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Violent winds whip the coast of Japan as typhoon Bavi migrates to China
With Dismissed Lawsuits And DOE Support, Holtec Delays Palisades Nuclear Plant Restart Further
Holtec announced last week that the major refurbishment projects at Palisades are complete.
Reactor vessel inspections, head penetration replacements, steam generator tube refurbishment, primary system decontamination, and operator training all wrapped up. New fuel now sits on site, ready for loading. The company called it a "watershed moment" and shifted focus to grinding through the remaining work.
Yet there is still no restart date…
“Holtec International remains on track to restart operations at Palisades in October 2025”
These are the comments provided by a Utility Dive article in 2025 after they spoke with Holtec’s International Director of Government Affairs and Communications Patrick O’Brien.
Needless to say, that date has passed. Starting earlier this year, the company pivoted to the vaguer line that Palisades would restart "when the plant is ready for long-term operations." CEO Kris Singh told the Financial Times he still expects the plant back this year, ahead of the March 2027 power supply contract. But "this year" is now half over with no firm schedule attached.
When the $1.5 billion DOE loan closed in 2024, expectations centered on a late 2025 restart. As the first deadline came to pass near the end of 2025 and the beginning of 2026, material issues, particularly with steam generators, had pushed the target into the middle of 2026.
Each update added a few more months. Now the language has softened further into "steady progress" and "when ready." More than 5,000 individual work activities remain on the checklist. Most are described as routine maintenance, testing, inspection, and operational readiness items.
The legal and financial pieces have at least moved forward. A federal court dismissed the environmental groups' lawsuit challenging the NRC exemption that allows a decommissioned plant to restart.
Holtec is also preparing an IPO that multiple outlets peg at a roughly $10 billion valuation.
Palisades was always presented as the easiest restart project on the table. An existing plant on an existing site, with a recently operating license framework, the first major DOE loan guarantee, and novel NRC regulatory pathways created specifically to enable it. If any restart should have translated funding, approvals, and major refurbishment work into electrons on the grid without prolonged slippage, this was the one.
The repeated movement of internal targets and the current shift to “when the plant is ready for long-term operations” instead makes reactor restarts look more uncertain and execution-heavy than simply licensing and building a new plant from scratch. That undercuts the core industry argument that restarts represent the lowest-risk, fastest path to new nuclear capacity.
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Clashing Over Saylor, Strategy, And Bitcoin's Biggest Risks
Submitted by QTR's Fringe Finance
Sometimes the best conversations happen after an argument.
That's exactly what unfolded this week when I sat down with fund manager Larry Lepard for a discussion that almost never happened. After disagreeing earlier in the week over my criticism of Michael Saylor, Strategy, and the company's evolving Bitcoin strategy, we decided to hash it out publicly in a podcast/debate. Stupid thing to get in the way of a friendship, right?
The result wasn't a shouting match. It was a substantive debate between two people who actually agree on more than they disagree. We both remain skeptical of today's euphoric markets. We both think most of crypto outside of Bitcoin is likely worthless. And we both believe Bitcoin deserves to be taken seriously as a macro asset.
Where we disagree is on Strategy. My argument was never that the company is headed for an imminent collapse. In fact, I acknowledged that its new Bitcoin monetization framework, dedicated cash reserves, and more disciplined capital allocation likely buy the company significant time while improving financial flexibility.
My concern is with management credibility. Earlier this year Michael Saylor insisted Strategy would not become a Bitcoin seller. Today, the company has sold Bitcoin as part of its capital management strategy while shifting its messaging toward liquidity and balance sheet flexibility. I also questioned why "Bitcoin Yield," once heavily promoted by both Saylor and CEO Phong Le, has largely disappeared from public messaging now that the metric has become less favorable. To me, consistency matters, especially when investors are being asked to trust management.
Larry's response was that I'm confusing adaptation with deception. He argued management simply adjusted after learning where the market's tolerance for leverage actually sits. Rather than signaling distress, he believes the company's new emphasis on liquidity strengthens the business and reassures investors that dividend obligations remain easily manageable.
His broader point was that the balance sheet simply doesn't support the bearish narrative. With roughly $6 billion of debt against tens of billions of dollars in Bitcoin holdings, Larry believes Strategy remains well insulated, even if Bitcoin suffers another major drawdown.
I pushed back by arguing that the entire bull case rests on assumptions continuing to hold. Bitcoin has never existed alongside equity markets this expensive, nor has there ever been a corporate treasury vehicle as large as Strategy simultaneously serving as one of the market's biggest buyers while now acknowledging it can also become a seller.
