Tag: Adam Aron (Page 1 of 20)

AMC CEO Now Identified As Extortion Bid Victim

AMC Entertainment CEO Adam Aron has now been identified as a terrible extortion bid victim that took place last year.

The CEO released a public statement on Thursday of a ‘vigorous federal criminal investigation’, which resulted in the extortionist being arrested, convicted of a felony, and spending nearly a year in jail.

Sakoya Blackwood, 35, was charged in a Manhattan federal court indictment with trying to extort AMC CEO Adam Aron out of up to $300,000 to keep her quiet about his sexual escapades, and about a false claim she threatened to make about him having sex with a minor.

Prosecutors have said in a court filing that in addition to that CEO, Blackwood “targeted numerous other potential victims — all wealthy and high-profile men — using fictitious identities, while camouflaging her ownership of the accounts deployed in her catfishing scheme.”

Because she came to the United States from Jamaica as a child without legal immigration status, Blackwood now faces the risk of being deported and separated from her 12-year-old daughter, her lawyer said in a court filing.

Prosecutors in a court filing said Blackwood tried to extort the victim by threatening to “falsely tell the world” that the movie theatre CEO “had sex with a minor.”

That claim was “a blatant lie which she invented out of whole cloth,” the filing noted.

But what was true were sexually explicit photos and messages the CEO shared with Blackwood as she posed in electronic communications as a former romantic partner of the victim.

Blackwood then pretended to be a vengeful ex-boyfriend and employees of media outlets – a deception knows as ‘catfishing’.

“For many months, the defendant kept the Victim suffering from the constant fear that his life would be ruined. She taunted him with the prospect of releasing embarrassing materials and, even worse, false accusations that he had sex with someone who was underage,” the filing said.

Official Statement From AMC CEO Adam Aron

Market News Today - AMC CEO Now Identified As Extortion Bid Victim.
Market News Today – AMC CEO Now Identified As Extortion Bid Victim.

“Because you are so important to me, there is a matter I want to share with you.

By definition, I live my life in the public eye. 

Unfortunately, last year I became the victim of an elaborate criminal extortion by a third party who was unknown to me related to false allegations about my personal life.

Rather than give in to blackmail, I personally engaged counsel and other professional advisors and reported the matter to law enforcement.

I did so knowing I risked personal embarrassment.

But with my access to resources, if I did not stand up against blackmail, who could?

A vigorous federal criminal investigation ensued which resulted in the extortionist being arrested, convicted of a felony, and spending nearly a year in jail.

At the time of the arrest, the U.S. Attorney for the Southern District of New York commended my having reported the matter to the FBI and the U.S. Department of Justice.  

This was entirely a personal matter. 

I was asked by law enforcement to keep this matter confidential during their investigation and subsequent court case.  

Shortly after the extortionist’s July 2023 sentencing, I informed AMC’s Board of Directors which thoroughly reviewed these events with independent outside counsel at WilmerHale.

As I said above, this indeed was entirely a personal matter, and the matter is closed.

I could not end this message without again thanking you for your support — as well as emphasizing my extreme gratitude to the U.S. Attorney’s Office for the Southern District of New York and to the FBI for their diligent, skillful, and professional handling of this unfortunate matter.”

Also Read: CoinCodex Now Predicts AMC to Soar Whopping +500% by 2024

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Market News Today - AMC CEO Now Identified As Extortion Bid Victim.
Market News Today – AMC CEO Now Identified As Extortion Bid Victim.

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AMC CEO Provides New Update on High FTDs This Year

Market News Daily - AMC CEO Provides New Update on High FTDs This Year.
Market News Daily – AMC CEO Provides New Update on High FTDs This Year.

AMC Entertainment (NYSE:AMC) CEO has now provided shareholders with a new update on the high volume of FTDs this year.

After investors expressed their concerns on social media regarding the company’s alarming number of FTDs and days on the NYSE Threshold Securities List, Adam Aron finally published a long overdue statement.

Between March and April, the CEO announced that the company had contacted both FINRA and the NYSE to look closely at the trading of their stock primarily due to the high number of FTDs.

Investors flooded the Twitter post below tagging AMC CEO Adam Aron requesting for answers.

In addition to the overwhelming amount of requests from investors, ‘FTDs’ began to trend on Twitter, further fueling the concerns online.

“Many of you are incensed by the high number of “Fail to Deliver” AMC shares, and that AMC again has been on the Threshold List for multiple weeks. We repeatedly have gone to the NYSE and FINRA, and did so again in July, to put and keep this entire situation on their radar,” said the CEO on FTDs today.

While skeptics continue to request for material proof of such communications, other investors feel at ease knowing the CEO is in part taking action against this manipulative force in the market.

On Tuesday, July 11th, AMC fails-to-deliver hit a record high of $60,019,141, or approximately 14,155,458 total FTDs that day.

While July’s full report is still updating, we can see that the month carried out an average of 12 million AMC FTDs per day.

AMC stock is currently up +23% this year-to-date and down more than -71% in the past year.

Why AMC FTDs Are Important to Shareholders

Market News Daily - AMC CEO Provides New Update on High FTDs This Year.
Market News Daily – AMC CEO Provides New Update on High FTDs This Year.

