It’s possible that I shall make an ass of myself. But in that case one can always get out of it with a little dialectic. I have, of course, so worded my proposition as to be right either way (K.Marx, Letter to F.Engels on the Indian Mutiny)
Friday, August 12, 2022
On July 23, 2022, the WHO declared monkeypox a global public health emergency, but access to testing and vaccination is still limited. The struggle to fight the spread of monkeypox is inextricably linked to the fight against homophobia, racism, and imperialism.
K.S. Mehta July 31, 2022
On July 23 2022, the WHO declared monkeypox a global public health emergency. As of July 29, there have been almost 18,000 confirmed global cases with over 5,000 in the U.S. Within the U.S., almost a third of confirmed cases are in New York state alone and a state of emergency was declared in NYC on Saturday, July 30. Similarly to the early days of the coronavirus pandemic, there is a shortage of testing and it is likely that the number of cases is being underreported.
Monkeypox spreads in humans through direct contact with the infectious rash, scabs, or body fluids, respiratory secretions during prolonged face-to-face contact, or during intimate physical contact, such as kissing, cuddling, or sex, and/or touching items (such as clothing or linens) that previously touched the infectious rash or body fluids. It can spread from the time that symptoms start until the rash has fully healed and a fresh layer of skin has formed, which can be anywhere between two to six weeks. There are currently two approved vaccines being used to prevent monkeypox — JYNNEOS, which has been approved for use to prevent monkeypox and smallpox but is in limited supply, and ACAM2000, which the government has more of. ACAM2000 is currently only approved for smallpox use, is being used on an Expanded Access Investigational New Drug application, and should not be used in people who have certain health conditions, including a weakened immune system or skin conditions like atopic dermatitis/eczema, as well as during pregnancy. Due to the limited supply of vaccines, more are being given as post-exposure prophylaxis (PEP), or giving the vaccine after a confirmed monkeypox exposure, ideally within 4 days to prevent illness, or as individual-directed PEP also known as expanded PEP (PEP++), which attempts to reach people that have certain risk factors for monkeypox without a documented exposure. Not as many people have been able to get the vaccine as a form of pre-exposure prophylaxis (PrEP), or getting the vaccine before a known exposure to prevent the disease from taking hold.
Currently, 99 percent of cases outside of Africa are being reported by gay and bisexual men, and particularly those who have had multiple sexual partners in the 2 weeks prior to testing positive for monkeypox. In New York City, limited vaccine doses have been prioritized for folks that meet the following criteria: gay, bisexual, or other man who has sex with men, and/or transgender, gender non-conforming, or gender non-binary, age 18 or older, and have had multiple or anonymous sex partners in the last 14 days. Vaccination is especially recommended for those whose partners are showing symptoms of monkeypox, who met recent partners through apps or social media platforms (such as Grindr, Tinder or Scruff), or at clubs, raves, sex parties, saunas, or other large gatherings, or who have a condition that may increase risk for severe disease if infected with monkeypox virus, such as HIV. On the evening of Friday, July 22, 17,000 vaccine doses were made available to NYC residents who met this criteria, and all appointments were gone within minutes.
Unlike coronavirus, the virus that causes monkeypox is a known vector and was identified in the 1970s. There are proven vaccines that have already been developed and formulated that have shown up to 85 percent efficacy in preventing monkeypox. However, there have not been enough vaccine doses, and the U.S. is not slated to receive any more shipments of the vaccine for another three months. With the latest shipments, there are only enough vials of the two-dose Jynneos vaccine to cover about a third of the estimated 1.6 million gay and bisexual men who are considered highest risk. With cases approximately doubling every two weeks, not having enough vaccines decreases the likelihood of viral containment and increases the number of people likely to contract the virus. In areas like Washington D.C. and NYC where the virus is already prevalent, only one dose of the two-dose series JYNNEOS vaccine is being given out, against regulators’ advice due to limited supply.
