Aggregator

They’re still fanning the flames.

FBI Seized Mark Walter's Devices Months Before Record $12.5 Billion Lakers Sale

Summary:

• Thursday: Yahoo Sports reporter Jack Baer said, "Mark Walter is reportedly facing a cash crunch."
• Thursday: FT reports that the FBI seized devices belonging to Mark Walter last year as part of an investigation.
• Wednesday: Josh Kushner and Bob Iger stun the sports world with a record-shattering $12 billion Lakers takeover deal.

FT Reports Has Probed Mark Walter's Empire 

One day after billionaire Mark Walter announced the record $12.5 billion sale of the Los Angeles Lakers to a group led by Josh Kushner and former Disney chief Bob Iger, the Financial Times reported that the FBI seized the phone of Guggenheim Investments President Dina DiLorenzo last year as part of a federal investigation into entities controlled by Walter.

DiLorenzo's device was taken the same day federal agents seized Walter's phone and laptop in September, according to people familiar with the federal probe. Important to note, Walter is the co-founder and CEO of Guggenheim Partners. 

They noted that prosecutors focused on whether Guggenheim Investments properly recorded revenue within Guggenheim Private Investments.

Guggenheim said auditors issued "unqualified opinions" on the 2024 and 2025 financial statements of the subsidiary that owns the private-investments business. Walter-controlled insurers previously disclosed subpoenas from the Manhattan U.S. Attorney's Office and the Securities and Exchange Commission.

The report continued:

Insurance companies controlled by Walter disclosed in June that they had received subpoenas in connection with investigations by the US attorney's office in Manhattan and the Securities and Exchange Commission. The US attorney's office declined to comment. The FBI did not respond to a request for comment.

While the scrutiny of the insurers has been publicly disclosed, the seizure of DiLorenzo's phone suggests authorities have also examined Walter's other companies, including Guggenheim, the securities firm and asset management giant. It was not clear what stage of the investigations authorities were at.

. . .

Walter's holdings, including insurers Delaware Life and Clear Spring Life and Annuity, now sit inside TWG. The insurers disclosed in June that they held more than $20bn of investments in affiliated entities, which they had previously marked as unaffiliated. They are now seeking to divest or restructure these holdings to bring down their percentage of related-party investments.

Yahoo Sports reporter Jack Baer noted earlier, "Mark Walter is reportedly facing a cash crunch." 

Wall Street Journal noted the same:

The closeness of the federal investigation to the abrupt sale announcement puts new scrutiny on Walter's decision to sell the Lakers in one of the largest transactions in sports history. 

Josh Kushner, Bob Iger Stun Sports World With Record-Shattering $12 Billion Lakers Takeover Deal

The Los Angeles Lakers are being sold to billionaire venture capitalist Josh Kushner, founder of Thrive Capital, and former Disney CEO Bob Iger for a record-breaking $12 billion, according to a new ESPN report.

The sports news website said:

The businessmen were involved in the expansion process in Las Vegas, but in a stunning turn, they pivoted to make an aggressive offer to buy the Lakers from Mark Walter, who had purchased a controlling interest in the team from the Buss family last year for a franchise valuation of approximately $10 billion.

The $12 billion buyout price implies an increase of at least 20% in the Lakers' value in less than a year.

Josh Kushner, the younger brother of Jared Kushner, and Iger released the following statement:

"As lifelong NBA fans, we are deeply honored for the opportunity to become stewards of the Los Angeles Lakers, one of the most iconic sports franchises in the world. We have immense respect for the leadership and vision of Jerry and Jeanie Buss.

"Our long-term commitment is to build on that foundation, compete at the highest level, and serve this extraordinary team, its fans, and the city of Los Angeles."

TWG Global CEO Mark Walter, who purchased control of the Lakers from the Buss family last year at a valuation of about $10 billion, has a sports holdings portfolio that includes stakes in the Los Angeles Dodgers, Los Angeles Sparks, Chelsea Football Club, the Professional Women's Hockey League and several auto-racing teams, including Cadillac Formula 1.

"Owning the Los Angeles Lakers has been one of the great honors of my life, an extraordinary investment, but what I will carry with me is the community, the fans, and a city that treats this team as family. I am grateful to Jeanie Buss, the Buss family, the players, and the staff for welcoming me into this chapter. The Lakers belong to Los Angeles, and I have every confidence the best is still ahead," Walter said in a statement.

Tyler Durden Fri, 08/14/2026 - 14:10

At 102 years old, Glenn Ward still has a healthy appetite. And when his birthday rolls around, there's one place he particularly wants to eat — Hooters.

Don’t miss your chance to float this majestic river before summer ends. It’s prime time for lazy currents.

More cracks are showing in California's wine business as a wine cap maker facility in Modesto is expected to permanently lay off 66 employees.

