In re Vyaire Medical — Proof of Publication (The New York Times, July 11, 2024)
- Date
- 2024-07-11
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A proof of publication filed July 11, 2024 as Doc 251 in Case 24-11217-BLS, In re Vyaire Medical. It carries the certificate of a Principal Clerk of the Publisher of The New York Times, a daily newspaper of general circulation printed and published in the City, County, and State of New York, stating that the advertisement annexed to it was published on 7/11/2024 in the NY & NATL editions at page B3. The certificate is dated July 11, 2024 and carries a digital signature timestamped that day. The second page reproduces page B3 of The New York Times Business section for Thursday, July 11, 2024. The filing is two pages.
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Case 24-11217-BLS Doc 251 Filed 07/11/24 Page 1 of 2
620 8th Avenue
PROOF OF PUBLICATION
New York, NY 10018
nytimes.com
July 11, 2024
I, Larnyce Tabron, in my capacity as a Principal Clerk of the Publisher
of The New York Times, a daily newspaper of general circulation
printed and published in the City, County, and State of New York,
hereby certify that the advertisement annexed hereto was published in
the editions of The New York Times on the following date or dates, to
wit on.
7/11/2024, NY & NATL, pg B3
Digitally signed
by John McGill
Date: 2024.07.11
13:09:46 -04'00'
Case 24-11217-BLS Doc 251 Filed 07/11/24 Page 2 of 2
CMYK Nxxx,2024-07-11,B,003,Bs-BW,E1
THE NEW YORK TIMES BUSINESS THURSDAY, JULY 11, 2024 N B3
TRADE | LABOR | CRIME
Biden Adds Tariffs on Chinese Metal Routed Through Mexico Investor Who
FROM FIRST BUSINESS PAGE
said Lael Brainard, the director of
Exaggerated
the White House’s National Eco-
nomic Council.
Mexico, which recently in-
Firm’s Value
creased its own tariffs on steel and
aluminum from certain countries,
will require importers to provide
Found Guilty
more information about where By MATTHEW GOLDSTEIN
their steel products come from,
the announcement said. The A jury in federal court in Manhat-
changes will take effect immedi- tan on Wednesday found the in-
ately. vestor Bill Hwang guilty on
Officials in the Biden adminis- charges arising from the collapse
tration said the United States of Archegos Capital Management,
wanted to protect American fac- which led to roughly $10 billion in
tories that produce steel and alu- losses for a handful of big Wall
minum, including those that have Street banks.
recently received new invest- The 12-person jury deliberated
ments from government funds. for nearly two days after a two-
month trial that featured testi-
“Chinese steel and aluminum
mony from 21 prosecution wit-
entering the U.S. market through
nesses. Two key witnesses were
Mexico evades tariffs, under-
former employees of Archegos,
mines our investments, and which Mr. Hwang had set up in
harms American workers in 2013 as a giant family office that
states like Pennsylvania and traded like a hedge fund but with-
Ohio,” Ms. Brainard said. out much regulatory oversight.
“When China’s export surges In all, Mr. Hwang, 60, was
harm our markets, whether di- charged with 11 counts of securi-
rectly or via other countries, we ties fraud, wire fraud, conspiracy,
will act,” she added. racketeering and market manipu-
Administration officials said lation. The jury found him guilty
that 3.8 million tons of steel came on 10 of those charges and found
into the United States through him not guilty on one of the seven
Mexico last year, and that overall counts of market manipulation.
steel imports from Mexico had Mr. Hwang could spend the rest
been on the rise. About 13 percent of his life in a federal prison.
MAURICIO PALOS/BLOOMBERG
of Mexican steel imports into the Damian Williams, the U.S. at-
United States last year were A steel facility in San Luis Potosi, Mexico. Biden administration officials said 3.8 million tons of steel came into the United States through Mexico last year.
torney for the Southern District of
melted or poured outside of North New York, whose office brought
America, according to the White “Today’s announcement shows United States. But the measure about structural overcapacity, ficient,” Mr. Shambaugh added. the case, was in the courtroom for
House. that White House foreign policy was mostly symbolic, given that which stems from persistent pat- “More creative approaches may the reading of the verdict.