While it is important from a public health perspective to prioritize the people who have the greatest risk, there should be enough vaccines to give as PEP and PrEP to everyone that needs them. While monkeypox has currently been primarily affecting queer men, it will eventually reach everyone if the spread remains unmitigated, as it is possible for anyone to have direct contact with a person who is having symptoms. The scarcity is artificial; the suffering that has already occurred and that will continue to occur is unnecessary. The WHO, CDC, and FDA did not value the lives of gay and bisexual men in 1981, and they certainly do not value them 40 years later. We have seen how messaging advising gay and bisexual men specifically, along with queer and trans people more broadly, to abstain from sexual activity or avoid congregating creates, deepens, and entrenches stigma towards these communities. We do not need to rehash the early days of HIV, the echoes of which continue into the present, of blatant homophobic discrimination being justified in the interest of health and safety. Yes, people should take preventative measures as much as they can. But these preventative measures also require support and resources like vaccination, expanding Tetris (or testing, tracing, and isolation), and designated quarantine facilities. Placing the onus on individual queer people absolves the capitalist government of any responsibility they have in this public health emergency while furthering their agenda of pushing queer and trans people to the margins, as they are doing with the attacks on trans children.
The fact that it has taken the U.S. so long to release stockpiled vaccines and order production of more vaccines is unacceptable. The limited supply of existing tests and lack of effort to ramp up production and/or potentially develop less invasive testing is unacceptable. The fact that a national state of emergency has not yet been declared is unacceptable. All of these failures reflect the inability of capitalism yet again to contain the crisis, let alone actually address it. No lessons have been taken from the coronavirus pandemic, and once again we find ourselves powerless against a disease that could have been tested, traced, vaccinated against, and even contained given appropriate early intervention.
Dr. James Lawler, co-director of the University of Nebraska’s Global Center for Health Security, estimated that the delay in recognizing the disease means that it might take a year or more to control the outbreak, with monkeypox likely to have infected hundreds of thousands of people and exist permanently in some countries by that point. If it is this difficult to get an appointment for a monkeypox vaccine in New York City, a city with the second largest public health budget in a country in the heart of the imperial core, this can mean further devastation on top of the inequity of Covid-19 vaccine rollout and distribution for people in the Global South. Monkeypox has been endemic to West and Central Africa for decades, and the fact that it has persisted for so long reflects the deleterious consequences of under vaccinating countries in the Global South against smallpox. When outbreaks occurred in the Democratic Republic of the Congo from 2005-2007 or in Nigeria in 2017, the Global North was unfazed. Case counts are now three times higher than normal in Africa, with very limited access to vaccines and antiviral treatments anywhere on the continent. But now, as monkeypox cases rise globally, the Global North will prioritize securing limited vaccines for itself and leave the Global South to suffer.
As microbiology professor at NYU Joe Osmundson remarks in his interview for Democracy Now:
Infectious diseases show us that borders are meaningless. Viruses will spread because people interact around the world. It is our obligation to care for human suffering everywhere, not just because it will prevent us from potentially getting sick, but because human suffering is human suffering. So there is absolutely an issue with countermeasures, including vaccine and treatment globally. And capitalism does not set us up well to care for everybody. It is not a way to make a profit. But in our increasingly warming and increasingly interconnected world, we are going to see more of these crises. This is not a viral crisis; this is a crisis of late capitalism.
The struggle to fight the spread of monkeypox is inextricably linked to the fight against homophobia, racism, and imperialism. We must fight attacks on the lives of queer and trans people and the stigmatizing discourse that portrays monkeypox as an exclusively sexually transmitted disease among gay and bisexual men. We must fight against vaccine imperialism that will try to funnel limited resources to the Global North while prolonging and worsening the outbreak in African countries. In the short term, we must advocate for ramping up and expanding the production and distribution of the smallpox vaccines currently being offered to prevent monkeypox, and bolstering testing, tracing, and isolation measures. In the longer term, we need to fight for free universal healthcare under worker and community control and paid sick leave to make all testing and healthcare treatment free, allow those affected by the spread of this virus to make democratic decisions about how to respond, and give those who do contract the virus the time that they need to recover safely. The coronavirus pandemic has laid bare the inability of the capitalist government to coordinate a public health response and keep people safe. While there are many epidemiological differences between the spread of monkeypox and the coronavirus, one shared conclusion is imperative to draw: we need a society that values public well-being over private profit, and puts resources towards developing and maintaining that well-being. The capitalists had their chance to do this and failed; we must organize as the working class to destroy the capitalist system before more pandemics arise that destroy us.
K.S. Mehta is a research assistant in New York City.
WATCH: Indigenous Senator in Australia Lidia Thorpe Calls Queen a Colonizer
Published on 8/1/2022 at 4:31 PM
Lidia Thorpe, a Djab Wurrung and Gunnai Gunditjmara senator with Australia's Green Party, called the country's symbolic head of state, Queen Elizabeth II, a colonizer in her oath of office.
