Tag: AMC Entertainment News (Page 1 of 34)

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.
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AMC Has Now Tapped Into A Market With Big Profit

AMC Entertainment (NYSE:AMC) has now tapped into a market with big profit as it continues to close deals with artists to distribute film concerts globally.

In early 2022, we saw Chance The Rapper partner up with AMC Entertainment when they released “Magnificent Coloring World”, a dive into the artist’s tour.

Taylor Swifts 2023 New Eras Tour broke record at AMC Entertainment in September when it pulled more than $26 million in pre-sale tickets alone.

The movie theater company announced that Swift’s film beat the record previously held by “Spider-Man: No Way Home,” which held the previous one-day AMC record with $16.9 million in sales, according to a news release.

Swift’s fans “shattered” the record in just three hours, AMC said.

The film, which will hit theaters Oct. 13, is already pushing out the competition.

The upcoming horror movie, “The Exorcist: Believer” announced it was changing its release date, which was originally set for the same day.

On Twitter, AMC CEO Adam Aron announced that AMC Theatres Distribution will lead the effort in enabling RENAISSANCE: A FILM BY BEYONCÉ to take over movie theatres worldwide.

“RENAISSANCE: A FILM BY BEYONCÉ will also play at most other U.S., Canadian and Mexican movie theatre chains starting Nov 30/Dec 1 as well, including Cinemark, Regal, Cineplex, Cinepolis and so many others.

The release date for other international screenings throughout the world will be announced later in October.

This is such exciting news for AMC and for the world’s entire movie theatre industry.”

Market News Today – AMC Has Now Tapped Into A Market With Big Profit.

Shares of AMC Entertainment rose nearly +2% while Cinemark (NYSE:CNK) shares rose more than +1% on Monday following the announcement.

Fundamentally speaking, it seems AMC Entertainment may have just found its next gold mine — will it be able to successfully tap into the sports segment too?

I’d love to hear your thoughts on this. Leave a comment down below.

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Market News Today - AMC Has Now Tapped Into A Market With Big Profit.
Market News Today – AMC Has Now Tapped Into A Market With Big Profit.

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Will AMC Stock Now Surge As Writers Strike Ends?

Will AMC stock now surge as the writers strike finally comes to an end?

Writers and producers are near an agreement to end the Writers Guild of America strike after meeting face-to-face on Wednesday, reports CNBC.

“The two sides met and hope to finalize a deal Thursday, the sources said.

While optimistic, the people noted, however, that if a deal is not reached the strike could last through the end of the year.

On Wednesday evening, the WGA and the Alliance of Motion Picture and Television Producers released a joint statement that the two groups met for bargaining and would meet again Thursday.”

Theatrical films such as “Aquaman and the Lost Kingdom”, “Beetlejuice 2”, “Deadpool 3”, “Gladiator 2”, “Mission: Impossible”, “Mortal Kombat 2”, and many others have been delayed due to the writers strike.

The world’s largest movie exhibition, AMC Entertainment, has had a steady recovery ever since retail investors saved the company from bankruptcy in 2021.

Despite its progress, CEO Adam Aron has stated that the company is in need of titles to keep the train moving forward.

The end of the writers strike will provide the movie theatre chain with endless films for theatrical release.

So far, shares of the company have fallen more than -67% in the past month and more than -74% this year-to-date.

Luckily, the company was able to raise $325 million in fresh capital after its approved proposals.

“The successful completion of this equity offering marks another significant milestone for AMC.

Raising more than $325 million in gross proceeds has bolstered our ability to survive and then thrive.

As we navigate the recovery phase of our industry, this infusion of capital provides us with flexibility to assist us in navigating the waters ahead and continue delivering the magic of movies to our guests,” stated CEO Adam Aron.

The CEO of AMC Now Addresses Shareholders in New Message

Market News Today - Will AMC Stock Now Surge As Writers Strike Ends?
Market News Today – Will AMC Stock Now Surge As Writers Strike Ends?

The CEO of AMC Entertainment (NYSE:AMC), Adam Aron, recently addressed shareholders in a new message on Twitter.

“You have sent me over 5,000 comments in response to the tweets I wrote just in the past two days.

I try to read them all, or as many as I can. As should be expected, many are positive, many are negative. This may surprise you but I genuinely appreciate receiving all of it, the good but also the bad. Why? Because you own our company.

It is important that I understand what you think –both the favorable and the unfavorable.