Leverage changes the equation. Every preferred issue, dividend obligation, and financing decision adds another layer that depends on Bitcoin continuing to appreciate over time. If Bitcoin performs as expected, those obligations remain manageable. If it doesn't, they become increasingly important.
Larry countered that I was overly focused on downside scenarios while overlooking Bitcoin's asymmetric upside. He pointed to prior drawdowns, increasing institutional adoption, ETF ownership, and long-term network growth as evidence that Bitcoin continues following the same path it always has.
One place we found plenty of common ground was on crypto more broadly. Larry argued most of the crypto ecosystem is ultimately worthless while Bitcoin increasingly resembles digital gold. I largely agreed, though I noted that a collapse elsewhere in crypto could still create broader risk-off pressure that spills over into Bitcoin and highly levered companies like Strategy.
The biggest takeaway wasn't who won the debate. It was that markets need more conversations like this. Healthy skepticism shouldn't automatically be confused with pessimism, and pointing out risks isn't the same as predicting disaster.
Larry remains convinced Strategy is one of the market's best long-term opportunities.I remain convinced that management credibility, leverage, and changing narratives deserve scrutiny. Reasonable people can disagree. That's exactly what made the conversation worth having.
Now you can watch the full debate 100% free and decide for yourself.
(WATCH THE FULL DEBATE, 100% FREE, HERE).
--
QTR’s Disclaimer: Please read my full legal disclaimer on my About page here. This post represents my opinions only. In addition, please understand I am an idiot and often get things wrong and lose money. I may own or transact in any names mentioned in this piece at any time without warning. Contributor posts and aggregated posts have been hand selected by me, have not been fact checked and are the opinions of their authors. They are either submitted to QTR by their author, reprinted under a Creative Commons license with my best effort to uphold what the license asks, or with the permission of the author.
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As of May 20, 2026 I personally no longer actively trade (read my story here). My investing/saving is done by recurring contributions mostly to sector ETFs and a few select equities, trusted third parties who oversee my accounts, and advisors. Such advisors or funds, through individual equities, options, index funds, mutual funds, ETFs, or other securities, may have positions in, exposure to, or holdings of names mentioned herein that I know nothing about. Basically, via index funds, ETFs and individual equities it is possible I could own, have exposure to, or not own anything at any point. As of the same date, May 20, 2026, in an attempt to lead a healthier lifestyle, I’ve also excluded myself from fantasy sports, sports betting, online and in-person casinos and prediction markets.
And all positions can change immediately as soon as I publish this, with or without notice and at any point I can be long, short or neutral on any position. You are on your own. Do not make decisions based on my blog. I exist on the fringe. If you see numbers and calculations of any sort, assume they are wrong and double check them. I failed Algebra in 8th grade and topped off my high school math accolades by getting a D- in remedial Calculus my senior year, before becoming an English major in college so I could bullshit my way through things easier.
The publisher does not guarantee the accuracy or completeness of the information provided in this page. These are not the opinions of any of my employers, partners, or associates. I did my best to be honest about my disclosures but can’t guarantee I am right; I write these posts after a couple beers sometimes. I edit after my posts are published because I’m impatient and lazy, so if you see a typo, check back in a half hour. Also, I just straight up get shit wrong a lot. I mention it twice because it’s that important.
Tyler Durden Sun, 07/12/2026 - 14:00The new space race for a lunar base — complete with nuclear reactors — will decide the future of America’s national security
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Prince Harry’s crown jewels kicked by clumsy goat during trendy yoga session
Prince Harry’s crown jewels kicked by clumsy goat during trendy yoga session
Devastating Evidence: Tyler Robinson Preliminary Hearing A Slam Dunk For Prosecution
Did the Israelis do it? Did the US government? Did Charlie Kirk's wife plan it? Did Trump have Charlie killed? Nope. It turns out that all the theories raging online about the "real" assassins behind the Charlie Kirk murder were complete bunk - A distraction away from the obvious suspect and the leftist movement that inspired him.
Anyone waiting for concrete evidence to be produced before forming conclusions on the Tyler Robinson case was richly rewarded in the past week, because the preliminary court hearing did not disappoint.
The prosecution produced a substantial evidence trial implicating Robinson in the killing, including testimony from his trans lover and roommate, Lance Twiggs (aka "Luna"). Twiggs recounted Robinson's confession that he did, in fact, shoot Charlie Kirk, and he identified Robinson in multiple surveillance videos showing Robinson scouting the UVU campus in Orem, Utah.