That Time MLK Convinced Nichelle Nichols To Stay on “Star Trek”
Nichols and her character’s joint impact on pop culture continues to be felt to this day, but perhaps what’s most amazing is how fleeting it could have been if not for a random intervention by none other than MLK himself.
Published on 8/1/2022 at 5:51 PM
Nichelle Nichols, a beloved actor, singer, and dancer whose career spanned six decades, passed away Saturday at the age of 89. Nichols will be best remembered for her trailblazing role as Lt. Nyota Uhura on the original “Star Trek” TV series, which aired from 1966-69.
Nichols’ performance as Uhura — a communications officer and the fourth highest-ranking member of the USS Enterprise — was a landmark moment for representation in pop culture, marking one of the first times in American history that a Black woman appeared on television in a leading role. Nichols also contributed to a watershed moment in the 1968 episode “Plato’s Stepchildren,” when Uhura shared what is believed to be the first interracial kiss broadcast on TV with Enterprise Capt. James T. Kirk (played by her white co-star William Shatner).
Nichols and her character’s joint impact on pop culture continues to be felt to this day, but perhaps what’s most amazing is how fleeting it could have been if not for a random intervention by none other than Dr. Martin Luther King Jr. himself. According to an anecdote Nichols sharedin severalinterviews, she initially considered quitting “Star Trek” entirely after its first season. However, MLK personally urged her to stick with the show when the two spoke at an NAACP fundraiser in California, stressing her character’s importance to the cause of civil rights and representation.
“[MLK] said, ‘You can’t [quit]. Don't you know who you are to our movement, to everyone? You are there in the 23rd century. You've created a role that has such dignity and everything — it’s so powerful. You cannot leave,’” Nichols reflected in a 2011 interview. “Then he told me many other things, like, ‘This is one of his only shows that Coretta and I allow our children to stay up and watch.’ So I went back Monday morning and told [“Star Trek” creator Gene Roddenberry], and he said, ‘God bless Dr. Martin Luther King. Somebody sees what I'm trying to achieve.’”
Shatner was one of many of Nichols’ contemporaries to express their sorrow at her death. “I am so sorry to hear about the passing of Nichelle,” the 91-year-old actor tweeted. “She was a beautiful woman & played an admirable character that did so much for redefining social issues both here in the US & throughout the world.”
Minnesota Pharmacist on Trial for Refusing To Dispense the Morning After Pill
According to the complaint, Anderson tried to obtain emergency contraception after a condom broke from sex. She traveled to a pharmacy in McGregor, MN—the only one in her hometown—to only be turned away because it violated the pharmacist’s ‘beliefs.’
Published on 8/2/2022 at 12:10 PM
George Badeaux, a pharmacist in Minnesota, appeared in court on August 1 for refusing to fill a prescription for emergency contraception to a woman named Andrea Anderson in January 2019. She filed a lawsuit under the Minnesota Human Rights Act, alleging her civil rights were violated.
According to the complaint, Anderson tried to obtain emergency contraception after a condom broke from sex. She traveled to a pharmacy in McGregor, MN—the only one in her hometown—to only be turned away because it violated the pharmacist’s ‘beliefs.’
‘Badeaux informed her that there would be another pharmacist working the next day, who might be willing to fill the medication but that he could not guarantee that they would help,’ the complaint states.
Not only did Badeaux allegedly refuse to provide the mother of five with the prescription, but he also would not tell her where else she could go to get the prescription, as required by state law, according to the complaint.
Anderson was also turned away at a CVS pharmacy in Aitkin, MN, but ultimately got her prescription filled at Walgreens in Brainerd, MN—a 100-mile round-trip—while a ‘massive snowstorm was headed to central Minnesota.’
WATCH: Fishermen Catch Rare Wolffish in Maine 👀
Published on 8/2/2022 a
These fishermen in Maine were looking for lobster, but ended up catching a rare marine predator known as a wolffish instead.
“We don’t catch wolffish often … maybe two or three a year,” Jacob Knowles told Storyful. “They don’t behave like most fish while handling them. Most fish just try to get away from you. Wolffish try to get you.”
A fifth-generation fisherman in Maine, Knowles has built a sizable following of 1.1M on TikTok, where he frequently posts informative and entertaining videos about working on the high seas.
Reuters | August 11, 2022 |
Albemarle is considering draining an old pit mine in Kings Mountain to resume mining for lithium. Credit: Albemarle
Miners will struggle to expand operations in the United States in record time to meet a deadline for sourcing key minerals domestically or from select countries as set out by a bill likely to be passed on Friday, companies and industry watchers said.
