Latest news with #Fortress
Business Insider
a day ago
- Entertainment
- Business Insider
I followed Critical Role to their Australia megashows. Screaming fans and a 5-hour merch line prove nerdworld is now big business.
When I arrived at the Critical Role merchandise line in Sydney six hours before the show, I turned to my friend and said, "Oh, no." Over breakfast, I had proclaimed with entirely baseless confidence that the lines "wouldn't be anything like queueing for BTS merch." We'd traveled from Singapore for two stops of the Australian leg of CR's live shows, only to find a snaking queue outside the ICC Theater, a venue that seats some 9,000 people. Despite covering CR for years, I'd underestimated the pull this crew of eight people would have on the other side of the world. We waited in line for over five hours, lining up with fans clamoring to buy shirts and hoodies with the tour dates on them. For the uninitiated, CR is a nerdworld business that has sold out stadium shows in and beyond the US. Thousands of people have paid hundreds of dollars to watch them play "Dungeons & Dragons" — and now, their new game, "Daggerheart" — for close to five hours. Since their 2023 show at London's Wembley Arena, CR's touring machine has picked up speed, with a multi-city 2025 tour that'll end at Radio City Music Hall on October 7. The eight CR cofounders are also in their 10th year running their business, which spans animation, gaming, and book publishing. K-Pop concert-style excitement Before the show, I tried to soak in the full CR live experience. I mingled with fans decked out in full cosplay, some covered in purple body paint to turn them the closest shade of lilac to their favorite elf boy. Some attendees I spoke to said they'd come from Japan, Singapore, South Korea, and New Zealand. A fan based in South Korea estimated they'd spent close to $6,000 to see CR live. Another told me they'd spent close to $10,000 to fly in from Los Angeles, bent on following CR to every tour stop. Much like the K-pop concerts I was used to attending, people exchanged trinkets and traded friendship bracelets, Taylor Swift-concert style. Natasha Langdon, 25, organized a fan meet event in Sydney. "Last year, when I flew to LA to see Critical Role live, I went to a similar type of fan meetup, and it was one of the most joyous occasions of my life. I was on the other side of the world, and yet there was an immediate sense of homecoming and welcome," Langdon told me. The CR fever wasn't limited to the show nights. Weeklong events catering to the fandom mushroomed up at venues across both cities. One of them was "Realms Unleashed," a series of events organized by Fortress, a gaming bar and entertainment venue with outlets in Sydney and Melbourne. Nearly 18,000 people attended in the two cities, a Fortress rep told me. The crew's touring business is revving up I caught up with three of the crew's cofounders backstage at Melbourne's Rod Laver Arena, the Australian leg's second stop — a venue that seats over 10,000 people. Matthew Mercer, the team's chief creative officer and their longtime game master, told me it was still "terrifying" to step out onstage in front of thousands of people. CR records most of its content out of its LA studio, so Mercer often just has an immediate audience of seven as opposed to thousands of screaming fans. "I go in with the perpetual cloud of, 'I hope everyone likes this, because they paid to be here,'" Mercer said. The crew's 2026 tour will take it to Atlanta and Texas. Italso includes a whopper of an event at London's O2 arena in October — which rivals Madison Square Garden in size. The CR business is just getting bigger CR is also expanding other arms of its business. On the game publishing front, the company recently hired Chris Perkins and Jeremy Crawford. The two are major names in game design one might liken to the Steve Jobs and Jony Ive of "D&D." They left their roles at CR's Hasbro-owned competitor, Wizards of the Coast, in April. Perkins and Crawford now work for Darrington Press, the team's official publishing arm. And they're now pitching ideas on everything from improvements to "Daggerheart" — a sold-out game CR's been developing for years — to new products, Willingham said. "We're just going to let the kids kind of play in the mad scientist lab for a little bit," Willingham added. On other fronts, CR's Amazon-backed animation, "The Mighty Nein," is set to drop soon, pending a big announcement on Thursday out of San Diego Comic Con. And now there's more information about the long-awaited Critical Role video game. The team is working with AdHoc Studio, an indie outfit out of LA, to develop its original product set in Mercer's world of Exandria. Still, CR started on a stream, and creative director Marisha Ray says the cofounders aren't letting up on that, especially since they have their own streaming platform, Beacon. "We're very lucky in the way that Beacon has afforded us a lot of flexibility to experiment and stretch our legs," Ray said. She says the team is hoping to do more shorter-run series with the "Daggerheart" gaming system, and experiment with some genre-bending content. "Honestly, the only thing that's limiting us right now is our Google calendars," she added. The accidental empire Sitting backstage at an arena, waiting for thousands of excited fans to pour in and fill the seats, I couldn't help but ask the three cofounders a question I first asked Mercer and Willingham years ago: Does it feel like you're in the empire business? Mercer said the word "empire" was a term other people used to describe CR. "I don't think we intended to build an empire, but I would be remiss if we don't occasionally stop, take a breath, look behind us, and go, 'Oh, shit. I think we accidentally built an empire,'" said Mercer. "I feel like we've made a fun house more than an empire," Willingham said. "But we have made this tiny home game into a multi-headed production company." "And that's a wonderful thing. But it also keeps us up at night. It definitely makes us burn the candle at both ends," Willingham added.
