Tag Archives: dollars

Oracle billionaire Larry Ellison has moved to Lanai, the Hawaiian island he’s spent half a billion dollars developing. Here’s how Ellison bought 98% of the island and turned it into a sustainability experiment.


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Kelly Loeffler’s Atlanta mansion, ‘Descante,’ mysteriously dropped in value by millions of dollars, giving her a tax cut of roughly $88,000


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Representatives for ‘Tiger King’s’ Joe Exotic are said to be chasing Trump down for a pardon and spending thousands of dollars to get it


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‘Biggest fraud of taxpayer dollars in California history’: EDD claims filed in name of serial killers, rapists, murderers


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Camp Fire survivor who lost home in deadly blaze bilked of thousands of dollars, police say

Camp Fire survivor who lost home in deadly blaze bilked of thousands of dollars, police sayBrenda Rose Asbury is accused of embezzling more than $ 60,000 from an elderly woman who survived the deadly Camp Fire in Paradise, California



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Michigan Farmers Suffered a Massive Apple and Pumpkin Heist, Losing Thousands of Dollars in Produce

Michigan Farmers Suffered a Massive Apple and Pumpkin Heist, Losing Thousands of Dollars in Produce"This was not a one man job"



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A family found more than half a million dollars in cocaine on the beach during their vacation

A family found more than half a million dollars in cocaine on the beach during their vacationA man and his family discovered 20 bricks of cocaine while on vacation in South Carolina, estimated to be worth $ 600,000.



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A leaked offer to an Iranian tanker captain exposed an open secret: The US will pay you millions of dollars to betray its enemies

A leaked offer to an Iranian tanker captain exposed an open secret: The US will pay you millions of dollars to betray its enemiesDefense and security experts were incredulous that the US government used email to offer millions of dollars to the captain of an Iranian oil tanker.



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Venezuela Faces the Loss of Citgo — and Desperately Needed Dollars

Venezuela Faces the Loss of Citgo -- and Desperately Needed Dollars(Bloomberg) — Venezuela could lose its largest U.S. asset after a court allowed a Canadian gold miner to seize shares of Citgo Petroleum Corp.’s parent to satisfy an arbitration award.A U.S. appeals court ruled on Monday that Crystallex International Corp. may seize U.S.-based stock of Citgo’s parent, which is part of Venezuela’s state-owned oil company, to cover a $ 1.4 billion award over the nationalization of gold fields.Unless reversed on appeal or blocked by the Trump administration, the decision would allow Crystallex to auction the shares to satisfy Venezuela’s unpaid debt to the Canadian company. That means the country, in the grip of its worst recession, could lose control of the refiner that processes Venezuelan crude into desperately needed hard currency.It also complicates efforts by interim President Juan Guaido to retain control of Venezuelan assets including Citgo while waging a power struggle with current leader Nicolas Maduro for leadership of the country. Guaido has asked U.S. President Donald Trump to bar creditors from seizing the country’s assets.Read More: Venezuela Must Pay $ 1.4 Billion in PDVH Stock to Crystallex“At this stage, the only action that could stop Venezuela from losing Citgo is either a successful U.S. Supreme Court appeal, which appears unlikely, or a decision by Trump to issue an asset-protection order as Guaido has been requesting,” Francisco Rodriguez, chief economist for Torino Capital, said in an interview.“The UN can also help,” added lawmaker Rafael Guzman, part of the opposition-led National Assembly’s finance committee. “We are going to push for all of them.”Guaido and Maduro are battling for control of Citgo by naming conflicting board nominees for its owner, Petroleos de Venezuela SA, or PDVSA. A state-court judge in Delaware will decide who has legal right to appoint directors for the state-run oil company, which owns Citgo.Guaido himself didn’t immediately return calls for comment on the appeals court’s ruling, nor did Jose Ignacio Hernandez, Guaido’s special attorney general, who was appointed to oversee litigation worldwide. Officials of Maduro’s Information Ministry didn’t return calls for comment, either.Read More: Venezuela Told to Give Shares of Citgo Parent to Gold Miner“For too long Venezuela has refused to compensate Crystallex for its illegal seizure of Crystallex’s assets,” Bob Fung, Crystallex’s CEO, said in an emailed statement. He added the court’s ruling was a “crucial step in getting Venezuela finally to honor its legal obligations.”Venezuela’s crisis follows years of Maduro’s and ex-leader Hugo Chavez’s socialist economic policies and the collapse in the country’s all-important oil industry. Venezuelan officials are scrambling to keep their hands on Citgo to rebuild the economy.Guaido, head of the country’s National Assembly, and Maduro, who has the support of the Venezuelan Army, have held talks in Oslo, Norway, seeking to resolve the crisis. The latest round of negotiations were scheduled to take place earlier this month in Barbados.Crystallex’s gold mining operations near Las Cristinas, Venezuela, were seized without compensation in 2011 when Chavez nationalized the country’s gold-mining industry. The company pursued arbitration and won a $ 1.2 billion award plus interest in 2016.Last year, Venezuela officials handed over $ 425 million as partial payment of the arbitration award, but the company couldn’t cut a deal to satisfy the rest of the debt. So Crystallex pushed ahead with efforts to seize shares of Citgo’s parent.Crystallex officials waged a three-year battle to seize shares of PDV Holding Inc., which owns Citgo. PDVSA owns the holding company. A federal judge in Delaware concluded last year that since Venezuela controls PDVSA, shares of Citgo’s parent were fair game to be seized for the debt.The Philadelphia-based appeals court upheld the trial judge’s finding that PDVSA is Venezuela’s alter ego in part because its run by the country’s military and all profits flow to the country’s coffers.|“It has the potential to be a big blow to Venezuela,” Russ Dallen, managing partner of Caracas Capital, said in an interview. “The pool of creditors that can now attack and go after PDVSA is greatly expanded.”Crystallex isn’t the only company that has sued Venezuela over unpaid debts. Investors have sued over $ 65 billion in defaulted bonds while rival ConocoPhillips sued Venezuela over seizure of its oil assets in the country. The U.S. oil giant won a $ 2 billion arbitration award over the nationalized assets. Last year, ConocoPhillips executives got $ 345 million in cash and commodities in settlement after the U.S. company seized some PDVSA assets in the Caribbean.The case is Crystallex International Corp. v. Bolivarian Republic of Venezuela, No. 18-2797, U.S. Court of Appeals for the Third Circuit (Philadelphia).(Adds details throughout.)\–With assistance from Alex Vasquez.To contact the reporters on this story: Jef Feeley in Wilmington, Delaware at jfeeley@bloomberg.net;Bob Van Voris in federal court in Manhattan at rvanvoris@bloomberg.net;Porter Wells in Washington at pwells30@bloomberg.netTo contact the editors responsible for this story: David Glovin at dglovin@bloomberg.net, ;Jo-El Meyer at jmeyer154@bloomberg.net, Peter JeffreyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.