The requirement is part of a sweeping bill that includes climate and clean energy policies and rules on electric vehicle (EV) battery materials such as cobalt, lithium, nickel and graphite. The US House of Representatives is set to vote on the measure Friday.
“Considering it takes seven years to build a mine and refining plant but only 24 months to build a battery plant, the best part of this decade is needed to establish an entirely new industry in the United States,” said Simon Moores, chief executive of Benchmark Mineral Intelligence.
The Inflation Reduction Act (IRA) includes a $7,500 tax credit for new electric vehicles, but to win the full credit, EV makers have to source in 2023 at least two-fifths of battery materials from the United States or free trade agreement (FTA) partners such as Canada, Chile and Australia or recycle it in North America.
The guidelines exclude Indonesia and Argentina, two providers of key metals — nickel and lithium respectively — and increase the material sourcing target to 80% by 2026. Automakers had pressed Congress to expand the number of eligible nations.
“The most feasible option is to use recycling … yet the impact of recycling will be very limited when there are barely any EVs coming off the road,” said Max Reid, analyst at WoodMac Battery Raw Materials Service.
The United States is home to some of the world’s largest automakers, including Ford Motor and General Motors, as well as automotive parts suppliers, but limited home-grown battery manufacturing and refining capacity.
Top lithium producer Albemarle Corp, which aims to build a lithium processing facility in the US Southeast later this decade, said the bill is a “positive step” toward attracting investment for a domestic supply chain.
“The conditions and timeline for the credit on electric vehicles is challenging as the battery industry largely operates in Asia and the domestic supply chain is in early development,” an Albemarle spokesperson said.
“Our Kings Mountain mine project and proposed Southeast meg-flex production site will help move the US supply chain forward, but this will take time.”
Global major Rio Tinto, which has refining and smelting operations in Utah and Canada, said it “welcomed the provisions on domestic extraction and processing” and was working with auto sector customers.
Other major EV metal miners, such as copper miner Freeport-McMoran and Glencore, declined to comment.
New US mining projects have faced stiff opposition from local communities and environmentalists, underscoring the broader tension in the United States as resistance to living near a mine clashes with the potential of EVs to mitigate climate change.
Chile’s Antofagasta, for example, saw the leases for its proposed Twin Metals copper and nickel mine in Minnesota canceled by the US Department of the Interior in January on environmental grounds, while the White House last year said it planned a 20-year ban on mining in Minnesota’s Boundary Waters region, where Antofagasta hopes to build an underground mine.
“The view that you need to source domestically … will start to prevail and be more significant,” Antofagasta Chief Executive Ivan Arriagada told Reuters.
“It’s grounded on national security considerations, on the challenges posed by the energy transition and there is no way the world is going to get to carbon neutrality by 2050 unless there is more raw materials.
“There is a contradiction there but the wave seems to be moving in the direction of realizing that these projects need to be done.”
Efforts by the United States and Europe to build an independent supply chain for the key minerals used in EVs have accelerated with heightened tensions between the West and China and Russia, while the covid-19 pandemic highlighted the risks from supply chain shutdowns and shortages.
Companies are under pressure to reduce their carbon footprint but complex battery supply chains require materials cross multiple continents in different stages of processing before a finished battery ends up in an EV.
Last year, the White House said it would rely on allies to secure the minerals needed for EV batteries, noting at the time that the country “cannot and does not need to mine and process all critical battery inputs at home.”
“Since the market is global in nature and spot prices predominate, the larger effect (of the bill) is to push firms serving the US market to deepen investments into relevant FTA partners, namely Canada and Australia,” said Fitch Solutions commodities analyst Nick Trickett.
(By Clara Denina, Praveen Menon and Helen Reid; Editing by Marguerita Choy)
Bloomberg News | August 11, 2022
A coal mine near Hailar, Inner Mongolia.
China’s coal industry has come roaring back since last year’s supply crunch saw Beijing prioritize energy security, but a recent spate of accidents is now ringing alarm bells.
Production of the fossil fuel in Asia’s largest economy is up markedly this year, but that’s come at a horrible cost. Some 129 coal miners have died in accidents in the first seven months of 2022, according to figures from the National Mine Safety Administration.
