Anthony Scaramucci, the former White House communications director, has emerged as a leading bidder for SVB Financial Group's venture-capital arm. Scaramucci's investment firm, SkyBridge Capital, is reportedly in talks to acquire the unit, which manages around $3.7 billion in assets. The potential deal highlights Scaramucci's interest in expanding his firm's presence in the venture-capital industry.
SVB Financial, the former parent company of Silicon Valley Bank, is suing the FDIC to regain access to approximately $2 billion in deposits that were seized by the regulator after the bank's collapse. SVB Financial filed for bankruptcy in March, shortly after Silicon Valley Bank was placed into receivership.
SVB Financial, the parent company of Silicon Valley Bank, has filed a lawsuit against the Federal Deposit Insurance Corporation (FDIC) to recover $1.9 billion that the regulator has held since seizing the bank earlier this year. SVB Financial argues that the FDIC is violating U.S. bankruptcy code by withholding the funds, which are crucial for the company's ability to reorganize. The bankruptcy judge recently approved the sale of SVB Financial Group's investment bank, SVB Securities, to its managers. The collapse of Silicon Valley Bank in March continues to have repercussions, with depositors seeking legal redress and federal officials investigating Goldman Sachs' involvement in the bank's final days.
SVB Financial has filed a lawsuit against the US banking regulator in an attempt to recover $1.9 billion. The lawsuit alleges that the regulator wrongfully classified certain loans as high-risk, resulting in SVB Financial being required to hold additional capital against those loans. SVB Financial argues that the loans were not high-risk and seeks to have the regulator's decision overturned.
SVB Financial is selling its investment banking unit to its management team, as the bank looks to focus on its core business of providing banking services to technology and life science companies. The sale is expected to close in the first quarter of 2022.
SVB Financial Group announced that CEO Greg Becker and CFO Daniel Beck have resigned, with Becker becoming a consultant to the company on an "as needed basis at no cost."
SVB Financial and the Federal Deposit Insurance Corporation (FDIC) are in a dispute over the fate of $2bn in a bankruptcy hearing. SVB Financial is arguing that the funds should be returned to investors, while the FDIC claims that the money should be used to pay off creditors. The outcome of the hearing could have significant implications for the banking industry.
SVB Financial, the bankrupt parent company of Silicon Valley Bank, has accused the FDIC of improperly freezing $2bn in funds. The FDIC guaranteed the uninsured deposits at Silicon Valley Bank, including the cash deposits of the parent firm, but regulators froze SVB Financial's accounts as part of an ongoing investigation into potential claims against the parent company. Meanwhile, Wall Street CEOs and US officials are discussing the possibility of government backing to encourage potential buyers for battered First Republic Bank. The Dow Jones Industrial Average rose 316 points, or 1%, at the closing bell, after Treasury Secretary Janet Yellen said the government could offer the banking industry more assistance if needed.
SVB Financial, the bankrupt parent company of Silicon Valley Bank, has lost access to its financial records after the bank was placed into receivership by the Federal Deposit Insurance Corporation (FDIC). SVB Financial is exploring options, including a potential bankruptcy sale, for its venture capital and investment banking businesses, which were not included in the FDIC's takeover of SVB. The FDIC is attempting to sell SVB and may seek a breakup of the failed lender.
SVB Financial, the parent company of Silicon Valley Bank, has filed for Chapter 11 bankruptcy protection with $2.2 billion in liquidity. Virgin Orbit has paused operations for at least a week while it looks for funding to support the business. New Zealand has banned TikTok from phones of parliamentarians, while the US government is increasing its pressure on TikTok to separate from parent company ByteDance or risk being banned in the US. Google has warned users to take action to protect themselves from Samsung chips that can be exploited to compromise Android devices.
SVB Financial Group has filed for Chapter 11 bankruptcy to preserve value, while First Republic Bank received a $30 billion lifeline from Treasury Secretary Janet Yellen, Federal Reserve Chair Jerome Powell, and JPMorgan Chase CEO Jamie Dimon. Playboy reported a $4.9 million loss on its Ethereum holdings from NFT collection, and Tesla has reportedly submitted applications to expand production at Gigafactory Berlin-Brandenburg to one million vehicles annually. Sanofi has followed Lilly and Novo Nordisk to lower the price of its best-selling insulin product, Lantus, by 78%. Pfizer is working to develop new packaging for migraine drug over child safety and poisoning concerns. Norwegian company Loke Marine Minerals has acquired deep sea mineral business UK Seabed Resources from Lockheed Martin Corp. Baidu has received a permit to provide fully driverless robotaxi services in Beijing, becoming the first provider of fully driverless robotaxi services in the capital city of any country worldwide. Astra Space Inc intends to avoid Nasdaq delisting and seeks a 180-day extended compliance period. Private equity firm Motive Partners is in talks to snap payments software provider ACI Worldwide. Meta Platforms Inc initiated job cuts as planned, starting with 1,500 recruiting and human resources employees.
SVB Financial has filed for Chapter 11 bankruptcy protection in the US Bankruptcy Court for the Southern District of New York. The holding company for Silicon Valley Bank and other subsidiaries has $2.2bn in liquidity and plans to apply to the courts to resume activities while finding buyers for its assets, including SVB Securities and SVB Capital. The latter two are technically different legal entities and are therefore not included in the Ch. 11 filing. They are continuing to operate while also being shopped around separately to potential buyers.
