Your Daily Dose of Financial News

by Robins Kaplan LLP

Chalk one up for big Carl (and Darwin).  Xerox announced this weekend that it’s bowing to Icahn’s pressures and ending its $6.1 billion combination with Fuji – Law360 and WSJ and NYTimes

Keep an eye on those servers.  Cyber experts suggest that a side effect of the US’s withdrawal from the Iran nuclear deal is a “resurgence” in retaliatory cyberattacks from Iran – NYTimes

Potential tech cold war victim (and Chinese telecom giant) ZTE is fighting back against the allegations that it misled US authorities about its sales to countries subject to US sanctions, arguing that its “failure to fully comply” with a US deal was the result of internal controls failures—not a “plan on systemic deception” – WSJ

Turns out it may have an unlikely ally in making its case – NYTimes and WSJ

Yale’s Robert Schiller gives us a bit of a tutorial (and a heads up) on the “next new thing in finance”—an investment vehicle called a G.D.P-linked bond (because it’s “tied to fluctuations in a country’s gross domestic product”) that automatically reduce debt payments “as the economy weakens—a boon to governments but not obviously a good thing for investors” – NYTimes

Speaking of fun new investment products, credit-default-swap pioneer Blythe Masters (she of the “it was the misuse of the swaps, not the swaps themselves” opinion) is all in on blockchain. Noted – WSJ

Republican SEC commissioner Hester Peirce suggested on Friday that the agency’s past “broken windows” enforcement strategy (that punishes “small infractions”) may be on the way out—especially if she has her way – Law360

Uber’s up a bit of a creek now that it’s hoped-for CFO candidate—Vmware Inc’s Zane Rowe—has indicated that he’s going to turn down the job. The issue? Awfully hard to move forward with that big-time IPO without a chief financial officer – WSJ

Microsoft: from 90s villain to tech eminence grise (and unexpected “industry[] moral conscience”).  Only in the wild world of the American tech industry – NYTimes

Elon’s pushed out his top engineer as Tesla’s Model 3 production problems continue – Bloomberg and MarketWatch

Your Monday case study on the staggering costs of bankruptcy these days is Toys R Us. Specifically, the company’s spring 2017 effort to refinance $200 million in debt, which—a year and a Chapter 11 filing later—is likely to cost the company “as much as $348 million for the dozens of bankers, lawyers and consultants that tried to fix its problems” – NYTimes

The IRS announced last week that it will begin more strictly enforcing the requirement “to withhold taxes for cryptocurrency payments to nonresident aliens” – Law360

We’ll be watching news from cybersecurity software firm Symantec to learn more about the revelation tucked in its fiscal Q1 results last week that it’s “conducting an internal investigation that will delay the filing of its annual report and could potentially lead to a restatement of earnings” – Bloomberg and WSJ

Turns out Eurovision delivers much more than just the occasional ABBA or Riverdance.  Namely, happiness itself – NewYorker

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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