Plus, how Adidas finally broke its ties with Kanye West after his anti-Semitic remarks; and the latest on a Hollywood merger gone somewhat wrong

‘The greatest innovation in the history of bankruptcy’


One thing to start: Elon Musk has confirmed on a video call with his advisers that he intends to close his $44bn acquisition of Twitter on Friday, potentially bringing an end to the turbulent acquisition process, according to people briefed about the matter.
Elon Musk s to close his $44bn acquisition of Twitter on Friday © REUTERS
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In today’s newsletter:

The origins of the “Texas two-step”

Adidas cuts Kanye

The new era of Hollywood austerity

How Jones Day made a fortune with the ‘Texas two-step’


Greg Gordon, a partner at Cleveland-based law firm Jones Day, didn’t mince his words when describing the benefits of the “Texas two-step”, the elaborate bankruptcy strategy he devised to help companies deal with mass tort claims.

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This story originally appeared on: Financial Times - Author:Tax Cognition