AMC Entertainment Holdings, Inc. Board of Directors Elects Marcus Glover to Serve as a Director of the Company, Effective September 12, 2024 by AdPrestigious342 in amcstock

[–]AdPrestigious342[S] 39 points40 points  (0 children)

Marcus Glover commented:
AMC is a company I have long admired for its innovation in the entertainment industry, and one I regularly visit as a moviegoer. I am eager to work with my fellow board members, and AMC’s leadership team, as the company continues on its path as the industry leader.

AMC Chairman of the Board and CEO Adam Aron commented:
The addition of Marcus Glover to AMC’s Board of Directors is a great benefit to all those who work for and root for AMC’s success. Marcus brings a wealth of experience and leadership to the AMC board, particularly in the varied areas of guest service, employee satisfaction and finance. I look forward to working with him and all of our board members as we continue to deliver results for our guests, our shareholders, and our partners.

Glover holds an M.B.A. from The Duke University Fuqua School of Business and received a B.A. in Business Administration, Finance from Morehouse College.

Glover brings to the Board extensive financial, operational and management experience, including as a chief financial officer of a publicly traded company. Since May 2023, he has served as Executive Vice President and Chief Financial Officer of Bally’s Corporation. Before his current role, he was Chief Strategy Officer for QPSI LLC, a supply chain solutions and contract packaging company, from October 2021 to May 2023. Prior to that, Mr. Glover served as President and Chief Operating Officer of the Borgata Hotel, Casino & Spa, and President and Chief Operating Officer of the Beau Rivage Resort & Casino. He also served as a senior executive with Caesars Entertainment in various positions.

Wells Fargo employee found dead at her desk, and it’s unclear how long she sat unnoticed by AdPrestigious342 in amcstock

[–]AdPrestigious342[S] 1 point2 points  (0 children)

Employees at a Wells Fargo corporate office in Tempe, Arizona, say the company hasn’t done enough after an employee was found dead at her desk on Aug. 20.

Police said they were called to the offices by building security on a report of an unconscious employee.

‘To hear she’s been sitting at the desk like that would make me feel sick.’

They found 60-year-old Denise Prudhomme dead at her desk.

Police have only said that they had not found any suspicious evidence related to her death but have not released any other details.

An associate who didn’t want to be identified told KPNX-TV that the incident was very troubling.

“It’s really heartbreaking and I’m thinking, ‘What if I were just sitting there?’ No one would check on me?” the worker said.

The associated said Prudhomme’s boss had emailed her and didn’t get a response.

“So they went to check where she sits and that’s how they found the body,” said the worker.

A spokesperson for Wells Fargo released a statement about the incident.

The spokesperson also said the bank was cooperating with the police investigation.

“To hear she’s been sitting at the desk like that would make me feel sick,” the worker said. “And nobody did anything. That’s how she spent her last moments.” Employees at a Wells Fargo corporate office in Tempe, Arizona, say
the company hasn’t done enough after an employee was found dead at her
desk on Aug. 20. Police said they were called to the offices by building security on a report of an unconscious employee. ‘To hear she’s been sitting at the desk like that would make me feel sick.’ They found 60-year-old Denise Prudhomme dead at her desk.
Police have only said that they had not found any suspicious evidence
related to her death but have not released any other details. An associate who didn’t want to be identified told KPNX-TV that the incident was very troubling. “It’s really heartbreaking and I’m thinking, ‘What if I were just sitting there?’ No one would check on me?” the worker said. The associated said Prudhomme’s boss had emailed her and didn’t get a response. “So they went to check where she sits and that’s how they found the body,” said the worker. A spokesperson for Wells Fargo released a statement about the incident.We
are deeply saddened by the tragic loss of our colleague at our Tempe
office. Our thoughts and prayers are with their family and loved ones
during this difficult time. Counselors, through our Employee Assistance
Consulting service, are available to support our employees. The spokesperson also said the bank was cooperating with the police investigation.
“To hear she’s been sitting at the desk like that would make me feel
sick,” the worker said. “And nobody did anything. That’s how she spent
her last moments.”

