Sep 25, 2017

Binary Capital fights back against investors

Dan Primack

Photo illustration: Lazaro Gamio / Axios

It looks like Jonathan Teo isn't going down without a fight, several months after his venture capital firm was subsumed by a sexual harassment scandal involving co-founder Justin Caldbeck.

New development: Axios has obtained a letter sent on Friday to limited partners in Binary Capital's second fund, which "constitutes notice of the General Partner's intent to dispute the validity of its purported removal." It adds that the removal "shall be deferred" until the outcome of an arbitration process. No comment yet from Teo.

Again, this time in English: Binary's investors in late August decided to effectively fire current Binary management, which means Teo would lose both responsibility for the portfolio and associated fee income. He is arguing that an arbiter must decide his fate, despite his prior offer to resign.

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Orion Rummler

Mass shooting in Milwaukee: What we know so far

Milwaukee Mayor Tom Barrett in 2012. Photo: John Gress/Corbis via Getty Images

Six people died in a shooting at the Milwaukee Molson Coors brewery complex on Wednesday, including the shooter, Mayor Tom Barrett told reporters at an evening press conference with local police.

What's happening: Police said "there is no active threat" just before 6 pm ET, but noted the scene remains active. Police chief Alfonso Morales told reporters that officers have "more than 20 buildings we have to secure" at the complex and they do not currently have all employees accounted for, as more than 1,000 were at the complex during the shooting.

Go deeperArrowUpdated 5 mins ago - Politics & Policy
Axios

Live updates: CDC confirms possible community spread of coronavirus

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens.

U.S. clinicians have found the novel coronavirus in a person who did not recently return from a foreign country nor have contact with a confirmed case, the CDC said Tuesday.

The big picture: COVID-19 has killed more than 2,700 people and infected over 81,000 others. By Wednesday morning, South Korea had the most cases outside China, with 1,261 infections. Europe's biggest outbreak is in Italy, where 374 cases have been confirmed.

Go deeperArrowUpdated 21 mins ago - Health
Zachary Basu

Trump assigns Pence to lead U.S. coronavirus response

Photo: ANDREW CABALLERO-REYNOLDS/AFP via Getty Images

President Trump announced at a press briefing Wednesday evening that he'll be putting Vice President Mike Pence in charge of leading the administration's response to the coronavirus.

The big picture: In the wake of a market sell-off and warnings from health officials that there's a real threat of the coronavirus spreading in the U.S., Trump sought to reassure the nation and Wall Street that the U.S. is "ready" for whatever comes next.

Go deeperArrowUpdated 2 hours ago - Politics & Policy