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In a sweltering Bahamas courtroom, Bankman-Fried fights imprisonment By Reuters

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© Reuters. Sam Bankman Fried, who founded and led FTX until a liquidity crisis forced the cryptocurrency exchange to declare bankruptcy, outside the Magistrates Court building after his arrest in Nassau, Bahamas on December 13, 2022. REUTERS/Dante Carrier

Written by Jared Higgs and Brian Ellsworth

NASSAU (Reuters) – Closed roads, a sweltering courtroom and numerous delays marked Sam Bankman Fried’s first in-person appearance since the collapse of his crypto company.

The court session in the Bahamas, which took place over the course of six hours, saw Bankman Fried, dressed in a suit rather than his traditional T-shirt attire, asking for bail to contest his extradition to the United States. United State.

It was a staggering fall from grace for the crypto boss, with Forbes once estimating him to be worth up to $26.5 billion.

“I’m not waiving,” Bankman-Fried said when asked if he would seek to waive his right to an extradition hearing.

It was a rare comment in a hearing that was largely dealt with by lawyers discussing the process. In another comment, Bankman-Fried referred to the night of his arrest as “hectic”.

There was great anticipation before the appearance of Bankman-Fried, who has given numerous media interviews since his company’s collapse but has not been widely seen in public.

The day began with Bankman-Fried entering the courthouse away from the main entrance and photographers and reporters swarming for a shot.

The Chief Justice of the Bahamas, Joy Ann Ferguson-Pratt, contributed witty insights that often left the courtroom laughing, once quipping “I wasn’t born yesterday” when defense attorneys interpreted the law.

Ferguson Pratt’s repeatedly forgetting the defendant’s last name led to laughter.

“Samuel,” she said before she was late, as the billionaire cryptocurrency mogul once mentioned his name to her: “Bankman Fried.”

People in the courtroom fanned themselves to keep cool in the tropical heat as the sun shone through the windows.

The hearing was adjourned twice, once to consult on the jurisdiction of the court to grant bail, and again in the afternoon.

It also included an extensive discussion of Bankman-Fried’s medications, which his lawyer said were for conditions including depression, insomnia and attention deficit disorder.

At the beginning of the proceedings, Bankman-Fried asked to change the Emsam patch, a medical tape placed on the skin and used to treat adult depression. He asked to leave the courtroom for a while to take medicine.

Bankman-Fried admitted that he did not take his medication with him when he was arrested, which he attributed to “an emotional night”.

His parents, Joseph Bankman and Barbara Fried, sometimes seemed frustrated with the arguments put forward by the prosecution, which described him as a runaway risk.

Bankman-Fried’s defense attorney noted that Bankman-Fried spent weeks in the Bahamas after his business collapsed without attempting to leave the country.

At the end of the session, he lowered his head and hugged his parents. A van waited outside the court to pick him up.

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Red Flags That Your Spouse Is Hiding Money (And What To Do About It)

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Marriage can be hard enough without one spouse hiding money from the other.

When financial infidelity occurs in the form of “hidden cash,” a marriage or a live-forever relationship can easily be ended.

The truth is About 30% of American couples suffer from financial infidelity. Other evidence shows that more than 75% of couples describe the hidden money situation as negative and common 10% of these scenarios end in divorce.



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US judge orders Norwegian Cruise Line to pay $110m for use of Cuba port By Reuters

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© Reuters. Norwegian American Airlines cruise ship Marina arrives in Havana Bay, Cuba on March 9, 2017. REUTERS/Alexander Meneghini/File/File Photo

Written by Brian Ellsworth

MIAMI (Reuters) – Norwegian Shipping Line (NYSE) has to pay $110 million in compensation for the use of a port confiscated by the Cuban government in 1960, a US judge said Friday, marking a significant milestone for Cuban Americans. Who are seeking reparations for the Cold War era. Assets confiscation.

The decision by US District Judge Beth Bloom in Miami follows her decision in March that use of the Havana Cruise Terminal constituted smuggling of forfeited property belonging to the plaintiff, Delaware-registered Havana Docks Corp.

The decision read: “The judgment is made in favor of Plaintiff Havana Docks Corporation and against Norwegian Cruise Line Holdings, Ltd.”

“The plaintiff was awarded $109,848,747.87 in damages,” it says, adding that the Norwegian must also pay an additional $3 million in legal fees and costs.

Norwegian Cruise Line did not immediately respond to a request for comment.

Cuban President Miguel Diaz-Canel has sharply criticized the Helms-Burton Act, calling it an extraterritorial violation of international law.

Havana Docks also sued Carnival Cruise Lines (NYSE: ), Royal Caribbean (NYSE:) and MSC under the Helms-Burton Act, which allows US citizens to sue over the use of property seized in Cuba after 1959.

The ruling could fuel more lawsuits by Cuban exiles pursuing claims, worth $2 billion, according to one estimate, over asset seizures under late Cuban leader Fidel Castro.

It may also serve as a reminder to multinational companies of the complexities that can come with doing business in Cuba.

In 2016, US cruise ships began traveling to Cuba for the first time in decades after a détente negotiated by former President Barack Obama eased some provisions of a Cold War US embargo.

But the Trump administration in 2019 ordered a halt to all such cruises amid efforts to pressure Cuba over its support for Venezuelan President Nicolas Maduro, Washington’s ideological foe.

The Trump administration has also allowed US citizens to sue third parties for using property seized by Cuban authorities, a provision of the Helms-Burton Act that every previous president has waived since the law was passed in 1996.

Havana Docs says Cuba, which has been under a US trade embargo for decades, has never compensated it for taking the drug.

The four cruise lines sued in 2019 in the US District Court for the Southern District of Florida. Bloom in March held the companies liable for damages under the Helms-Burton Act, also known as the Libertad Act.

According to the US-Cuban Economic and Trade Council, a nonprofit organization that provides information on relations between the two countries, 5,913 validated claims related to property seized in Cuba represent an estimated liability of nearly $2 billion.

Forty-four lawsuits have been filed under Title III of the Helms-Burton Act, the organization says.

“For the current plaintiffs of Cuban descent, (the decision) will give them a moment of relief,” said John Cavulich, the group’s president. “It will give them a moment to say ‘You can run but you can’t hide,'” Cavulich said.

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Is a Royal Caribbean or Carnival beverage package worth it?

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An all-inclusive beverage package that gives you access to beer, wine, liquor, bottled water, soda, specialty coffee, and even shakes/juices may cost more than your cruise fare.

This is especially true right now when many cruise cabins are being sold at discounted prices while the drinks package prices have gone up.

Deciding whether to purchase a drink package is a challenge because you have to estimate whether you will be drinking enough to cover the cost. Or, more importantly, whether you’d spend more if you decided not to purchase a drink package.



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