Kevin Dempsey, the president bureaucrats that negotiated this the United States has long had terns of overinvestment and is fa- be necessary to mitigate the im- The jury also convicted Patrick
of the American Iron and Steel In- deal care more about Mexico than high tariffs on Chinese metals, cilitated by extensive state sup- pacts of China’s overcapacity.” Halligan, the former chief finan-
stitute, which represents metal about American workers,” Mr. largely blocking direct imports. port.” China produces roughly half of cial officer of Archegos, on all
makers, welcomed the action and Stumo said. In a speech on Wednesday, Jay Mr. Shambaugh argued that the world’s steel, consuming three counts against him: conspir-
called for vigorous enforcement of Biden administration officials Shambaugh, Treasury’s under China has been employing the much of it domestically but ex- acy, securities fraud and wire
the rule. said they had worked closely with secretary for international affairs, same strategy that it did with steel porting the rest. The Chinese fraud.
“We urge the U.S. government the Mexican government on the warned about the risk that China’s in overproducing and exporting property sector, which is a major Federal prosecutors argued
to continue to press for additional measure, and that they had been excess industrial capacity poses cheap green energy technology consumer of steel, has been strug- that Mr. Hwang and some of his
actions to address the many clear with Chinese officials both to the global economy by distort- products and semiconductors. He gling with a downturn in recent employees had misled the banks
schemes by steel traders to cir- publicly and privately about their ing markets and undercutting fair pointed out that China’s “govern- years, though the Chinese auto about the big positions that Arche-
cumvent and evade U.S. trade concerns about unfair Chinese competition. ment guidance funds” dwarf the sector, another major consumer, gos amassed in about a dozen
laws,” he said. trade practices. In visits to China “In today’s interconnected federal money being invested has seen its global exports surge. stocks. They did so, prosecutors
Michael Stumo, the chief execu- earlier this year, Treasury Secre- economy, such overcapacity can through the U.S. CHIPS and Sci- The United States will sepa- said, by relying on sophisticated
tive of the Coalition for a Prosper- tary Janet L. Yellen and Secretary also lead to the concentration of ence Act and that it was propping rately continue discussions with derivatives and loans provided by
ous America, which represents of State Antony J. Blinken had supply chains in ways that ulti- up firms that would otherwise be Mexico about more general those Wall Street institutions.
domestic manufacturers, said the raised the issue of industrial over- mately reduce economic resil- going out of business. surges in imports of steel from the The sudden collapse in 2021 of
tariffs didn’t go far enough to ad- capacity with the Chinese govern- ience,” Mr. Shambaugh said in re- “Addressing these challenges country, officials said. American Archegos — which managed $36
dress rising imports of metals ment. marks at the Council on Foreign may warrant our taking defensive steel companies and autoworkers billion in Mr. Hwang’s family
from Mexico, which the countries In May, the Biden administra- Relations. “While periodic sur- action to protect our firms and complained that an increase in money — wiped out most of his
had agreed to limit as part of a tion tripled tariffs on Chinese steel pluses can occur within natural workers — and the traditional tool steel imports from Mexico have personal fortune in addition to
2019 deal. that is imported directly into the business cycles, we are concerned kit of trade actions may not be suf- put their factories at risk. causing the steep losses for the
banks that had facilitated his
firm’s trading. The trial painted
Mr. Hwang as something of a free-
wheeling and reckless trader.
Prosecutors claimed he had en-
Union Workers at Samsung Revelation in Inquiry of U.A.W. Leader gaged in a “pump and brag
scheme” — a strategy intended to
substantially increase the firm’s
Launch an Indefinite Strike By NOAM SCHEIBER
A court-appointed monitor dis-
of his authority to oversee the un-
ion’s Stellantis department in late
May, citing “dereliction of duty.”
gation.”