At the same time, it is absolutely vital that after distilling all of your feedback, I actually do and action what I think is in the best interests of all of our shareholders,” Adam Aron said on Twitter.

While I am as frustrated as any of you are by the challenges that AMC still faces 42 long months after Covid forced the closure of all of our theatres, that frustration is greatly outweighed by my pride that AMC is still alive and fighting… that AMC is still leading and innovating… and that AMC is eminently stronger with our now greatly increased cash reserves.

How many times have the naysayers and prophets of doom predicted with certainty that AMC would fail? So far, we have proven them wrong. Over and over again. Wrong, wrong, wrong. In my view, AMC has an exciting future ahead, as our industry continues on its long glide path to eventual recovery and as AMC continues to take bold action to be out front.

In the language and customs of the 18th century, a message like this one would be signed “Your humble and obedient servant.”

Also Read: New Report: August Saw Whopping $129 Million in AMC FTDs

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Market News Today - Will AMC Stock Now Surge As Writers Strike Ends?
Market News Today – Will AMC Stock Now Surge As Writers Strike Ends?

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The CEO of AMC Now Addresses Shareholders in New Message

Market News Today - The CEO of AMC Now Addresses Shareholders in New Message
Market News Today – The CEO of AMC Now Addresses Shareholders in New Message

The CEO of AMC Entertainment (NYSE:AMC), Adam Aron, has addressed shareholders in a new message on Twitter.

The company recently announced that it raised $325 million in brand new equity to bolster its liquidity and pay down its debt.

At the end of this week’s trading, AMC Entertainment finished up more than +13% with shares peaking at $8.91 on Thursday.

“You have sent me over 5,000 comments in response to the tweets I wrote just in the past two days.

I try to read them all, or as many as I can. As should be expected, many are positive, many are negative. This may surprise you but I genuinely appreciate receiving all of it, the good but also the bad. Why? Because you own our company.

It is important that I understand what you think –both the favorable and the unfavorable.

At the same time, it is absolutely vital that after distilling all of your feedback, I actually do and action what I think is in the best interests of all of our shareholders,Adam Aron said on Twitter.

While I am as frustrated as any of you are by the challenges that AMC still faces 42 long months after Covid forced the closure of all of our theatres, that frustration is greatly outweighed by my pride that AMC is still alive and fighting… that AMC is still leading and innovating… and that AMC is eminently stronger with our now greatly increased cash reserves.

How many times have the naysayers and prophets of doom predicted with certainty that AMC would fail? So far, we have proven them wrong. Over and over again. Wrong, wrong, wrong. In my view, AMC has an exciting future ahead, as our industry continues on its long glide path to eventual recovery and as AMC continues to take bold action to be out front.

In the language and customs of the 18th century, a message like this one would be signed “Your humble and obedient servant.”

AMC is Well On The Path to Recovery

Market News Today - The CEO of AMC Now Addresses Shareholders in New Message
Market News Today – The CEO of AMC Now Addresses Shareholders in New Message

AMC Entertainment is well on the path to recovery, but where does that leave investors in terms of the manipulative short selling of the stock?

After all, about 100% of investors were focused on the short selling anomalies happening in AMC stock since 2021.

While AMC’s fundamentals have greatly improved and the company is no longer at risk for bankruptcy, many shareholders have lost majority of their portfolios at the hand of manipulative short selling.

Users on Twitter don’t believe the CEO will touch topic on these actions in the market, even if they believe it should be on top of the list.

Today, AMC Entertainment stock is down more than -72% this year-to-date with the company making the NYSE Threshold Securities List numerous times this year for its incredibly high count of FTDs.

“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 Wes Christian says is a worldwide problem.

Whether or not the company will pursue an investigation on any form of illicit trading activity, AMC Entertainment is determined to eliminate Wall Street’s short thesis via its fundamentals first.

A B. Riley analyst says AMC Entertainment is now safe after the company’s recent stock sale and has even given the movie theater company a ‘neutral’ rating with a $45 price target.

“We believe these proceeds not only provide an increased near-term liquidity safety net while the lingering Hollywood strikes potentially put the 2024 film slate at risk but also provide an opportunity for the company to reduce the principal balances for the higher interest rate debt scheduled for maturity in 2026 and beyond,” Wold wrote.

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Market News Today - The CEO of AMC Now Addresses Shareholders in New Message
Market News Today – The CEO of AMC Now Addresses Shareholders in New Message

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