WeWork and SoftBank settle lawsuit

first_img Full Name* The settlement allows Neumann to cash out about $480 million in stock to SoftBank, while requiring him to stay away from his role on the WeWork board for a year. SoftBank will also pay Neumann $50 million to cover legal fees and additional $50 million as part of a promised non-compete fee. Neumann also gets a five-year extension on a $430 million loan from SoftBank.The lawsuit, filed in the Delaware Court of Chancery by WeWork and Neumann against SoftBank, was heading to a trial, where Judge Travis Laster was slated to hear evidence about how the WeWork stock deal collapsed.Shortly after WeWork’s spectacular failure of going public in 2019, SoftBank had agreed to buy $3 billion in stock from WeWork investors, including about $1 billion from Neumann. But in April 2020, the company, led by Masayoshi Son, declined to complete the transaction.The lawsuit alleged SoftBank withdrew the offer because of “buyer remorse” due to the pandemic. SoftBank objected, saying the deal was pulled because WeWork was unable to meet part of the deal’s conditions. [Bloomberg News] — Akiko MatsudaContact Akiko Matsuda Email Address* WeWork CEO Sandeep Mathrani, Adam Neumann and SoftBank CEO Masayoshi Son (Getty/Illustration by Kevin Rebong)The battle between WeWork and SoftBank is over.The beleaguered co-working giant and its co-founder and former CEO, Adam Neumann, have reached a legal settlement with SoftBank Group, Bloomberg News reported, heading off a trial that was set to begin on March 4. The agreement will firm up the Japanese conglomerate’s control over WeWork, while giving Neumann a financial windfall on his way out.SoftBank COO Marcelo Claure, who also serves as WeWork’s executive chairman, said in a statement to the publication that this settlement shows all parties “doing what is best for the future of WeWork.”“With this litigation behind us, we are fully focused on our mission to reimagine the workplace and continue to meet the growing demand for flexible space around the world,” he said.ADVERTISEMENTRead moreAdam Neumann, SoftBank near settlement agreementWeWork slashes rents in some citiesAdam Neumann invests in mortgage servicing startupcenter_img Message* This content is for subscribers only.Subscribe Nowlast_img read more

Tedeschi Trucks Band Announces 2020 ‘Wheels Of Soul Tour’ With St. Paul And The Broken Bones, Gabe Dixon

first_imgTedeschi Trucks Band, the 12-member soul outfit led by Southern rock power couple Susan Tedeschi and Derek Trucks, announced the 2020 return of their sixth-annual Wheels Of Soul tour. The tour will once again see the band hit amphitheaters across the country with two other groups that TTB believes exemplify the best in the modern soul movement. This coming summer the band will tour with St. Paul and The Broken Bones and Gabe Dixon, who will be working a double shift as he opens the show with his trio, then comes back out to play keyboards as a regular touring member of TTB. Over the past five summers, the Wheels Of Soul tour has seen TTB play alongside such acts as The Wood Brothers, Los Lobos, The Marcus King Band and many more, often resulting in surprise sit-ins and unexpected covers.Related: Tedeschi Trucks Band And The Wheels Of Soul Tour Welcome John Medeski At Red Rocks [Photos/Videos]The five-week tour will kick off June 26th in TTB’s hometown of Jacksonville, FL before the band makes their way around the entire country, with a tour-closing two-night run at Red Rocks Amphitheater in Morrison, CO July 31st and August 1st. A press release from the band notes, however, that there are additional dates to be announced, which could mean the band has some festival appearances that are yet to be revealed.“We’ve talked about having St. Paul and The Broken Bones out with us before,” Derek Trucks said. “Their sound is fantastic and certainly a natural fit for Wheels of Soul. And we enjoy the fun of touring and collaborating with another big band. Adding Gabe to the bill was a no brainer. He’s insanely talented and it will be a privilege to be able to showcase what he can do.”Tickets for the majority of the shows will go on sale on December 13th and will be available to purchase here. You can read a full list of dates for the summer 2020 return of the Tedeschi Trucks Band Wheels Of Soul tour below.Wheels Of Soul Tour 2020* (ft. Tedeschi Trucks Band, St. Paul and The Broken Bones, and Gabe Dixon):June 26 — Jacksonville, FL Daily’s PlaceJune 27 — Orange Beach, AL The Wharf AmphitheaterJune 28 — Tuscaloosa, AL Tuscaloosa AmphitheaterJuly 1 — Canandaigua, NY Constellation Brands Marvin Sands PACJuly 2 — Saratoga, NY Saratoga Performing Arts CenterJuly 3 — Gilford, NH Bank of New Hampshire PavilionJuly 5 — Essex Junction, VT Midway LawnJuly 7 — Philadelphia, PA Mann Center for the Performing ArtsJuly 10 — Charlotte, NC PNC Music PavilionJuly 11 — Raleigh, NC Coastal Credit Union Music Park at Walnut CreekJuly 12 — Huber Heights, OH Rose Music Center at The HeightsJuly 14 — Lewiston, NY ArtparkJuly 15 — Detroit, MI Fox TheatreJuly 18 — New Haven, CT  Westville Music BowlJuly 19 — Patchogue, NY Great South Bay Music FestivalJuly 24 — Atlanta, GA Fox TheatreJuly 25 — Atlanta, GA Fox TheatreJuly 26 — Cincinnati, OH PNC Pavilion at RiverbendJuly 28 — Indianapolis, IN The Amphitheater at White River State ParkJuly 31 — Morrison, CO Red Rocks AmphitheatreAugust 1 — Morrison, CO Red Rocks Amphitheatre* Additional dates to be announced.View All Tour Dateslast_img read more

