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As many as 48 companies, including Reliance Retail, Jindal Power Ltd and Adani Group, are on the final list of eligible prospective resolution applicants for acquiring debt-ridden Future Retail Ltd. The <keyword id="17234676" type="General" weightage="50" keywordseo="resolution-professional-of-future-retail-ltd" source="Orion">Resolution Professional of Future Retail Ltd</keyword> (<keyword id="658389" type="General" weightage="80" keywordseo="frl" source="Orion">FRL</keyword>), which is currently going through an insolvency resolution process, on Monday came out with the final list of 'Eligible Prospective Resolution Applicants'. On April 10, FRL's RP updated a list of 49 companies, which had submitted Expressions of Interest (EoIs) after the company's lenders decided to invite fresh bids after dividing its assets into clusters. Some of the other players who had submitted EoIs include <keyword id="17234674" type="General" weightage="50" keywordseo="whsmith-travel-ltd" source="Orion">WHSmith Travel Ltd</keyword>, Sahara Enterprises, Century Copper Corp, Greentech worldwide, <keyword id="1726468" type="General" weightage="50" keywordseo="harsha-vardhan-reddy" source="Orion">Harsha Vardhan Reddy</keyword>, J C Flowers Asset Reconstruction Pvt Ltd, Pinnacle Air Pvt Ltd and <keyword id="17234675" type="General" weightage="50" keywordseo="universal-associates" source="Orion">Universal Associates</keyword>. Except for Bommidala Enterprises, an Andhra Pradesh-based manufacturer of tobacco products, all companies have been included in the final list. Bommidala Enterprises indicated that it will not be submitting a resolution plan. Earlier this month, the Mumbai-based NCLT bench granted FRL an extension of 90 days till July 15, 2023, for concluding the Corporate Insolvency Resolution Process (CIRP). On March 23, 2023, creditors of FRL invited new EoIs whereby prospective buyers can bid for the debt-ridden firm "as a going concern or individual cluster or a combination of clusters of its assets", as it failed to attract a resolution plan in more than four months. Earlier, it had received EoIs and finalised 11 prospective bidders, including Reliance and <keyword id="15486694" type="General" weightage="50" keywordseo="april-moon-retail" source="Orion">April Moon Retail</keyword>, but could not get a resolution plan despite two extensions in the deadline for submissions. The Committee of Creditors had provided two options in the EoI, for which the last date for submission was April 7, 2023. In the first option, the Prospective Resolution Applicant (PRA) could bid for the acquisition of FRL as a whole, including its shareholding interest in the subsidiaries. Under the second option, FRL's business has been distributed into five clusters and PRAs can bid for "any individual cluster or any combination of clusters". "Having regard to the complexity and scale of operations of FRL, the resolution professional has, in consultation with and prior approval of the <keyword id="230701" type="General" weightage="50" keywordseo="coc" source="Orion">CoC</keyword> of FRL, categorised the business of the corporate debtor in five clusters," as per the new EoI. CIRP was initiated against FRL by its lender Bank of India following loan defaults. Under the Insolvency &amp; Bankruptcy Code, EoI was invited from prospective bidders on October 4, 2022. FRL operated multiple retail formats in both the hypermarket supermarket and home segments under brands such as Big Bazaar, Easyday, and Foodhall. At its peak, FRL was operating more than 1,500 outlets in nearly 430 cities. It was part of the 19 Future group companies operating in the retail, wholesale, logistic and warehousing segments, which were supposed to be transferred to Reliance Retail as part of a Rs 24,713 crore deal announced in August 2020. However, lenders had rejected the takeover of the 19 Future group companies, including FRL, by Reliance amid a legal challenge by Amazon. Last year in August, stock market regulator Sebi ordered a forensic audit of the accounts of FRL for the financial years 2019-20, 2020-21 and 2021-22. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/vedanta-resources-cuts-gross-debt-by-usd-1-billion/articleshow/99731225.cms">Vedanta Resources cuts gross debt by USD 1 billion</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/personal-finance/news/five-popular-investments-under-80c-in-2023-24/articleshow/99732870.cms">5 popular deductions you can claim under Section 80C in 2023-24</a>

Future Retail insolvency process: 48 cos selected as eligible prospective bidders

<ul class="summary-list"><li>Regulators want Signature Bank bidders to drop its crypto business, Reuters reported.</li><li>Interested parties reportedly have until Friday to submit their bid for the failed lender.</li></ul>Whoever buys Signature Bank, which was seized by regulators and will be auctioned off, must agree to give up its cryptocurrency business, <a href="https://www.reuters.com/business/finance/us-regulator-taps-piper-sandler-new-bid-sell-silicon-valley-bank-sources-2023-03-15/" target="_blank" rel="noopener">sources told Reuters.</a>The Federal Deposit Insurance Corporation (FDIC) has asked parties interested in buying the shuttered bank to submit bids by Friday, the publication reported on Wednesday. An FDIC spokesperson told Insider that the potential buyer determines the conditions of their bid, and informs the regulator which assets and liabilities from the defunct bank they are willing to take.Signature was one of three specialist banks that closed last week. They also included Silicon Valley Bank, the second-largest banking failure to date, along with Silvergate Bank. All of the now-defunct firms serviced crypto-related clients.Signature customers, spooked by the downfall of SVB, pulled over $10 billion in deposits last Friday. In shutting down Signature Bank, the New York Department of Financial Services said the move was done "in order to protect depositors," according to a <a href="https://www.dfs.ny.gov/reports_and_publications/press_releases/pr20230312" target="_blank" rel="noopener">statement.</a> But board member Barney Frank said the bank was still solvent and that regulators took over to send a "very strong anti-crypto message," he told <a href="https://www.cnbc.com/2023/03/13/signature-bank-third-biggest-bank-failure-in-us-history.html" target="_blank" rel="noopener">CNBC.</a>He added: "We had no indication of problems until we got a deposit run late Friday, which was purely contagion from SVB." Signature was <a href="https://www.bloomberg.com/news/articles/2023-03-15/signature-bank-faced-criminal-probe-ahead-of-firm-s-collapse?sref=ZTdRrSmf" target="_blank" rel="noopener">reportedly under investigation</a> for possible lax money-laundering monitoring by the Securities and Exchange Commission and the Department of Justice before it was seized.

Regulators tell prospective bidders for Signature Bank that they need to drop the firm's crypto business, report says

<ul class="summary-list"><li>A <keyword id="12052709" type="UNKNOWN" weightage="60" keywordseo="charity" source="Orion">charity</keyword> <keyword id="12012764" type="UNKNOWN" weightage="60" keywordseo="auction" source="Orion">auction</keyword> bidder paid $19 million to have lunch with <keyword id="11915967" type="UNKNOWN" weightage="60" keywordseo="warren-buffett" source="Orion">Warren Buffett</keyword> in New York.</li><li>It is almost quadruple the record of $4.5 million set by crypto investor Justin Sun in 2019.</li></ul>A steak lunch with Warren Buffet has sold for a record $19 million in a charity auction.The annual auction to benefit homeless charity Glide <a href="https://www.ebay.com/itm/294987534521">fetched a record bid</a> of $19,000,100 from a bidder who chose to remain anonymous.The winner, who defeated 43 other bidders who started at $25,000 last Sunday, will join the legendary investor at a private lunch with up to seven guests at <keyword id="14230228" type="UNKNOWN" weightage="60" keywordseo="smith-wollensky" source="Orion">Smith &amp; Wollensky</keyword> steakhouse in New York City, according to a <a href="https://www.ebayinc.com/stories/news/glide-ebay-and-warren-buffett-celebrate-the-grand-finale-power-of-one-charity-auction-lunch-with-record-breaking-winning-bid/">statement released by eBay, which held the auction</a>.The organisers vetted prospective bidders before the auction to ensure they could pay if they won.The Berkshire Hathaway CEO, who turns 92 in August, has held the lunch since 2000, which has now raised $53 million for charity. However, it is the last auction in which he will participate, which may have resulted in the record bid. The last time it was held, in pre-pandemic 2019, cryptocurrency entrepreneur Justin Sun won with a <a href="https://www.ebayinc.com/stories/news/glides-20thannual-ebay-for-charity-power-lunch-with-warren-buffett-sold-for-a-record-breaking-4-567-888/">then-record bid of $4.5 million</a>.Buffett said the lunches have been "nothing but good. I've met a lot of interesting people from all over the world. The one universal characteristic is that they feel the money is going to be put to very good uses."eBay CEO Jamie Iannone <a href="https://www.ebayinc.com/stories/news/glide-ebay-and-warren-buffett-celebrate-the-grand-finale-power-of-one-charity-auction-lunch-with-record-breaking-winning-bid/">said:</a> "We are incredibly proud that Warren Buffett's final Power Lunch has broken our all-time record of funds raised, with all proceeds supporting Glide's efforts to create pathways out of crisis and transform lives." In 2018, Smith &amp; Wollensky Steakhouse founder Alan Stillman <a href="https://www.youtube.com/watch?v=zB5dGJkoKyM">told Insider</a> he spent a year trying to get Buffett's number to offer him his restaurant for the meal.After he finally reached him, Stillman said: "It took him about, maybe five seconds to say, 'you Mr. Stillman, have a deal'." Buffett orders steak, "but always with a Diet Coke," he added.<a href="https://givingpledge.org/pledger?pledgerId=177">Buffett has pledged</a> to donate 99% of his wealth to charity during his lifetime or after his death. This week, he donated 14 million Berkshire Hathaway shares worth $4 billion to charity, <a href="https://www.berkshirehathaway.com/news/jun1422.pdf">according to a press release</a>, as part of his annual pledge. Buffett's $93 billion net worth makes him the world's eighth-richest person, according to the <a href="https://www.bloomberg.com/billionaires/profiles/warren-e-buffett/#:~:text=%23%208%20Warren%20Buffett%20%2493.3B">Bloomberg Billionaires' Index</a>. His net worth has fallen nearly $13 billion in the last week, partly due to this week's donation.

