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Gibson Brands has filed for Chapter 11 bankruptcy protection amid what the company has called a “devastating” financial fall. The announcement was made Tuesday morning. As part of the filing, the company said it will kill its Innovations unit, which makes Phillips headphones, speakers and other electronic accessories. A federal judge will be required to sign off on the plan. Sixty-nine percent of lenders have given their support, but other vendors could potentially object to the plan and demand liquidation – causing Gibson to go out of business. Gibson has factories in Nashville, Memphis, and Bozeman, Montana. They employ more than 875 people.   686

Happy Bobby Bonilla Day, New York Mets fans.The former major league baseball player gets a check for nearly .2 million Mets every July 1.Not a bad retirement plan.Under his contract, he gets the check every year until 2035, when he'll be 72.The Mets wanted to part ways with Bonilla in 1999, but he still had million left on his contract.Mets owner Fred Wilpon negotiated a deal to defer payments until 2011, followed by the annual payments, plus, an 8% annual interest rate.Why the deferment?So the Mets could invest the money with now-disgraced financier Bernie Madoff for a big return.But it turned out Madoff was running the most notorious Ponzi scheme in history, and the Mets ended up among the victims.In total, Bonilla will end up with .8 million because of Wilpon's huge bad call.And in 2012, Wilpon paid 2 million to Madoff victims' fund after auditors found he actually profited from the Ponzi scheme. 931

George Floyd would have turned 47 years old Wednesday. In honor of his birthday, a new mural in Houston was unveiled showing Floyd’s image alongside messages encouraging people to vote.The brightly colored mural has two signs reading “be the change” and “go vote.” Floyd was born in Houston and a regular customer at the corner store where the mural is painted. 369

General Electric was blasted on Wednesday by workers, retirees and shareholders bemoaning the downfall of the company they love.At its annual meeting, GE got an earful from employees and investors who pleaded with management to right the ship after a disastrous year."I believe it was arrogance and a series of bad business decisions," former employee Bill Freeda said. "Our board of directors clearly has been AWOL."Another shareholder said: "GE, which was once one of the preeminent companies in the world — the bluest of blue chips — is now an embarrassment."The past 12 months has been one of the darkest periods in GE's 126-year history. A cash crisis, brought on by years of bad deal-making, forced GE to cut its dividend in half and lay off thousands of workers. GE's stock price has crashed by 50%, and calls to kick it out of the Dow have grown louder.Despite the deep criticism of past and current GE leaders, the company's nominees to the board were all elected on Wednesday. None of the shareholder proposals calling for reform were adopted, though one pushing for splitting the CEO and chairman roles received strong support.John Flannery, a veteran GE executive who replaced longtime chairman and CEO Jeff Immelt last year, said he remains "extremely proud" of the company despite its "immensely disappointing" results."We're keenly aware of the pain that our performance has caused," he said.Flannery urged investors and employees to keep the faith and said results from the start of 2018 offer hope."I want all of you to be proud of the company and not lose heart," he said. "I assure you we will not let up until this job is complete."Former GE workers slammed the company for eliminating their supplemental health insurance plans."We built the company. We put it where it is today," said Ron Flowers, president of the Retiree Association of General Electric."Don't just think financially," Flowers urged the board. "Think morally also."Other retirees lamented GE's billion pension deficit, the largest among S&P 500 companies. They questioned whether the pension fund, whittled by years of low rates and inattention, will be around to support them.Flannery said the pension fund is running a "significant deficit," but he said maintaining its integrity is "a deep priority for us." He noted GE recently announced plans to contribute billion to the fund.Freeda, a GE retiree, slammed Immelt for having a back-up jet fly around the world with him on some trips. (GE has said it stopped that practice in 2014. Immelt told the board last year in a letter that he "did not have time to personally direct" the day-to-day operations of GE's corporate air team. He said use of the spare plane was halted once he became aware of it.)"Shareowners should wonder: Were there other serious business abuses?" Freeda said. He called for an independent investigation into questionable business practices under Immelt and urged GE to consider clawing back the former CEO's bonuses.Flannery said that the GE board would take "appropriate steps" if "evidence of serious misconduct" were to emerge. A spokesperson for Immelt declined to comment.GE shareholders voiced stronger support for a proposal aimed at boosting oversight by splitting the CEO and chairman roles. About 41% of shares were cast in favor of the bid, up from 24% last year.In light of accounting concerns at GE, shareholder support for KPMG as the company's auditor dropped sharply. Just 65% of shares were cast in favor of ratifying KPMG, down from 94% last year. KPMG has been inspecting GE's books for 109 years, leading critics to argue they've become too cozy.Martin Harangozo said he was fired by GE with no severance after raising questions about "bad" accounting."GE transitioned from an honest company to a dishonest company," Harangozo said.Underscoring the challenges facing GE, Moody's lowered its credit outlook on the conglomerate to negative on Wednesday because of the expected costs of a Justice Department investigation into its subprime-mortgages business.Moody's warned it could downgrade GE's credit rating if the company fails to improve cash flow significantly or if revenue keeps shrinking at the beleaguered power division. GE shares dropped nearly 5% on Wednesday, leaving them down 53% over the past year.One retiree pleaded with Flannery to turn around the company — fast."My whole life has been GE," he said. "Give it all you've got. We're with you." 4465