Infantino says he has wide support for 48-team World Cup in Qatar

first_imgDOHA, (Reuters) – FIFA President Gianni Infantino said yesterday that a majority of national soccer federations were in favour of expanding the 2022 World Cup in Qatar to 48 teams. Infantino said a decision would be made by March, although it was still not clear whether an enlarged tournament would be feasible as it would be “difficult” to stage in Qatar alone.Qatar has been locked in a bitter dispute with Gulf neighbours Saudi Arabia, the United Arab Emirates, and Bahrain that has complicated the prospect of sharing matches in an expanded tournament.Those countries, as well as Egypt, began a diplomatic and trade boycott of Qatar in June 2017, accusing it of supporting terrorism. Qatar denies the claims. FIFA last year voted to increase the size of the tournament from 32 to 48 teams starting from 2026 but, since then, Infantino has been mulling the possibility of bringing the change forward to 2022.“We gathered the opinions as well of our members, the federations,” he told reporters.“So far, of course, the majority are in favour because 16 more teams participating not only means that 16 more countries will have World Cup fever, but 50 or 60 countries will be able to dream of qualifying for the World Cup.” “Whether it is feasible or not is a different question.”Infantino said it was unlikely that Qatar, which has been planning for a 32-team tournament since it was awarded hosting rights in 2010, could manage 16 extra teams on its own.“Is it feasible to do it only in Qatar? Difficult probably,” he said, adding that he did not want to share details of discussions with Qatar with the media. “Is it feasible to have a few games played in neighbouring countries? Maybe this is an option.”“Of course, I’m not naive enough to not know and read the news, and what’s going on, but we are in football not in politics and in football sometimes dreams come true.”Infantino said a decision needed to be made by March because the draw for the qualifying competition is in the summer. He said that, even with 16 additional teams, FIFA was committed to playing the tournament in the original 28-day period “because it was a difficult enough process to decide to move the World Cup to November or December.”He denied that it was too late to make the change.“For those who think it’s late, I’ve been told that the decision to move the World Cup in 1998 to 32 teams from 24 in 1994 was also taken only four years in advance so there is already a precedent,” he said.last_img read more