Mystery bidder pays record $19 million in charity auction for lunch with Warren Buffett

<ul class="summary-list"><li>Monday is an important day for Warner Bros. Discovery: It can now sell itself without a tax penalty.</li><li>The media industry — including WBD executives — believes consolidation is inevitable.</li></ul>You are a normal person, so you think that Monday is <a target="_blank" href="https://www.businessinsider.com/why-2024-total-solar-eclipse-cool-best-special-nasa-2024-1">Eclipse Day</a>.But if you're a media investor, banker, or someone who thinks like them, there's a different significance: It's the End of Warner Bros. Discovery's Reverse Morris Trust Restrictions Day!Let's put that in English: Monday is the second anniversary of the deal that <a target="_blank" href="https://www.businessinsider.com/att-discovery-warner-media-create-new-streaming-giant-2021-5?r=wbd-lp">combined Discovery Networks with WarnerMedia</a>, the conglomerate that includes HBO and CNN and was previously owned by AT&amp;T. That merger was accomplished using an <a target="_blank" href="https://www.wsj.com/articles/BL-MBB-34994">obscure structure</a> that minimized taxes on the transaction — but essentially <a target="_blank" href="https://www.hollywoodreporter.com/business/business-news/att-reverse-morris-trust-warnermedia-discovery-deal-1235044979/">prevented the combined company from buying or selling anything without a huge tax penalty</a>.Now those restrictions are gone, so Warner Bros. Discovery is officially in play.Except … maybe it's not going anywhere, just yet.When WBD was first put together, the conventional wisdom was that the media industry would be going through rounds of consolidation and that WBD would eventually be buying or merging with smaller companies or selling to a bigger one — likely Comcast.But so far we've seen very little buying and selling of big media assets, even though everyone from the <a target="_blank" href="https://www.cnbc.com/2023/11/09/zaslav-malone-wbd-next-move.html">Discovery investor John Malone on down seems to believe it's inevitable</a>.The most obvious reason: As the entire TV and movie industry looks like it's shrinking or <a target="_blank" href="https://finance.yahoo.com/quote/WBD/">worse</a>, investors aren't sure why combining two declining assets will end up creating anything but … a larger declining asset.That's presumably why <a target="_blank" href="https://www.theguardian.com/business/2023/dec/21/why-warner-paramount-merger-talk-is-no-surprise#:~:text=Shareholders%20did%20not%20appear%20overwhelmed,%2C%20while%20Paramount%20fell%201%25.">investors immediately soured on the idea of a tie-up between WBD and Paramount</a> when that deal got floated late last year. (That trepidation also helps explain why there have been so few bidders for <a target="_blank" href="https://www.cnbc.com/2024/04/05/skydance-paramount-global-deal-details-of-david-ellison-bid.html">Paramount, which now looks set to sell to a company controlled by David Ellison</a>, the son of the billionaire Larry Ellison.)There's also the question of who, if anyone, will be allowed to buy a big media asset in 2024, when President Joe Biden's antitrust enforcers have made it clear they're wary of consolidation in general and in media and tech consolidation, specifically. (Recent reminders, if you need them: Earlier this month, <a target="_blank" href="https://www.cnbc.com/2024/04/01/warner-bros-discovery-directors-miron-newhouse-resign-after-antitrust-probe.html#:~:text=Discovery%20directors%20resign%20after%20antitrust%20probe,-Published%20Mon%2C%20Apr&amp;text=Steven%20Miron%20and%20Steven%20Newhouse,immediately%2C%20the%20company%20said%20Monday.">two members of WBD's board of directors left those seats after a federal antitrust probe</a> — the same day the antitrust enforcer <a target="_blank" href="https://www.tiktok.com/@thedailyshow/video/7353364791190179114">Lina Khan dropped by Jon Stewart's show</a> to talk about "the dangers of what happens when you concentrate so much power and so much decision-making in a small number of companies." Point taken!)All of which helps explain why WBD's stock has dropped by an astonishing 77% since the deal was first announced in May 2021. If investors truly thought Comcast, or someone else, was going to bid for WBD around now, you might see that stock price ticking up. It's <a target="_blank" href="https://markets.businessinsider.com/stocks/wbd-stock">going the other way</a>.So if no one is going to buy WBD anytime soon, what about parts of WBD? That prospect has been around forever, dating back through multiple owners and name changes: Back when WarnerMedia was called Time Warner, it considered selling off HBO to Apple; back when it was owned by AT&amp;T, it thought about selling off its video-game business. And there has been perpetual speculation about CNN combining with … someone … for a very long time.WBD executives, meanwhile, insist that they don't want to sell any of their stuff. But they also have tens of billions in debt to service, so a big sale might end up being tempting one day, after all. And now, at least, they can go ahead and do it without worrying about taxes.

Today's the day Warner Bros. Discovery can sell itself. Buyers may be hard to find.