FTDs, or Failure-to-deliver occurs when one party in a trading contract (whether it’s shares, futures, or options) fails to deliver on their obligations.

These failures derive due to buyers not having enough money to take delivery and pay for the transaction at settlement.

In the case of sellers, it means not having the goods to meet that transaction.

“Sometimes there are fails to deliver, and a fail to deliver is when you don’t have the ability to prove that you borrowed the stock legally before you actually shorted it”, said Yahoo’s Senior Markets and Data Reporter Jared Blikre.

He says a company joining the NYSE Threshold Securities List is a clear indication of manipulation in the market, primarily through ‘naked short selling’, which is something Wes Christian says is a worldwide problem.

AMC Entertainment has remained on the NYSE Threshold Securities List for 25 consecutive days now, which means that the SEC has once again violated its 13-day threshold rule.

Once a ticker has remained on the NYSE Threshold Securities List for 13 consecutive days, the broker-dealer must immediately close out all fail-to-deliver positions by purchasing shares in the open market.

However, AMC has not seen any type of major price action in the market that would indicate FTDs have been purchased nor has it been delisted from the threshold list.

The hopes are that AMC CEO Adam Aron continues to update shareholders on FTDs from FINRA and the NYSE’s viewpoint.

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Market News Today – AMC CEO Provides New Update on High FTDs This Year.

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Disney CEO Says Theatres Are Big Reason He’s Optimistic

Market News Daily - Disney CEO Says Theatres Are Big Reason He's Optimistic.
Market News Daily – Disney CEO Says Theatres Are Big Reason He’s Optimistic.

Disney (NYSE:DIS) CEO Bob Iger says movie theatres are a big reason he’s optimistic about the movie business today.

“People love to be entertained in theaters around the world, and it gives us reason to be optimist about the movie business,” said the Disney CEO.

AMC Entertainment (NYSE:AMC) CEO Adam Aron, who leads the world’s largest movie theatre chain in the worlds was very pleased with Mr. Iger’s words about the movie industry.

“AMC is 100% in Bob Iger’s corner, We support him and Disney with our all,” Adam Aron said on Twitter.

Today, streaming platforms are realizing they will need the movie theatre industry to succeed in the entertainment industry.

Earlier this year, Disney announced the company was planning to lay off 7,000 employees as online streaming services tanked.

Iger says he’s “targeting $5.5 billion of cost savings across the company” and that the layoffs will “help achieve this.”

“Our priority is the enduring growth and profitability of our streaming business,” Iger says.

“Our current forecasts indicate Disney Plus will hit profitability by the end of fiscal 2024 and achieving that remains our goal.”

The Dependency for Movie Theatre Premiers is Strong

In October of 2022, AMC announced its first ever Netflix showing in 200 theatres.

Glass Onion: A Knives Out Mystery starring Daniel Craig was released in the U.S. as well as the UK, Ireland, Italy, Germany, and Spain.

CEO Adam Aron stated on Twitter that success here could lead to more Netflix (NFLX) movies at AMC.

The film earned $15 million at the box office but CNBC says the showing could have made $200 million if it had been kept in theatres longer.

The sequel to Johnson’s popular “Knives Out” opened in nearly 700 theaters, the largest release of any Netflix original film to date, 200 of which were AMC Entertainment theatres.

Unfortunately for the online streaming platform, hundreds of millions of dollars were left on the table.

Box office analysts say Glass Onion could have earned much higher earnings if Netflix had opted for a traditional wide release of 2,000 to 4,000 theaters.

CNBC stated, “Netflix has backtracked on its previous policies, including by introducing an ad-supported subscription option, leading many to wonder whether the company should rethink its resistance to the traditional Hollywood movie release model as it looks for new ways to grow revenue.

“With a traditional wide release, premium screen spread, and full marketing campaign, I think ‘Glass Onion’ could have generated at least $50 million to $60 million to lead the entire market,” said Shawn Robbins, chief analyst at BoxOffice.com.

Retail Giants Invest Billions in New Movie Theatre Titles

Amazon (NASDAQ:AMZN) and Apple (NASDAQ:AAPL) are now contributing billions of dollars to the movie theatre industry.

Amazon Studios released its first-ever original movie debuting in theatres globally on April 5th, 2023.

AIR tells the story of the game-changing partnership between Nike and a then-rookie named Michael Jordan.

So far, Amazon Studios has four original movie titles coming out with dates still to be determined.

The world’s largest online retailer aims to make between 12 and 15 movies annually that will get a theatrical release.

The movie theatre industry will also receive an additional $1 billion per year in theatrical titles from Apple.

AMC Entertainment CEO Adam Aron has said in the past that the only challenge the theatre chain currently faces is not having enough movie titles to premier.

Apple’s investment is part of the tech company’s efforts to raise its profile in Hollywood and lure subscribers to its streaming service, Apple TV+, Bloomberg reported, citing people familiar with the matter.

Bloomberg reports that Amazon and Apple must collaborate with various studios who have the knowledge of releasing films in theatres since they cannot release films in theatres on their own yet.

