You can find original article here Nrn. Subscribe to our free daily Nrn newsletters. FAT Brands faces more legal and financial turmoil as another entity has filed a lawsuit against the company over alleged unpaid contractual obligations. The company’s largest bondholder, Investor 352 Fund, is suing FAT Brands for $109 million and promised Class B Common stock tied to ownership of Twin Peaks, as it was issued by Twin Hospitality. According to the lawsuit, filed in the New York County Supreme Court, FAT B ...

Core Viewpoint - The company is currently in a legal dispute with DNB Bank ASA, Swedbank AB, and Danske Bank A/S regarding alleged breaches of a restructuring agreement, which the company disputes, asserting that the banks are obligated to convert certain debts into shares as per the agreement [1][2]. Group 1: Legal Dispute - The company filed a lawsuit with Oslo District Court on 24 March 2025 to resolve the dispute with the three banks [3]. - On 8 December 2025, the Oslo District Court ruled against the company, but the judgment is not final, and the company plans to appeal by the deadline of 19 January 2026 [4]. Group 2: Financial Obligations - The banks have demanded prepayment of outstanding amounts under the restructuring agreement and indicated intentions to take legal action to enforce their security [5]. - As of 30 September 2025, the banks' outstanding debt includes interest-bearing debt of NOK 130.8 million and non-interest-bearing B-tranche debt with a nominal value of MNOK 595.1, along with claimed interest and default interest of MNOK 7.9 [6]. Group 3: Company Position - The company maintains that the banks' claims are unfounded and will dispute the grounds for enforcing security and establishing execution liens [6]. - The company intends to seek compensation for any losses incurred due to the banks' actions and their failure to convert the B tranches upon the expiration of the restructuring agreement on 31 December 2025 [7].

Core Viewpoint - BNP Paribas is facing limited exposure to Sudan-related litigation, but uncertainty remains, leading to a decline in its share price [1][2]. Group 1: Legal Proceedings and Financial Impact - A U.S. jury found BNP Paribas liable for aiding Sudan's government in committing genocide, resulting in a court order for the bank to pay $20.5 million to three plaintiffs [2]. - The bank's shares fell by 1.6% on Tuesday, continuing a downward trend as investors reacted to the implications of the court ruling [2]. - The Chief Financial Officer stated that no provisions for Sudan-related litigation will be made in the upcoming third-quarter results, as the bank expects the verdict to be overturned on appeal [3]. Group 2: Legal Framework and Analyst Opinions - The CFO indicated that Swiss law applies to this case, which may limit the bank's liability, as confirmed by the Swiss government [4]. - Analysts express ongoing doubts about the situation, noting that while the bank perceives the risk of broader claims as low, uncertainty will likely affect the share price until clarity emerges from the appeal process [5]. - The CFO characterized the case as a private legal dispute rather than a regulatory or criminal matter, emphasizing that the verdict pertains only to the three plaintiffs and does not set a precedent for future claims [6]. Group 3: Future Considerations - The CFO acknowledged the unpredictability of how many additional plaintiffs might come forward and the duration of the appeal process, which could take between a couple of months to a year [7].

Core Point - The emergency order represents a significant development in the ongoing legal conflict between the tech giant and the creator of Fortnite [1] Group 1 - The legal dispute has been longstanding, indicating a complex history between the two parties involved [1]

Core Insights - Citgo Petroleum, an American oil and gas brand, has been owned by Venezuela since 1990, and its future is now in a legal auction process to pay off creditors due to asset expropriations under former Venezuelan ruler Hugo Chavez [1][5]. Group 1: Bidding Process and Participants - The bidders for Citgo do not include major oil companies like Exxon Mobil or Phillips 66, but rather activist investor Elliott Investment Management, Gold Reserve, and Blue Water Acquisition Corp [2][3]. - Elliott-backed Amber Energy is considered the leading candidate despite a cash offer of $5.9 billion, as it also includes over $2 billion for defaulted Venezuelan bonds [11][12]. - Gold Reserve has increased its bid to $7.9 billion and aims to manage Citgo rather than operate it, partnering with Koch Inc. for support [13][14]. - Blue Water Acquisition Corp. III has made a last-minute $10 billion bid, with a focus on making Citgo an American company again [16][18]. Group 2: Legal and Operational Context - The legal battle over Citgo has been prolonged, with a U.S. judge overseeing the bidding process, and the final sale may not be completed until 2026 due to expected appeals [10]. - Citgo operates an 800,000-barrel-a-day refining network with facilities in Louisiana, Texas, and Illinois, along with extensive marketing agreements [6]. - Creditors are seeking to recover nearly $20 billion in claims, but current bids do not meet this amount, leaving some creditors unfulfilled [5][7]. Group 3: Historical and Political Background - The ownership dispute intensified after a 2018 court ruling allowed creditors to pursue Citgo's assets, with ConocoPhillips holding a significant portion of the claims [9]. - Citgo severed operational ties with Venezuela in 2019, but the ownership question remains unresolved [10]. - The saga includes the imprisonment of Citgo executives in Venezuela, with some released in a prisoner exchange in 2022 [15].