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iheart ripped off $435m in ‘secret transactions’: suit


a creditor group has sued iheart media, claiming the radio station giant “engaged in a series of secret and deceptive transactions” designed to dupe them out of $435 million.the group, which owns $475 million of notes issued before iheart’s $17.9 billion buyout by two private equity firms in 2008, claims the company assured them that their unsecured notes would be upgraded to secured debt should additional secured debt ever be issued.indeed, iheart did issue more secured debt, called priority guarantee notes, or pgns, the suit claims. but the $475 million in notes were never elevated, they claim.the san antonio company’s bankruptcy plan calls for iheart to pare its debt from $20 billion to $5.75 billion.to get there, iheart plans to allocate 96 percent of its new equity and most of...






iheart media inching closer to bankruptcy


the leveraged buyout of the nation’s biggest radio broadcaster, iheart media, is a perfect example of the risks incurred when banks are allowed to put high multiples of leverage on a company.iheart creditors sunday night were working out the final details of a bankruptcy that is expected in days.private equity firms bain capital and thomas h. lee partners in 2008 bought iheart (formerly clear channel) and financed the deal by having the lenders borrow money equal to roughly 9 times the company’s pre-tax cash flow.that is well above the 6 times leverage limits president obama placed on lbos in 2013. president trump’s regulator last week said he will remove those lower debt limits.iheart, with 855 radio stations including new york’s z100 and 103.5 ktu, is profitable when not factorin...






iheartmedia ceo reportedly skipping creditor meetings


see alsoiheartmedia woos creditors with 50-50 deal radio and billboard giant iheartmedia said on thursday it offered... iheartmedia chairman and ceo bob pittman portrays himself as a media titan.yet, with iheart — america’s biggest radio station operator — fighting to avoid bankruptcy, pittman’s thoughts are dead air, a source close to the situation said.reps from iheart owners bain capital and thomas h. lee partners have been present at creditor meetings — including a key one last week to address iheart’s $20 billion of debt — with no signs of pittman, the source said.pittman, who has been chief of the troubled company since 2011, seems to have tuned out recently. iheart declined comment.share this:






iheart pushes bankruptcy back one day for award show


the creditors of iheart are showing they have one when it comes to pushing america’s biggest radio broadcaster into bankruptcy.they plan to put the company into bankruptcy monday night, instead of sunday, so they do not distract viewers watching sunday night’s “iheartradio music awards” show on tbs and tnt, an iheart creditor told on the money.it would be ironic if jon bon jovi, whose group is scheduled to perform and get the iheartradio icon award, sings the 1986 hit “livin’ on a prayer.”share this:






victoria's secret alleged thief said jeffrey epstein molested her


a woman arrested for breaking into an upper east side victoria’s secret is a model who once accused billionaire jeffrey epstein of sexually molesting her when she was a teenager, the daily news has learned. maximillia cordero, 33, lost a 2007 suit against epstein claiming that the mega money-man who rubbed elbows with the likes of former president clinton and prince andrew had pressured her into sex when she was a teenager, according to court documents.cordero was arrested for breaking into an upper east side victoria's secret on monday.(new york department of corrections) the suit alleged that epstein told her that he was the money manager for victoria’s secret and that cordero could get in the catalog if she was “nice to him.” he then demanded oral sex, the suit...






flipkart's big 10 sale helps phonepe clock one million transactions, technology


the five-day sale on flipkart has bolstered the number of upi (unified payments interface) transactions, with the company's payments arm phonepe recording one-million transactions through the payment platform during the sale. flipkart closed its big 10 sale on thursday.the sale has helped phonepe add more users and see a sharp rise in transactions as it offered steep cashbacks of up to 30% for all transactions for the sale made through its app.overall, phonepe saw 2.5-million transactions in the five days of the sale for a total value of rs 250 crore, with its wallet seeing 1 million transactions and the rest coming from credit and debit cards, ceo sameer nigam said.before the sale, phonepe was seeing 1,20,000 transactions a day on upi during the month of may.“the big 10 sale was a big ...