Bryant scores, as do Blazers

first_imgPORTLAND, Ore. – There won’t be much mention of Kobe Bryant and his string of 45-point games this morning. Not after the way the Lakers played defense Wednesday night against the Western Conference’s worst team. The Lakers fell on their faces in a 113-103 loss to the Portland Trail Blazers, their three-game winning streak coming to an end as they surrendered more points than any team this season to the lowly Blazers. It was anything but the kind of night to invoke the name of Wilt Chamberlain. Portland came in having lost six games in a row, with coach Nate McMillan accusing his team of quitting in a 118-89 loss to Miami on Sunday. “You play your worst defensive game of the year, you get beat,” forward Lamar Odom said. “You shouldn’t be surprised if you watched college basketball the last four or five years,” Odom said of Dixon and Blake, former Maryland teammates. “You know what those guys can do.” Bryant struggled to fight through the picks necessary to stay with Dixon. The two Portland guards combined to score 27 points more than their season average, with Jackson summing up the Lakers’ defense as a lack of respect. The only move that worked all night was moving Bryant from the wing to his old position in the backcourt to start the second quarter. Having the ball in his hands seemed to trigger Bryant, who totaled 17 of the Lakers’ 34 points in the quarter. But Bryant couldn’t lift the Lakers when he had to in the fourth quarter, missing eight of 11 shots. The Lakers trailed by as many as 11 points in the quarter and had only scattered chances to make it a close game down the stretch. They had a chance to cut the Blazers’ lead to five with eight minutes left but Bryant dipped his shoulder into Jarrett Jack on a drive and was called for a charge. The Lakers played Bryant 44 minutes on a night they hoped to get him some rest. “We got in a situation tonight where I think Kobe’s waiting for his hand to get hot and it never happened,” Jackson said. “He never got consistently hot. We tried to force the ball into him in situations that we shouldn’t have and it cost us as a team because we didn’t get other people involved as a result of trying to run too much for him. “As a result, I think that we were standing flatfooted at the other end of the floor defensively. And it’s the defense that wins.” The Lakers also learned two lessons as they left Portland on a rainy night, the first about putting defense first, the second about never overlooking an opponent. “We’ve got to make every game a defensive game,” Odom said, “and we didn’t do that.” Ross Siler, (818) 713-3610 [email protected] 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set!center_img AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREGift Box shows no rust in San Antonio Stakes win at Santa Anita “We didn’t come out with the intent to play defense tonight and we were disappointed as a team,” coach Phil Jackson said. “I can’t even tell you what happened out there tonight,” guard Smush Parker said. There wasn’t much to say. The Blazers entered Wednesday averaging a league-low 87 points per game, a total they eclipsed by the end of the third quarter. The Lakers were just the second team all season to give up 100 points to Portland. After totaling 45 points or more in his four previous games, the first player to do so since Chamberlain, Bryant finished with 41, almost as a footnote to the night. It was his 11th 40-point game of the season but came as he hit only 3 of 13 3-pointers. Instead of Bryant, Wednesday’s game belonged to Portland guards Juan Dixon and Steve Blake, neither of whom the Lakers appeared to pay much mind. Dixon finished with 27 points and Blake added 19 to lead five Blazers in double figures. last_img read more

Freelancers included in NYC anti-discrimination legislation

first_imgHave you ever been turned down for a gig because of your race or gender? Discrimination among individuals in the freelance workforce isn’t commonly discussed – mostly because there’s not a lot a freelancer can do if it happens.In New York City, however, that might soon change. Councilman Brad Lander introduced an amendment to the City’s Human Rights Law that would clarify which workers are protected under the law and include freelance and contract workers within its scope.The New York City Human Rights Law prohibits various forms of discrimination in hiring, employment, housing, and policing. The Anti-Discrimination Center, a non-profit fighting discrimination, calls it “one of the most powerful anti-discrimination laws in the country, far stronger than either federal law or most state counterparts.”It bars discrimination based on “race, color, religion/creed, age, national origin, alienage or citizenship status, gender (including sexual harassment), gender identity, sexual orientation, disability, pregnancy, marital status, and partnership status.” Here’s a handy card the NYC Human Rights Commission provides on protections under the law.The Human Rights Law was amended earlier this year to prohibit discrimination against those caring for children or someone with a disability. In August, the mayor and several council members announced an amendment introduced in Council to add “actual or perceived uniformed service as a protected status” under the Human Rights Law. An amendment was also introduced prohibiting employers from asking about a prospective employee’s salary history, following a similar law passed in Massachusetts in early August that was widely praised as a strong blow against gender wage discrimination.For freelancers, this is a big deal. Discrimination against independent workers has been historically hard to document because freelancers previously had no recourse against it. This law would enable freelancers to report discrimination cases to the city or take employers to court under the law.The amendment provides a much-needed update to our labor laws as it not only offers protections to freelancers, but actually recognizes independent contractors as part of the workforce as a whole. The bill would make simple changes to clarify that all workers (working for employers with more than three employees) are employees.Under the law, the term “employee” includes:InternsPart-time, temporary, leased or seasonal workersNatural persons employed as independent contractors to carry out work in furtherance of an employer’s business enterprise who are not themselves employers.”Finally, freelance work is becoming part of the rules, rather than an exception to them.last_img read more