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Opening Bell: 4.22.16

Hedge funds want Puerto Rico to pay more cash; Ex-banker charged following IMDB probe; Hamilton’s fifth-great-grandson breathes sigh of relief; Suspect throws meat at Texas police in high steaks chase; and more.
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Greek Creditors Signal Bailout Progress to Allow Debt Discussion (Bloomberg)
To satisfy IMF concerns, finance ministers agreed that Greece would have to put into legislation contingency measures -- extra austerity steps as an insurance in case the indebted nation doesn’t reach its fiscal targets.

Hedge funds want Puerto Rico to borrow more cash (NYP)
Several funds that own Puerto Rico’s general obligation (GO) bonds are telling members of Congress they want to exchange their debt for newly issued bonds, sources close to the situation told The Post — even though Puerto Rico can’t pay its present $72 billion in debt. The proposal would result in the funds retaining more of their profits than they would if Congress allowed Puerto Rico access to a court-supervised reorganization — but is still a risk for House Speaker Paul Ryan, who is trying to craft a bill Republicans, Democrats and creditors can support.

Singapore Charges Ex-Banker Following 1MDB Probe (Bloomberg)
Yeo Jiawei, a former wealth planner at the Singapore arm of Swiss private bank BSI SA, was charged on April 16, said the people. While the charge made no mention of 1Malaysia Development Bhd., they stemmed from investigations into the fund’s money flows, the people said. Singapore’s Attorney-General’s Chambers on Friday confirmed Yeo’s identity and the charge.

Alexander Hamilton’s Fifth-Great-Grandson: ‘We Really Did Not Think We Could Win This’ (WSJ)
On Wednesday, he got a call from Mr. Lew’s chief of staff, Christian Weideman, asking if he had heard the news that Hamilton would remain on the $10 note. “I told him I thought that they did get the right answer,” said Mr. Hamilton, 65, who lives in Westerville, Ohio. “I appreciated all the work they had to do where they got to what I thought was a win-win solution.” It’s been a wild year for Hamilton fans. Shortly after Mr. Lew announced the currency redesign last year, the Broadway musical that celebrates the life of the nation’s founding Treasury secretary in hip-hop-infused verse led to Hamilton-mania.

Police seek owner of loose tiger found wandering Texas city (UPI)
The Conroe Police Department said officers received multiple calls just before noon Thursday about a tiger wandering in a residential neighborhood on Coral Cove Pass near League Line Road and Longmire Road. Animal control officers captured the female tiger, which was found to be wearing a collar with a leash attached. Resident Jonathan Gessner said he spotted the surprisingly friendly tiger crouching in the bushes Thursday morning. "Out of nowhere it took off running towards me, put her paws on my shoulders and started licking me in the face," Gessner told the Houston Chronicle. "I was really scared at first."

Valeant Finalizing Contract With Perrigo’s Joseph Papa as Next CEO (WSJ)
Valeant has reached a contract deal with Mr. Papa and had aimed to announce as soon as next week that he would succeed longtime chief Michael Pearson, according to people familiar with the matter.

The ‘unicorns’ of Silicon Valley may be in way over their heads (NYP)
The thinning of the herd will be the result of the firms’ founders being “ill-prepared to navigate” a coming storm of “lofty paper valuations, massive burn rates (and the subsequent need for more cash), and unprecedented low levels of IPOs and M&A,” Benchmark Capital’s Bill Gurley wrote in a 5,700-word essay. The easy money for tech unicorns — startups valued at $1 billion and more — began to dry up noticeably at the beginning of 2016, warned Gurley, whose investments have included Uber and Snapchat. Accordingly, these startups will be forced to raise fresh funds at lower valuations, or face “dirty term sheets” from new investors with demands that penalize earlier investors, Gurley said.

Uber Drivers' $100 Million Deal May Set Pace for Gig Economy (Bloomberg)
by settling with California drivers suing to be treated more like traditional employees, a move that could have broad-ranging implications for companies across the sharing economy. The agreement calls for Uber to pay as much as $100 million to drivers in California and Massachusetts and allows them to solicit tips from riders, but keeps them classified as contract workers instead of formal employees, according to statements by a lawyer for the drivers and the company.

Suspect throws meat at Texas police in high steaks chase (UPI)
Police in Texas said a man accused of stealing steaks from Walmart led officers on a high-speed chase and struck a police car with meat tossed from his window. Authorities said the suspect stole an undisclosed number of steaks from the Walmart Neighborhood Market in Longview just after 11 a.m. Wednesday. The ensuing police chase reached speeds exceeding 100 mph and crossed two counties before the man was apprehended by Upshur County sheriff's deputies and East Mountain police. East Mountain police Sgt. Marc Nichols said the suspect attempted to get rid of some of the pilfered meats while fleeing police. "It appears that there's steaks and meats of some sort flying out the windows, and one of them bounced off my patrol car. That's not something you think of people stealing, especially running from the police in the process. Today was a new one," Nichols told KLTV.


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puerto rico flag

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By M.Minderhoud (Own work) [GFDL or CC-BY-SA-3.0], via Wikimedia Commons

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