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Armoured van spills thousands of dollars in cash across major highway. Police are asking for it back

Armoured van spills thousands of dollars in cash across major highway. Police are asking for it backAn armoured truck spilled thousands of dollar bills onto a busy highway, prompting chaos as commuters pulled over to pick up fistfuls of money.On Tuesday before sunset, a fluttering swirl of cash blowing through the air brought traffic to a halt and people into the street when a side door of an armoured Garda truck suddenly opened on a highway.About $ 175,000 (£140,000) in bills spilled out and were carried away by the wind over a section of Interstate 285, which encircles Atlanta, Georgia, police said.The bills scattered to the shoulder of the six-lane westbound section of the highway. Some floated across the divider into eastbound lanes. Bills blew into the woods or sank into storm drains.More than a dozen commuters screeched to a halt or veered off to the shoulder of the highway near the Dunwoody Road exits, police said. They scooped up bills from the pavement and returned to their vehicles with fistfuls, and sometimes armloads, of cash.One of them was Randrell Lewis, an Uber Eats driver who was en route to Alpharetta, Georgia.“I just saw a cloud full of what looked like leaves,” he said in an interview. “No, it was money. I could not believe my eyes. I am not going to lie. The first thing I did was I pulled over and started picking up some money. Everybody started pulling over and it was crazy.”Within minutes, Mr Lewis said, he had snatched up about $ 2,000 in singles, fifties and hundreds. He returned $ 2,094 on Wednesday, police said.“I just wanted to really make sure I am not going to get in trouble for this,” he said.As investigators from the Dunwoody Police Department scoured videos on social media of the spontaneous cash grab, reports filtered in on Wednesday of people stopping on their morning drives on the half-mile stretch of highway to see if there was anything left to scavenge, Sergeant Robert Parsons, a department spokesperson, said.“If the temptation is there, and you see money falling from the sky, most people would probably take the money,” he said.The nation’s highways have been accidentally generous before. In 2004, an armoured truck carrying $ 2 million flipped over on the New Jersey Turnpike during the evening rush, spilling tens of thousands of dollars in coins.Last year, the back door of a Brink’s armoured truck swung open during the morning rush on Interstate 70 near Indianapolis, Indiana, losing an estimated $ 600,000 in cash onto the highway. A few months later, a Brink’s armoured truck was driving on Route 3 in East Rutherford, New Jersey, when one of its doors malfunctioned and money blew out onto the roadway.Some returned the money to police, while others made off with sacks of cash. In the East Rutherford incident, police recouped about $ 6,000.As authorities did elsewhere when the highways were unexpectedly giving, the police in Dunwoody, a suburb north of Atlanta, were watching on Wednesday to see how the limits of ethical behaviour would play out.“Heads up Dunwoody, it’s cloudy with a chance of cash,” the department said on Facebook, adding, “While we certainly understand the temptation, it’s still theft and the money should be returned.”In an interview, Mr Parsons said that officers received a 911 call around 8pm on Tuesday about people “frantically” scooping up the money near the Ashford Dunwoody Road exit along the highway, which is bordered by creek beds, trees and office towers.“Multiple callers said there was cash flying all over the road,” he said.By the time officers arrived, people who had pulled over to grab the bills were nowhere to be seen, Mr Parsons said.“People likely saw the police lights coming over the highway,” he said. “‘Oops, time to go! Police are here! Party’s over!’ ”Officers spoke to the Garda employees, who had stopped the truck on the shoulder after passing drivers had gestured to them that a door was open.About $ 200 was retrieved from the highway and surrounding woods — a small fraction of the estimated $ 175,000 believed to have gone missing, or into peoples’ pockets, he said.Detectives were trying to contact drivers by looking for license plate numbers on mobile phone videos that had been posted on social media. But Mr Parsons said authorities had no intention of prosecuting anyone who returns the money.“No harm, no foul,” he said. “But you need to turn that money in.”The New York Times



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