prior Council approval voted upon by the Council in an open meeting,' the suit accuses Warner of signing a third settlement agreement with Spiegel, for $1,600,000, including $600,000 dollars for lost wages and $1 million for emotional pain and suffering. The Council did not vote to approve and was not provided the actual Spiegel settlement agreement prior to its execution on Oct. 6, 2023, the suit says. Each of these three settlement agreements was a Chapter 22 public record upon the dates of their execution, according to the suit. The lawsuit claims each of the three executed settlement agreements constitutes a void contract between the parties signing the agreements. The council did not approve any of these three settlement agreements, by a recorded vote in an open meeting, with Thorndike, Torres and Spiegel, prior to the date Warner signed said agreements with the three employees, the suit says. On Nov. 10, 2023, according to the suit, the city disbursed settlement funds to Thorndike and Torres for $157,000 and $140,500. On or about Nov. 20, 2023, the suit says, the city announced that Warner was retiring effective Jan. 2, 2024. On Nov. 22, 2023, the city first publicly disclosed the settlement agreement executed with Spiegel, 'keeping the contract, which was a public record, secret from public knowledge and inspection' for a period of 47 days, after the date Warner executed the settlement agreement with Spiegel on Oct. 6, 2023. On Nov. 29, 2023, the city first publicly disclosed the Thorndike and Torres settlements, 'keeping these contracts, which were public records, secret from public knowledge and inspection for 83 days' after Warner executed the agreements on Sept. 8, 2023, the suit says. On or about Dec. 4, 2023, Warner was placed on administrative leave by the city, 'without the City disclosing the reason for Warner's administrative leave,' the suit says, adding the three large monetary settlements 'were purposely kept secret, by Warner and Mayor Matson, from the public until after the November 7, 2023 municipal election for Mayor, to protect the incumbent Mayor from public criticism and potential loss of electoral office, in his re-election bid for a third term in office.' The suit alleges the settlement agreements were 'purposely kept secret' by Warner and the council from the public until after the municipal elections for alderpersons 'to protect incumbent alderpersons from public criticism and potential loss of electoral office, in their reelection bids.' On Dec. 13, 2023, the council held an executive session 'to discuss strategy with counsel in matters involving litigation,' according to the lawsuit, which says a 'a secret (executive) session' was held after the mayor adjourned the regular council meeting in a session 'involving litigation.' According to the suit, 'At the conclusion of the secret (executive) session' held on Dec. 13, 2023, the council, by vote of 6 to 1 (3 council persons not voting), voted to 'ratify' the three settlements. In the suit, Diercks requests that the court: Declare these three employee settlement agreements were void and could not be ratified by the council on Dec. 13, 2023, after they were executed. Schedule an oral hearing on this matter before the court and, after the hearing, 'declare that the Council's December 13, 2023 'ratification' was erroneous, illegal, arbitrary and capricious and was void.' Schedule a trial on the Declaratory Judgment action, the Open Meetings count and the Certiorari count. Declare that Warner's actions in signing the three contracts and the Council's actions to 'ratify' these three contracts on Dec. 13, 2023 were each 'illegal, … erroneous and void.' Find that Warner, the City of Davenport and the Council failed to follow statutes. Find that Warner, the City of Davenport and the Council violated the Iowa Code. Find that the City of Davenport and Warner violated the Davenport City Code on the stipulated settlement amounts that are allowed by Warner to sign. Find that Warner is personally liable for unlawfully signing the three contracts and causing the 'three extravagant monetary payments' made to Spiegel, Thorndike and Torres. 'Declare that the City shall take legal action to clawback all monetary payments made to Spiegel, Thorndike and Torres.' (A 'clawback' is a contractual provision by which money already paid to an employee must be returned to an employer, sometimes with a penalty.) Award Dr. Allen L. Diercks attorney fees for the council's violations of the Iowa Open Meetings Act. Enter other relief to Diercks that is just and equitable, including court costs and attorney fees. The suit refers to Chapter 21 of the Official Meetings Open to the Public (see the Iowa Code here) that regulates public meetings. Read Chapter 21 of the Iowa Code here. Read Chapter 22 about open records here. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Axios
17-03-2025
- Business
- Axios
Forever 21 plans to close all U.S. stores after bankruptcy filing