There's a popular saying in real estate: "Marry the house, date the rate." In other words, you're stuck with the home you buy, but mortgage rates are fickle — you borrow money at one rate, then someday you refinance and get a better one, shaving hundreds of dollars off your monthly payments.But as anyone swiping on the apps will tell you, dating isn't all it's cracked up to be. That's especially true for anxious buyers who are holding out hope that high rates will soon drop. Like hopeless romantics waiting for something better to come along, these wannabe homeowners could be making a grave miscalculation.Buyers early in the pandemic got one of the best deals in history when borrowing rates <a target="_blank" href="https://www.businessinsider.com/when-will-30-year-mortgage-rate-rise-above-3-percent-2021-1">sank to record lows</a>. Then, as the Federal Reserve began its battle against inflation in 2022, mortgage rates shot up, eventually hitting a 20-year high in October. A huge swath of homeowners don't want to give up the cushy loan terms they scored a few years ago, and potential buyers just watched their spending power plummet, so both groups are <a target="_blank" href="https://www.businessinsider.com/housing-market-ice-age-higher-home-prices-fewer-sales-inventory-2023-5">hanging out on the sidelines</a>.Many prospective buyers are now <a target="_blank" href="https://www.businessinsider.com/interest-rates-mortgage-loan-when-will-federal-reserve-cut-2023-9">rooting for rates to fall again</a>. In some ways, their logic makes sense. Everyone's talking about the "<a target="_blank" href="https://www.businessinsider.com/housing-market-mortgage-rates-outlook-home-prices-affordability-wealth-gap-2024-3">lock-in effect</a>," or the idea that would-be sellers aren't putting their homes on the market because they have such good mortgage rates; if rates fall, then maybe more owners would be willing to make that trade-off. It would also be cheaper to borrow money for a home — the difference of even a couple of percentage points on a mortgage rate can mean <a target="_blank" href="https://www.businessinsider.com/mortgage-interest-rates-30-year-fixed-refinance-home-loan-savings-2023-12">paying hundreds of extra dollars</a> every month for a loan tied to the same house.These observers miss a crucial point, though: When rates fall, demand shoots up. Buyers flood back into the market, adding to the competition and possibly driving up prices. Over the past decade, there's been a clear correlation between mortgage rates and inventory: When mortgage rates fall, the number of available homes for sale at a given moment shrinks. And when rates go up, more homes sit on the market and inventory rises.If borrowing rates do end up falling this year, as <a target="_blank" href="https://www.businessinsider.com/personal-finance/will-mortgage-rates-go-down-in-2024">many predict</a>, it could trigger bidding wars and the kind of frenzied dealmaking that defined the pandemic-era housing boom. So while it may be uncomfortable right now, there's a good chance that buyers' prospects won't be getting better anytime soon — in fact, they could get worse."Don't expect that lower rates are going to suddenly make it easier for you as a homebuyer," Mike Simonsen, the president of the real-estate data firm Altos Research, told me. "We can see that the demand comes back in quickly, the competition heats up. Then we're right back into the bidding wars with low inventory and all of those challenges."Basically, it might be a better time to buy a house than you think.For most prospective buyers, the lure of playing the waiting game comes down to basic math. Let's say you try to buy a $400,000 house with a 20% down payment and a 30-year loan. The typical rate for that mortgage sits around 6.87%, according to Freddie Mac, but maybe you have good credit and an enterprising loan officer who can get you a 6.5% rate. Even under those generous terms, you're looking at a monthly payment of roughly $2,023. Compare that to the roughly two-thirds of American homeowners who are sitting on a mortgage with a rate below 4%. Even at the top of that range, a 4% mortgage on the same house would mean monthly payments of $1,528 — a nearly $500 difference. You're not getting anything extra for that money; you're just not as lucky as someone who got a loan a few years ago. So, yes, waiting it out until mortgage rates decline sure seems appealing. The disconnect comes in thinking that things will magically get better for buyers if and when that happens. No matter how sluggish the market gets, there are hundreds of thousands of American households looking to change their living situations at any given time for a variety of reasons: marriage, divorce, better schools, or new jobs. What matters is the balance between the number of buyers and sellers: When demand dwarfs supply, we get the pandemic housing boom. And if buyers pull back, homes sit longer or sellers drop their prices. That's why active inventory is so important: When buyers have more options, they can slow down, fully vet their choices, and maybe even haggle on the price.Just because there's more movement, however, doesn't mean there's more active inventory. In 2021, a notoriously cutthroat year for house hunters, the number of sales reached the highest point in more than 15 years, <a target="_blank" href="https://www.corelogic.com/intelligence/2021-a-record-breaking-year-for-real-estate-transactions/#:~:text=At%20the%20end%20of%202021,units%20sold%20exceeded%207%20million.">CoreLogic</a> found. At the same time, the number of homes on the market was hitting record lows. Even in the busy spring selling season, when you'd expect to see more than 1 million single-family homes and condos on the market at any given time, there were less than 500,000. Almost as soon as a listing hit the market, it was gone — scooped up by investors, cash-rich retirees, or first-time buyers who were either lucky, desperate, or both. This explains why many frustrated homebuyers shared a similar sentiment during the pandemic: "Everyone seems to be buying and selling homes, but it doesn't feel like there are any out there for me."When mortgage rates start to make their way back down, a similar situation could play out. As of February, there were about 665,000 active listings across the country, according to Redfin — an increase of 13% from the year before, but well below the more than 1 million homes on the market during the same month in 2018 and 2019. And plenty of buyers are biding their time — more than 60% of potential buyers said they were willing to wait for prices or rates to fall before buying a home, a <a target="_blank" href="https://newsroom.bankofamerica.com/content/newsroom/press-releases/2023/12/bofa-report-shows-fewer-prospective-homebuyers-willing-to-wait-f.html">survey</a> published last year by Bank of America found. And as rates fall, more buyers are able to make the numbers work: For every percentage-point drop in mortgage rates, another 5 million households are able to qualify for a $400,000 mortgage, according to estimates from John Burns Research and Consulting. So if you think there's going to be more housing inventory when rates fall, you're basically betting that the number of homes hitting the market would outpace all of that newly created demand."I just don't see that happening," Alex Thomas, a senior research analyst at JBREC, told me. "There's just too many people that have been priced out that are waiting on the sidelines. I think that would overwhelm any increase in inventory that you'd see."The rise in borrowing rates since mid-2022 has kept as many as 1.33 million home sales from happening, according to estimates from a recent working paper published by the Federal Housing Finance Agency. But a lot of those phantom sellers would also need to turn around and buy another home, meaning they're not actually adding to active inventory. And even if typical mortgage rates fall to 6% or 5.5% — a significant drop from the prevailing rate of nearly 7% — there would still be people locked in, Will Doerner, an economist at the FHFA, told me. That effect isn't going away anytime soon. "You're still going to have people who are not going to move, who are not going to give up their house forever, basically," Doerner told me, referring to homeowners with mortgages below 4% or even 3%. "It's going to take a heck of a change for them to ever want to get rid of those mortgages."The alternative presents other complications, though: If mortgage rates remain stable or even rise, buyers won't be able to afford as much house as they could have a few years ago. They're simply not getting as much bang for their buck. If they can adjust their expectations and still buy a home, though, they would trade the pain of today's higher payments for the benefits of getting on the homeownership ladder. One day, they might even break up with that mortgage rate and refinance for a better one."So I buy a smaller home, but I still have the opportunity to buy a home," Simonsen told me. "Whereas when it's crazy hot, I can't even buy the smaller home because there's 40 bidders."Some caveats to consider here: Nobody, and I mean nobody, can confidently say where mortgage rates are headed next — we saw that last year when some prominent forecasters bet on the typical rate dropping to 5% by the end of the year, and instead it hit 8%. The Federal Reserve has signaled that it <a target="_blank" href="https://www.businessinsider.com/federal-reserve-jerome-powell-election-trump-biden-president-interest-rates-2024-3">plans to drop borrowing rates</a> this year, which would likely push down mortgage rates. But it's not clear when that could happen, especially since the economy is still running <a target="_blank" href="https://www.businessinsider.com/inflation-cpi-consumer-price-index-food-gas-housing-prices-february-2024-3">hotter than expected</a>, and <a target="_blank" href="https://www.businessinsider.com/did-fed-cut-interest-rates-march-meeting-continues-pause-inflation-2024-3">the Fed keeps kicking the can</a> down the road.The lock-in effect may be dampening the spirits of both buyers and sellers, but it's not the main culprit here. It'll work itself out as the economy (and rates) normalize, Fed chair Jerome Powell told a Senate committee earlier this month, implying that buyers and sellers will eventually accept this new reality and start to transact more. Rather than dwelling on rates, he pointed to a longer-term issue: the housing shortage. Yes, we need more people moving. But the hard, simple truth is <a target="_blank" href="https://www.businessinsider.com/federal-reserve-interest-rate-mortgage-affordable-housing-prices-market-cost-2024-2">we really just need more homes</a>."People are focusing on mortgage rates because every week they hear about mortgage rates changing," Doerner of the FHFA told me. "It's sort of a quick fix of like, 'How do we change mortgage rates? They go up and down really fast.' Supply is much more difficult."If you believe rates will drop, it doesn't mean you should go out right now and buy a house you can't afford. In fact, please don't consider any of this financial advice. But it's important to consider the trade-offs when deciding whether to buy a home. If you wait to take the plunge when rates are lower, just be prepared: You may find yourself throwing elbows with a bunch of other people who have the same idea.<a target="_blank" rel="" href="https://www.businessinsider.com/author/james-rodriguez">James Rodriguez</a> is a senior reporter on Business Insider's Discourse team.

