The estate of Frank Ordonez, the UPS driver killed in a Dec. 5 shootout after a Coral Gables-to-Miramar pursuit of armed robbers, hit six law enforcement agencies with a negligence lawsuit Monday in Broward County Circuit Court.
Named as defendants in the suit, which also includes shot civilian Carlo Lara as a plaintiff: the Miami Police Department, Florida Highway Patrol, Broward Sheriff’s Office, and the Miramar, Pembroke Pines and Doral police Departments.
The suit faults officers from these agencies with creating the situation for the tragic events by showing negligence in their pursuit of the UPS truck, “thereby leading to the eventual shootout in the close vicinity of occupied civilian vehicles.”
It also faults them in engaging in the shootout, which killed robbery suspects Lamar Alexander and Ronnie Hill, who had taken Ordonez hostage, and also Ordonez, 27, and Rick Cutshaw, 70.
Police say Alexander and Hill carjacked Ordonez’s United Parcel Service truck after robbing Regent Jewelers in Coral Gables. A chase that added police as it ran up Florida’s Turnpike, Okeechobee Road, Interstate 75 and the streets of Pembroke Pines — into and out of Century Village senior community at one point — ended at the intersection of Miramar Parkway and Flamingo Road.
Like Cutshaw, Lara happened to be in one of the cars trapped when the pursuit parade arrived during afternoon rush hour and the shooting started. Police say Alexander and Hill fired first.
“As result of the Defendant’s negligent implementation of its policies, innocent civilians, including Carlo Lara, were placed in the middle of a shootout, and used by the Defendants as a blockade and shield for incoming gunfire,” the lawsuit said.
The lawsuit filed by Michael Haggard and Adam Finkel of The Haggard Law Firm says Lara suffered “serious injuries.”
The suspension of grand juries during the COVID-19 pandemic has stalled the investigation into the shooting.
Who’s in charge of deadly UPS hijack investigation? The FBI — and there are questions why
FBI identifies robbers killed in UPS truck hijack and shootout. Both were ex-cons
A look at Trump’s most failed businesses, according to his tax records
A bombshell New York Times report released Sunday said Donald Trump paid only $750 in federal income taxes in 2016 and nothing at all for much of the previous decade.
Those same records reported that some of Trump’s businesses have been hemorrhaging money.
His golf courses showed combined losses of $315.6 million, while his hotel and real estate umbrella company also posted multimillion-dollar losses. Crown jewels of his empire, like the Mar-a-Lago club, did not make the list.
Here’s a look at which of Trump’s iconic properties are struggling the most, according to the Times investigation.
Visit Business Insider’s homepage for more stories.
Trump has 15 golf courses across the globe. His tax records show major losses at a handful of them.
Trump reported combined losses of $315.6 million on golf courses since 2000 in the tax records viewed by The New York Times.
He has a total of 15 golf courses across the world, but just three of his European courses accounted for a fifth of that figure.
Trump’s three European courses, one in Ireland and two in Scotland, posted $63.3 million in losses.
His golf club in Doonbeg, Ireland, is located in a village with a paltry population of 200. In November 2018, the Associated Press reported that the course had lost money four years in a row. Around the same time, the AP reported, Trump received approval to build a wall around the resort to protect it from rising sea levels. The move angered residents, as it could potentially harm dunes and local public beaches.
Trump’s golf club in Aberdeen, Scotland, was also built on dunes. It opened in 2012, and the development process severely damaged the local environment, Business Insider previously reported. Business Insider also previously reported that the 18-hole golf course, which is accompanied by a 22-acre driving range, a whiskey bar, and a five-star hotel, routinely posts at least $1 million in losses every year.
His second Scottish golf club, in Ayrshire, is older — built in 1906 — and it is now home to two 18-hole courses, a 9-hole course, and a spa.
The three clubs totaled $63.3 million in losses, according to the the tax records viewed by The Times.
Trump’s largest golf club, the Trump National Doral near Miami, is losing the most significant chunk of change.
The Trump National Doral is Trump’s largest golf club. It includes four golf courses, tennis courts, a spa, and a luxury hotel. The property is right outside Miami, Florida.
