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Silicon Valley Bank was repaid millions by distressed custom furniture retailer Interior Define before both collapsed

Published Tue, 25 Feb 2025 14:28:12 GMT

Robert Channick | Chicago TribuneWhen Interior Define began a liquidation process in late December, the Chicago-based custom furniture retailer left thousands of customers with unfulfilled orders and little hope of recovering their money.But the since-failed Silicon Valley Bank was repaid millions by Interior Define as both stood on the precipice of collapse.In a confluence of business implosions, documents show Silicon Valley Bank was a secured lender to Interior Define before the retailer made an assignment for the benefit of creditors, a bankruptcy alternative under Illinois law that bypasses the courts to transfer an insolvent company’s assets free of unsecured debt.Interior Define, which struggled much of last year with order backlogs, dwindling cash reserves and mounting debt, owed four secured lenders about $25 million in late 2022, but the balance was reduced to $14 million as of the Dec. 31 notice of assignment, according to published documents.The $11 million difference, a...

10 easy ways to do Disneyland on a budget

Published Tue, 25 Feb 2025 14:28:12 GMT

One-day theme park tickets to Disneyland Park in Anaheim, Calif., and its sibling, Disney California Adventure Park, start at $104 per person, so calling Disneyland cheap is about as believable as saying an elephant can fly. But at Disneyland, elephants do in fact fly (Dumbo, anyone?) — and successfully planning a trip to Disneyland on a budget isn’t as impossible as it might seem.Here’s how to go to Disneyland for less.1. Purchase discounted Disneyland ticketsAuthorized third-party sellers such as Undercover Tourist often sell Disneyland tickets for less than buying directly from Disney.Some membership programs, including AAA and Costco, offer tickets or vacation package deals, though they typically command a membership fee to join. Other affiliations, such as employee or student discount programs, might similarly unlock discounts.Disney also sometimes offers discounts to groups, including U.S. military members or Southern California residents.2. Skip Park Hopper for multiday...

SDPD: Active shooter reported at Balboa Park Naval Medical Center, no shots fired

Published Tue, 25 Feb 2025 14:28:12 GMT

SAN DIEGO -- Naval Medical Center San Diego near Balboa Park is on lockdown after an active shooter was reported inside the hospital, San Diego police confirmed.Authorities said that there was no active gunfire with the reports of a possible gunman. There are no injuries, SDPD said.One suspect was detained sometime before 11 a.m. As of 11:40 a.m., a second person was taken into custody, but SDPD said they did not have a gun on them.SDPD said that they are working with the Navy to clear the campus. It is unclear what buildings are being evacuated.SkyFOX aerial footage showed a heavy police presence around the hospital. SDPD vehicles are blocking off Bob Wilson Drive into the medical center. The FOX 5 crew on the scene noted that there is a line of cars is currently on Florida Drive waiting to get back into the hospital.Authorities are encouraging people to stay clear of the area.This is a developing story. Check back for updates.

NRA convention draws top GOP 2024 hopefuls after shootings

Published Tue, 25 Feb 2025 14:28:12 GMT

INDIANAPOLIS (AP) — Last year it was Uvalde. Now it’s Nashville and Louisville. For the second year in a row, the National Rifle Association is holding its annual convention within days of mass shootings that shook the nation. The three-day gathering kicked off Friday with thousands of the organization’s most active members at Indianapolis’ convention center attracting a bevy of top Republican presidential candidates — enough that it could help shape the early part of next year’s GOP primary race.It illustrates the stark reality that such shootings have become enough of the fabric of American life that the NRA can no longer schedule around them. Nor does it really want to: The convention falls on the second anniversary of the mass shooting at a FedEx facility in Indianapolis that killed nine people.In brief remarks, NRA CEO Wayne LaPierre didn’t mention the recent mass shootings.“Gun-hating politicians should never go to bed unafraid of what this association and all of our mil...

What’s next for sale of NFL’s Washington Commanders?

Published Tue, 25 Feb 2025 14:28:12 GMT

Dan Snyder has an agreement in principle to sell the Washington Commanders to a group led by Josh Harris and Mitchell Rales that includes Magic Johnson for a North American professional sports team record $6.05 billion.It’s the biggest step yet in the process of Snyder selling the storied NFL franchise he has owned since 1999. But it’s far from the last one before the group assumes control.WHAT HAPPENS NOW?Currently, there’s a fully financed, nonexclusive agreement in place, but it has not yet been signed by the buying and selling parties. They’ll work out the fine print with lawyers and execute a binding agreement to complete the sale process at the team level.The league then gets involved for a thorough vetting process, including background checks and an evaluation by the finance committee. Once everything checks out, it goes to the owners for a vote, with three-quarters (24 of 32) needed to approve the sale and make it official.That could happen as soon as...

