Anonymous ID: 829798 Oct. 19, 2023, 8 a.m. No.19763068   🗄️.is đź”—kun   >>3078 >>3241 >>3256 >>3378 >>3461 >>3532 >>3595

New York sues crypto firms for alleged $1.1B fraud

 

Gemini Trust Co. and Barry Silbert’s Digital Currency Group were sued by New York’s top law-enforcement officer for allegedly defrauding customers of $1.1 billion, escalating legal woes for two companies hit hard by last year’s plunge in cryptocurrency markets.

 

https://www.crainsnewyork.com/technology/gemini-digital-currency-group-sued-new-york-1-1b-crypto-fraud

Anonymous ID: 829798 Oct. 19, 2023, 8:25 a.m. No.19763208   🗄️.is đź”—kun   >>3241 >>3378 >>3461 >>3532 >>3595

>>19763169

 

no mention of an actual reason by the company.

 

The Texas mill represents about 2% of North American containerboard capacity, according to an analysis Wednesday from Michael Roxland, senior paper and packaging analyst at Truist Securities. He said the decision to shut it down is “consistent with our thesis that leading domestic producers such as IP would continue to actively manage supply and demand through capacity rationalization to maintain pricing stability.” Even after this closure IP will remain the North American containerboard leader, he said, “leaving the company best positioned to capitalize on an improving containerboard market, which we believe could be forthcoming.”

 

The shutdowns follow Georgia-Pacific’s recent announcement that it would close its Foley Cellulose mill in Perry, Florida, which Roxland said produced about 185,000 metric tons of fluff, or close to 3% of global supply. “Ultimately, we think these closures should improve the global fluff pulp supply-demand balance resulting in increasing price stability, positive for IP,” Roxland said.

 

https://www.packagingdive.com/news/international-paper-closures-layoffs/696960/

 

so, basically, the paper co's are colluding to drive prices higher.

 

another day, another dollar.