The Doral golf course previously made national news in August 2019, when Trump suggested hosting the 2020 G7 summit there. Such a move would violate the Constitution, which prohibits the president personally benefiting from affairs of state. He later dropped the idea.
Trump paid $150 million for the property in 2012, and according to the Times, its losses through 2018 have totaled $162.3 million. The Times also reported that he put $213 million into the property, and tax records show it has a $125 million mortgage balance due in three years.
Trump reported losses of $315.6 million across all his golf properties.
It’s not just his golf properties that are losing money — many of his real estate investments are too, including the Trump International Hotel in Washington, DC.
The Trump International Hotel opened in October 2016. The hotel, which is located inside the Old Post Office Pavilion in Washington DC, dates back to 1899 and required $200 million in renovations.
According to the the Times, tax records show losses at the hotel through 2018 of $55.5 million. What’s more is that the hotel carries a fair bit of debt — $160 million — that had not been paid down by the end of 2018.
The hotel, which is known for its astronomical prices, has become somewhat of a meeting ground for conservative groups and Trump’s associates, shrouding the hotel in ethical concerns about foreign dignitaries staying at the hotel, along with events that the federal government could possibly be funding.
Trump Corporation, the family’s real estate services company, reported losing $134 million since 2000, according to the Times.
The Times reported that Trump bankrolled those losses by providing the umbrella corporation with a loan. In 2016, he marked those loans on his tax records as a cash contribution instead.
Read the original article on Business Insider
‘Girlfriends’ star Reggie Hayes speaks out about hard times in racially biased Hollywood
With September marking the 20th anniversary of Girlfriends and its honorary release on Netflix, fans have been nostalgically binge-watching one of the most beloved Black sitcoms of the early aughts. But just last week, one of the show’s stars, Reggie Hayes, added a dose of reality by discussing the 2008 end of the series, and the subsequent personal struggles that led him to live in his sister’s garage.
“I had starred on this long-running show but I wasn’t Matt LeBlanc or one of the other kids from ‘Friends’ who had doors opening for them after their show ended… Those were pretty awful years,” Hayes told The Chicago Tribune. (Meanwhile, in contrast this week, ex-Friends star Jennifer Anniston shared thoughts on her longtime acting career on the iHeartRadio‘s Smartless podcast, calling the entertainment biz her “happy place.”)
Hayes explained that, despite Girlfriends having been one season short of becoming the longest-running Black sitcom of all time, life for him was hard after it ended. He said in the years that followed, he could occasionally book guest roles, but that “it wasn’t really enough to get by,” explaining that even obtaining a day job presented challenges “because people come in and take pictures of you and put it on the internet.”
That’s what happened in 2018 to Geoffrey Owens, who had previously starred in The Cosby Show, when was job shamed by being photographed while working at Trader Joe’s. Fortunately, his situation was turned around when Tyler Perry offered Owens a job shortly after.
This story about the man who played William on “Girlfriends” really got me thinking about how many black folks are living on the margins even if they briefly make a breakthrough. https://t.co/YlaF6AfpEI
— Joel D. Anderson (@byjoelanderson) September 24, 2020
I think about this all the time. Sitcom actors and video vixens. Whenever I watch old videos I’m always like, “I wonder what she’s doing now.”
— Dion Rabouin 🇺🇸 (@DionRabouin) September 24, 2020
This stark contrast in outcomes for ex-TV stars — particularly Black vs. white — has not gone unnoticed, and people are taking to social media to call it out. In response to Hayes’ recent comments, one user wrote, “This broke me down to my components,” while another user Tweeted that it reminded him “about how many black folks are living on the margins even if they briefly make a breakthrough.”
Some have argued that the lack of longevity for Black entertainers is directly linked to bias in Hollywood. In June, Killing Eve star Sandra Oh, Avengers actor Anthony Mackie and former Scandal star Kerry Washington all called out the lack of diversity across the film and television industry. Mackie said, “It really bothered me that I’ve done seven Marvel movies where every producer, every director, every stunt person, every costume designer, every PA, every single person has been white.” That lack of diversity has prompted director Spike Lee to suggest that Hollywood adopt new regulations — similar to “the NFL’s Rooney Rule, which requires teams to interview minority candidates for the league’s top jobs.”
