Business

3M’s Use of Bankruptcy to Shift Earplug Lawsuits Questioned by Judge

Published

6 months ago

July 28, 2022

jetcityimage/iStock Editorial via Getty Images

The federal judge administering more than 200K lawsuits against 3M (NYSE:MMM) questioned Wednesday whether the company acted in good faith when it decided to try to shift the cases to bankruptcy court instead of facing separate jury trials, Bloomberg reports.

The judge in Pensacola, Florida, held a hearing about 3M’s (MMM) decision to put its Aearo Technologies subsidiary into bankruptcy as a way to resolve the lawsuits, which accuse the company of selling faulty combat earplugs that harmed U.S. soldiers.

Lawyers for the veterans have attacked 3M’s (MMM) move to seek Chapter 11 for Aearo as a ploy to deny victims of a faulty product the chance to make their cases to juries; the company has lost 13 of the 19 test cases that have gone to trial.

3M (MMM) plans to provide $1B to a trust that would pay people suing over the earplugs and has set aside $240M to fund the bankruptcy itself.

In a separate court hearing Wednesday, a U.S. bankruptcy judge in Indiana warned lawyers for Aearo that at least part of their argument for an emergency court order blocking the veterans’ claims is not persuasive, according to Bloomberg.

The bankruptcy judge scheduled a trial next month to decide if the lawsuits against 3M (MMM) should be halted while the Aearo bankruptcy goes forward.

Alongside its Q2 earnings report, 3M (MMM) announced a planned spinoff of its healthcare business that will create two public companies.

Article: seekingalpha.com

Business

Oil and Gas Producer TXO Energy Sets Terms for Proposed $100M IPO

Published

4 days ago

January 19, 2023

seekingalpha.com

DariaRen

Oil and gas company MorningStar Partners, also known as TXO Energy Partners (TXO), has set terms for a proposed $100M initial public offering.

TXO said in its latest filing that it is now looking to offer 5M units, representing limited partners interests, priced between $19 and $21, which would raise $100M if priced at the midpoint. Proceeds from the deal would go in part to pay down debt.

The oil company hopes to list its shares on Nasdaq under the symbol TXO. Bookrunners include Raymond James, Stifel, Janney Montgomery Scott and Capital One Securities.

TXO first filed for an IPO in November, seeking $100M.

Based in Fort Worth, Texas, TXO is focused on acquiring, developing and exploiting oil and gas reserves, primarily in the Permian Basin of Texas and New Mexico and the San Juan Basin of New Mexico and Colorado.

TXO is one of several fossil fuel-associated companies that have filed to go public amid a global energy crisis. Other filers include BKV (BKV), Bounty Minerals (BNTY), Permex Petroleum (OTCQB:OILCF) and Elephant Oil (ELEP).

For more on TXO, check out Donovan Jones’s “TXO Energy Partners Starts IPO Process for Debt Paydown.”

Source Here: seekingalpha.com

Business

Hypertension Drug Developer Mineralys Therapeutics Files for $100M IPO

Published

4 days ago

January 19, 2023

seekingalpha.com

Andranik Hakobyan

Hypertension drug developer Mineralys Therapeutics (MLYS) has filed for a $100M initial public offering.

The biotech company didn’t specify in its filing the price or number of shares to be offered, but indicated in its filing fee schedule that it was seeking $100M, a figure that is likely a placeholder and subject to change.

Mineralys hopes to list its shares on Nasdaq under the symbol MLYS. Bookrunners include BofA Securities, Evercore ISI, Stifel, Guggenheim Securities, Credit Suisse and Wells Fargo Securities.

Based in Radnor, Penn., Mineralys is working on medications to treat diseases driven by abnormal levels of aldosterone. Its lead product, lorundrostat, is in Phase 2 testing for the treatment of uncontrolled hypertension and Phase 1 testing for chronic kidney disease.

Mineralys was the second biotech company to file for an IPO this week, with oral herpes drug developer Squarex Pharmaceuticals (SQRX) filing to raise $15M.

Original Article: seekingalpha.com

Business

Oil Extends Gains As China Optimism Outweighs Big Jump in U.S. Stockpiles

Published

2 weeks ago

January 12, 2023

seekingalpha.com

SlavkoSereda/iStock via Getty Images

U.S. crude oil advanced for the fifth straight session Wednesday, despite a U.S. government report showing a massive build in domestic crude inventories.

The Energy Information Administration reported U.S. crude stockpiles surged by 19M barrels – the third largest weekly increase since EIA records began in 1982 – which analysts said largely reflects the continued slower pace of refinery runs following shut-ins during last month’s winter storm.

But oil prices have enjoyed support in recent days from hopes for a strong rebound in Chinese demand, fears over the coming G-7 price cap on Russian refined products, and a weakening dollar.

Front-month Nymex February crude oil (CL1:COM) closed +3% to $77.41/bbl, while March Brent crude (CO1:COM) settled +3.2% to $82.67/bbl, its third consecutive gain.

ETFs: (NYSEARCA:USO), (BNO), (UCO), (SCO), (DBO), (DRIP), (GUSH), (USOI), (NRGU)

Analysts say oil markets are focused less on overall inventories and more on the global picture, which includes rising crude consumption in China, which has been snapping up cargoes of U.S. crude before the Lunar New Year holidays.

Earlier this week, the EIA forecast global liquid fuel consumption will top 100M bbl/day on average this year for the first time since 2019.

Original Source: seekingalpha.com