Bitcoin craze: BigB gets over $100 mn top-up;wiped out in days

Agencies
December 25, 2017

New Delhi, Dec 25: The Bitcoin frenzy, which is the new investment fad, has not spared even Bollywood megastar, Amitabh Bachchan.

The crazy swings of Bitcoin prices added more than USD 100 million to the star's fortunes within days, but most of it got wiped out even faster -- thanks to a small stake in a hitherto unknown firm associated with the web of cryptocurrencies.

There may be further such fluctuations with the craze for Bitcoins and other cryptocurrencies continuing to drive their prices. The regulatory risks remain a big drag on the prices that saw Bitcoin skyrocketing to near USD 20,000 just a few days back before plunging back by almost half and then again recovering to USD 15,000 level.

While lakhs of Indians are said to have taken a fancy to the Bitcoin and other such virtual currencies, Bachchan is probably the first big name from the country to get associated with this big buzzword -- albeit indirectly and because of a small investment that is at least 3-4 years old.

The link is a Hyderabad-based company named Stampede Capital, which describes itself as a "research-driven global trade house" and a "liquidity provider and market maker" at various exchanges driving "millions of dollars trading volume every day across the globe in nanoseconds".

In its regulatory filings, the company lists Bachchan as an "individual non-promoter shareholder" with a small stake of 2.38 per cent at the end of last quarter. As per the BSE records, Bachchan figures on the list of shareholders (with 1 per cent or more stake) since at least June 2014, though the quantum he is holding has been changing somewhat.

As on June 30, 2014, Bachchan held 3.39 percent in the company which could have been worth around Rs 9 crore at that time (going by the share price around then), while the value of his latest holding is almost half at about Rs 4.7 crore.

The Bitcoin-driven top-up to Bachchan's fortunes comes in the backdrop of Stampede recently listing one of its subsidiaries, Longfin Corp, on the Nasdaq exchange in the US.

Longfin got listed on Nasdaq last week with a market cap of USD 370 million, after it sold shares in a public offer at USD 2.5 a piece. Stampede now owns 37.14 percent stake in Longfin, by virtue of which Bachchan (with his 2.38 percent stake in Stampede) becomes an indirect beneficiary in the US-listed firm.

The stock suddenly saw a huge two-day surge of 2,500 percent post announcement of an acquisition of Ziddu.com, a website that claims to specialise in providing warehouse coins, powered by the blockchain technology, to importers and exporters of commodities against their warehouse receipts.

This made Longfin one of the few listed stocks with direct or indirect association with the Bitcoin buzz.

Longfin acquired the website from a Singapore-based entity named Meridian Enterprises Pvt Ltd, in which 95 percent of the equity was owned by Venkat S Meenavalli, the CEO and chairman of Longfin Corp and also the main promoter of Stampede.

Longfin has entered into an asset purchase agreement with Meridian, and with related affiliates collectively represented by Hong Kong-based Galaxy Media Ltd in exchange for 2.5 million restricted Class A common shares of the company -- and here comes another Bachchan link.

As per the regulatory filings made by Longfin with the US regulator SEC, the distribution of these 2.5 million shares for the acquisition of Ziddu.com is like this -- 2.15 million to Meridian, 100,000 shares to Galaxy Media, 125,000 to Amitabh Bachchan and another 125,000 to his son Abhishek Bachchan.

At the current stock price of USD 41, Longfin shares of the two Bachchans would be worth about USD 10.25 million.

The indirect holding, owing to Stampede stake, would be worth further USD 30 million going by the current market cap of about USD 3.4 billion of Longfin. The current market cap is itself nearly 10-times of the listing level.

An analysis of Longfin share price since its listing shows that it had hit a high of USD 142.82 each on December 18, when the market cap was over USD 10 billion.

At that peak, the value of Longfin shares, which the Bachchans got as part of Ziddu.com deal, was over USD 30 million. Besides, the indirect ownership through Stampede stake was worth about USD 100 million at the peak valuation.

