Chip sector perks up after Anthropic becomes first AI lab to officially file for IPO
Chip sector perks up after Anthropic becomes first AI lab to officially file for IPO
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Chip sector perks up after Anthropic becomes first AI lab to officially file for IPO
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The five Buss siblings who voted to sell the family’s shares of the Lakers filed their formal opposition to team governor Jeanie Buss’ attempts to block the sale on Wednesday, calling Jeanie’s petition “legally and factually baseless” in a statement provided to The Times.
“While discussions among the siblings continue, their focus remains on facilitating the proposed transaction and the Trust’s participation in it, while ensuring that all beneficiaries, including Jeanie, are treated equally,” Jimmy, Johnny, Janie, Joey and Jesse Buss said in the statement.
“Today’s filing is a necessary step to protect those interests and ensure the transaction proceeds on schedule.”
The five siblings voted in August to include the family’s 17.82% of the team in the sale from Dodgers controlling owner Mark Walter to Joshua Kushner and Bob Iger. Jeanie immediately opposed her siblings’ vote, saying that the transaction would breach the family trust that states she and her co-trustees Janie and Joey must take reasonably available actions to maintain Jeanie’s role as the controlling governor of the team “on an annual basis during [her] lifetime.”
If the Buss Family Trust sells its remaining shares, Jeanie would be ineligible to serve on the board of governors because the NBA requires governors to own at least 15% of the franchise. Although the Buss family ended its more than 40 years of majority ownership of the team in 2025 by selling to Walter at a then-record $10-billion valuation, Jeanie was to remain the controlling governor for at least five years.
Jeanie and her attorneys filed a petition in L.A. Superior Court about two weeks after her siblings’ vote in which she argued their plan was void.
The siblings’ formal opposition claims Jeanie is attempting to prevent the sale “in order to protect her own personal interests” and her actions “constitute a breach of her fiduciary duties as a trustee.” The siblings believe that with five votes to sell, they have the right to proceed with their plan to sell the shares and distribute the proceeds because they have a two-thirds majority of the living children, as outlined in the trust.
With the latest sale from Walter to Kushner and Iger valued at $12.5 billion, a 17.82% share would be worth approximately $2.2 billion for the Buss siblings.
Two social media influencers who filed an ethics complaint against Tom Steyer’s California gubernatorial campaign have submitted new complaints to the state’s Fair Political Practices Commission and the Los Angeles Ethics Commission, accusing Nithya Raman’s mayoral campaign of paying influencers without proper disclosure.
Their complaints, it turns out, received a legal assist from the campaign of L.A. Mayor Karen Bass.
The metadata for a draft of their filings last week revealed that they had been created with the help of the law firm used by Bass’ election campaign.
Kaitlyn Hennessy, who filed the complaint with Beatrice Gomberg, acknowledged to The Times that the Bass campaign steered them to the Kaufman Legal Group, which helped prepare the complaint.
Bass’ campaign said it is picking up the tab for the legal work but wasn’t paying Hennessy and Gomberg for their efforts.
The complaint focused on posts by comedian and TV personality Adam Conover and influencer-turned-Raman staffer Eric Cheng, along with a host of so-called “meme” accounts, which repost content created by others, sometimes at the behest of political campaigns.
The Raman campaign said it has done nothing wrong and denied any wrongdoing on behalf of Cheng. Conover also denied any wrongdoing.
The Bass campaign’s decision to cover legal costs for the complaints is unlikely to pose ethics issues, according to legal experts consulted by The Times, provided the payments are reported by the campaign in its disclosure reports, which the campaign said it intends to do.
“As long as a campaign is transparent in reporting its expenditures, there’s nothing inherently wrong for a campaign to have its lawyers file an ethics complaint for the campaign or somebody else with their informed consent,” said Jeffrey Daar, a former president of the L.A. Ethics Commission.
Conover’s posts promoting Raman already attracted scrutiny in ethics complaints filed in May by former L.A. City Council candidate Dylan Kendall. The investigations into those complaints, to the FPPC and L.A. Ethics Commission, are ongoing.
Conover told The Times that payments made by the campaign to a company connected to him were not for his posts but for video work one of his staffers did for Raman’s campaign. They initially were described in Raman’s campaign filings as payments for online ads but later were amended to say they were for video production services.
A spokesperson for Raman’s campaign said Cheng is paid for work he does for the campaign, not for posts on his personal social media account, and that it had gotten guidance from L.A. Ethics Commission staff on Cheng’s disclosure requirements to ensure it was in compliance.
The spokesperson added that Cheng voluntarily posted on his social media account that he would be joining the campaign before his employment began.
The L.A. Ethics Commission and FPPC declined to comment on the status of the complaint or the prior one brought by Kendall.
Jessica Levinson, a professor at Loyola Marymount University’s law school who also previously served as the president of the ethics commission, said that because news of an ethics complaint can have a political impact before its merits have been evaluated, it is important to view filings late in an election cycle with greater scrutiny.
“Whenever I see that there’s an ethics complaint filed this close to the election, I always pause for a minute,” she said.
California is one of the few states in the country that require social media influencers to disclose if they have been paid by a political campaign to create content. L.A. rules are even more strict.
Political groups are required to notify paid creators of the requirement.
New state legislation signed into law last month gives the FPPC the power to refer alleged violators to law enforcement for possible misdemeanor charges, and violations can be penalized with a fine of up to $5,000 per instance. The L.A. Ethics Commission can levy fines of up to $15,000 or three times the amount of money at issue.
There are no such rules for paid social media content sponsored by a federal candidate or political committee.
The FPPC last month concluded its investigation into Steyer’s campaign and found that it had properly followed the rules, but it did say that several social media influencers, including Cheng, the Raman staffer, had not properly disclosed payments from the Steyer campaign.
Hennessy and Gomberg are continuing to investigate improperly disclosed social media posts in races across the country, including the L.A. mayoral race, because of their concerns about the corrosive impact this content can have on the electoral process, Hennessy said.
“It’s really disappointing to me, because you see how this impacts races,” Hennessy said. “When you have this undisclosed content, people don’t understand that what they’re watching is an ad.”