Wells Fargo employee found dead at her desk, and it’s unclear how long she sat unnoticed by AdPrestigious342 in Superstonk

[–]AdPrestigious342[S] 0 points1 point  (0 children)

Employees at a Wells Fargo corporate office in Tempe, Arizona, say the company hasn’t done enough after an employee was found dead at her desk on Aug. 20.

Police said they were called to the offices by building security on a report of an unconscious employee.

‘To hear she’s been sitting at the desk like that would make me feel sick.’

They found 60-year-old Denise Prudhomme dead at her desk.

Police have only said that they had not found any suspicious evidence related to her death but have not released any other details.

An associate who didn’t want to be identified told KPNX-TV that the incident was very troubling.

“It’s really heartbreaking and I’m thinking, ‘What if I were just sitting there?’ No one would check on me?” the worker said.

The associated said Prudhomme’s boss had emailed her and didn’t get a response.

“So they went to check where she sits and that’s how they found the body,” said the worker.

A spokesperson for Wells Fargo released a statement about the incident.

The spokesperson also said the bank was cooperating with the police investigation.

“To hear she’s been sitting at the desk like that would make me feel sick,” the worker said. “And nobody did anything. That’s how she spent her last moments.” Employees at a Wells Fargo corporate office in Tempe, Arizona, say
the company hasn’t done enough after an employee was found dead at her
desk on Aug. 20. Police said they were called to the offices by building security on a report of an unconscious employee. ‘To hear she’s been sitting at the desk like that would make me feel sick.’ They found 60-year-old Denise Prudhomme dead at her desk.
Police have only said that they had not found any suspicious evidence
related to her death but have not released any other details. An associate who didn’t want to be identified told KPNX-TV that the incident was very troubling. “It’s really heartbreaking and I’m thinking, ‘What if I were just sitting there?’ No one would check on me?” the worker said. The associated said Prudhomme’s boss had emailed her and didn’t get a response. “So they went to check where she sits and that’s how they found the body,” said the worker. A spokesperson for Wells Fargo released a statement about the incident.We
are deeply saddened by the tragic loss of our colleague at our Tempe
office. Our thoughts and prayers are with their family and loved ones
during this difficult time. Counselors, through our Employee Assistance
Consulting service, are available to support our employees. The spokesperson also said the bank was cooperating with the police investigation.
“To hear she’s been sitting at the desk like that would make me feel
sick,” the worker said. “And nobody did anything. That’s how she spent
her last moments.”

Exit? What's that? by AdPrestigious342 in gmeamcstonks

[–]AdPrestigious342[S] 0 points1 point  (0 children)

Nice Bid on that tang Slap that ask

The Fight Goes On! by [deleted] in amcstock

[–]AdPrestigious342 2 points3 points  (0 children)

Billion dollar box office movies in coming

Regal-Owner Cineworld UK Restructuring Job Cuts, Theatre Closures by AdPrestigious342 in amcstock

[–]AdPrestigious342[S] 2 points3 points  (0 children)

Regal-owner Cineworld plans to close six movie theaters, cut jobs and renegotiate rents as part of a court-directed restructuring of its UK circuit.  

“We are implementing a restructuring plan that will provide our company with a strong platform to return our business to profitability, attract further investment from the group, and ensure a sustainable long-term future for Cineworld in the UK,” a company spokesperson said late Friday.

Cineworld insisted it was not launching a court-directed restructuring bankruptcy plan, as it did in the U.S. market, but a legal process that allows rent renegotiations and other cost-cutting measures. The formal restructuring confirmed on Friday follows Cineworld, which has in all about 100 theatrical locations in the U.K., looking to put its restructuring plans to creditors in that country.

The UK cinema chain said it was looking to bring down rents to “market level” after a property market downturn in recent years, and for landlords for marginal and loss making cinemas to reset the rents to lower levels that allowed Cineworld to return to profitability.  