The union added that the search
terms pulled in “the most highly
stock holdings by misrepresent-
ing Mr. Hwang as an extremely
wealthy person.
closed on Monday that he was in-
By JIN YU YOUNG Wu, a senior research vice presi- vestigating accusations that the After that, the monitor received sensitive privileged and collective After the verdict, Mr. Williams
and JOHN LIU dent at TrendForce, a market re- president of the United Automo- complaints from other union offi- bargaining strategy documents said in a statement that both men
SEOUL — Unionized workers at search firm. bile Workers union retaliated cials that Mr. Fain had taken the that the union holds” even when had “lied about Archegos’s posi-
Samsung Electronics said “Our research team has con- against a vice president for resist- action in retaliation for the vice they had no bearing on the accu- tions in these companies and just
Wednesday they would go on an sulted with buyers and sellers in ing actions that would have bene- president’s refusal to go along sations. about every other materially im-
indefinite strike, an escalation of a the memory market, and neither fited the president’s domestic with actions that would have ben- The back and forth over the doc- portant metric investment banks
side is particularly concerned partner and her sister. efited Mr. Fain’s partner and her uments is not the first point of con- would use in determining the
rare labor dispute that could dis-
about this issue now,” she said. The monitor made the disclo- sister. tention between the union and the firm’s creditworthiness.”
rupt the technology giant’s world-
In June, Samsung workers sure in a court filing seeking ac- Much of the back and forth be- monitor. Late last year, after the Mr. Hwang’s defense team ar-
leading chip business.
went on a one-day strike, the first cess to internal union documents tween the union and the monitor U.A.W. released a statement call- gued that prosecutors were seek-
An estimated 6,500 workers ing for a cease-fire in Gaza, Mr. ing to criminalize high-risk and
walked off the job on Monday for a in the company’s history. as part of an investigation that be- has focused on access to internal
Union workers are demanding gan in February into potential fi- documents. Mr. Barofsky says the Barofsky called Mr. Fain to dis- aggressive trading and noted that
planned three-day strike over pay cuss the union’s statement in a Mr. Hwang had not sought to
a wage increase by 3.5 percent, nancial misconduct. union has produced only a tiny
and working conditions. The Na- personal capacity, according to a “cash out” of his stock positions.
tionwide Samsung Electronics improved bonus policies and an Since then, the monitor and the
extra day of paid vacation. Entry- union have clashed over how letter subsequently sent to Mr. The high-profile white collar
Union decided to extend the strike
after “hearing no word” from the level Samsung employees typical- much access the monitor should Accusations of Barofsky by a lawyer for the un- trial also revealed how Wall Street
ion. banks were more than eager to
have to union documents, and the
company, according to Lee Hyun ly get over two weeks a year of va-
cation, some paid and some un- pace at which the union has
attempted benefits to In the letter, Benjamin Dictor, lend him billions of dollars in re-
Kuk, the vice president of the un- the union lawyer, said that Mr. turn for hefty fees.
ion, which represents more than paid. The union also wants Sam- produced them. In Monday’s fil- a domestic partner. Barofsky’s call to Mr. Fain “on an Both Mr. Hwang, whose legal
31,000 workers, or a quarter of the sung to agree to compensate ing, the monitor, Neil Barofsky,
issue so blatantly outside of the name is Sung Kook Hwang, and
work force at Samsung Electron- workers for any lost wages during sought an order granting him ex-
fraction of the documents he re- monitor’s jurisdiction was in- Mr. Halligan chose not to testify.
the strike. tensive access.
ics. quested by early April, more than appropriate as your office holds Their defense strategy was to ag-
While in recent years union The union declined to comment.
Samsung, South Korea’s big- a month into the investigation. disproportionate power over the gressively cross-examine pros-
workers have said that they re- The monitor was appointed as U.A.W.”
gest private employer, has long Thereafter, Mr. Barofsky pro- ecution witnesses, particularly
ceived bonuses of as much as 30 part of a 2021 consent decree that A spokesperson for Mr. Barof-
been the world’s largest maker of posed that the union expedite the two former Archegos employees
percent, last year they got noth- ended a federal corruption case sky said: “This false account is of-
memory chips, which help com- process by searching its records who pleaded guilty and cooper-
ing. The average member earned against the union. It concerned 11 fensive and an obvious attempt to
puters and other electronics ated with the authorities. Mr.
about 80 million won last year, or top officials who were convicted of for key terms and handing over distract attention from the most Hwang called just two witnesses
around $60,000, before incen- felonies, including two former any document that contained recent report. We have adhered to of his own.
