Climate Firm That Partnered With Meta, Microsoft Goes Bankrupt (bloomberg.com)
- Reference: 0176915301
- News link: https://slashdot.org/story/25/04/03/1653226/climate-firm-that-partnered-with-meta-microsoft-goes-bankrupt
- Source link: https://www.bloomberg.com/news/articles/2025-03-31/climate-firm-that-partnered-with-meta-microsoft-goes-bankrupt
> CTN Holdings, as the company is now known, has about $170 million in debt. The goal of the bankruptcy is to sell its assets as quickly as possible in order to repay creditors, chief restructuring officer Miles Staglik said in a court filing. The pool of potential bidders is small and the nature of the CTN's ventures will likely require more cash and "long term horizons before any potential value could be realized for creditors," Staglik said.
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> The bankruptcy was filed after co-founder Joseph Sanberg was charged by federal prosecutors with conspiring to defraud two investor funds of at least $145 million, according to a US Department of Justice announcement earlier this month. The charges involve his personal conduct and don't implicate CTN or its affiliates "in any criminal activity," said Staglik, a managing director at CR3 Partners that's been hired as CTN's restructuring adviser.
[1] https://www.bloomberg.com/news/articles/2025-03-31/climate-firm-that-partnered-with-meta-microsoft-goes-bankrupt
A simpler way to do it (Score:2)
If you send me money, I will plant a tree. To be fair, I will also plant said tree if you don't send me money. I like trees better than I like most people.
Re: (Score:2)
> I like trees better than I like most people.
So do I! But that's why I prefer planting people.
Re: (Score:2)
Gotta feed the trees somehow
Climate Firm (Score:2)
What does one do at a climate firm, exactly?
I am for CO2 reduction but against credits.. (Score:3)
most of these "carbon credits" seem like a scam for me...
I would tax all carbon fuels per number of C molecules in them and collected tax share among all citizens per head so they can afford renewables instead...
Rate of the tax would control the speed of the transition vs. disruption
Re: (Score:2)
> share among all citizens per head
But you know it won't just be shared with "citizens". There's a whole third world out there with their dirty little hands out, expecting cash. And they won't be spending their windfall on renewables.
Our state implemented a Climate Commitment Act fund. Based on a $0.50 per gallon gasoline tax. It is by law, unauditable. We have no idea where its being spent.
Re: I am for CO2 reduction but against credits.. (Score:2)
You mean [1]this Climate Commitment Act [wa.gov]? The one with a 248 page report detailing exactly where all the funds are going? Because that's the only Climate Commitment Act I could find. So if you don't know where the funds are going, well, maybe you just didn't bother looking it up?
[1] https://climate.wa.gov/washington-climate-action-work/climate-commitment-act-polluters-pay-communities-benefit/cca-dashboard-how-climate-commitment-act-funds-are-invested
Don’t cross the boss! (Score:1)
Looks like his check to the trump crime family was late. No way this justice dept is going to go after wealthy grifters like this, otherwise.
Damn headline... (Score:1)
... making me think that the first half of it was about a climate firm named "That"
The whole thing was a scam to begin with (Score:2)
Carbon credits being transferable?
Oh, you didn't do a good job reducing your emissions? Someone over here did a good job, lets undo that to make you look better.
Microsoft Goes Bankrupt? (Score:2)
Nothing lasts forever, I guess.
haha scam (Score:3)
Haha. Scam goes bust. The grift only lasted so long.
Re: haha scam (Score:2, Funny)
I'd you try to scam rich people, you go to jail. You scam a whole country, you get elected President.
Re: (Score:3)
> Haha. Scam goes bust. The grift only lasted so long.
According to the summary and the paywalled (sigh) article the fraud is unrelated to the company.