On the other hand, all these holdings were just worth about USD 1 million before the listing, taking into account the USD 2.5 apiece public offer price proposed by Longfin. Now, the direct and indirect holdings are worth an estimated USD 40 million -- still over USD 100 million below the peak.

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News Network
April 19,2020

Mumbai, Apr 19: It is important to stay united and have faith in each other to fight the coronavirus pandemic, veteran lyricist-screenwriter Javed Akhtar said on Sunday, expressing concerns over the attack on healthcare workers and cases of communal tension in the country.

In a video shared by Akhtar's wife, veteran actor Shabana Azmi on Twitter, the writer urged people to stand together in this time of crisis.

"The country is undergoing a crisis at this point of time. To fight this crisis called coronavirus, it is important for us to be united. If we will keep suspecting each other or won't understand each other's intentions, there will be no unity, then how will we fight it?

"You must salute these doctors who are endangering their lives to test you. Unless you get tested, you will not know whether you have the disease or not. You can be treated only after that. It's a matter of stupidity that, I've heard, people are pelting stones on those doctors. This should not be done," Akhtar said in the 2 minute-long clip.

The 75-year-old lyricist also said that targeting a particular community defeats the goal of unity.

"I also hear that shops of a particular community are being shut, 'thelas' are being overturned or people are hit so that they can flee. This is not how unity works. We will have to believe each other. We all are citizens of this country," he said.

Akhtar appealed to the Muslim community to offer prayers from home in the holy month of Ramzan, which will begin from April 24 or April 25.

"I request all the Muslim brothers that now that Ramzan is coming, please say your prayers but make sure that this doesn't cause problems to anyone else. The prayers that you do in the mosque, you can do that at home. According to you, the house, the ground, this all has been made by Him. Then you can do your prayers anywhere," he said.

"Ensure that your speech, slogans and deeds don't create any suspicion in the minds of others. And to all the other citizens of the country, I'd say please have faith in each other, practice unity, don't resort to hatred. Only with the help of love and trust, we will be able to fight with the coronavirus," he added.

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News Network
May 2,2020

Los Angeles, May 2: Pop diva Madonna has revealed that she has tested positive for the COVID-19 anitbodies.

The singer shared the news in the 14th edition of her “Quarantine Diary” on Instagram TV.

“Took a test the other day and I found out that I have the antibodies. So tomorrow I’m just going to go for a long drive in the car, and I’m gonna roll down the window and I’m gonna breathe in the COVID-19 air. Yup. I hope the sun is shining,” Madonna said.

According to Centers for Disease Control and Prevention (CDC), US, antibody tests are used to determine whether or not a person has been exposed to COVID-19 by finding proteins the body produces to fight the virus.

However, the CDC has yet to confirm if the possession of antibodies is equal to immunity.

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News Network
February 6,2020

Los Angeles, Feb 6: U.S. silver screen legend Kirk Douglas, the son of Jewish Russian immigrants who rose through the ranks to become one of Hollywood's biggest stars, has died, his family said Wednesday. He was 103.

One of the last survivors of the golden age of cinema and the father of Oscar-winning actor and film-maker Michael Douglas, the Spartacus actor was renowned for the macho tough guy roles he took on in around 90 movies over a six-decade career.

"It is with tremendous sadness that my brothers and I announce that Kirk Douglas left us today at the age of 103," Michael Douglas said in a statement posted to Facebook.

"To the world he was a legend, an actor from the golden age of movies who lived well into his golden years, a humanitarian whose commitment to justice and the causes he believed in set a standard for all of us to aspire to."

Douglas was Oscar-nominated for his roles as a double-crossing and womanizing boxer in Champion (1949), a ruthless movie producer in The Bad and the Beautiful (1952) and tortured artist Vincent Van Gogh in Lust for Life (1956).

But his only Academy Award came in 1995 -- an honorary lifetime achievement statuette "for 50 years as a creative and moral force in the motion picture community."

Douglas is survived by second wife Anne Buydens, 100, and three sons. A fourth child, Eric, died of a drug overdose in his 40s, in 2004.