flipkart's big 10 sale helps phonepe clock one million upi transactions, technol


the five-day sale on flipkart has bolstered the number of upi (unified payments interface) transactions, with the company's payments arm phonepe recording one-million transactions through the payment platform during the sale. flipkart closed its big 10 sale on thursday.the sale has helped phonepe add more users and see a sharp rise in transactions as it offered steep cashbacks of up to 30% for all transactions for the sale made through its app.overall, phonepe saw 2.5-million transactions in the five days of the sale for a total value of rs 250 crore, with its wallet seeing 1 million transactions and the rest coming from credit and debit cards, ceo sameer nigam said.before the sale, phonepe was seeing 1,20,000 transactions a day on upi during the month of may.“the big 10 sale was a big ...






firms having trouble threatening creditors with bankruptcy


buyout kings lately are having a harder time bullying creditors with bankruptcy threats.a year ago, lenders to radio broadcasting giant iheart media were getting threats from private-equity firms bain capital and thomas h. lee partners, who demanded they take a haircut on $15 billion in bonds and cede control of the company in order to avoid a bankruptcy filing.as soon as monday, however, iheart is expected to file for chapter 11, with creditors led by franklin resources and pimco poised to seize a controlling stake worth about $11 billion (including clear channel outdoor).bain and thl, meanwhile, are expected to end up with a stake of about 2 percent, worth maybe $100 million.“they thought creditors would be afraid,” a source close to the iheart creditors told the post. “the buyout ...






advice kept secret for a year as pubs and clubs penalty scheme watered down


successive nsw ministers kept secret for a year findings of a statutory review of a penalty regime for badly behaving clubs and pubs while pushing through changes softening the scheme more than recommended.documents show that then racing minister troy grant received the statutory review of the three strikes scheme in june last year.massive hole ripped in aircraft enginevideo duration02:40previous slidenext slidevideo duration00:33thousands protest sydney's lockout lawsthousands protest sydney's lockout lawsraw vision: protesters take to sydney's streets against the baird government's venue lockout laws.massive hole ripped in aircraft enginevideo duration02:40video duration02:40massive hole ripped in aircraft enginemassive hole ripped in aircraft enginepassengers shocked after china ea...






best-selling author says producer ripped off book for play: suit


new york times best-selling author wahida clark — who has penned such titles as “thugs and the women who love them” — says in a new $5 million lawsuit that a theater producer ripped off one of her books to produce a new play.clark, 35, says she hired producer melvin childs in 2012 to write a play based some of her works, but the duo eventually parted ways based on disagreements, according to the brooklyn federal-court suit.earlier this year, childs then reached back out to clark to see if he could acquire a license to use her works, her suit says. but the trenton, nj, author refused, citing a lack of “good faith” on childs’ part, according to the papers, which are asking a judge to stop the show’s planned fall debut in detroit.the play is titled, “thugs and the women who ...






trip to buc-ee's blows the minds of stoners in new flick 'ripped'


get ready texas road trippers, buc-ee's will be featured in an upcoming movie later this month.stand-up comedians russell peters and faizon love are starring in the stoner-comedy, "ripped." in the film, the duo smoke some top-secret pot created by the cia and then wake up 30 years later and several pounds heavier.buc-ee's news: study reveals if buc-ee's is texas' top-rated gas station bathroom(story continues below...)begin slideshow26 photo: brett mickelson image 1of/26captioncloseimage 1 of 26a trip to buc-ee’s blows the minds of stoners in new flick “ripped.” (the sun sets over buc-ee's in luling, texas)>>click through to see 25 amazing things you probably didn't know about buc-ee's. lessa trip to buc-ee’s blows the minds of stoners in new flick “ripped.” (...






mining theory - as transactions are getting increasingly slow and expensive, how


when transactions are created they are essentially a payment promise. they are submitted as a message to the network, where every node checks that the promised money exists and then forwards the transaction. some of these nodes collect transactions in order to create a new block. these miners are essentially participating in a giant lottery where the winner gets to author a new block. to that end, miners chose which transactions they are trying to confirm and add their own coinbase transaction. the coinbase transactions is the first in a block and gets to collect the transaction fees, creates the block subsidy, and contains the segwit commitment (in a segwit block). all the other transactions can be chosen at the leisure of the miner, although they pick the transactions with the highest fe






trip to buc-ee's blows the minds of stoners in new flick "ripped"


get ready texas road trippers, buc-ee's will be featured in an upcoming movie later this month.stand-up comedians russell peters and faizon love are starring in a stoner-comedy, ripped, where after smoking some top-secret pot created by the cia, they wake up 30 years later.begin slideshow26 photo: brett mickelson image 1of/26captioncloseimage 1 of 26a trip to buc-ee’s blows the minds of stoners in new flick “ripped.” (the sun sets over buc-ee's in luling, texas)>>click through to see 25 amazing things you probably didn't know about buc-ee's. lessa trip to buc-ee’s blows the minds of stoners in new flick “ripped.” (the sun sets over buc-ee's in luling, texas)>>click through to see 25 amazing things you probably didn't know about buc-ee's. ... more photo: brett...