Forever 21 stores in the U.S. are poised to go out of business after the company that owns them filed for Chapter 11 bankruptcy protection. Why it matters: The retailer — which has about 354 stores and more than 9,200 employees — was a pioneer in fast fashion, becoming a once-ubiquitous presence in American malls and a destination for teenage shoppers. The big picture: It's the latest retailer to close stores and comes as liquidation sales continue at Party City, Kohl's, Macy's, JCPenney and Joann stores. Approximately 15,000 store closures are expected this year, nearly double the 7,325 stores that closed in 2024, according to Coresight Research. Forever 21 store closings Driving the news: F21 OpCo LLC, which operates the U.S. stores through a brand licensing agreement, filed for bankruptcy protection in Delaware with plans for an "orderly wind down" of its operations. Liquidation sales will begin imminently. The company said it would continue to seek a buyer of its business or some of its assets in a deal that could keep its stores open at the last minute. Forever 21 bankruptcy 2025 Context: It's the second bankruptcy for Forever 21 — a move known in the restructuring world as Chapter 22. After its 2019 bankruptcy, the company's assets were sold to a consortium of buyers. The retailer's foreign assets are not included in this second bankruptcy. Zoom out: Forever 21 said it's been facing "significant losses" after grappling with the inflation crisis and the surge of Chinese retailers Temu and Shein. Those competitors have taken advantage of an import loophole allowing goods valued under $800 to avoid tariffs, which lets them sell items super cheap to American consumers. "The ability for non-U.S. retailers to sell their products at drastically lower prices to U.S. consumers has significantly impacted the Company's ability to retain its traditional core customer base," F21 OpCo co-chief restructuring officer Stephen Coulombe said in a court filing. Flashback: Founded in 1984, Forever 21 expanded rapidly over the next couple of decades. The retailer had 43,000 employees and $4 billion in sales at its peak, known for its clothing, jewelry, handbags, scarves, shoes, and accessories. Between the lines: Forever 21 is in the Catalyst Brands portfolio, a company that was created when Sparc Group — owner of other former mall mainstays including Aéropostale, Eddie Bauer, Brooks Brothers, Lucky Brand, and Nautica — acquired and merged with JCPenney in January. Catalyst said in January that it was "exploring strategic options for the operations of Forever 21." Editor's note: This story was updated with information about Catalyst Brands' plans for Forever 21. More from Axios: Store closing sales enter final days for Party City and more stores Lower-income customers struggling to afford "basic essentials," CEO says Trump claims credit for falling egg prices but no relief for shoppers yet
Axios
27-02-2025
- Business
- Axios
Crafts retailer Joann going out of business; 19,000 jobs lost
Bankrupt arts and crafts retailer Joann will close all of its stores, after its restructuring plans faltered and a liquidator agreed to buy its assets. Why it matters: Joann had about 800 stores and 19,000 employees when it filed for Chapter 11 bankruptcy protection in January, including 15,600 part-time workers. Between the lines: The company had plans to shutter about 500 of its stores earlier this month, but those collapsed in recent days after liquidator GA Group won a bid to acquire substantially all of its assets. A final sale hearing to approve the liquidation sale is set for Wednesday, Feb. 26 in U.S. Bankruptcy Court for the District of Delaware. Flashback: Founded in 1943 as the Cleveland Fabric Shop in Ohio, the retailer expanded to 18 locations by 1963, when it renamed itself Jo-Ann Fabrics. The moniker was a mashup of the names of the daughters of each of its founding families: Joan and Jacqueline Ann. The company expanded rapidly, going public in 1969 and opening its 500th location in 1980, according to a court filing. By 1998, it was the largest fabric and crafts retailer in the U.S. When the pandemic struck, Joann's business boomed as DIY projects took off. The company's sales rose 23.5% in the 2021 fiscal year. But Joann soon faced mounting debt and increased competition that led the company into its first Chapter 11 bankruptcy in March 2024. That case ended a month later, but the company filed for bankruptcy protection again in January 2025 in what is informally known to restructuring advisers as Chapter 22 — a second bankruptcy filing. Store closings 2025 The big picture: Store closings are growing in 2025 with the loss of one of the nation's largest craft retailers. Approximately 15,000 store closures are expected this year, more than double the 7,325 that closed in 2024, according to Coresight Research. Big Lots, Party City, Kohl's, Macy's and JCPenney are among the retailers currently holding liquidation sales. Joann store closings, liquidation sales State of play: In a customer FAQ posted on its restructuring website, the company said subject to court approval it expects to begin or continue "going-out-of-business sales at all locations immediately." The company says its website and mobile app will also remain open. "Any dates for store closures or changes to the website and app will be communicated as soon as possible, and we expect it will take a number of weeks to complete our final sales." Joann gift cards accepted through Feb. 28 Stores will be accepting gift cards through Friday, Feb. 28, the company said on its website. Joann return policy The bottom line: Stores will not be accepting returns, which is common for liquidation sales. Personalized discounts and discount partnerships are also now paused, the company said. More from Axios: Denny's adds egg surcharge at some restaurants due to bird flu Starbucks menu cuts starting soon, layoffs announced Walmart outlook worries investors in "uncertain time" Dunkin' joins Starbucks in dropping nondairy milk fee