Capitol rioter who crushed officer with shield gets 7 years

Published Tue, 25 Feb 2025 14:28:12 GMT

WASHINGTON (AP) — A man who used a stolen riot shield to crush a police officer in a doorframe during the U.S. Capitol insurrection was sentenced on Friday to more than seven years in prison for his role in one of the most violent episodes of the Jan. 6 attack.Federal prosecutors had recommended a prison sentence of 15 years and eight months for Patrick McCaughey III, which would have been the longest sentence for a Capitol riot case by more than five years. U.S. District Judge Trevor McFadden sentenced McCaughey to seven years and six months in prison followed by two years of supervised release. The judge described McCaughey, 25, as a “poster child of all that was dangerous and appalling about” the Jan. 6, 2021, riot.“Your actions are some of the most egregious crimes that were committed on that dark day,” the judge told McCaughey.McCaughey, of Ridgefield, Connecticut, expressed shame for joining the mob of then-President Donald Trump’s supporters who “violated” the Capitol. ...

A look at the bargaining demands ahead of potential strike by federal civil servants

Published Tue, 25 Feb 2025 14:28:12 GMT

OTTAWA — More than 120,000 federal public servants voted in favour of a countrywide strike mandate this week — and their union has made clear that wages are top of mind as it mulls whether to launch the potential job action. Another 35,000 from the Canada Revenue Agency voted for a strike mandate last week.The Public Service Alliance of Canada and the federal government have been at the bargaining table since June 2021. After a protracted impasse, during which both parties filed labour complaints against each other, the two began mediated negotiations early this month. The union’s demands have shifted over time, and neither party says it is willing to discuss the details of the ongoing negotiations publicly. It is also a standard bargaining tactic for parties to ask for more, or offer less, than they are expecting in the completed agreement.But a brief to the Public Interest Commission last November sheds light on what the union was asking for at that time. Here are some of th...

Papal official rejects new claims in ‘Vatican Girl’ mystery

Published Tue, 25 Feb 2025 14:28:12 GMT

ROME (AP) — The Vatican pushed back hard Friday at “slanderous” insinuations against St. John Paul II that were aired following the reopening of an investigation into the 1983 disappearance of the teenage daughter of a Vatican employee.The kerfuffle erupted after Emanuela Orlandi’s brother, Pietro, spent eight hours meeting Tuesday with Vatican prosecutors, who earlier this year reopened the dormant investigation into Emanuela’s disappearance. The Vatican probe has coincided with the recent decision by Italy’s parliament to open a parliamentary commission of inquest into the case, giving the Orlandi family hope that the truth might finally emerge.Emanuela Orlandi, 15, vanished June 22, 1983, after leaving her family’s Vatican City apartment to go to a music lesson in Rome. Her father was a lay employee of the Holy See.Her disappearance has been one of the Vatican’s enduring mysteries, and over the years has been linked to everything from the plot to kill John Paul, a financial scand...

Former B.C. paramedic gives advice on the 7th anniversary of the overdose crisis

Published Tue, 25 Feb 2025 14:28:12 GMT

VANCOUVER — A former Vancouver paramedic with decades of experience says he has watched as illicit drugs have become more toxic, requiring more effort and more overdose-reversing medication to save people’s lives.Brian Twaites’ comments come on the seventh anniversary of British Columbia’s declaration of the public health emergency for the overdose crisis. Twaites worked for 36 years, mostly in the city’s Downtown Eastside, and says drug users need to stop using alone and should also ensure they’re not all using the same drug at the same time so someone can call for help. B.C. was the first jurisdiction in Canada to declare a public health emergency over increasing overdoses on April 14, 2016, after overdose deaths reached 474 in 2015.Last year, the toxic drug supply claimed nearly 2,300 lives in the province.Premier David Eby, Minister of Mental Health and Addictions Jennifer Whtiteside and provincial health officer Dr. Bonnie Henry say in a joint stat...

Financial system has to adjust to higher interest rates, Macklem says.

Published Tue, 25 Feb 2025 14:28:12 GMT

OTTAWA — Bank of Canada governor Tiff Macklem says the financial system has to adjust to higher interest rates, just like the rest of the economy. Macklem addressed the recent banking stress that was set off in the U.S. last month while speaking to reporters today from the sidelines of the International Monetary Fund meetings in Washington, D.C. The collapse of Silicon Valley Bank, followed by other financial institutions, has raised concerns about the implications of rapid interest rate hiking on financial stability.Macklem says the financial system will have to adjust to higher interest rates, noting central banks are “resolved in getting inflation back to their inflation targets.”The governor says adjusting to higher interest rates can be hard for the financial system, just as it can be difficult for Canadians and businesses.Macklem says he disagrees with the idea that price stability and financial stability are at odds with each other and says achieving both is criti...