punjab national bank detects $1.77 billion worth of fraudulent transactions


mumbai: indian state-run punjab national bank said on wednesday it had detected some "fraudulent and unauthorised" transactions worth about $1.77 billion at one of its branches in mumbai. the bank said in a regulatory filing the transactions were "for the benefit of a few select account holders with their apparent connivance" and that "based on these transactions other banks appear to have advanced money to these customers abroad." pnb, the country's second-biggest state-run lender and fourth-biggest overall by assets, did not name the people involved but said it had reported the deals to law enforcement agencies and would evaluate later whether it faces any liability arising out of the transactions. "in the bank these transactions are contingent in nature and ...






phonepe hits out at paytm, says claims around upi are "misleading", technology n


flipkart's payments platform, phonepe today lashed out at rival paytm alleging that the latter's claims about leadership in unified payments interface (upi) transactions were "unidimensional and misleading".in a blogpost, phonepe said while paytm "seems to be leading the market" in terms of number of transactions, the average value of such transactions is much lower at rs 40 compared to its own atv (average transaction value) of rs 1,800.phonepe clarified that data around paytm's atv and average transactions per customer (atpc) was not available.however, based on the 21 million money transfer transactions made by paytm customers to phonepe users, the bengaluru-based company had found that 40,000 unique consumers had done over 500 transactions each in february bringing the average tr...






why does activision get a pass for micro-transactions while ea gets roasted


garethvk|52m ago|opinion piece|17|it has been no secret that ea star wars battlefront ii has had its share of issues and detractors. the biggest of which is the use of micro-transactions as a main component of the game. however they are not the only new release to have them and in a new opinion piece; skewed and reviewed looks at why ea was given so much grief while another major publisher got a pass. call of duty world war 2ea star wars battlefront 2pcps4xbox onesknr.netread full story >>sknr.net






parents blast de blasio for controversial pick to run schools


elected officials, parent leaders and educators ripped mayor de blasio’s choice of richard carranza for city schools chancellor after a suit alleging sexual discrimination by carranza came to light. the suit said carranza, 51, ruined the career of a female educator in san francisco after she called him out for flirting with a female colleague while carranza was the city’s superintendent in 2013. the suit claimed that the plaintiff, longtime san francisco educator veronica chavez, was passed over for a job by carranza in retribution, and that he created an atmosphere within the district that stifled the careers of female educators. san francisco school officials settled the suit but denied any wrongdoing on carranza’s part. he has refused to answer questions about it....






plan to make pan card must for all transactions in gold


new delhi: a panel of financial regulators has proposed that pan card requirement for gold transactions from jewellers be extended to all transactions, and not just those above rs 2 lakh and has supported the daily cash limits against the sale of gold to curb tax evasion. to prevent pan requirements driving gold transactions underground, the committee has recommended that all gold transactions be registered using an electronic registry such as a depository. “the committee also notes that measures in the gold market are unlikely to fully deter tax avoidance motivations for holding the asset. a more incisive use of income tax data may be required to detect tax avoidance, and the committee believes that the enforcement of tax avoidance should be strict,” the report of the...






bank transaction charges: confused over the new cash transaction charge? here's


some banks, including hdfc bank, will be charging you a minimum amount of rs 150 per transaction for cash deposits and withdrawals beyond four free transactions in a month. the new charges would apply to savings as well as salary accounts effective today. public sector banks may also follow suit. a lot of you will be still trying to decode this. here's what it means if you are an axis bank customer1. customers will be allowed five free transactions every month, including deposits and withdrawals. from the sixth transaction onwards, customers will be charged a minimum fee of rs 95 per transaction. 2. up to five non-home branch transactions will be free, subject to a maximum per-day deposit of rs 50,000. for larger deposits or the sixth transaction, bank would charge rs 2.50 per rs 1,000, o.






