Financial Daily Dose 6.11.2019 | Top Story: Opioid Maker Insys Files for Chapter 11 Protection

Robins Kaplan LLP

Robins Kaplan LLP

Opioid manufacturer Insys Therapeutics, which just last week agreed to pay $225 million to “settle a federal investigation into the marketing practices for its powerful fentanyl painkiller,” has filed for bankruptcy protection, announcing that it will continue operating while putting together a plan to pay its creditors – NYTimes and WSJ and Law360

More details on the purported agreement between the U.S. and Mexico that helped avert the imposition of tariffs yesterday are only sowing confusion about the exact contours of any deal between the countries – NYTimes and WSJ

Wall Street, as per usual these days, was largely content to focus on the big picture result of the deal: no new front in the tariff war – WSJ and MarketWatch

We’ve got the Behind the Music on the mega aerospace/defense merger between Raytheon and United Techs, including the CEO-to-CEO call that kicked off negotiations late last year – Bloomberg

Nasdaq, Inc. and the NYSE are “pulling back” from the Reg A+ fast-track IPO process aimed at helping small companies go public in the wake of a series of “problematic listings,” including that of Longfin, which shuttered operations in November after going public in late 2017 – WSJ

In important Christmas card news [for me, at least], PE giant Apollo Global Mgmt is buying Shutterfly Inc. and Snapfish LLC and has plans to combine the two to “create a bigger player in online-photo services” – WSJ and Bloomberg

The once-strong Nissan/Renault alliance is looking awfully rocky in the post-Ghosn world, and Renault’s recent decision to “withdraw support” for Nissan’s attempts to “overhaul its governance”—likely fallout from last week’s collapse of Renault’s proposed merger with Fiat Chrysler—isn’t doing anything to fix the situation – NYTimes

With all of the drama constantly surrounding CEO Elon Musk and his many, many ventures, you’d be forgiven for occasionally forgetting that Tesla’s still just a car company, standing before a volatile auto industry, asking buyers to love it. So here’s a check in on the business side of things for the electric carmaker – NYTimes

The White House has once again renewed its very personal, very unprecedented attacks on the Federal Reserve and its chair Jay Powell – WSJ and NYTimes

Former Goldman Sachs VP Steve Jung was sentenced to three months in prison this week for insider trading, a term well below the 1.5 to 2 years called for by the sentencing guidelines – Law360 and Bloomberg

Deutsche Bank acknowledged yesterday that its system for processing checks on behalf of clients represented a “lapse in its money laundering controls” that, while apparently not leading to “any cases of money laundering or breaches of international sanctions” represents another black eye for the struggling German institution – NYTimes

Salad frosting?  That’s where we are as a nation right now? Head-shake, Kraft.  Serious head-shake – HuffingtonPost

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