What everyone's getting wrong about the housing market

The <keyword id="6355809" type="General" weightage="20" keywordseo="NCLT" source="Orion">NCLT</keyword> has granted <keyword id="375475" type="General" weightage="20" keywordseo="Future-Retail" source="Orion">Future Retail</keyword> Ltd (FRL) an extension of 90 days for concluding the <keyword id="5961445" type="General" weightage="20" keywordseo="Corporate-Insolvency-Resolution-Process" source="Orion">Corporate Insolvency Resolution Process</keyword> (CIRP) of the company. Allowing FRL's plea the Mumbai bench of the National Company Law Tribunal (NCLT) has extended the deadline to July 15, 2023, for concluding the CIRP of FRL. "... NCLT on April 13, 2023, heard the application and granted the said exclusion of 90 days from CIRP of FRL and consequent extension for completion of CIRP till July 15, 2023," said a regulatory filing from the company. This order was pronounced orally by NCLT on April 13, 2023, and a "written order is awaited", FRL added. The CIRP was initiated against FRL by NCLT on July 20, 2022, following loan default. The Insolvency and Bankruptcy Code (IBC) time frame for resolution is 330 days, inclusive of the time taken for litigation. As per Section 12(1) of the Code, the CIRP shall be completed within a period of 180 days from the date of initiation. However, NCLT may grant a one-time extension of 90 days. The maximum time within which CIRP must be mandatorily completed, including any extension or litigation period, is 330 days. Last week, FRL informed that they have received an Expression of Interest (EoI) from 49 players, including <keyword id="10926" type="General" weightage="20" keywordseo="Reliance" source="Orion">Reliance</keyword> Retail, Jindal Power Ltd and <keyword id="6367820" type="General" weightage="20" keywordseo="Adani-Group" source="Orion">Adani Group</keyword> for acquiring the assets of FRL. On March 23, 2023, the resolution professional (RP) of FRL invited new expressions of interest, where prospective buyers can bid for the debt-ridden firm "as a going concern or individual cluster or a combination of clusters of its assets", as it failed to attract a resolution plan in over four months. Earlier, it had received EoI and finalised 11 prospective bidders, including Reliance and April Moon Retail, but could not get a resolution plan despite two extensions in the deadline for submissions. The Committee of Creditors had provided two options in the EoI, for which the last date for submission was April 7, 2023. In the first option, the Prospective Resolution Applicant (PRA) could bid for the acquisition of Future Retail as a whole, including its shareholding interest in its subsidiaries. While under the second option, Future Retail's business has been distributed in five clusters diving business, in which PRAs can bid for "any individual cluster or any combination of clusters." As per the invitation, FRL currently has access to 302 leased retail stores spread across 23 states and Union Territories, consisting of 30 large format stores such as <keyword id="6357823" type="General" weightage="20" keywordseo="Big-Bazaar" source="Orion">Big Bazaar</keyword> and <keyword id="17144190" type="General" weightage="20" keywordseo="FBB-stores" source="Orion">FBB stores</keyword> and 272 small format stores. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/even-mild-covid-infection-can-cause-sudden-hearing-loss-study/articleshow/99488945.cms">Even mild Covid infection can cause sudden hearing loss: Study</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/pfizers-new-bivalent-mrna-covid-booster-vax-highly-effective-lancet/articleshow/99488979.cms">Pfizer's new bivalent mRNA Covid booster vax highly effective: Lancet</a>

NCLT grants 90 days extension to Future Retail for concluding insolvency

<ul class="summary-list"><li>Manchester United could be worth billions less than its rumored asking price, according to FT analysis. </li><li>The club's owners, the Glazer family, reportedly want at least $6 billion to sell the team.</li></ul>The race to buy Manchester United is heating up, with prospective bidders for one of the world's biggest soccer clubs readying multi-billion dollar offers.But <a href="https://www.ft.com/content/b41bdc29-3a1f-4ff6-9872-f0625c505b46">analysis by the Financial Times</a> suggests the club, whose Carabao Cup victory Sunday helped secure its first silverware since 2017, could be worth billions less than its owners think. United's American owners, the Glazer family, are reportedly looking for at least $6 billion to part with the club, <a href="https://theathletic.com/4244941/2023/02/25/manchester-united-takeover-glazers/?access_token=11082589&amp;redirected=1" target="_blank" rel="noopener">per The Athletic</a>. That's a big premium on the club's market capitalization of $3.7 billion, and its enterprise value — market cap plus net debt — of $4.5 billion.Analysis by the FT, though, suggests the club's value is more likely to be around $1.6 billion.The publication looked at earnings multiples of previous sales of other clubs, cash flow, and revenues compared with its competitors to determine its own assessment of United's fair value.Two parties have formally expressed interest in bidding for United: British billionaire and lifelong fan Jim Ratcliffe and Qatari Sheikh Jassim bin Hamad al-Thani. The <a href="https://www.ft.com/content/a679d22c-d999-4c69-bfe3-d2d1fd354236" target="_blank" rel="noopener">FT reported Saturday</a> that both parties had been urged to increase their offers if they wanted to acquire the club.The Glazers are being advised on the sale by investment banking firm Raine Group. Activist investor Elliott Management has reportedly <a href="https://markets.businessinsider.com/news/stocks/manchester-united-takeover-battle-elliott-hedge-fund-activist-investor-ineos-2023-2">offered to help finance bids for the club</a>, per Reuters.Man Utd's share price has been largely stagnant during its time on the New York Stock Exchange. News that it was planning a sale in November saw shares jump more than 60% in the space of a week, while initial news of a Qatari bid <a href="https://markets.businessinsider.com/news/stocks/manchester-united-stock-price-manu-qatari-buy-team-glazers-acquisition-2023-2">boosted shares by 18%</a>. The Glazers saddled the club with <a href="https://theathletic.com/2934815/2021/11/05/explained-manchester-united-the-glazers-and-660m-of-debt/" target="_blank" rel="noopener">hundreds of millions of dollars of debt</a> when they acquired it in a leveraged buyout for around $800 million in 2005, while a need to invest in the club's infrastructure adds further to costs for prospective owners.The FT said United's future value could be elevated by the growth of non-fungible tokens and sports betting, which is growing in the US. Its valuation also possibly ignores the intangible value of a once-in-a-lifetime opportunity to acquire one of the sport's most iconic franchises.

Manchester United is probably worth billions less than what its owners want to sell it for, study suggests

