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Fairway Is So Crowded! How Can It Be in Bankruptcy?



In 2016, Fairway filed for bankruptcy. But while that process wiped away some of the company’s debt, it did not result in any fundamental changes to the business, according to Leo Crowley, who leads the insolvency and restructuring practice at the law firm Pillsbury.

“There was no attempt to renegotiate any store leases, there was no attempt to renegotiate any union contracts, there was no attempt to critically evaluate the existing store footprint,” Mr. Crowley said. “The operation was left 100 percent as is.”

Burt P. Flickinger III, a consultant for retail chains, said the bankruptcy proceeding also saddled Fairway with exorbitant legal fees. Some lawyers were billing at rates over $1,000 per hour, according to documents from the 2016 bankruptcy filing.

After the bankruptcy, Sterling Investment Partners walked away from Fairway, and GSO Capital Partners, the credit arm of Blackstone, the private equity giant, had at one point a 45 percent stake in the company. (It said it ended its investment in 2018.)

M. William Macey Jr., managing partner and founder of Sterling Investment Partners, said in a statement that the private equity group invested in Fairway “to provide liquidity sought by the family owners, and to support their and management’s objective to expand Fairway’s platform.”

Sterling, he said, assisted Fairway “through a consensual reorganization supported by the company’s management, owners and creditors in which all employees, including union employees, were retained, all vendors were fully paid, all stores remained open and the company was left well capitalized under its new owners.”

Sterling “had no involvement” with Fairway after its 2016 reorganization, Mr. Macey said.

Fairway also appointed a new chief executive, Abel Porter, who is known as a turnaround expert.


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CDC outlines what closing schools, businesses would look like in US pandemic




Travelers wearing masks arrive on a direct flight from China, after a spokesman from the U.S. Centers for Disease Control and Prevention (CDC) said a traveller from China had been the first person in the United States to be diagnosed with the Wuhan coronavirus, at Seattle-Tacoma International Airport in SeaTac, Washington, January 23, 2020.

David Ryder | Reuters

The Centers for Disease Control and Prevention outlined Tuesday what schools and businesses will likely need to do if the COVID-19 virus becomes an epidemic outbreak in the U.S.

Schools should consider dividing students into smaller groups or close and use “internet-based tele-schooling,” Dr. Nancy Messonnier, director of the CDC’s National Center for Immunization and Respiratory Diseases, told reporters on a conference call. 

“For adults, businesses can replace in-person meetings with video or telephone conferences and increase teleworking options,” Messonnier said. She said local communities and cities may need to “modify, postpone or cancel mass gatherings.”

Hospitals may need to triage patients differently, add more tele-health services and delay elective surgery, she said.

“We are asking the American public to work with us to prepare for the expectation that this is going to be bad,” she said.

Last week, U.S. health officials started warning businesses, schools and parents to start preparing for the deadly new coronavirus that’s infected more than 80,000 and killed at least 2,700 to become a global pandemic.

“I understand this whole situation may seem overwhelming and that disruption to everyday life may be severe. But these are things that people need to start thinking about now,” Messionnier said. “You should think about what you would do for child care if schools or day cares closed.”

The CDC late Monday confirmed 53 cases in the U.S., a majority of which came from passengers repatriated from the Diamond Princess cruise ship that was quarantined off the coast of Japan. The data shows that 36 of the cases are attributed to the cruise ship, three patients were infected in Wuhan and later evacuated to the U.S. and the rest were largely infected while traveling overseas.

Just two cases were contracted through person-to-person contact in the U.S., the CDC said.

This is a developing story. Please check back for updates.


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Trump calls on Supreme Court’s Sotomayor and Ginsburg to recuse




U.S. President Donald Trump speaks during a news conference in New Delhi, India, February 25, 2020.

Al Drago | REUTERS

President Donald Trump accused Supreme Court Justices Sonia Sotomayor and Ruth Bader Ginsburg on Tuesday of anti-Trump bias and said they should stay out of cases involving him.

Trump cited Sotomayor’s scathing dissent last week in the court’s decision to allow the administration to enforce its “public charge” immigration rule in Illinois.

Ginsburg called Trump a “faker” in 2016, while he was the presumptive Republican nominee for president, and later apologized.

“I just don’t know how they cannot recuse themselves to anything having to do with Trump or Trump related,” the president told reporters during a trip to India.

His comments come just weeks before the court will hear arguments in three cases concerning whether the president can shield his personal and business financial records, including his tax returns, from state prosecutors and Congress. Trump has bucked modern precedent by refusing to make his tax returns public.

Sotomayor’s comments on Friday concerned the Trump administration’s unusual practice of skipping federal appeals courts to bring cases directly in front of the justices.

In the case in question, Wolf v. Cook County, the administration was asking the court to remove a statewide block on a rule that would allow it to add new restrictions on those applying for green cards. The rule would make it more difficult for immigrants to obtain permanent citizenship if they have used or are likely to use public benefits like food stamps.

The top court removed a nationwide block on the rule in January by a 5-4 vote of the court’s conservatives, and the same majority voted Friday to remove the Illinois block, just five days before the matter was to be considered by the 7th U.S. Circuit Court of Appeals.

Traditionally, the Supreme Court hears cases after they have worked their way through the lower courts, except in extraordinary circumstances. The Trump administration has routinely skipped the appellate stage when its policies have been blocked from going into effect.

“It is hard to say what is more troubling: that the Government would seek this extraordinary relief seemingly as a matter of course, or that the Court would grant it,” Sotomayor wrote in her dissent.

Trump said in India that the statement was “inappropriate” and that Sotomayor was trying to “shame” her colleagues into voting with her.

“When you’re a justice of the Supreme Court, it’s almost what she’s trying to do is take the people that do feel a different way and get them to vote the way that she would like them to vote,” Trump said. “I just thought it was so inappropriate. Such a terrible statement for a Supreme Court justice.”

The cases involving Trump’s financial records will be argued March 31. Trump has asked the court to reverse three lower court rulings requiring his longtime accounting firm and two of his banks to turn over his financial records to investigators from the Manhattan district attorney’s office and Democratic-led congressional committees.

Ginsburg and Sotomayor did not immediately respond to requests for comment submitted through the court.


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📣 Political News: BERNIE SANDERS RALLY IN HOUSTON US Presidential Election Bernie Sanders 2020 cnbc



📣🆕 #PoliticalNews : BERNIE SANDERS RALLY IN HOUSTON |📣🆕 US Presidential Election Bernie Sanders 2020

Bernie Sanders visited the University of Houston Sunday afternoon after taking the lead in the Nevada primaries on Saturday.

The democratic candidate spoke at UH’s Fertitta Center at 1 p.m. Thousands of supporters gathered to rally with him ahead of the Texas Primary on Super Tuesday, March 3.

“We are going to defeat Donald Trump,” said Sanders. “Because whatever your political view may be, the people are sick and tired of lies, corruption and fraud.”

This is Sanders’ first visit to Houston since April 2019.

At the Nevada Democratic Primary caucus on Saturday, Sanders won 46% of the vote. He also held rallies in El Paso and San Antonio and will be in Austin late Sunday afternoon.

#berniesanders #politicalnews #rallyinhouston

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trump cnbc bernie sanders news political news united states presidential election presidential candidate bernie sanders 2020


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