They're finally making a splash.

Cooper's drink brand, Unwell Beverages, is shutting down after less than two years in business.

Cooper's drink brand, Unwell Beverages, is shutting down after less than two years in business.

Deposit $10, and get $20 trading bonus with Polymarket promo code NYPMAX1.

Matthew Apicella, DO, a Sports Medicine Physician from NYU Langone joins Dexter Henry for the weekly Injury Report segment to discuss Qwan’tez Stiggers’ recovery from a concussion after the veteran cornerback lost consciousness during one of the Jets’ joint practice sessions with the Buccaneers. Full video: https://youtu.be/ZVbANNPYMJ0

Even if Luigi's pathetic excuse for a critique of “the system” made the least bit of sense, killing Brian Thompson was never going to change a damn thing beyond robbing his family of this husband and father.

Turns out the NFL hasn't moved on from AstroTurf after all.

President Trump dismissed family worries over the USS Abraham Lincoln's grueling 8-month deployment, claiming it has "not nearly" been long enough.

A curious Siberian husky picked a playful fight with a robot dog at a park in Jiangsu, China.

Shadow the bald eagle isn’t exactly taking his sweet time getting back in the dating game after the death of his partner Jackie.

The family put out a statement saying, "Today’s guilty plea marks an important step toward justice for Brian and for our family."

With the 2028 Summer Olympics set to take place in Los Angeles, Major League Baseball announced the 2028 MLB-All Star Game will be taking place a few hours north at Oracle Park in San Francisco. The news of the Midsummer Classic returning to San Francisco for the first time since 2007 comes in the midst...

Panama Canal Fees Hit Record As El Nino, Hormuz Crisis Choke Global Shipping

Panama Canal transit auction prices have surged to record highs this summer as an intensifying El Niño and disruptions in the Strait of Hormuz upend global shipping routes. 

A Bloomberg report Friday morning said a supertanker paid a record $4.6 million at auction to bypass the growing queue and secure an earlier transit slot next week. The spike in canal fees and vessel wait times threatens to further raise freight costs, reinforcing growing concerns about inflationary pressures across global supply chains.

Daily auctions for August passage through the canal's busiest locks have averaged about $1.1 million, more than 16 times the average during the same period last year, according to the Financial Times, citing Argus Media. Recent auctions for the larger locks averaged a record $2.5 million. 

Bloomberg said that the liquefied petroleum gas supertanker G. Arete paid a staggering $4.6 million to skip the line, topping an earlier auction this week that exceeded $4 million.

At the same time, the Hormuz chokepoint disruption has pushed Asian buyers toward crude oil and petroleum products at major US export terminals in the Gulf of America, increasing demand for canal passage. Meanwhile, falling canal water levels linked to intensifying El Niño weather conditions, such as drought and limited rainfall, are constraining traffic, which are the main drivers behind rising transit costs. 

"The problem right now is the water levels are dropping steadily, and it's not supposed to be doing that from May to December," said Ross Griffith, head of Americas freight pricing at Argus, who the FT quoted. This year's El Niño has already disrupted marine traffic on European rivers such as the Rhine and Danube, leading to cruise cancellations and freight rerouting.

More color from the FT:

The Panama Canal Authority told the FT that some vessels that recently transited have paid amounts exceeding $1mn at auction to meet their specific market needs and reflected "temporary market fluctuations", not a tariff set by the Panama Canal.

"The announced draft adjustments will not reduce the number of daily vessel transits," an authority spokesperson said. But depending on how conditions change, the authority could impose further restrictions, the spokesperson added.

Parash Jain, managing director and HSBC's global head of transport and logistics research, told clients earlier this week that concerns are mounting that other key waterways around the world are also facing lower water levels, constraining shipping:

El Niño increases both drought and flood risks by shifting rainfall patterns, accelerating evaporation, and lowering river levels at key gateways such as the Panama Canal and Rhine River, while creating floods in Asia and South America, reducing harvests. Authorities respond with draught limits, caps on daily transits, and tighter slot availability, which forces vessels to load less, wait longer, or split cargoes, thus reducing effective capacity and supporting freight rates. Indeed, from 26 August, The Panama Canal Authority is lowering the maximum draft for the largest vessels transiting the canal, preparing for El Niño (6 August, Maritime Executive).

The strengthening El Niño episode poses risks well beyond shipping. As major institutional desks have warned, drought, flooding and disrupted harvests could tighten agricultural supplies and place renewed upward pressure on global food prices

Tyler Durden Fri, 08/14/2026 - 13:20

She's taking her birthday suit to a new level, lounging in nothing but a robe while on vacation with fiancé Van Hunt.

She's taking her birthday suit to a new level, lounging in nothing but a robe while on vacation with fiancé Van Hunt.