When my roommate and I stumbled across an online listing for a spacious, reasonably priced two-bedroom <a href="https://www.businessinsider.com/nyc-rent-keeps-hitting-record-highs-despite-migration-from-city-2023-8">apartment in Manhattan's East Village</a>, we figured it was too good to be true. At an open house a few days later, we confirmed that it had practically everything we wanted: soaring ceilings, beautifully aged hardwood, and windows facing a tree-lined street that let in ample light. We were sure there had to be a catch. The owner of the apartment, a soft-spoken former banker named Phil, delivered the blow: He had already gotten several offers for the place, including one for $100 a month more than the asking rent. A bidding war was brewing. Phil emailed later that week to say that he had received our application — along with 17 others. Rather than adopt a first-come, first-served approach, Phil proposed a "Vickrey auction": Everyone would have until noon the next day to email him a blind bid, but the highest bidder would only have to pay the second-highest amount. "This format allows the winner to have comfort that they are paying a fair price that at least one other party is willing to pay," Phil wrote. Small comfort, indeed.As my roommate and I agonized over our bid, crunching the numbers on how high we could reasonably go, I couldn't help but wonder how it had come to this. While multiple offers have long been a part of homebuying, renters don't stand any chance of making a similar return on their investment. Yet one of the <a href="https://www.businessinsider.com/housing-market-ice-age-higher-home-prices-fewer-sales-inventory-2023-5">enduring legacies of the COVID-era housing market</a> may be the proliferation of bidding wars for rentals. The bruising ordeals, while perfectly legal, have stretched tenants' budgets to the limit.Bidding wars have periodically reared their ugly heads during overheated stretches in New York City's housing market. But the rental frenzy has spread to cities such as Chicago, Boston, and Austin, where previously they would have been unthinkable. And while <a href="https://www.businessinsider.com/rent-decline-fall-apartment-housing-market-landlords-tenant-lease-construction-2023-3">things have cooled down</a> since the mania of 2022, in places where available rental inventory remains low, the bidding wars just won't die. Early this summer, an estimated 5% of rentals in Boston were still going above asking price, and in Brooklyn, the figure was recently closer to 16%. Today, pretty much any decently priced rental in Chicago either rents quickly or ends up getting offers for more than the listed amount, Rikki Mueller, an agent there, told me. When I told one New York City rental agent about my recent bidding war, in which the winning bid ultimately stretched several hundred dollars over the initial asking price, he was unfazed."That's actually not bad," he said. "I've been in situations where it went $1,500 over." The country's <a href="https://www.businessinsider.com/economic-inequality-housing-shortage-causes-2023-1">housing shortage</a> has created a generation of renters wracked by the fear of missing out. We rush to packed open houses, stand in line, and shell out more money than the landlord is asking for because we know — or at least have been conditioned to believe — that someone else is willing to do the same. At every step of my apartment hunt, the message was clear: Being first in line may not be enough. <h2>'I couldn't lose another place'</h2>David Harris, a broker with Coldwell Banker Warburg in New York City, issues a standard warning to clients before they begin their apartment search: You <a href="https://www.businessinsider.com/nyc-rent-apartments-prices-soaring-competition-millennial-gen-z-2021-9">need to be ready to move quickly</a>, and you might have to bid above the asking price. But sometimes, people just need to learn firsthand. Over the summer, Harris began working with a client relocating from California who was looking for a one-bedroom apartment in Brooklyn. The client's first choice ended up going to someone who offered roughly $1,000 over the monthly asking price — "an obscene amount of money," Harris said. Then it happened again. And again. By the fifth application, Harris' discouraged apartment hunter didn't wait for a bidding war to materialize; he started one himself, offering $250 above the listed monthly rent of $3,500 without ever seeing the unit in person. The strategy worked. Harris remains on the fence about bidding wars in the rental game — from a renter's perspective, he said, it's hard to fathom paying well above what was initially advertised. "For me, that's a bit much. You have to really love this apartment," Harris told me. "But you know what? There were people who had seen so many places and lost out on so many, they were just tired. I've heard people say, 'I just couldn't do it anymore. I couldn't see another place, I couldn't lose another place. I just had to take it.'"Bidding wars are not a new phenomenon in New York City. Frances Katzen, a longtime broker with Douglas Elliman, told me they generally pop up at <a href="https://www.businessinsider.com/real-estate-broker-nyc-crazy-rental-market-how-beat-competition-2022-7">the height of a real-estate cycle</a> when people are willing to pay "sugar-high prices." But the frequency with which the auctions infiltrated apartment searches over the past few years has felt different. In the roughly three-year window that the appraiser Jonathan Miller has been tracking the rate of bidding wars in the city, about 15.4% of rentals have gone for above the asking price. Miller doesn't have hard data prior to 2021, but he estimates the figure would average closer to 5% over the past 20 years. Once waved off as an unfortunate reality of the cutthroat New York City market, bidding wars have also spread to other cities. Across the country, <a href="https://www.businessinsider.com/why-apartment-rent-high-pandemic-big-cities-household-formation-roommates-2023-5">a swell of housing demand</a> — the result of recent grads moving out of their parents' houses, remote workers upgrading to bigger spaces, and roommates striking out on their own — collided with a shortage of rental inventory. And it turned out a lot of these people were in search of the same kinds of places. I was shocked to read that rentals in my hometown of Austin had become bidding battlegrounds — one Realtor estimated that suburban rentals were going for 35% above asking in the first quarter of 2022. Renters in the once "weird" city described being advised to bid a few hundred dollars over the listed monthly rent from the get-go. Agents in Los Angeles, Chicago, and South Florida reported a similar phenomenon. "When you have a situation like we have in Chicago, where a lot of people are looking for the same things in the same price ranges, it creates almost inevitable bidding wars," Mueller, the agent who focuses on rentals there, told me. "I've told this to many people this year: 'There are literally not enough apartments that fit this specific wish list, because everybody else has this wish list.'"<h2>'FOMO' takes over</h2>Landlords are well within their rights to seek the highest rents possible. If someone's willing to pay $1,000, or <a href="https://www.curbed.com/2022/05/brooklyn-heights-rental-cucks.html" target="_blank" rel="noopener">even $10,000</a>, over the asking rent, then the free market has spoken, right? But some brokers employ every tactic available to heighten the drama and juice prices.According to agents I spoke to, the more manipulative members of their industry start by intentionally underpricing a unit to ensure there's <a href="https://www.businessinsider.com/rent-prices-rising-high-demand-few-affordable-apartments-2022-1">plenty of competition from the beginning</a>. Then they host a single, crowded open house — ideally one with a line that stretches down the street. During this feeding frenzy, prospective tenants are likely to spend more time eyeing their competition than actually inspecting the unit. "They want to create this psychological fear of people missing out," Stan Broekhoven, an agent who often represents people relocating to New York City for work, told me. "Everybody just goes into a panic: 'We really like this apartment, we're going to offer more than they're asking.' So agents are deliberately creating these situations."Even the ostensibly helpful parts of the process can feel designed to induce FOMO. Sites such as Zillow and StreetEasy, New York City's most prominent apartment-search website, let you browse photos of rentals and connect directly with the brokers representing the units. They also let you know, with dismaying precision, exactly how many other people have expressed interest in the unit you're lusting after. The sites make it easier to find units, but they also amp up the stress level. Some well-meaning agents told me they also advise apartment hunters to <a href="https://www.businessinsider.com/how-to-ask-landlord-to-lower-rent-email-template-2020-11">write a short letter to the owner of a unit</a>they like to share a little more about themselves and why they love the place. The hope is that maybe something will strike a chord and tip the scales in their favor. But at the end of the day, "money talks," Broekhoven told me. "That's really the oldest truth." Mercifully, the peak of bidding wars is in the past. The national rental market has slowed considerably since last year — the median asking rent in September was up only 3.2% year over year, according to Zillow, compared to a 10.6% annual increase last year. Many renters may have simply reached the limits of what they're willing to pay, while an influx of new apartments is creating <a href="https://www.businessinsider.com/house-construction-building-boom-last-hope-new-homebuyers-housing-market-2023-7">more options for tenants</a>. A growing number of landlords are handing out perks like free months of rent or free parking to lure people to their units. At the same time, it's impossible to paint the rental market in broad strokes. If you're searching for an apartment in Salt Lake City or Las Vegas right now, you might have an easier time than in Boston or Chicago, where rents in September jumped by more than 5% year over year, among the highest figures in the nation. Neighborhoods, and even blocks, can vary wildly in their desirability and competitiveness.Still, it's hard not to worry that we've opened Pandora's box when it comes to bidding wars. Now that they've broken out in places where they were unheard of, it's possible the fights will return if new apartment construction fails to keep up with demand.<h2>My bidding war comes to an end</h2>In hindsight, it's clear that our desired unit in the East Village checked all the boxes for a bidding war: It was priced well below similar apartments in the area, practically guaranteeing there would be fierce interest. It was located in a popular area of Manhattan, near the subway and plenty of restaurants. There was no broker involved, meaning we wouldn't have to pay a hefty broker's fee. Our chances of winning the fight for the apartment seemed slim at best. About 20 minutes before bids were due, my roommate and I settled on a number that seemed both outrageously high and certain to fall short of more desperate offers. I've faced my fair share of rent increases. But this time, I didn't need a landlord to tell me how much extra I'd be paying each month — I'd taken care of that part myself. We sent Phil an email with our bid and waited for a response. A few hours later, I got a text from my roommate: "What the fuck." I rushed to check my email, expecting to see that we'd been outbid by an unconscionable sum. There was indeed a message from Phil listing out all the bids in descending order. For simplicity's sake, he'd only included offers that had gone more than $100 over the monthly asking rent — there were 10 of them. In a surreal twist, ours was at the top.The whole point of a Vickrey auction is to get bidders to reveal the maximum amount they'd be willing to pay. In our case, the bidding war had driven up the monthly rent by nearly $500. As I scanned the list of offers, I wondered how the other bidders were processing this same information. The second-highest bid, which is the amount we'll be paying each month, was exactly $123 less than our winning offer. They'd added $77 — maybe a lucky number? — to what would have otherwise been an even figure. Another bidder took a page out of the game show "The Price Is Right" by attempting to beat out other offers by $1. That afternoon, my roommate and I hopped on a Zoom call with our new landlord. When we were pursuing the apartment, we'd tried anything that we thought might give us an edge. We arrived early to the open house and made small talk with Phil, hoping to leave a good impression. In an email with our applications, we included a few lines about our jobs and our stellar track record as tenants. But during the video call, Phil asked us if we'd been able to make it to the open house — he didn't remember seeing us there. In the end, the money was all that really mattered. Or maybe that's not entirely accurate; timeliness matters, too. Phil revealed that shortly after the auction closed, someone had reached out to offer $700 above asking for the apartment, sight unseen. The bid was $100 more than what we'd submitted, but Phil had chosen to honor the rules of the auction. I felt a strange mix of emotions after our win. There was shock and joy at the realization that our apartment search was over. I was thrilled at the prospect of moving into an apartment that could actually fit a couch, something I couldn't say of our old place. And yet, I couldn't help but feel complicit in driving up Manhattan prices further. It's one thing to grudgingly submit to paying higher rents; it's another to have a hand in setting the <a href="https://www.businessinsider.com/nyc-rent-keeps-hitting-record-highs-despite-migration-from-city-2023-8">new high-water mark</a>. Shortly before finishing this story, I called Phil again to ask why he'd chosen a Vickrey auction. He told me a friend had once mentioned to him that big tech companies like Amazon and Google use the format to run auctions for their ads, and it sounded like a good way to get as high a price as possible while limiting buyer's remorse. We chatted for a few more minutes — Phil is a friendly and attentive landlord, but the irony of discussing pricing strategy with the guy I'd be sending a huge chunk of my salary each month wasn't lost on me. I asked him if he was surprised that the bids had gone so much higher than what he'd originally asked for. He hesitated. "It did exceed my expectations," Phil said. He went on to tell me that he generally tries to price his units on the lower end to gain traction on sites like StreetEasy. "And then people like the place, they kind of fall in love with it. And so that also is part of the strategy." What's clear to me now, more than ever, is that our modern housing shortage leaves us with a bunch of bad choices. Bidding wars may feel distasteful, embarrassing, and unfairly favor those with the means to drive up already exorbitant asking rents. But the primary alternative — a first-come, first-served approach — has its own drawbacks. If you can't get off work to race to an open house, or if you're a few minutes late in getting that application in, you're out of luck. For each path a landlord might choose, there will be a dejected group of renters who are sent packing."There isn't a really good answer here," Mueller told me. "The answer is to have more inventory that's affordable, that has the features that people want. That's a harder solution."<a href="https://www.businessinsider.com/author/james-rodriguez" rel="">James Rodriguez</a> is a senior reporter on Insider's Discourse team.