Harvey Weinstein is facing new allegations of sex trafficking and rape.A German actress, using the pseudonym Emma Loman, filed a federal lawsuit in Los Angeles on Monday, alleging that Weinstein raped her during the Cannes Film Festival in 2006. She is suing Weinstein for violation of human trafficking laws, assault, battery and false imprisonment, according to court documents obtained by CNN."Our client brings her claims in an effort to achieve justice for herself, and she hopes that by doing so she can help open the door to justice for the women in her industry who have undergone similar experiences," John G. Balestriere, the attorney handling Loman's claim, said in a statement to CNN. "Mr. Weinstein must answer these allegations and be held accountable for any damage he has caused our client."Phyllis Kupferstein, an attorney representing Weinstein, told CNN in a statement, "This lawsuit is an attempt to continue the legal barrage and public attention on Mr. Weinstein. The allegations are untrue and the claims are barred by the statute of limitations. We intend to immediately move to dismiss the complaint."According to the suit, Loman said she met with Weinstein at his hotel suite in Cannes, France to discuss starring in an upcoming film project he was producing, but he soon started making sexual advances towards her."Upon arriving at Weinstein's suite, however, Weinstein quickly dropped his professional demeanor," the suit states. "He instead overpowered Loman and raped her. Shocked and betrayed, Loman did not know what to do. Furthering Loman's disorientation, Weinstein proceeded to treat the rape like a standard component of their business, as if the professional discussion he offered Loman had actually taken place."Related: Harvey Weinstein seeks dismissal of indictment due to emails between him and accuserLoman also claims that Weinstein threatened her not to speak of the assault.This is the second sex trafficking case filed against Weinstein.Last week, a federal judge in New York ruled that British actress Kadian Noble can move forward with her sex trafficking lawsuit against the disgraced media mogul.Noble accuses Weinstein of sexually assaulting her in a hotel bathroom in Cannes, France in 2014 after luring her with talk of a potential movie role.Noble filed suit in November against Harvey Weinstein and his brother and then-business partner Bob Weinstein.US District Court Judge Robert W. Sweet granted Bob Weinstein's motion for dismissal but denied one from Harvey Weinstein.The judge wrote it would be the first instance in which a plaintiff asked for the Trafficking Victims Protections Act to be applied to conduct like that alleged in the lawsuit.Weinstein's lawyer said the act should not be applied."A typical sex trafficking case is someone who lures underage girls on the promise of a green card and locking them up in a basement and forcing them to have sex for money," Kupferstein said in a statement at the time.Weinstein, who also is facing criminal charges in New York, has denied all allegations of "non-consensual sexual activity."Weinstein has pleaded not guilty to six felony sex crimes -- two counts of predatory sexual assault, two counts of rape, one first-degree criminal sex act charge and one criminal sex act.Related: Sex trafficking lawsuit against Harvey Weinstein can proceed, judge rulesThe charges stem from allegations from three women, according to court documents. Weinstein remains free after posting million cash bail.The charges against Weinstein came nine months after The New Yorker and The New York Times published accounts from several women accusing him of various forms of sexual misconduct.In a recent interview with CNN, Ben Brafman, Weinstein's New York criminal attorney, said it would be "difficult but not impossible" to seat an impartial jury should Weinstein's case move forward to trial."I hope to find 12 people in Manhattan who may have heard a lot of the allegations against Mr. Weinstein but will give the court their sworn assurances that they will decide this case based on the evidence that comes into the courtroom and not on what they made have read, or what they may have heard," Brafman said. "I think part of what we're trying to suggest in these motions to dismiss is that contrary to what people may have read and may have heard, there is another side here."CNN's Cheri Mossburg and Judy Oehling contribute to this report.The-CNN-Wire 4463