U.A.W. presidents. them. The union argued that the
‘We won’t go back tives, they said.
“We won’t go back until all of The U.A.W.’s current president, terms would require it to hand
standard norms of a monitorship The trial’s judge, Alvin K.
in referring complaints to union Hellerstein, set sentencing for
until all of the the demands are met,” Mr. Lee Shawn Fain, was an obscure union
official before winning the top job
over more than 200,000 docu- leadership.” both men for Oct. 28.
said. ments. The monitor then revised
demands are met.’ Last week, Samsung said that it in March 2023 on a platform of re- the terms in such a way that they
would report a larger-than-ex- forming the union, getting tough would produce about 116,000 doc-
Lee Hyun Kuk, vice president of the
pected jump in operating profit with large U.S. automakers and uments, of which he said the union
Nationwide Samsung Electronics
for the second quarter, of $7.5 bil- organizing nonunion companies. has produced only about 70,000.
Union, about extending a strike.
lion. The company’s stock has re- Under Mr. Fain, the union In a filing of its own last week,
cently set a series of multiyear waged a set of six-week-long the union argued that Mr.
highs as demand for chips to strikes last year that won mem- Barofksy had made “a massively
equipment store information. The bers substantial wage and benefit
company is also a leading manu- power A.I. applications has broad electronic search request
increases. The union then capital- that necessarily encompasses a
facturer of logic chips, which soared.
ized on the momentum of the significant amount of documents
make computers run, behind only Kim Jae Won has worked in the
strike by unionizing a Volkswagen
Taiwan Semiconductor Manufac- memory chip division at Samsung that are irrelevant to the investi-
plant in Chattanooga, Tenn., this
turing Company. since 2019. “I understand if the April — the first foreign-owned
The union said it has been nego- company is doing poorly they plant in the South to be unionized
tiating with Samsung since Janu- can’t give us our bonuses,” he — before losing another high-pro-
ary over vacation days and said. “But the fact that the execu- file election in May at two Mer-
wages. tives took home huge bonuses last cedes plants in Alabama.
“As the strike goes on, the man- year, I can’t understand.” Mr. Barofsky’s investigation ini-
agement’s blood will dry out and Mr. Kim attended a rally of tially looked into accusations in-
they will eventually come to the workers outside a Samsung semi- volving Mr. Fain and the union’s
negotiating table on their knees,” conductor factory on Monday. “I second-ranking official, its secre-
the union said in a statement. felt a sense of purpose and pride tary-treasurer Margaret Mock.
The union said its work stop- that thousands of members were A union official accused Ms.
page this week has slowed some there,” he said. Mock of denying legitimate re-
Samsung operations and produc- For decades, Samsung was quests for money by members of
tion. A Samsung representative known for its aversion to orga- the union’s board. After the board
said the strike has not affected nized labor, and unions have orga- voted to rein in her authority, Ms.
production and it would work to nized workers at the company Mock accused Mr. Fain of retaliat-
avoid disruptions in the future. only in the past several years. ing for her refusal to authorize in-
The company remained “commit- Labor strikes in South Korea appropriate spending.
ted to engaging in good faith nego- are not uncommon. Since Febru- Mr. Barofsky’s investigation
tiations with the union,” the repre- ary, over 10,000 doctors walked off has since expanded to include ac-
sentative said. the job in protest of government cusations that a regional director
Because of the “high level of au- plans to increase the number of embezzled union funds, and the
tomation in the factories and the admitted medical students. Last accusation involving Mr. Fain and
low actual need for manual labor,” spring, thousands of construction his partner.
the impact of the strike was ex- workers rallied over discontent According to Monday’s filing,
pected to be minimal, said Avril with the country’s labor policies. Mr. Fain stripped a vice president
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