Earlier this month, actor Jeremy Tardy tweeted that he would not return for season four of Dear White People, accusing Lionsgate of racial discrimination. “After being offered to return for several episodes my team was notified that our counter offer would not be considered and that the initial offer was the ‘best and final,’” he noted. “This news was disturbing because one of my white colleagues — being a true ally — revealed that they too had received the same initial offer and had successfully negotiated a counter offer.”
Unfortunately I will not be joining NETFLIX’s Dear White People for its fourth and final season
due to my experience with Lionsgate and their practices of racial discrimination.
After being offered to return for several episodes my team was notified that our counter offer would
— Jeremy Tardy (@Jeremy_Tardy) September 11, 2020
Also recently, Tia Mowry recalled a time, at the height of her Sister Sister’s popularity — when the show enjoyed even higher than Friends — when she and her twin, Tamera, were rejected by a popular teen magazine due to the color of their skin. “We were told that we couldn’t be on the cover of the magazine because we were Black, and we would not sell,” shared for Entertainment Tonight’s Unfiltered series, admitting that “as an adult,” it still hurts.
In 2018, former Living Single star Erika Alexander discussed how her sitcom actually inspired the creation of Friends, but never received the same treatment. “They both came from Warner Bros. We were on the ‘ranch lot’ and [Friends] was on the ‘big lot’ … We had nothing on that lot. We actually had no air conditioning. Our craft services table was basically rice with Tabasco sauce and Ritz crackers, but also what happened was the fact that we didn’t get the marketing … There were a lot of things that were in place to hold [us] down and make you not feel as valuable, but I’m sure if they looked and scaled, and looked at how much they made vs what they put in, I’m sure we’re on par if not way beyond what they made.”
Then there’s actress and comedian Mo’Nique Hicks, who got her start on TV with the 1999 hit sitcom The Parkers and, despite her 2010 Oscar win for Precious, claims she has since been blackballed and labeled as “difficult” — a characteristic often reserved for Black women who dare to challenge the status quo. Just last year, Hicks made headlines when she called out Netflix for “gender bias and color bias” after the network offered her $500,000 for a comedy special — which was less than Netflix reportedly paid Amy Schumer, Dave Chappelle and Chris Rock for their shows.
Indeed, according to a 2016 Variety investigation, the pay gap between white actors and those of color was stark; it’s widest for women of color, with a Hollywood Reporter piece noting, “Perceptions that ‘black projects’ don’t play overseas, and Asian- and other minority-led projects don’t perform domestically, contribute to lowballing.”
Hayes, in addition to facing financial hardships, now has congestive heart failure, and was recently admitted to the hospital with breathing difficulties related to the California wildfires.
“Here in L.A., the sky has been orange with smoke and it was just really terrible. So, I was in the hospital overnight, they were having trouble getting my blood pressure back down. Seems like the more they look, the more problems they find.,” he shared. “The good thing is, I don’t have the coronavirus.”
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Cancer Drug Bet Pays Off for Biotech CEO With 3,600% Stock Surge
Goldman Sachs Predicts Over 40% Rally for These 3 Stocks
A new wave of optimism is splashing onto the Street. Investment firm Goldman Sachs just gave its three-month stock forecast a boost, lifting it from Neutral to Overweight, with it also projecting “high single-digital returns” for global stocks over the next year.What’s behind this updated approach? Goldman Sachs strategist Christian Mueller-Glissmann cites the impressive rebound in global earnings growth and reduced equity costs as the drivers of the estimate revision. On top of this, a “broader procyclical shift” in stocks and other assets could take place during the remainder of this year.“We have shifted more cyclical on sectors and themes tactically but still prefer growth vs. value on a strategic horizon… In the near-term, elevated uncertainty on U.S. elections and a better global growth outlook might benefit non-U.S. equities more, but in the medium term a large weight in structural growth stocks is likely to support the S&P 500,” Mueller-Glissmann noted.As for the “most important catalyst” that could spur growth optimism in the next year, the strategist points to additional clarity on when and how a COVID-19 vaccine will be available.Turning Mueller-Glissmann’s outlook into concrete recommendations, Goldman Sachs’ analysts are pounding the table on three stocks that look especially compelling. According to these analysts, each name is poised to surge in the 12 months ahead.Raytheon Technologies (RTX)First up we have Raytheon Technologies, which is an aerospace and defense company that provides advanced systems and services for commercial, military and government customers. While shares have stumbled in 2020, Goldman Sachs thinks the weakness presents a buying opportunity.Representing the firm, analyst Noah Poponak points out that RTX is “too high quality and well positioned of a company to trade at an 11% free cash flow yield on the fully aerospace-recovered and fully synergized 2023E free cash.”The analyst’s bullish outlook is largely driven by the company’s aerospace aftermarket (the secondary market that deals with the installation of equipment, spare parts, accessories and components after the sale of the aircraft by the original equipment manufacturer) business, which Poponak argues is “the best sub-market within Aerospace over the long-term.” This segment makes up roughly 45% of RTX’s aerospace revenue.Even though COVID-19 flight disruptions have weighed on this part of the business, Poponak points out total aircraft in service is down only 25% year-over-year, and flights have dipped less than 50%. He added, “China domestic traffic is now up year on year, and while international remains depressed, we believe the recovery in global air travel could be quicker from here than broad expectations for a recovery by 2023-2024.”Poponak highlights that in previous downturns, the aftermarket had to confront headwinds that arose from the increased use of parting out, inventory pooling and delayed aftermarket spending. “Even then, aftermarket grew at or faster than ASMs, and we believe there was pent-up demand heading into this downturn that support aftermarket tracking the recovery in global air travel. Long-term, we expect air traffic to grow 2X global GDP, as it has historically,” the analyst commented.Adding to the good news, the Geared Turbo Fan, which is a type of turbofan aircraft engine, product cycle could generate substantial revenue and EBIT growth at Pratt & Whitney, in Poponak’s opinion.“Given the high OE exposure to the A320neo, which has the strongest backlog of any aircraft in the market, we see Pratt OE revenue holding up better and recovering faster than peers. New GTF deliveries will drive expansion in the installed base for Pratt, which was declining for most of the 2000s. Despite the end of V2500 OE deliveries, that program is just moving into the sweet-spot for shop visits on the aftermarket side,” Poponak opined.What’s more, Poponak sees merger synergies as capable of fueling margin expansion and cash generation, with the historical synergy capture in the space implying that upside to guidance isn’t out of the question.In line with his optimistic approach, Poponak stays with the bulls. To this end, he keeps a Buy rating and $86 price target on the stock. Investors could be pocketing a gain of 49%, should this target be met in the twelve months ahead. (To watch Poponak’s track record, click here)In general, other analysts echo Poponak’s sentiment. 7 Buys and 2 Holds add up to a Strong Buy consensus rating. With an average price target of $78.63, the upside potential comes in at 36.5%. (See RTX stock analysis on TipRanks)Boeing (BA)Moving on to another player in the aerospace space, Boeing has also struggled on account of the COVID-19 pandemic, with it failing to match the pace of the broader market. That being said, Goldman Sachs has high hopes for this name going forward.Firm analyst Noah Poponak, who also covers RTX, points out that BA has already trimmed production rate plans by half, compared to the peak plan from before the COVID crisis and MAX grounding. A slower-than-anticipated air travel rebound could result in more reductions, but the analyst argues these would be much smaller than the reductions that have already been witnessed. He added, “Historically, the best buying opportunities in BA shares are right after it has capitulated to production rate cuts.”According to Poponak, compared to previous economic declines, the peak to trough in the current downturn is larger and faster, although this is partly related to the grounding of the 737 MAX in 2019. “We believe this will result in a less severe dislocation of supply and demand balance, and see deliveries recovering to 2018 levels by 2024 as global air travel recovers and airlines replace accelerated retirements,” he explained.As for how the company can fulfill its new production rate plan “given the mix of its backlog is so much more weighted to growth than replacement,” Poponak believes “the answer is that airlines during this downturn are revising that mix.” Since the pandemic’s onset, airlines have revealed higher aircraft retirement plans, and braced for less growth. “That means for a given revision in an airline’s order book, there is also a substantial mix shift toward replacement from growth within the new delivery numbers. Therefore, the backlog will not necessarily lose all of its growth orders,” the analyst stated.Additionally, following an uptick in aircraft order