Bidding wars over apartments are more ferocious than ever &mdash; and they're here to stay

<ul class="summary-list"><li>Some home bidders write personal letters to sellers to win their favor and get their dream house.</li><li>Buyers may feel "love letters" help them win bidding wars, but they also pose big problems.</li></ul>When Lauren Byington and husband, Warren, listed their home outside San Antonio, Texas, for sale in 2020, she was relieved when they quickly received three offers close to the full asking price of $975,000. One prospective buyer, though, included a letter with her bid that described how she hoped to raise her family in the house. Moved by the note, dubbed a "love letter" in real-estate parlance, Byington decided to sell the house to her.What the letter left out: The bidder was going through a divorce, which ultimately resulted in her loan preapproval being rescinded. Byington was disappointed that the buyer intentionally omitted a major issue with financing, telling Insider she wished she had evaluated each bid by the numbers and not been swayed by a letter."She loved the house, but also said she loved it for her children," Byington said. "She really sold me." Over the past 10 years, as the housing market has grown ever more competitive, buyers have turned letters into a powerful tool to persuade sellers to pick them. Though there's no data on the prevalence or effectiveness of these personalized notes, their use spiked when low mortgage rates drove a homebuying spree between 2020 and 2022, and frantic buyers seized upon any way to stand out in bidding wars. Now, even as home prices cool, buyers continue to find themselves pitted against one another, particularly for affordable homes in desirable areas. But these letters are as problematic as they are ubiquitous, according to real-estate agents, lawyers, buyers, and sellers. Sharing information about a buyer's race, marital status, and other personal details can create a situation where a seller consciously (or unconsciously) makes a decision to sell to someone based on bias. There's potential for seller discrimination and, crucially, violations of <a href="https://www.hud.gov/program_offices/fair_housing_equal_opp/fair_housing_act_overview" target="_blank" rel="noopener">federal laws around fair housing</a>. A smaller but still meaningful risk is that buyers can stretch the truth in order to score a home, and elderly or otherwise vulnerable sellers might be too easily manipulated by pulled heartstrings rather than impartial bids. Brokers representing a seller accused of declining a buyer offer due to bias could even find themselves in legal trouble. The problems loom so large that many real-estate brokers — including Byington, who has since become a licensed real-estate agent in Texas — advise against writing love letters at all. (The country's biggest professional association of real-estate agents, the 1.5 million-member National Association of Realtors, <a href="https://www.nar.realtor/fair-housing-corner/love-letters-or-liability-letters" target="_blank" rel="noopener">also discourages</a> the practice.) Byington said that she will even make her buyer clients sign a waiver that frees her from any connection with the letter if a buyer insists on including one in an offer."So much of your buyers' behaviors translate on to you, to your work, and to your professional sphere," she said. "I can't really get behind whatever emotions or facts they're going to divulge." <h2>The irresistible temptation of love letters </h2>Buyers, scrambling for a sense of control and power in what can feel like a frustrating process, truly believe love letters work — and are thrilled to share their successes.Take Elizabeth Scire, who carefully crafted a short note to convince the sellers of a pink house two doors down from her mom's property in North Carolina to choose her. She told them she had nicknamed it The Barbie House as a child because of its hue.<div type="image" title="A screenshot of a &quot;love letter&quot; to a home seller." height="1498" width="1272" msid="98754196" hostid="261" sizebytes="68712"></div>"I formatted it with a typewriter font like it's more personal, and used some pink with the actual Barbie font. I put the quote, 'Barbie always represented the fact that a woman has choices,'" she said. "They had an investor offer for $25,000 above and they went with ours because of the letter."She got the house, moved in last May, and has even put a "Barbie House" sign out front.Indeed, the love letter has become such a widely accepted part of successfully buying real estate that entrepreneurs see it as an opportunity to make some extra cash. <a href="https://affiliate.insider.com?h=9cb19ec6b8dc9b2cf27c21946cccaea898cb1be0150ee68673bd387be26b2de0&amp;postID=6409e898310b0b375f386163&amp;site=bi&amp;u=https%3A%2F%2Fwww.etsy.com%2Fsearch%3Fq%3Dbuyer%2520letter%2520to%2520seller%26ref%3Dsearch_bar" target="_blank" rel="noopener">Many Etsy sellers hawk</a> colorful templates, priced anywhere from $2 for a single PDF to $45 for a bundle, that homebuyers can use when submitting an offer. A West Coast-based designer told Insider that managing <a href="https://affiliate.insider.com?h=e6ea12ffca49e6a637a0683abde5c212f33f688d10b2c5832b93f292d556d487&amp;postID=6409e898310b0b375f386163&amp;site=bi&amp;u=https%3A%2F%2Fwww.etsy.com%2Fshop%2FBestowTemplates" target="_blank" rel="noopener">his Etsy shop</a> as a side hustle brings in steady revenue. He said his $10 templates' aesthetically pleasing and professional appearance is just one more way for buyers to show a seller that they're putting thought and care into their offer.The feedback has been "overwhelmingly positive," added the shop's owner, who asked that his name not be used because of privacy concerns, told Insider. "Customers have said that the home-offer-letter templates have made a huge difference in the homebuying process for them."<div type="image" title="A screenshot of Etsy" height="1142" width="1523" msid="98754199" hostid="261" sizebytes="144416"></div><h2>Love letters risk discrimination </h2>Deeply personal and emotionally written love letters, however, open sellers and their agents up to legal risks. In <a href="https://www.nar.realtor/fair-housing-corner/love-letters-or-liability-letters" target="_blank" rel="noopener">a 2020 blog post</a>, the National Association of Realtors said love letters would be more accurately described as "liability letters."The NAR's official position is that sharing details in a letter that reveal familial and marriage status, religion, and gender orientation — groups of people known as protected classes — could sway a seller in one direction or another. Refusing to sell to someone for one of these reasons — or even picking one bidder because of empathy for their circumstances — could violate the Fair Housing Act. The crux is that a homeowner should be impartial when selling their house.The California Association of Realtors, which boasts a membership of <a href="https://www.realtrends.com/association-network-membership/california-association-of-realtors" target="_blank" rel="noopener">over 200,000 real-estate agents</a>, issued <a href="https://www.car.org/-/media/CAR/Documents/Transaction-Center/PDF/QUICK-GUIDES/Quick-Guide--Buyer-Interest-Letters-Accompanying-Offers-revised-22822.pdf" target="_blank" rel="noopener">guidelines in 2020</a> on how to handle these letters and the potential risks that they pose. While it's not illegal to write them or share with a seller, it is illegal to treat buyers differently based on bias for or against protected classes or characteristics.Chantay Bridges, a Los Angeles-based realtor, told Insider that agents can get in big trouble, too, if the sellers they represent are accused of discrimination."People litigate for just about anything here in California," she said. "We started seeing a spike in complaints, and then they try to drag real-estate agents into it."In September 2021, Oregon became the first state to enact a law that banned the practice of writing or sharing real-estate love letters during the homebuying process. But in May 2022, a judge ruled that the law violated the constitutional right to freedom of speech and struck down the ban. The official organization of Oregon Realtors <a href="https://oregonrealtors.org/love-letter-law-guidance-update/" target="_blank" rel="noopener">maintains</a> that buyers and sellers should still refrain from the practice.<h2>The letters prey on emotion and vulnerability</h2>Love letters may contain little white lies from buyers and can be emotionally manipulative, especially when it comes to vulnerable or elderly sellers.Ilan and Sarah Harel put in an over-ask offer on a house in Pleasant Valley, New York, Natasha Solo-Lyons, a former Insider reporter, <a href="https://www.businessinsider.com/buy-a-home-during-pandemic-challenges-stories-bidding-wars-2021-4">wrote in 2021</a>. The Harels sent a letter to the sellers, expressing their love for the house and its on-site chicken coop. They even sent a photo of themselves inside the house, writing that they "couldn't wait to raise all their children and chickens" there.Here's the thing: The couple wanted neither children nor chickens. When the house was safely theirs, they sold the coop on Craigslist.<div type="image" title="Ilan and Sarah Harel" height="1365" width="2048" msid="98754203" hostid="261" sizebytes="478518"></div>Some tales are even humorous. In July 2022, the Twitter user @LeslieHunts <a href="https://twitter.com/LeslieHunts/status/1551893761524989954" target="_blank" rel="noopener">bemoaned losing a house</a> to a couple whose dog "wrote" a letter to the sellers. (The user didn't respond to a request to elaborate on the situation.)More grave, though, is the possibility that letters could be used to sway or convince elderly or otherwise vulnerable sellers to take an offer that may not be the best decision for them financially. Byington, who has personal experience feeling burned by a bidder, cautioned that divulging personal information could also backfire if a deal falls through and a seller believes a prospective buyer is at fault. "If the buyer was dealing with a mercurial seller who was livid at the fact that the funding didn't go through because of a disclosure issue," she said, "they could be dealing with someone who is not only very mad, but someone who now knows a lot of details about the buyer and their children's lives because of a letter."

