Lynn Tilton’s Patriarch Is Sued by Ex-Employees of Unit (Bloomberg)
Former employees of Patriarch Partners LLC’s TransCare sued the private-equity fund founded by Lynn Tilton, claiming it broke the law when it fired them without cause in a bankruptcy proceeding. The suit, which was filed in federal court in Manhattan on Wednesday, seeks class-action, or group, status. It says the company violated New York labor law requiring employers to give workers 60 days’ written notice of termination and has failed to pay wages and benefits. The former employees, who worked as emergency medical technicians, or EMTs, and serviced Manhattan hospitals, say TransCare told its hospital partners and the New York City Fire Department it was in financial trouble months ahead of its filing for bankruptcy court protection on Feb. 24. The next day, TransCare told employees the company was shutting down and they were being immediately terminated, according to the complaint.
DoubleLine Capital LP to Close Stock-Picking Fund (WSJ)
DoubleLine Capital LP intends to close its fund that exclusively picks stocks, the latest stumble by a prominent bond investor hoping for an expansion into equities. The fund, the DoubleLine Equities Growth Fund, lost 20% for the year ended March 1, according to research firm Morningstar Inc. Its assets dropped 13% during January to $6.5 million, according to Morningstar.
Pressure builds against short sellers targeting Tesla (Reuters)
The electric car manufacturer's stock has surged about 25 percent since it posted upbeat quarterly results in early February. At the same time, activity by short sellers - who bet that a company's shares will fall - has hit an all-time high, and the interest rate paid by short sellers has skyrocketed.
In Deal Boom, More Firms Ask: Is My Banker Conflicted? (WSJ)
The boardroom scrutiny is shaking up the market for mergers-and-acquisitions work. Big banks are becoming more selective about which assignments to take, wary of finding themselves locked out of others or of offending clients. And the process of hiring bankers is becoming more fraught, with lawyers peppering potential advisers with questions before they can get retained. Companies also are sending record amounts of work to boutique investment banks that pitch themselves as conflict-free.
Drive-Thru Sex Lands Couple Behind Bars (TSG)
As several drive-thru customers looked on, a Kentucky couple had sex in their car in the parking lot of a Hardee’s restaurant, according to cops who busted the randy duo for their 10 AM encounter. Brittany Pennington, 24, and Johnathan Howard, 24, were arraigned today on indecent exposure charges in connection with their public tryst Monday morning outside the Hardee’s in Harlan, a city about 20 miles north of the Tennessee border. According to cops, the occupants of several cars lined up to order breakfast watched as Pennington and Howard had sex inside a 1994 Ford Crown Victoria "during the rush hour." When confronted by an officer who had been summoned by a witness, Pennington and Howard copped to the illicit encounter, adding that they "made a mistake."
UN Targets Banks, Gold Sales in Latest North Korea Sanctions (Bloomberg)
The added restrictions limit or ban exports of gold, titanium, rare earths and coal, a key source of hard currency for Kim Jong Un’s regime, as well as imports of small arms. The resolution also bans financial institutions from opening new branches or accounts in the country, requires inspection of all cargo entering or leaving North Korea, and blacklists a number of North Koreans, including officials active in Iran, Syria and Vietnam.
Jack Daniel’s Maker Warns Emerging-Markets Pain Will Extend to Results (WSJ)
Brown-Forman Corp. warned Wednesday that struggles in emerging markets will hurt future results and said it would try to offset that by shifting advertising and promotional support from areas like Asia and Russia to more stable ones like the U.S. and Europe. The maker of Jack Daniel’s Tennessee Whiskey is struggling in those markets where softening economies have made it tougher for consumers to buy its higher-priced American whiskeys.
Uber Spends Big on International Expansion (WSJ)
...the numbers reveal a large jump in spending from 2013 to 2014, a period in which Uber accelerated its international expansion. The company now operates in about 400 cities, up from fewer than 100 at the start of 2014.
How to Fly Like an Asian Tycoon: Bring the Bling (Bloomberg)
Hermes tea sets. Burberry divans. Chanel blankets. Put those on the shopping list if you want to fly like a tycoon in Asia. And don’t forget the mahjong table and karaoke screen. Bright accents, mahogany and carpets with gold stitching also would help you fit in nicely.
Melbourne Holds Last-Ever Naked Bike Ride (NSFW) (HP)
The event is held in various cities around the world, usually in mid-March for southern hemisphere cities and June for the northern hemisphere. The ride has been going on annually for the past 10 years, but it won't be held in Melbourne again, at least not by the current organizer Dallas Goldburg. "I see the vision of the World Naked Bike Ride in Melbourne has changed over the years," Goldburg told The Age. "Cycling and cycling awareness has become a full time job, not just one day a year. The crowd is also a bit of an issue."