Buybacks have gotten a bad rap from both Republicans and Democrats. But stocks would be trading at a massive discount without them.Marketsread more
Fiat Chrysler and France's Renault could soon partner up to take on the sweeping changes to the global auto industry, according to a report in the Financial Times. The...Autosread more
Microsoft shares have gained 133% since November 2015, outperforming a tech "basket of unicorns" over that stretch.Technologyread more
The president's state visit comes amid tensions with carmaker Toyota over potential auto tariffs. Trump has repeatedly threatened Japanese and European carmakers with tariffs.Traderead more
The IRS is about to release a new draft of Form W-4, which will more closely reflect the changes stemming from the Tax Cuts and Jobs Act. For workers, that means they'll need...Personal Financeread more
When commercial real estate investor Manny Khoshbin spent $2.2 million on the fastest production car in the world, he had no idea it would very quickly also become the...Autosread more
The Mega Millions jackpot has spilled over $400 million. It would be the ninth largest winning since the game began in 2002.Personal Financeread more
Trump was speaking at a meeting of Japanese business leaders in Tokyo during his state visit to Japan on Saturday.Marketsread more
The biggest U.S. gasoline price surge in years is running out of steam just in time for the start of the summer driving season.Energyread more
The federal minimum wage has remained $7.25 per hour since 2009. But several states, and even some companies, have since taken matters into their own hands to pay employees a...Workread more
Stocks rose on Friday, but notched weekly losses as investors worried the U.S.-China trade war is hurting economic growth.US Marketsread more
Is the pharma bro on his way to being cash broke?
Martin Shkreli's lawyers, saying his assets are largely "illiquid," are asking a judge to slash his $5 million bail to just $2 million as the former pharmaceutical executive prepares to go on trial on federal criminal securities fraud charges in less than two weeks.
Shkreli's criminal defense lawyer Benjamin Brafman said that cutting his bail amount would allow $3 million to be released from an E-Trade account containing $5 million in cash that currently is securing his freedom.
In turn, that $3 million would be transferred to an account maintained by Shkreli's civil lawyers at the firm Fox Rothschild, and then be used to pay Shkreli's tax and legal expenses, according to a letter Brafman sent this week to Judge Kiyo Matsumoto.
The letter argues the bail reduction is warranted because Shkreli "is not a risk of flight," and because the current bail amount "is far in excess of what is required."
Brafman wrote that Shkreli's bail package was consented to by his former criminal defense lawyers when he was arrested in December 2015, "at a time when Mr. Shkreli had access to many millions of dollars in cash and other liquid assets."
"Today, the majority of Mr. Shkreli's assets are illiquid," said the letter to Matsumoto, which asks that she consider the bail request during oral arguments at a hearing in Brooklyn, New York, federal court next Monday.
"Although Mr. Shkreli is still worth a lot of money due to his ownership interest in Turing, that interest cannot be currently sold, nor can it be pledged."
Federal prosecutors have refused to agree to Brafman's request, according to the letter.
The claim that Shkreli is short on available cash came days after a report that he funded a $40,000 scholarship to a recent Princeton University graduate who had solved a math proof that Shkreli posed during a guest lecture at the college in April.
Turing was founded by Shkreli in 2015. He first gained public notoriety that same year after Turing acquired the rights to an anti-parasite drug, Daraprim, and then hiked the price of the medication used to treat pregnant women, infants and people with HIV from $13.50 per pill to $750 per pill.
Brafman's letter says Shkreli's interest in Turing is "now valued at tens of millions of dollars," and that he would forfeit that interest if he flees prosecution.
And the letter notes that the $2 million bail proposed is still twice the amount of Shkreli's co-defendant, Evan Greebel, and much more than in other cases involving alleged white collar crimes with a defendant who has no prior criminal record.
"We believe that $2,000,000 is more than sufficient to secure Mr. Shkreli's continued appearance in this case," Brafman wrote.
Brafman's letter said that an escrow account maintained by Shkreli's civil counsel, Fox Rothschild, would be used to hold the $3 million in cash if the bail reduction is granted.
"At this time, Mr. Shkreli must pay his civil attorneys, Fox Rothschild ... for legal work related to this case and to other legal matters," Brafman wrote. "He also owes [REDACTED] to Marks Paneth, forensic accountants who were retained to assist Mr. Shkreli in responsibly addressing certain claims against him by the IRS and [New York state] tax authorities."
The letter outlines proposed payments out of the $3 million that will be permitted by the tax authorities, but those payments are blacked out in the letter, which was filed in court.
Shkreli's E-trade account used to secure his bail originally was valued at $45 million when it first was posted as collateral for his release.
But the value dropped by about $41 million weeks later, as a result of its large holdings of KaloBios stock. Shortly before his arrest, an investor group led by Shkreli had purchased a controlling interest in KaloBios, which named him CEO. But the company's stock tanked on the heels of his arrest.
Shkreli is charged with defrauding Retrophin, the drug company he founded and ran before Turing, out of millions of dollars to repay investors in two hedge funds that he ran whom he also is accused of ripping off.
Shkreli has denied the allegations, as has his co-defendant Greebel, an attorney who did legal work for Retrophin.
Jury selection in Shkreli's case is scheduled to begin June 26.