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Doubledown Unable to Sell Magazine Assets

first_imgAt an auction held late last week in U.S. bankruptcy court in New York, Doubledown Media, a publisher of magazines aimed at the Wall Street elite that went out of business in February, did not receive any “acceptable” bids for its remaining magazine assets, including subscriber lists.“One bidder made an offer but it was not acceptable to the trustee,” Andrea Fisher, a senior attorney with Squire Sanders & Dempsey—the firm representing Doubledown’s trustee—told FOLIO:. “The trustee will continue to entertain offers for the assets. We’ve received some inquires and the hope is that the assets sell, which will provide a distribution to [Doubledown’s] creditors.”According to the auction notice, the minimum bid for Doubledown’s Dealmaker was $100,000. For Corporate Leader and Trader magazines the lowest acceptable bid was $50,000. The minimum bid for Cigar Report was $25,000. Corporate Air, meanwhile, carried a minimum bid of $55,000. Doubledown previously received an offer from a company called Private Air Media—which is headed by the magazine’s founder Dee Dee Morrison—and Knight Images Inc., for $50,000.The minimum bid for all five titles was $300,000, or the aggregate amount of the highest bids for each property plus $20,000, the notice said.A Once-Rising Publisher Hits BottomCiting “unprecedented times,” Doubledown went out of business in February and filed for Chapter 7 bankruptcy liquidation not long after. “The combination of the media depression, the Wall Street implosion and the credit slowdown were collectively too much for our company—probably any company in our shoes—to overcome,” president Randall Lane wrote in an e-mail to staffers at the time.According to court documents obtained by FOLIO: this spring, more than 350 claims totaling $4 million have been made against Doubledown, including those from a group of ex-employees, investors, three printers, vendors, designers, writers, lawyers and more. Nearly half of Doubledown’s assets include $1,013,520.43 in accounts receivable—money Doubledown has yet to be paid.In terms of the bankruptcy proceedings, the sale hearing has been adjourned until October 6, Fisher said.last_img read more

Trump reportedly will ban Chinese telecom equipment next week

first_img • Tags Mobile World Congress 2019 Jul 9 • Killer cameras and battery life might meet their match in the Note 10 The White House wants to get the order out ahead of Mobile World Congress to highlight the importance of cybersecurity in contracts for tech infrastructure, Politico noted.This comes after a report that the US State Department is discouraging European countries from using equipment made by Huawei in their 5G rollouts — the latest step in the saga surrounding that company.Neither the White House, Huawei nor ZTE immediately responded to requests for comment.In August, Trump signed a bill prohibiting the US government and its contractors from buying certain equipment from ZTE, Huawei and other Chinese companies, prompting some universities to review and replace gear.CNET Magazine: Check out a sample of the stories in CNET’s newsstand edition.CNET en Español: Get all your tech news and reviews in Spanish. 6 FBI director slams Huawei and ZTE phones Jun 1 • The Nubia Alpha looks like either a house arrest bracelet or Batman’s phone Share your voice Comments Now playing: Watch this:center_img Jun 29 • Galaxy S10 5G, OnePlus 7 Pro LG V50 ThinQ 5G: Why you shouldn’t rush to buy a 5G phone See All President Donald Trump may sign an executive order that hits Chinese telecoms next week. Chris Kleponis / Getty Images President Donald Trump is likely to ban Chinese telecom equipment from US wireless networks by signing an executive order as soon as next week, according to Politico.The administration wants to issue the order before Mobile World Congress, Politico reported Thursday, citing three anonymous sources. MWC 2019, the world’s largest mobile industry show, runs from Feb. 25 to 28 in Barcelona.The order, which was previously expected in January, would have a major impact on Huawei and ZTE even if it doesn’t name them specifically. The two Chinese mobile giants have been accused by the US government of posing national security risks. May 13 • Galaxy S10E vs. iPhone XR: Every spec compared Security Mobile Politics 1:11 ZTE Huawei reading • Trump reportedly will ban Chinese telecom equipment next week Mobile World Congress 2019last_img read more