Don't bother writing a 'love letter' to home sellers. They're a waste of time and someone could get screwed.

<ul class="summary-list"><li>Manchester United stock fell as mush as 13.5% after a report suggested that it's worth billions less than the club's owners are seeking. </li><li>A Financial Times analysis indicated that United's value is likely to be around $1.6 billion. </li></ul>Shares of Manchester United fell as much as 13.5% on reports that one of the world's biggest soccer clubs may be worth <a href="https://markets.businessinsider.com/news/stocks/man-utd-probably-worth-billions-less-than-asking-price-study-2023-2">billions less than its owners are seeking</a>.US-listed shares hit an intraday low of $19.80 but pared losses and were down 9% at $20.87, indicating a market cap of $3.43 billion.Prospective bidders have been lining up to buy the company with multibillion-dollar offers. The club's owners, the Glazer family, reportedly want at least $6 billion, per <a href="https://theathletic.com/4244941/2023/02/25/manchester-united-takeover-glazers/?access_token=11082589&amp;redirected=1" target="_blank" rel="noopener">The Athletic</a>.But an analysis by the <a href="https://www.ft.com/content/b41bdc29-3a1f-4ff6-9872-f0625c505b46" target="_blank" rel="noopener">Financial Times</a> suggested the team's value is much lower — likely around $1.6 billion. The news publication reviewed cash flow, earnings multiples of previous sales of various clubs, and revenues compared with competitors to determine its fair value.However, United's future valuation could rise from other revenue streams like non-fungible tokens, the report said. The $1.6 billion valuation may ignore the intrinsic value of owning one of the sport's most notable franchises and brands as well. So far, a billionaire chief exec of a petrochemical producer, Jim Ratcliffe, as well as Qatari Sheikh Jassim bin Hamad al-Thani have formally expressed interest in bidding for the club. The two parties have been urged to raise their offers if they wanted to acquire it, the <a href="https://www.ft.com/content/a679d22c-d999-4c69-bfe3-d2d1fd354236" target="_blank" rel="noopener nofollow nofollow sponsored">FT reported </a>on Saturday.Although the stock price has been mostly stagnant since it went public, reports in November that owners were planning a sale saw shares jump over 60% in the span of a week.

Manchester United stock sinks 13.5% on a report that it's probably worth billions less than what its owners want to sell it for