The administration is pledging to cut fatalities from all mining activities by 10% from current levels by 2025, it said in a plan released on Wednesday. It also asked companies to stick to a ban on new mines with output of less than 1.2 million tons a year in Shanxi, Inner Mongolia and Shaanxi, the top three coal-producing regions.
The mining deaths highlight the tough policy trade-offs that are necessary as China tries to find a balance between ensuring energy security, but also protecting workers and curbing pollution. They’re also a potential headache for President Xi Jinping as he seeks a third term at a crucial Communist Party congress later this year.
There’s been at least one accident a week since the start of July at mines in Shanxi, according to a report in China Coal News. In the most recent major incident, five workers were killed after a roof collapsed at a mine in the province last Friday, Beijing News said.
The push to favor bigger, more technologically advanced operations is an extension of existing policies that saw more than 5,000 smaller mines shuttered between 2016 and 2020, the administration said.
Mine safety is a long-standing problem in China and while deaths have declined in recent years, the upsurge in coal production means there’s a risk they will start rising again. The government is targeting an additional 300 million tons of coal output capacity this year after production rose to a record 4.1 billion tons in 2021.
Total mining fatalities dropped 24% in the first seven months of this year from the same period in 2021, administration figures show. It also pledged to carry out nationwide safety checks at the end of 2023 and 2025 to ensure the 10% target is met.
(With assistance from Dan Murtaugh)
Bloomberg News | August 12, 2022 |
South Korea has set a deadline to zero out emissions by 2050 (Stock Image)
South Korea’s National Pension Service, the world’s third-largest retirement fund, faces criticism over potentially weaker-than-expected plans to curb investments in coal.
The fund, which manages assets worth about $700 billion, is reviewing options including a proposal that would limit holdings of companies that generate more than half their revenue from coal mining and power generation. That’s a far more lenient threshold than global peers and one that would have only minimal impact on its portfolio.
“The negative consequences of the NPS failing to make climate-conscious investments will be enormous,” said Kim Sung-ju, an opposition party lawmaker and a former chairman of NPS. “Given its clout, the fund’s reluctance to actively respond to climate change can severely undermine the world’s net-zero efforts.”
The fund is continuing to work on plans for its coal-based investments after pledging to divest from the dirtiest fossil fuel more than a year ago. A local unit of Deloitte LLP in April completed a study which recommended the NPS should consider policies which would prohibit investments in companies that win either more than 30%, or more than 50% of their revenue from coal, according to a report seen by Bloomberg News.
Under the more lenient option, the NPS would retain almost 3 trillion won ($2.9 billion) of assets linked to coal in 2030, compared with 3.8 trillion in 2023, according to the research. The study only covered coal, and didn’t examine other fuels such as oil and natural gas.
The NPS declined to comment.
The fund needs to strike a balance between responding to climate risks and achieving stable growth from long-term investments, and several details of its plans need to be ironed out, said an NPS official, who asked not to be identified to discuss internal processes. The fund is aiming to make a decision before the end of the year, and the process has been slowed because President Yoon Suk Yeol, who took office in May, hasn’t yet nominated a welfare minister, who will chair the fund’s management committee, the official said.
South Korea has set a deadline to zero out emissions by 2050 but President Yoon has been less eager than his predecessor to accelerate a transition away from existing energy sources. That may have reduced the pressure on the state-owned NPS to follow global pension managers in blacklisting fossil fuels, even as other investors, regulators and climate groups urge the fund to use its size and influence to help combat global warming.
The NPS is the largest institutional investor in South Korea’s 2,370 trillion won stock market and holds stakes in several companies with coal-linked investments including Korea Electric Power Corp. and Posco Holdings Inc.
Deloitte’s report suggested the fund could maintain investments in companies that are heavily reliant on coal, as long as they have energy transition plans in place and provide evidence of progress.
“There are just too many loopholes regardless of which option the NPS takes,” and the fund should consider all fossil fuel investments, not just coal, Lee Jong-O, a director at the Korea Sustainability Investing Forum, a non-profit advocacy and research organization, said by phone. “The NPS doesn’t seem to have the urgency to meet the nation’s climate goals.”
(By Heesu Lee, with assistance from Youkyung Lee)
Bloomberg News | August 12, 2022 |
Mercedes-Benz EQC 400. Credit: Wikimedia Commons
Mercedes-Benz Group AG will join China’s Contemporary Amperex Technology Co. Ltd. in building a battery factory in Hungary with an investment of as much as 7.3 billion euros ($7.6 billion), with some of Europe’s leading automakers set to become customers too.
