Congressional resignation

Rep. Chris Collins (R-NY) announced his resignation from Congress yesterday. Collins is currently facing trial on insider trading charges to which he’s pleaded not guilty, though a change of plea hearing is scheduled for later today.

Impeachment update

The House Intelligence Committee, the House Committee on Foreign Affairs, and the House Committee on Oversight and Reform subpoenaed President Trump’s personal attorney Rudy Giuliani yesterday to turn over all his communications pertaining to Ukraine.

Pay for play

California Governor Gavin Newsom signed the Fair Pay to Play Act into law yesterday (though it doesn’t take effect until Jan. 1, 2023), enabling college athletes to pursue endorsement deals and hire agents while still retaining collegiate eligibility.

IP-Oops

WeWork parent The We Company has officially withdrawn its initial public offering by filing a request with the SEC yesterday morning. The company’s new co-CEOs plan to focus on the entity’s core business and intend to divest non-core assets like a $60 million jet and extraneous businesses.

Where we’re going, we don’t need roads

Hyundai has launched an air mobility division whose mission is to “develop core technologies and innovative solutions for safe and efficient airborne travel”... or in other words, to develop flying cars. The business unit will be led by former NASA aeronautics engineer Dr. Jaiwon Shin, and aims to capture a piece of the urban air market that’s projected to reach $1.5 trillion over the next 20 years.

Grab some Buds

Budweiser’s Asia Pacific unit made its Hong Kong public market debut yesterday, opening at HK$27 (US$3.44) and closing at HK$28.20 (US$3.60), marking a gain of 4.4% during the first day of trading. The debut raised ~$5 billion for the brewing giant, which makes it the world’s second-largest IPO this year (at $8.1 billion, Uber is still #1).

Chapter 21

Forever 21 filed for Chapter 11 bankruptcy Sunday night, requesting approval to close up to 178 U.S. stores - the company has around 800 stores globally. The retailer also raised ~$300 million in financing from JPMorgan Chase and TPG Sixth Street Partners to fund its operations through bankruptcy.

Hit the Road Jack (but please come back)

For Mike Plas, the term “man’s best friend” doesn’t even come close to capturing the connection he has with his German Shepherd-husky mix, Jack. Mike prefers to call the dog his brother – they’ve been inseparable since Mike was a kid, spending all-day together each and every day, even while Mike was at work.

So when Jack disappeared from his parents’ front yard in 2015 in Ontario, Mike was devastated and vowed to never stop looking for him. He continuously scanned streets and yards everywhere he went, his canine brother always top of mind. And then, after four years, Mike received what he refers to as the best phone call of his life.

A lost dog had been found in Winnipeg, and when the animal shelter in the city scanned the microchip, Mike’s contact information came up. Immediately, Mike jumped in the car to make the hours-long drive from Ontario to see if it could be true – and it was. When they brought Jack out, the dog couldn’t stop wagging, whining, and licking Mike’s face and Mike burst into tears. He said that if he learned anything from all this, it was to never give up – you never know what kind of miracle could be headed your way.

Birthday biker bash

Sammy Flynn had the perfect party planned – she and her dad, Richard, were going to celebrate her 6th birthday by spending the day at the Wild West Town theme park in Illinois. But as soon as they got to the park, Richard got a work-related call… he’s the cofounder of a motorcycle repair shop, and one of his customers was stranded roadside.

Richard tried to insist that they couldn’t leave the park, but once Sammy learned there was a biker who needed help, she wouldn’t take no for an answer. She convinced her dad it was more important to help someone in need than to stay at the party.

After hearing about Sammy’s selflessness, a huge group of bikers from the town came by the shop to sing “Happy Birthday” for Sammy. And when the theme park heard the story, they offered her a free party to make up for the day that she missed. Richard says he’s so proud of her – at such a young age, she’s already learned that giving is more rewarding than receiving. Talk about a wise 6-year-old!