Late last year, my wife and I closed on a deal for an apartment in a hilltop town in Umbria. Soon after, I posted a question for my fellow participants in a Facebook group called Expats in Italy: "Is it just my imagination, but is there an uptick in Americans, in particular, looking to purchase property in Italy?" As the responses poured in, many of them sounded a distinct thematic note.From a woman in Montana who was planning to move to Tuscany: "Yes, it's true! I bought a hilltop village home … for a song compared to US prices. Don't want to be in US anymore. It's expensive and sick of all the political crap and shootings." From a woman in Texas: "An insurrection by a narcissist who couldn't accept election loss combined with his gun and abortion policies made moving more of a necessity than just a dream." From a man in Tennessee: "I'm an American ready to flee America for Italy. I doubt I'm alone."Not alone, indeed. Granted, my unscientific survey was limited to a self-selected group of people with a declared fancy for one particular foreign country renowned for its artistic and cultural treasures, scrumptious cuisine, and exquisite landscapes. Still, it was striking that the specter of <a target="_blank" href="https://www.businessinsider.com/trumps-brags-sexy-thrifty-fussy-are-hush-money-evidence-da-2024-3">Donald Trump</a> — a looming shadow I hadn't even mentioned in my question — was on so many minds.Every four years, as Americans gird themselves to choose a president, there's talk, mainly among Democrats, of leaving the country. I'm off for Canada if unacceptable candidate X wins! And every four years, the promised exodus fails to materialize. It's mostly just therapeutic venting. This time is different.The alarm over Trump's potential triumph in November is far starker than the fears stoked by past presidents. "A Trump dictatorship is increasingly inevitable," a recent Washington Post headline warned. The Atlantic devoted an entire issue to the authoritarian horrors in store for America "If Trump Wins." Every four years or so, Gallup asks Americans ages 15 and up: "Ideally, if you had the opportunity, would you like to move PERMANENTLY to another country?" At the end of George W. Bush's presidency, the number responding "yes" was 11%. During <a target="_blank" href="https://www.businessinsider.com/barack-obama-michelle-obama-net-worth-2018-7">Barack Obama's tenure</a>, it was 10%. During Trump's presidency, it hit 16%. That's some 40 million Americans who wanted to leave their country behind, for good.Young people are even more likely to be hopeful expats. Among those under 30, 24% wanted to leave America at the close of Bush's tenure, 18% during Obama's, and 30% during Trump's. As with all things Trump, there was a sharp gender divide: Only 20% of young men wanted to flee America, compared to a whopping 40% of young women.Americans already living overseas are bracing for a wave of new expats. "There will be more people moving abroad after the election if it is Trump," said Doris Speer, the president of the Association of Americans Resident Overseas, a nonpartisan group based in Paris. Stressing that she was expressing her own views, not those of her organization, Speer emphasized that Trump is far from the only reason Americans are eyeing the exits. That's true: Housing prices in America are high, remote work is allowing for unprecedented mobility, and global respect for the United States has been eroding for decades, dating back to the war in Iraq. Fewer and fewer Americans, pollsters have found, believe "the American Dream — that if you work hard you'll get ahead — still holds true." In 2012, it was 53%. By October 2023, it was down to 36%.A second <a target="_blank" href="https://www.businessinsider.com/category/donald-trump">Trump</a> presidency, Speer said, could serve as a "catalyst" that further fuels the growing diaspora of Americans living in exile. After November, Europe could well become what Canada was for draft dodgers during the Vietnam War: a political asylum for Americans fed up with their own country. Call them Trump's Exiles.For those casting a worried eye abroad, the economic draw is not insignificant. When I was looking to buy an apartment in Umbria, in central Italy, I found that prices for turnkey places were about a third of the price of condos in Sedona, Arizona. Property taxes and homeowners insurance are also relatively modest in Italy. Gas is more expensive, but the mouthwatering fare at local restaurants — wild-boar ragù, anyone? — is way cheaper. Politics aside, the dollars-and-cents pull to leave America is strong.But a rising tide of conservatism at home is clearly driving more Americans to consider a move abroad. The <a target="_blank" href="https://www.businessinsider.com/scotus-rules-trump-eligibility-campaign-president-colorado-super-tuesday-2024-3">Supreme Court's</a> decision to overturn Roe v. Wade — one of Trump's signature accomplishments — has aroused widespread anger and discontent. But while America is cracking down on reproductive rights, Europe is expanding them. Abortion is now permitted in nearly all European countries, including Catholic countries such as Portugal, Spain, and Italy. Prompted by tightening US policies, France just enshrined the right to abortion in its constitution — the first country ever to take that landmark step.Americans are also sickened by the never-ending rash of horrific school shootings, despite majority support for gun control. From the United Kingdom to Norway, gun-ownership laws are much stricter than in the United States, which is home to nearly half of the world's civilian-owned guns. All of which makes it no surprise that Democrats are far more likely to flee America than Republicans. Since 2015, Democrats Abroad, the foreign-based arm of the Democratic National Committee, has nearly tripled its membership, which now numbers in the hundreds of thousands. "When we do voter registration, we register everybody," Martha McDevitt-Pugh, the international chair of Democrats Abroad, told me on a Zoom call from her base in the Netherlands. "And we come overwhelmingly across Democrats who want to vote." Hollywood is further stoking a seductive image of expat life. Netflix's smash hit "Emily in Paris" — an inspiration for a new generation of American Francophiles, heirs to the likes of Ernest Hemingway and James Baldwin — is now shooting its fourth season. Leggett International, a real-estate agency based in France, hosts webinars targeting prospective US buyers, who comprise the largest share of its foreign clientele. In "Expats," the new Amazon Prime series set in Hong Kong, Nicole Kidman's character, in the throes of a bedroom frolic with her husband, asks: "Don't you ever miss it, home?" He energetically replies: "I like my life here." Then there's the growing trend of "digital nomads," who reject the antiquated concept of a fixed office in a post-COVID world. By one estimate, there are already some 17 million Americans roaming the globe — nearly half of all digital nomads worldwide. In the age of remote work, young people without enough savings or the credit to purchase foreign property suddenly find themselves able to pack up and leave America. And those who may depart in the wake of a second <a target="_blank" href="https://www.businessinsider.com/trump-met-with-elon-musk-for-potential-campaign-donation-nyt-2024-3">Trump</a> presidency can enjoy another benefit of life abroad. The website <a target="_blank" href="http://NomadList.com">NomadList.com</a> helpfully informs remote workers that there are now 429 cities where marijuana is legal, from Bangkok to Buenos Aires.In fairness, those who flee America to escape MAGA may find themselves confronted by a host of unpleasant surprises. The headaches start with the red tape. On any given day, my Expats in Italy Facebook group teems with the sort of questions that can drive a novice foreign-property owner batty. Why won't my Italian utility company let me pay my bill with a US credit card? (Answer: Because it won't.) Property bidders must have their offers officially registered with the local municipality and verified by the godlike person known as the "notaio," an official of ancient standing who drafts and authenticates the raft of documents for a fair-size fee. Then there are the tax-reporting requirements. In 2010, Congress enacted the Foreign Account Tax Compliance Act, which was designed to keep wealthy Americans with substantial foreign assets from evading their tax obligations. But as often happens with such laws, it's not just bank executives with villas on the Côte d'Azur who have been swept up in the enforcement net. Under <a target="_blank" href="https://www.businessinsider.com/irs-free-tax-filing-tool-eligible-states-2024-2">IRS rules</a>, a taxpayer with aggregate financial assets of just over $50,000 can be subject to reporting requirements. American Citizens Abroad, an expat lobbying group, is pushing to ease the compliance burdens, so far without luck.American expats can also face a political backlash. In Portugal, which has attracted a sizable contingent of Californians, local activists have taken to the streets to protest increases in rent that they blame on the influx of foreigners. "Welcome to Portugal, the new expat haven," read a headline in The Los Angeles Times on the invasion of Golden Staters. "Californians, please go home."John Galey, a semiretired management consultant in California, is moving in the opposite direction. With his passion for Italy, especially its wines, he has visited the country more than a dozen times, and he has long considered owning property there. In a recent email, he told me that his "planning and research would accelerate if Trump wins in November." Even as a self-described "political centrist," he believes that "the consequences of a 'retribution presidency' (plus the ensuing chaos) could be dire for the country."I can see his point. My wife and I are both Trump decriers, although we didn't begin our Italy property search to find a refuge from MAGA-infused America. But now that we own a place, we see it as something of a respite from Trumpland. And we are learning Italian.<a target="_blank" href="https://www.businessinsider.com/author/paul-starobin">Paul Starobin</a> is the author of "<a target="_blank" href="https://globalreports.columbia.edu/books/putins-exiles/">Putin's Exiles: Their Fight for a Better Russia</a>," and the host of the "<a target="_blank" href="https://newbooksnetwork.com/category/academic-partners/america-and-beyond-with-paul-starobin">American and Beyond</a>" podcast on the New Books Network.

If Trump is reelected, Americans are planning to flee in droves

<ul class="summary-list"><li>Prince Harry and Meghan Markle arrived in the UK and have reportedly been given <keyword id="12965762" type="UNKNOWN" weightage="60" keywordseo="police-protection" source="Orion">police protection</keyword>.</li><li>The Duke and Duchess of Sussex are in London with their children for the Queen's Platinum Jubilee.</li></ul>Prince Harry and Meghan Markle have been given "cast iron assurances" that they'll be <a href="https://www.businessinsider.com/reviews/out?u=https%3A%2F%2Fwww.mirror.co.uk%2Fnews%2Fuk-news%2Fprince-harry-cast-iron-assurances-27116562">given specialist police protection</a> during their time in the UK, The Mirror's royal editor, Russell Myers, reported. The Duke and Duchess of Sussex <a href="https://www.dailymail.co.uk/news/article-10876943/Jubilee-Queen-sends-car-security-pick-Harry-Meghan-Archie-Lilibet-airport.html">have arrived in the UK with their children</a> Archie, 3, and Lili, who turns 1 on Saturday, according to Mail Online. The family is attending the Queen's Platinum Jubilee celebrations, which mark the monarch's 70 years on the throne, and observing Trooping the Colour, an annual celebration to mark Queen Elizabeth's official birthday, on Thursday.According to Myers, the Sussexes flew in from California with their own personal security detail but became the responsibility of London's Metropolitan Police upon landing.Myers further reported that security sources said that the Met's Royalty and Specialist Protection unit have spent weeks working alongside the prince's team to guarantee taxpayer-funded officers. The report adds that the couple will be staying in <a href="https://www.insider.com/prince-harry-meghan-markle-frogmore-cottage-princess-eugenie-moving-in-2020-11">their former home, Frogmore Cottage,</a> on the Windsor estate, for the duration of their stay. In April, during an <a href="https://www.today.com/news/news/prince-harry-says-wants-queen-elizabeth-protected-right-people-rcna25037">exclusive interview with NBC News' "Today" show,</a> Harry revealed that he hoped to attend jubilee celebrations but the prospect remained uncertain. "I don't know yet. There's lots of things with security issues and everything else," he said. "This is what I'm trying to do, trying to make it possible that I can get my kids to meet her."In September, <a href="https://www.insider.com/prince-harry-launches-legal-action-pay-for-uk-police-protection-2022-1">Harry appealed for a judicial review</a> of a government decision that barred him from personally paying for police protection while in the UK, Insider's Lauren Edmonds reported in January.According to The Mirror, Harry was told that the police were not "guns for hire." The couple gave up their right to <a href="https://www.insider.com/former-royal-bodyguard-shares-advice-prince-harry-meghan-markle-2020-6">publicly-funded security</a> when they resigned as working <keyword id="11893529" type="UNKNOWN" weightage="100" keywordseo="royals" source="Orion">royals</keyword> in April 2020."The Duke and Duchess of Sussex personally fund a private security team for their family, yet that security cannot replicate the necessary police protection needed while in the UK. In the absence of such protection, Harry and his family are unable to return to his home," read a statement issued by a spokesperson for the prince at the time.Previously speaking to Insider's Mikhaila Friel, <a href="https://www.insider.com/what-its-like-to-work-for-royal-family-buckingham-palace-2019-8">Simon Morgan, a former royal protection officer</a> who worked for the Queen from 2007 until 2013, said that the decision to grant police protection to the Sussexes would set a "difficult precedent.""When you get to a point where you can pay for it, that would set a difficult precedent. Because if you can pay for it, it can effectively go to the highest bidder," Morgan told Insider.Representatives for Buckingham Palace and the Duke and Duchess of Sussex did not immediately respond to Insider's request for comment.

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