The plant will have capacity of 100 gigawatt hours, enough to power more than 1 million cars, and will run on renewable energy, the world’s biggest electric-vehicle battery maker, known as CATL, said Friday. Planned to be built in Debrecen, the facility will be in close proximity to customers BMW AG, Stellantis NV and Volkswagen AG, CATL said.
“There is no doubt that our plant in Debrecen will enable us to further sharpen our competitive edge, better respond to our European customers, and accelerate the transition to e-mobility in Europe,” said Robin Zeng, founder and chairman of CATL.
The Debrecen plant, which will be Hungary’s biggest investment ever, will create around 9,000 jobs, Hungary’s Deputy Foreign Minister Levente Magyar told the MTI state news service. While CATL didn’t say when production would start, Mercedes said the batteries would go into its next generation of EVs, due to go on sale from around mid-decade.
Automakers including VW and Stellantis have embarked on ambitious plans to make batteries, mostly with partners, to ensure enough supply of the core EV components. VW is building six facilities in Europe alone, while Mercedes has joined Stellantis and TotalEnergies SE in a 7 billion-euro battery venture and is pursuing a total of eight facilities globally. The European Union is also pushing for a regional battery supply chain that lessens dependence on dominant Asian players, led by Sweden’s Northvolt AB.
“This new state-of-the art European CATL plant in Hungary is another milestone for the scale-up of our EV production together with our key partners,” said Markus Schaefer, chief technology officer at Mercedes.
Mercedes first forged a partnership with CATL in 2020, while BMW is a foundation customer for the Chinese company’s factory in Erfurt, Germany, that is due to start production at the end of this year.
CATL’s Hungary investment follows a flurry of other announcements from the company on new battery sites, including a 14 billion yuan ($2 billion) investment in east China’s Shandong province and a 13 billion yuan battery project in Fujian province, where CATL is based.
CATL has also been considering an investment of up to $5 billion in either Mexico or the US, though that announcement has been delayed after US House Speaker Nancy Pelosi traveled to Taiwan, people familiar with the matter have said.
CATL shares fell 1.6% on Friday. They’re down 15% this year.
(By Danny Lee and William Wilkes)
Ex-platinum partners fund manager guilty in $70 million fraud
Bloomberg News | August 12, 2022 |
A former Platinum Partners fund manager was found guilty of engaging in a fraud scheme to rig a bond vote at an an oil and gas company.
Daniel Small was accused of conspiring with Mark Nordlicht, Platinum’s co-founder, in a scheme to defraud bondholders of Black Elk Energy Offshore LLC of the proceeds of a lucrative asset sale. He was convicted on two of three counts on Friday in federal court in Brooklyn, New York.
Prosecutors said while Platinum was experiencing a liquidity crisis, it had a controlling stake in Houston-based Black Elk. Small was accused of conspiring with Nordlicht and others to rig a Black Elk bondholder vote by concealing Platinum’s majority control of its bonds, diverting $70 million in asset sale proceeds to Platinum, federal prosecutors in the office of Breon Peace said.
Prosecutor Loren Elbert told jurors in closing arguments Wednesday that Small, Nordlicht and others were motivated by greed when they conspired to have Platinum investors paid ahead of other bondholders.
Small, 53, faced one count of securities fraud, one of conspiracy to commit securities fraud and a wire fraud conspiracy count.
Nordlicht and Platinum’s co-chief investment officer, David Levy, were convicted of defrauding bondholders in the scheme in July 2019 after a nine-week trial. But US District Judge Brian Cogan tossed Levy’s conviction and ordered a new trial for Nordlicht. A federal appeals court in Manhattan then reinstated both convictions, concluding Cogan had abused his discretion. Both Nordlicht and Levy await sentencing.
Small’s lawyer Seth Levine told jurors Wednesday that the rules about which Platinum bondholder affiliates were allowed to vote were so complicated that even lawyers consulting on the transaction gave conflicting advice. He argued Small may have made a mistake but didn’t commit any crimes.
Platinum boasted some of the most impressive returns in the hedge fund industry for more than a decade, including 17% average gains through 2015 for the flagship fund, Platinum Partners Value Arbitrage. But prosecutors said at Nordlicht’s trial that the fund invested heavily in oil and gas ventures like Black Elk, which performed significantly below the valuations Nordlicht and Levy attributed to them.
The case is US v Nordlicht, 16-cr-640, US District Court, Eastern District of New York (Brooklyn).
(By Patricia Hurtado)