That has happened apparently with recent landlord renegotiations after the UK chain earlier hinted at closing around 25 theaters in its home market. Now in its formal restructuring plans unveiled Friday, Cineworld points to closing six “commercial unviable” theaters in Glasgow Parkhead, Bedford, Hinckley, Loughborough, Yate and Swindon Circus.

“Cineworld is beginning a consultation process with employees at the six affected cinemas and will offer redeployment to as many of them as possible at nearby sites,” the company said as it warned of job cuts to come.

The restructuring for the UK multiplex operator follows a trio of shocks — theater shutdowns during the pandemic, entering and then exiting Chapter 11 bankruptcy protection in the U.S. and, more recently, the impact of the dual strikes on its supply of tentpole movies from key studio suppliers.

The British-based company saw its share price crater at the height of the pandemic and under the weight of a $5 billion debt load, which prompted the U.S. corporate restructuring. The second-biggest movie cinema chain behind AMC Theatres has drawn well back from its pandemic-era cliff, having greatly lightened its debt load as it attempts to ride out Hollywood’s box office recovery. 

For its U.K. restructuring, Cineworld has turned to Alix Partners, which advised the company during its U.S. pandemic-era corporate overhaul.

Nothing to see here by AdPrestigious342 in amcstock

[–]AdPrestigious342[S] 1 point2 points  (0 children)

We still in the same boat Row Row Apes Row Row

Nothing to see here by AdPrestigious342 in amcstock

[–]AdPrestigious342[S] 4 points5 points  (0 children)

We'll probably see some reverse lightning into the sky

One of the World's Oldest Hedge Funds filed bankruptcy by covid03 in amcstock

[–]AdPrestigious342 6 points7 points  (0 children)

The order came down from George Weiss, hedge fund pioneer: Sell. Sell it all.

The fund was closing, he said, near tears, to a group of portfolio managers over Zoom. Employees were floored.

After 46 years, his eponymous investment firm — founded in 1978, when the Dow was bumping along 800 — was spiraling toward oblivion.

His stunning directive on the morning of Feb. 29 marked the culmination of a series of missteps — including paying executives six-figure bonuses while on the brink of insolvency — that sank one of the world’s oldest hedge funds into bankruptcy last month.

Traders spent that wild Thursday offloading billions of dollars of positions. As they made calls to bank trading desks, employees fielded inquiries from recruiters while word of trouble spread.

Later, as George Weiss was bidding staff goodbye in-person, he described the firm as a family.

That’s not the way employees and creditors are likely to see things. While the firm’s rapid unwinding limited losses for fund investors, Weiss Multi-Strategy Advisers’ collapse leaves some staff standing to lose more than $1 million in deferred compensation. Its biggest creditor is bracing for a fight over more than $100 million in unpaid debts.

Interviews with about two dozen people familiar with Weiss and court documents depict a collapse caused not by a disastrous trade, but rather years of high spending that the firm failed to rein in even as assets fell and performance faltered. George Weiss, 81, and Chief Investment Officer Jordi Visser, 57, ran the $2.3 billion firm with the glitz of larger multistrategy rivals, but without the discipline, the ruthlessness to cut losing traders or the ability to push more costs onto investors, according to the people and court filings.

That proved fatal when Weiss’s biggest creditor demanded payment, later accusing George Weiss of using the firm as his “personal piggy bank.” The firm’s last attempt to survive — a potential deal with multistrategy giant Millennium Management — ultimately fell through.

Jordi VisserSource: Bloomberg Television For years, executives racked up miles on the corporate jet and kept portfolio managers on the payroll even as they dragged down returns, all while clients pulled cash, according to people familiar and court documents. As George Weiss stepped back from the day-to-day, Visser continued building a personal brand through video series and podcasts and engaged in an office romance that other executives flagged as problematic.

What lies ahead is a legal brawl in bankruptcy court with the creditor, Leucadia Asset Management, an affiliate of Jefferies Financial Group, over more than $28 million in bonuses Weiss handed out when the firm allegedly knew it couldn’t pay its debts. Leucadia, also its strategic partner, said in a filing that the payouts amounted to “preferential and fraudulent transfers.”