after 4 free transactions, hdfc, axis, icici bank will charge you rs 150


financial services company, hdfc, icici, and axis bank have announced that they are resuming levy on cash transactions starting march 2. the banks have announced that they will charge customers rs 150 on cash deposits and cash withdrawals per transactions after four free cash transactions.the rule is applicable for all the saving bank account holders and salary accounts. “the bank would also cap the third party cash transactions at rs 25,000 per day, while cash handling charges would be withdrawn effective today,” a circular released by hdfc said. it must be noted that these charges are not applicable for transactions through atms.a number of people are considering the move a bid to promote digital payments. however, the banks have made it clear that you will not be charged any fee on ...






these top secret spy devices are blowing my mind (23 photos) : thechive


you know who’s the real hero of all the james bond films? q branch. every time 007 finds himself in some sort of situation, it’s always gonna be an exploding pen, tricked out car or a laser watch that’s gonna get him out of shit. and while you watch those films with some disbelief, bear in mind, some of that tech was based in fact.there’s actually an entire museum dedicated to top secret spy technology and gadgets called the international spy museum, located in washington, dc. inside, there’s every kind of secret trick imaginable, from hidden cameras, secret pistols and even a radio transmitter that’s designed to look like dog poop.put on your best bespoke suit and head on down to the armoury for your spy gear.






pnb fraud case: axis bank says ‘sold down’ lou transactions


by: pti | new delhi | published: february 15, 2018 10:36 pm related newsaxis bank on thursday said it is an active participant in the secondary market for transactions against letters of undertaking and it “sold down” certain such dealings with punjab national bank. referring to media reports about certain buyer’s credit transactions with pnb, which is at the centre of a rs 11,400 crore fraud case, it said that in the normal course of business, the bank undertakes such transactions against letters of undertakings (lous) issued by other banks through its overseas branches, reports pti.“these amounts are then credited to the lou issuing bank’s nostro accounts. axis bank has in the past undertaken such transactions with pnb against their authenticated swift lous,” it said in ...






saturday's $435m powerball prize will be 8th largest ever


retailers in indiana have sold more powerball grand-prize tickets than in any other state.         






saturday's $435m powerball prize will be 8th largest ever


retailers in indiana have sold more powerball grand-prize tickets than in any other state.        






funcom relaunches the secret world as secret world legends


john2|6m ago|news|1|funcom has announced that it will relaunch the secret world as secret world legends. secret world legends is a story-driven, shared-world action rpg that plunges players into a shadowy war against the supernatural, where ancient myths and legends cross over into the modern day. pcsecret world legendsthe secret worlddsogaming.comread full story >>dsogaming.comalernative sources (2)the secret world relaunching as secret world legends this springpcaficionado.comjacob_roachgethe secret world arises anew as secret world legendsmmogames.comjaedia






digital transactions need higher adoption to sustain, technology news, ettech


demonetisation led to the rapid evolution of digital payments. transactions shot up in december and january, then stabilised over the following months, bankers said.while cash in circulation at rs 16.3 lakh crore is still at 91% of the pre-note ban days of rs 17.9 lakh crore, digital transactions rose 31% from november last year to september this year, according to provisional rbi data. digital transactions in september reached 877 million, down from the peak of almost 1 billion in december last year.“if 100 transactions were happening pre-demonetisation, after the note ban it shot up to around 300, which now has stabilised around 180 or 190 levels.even the 80% to 90% jump would have taken at least three years under normal circumstances,” said axis bank executive director rajiv anand. ...






cvc: banking transactions of govt employees under cvc scanner


new delhi: the central vigilance commission (cvc) has stepped up its examination of suspicious banking transactions by government employees to check corruption. "the commission is getting good inputs from the financial intelligence unit (fiu) and necessary action is being taken on them," vigilance commissioner t m bhasin told pti today. the cvc has been regularly getting suspicious transactions reports (strs) from the financial intelligence unit (fiu) on dubious banking transactions involving public servants. fiu is tasked with collecting, analysing and disseminating information related to financial transactions suspected to be involving black money or proceeds of crime. str is a transaction of rs 10 lakh and above believed to be proceeds of crimes including that...