cancellations in March and April, the pace has slowed. “Even assuming another 200-plus unit cancellations this year, we estimate the 737 MAX would have nearly 6X years of production by the middle of the decade at our revised production rate estimates,” Poponak mentioned.When it comes to free cash flow, the analyst is also optimistic, with Poponak forecasting that BA will see positive free cash flow in 2021. “We think the market is underestimating the mid-cycle achievable aircraft unit cash margins across the major programs, extrapolating temporarily negative items into the future, and underestimating the degree of inventory unwind likely to occur in 2021,” he said.If that wasn’t enough, the MAX recertification could be a major possible catalyst. The company is working towards recertification and return to service, with Poponak expecting both to come before year-end.Taking all of the above into consideration, Poponak maintains a Buy rating and $225 price target. This target conveys his confidence in BA’s ability to climb 35% higher in the next year.Turning to the rest of the analyst community, opinions are mixed. With 8 Buys, 8 Holds and 1 Sell assigned in the last three months, the word on the Street is that BA is a Moderate Buy. At $192.40, the average price target implies 16% upside potential. (See Boeing stock analysis on TipRanks)Immatics (IMTX)Combining the discovery of true targets for cancer immunotherapies (therapies that utilize the power of the immune system) with the development of the right T cell receptors, Immatics hopes to ultimately enable a robust and specific T cell response against these targets. Based on its cutting-edge approach, Goldman Sachs counts itself as a fan.Writing for the firm, analyst Graig Suvannavejh notes that unlike CAR-T approaches, a T cell receptor (TCR)-based approach can go after targets inside the cell, and fight the 90% of cancers which are solid tumor in nature. The company is advancing two technologies: ACTengine, designed for personalized TCR-based cell therapies, and TCER, which targets TCR-based bispecific antibodies.ACTengine is the more advanced technology, with its four assets IMA201, a genetically engineered T cell product candidate that targets melanoma-associated antigen 4 or 8, IMA202, which targets melanoma-associated antigen 1, IMA203, which targets preferentially expressed antigen in melanoma (PRAME) and IMA204 that targets COL6A3 (found in a tumor’s stroma and is highly prevalent in the tumor microenvironment/TME in a broad range of cancers) expected to enter the clinic soon.Using the TCER platform, IMTX is developing IMA401 and IMA402, or “off-the-shelf” biologics consisting of a portion of the TCR which directly recognizes cancer cells and a T cell recruiter domain which recruits and activates the patient’s T cells.Speaking to the market opportunity, Suvannavejh mentioned, “Cancer immunotherapies have made great strides over the past decade, and in particular, advances seen with CAR-T have paved the way for cell therapy-based approaches… CAR-T, however, has to date only shown limited effect in treating cancers that are solid tumor in nature. With more than 90% of all cancers being solid tumors — with lung, breast, colorectal and prostate cancers accounting for c.60% of the total — this is the opportunity for IMTX.” To this end, he believes cumulative 2035 sales could land at $15.5 billion for the ACTengine-based assets.Reflecting another positive, since 2017, IMTX has inked at least one significant partnership per year with top global biopharma companies. According to Suvannavejh, each provided non-dilutive funding opportunities.The analyst added, “…the ARYA Sciences Acquisition Corporation, a special purpose acquisition company (SPAC), merger that enabled IMTX to become a publicly traded entity brought in a deep roster of well-known, experienced healthcare-dedicated institutional investors. Taken together, we find these to be validating of IMTX’s longer-term prospects.”Looking ahead, the initial clinical data readouts for IMA201, IMA202 and IMA203, which are slated for Q1 2021, and investigational new drug (IND) application submissions for IMA204 and IMA401 in 2021 and YE2021, respectively, reflect key potential catalysts, in Suvannavejh’s opinion.Everything that IMTX has going for it convinced Suvannavejh to reiterate his Buy rating. Along with the call, he attached a $17 price target, suggesting 73% upside potential. (To watch Suvannavejh’s track record, click here)Are other analysts in agreement? They are. Only Buy ratings, 4, in fact, have been issued in the last three months. Therefore, the message is clear: IMTX is a Strong Buy. Given the $19 average price target, shares could soar 93% in the next year. (See Immatics stock analysis on TipRanks)To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.Disclaimer: The opinions expressed in this article are solely those of the featured analysts. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.
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