"(To) me and my brothers Joel and Peter he was simply Dad, to Catherine (Zeta-Jones), a wonderful father-in-law, to his grandchildren and great grandchild their loving grandfather, and to his wife Anne, a wonderful husband," said Michael.

"Kirk's life was well lived, and he leaves a legacy in film that will endure for generations to come, and a history as a renowned philanthropist who worked to aid the public and bring peace to the planet."

Kirk Douglas rose to the heights of Hollywood from an impoverished childhood as the son of Jewish Russian immigrants.

He was one of the last survivors of the golden age of cinema, often portraying the macho and not-always-likeable tough guy in around 90 movies over a six-decade career.

With charming dimples and a cleft chin, Douglas was a renowned ladies' man but also admitted to being angry into adulthood because of his difficult New York childhood.

"I still have anger in me," he said in a New York Times article in 1988 after the release of his first autobiography.

"I think I'm loath to let it go because I think that anger was the fuel I used in accomplishing what I wanted to do; you see it in my films, you see it in imitations people do of me."

Screen legend

The role that perhaps immortalized him as a star was that of a rebellious Roman Empire slave turned gladiator in the 1960 epic Spartacus.

Douglas also produced the film, which took four Oscars. He won praise for listing in the credits the real name of Hollywood screenwriter Dalton Trumbo, who was blacklisted for his Communist sympathies and wrote under a pen name.

There were Oscar nominations for his roles as a double-crossing and womanizing boxer in Champion (1949), a ruthless movie producer in The Bad and the Beautiful (1952) and of tortured artist Vincent Van Gogh in Lust for Life (1956).

But his only Oscar came in 1995 as an honorary lifetime achievement award "for 50 years as a creative and moral force in the motion picture community."

Other major acting roles were as a French private in a botched suicidal mission in World War I in Paths of Glory (1957) and American Western legend Doc Holliday in Gunfight at the O.K. Corral (1957).

"Often cast as a villain, amoral climber or self-obsessed grabber, Kirk Douglas took care to color his hard edges with suggestions of pain, wit and sympathy," says American Film Institute, which ranks him as 17th on its list of the greatest male screen legends.

In the 1970s he stood behind the camera, directing Scalawag (1973) and Posse (1975).

He also took up writing, penning his first autobiography The Ragman's Son in 1988 and following with around 10 other titles.

In the autobiography, Douglas writes: "I always worked in the theory that when you play a weak character, find a moment when he's strong. And if you're playing a strong character, find a moment when he's weak."

Tough childhood

Douglas was born in New York on December 9, 1916 to illiterate Jewish Russian immigrants, an only boy with six sisters.

He started out as Issur Danielovitch, later Izzy Demsky. It was tough, he recounted later, with the family poor, anti-Semitism rife and his distant alcoholic father forced to earn a living as a ragman.

"In a sense, I've always felt on the outside, looking in," he said in the New York Times article.

"It's my background, damn it. My father was an illiterate Russian immigrant, a ragman, the lowest rung on the economic scale."

His dream of a way out was through acting and he started in high school, eventually entering the American Academy of Dramatic Arts and changing his name along the way.

To survive he took jobs as a waiter, labourer and porter. In 1941 he hit Broadway but his budding career was interrupted by service in the Navy. After the war, he headed for Hollywood.

His romantic conquests were many, although he once said he had never counted, and included starls such as Rita Hayworth, Marlene Dietrich, Joan Crawford and Ava Gardner.

Douglas' four sons followed him into cinema.

Oscar-winning actor and producer Michael and Joel were from a marriage to actress Diana Webster, whom he divorced in 1951.

Three years later he married Belgian-American Anne Buydens, having Peter and then Eric, who died in 2004 from an accidental overdose.

Douglas has also brushed death: he survived a helicopter crash in 1991 and a massive stroke in 1996 that nearly robbed him of speech.

Around the time of his 100th birthday in 2016, he attributed his remarkable longevity to his second marriage.

"I was lucky enough to find my soulmate 63 years ago, and I believe our wonderful marriage and our nightly 'golden hour' chats have helped me survive all things," he said in celebrity magazine Closer Weekly.

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