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Black News Channel Files for Bankruptcy Citing Up to $50M in Debt

“They filed for bankruptcy faster than they paid their employees the money they’re owed,” one former employee told TheWrap.

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Last week, The Black News Channel announced that it was ceasing operations after two years. Now the cable news channel has filed for Chapter 11 bankruptcy in Florida.

The Tallahassee-based network detailed $10 million-$50 million in liabilities and assessed between 200 and 999 creditors are owed money.

“They filed for bankruptcy faster than they paid their employees the money they’re owed,” one former employee told TheWrap. “I received a partial payment this morning for two weeks of work. They still owe me for another week.”

That former employee was one of roughly 230 who was let go last week; the network plans to air repeats for the rest of this month.

Employees were informed by phone that the network was ceasing operations; President and CEO Princell Hair sent out a note to staffers saying he was “saddened and disappointed.”

“During the past few months, we have endured very painful workforce reductions at all levels of the network as we worked to achieve our financial goal of a break-even business. This has forced all of you to do more with less, and your contributions have been remarkable,” Hair said in the memo obtained by TheWrap

“Unfortunately, due to challenging market conditions and global financial pressures, we have been unable to meet our financial goals, and the timeline afforded to us has run out.”

News Television

Stephanie Ruhle Has No Pity for Crypto Investors Amid Decline

Ruhle, a former investment banker, told crypto investors on “Morning Joe” not to expect any government help or relief.

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For those who dabble in cryptocurrency, MSNBC anchor Stephanie Ruhle has little sympathy for investors following the last week’s collapse in the value of digital coins.

During a segment on Friday’s edition of “Morning Joe,” “The 11th Hour” host, a former investment banker, also told crypto investors not to expect any government help or relief. 

She added that they have only themselves to blame for purchasing the unstable currency over more conventional assets.

“Let’s remember: The entire basis of crypto is secrecy. It is decentralization. It’s ‘Don’t tread on me. I don’t want the government. I don’t want establishment,’ so this is very much a ‘Buyer beware’ [situation],” Ruhle said, per Mediaite

On Thursday, Cryptocurrencies crashed following the tumble of TerraUSD, a so-called stablecoin, with bitcoin plunging to a 16-month low of around $25,400.

Crypto assets have also been swept up in the broad selling of uncertain investments on concerns regarding high inflation and increasing interest rates.

Ruhle stated the fall of the crypto market is distinct from the 2008 recession when large investment companies proceeded to go under and needed to be saved by the government.

“You won’t have institutions at risk here, but millions and millions of individuals, many of whom have never invested in the markets, many of whom have borrowed to bet big in crypto, losing enormous amounts of money, so what’s going to happen?” Ruhle said.

“Are people going to turn around and say, ‘The government needs to help me. I need to be bailed out for this’?”

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Abby Phillip Calls Out Tucker Carlson for Pushing “White Replacement” Theory

Phillip is calling out Carlson for pushing the “White replacement” conspiracy theory, which alleged Buffalo mass shooter Payton Gendron glorified in a manifesto.

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In the wake of Saturday’s mass shooting in Buffalo, CNN’s Abby Phillip is calling out Fox News host Tucker Carlson for pushing the “White replacement” conspiracy theory, which alleged shooter Payton Gendron glorified in a manifesto.

Phillip moderated a panel on “Inside Politics Sunday” where she conjured Rep. Adam Kinzinger’s (R-IL) callout of Rep. Elise Stefanik (R-NY) for promoting the far-right conspiracy theory. The theory pushes the notion that there is a scheme to replace White people with immigrants. 

“Over the weekend, Adam Kinzinger highlighted the no. 3 Republican in the house, Elise Stefanik’s use of the White replacement theory,” Phillip said. 

“In an ad, he wrote, ‘Did you know Stefanik pushes white replacement theory? The no. 3 in the House GOP, Liz Cheney, got removed for demanding the truth. The Republican leader should be asked about this.”

Furthermore, she stated that the politician isn’t the only one pushing this plot, leading to her criticism of Carlson. 

“It’s not just Elise Stefanik. If you watch Fox News, this is the mainstay of their primetime hours. Tucker Carlson discusses it in sometimes euphemistic form, but not really all that euphemistic,” Phillip added. 

“This policy is called the great replacement, the replacement of legacy Americans with more obedient people from far away countries.”

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Peter Doocy: Jen Psaki Was Very Effective at Her Job

Doocy spoke on “Fox & Friends” about the exit of Psaki from her White House press secretary role.

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This past Friday marked the final briefing for White House press secretary Jen Psaki, who will reportedly be heading to join MSNBC now that she’s left her position within the Biden Administration. 

During her stint in the White House, Psaki clashed with Fox News White House correspondent Peter Doocy on various occasions. During an interview on “Fox & Friends,” he spoke about her exit and stated that Psaki made him a better reporter.

“It’s not just me asking questions. She would ask me questions right back. When I would go in there with something that was not part of the White House talking point for the day, she would ask me every single time ‘Who was saying that about us?’ or ‘Where are you getting that from?’” Doocy said. 

“And so I always had to have it ready right away, and I think that all that extra homework that I knew I had to do because, when I challenged her she would challenge me right back, probably has made me a better reporter. And so, I am grateful to her for that.”

Furthermore, Doocy went on to say that despite the memorable dialogues during her stint, the reporter credited Psaki for consistently calling on Fox News correspondents and noted that, as a White House administrator, she was effective at her job.

“A lot of the time, when people will ask ‘Why don’t we hear from Joe Biden more?’ they’ll say, ‘Well, Jen Psaki’s at the podium,’” Doocy added. 

“So there have been times that they have sent her out to give him cover, and she has done that very effectively, if you are a White House official looking at this and so that ends today, we hope.”

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