Wall Street is delusional to think the movie theatre industry is dead.

But I’d love to hear what you think — leave your thoughts below.

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Market News Today - Disney CEO Says Theatres Are Big Reason He's Optimistic.
Market News Today – Disney CEO Says Theatres Are Big Reason He’s Optimistic.

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Analyst Predicts AMC Revenue Will Soar This Summer

Market News Daily - Analyst Predicts AMC Revenue Will Soar This Summer.
Market News Daily – Analyst Predicts AMC Revenue Will Soar This Summer.

Paul Dergarabedian, Comscore senior media analyst predicts AMC Entertainment (NYSE:AMC) revenue will soar this summer as the industry begins to take off.

Disney’s “Guardians of the Galaxy Vol. 3” exceeded box office expectations this past weekend, securing $118.4 million domestically to bring its global total to $289.3 million.

IMAX announced it grossed $25 million from the debut — the company’s biggest global opening thus far in 2023.

Those results, on top of Universal’s “The Super Mario Bros. Movie,” which surpassed $500 million domestically, adds to early momentum heading into the summer box office season.

“I think it’s going to rival the pre-pandemic levels for summer box office,” Paul Dergarabedian, Comscore senior media analyst, told Yahoo Finance.

Dergarabedian says that upcoming films like Pixar’s “Elemental,” Disney’s “The Little Mermaid,” Universal’s “Oppenheimer,” and Warner Bros. “Barbie” as just some of the many films that will drive revenue for AMC Entertainment.

“This is just a bevy of riches on the way at the multiplex,” he said.

According to the latest data from Comscore, total domestic box office grosses have hit $2.85 billion so far this year, 23.3% below 2019’s $3.74 billion over that same time period.

The Movie Theatre Industry is Growing

Market News Daily – Analyst Predicts AMC Revenue Will Soar This Summer.

Dergarabedian argues that the industry is heading in the right direction with 30 more wide-release films slated for release this year compared to 2022: “More movies more often is my [mission] statement for the industry for 2023.”

Currently, the box office is on track to finish off 2023 above $9 billion.

“With moviegoers continuing to trend toward premium screens and concessions, it stands to reason that as volume normalizes, theater-level revenue could exceed pre-pandemic levels,” Wedbush analyst Alicia Reese wrote in a note following the report.

But Paul Dergarabedian isn’t the only one predicting strong growth for the movie theatre industry.

Bloomberg says experts are now projecting that ticket sales will be off about 15% from before the pandemic (with 15% less product) and just about every studio is ramping up output.

amazon and apple invest billions in movie theatre industry

Amazon (NASDAQ:AMZN) and Apple (NASDAQ:AAPL) are also now contributing billions of dollars to the movie theatre industry.

“After years of negotiations and failed experiments, theater chains and movie studios have reached something of a truce.”

CNBC says this is a positive sign for the movie theatre industry, referring to Amazon’s new business venture.

“While a $1 billion annual investment for film development is on the lower end of what major Hollywood studios spend each year, it’s a positive sign for the movie theater business, which has struggled in the wake of the pandemic.”

Apple’s investment is part of the tech company’s efforts to raise its profile in Hollywood and lure subscribers to its streaming service, Apple TV+, Bloomberg reported, citing people familiar with the matter.

AMC CEO Addresses Movie Industry Critics

Market News Daily - Analyst Predicts AMC Revenue Will Soar This Summer.
Market News Daily – Analyst Predicts AMC Revenue Will Soar This Summer.

AMC CEO Adam Aron says “so-called ‘experts’ thinking streaming dooms movie theatres are so fundamentally incorrect.”

“So WRONG. Our problem is major studios released a lot fewer movies in 2021 & 2022 than in pre-pandemic years,” said the CEO.

Wall Street continues to push the short thesis on AMC, failing to acknowledge the fundamental growth of the company over the past two years.

AMC Entertainment beat Wall Street expectations for its first quarter results last Friday.

“Our results for the first quarter of 2023 represent AMC’s strongest first quarter in four full years.

We kicked off 2023 by continuing on our positive glide path to recovery, with more than a 21% growth in total revenues and a $69 million improvement in Adjusted EBITDA compared to the previous year.

This progress is a testament to the ongoing recovery in the industrywide box office, as well as AMC’s enduring commitment to the excellence and innovation as our guests enjoy a superb movie-going experience at our theatres,” said AMC CEO Adam Aron.

“All told, the first quarter North American box office easily surpassed 2022 by some 29%, totaling more than $1.7 billion.

The recovery in the European box office was even stronger in getting to pre-pandemic norms than that in the U.S.

As I have said for years, when our studio partners showcase their magical storytelling, there is robust demand to be realized at AMC theatres both in the U.S. and abroad.

We believe the first quarter of 2023 is just the tip of the iceberg for what’s to come in the remainder of the year.”

AMC stock is up nearly 41% this year-to-date, though heavy dark pool volume continues to suppress actual retail demand from reflecting on the lit exchange.

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Market News Today - Analyst Predicts AMC Revenue Will Soar This Summer.
Market News Today – Analyst Predicts AMC Revenue Will Soar This Summer.

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