Plus, New York grand jury votes to indict former President Donald Trump.
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Shares of Bed Bath & Beyond fell more than 26% on Thursday after the retailer said it would likely file for bankruptcy if unable to raise $300M through an equity sale. BB&B filed to sell new shares after a fundraising deal with hedge fund Hudson Bay Capital Management LP fell apart. More: - Earlier this year, the retailer was facing bankruptcy before it secured a preliminary agreement with Hudson Bay Capital Management for $1B as long as BB&B’s share price doesn’t go below $1.25.
- BBBY shares closed at 59 cents on Thursday; the company’s shares are down nearly 75% YTD.
- According to BB&B’s recent filing, the retailer plans to send all net proceeds from the share sale to its lenders on Wall Street.
- If the company is able to raise enough funds, it will use the extra to restock its stores.
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The Walt Disney Company invoked a rare legal clause based on the descendants of the British royal family to block efforts by Florida Gov. Ron DeSantis to strip the company of its self-governance power in the state. The clause is part of an agreement that limits the power the state has over Disney and the district and is set to continue until 21 years after the last surviving descendant of King Charles III of England who was alive as of Feb. 8 dies. One tax policy expert explained that if any of the grandchildren reach age 80, the clause will remain in force for a century. More: - On Feb. 8, the day before the Florida House voted to put DeSantis in charge of the Reedy Creek district, the previous Disney-allied board signed the agreement.
- The clause is most often used in the U.K., usually in trusts, and provides a buffer against perpetuities. It's been commonly used since 1692 in the U.K. but is rare in the U.S.
- Florida lawmakers have balked at the new agreement and have vowed to find a legal way to repeal or void the document.
- Disney said all of its conduct was legal and conducted in properly noticed meetings.
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Virgin Orbit CEO Dan Hart said the company would cease operations for the foreseeable future after failing to secure new funding. The company paused all operations on March 15 and furloughed most of its employees. More: - At an all-hands meeting on Thursday, Hart said the company would lay off most of its employees.
- Hart said the layoffs would impact every team and department.
- The company will cut all but 100 positions, amounting to about 90% of its workforce.
- Hart said the company would provide a severance package for every laid-off employee, including a cash payment, extension of benefits, and support in finding a new position.
- Virgin Orbit will set up a direct pipeline for some employees to be hired at its sister company, Virgin Galactic.
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Massachusetts regulators have opened an investigation into stock sales by top executives at First Republic Bank weeks before the recent bank failures. Massachusetts' Secretary of the Commonwealth William Galvin has subpoenaed First Republic seeking details about its insider trading policies and how officers handled their stock sales from Jan. 1. More: - Massachusetts regulators are also conducting a similar probe into the stock sales by executives at SVB Financial Group, the former parent company of Silicon Valley Bank.
- The global banking sector has been impacted by recent bank failures, raising contagion fears.
- Silvergate Capital Corp shut down its operations on March 8.
- Silicon Valley Bank and Signature Bank were shut down by financial regulators on March 10 and March 12, respectively, amid liquidity crises.
- Corporate insiders are allowed to buy and sell shares of their companies; however, it is illegal for officers and directors to transact on material information that is not yet public.
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Minor-league baseball players have reached a tentative agreement with Major League Baseball. The five-year deal will double the pay of minor-league players and provide other benefits. The agreement will go to a ratification vote by players on Thursday and to MLB owners for a vote in the coming days. More: - Minor-league baseball players joined a union last year called the MLB Players Association.
- Major League Baseball recognized the union, making the MLBPA the bargaining agent for minor-league players.
- Under the agreement, players will see their minimum season salaries more than double this year, with incremental increases codified over the duration of the CBA.
- At the lowest levels of the minors, player salaries will increase from $4,800 per year to $19,800.
- At Triple-A, the highest level before the major leagues, salaries will increase from $17,500 to $35,800.
- Also under the new agreement, players will get paid for most of the year, including spring training, and will be paid for all but six weeks of the year.
- Previously, they weren't paid for spring training despite putting in full days preparing for the regular season.
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Ford has resumed production of its electric F-150 Lightning pickup truck. The U.S. automaker suspended production last month after a battery in one newly built truck caught fire in a holding lot. Ford also increased the price on some Lightning versions. More: - Ford said the standard-range Lightning Pro, a lower-cost version of the truck optimized for fleet use, will now start at just under $60,000, a 50% markup.
- The standard-range Lightning Pro was initially priced at about $40,000 when it was first announced in 2021.
- The mid-level Lariat trim with standard-range battery was increased from $74,500 to just under $76,000.
- The top-line Platinum trim was increased from about $96,900 to just over $98,000.
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- Luxury car maker Lamborghini has unveiled its first plug-in hybrid vehicle, a V-12 coupe with three electric motors and 1,001 horsepower. The 2024 Lamborghini Revuelto will replace the conventionally powered Aventador supercar.
- A New York grand jury voted to indict former President Donald Trump on Thursday in connection with a $130,000 hush money payment to porn star Stormy Daniels made by his former lawyer Michael Cohen.
- Russia’s security service arrested 31-year-old Wall Street Journal reporter Evan Gershkovich on suspicion of spying. The Wall Street Journal in a statement denied the allegations and called for the immediate release of Gershkovich.
- Nine U.S. soldiers were killed on Thursday when two Black Hawk helicopters crashed during a training exercise in Kentucky.
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 |  | Vanessa Omeokachie writes the daily Inside Business newsletter. Her interests include finance, technology, and entrepreneurship. In her free time, she enjoys reading, hiking, attending concerts and music festivals, traveling, and exploring. Connect with her on Twitter @VanessaOmeo or on LinkedIn. |   | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 and 1972 Fords. | |
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