iheartmedia woos creditors with 50-50 deal


radio and billboard giant iheartmedia on thursday offered creditors a new restructuring deal — but the two sides remain far apart, sources said.suffering under a staggering $20 billion pile of debt, iheart, whose stable of radio stations includes z100 and 103.5 ktu in new york, is racing to restructure its debt as it could run out of cash in the first half of 2018, sources said.if iheartmedia, which is owned by bain capital and thomas h. lee partners, can’t reach a deal with creditors, it could be forced into chapter 11.one person close to the talks said, with the current proposal not being well received, there is a 75 percent chance of a court-supervised restructuring.in the most recent proposal, money-losing iheart offered creditors a near 50-50 ownership split in an out-of-court res...






goods and services tax: you will have to shell out more for banking transactions


mumbai: transactions fees in financial services are likely to become more expensive after the government has put these under the 18% tax bracket in the new goods and services tax (gst) regime. these services were so far taxed at 15% and the hike in the tax rate means that individuals will have to pay rs 3 more for every rs 100 paid for banking transactions, tax experts said. “financial institutions may be able to absorb this tax on behalf of companies which do bulk transactions but individuals will certainly have to pay more, though it is unlikely to have any large impact on demand,” said sachin menon, partner and head indirect tax at kpmg. the government has categorised 1211 items under various tax slabs in the new gst regime. the broad range of tax rates is between 5% and 28% with so...






rbi: rbi caps charges on debit card transactions at merchant outlets


mumbai: the reserve bank of india has capped the fee on debit card transactions at merchant outlets as the regulator shows resolve to promote digital transactions which was coming under threat from high fees after a burst of growth post demonetisation. the banking regulator has split the amount of merchant discount rate, the fee that shop keepers charge the customers, into two –for merchants with turn-over of less than rs 20 lakh and the other for more than rs 20 lakh. it has also suggested a different rate for the so called qr code based transactions and the point of sale transactions using the swipe machine. “we thought a further push to debit card usage is needed and we decided to rationalize mdr which is intended to widen the network of merchant establishments who use debit cards,?...






digital payments now account for 60% of amazon india's transactions, technology


a little over a year after demonetisation, amazon india says digital payments now account for over 60% of its total transactions as compared to less than 50% in 2016.a large part of this growth is being driven by the amazon pay wallet, as balance loaded by customers grew 409% year-on-year on the back of aggressive incentives offered by the company. amazon pay wallet, which was launched in june 2017, now accounts for 48% of all digital transactions on the platform."we are now seeing 60% of transactions being done through online payment methods, across cards, net banking and use of amazon pay balance. even in the remaining offline transactions, many customers are opting for our pay link options as well as pos (point-of-sale) devices and cash reloads to the wallet," said mahendra nerurkar, ..






digital payments now account for 60% of amazon india's transactions, technology


a little over a year after demonetisation, amazon india says digital payments now account for over 60% of its total transactions as compared to less than 50% in 2016.a large part of this growth is being driven by the amazon pay wallet, as balance loaded by customers grew 409% year-on-year on the back of aggressive incentives offered by the company. amazon pay wallet, which was launched in june 2017, now accounts for 48% of all digital transactions on the platform."we are now seeing 60% of transactions being done through online payment methods, across cards, net banking and use of amazon pay balance. even in the remaining offline transactions, many customers are opting for our pay link options as well as pos (point-of-sale) devices and cash reloads to the wallet," said mahendra nerurkar, ..






revised bank charges: here’s why and how much you have to pay


new delhi: major indian banks — sbi, icici, hdfc and axis — have decided to charge users for cash transactions above certain limits and for a few facilities which were free till now. more banks are expected to follow suit. the new charges are aimed at discouraging cash transactions though banks might end up profiting from them hugely. below is what you must know if you have an account in any of these banks: state bank of india1. from april 1, sbi will permit savings bank account holders to deposit cash three times a month free of charge. beyond that, it will charge rs 50 plus service tax for every transaction. 2. in case of current account, the levy could go as high as rs 20,000. related: it's time to really pull up india's out-of-control banks3. sbi account ...






