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A tweet from Barbarian Capital showing the legal filings to the SEC to allow the sale of new stock

Bankruptcy court Judge Mary Walrath set a hearing for today to determine whether bankrupt rental-car company Hertz can issue nearly 250 million new shares of common stock it hopes will fetch around $1 billion.

Why it matters: Shares of bankrupt companies are typically worthless, except in rare instances where a company can repay its debt in full and money is left over for equity holders.

  • But Hertz has become a darling of the stock market in recent weeks with its shares rallying from 56 cents on May 26 to $5.53 on Monday (before falling back to $2.06 Thursday).
  • It may be the finest test of the greater fool theory ever conducted.

What they're saying: “The recent market prices of and the trading volumes in Hertz’s common stock potentially present a unique opportunity," the company’s lawyers said in a filing.

What others are saying: Jared Ellias, a law professor at UC Hastings College of Law, saw things slightly differently.

"This is outrageous. These directors likely know that the stock is worthless and instead of trying to stop uninformed investors from gambling on a dead stock, they are selling into the market."
Jared Ellias on Twitter

Of note: Hertz trades on the New York Stock Exchange, which has moved to delist the company.

Go deeper

Dion Rabouin, author of Markets
Sep 1, 2020 - Economy & Business

Apple, Tesla and Zoom power Nasdaq to new record high

Expand chart
Data: FactSet; Chart: Axios Visuals

Tech stocks had a big day on Monday led by gains in three companies, even as U.S. equities broadly ended the day lower.

What happened: Tesla rose 12.5% during the session as traders were again inexplicably lured by its lower share price due to a five-to-one stock split. Apple added 3.5% and Zoom gained 8.6% during the day with its stock jumping by nearly 10% in after-hours trading after posting better-than-expected Q2 earnings.

Chris Cuomo accuser: On-air "hypocrisy" spurred report

Journalist Chris Cuomo. Photo: Gilbert Carrasquillo/GC Images

A woman who accused fired CNN journalist Chris Cuomo of sexual misconduct said Sunday she decided to come forward after learning of his comments about women who made similar accusations about his brother. He denies her allegations.

Why it matters: Her attorney Debra Katz said in a statement that she heard "the hypocrisy" of his on-air words about his brother, former New York Gov. Andrew Cuomo, and was "disgusted by his efforts to try to discredit these women," so "retained counsel to report his serious sexual misconduct against her to CNN."

Updated 4 hours ago - Politics & Policy

Omicron dashboard

Illustration: Shoshana Gordon/Axios

  1. Health: CDC director says number of U.S. Omicron cases "likely to rise" — Two years of COVID-19 — Prior coronavirus infections may not protect well against Omicron.
  2. Vaccines: Data demonstrates most-vaccinated counties less vulnerable to worst of COVID — Omicron adds urgency to vaccinating world — Omicron fuels the case for COVID boosters.
  3. Politics: Nevada to impose insurance surcharge on unvaccinated state workers — New Jersey GOP lawmakers defy statehouse COVID policy — Oklahoma sues Biden administration over Pentagon vaccine mandate.
  4. World: Vaccine mandates lose steam in the U.S. while Europe doubles downWHO: Delta health measures help fight Omicron — COVID cases surge in South Africa in sign Omicron wave is coming.
  5. Variant tracker: Where different strains are spreading.

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