🚨 WATCH: FULL video of Lance Twiggs' DAMNING testimony about accused Charlie Kirk kiIIer Tyler Robinson
It's pretty clear why the defense worked SO hard to hide this
KEY MOMENTS:
01:08 - Placed under OATH, agreeing to give testimony under penalty of perjury
01:58 -… pic.twitter.com/tUubdhC1yD
Not surprisingly, Robinson's defense team tried unsuccessfully to block the release of this testimony to the media and the public. The Twiggs interview confirms statements made in the original arrest report, which included the fact that Robinson confessed to his own family members that he committed the crime. It's the reason they arranged for Tyler to turn himself in to law enforcement.
This arrest report was made available to the public not long after Kirk's assassination. Yet, Robinson's confession to his family was ignored and conspiracy theories persisted. Unless everyone involved is "in on the conspiracy", including Robinson trans lover and his own family, then there is no viable defense. Robinson's defense team's only recourse has been to block as much evidence as possible from being seen by the public.
This includes never before released high definition footage which media witnesses in the courtroom describe as detailed images of a man identified by investigators (and witnesses viewing the footage) as Tyler Robinson climbing to the roof, going prone with a rifle, and "jolting" (as if absorbing the recoil of a rifle shot).
Just witnessed something at the Charlie Kirk assassination pre-trial in Utah that has NOT been made public yet and you need to hear about it...
Erika Kirk asked for us to be here today. We sat inside the small courthouse in Provo with the family. The Judge told the media to turn… pic.twitter.com/vDFCnY53ah
He then runs across the roof and jumps off the edge with an item wrapped in a towel. Robinson's defense team presented no alibi for his whereabouts during this time, which means he doesn't have one.
Oh, what’s this?
The prosecutors in Charlie Kirk’s murder trial telling the Judge they have video of Tyler Robinson taking the shot:
"Tyler makes his way to the sniper's perch. Takes the shot. Then runs, drops off the building. All captured on video."
👀 pic.twitter.com/89YNx9WtxN
Though this video will not be released to the public (yet) on the request of the defense team, it corroborates already available footage of a man identified as Tyler Robinson leaving a vehicle (a gray Dodge Charger) registered to him, walking across the campus and entering the building stairwell with a limp just before the shooting.
New video shows what a law enforcement officer identified as Tyler Robinson walking with a limp on the UVU campus shortly before Charlie Kirk’s murder. It’s been suggested that it may have been due to a concealed gun or gun part. pic.twitter.com/4tR7LNjx5H
— Breaking911 (@Breaking911) July 7, 2026Beyond the video footage, DNA evidence from the rifle and the towel it was wrapped in was identified as belonging to Tyler Robinson and Lance Twiggs. Twiggs testified that Robinson had also asked him about the use of a Dremel tool to etch "messages on bullets". The rifle rounds recovered from the Kirk shooting was etched with Antifa related phrases including "“Hey fascist! Catch!” and “Oh Bella, ciao, bella, ciao Bella ciao ciao ciao" (From an Antifa rally song).
Robinson's family and Lance Twiggs noted in the arrest report and interviews than Robinson had expressed political anger against Charlie Kirk and Donald Trump leading up to the shooting. Robinson was, without a doubt, motivated by left-wing politics, which undermines the false narrative promoted by media pundits and celebrities like Jimmy Kimmel that Robinson is conservative.
Soft point .30 cal bullet fragments were recovered from Charlie Kirk's body and shown in the hearing. And though identifying tool marks were destroyed by the impact and fragmentation, the bullet caliber matches the rifle that was recovered (with Robinson's DNA all over it).
The evidence is so overwhelming that many commentators expect Robinson to change his plea to guilty. This would likely save his parents from being put on the stand and going through the pain of testifying against their own son (which they're going to do if the case goes to jury trial). The presiding judge (Judge Tony Graf) has until September to decide if the case will go forward. The extended wait time may be designed to give Robinson an opportunity to change his plea in order to avoid the death penalty.
Everyone Robinson knows is confirming his guilt, because he confessed to them that he did it.
It is unfortunate that Charlie Kirk's wife and family have been made to suffer through the indignity of unfounded theories while waiting so many months for this evidence to be released. It's greatly distressing that the woke left also continues to engage in political violence and assassination attempts, emboldened by Robinson's success.
It should not surprise anyone that the person most likely to have killed Charlie Kirk is a leftist. Leftists have been enacting organized violence for years now. The real conspiracy is that conservative groups were tricked into infighting about who did it when the answer was obvious.
Tyler Durden Sun, 07/12/2026 - 13:25