Climate Firm That Partnered With Meta, Microsoft Goes Bankrupt (bloomberg.com) 18
Climate startup Aspiration, which boasted a roster of celebrity backers and arranged carbon credits for Meta Platforms, Microsoft and other large companies, filed bankruptcy weeks after its co-founder was arrested on fraud charges. From a report: CTN Holdings, as the company is now known, has about $170 million in debt. The goal of the bankruptcy is to sell its assets as quickly as possible in order to repay creditors, chief restructuring officer Miles Staglik said in a court filing. The pool of potential bidders is small and the nature of the CTN's ventures will likely require more cash and "long term horizons before any potential value could be realized for creditors," Staglik said.
The bankruptcy was filed after co-founder Joseph Sanberg was charged by federal prosecutors with conspiring to defraud two investor funds of at least $145 million, according to a US Department of Justice announcement earlier this month. The charges involve his personal conduct and don't implicate CTN or its affiliates "in any criminal activity," said Staglik, a managing director at CR3 Partners that's been hired as CTN's restructuring adviser.
The bankruptcy was filed after co-founder Joseph Sanberg was charged by federal prosecutors with conspiring to defraud two investor funds of at least $145 million, according to a US Department of Justice announcement earlier this month. The charges involve his personal conduct and don't implicate CTN or its affiliates "in any criminal activity," said Staglik, a managing director at CR3 Partners that's been hired as CTN's restructuring adviser.
haha scam (Score:4, Informative)
Haha. Scam goes bust. The grift only lasted so long.
Re: haha scam (Score:2, Funny)
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Haha. Scam goes bust. The grift only lasted so long.
According to the summary and the paywalled (sigh) article the fraud is unrelated to the company.
A simpler way to do it (Score:2)
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I like trees better than I like most people.
So do I! But that's why I prefer planting people.
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Gotta feed the trees somehow
Climate Firm (Score:3)
I am for CO2 reduction but against credits.. (Score:3)
most of these "carbon credits" seem like a scam for me...
I would tax all carbon fuels per number of C molecules in them and collected tax share among all citizens per head so they can afford renewables instead...
Rate of the tax would control the speed of the transition vs. disruption
Re: (Score:2)
share among all citizens per head
But you know it won't just be shared with "citizens". There's a whole third world out there with their dirty little hands out, expecting cash. And they won't be spending their windfall on renewables.
Our state implemented a Climate Commitment Act fund. Based on a $0.50 per gallon gasoline tax. It is by law, unauditable. We have no idea where its being spent.
Re: I am for CO2 reduction but against credits.. (Score:2)
Re: I am for CO2 reduction but against credits.. (Score:2)
Re: (Score:2)
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Don’t cross the boss! (Score:1)
Looks like his check to the trump crime family was late. No way this justice dept is going to go after wealthy grifters like this, otherwise.
Damn headline... (Score:1)
The whole thing was a scam to begin with (Score:2)
Carbon credits being transferable?
Oh, you didn't do a good job reducing your emissions? Someone over here did a good job, lets undo that to make you look better.
Microsoft Goes Bankrupt? (Score:2)
Nothing lasts forever, I guess.
celebrity backers (Score:1)
> celebrity backers
How could it fail?