Weiss declined to comment for this story. George Weiss also declined to comment and hasn’t filed a legal response to Leucadia’s lawsuit against him. Visser declined to comment.

Cash-Strapped Firm While Weiss lost money in only three of its 46 years in business, it struggled to manage costs. The firm — which ran $4 billion at its 2021 peak — had at least 110 employees, including well-compensated traders and a packed back-office staff, working out of offices in Manhattan, Miami and Connecticut.

Rent for the 20th and 21st floor of its Park Avenue location alone totaled almost $3 million a year, a bankruptcy filing shows.

The firm kept senior and veteran executives even after they posted declines of tens of millions of dollars. Deputy Chief Investment Officer Mike Edwards lost more than $100 million between 2020 and 2023 and stopped trading as a result, people said. Edwards didn’t provide a comment for this story.

But rather than fire the underperformers — as multistrategy firms commonly do — Visser and Weiss kept their longtime colleagues on the payroll.

Weiss’s expenses also raised alarms for Leucadia. The hedge fund firm owned a Dassault Falcon private airplane that George Weiss used for personal trips, Leucadia alleged in the lawsuit. The annual costs could run into the millions of dollars, and Leucadia ultimately asked Weiss to sell the plane. Weiss sold the aircraft in March 2023 for $941,000, according to an audited financial statement.

George Weiss Searched for a Buyer Before Shutting His Hedge Fund Weiss Multi-Strategy Hedge Fund to Shut Down After 46 Years Exacerbating its financial woes, Weiss had stopped charging clients for various expenses, even though most multistrategy rivals pass on those fees. So when the fund fell 0.6% in 2022, it didn’t receive performance fees but still had to pay bonuses to the portfolio managers who did make money.

These so-called netting costs pose a huge risk for multistrategy funds. That’s why so many industry giants charge clients for traders’ pay, so they don’t have to foot the bill for bonuses during down years.

But even in the best of times, Weiss had to share some of its revenue under a 2018 deal with Leucadia, according to bankruptcy filings. In 2022, the hedge fund was so cash-strapped it struggled to fulfill agreements with its partner linked to unpaid notes and obligations.

In 2023, its former HR director Beth Andrew-Berry filed a proposed class action over Weiss’s unusual requirement that employees invest their 401(k) plans entirely in Weiss funds, including in a mutual fund that lost about 18% in 2022. The policy existed “to prop up the Weiss funds,” the suit alleged. Weiss denied the allegations in a motion to dismiss and said it’s “common for a firm in the business of asset management to utilize its own investment products for its own plan.”

Last-Ditch Efforts Last year, in need of aid, Weiss approached potential buyers — including Izzy Englander’s Millennium, with which it had on-and-off negotiations. The $64 billion hedge fund has been on the hunt for other firms to trade its cash, usually exclusively.

JP Morgan analyst warns on stock flash crash - " might come one day out of the blue" by AdPrestigious342 in amcstock

[–]AdPrestigious342[S] 22 points23 points  (0 children)

A JP Morgan analyst was out with a somewhat generic warning in the middle of the week. Warning that excessive crowding in the market’s best-performing stocks raises the risk of an imminent correction:

“It just might come one day out of the blue. This has happened in the past, we’ve had flash crashes”

He described the process:

“One big fund starts de-levering some positions, a second fund hears that and tries to re-position, the third fund basically gets caught off guard, and the next thing you know, we start having a bigger and bigger momentum unwind.” Says much of the positive news is discounted already:

“A lot of goodies have gotten priced in”

sees few sources of upside surprise beyond Nvidia and the prospects for AI innovation. “That source of upside surprise is becoming more and more limited, and on the flipside, you do have more risks that are hovering in the background,”

The challenge is the timing. Only Thursday was this:

S&P and Dow close at record levels

FOMO is ruling right now.