taxman alert: keep away from benami transactions


by: pti | new delhi | published: january 10, 2018 1:46 pm “income tax department,bkc ,bandra, mumbai.” related newsthe income tax department today warned people to “keep away” from benami transactions, cautioning that violations under the newly enacted law invites criminal prosecution and rigorous imprisonment up to seven years. the department put out its alert in a public advertisement published in leading national dailies.titled “keep away from benami transactions”, it described black money as a “crime against humanity” and urged “conscientious citizens to help the government in eradicating it”.“benamidar (in whose name benami proper is standing), beneficiary (who actually paid consideration) and persons who abet and induce benami transactions are prosecutable...






banking transactions of government employees under cvc scanner to check corrupti


by: pti | new delhi | published:july 5, 2017 5:31 pm central vigilance commission (cvc).related newsthe central vigilance commission (cvc) has stepped up its examination of suspicious banking transactions by government employees to check corruption.“the commission is getting good inputs from the financial intelligence unit (fiu) and necessary action is being taken on them,” vigilance commissioner t m bhasin told pti on wednesday.the cvc has been regularly getting suspicious transactions reports (strs) from the financial intelligence unit (fiu) on dubious banking transactions involving public servants. fiu is tasked with collecting, analysing and disseminating information related to financial transactions suspected to be involving black money or proceeds of crime.str is a transacti...






demonetisation: digital transactions shoot up post demonetisation


mumbai: digital payment companies have seen a substantial jump in their business as a result of the government's measures towards promoting cashless transactions post demonetisation last year. these firms are likely to further consolidate their business with more incentives for digital transactions. "in the last 12 months, we saw over 3 times growth. before demonetisation, we were processing monthly transactions of rs 3,000 crore, which now stands at rs 6,800 crore across all our verticals," atom technologies managing director and ceo dewang neralla said. the major contributor to this growth was online payments business, he indicated. "our focus has been largely on the education, travel ticketing financial services, c2g payments and cable and wireless industries and we have seen all ro...






digital transactions grow almost 4% in january against december, technology news


the turn of the new year and digital payments have managed to sustain their growth momentum through january as well.as per the latest numbers being released by the reserve bank of india, the total digital transactions in the month of january has risen almost 4% to reach 1.1 billion against 1.06 billion last month.while transaction volume across all the major payment parameters showed a consistent growth prepaid payment instruments or mobile wallets have shown a very strong growth of around 14% between january and december.ppis reported 113.6 million transactions in january against 99 million in the previous month. wallets showed a much stronger growth in comparison to unified payments interface based transactions which showed a modest jump of 4.2%.upi reached 151 million transactions in ja






mø, tei shi offer evening of forward-thinking pop


photo: courtesy of rca records image 1of/2captioncloseimage 1 of 2danish singer mø will perform at the warfield with tei shi.danish singer mø will perform at the warfield with tei shi. photo: courtesy of rca records image 2 of 2danish singer mø will perform at the warfield with tei shi.danish singer mø will perform at the warfield with tei shi. photo: photo by adam bettcher/getty images for iheart, getty images for iheart mø, tei shi offer evening of forward-thinking pop1 / 2back to galleryfor the past few years, danish singer mø (full name karen marie ørsted) has been putting out some of the most interesting pop music out there. her style is unapologetically pop — just skimming that “guilty-pleasure” zone — but there’s also an edge to it that ke...






singer sues disney claiming 'let it go' was ripped off


this singer isn't going to let it go. recording artist jaime ciero is suing disney and everyone even remotely involved in the his song "let it go" from "frozen," including idina menzel and demi lovato, claiming they ripped off his 2008 song "volar," tmz reports. ciero's track is recorded in spanish, but does have some similarities.(disney) he called it "a huge international success reaching millions of listeners and landing on numerous charts of the most popular, top-performing songs" in the suit obtained by tmz.‘let it go’ songwriter never meant for it to ‘terrorize anyone' ciero is requesting profits from the film, the music and the marketing, claiming the similarities include the note combinations, structures, hooks, themes and more. he named me...






the most infuriating comments from family members who just don't get ripped jean


being mocked by your family for some ridiculous trend or other is understandable, but the ribbing we get for wearing ripped jeans - a fashion staple - is a stretch too far. a family lunch or movie night can result in unwanted attention for your choice of denim wear. although seemingly controversial, what many seem to forget is that the ripped jean has been in fashion for decades.they became especially popular during the ’80s. that’s more than 30 years ago. surely people should be used to them by now?