New York Post
3 days ago
- Business
- New York Post
Billionaire Charles Cohen faces confiscation of wine, mansions, superyachts and Ferraris over loan defaults
Billionaire Charles Cohen faces losing his fine wines, artworks, mansions, superyachts and Ferraris as he scrambles to sell properties so he can pay back loans that went bad on soured real estate deals, according to a report. Cohen, 73, is being sued by Fortress Investment Group over a $535 million loan it made to his property firm, Cohen Realty Enterprises, in 2022. His collateral included a Manhattan office tower, the Le Méridien Dania Beach hotel in Fort Lauderdale, Fla., and four other properties, according to records from New York State Supreme Court. 5 Billionaire real estate mogul Charles Cohen in 2015. Los Angeles Times via Getty Images But Cohen, who has a nearly $2 billion net worth, also personally guaranteed $187.2 million of that loan, the Wall Street Journal earlier reported. That opened the door for Fortress, an investment giant partially owned by Abu Dhabi government fund Mubadala Capital, to go after him personally when his business defaulted last year. Fortress took control of most of his collateral, but said the value still falls short of what Cohen owes. So the firm has launched legal efforts to seize Cohen's mega-mansions in France's Provence region and Greenwich, Conn., according to New York court records. Fortress has also set its sights on Cohen's 25 luxury vehicles, including two Ferraris, and a 220-foot yacht worth nearly $50 million, which was blocked from leaving an Italian port earlier this month. The firm has already seized hundreds of thousands of dollars worth of art, decor and fine wines from the Château de Chausse – Cohen's 138-acre home and vineyard in Provence. Lawyers for Cohen declined to comment. 5 Charles Cohen's Château de Chausse in Provence. Google Maps It wouldn't be the first time personal guarantees have sunk a businessman – famously landing Donald Trump near bankruptcy in the 1990s. Fortress has argued that Cohen is blocking the firm from enforcing the guarantees by transferring ownership of assets to his family members, according to court records. The real estate king moved ownership of the yacht stuck in the Port of Loano under his wife's name last year, according to these records. Cohen argued these transfers were done for estate and tax-planning purposes. A French court ruled in his favor in the case of the Provence château. 5 Charles Cohen and wife Clodagh 'Clo' Margaret Warner Bros. 'They [Fortress] keep pecking at us, like a bird would peck at something,' Cohen said during a February deposition. 'Enough was never enough.' Cohen's firm is countersuing Fortress. The billionaire said he has used personal guarantees before and has never had this kind of problem. His attorneys have argued that Fortress' actions – like putting restraints on Cohen's brokerage accounts and on accounts held by his mother and sister – amount to harassment. 5 Le Méridien Dania Beach hotel in Fort Lauderdale. Google Maps Cohen cannot withdraw money from his personal accounts without Fortress' approval. Fortress has argued that it subpoenaed Cohen's family members because he transferred personal assets to them. 'Fortress is left with no choice but to begin enforcing its judgment against Cohen's assets,' the firm said, according to court records, noting a duty to investors. Fortress and Cohen's partnership was nothing new. The investment giant had financed many of Cohen's real-estate deals in the years before the pandemic. 5 Charles Cohen playing mini golf at an event in 2007. Patrick McMullan via Getty Images But Cohen's portfolio suffered in 2020 as demand for office space and movie theaters – which make up a significant chunk of his properties – plunged. As other building owners gave properties back to lenders, Cohen held on and agreed to a restructuring plan with Fortress, which included the personal guarantees. But the market remained in a stubborn slump, forcing the pair to modify the 2022 loan four times before Cohen's business defaulted in March 2024. Cohen said he had a handshake deal with Fortress for another extension, but the firm denied this and the state supreme court and appellate court ruled in the investment group's favor. 'Defendant's statements that the parties understood that the December emails were a binding agreement…were self-serving and unsubstantiated,' the appellate court ruled. Cohen said he is now rushing to sell properties so he can raise cash for Fortress.
Mint
4 days ago
- Business
- Mint
A real-estate tycoon's loan went bad. Then they came for his Ferraris and fine wine
In France's Provence region late last year, a group of men entered Château de Chausse, the 138-acre home and vineyard of Charles Cohen. While the New York real-estate tycoon was away, the men scoured the palatial house, taking high-priced artworks, furniture and Cohen's collection of fine wines. They weren't thieves. The men were following orders of the French court, and they seized hundreds of thousands of dollars of Cohen's personal belongings in the château on behalf of Fortress Investment Group. Fortress says it was simply taking what it is owed. In 2022, the New York-based investment firm made a $535 million loan to Cohen Realty Enterprises as a way to consolidate his previous debt. Cohen's collateral included a Manhattan office tower, the Le Méridien Dania Beach hotel in Fort Lauderdale, Fla., and four other properties, according to records from New York State Supreme Court, where Fortress is suing Cohen. But crucially, Cohen also personally guaranteed $187.2 million of that loan. That 'recourse" portion of the debt gave Fortress additional powers to go after Cohen personally if his business defaulted. Now, that's what's happening. Cohen's business defaulted last year, and Fortress took control of most of the collateral. But the firm said that the value of those properties falls far short of what Cohen owes. Now the lender is trying to confiscate Cohen's personal possessions. Fortress launched legal efforts to seize Cohen's houses in Provence and Greenwich, Conn., according to New York court records. Fortress is also going after his 25 luxury automobiles including two Ferraris and other valuable belongings. Earlier this month, an Italian judge ruled that a 220-foot yacht couldn't leave the Port of Loano without court approval. The superyacht, valued at $49.6 million, is one of five yachts that Fortress is trying to seize from the real-estate mogul. Cohen transferred ownership of the yacht in Port of Loano to his wife last year, court records show. Each side accuses the other of impropriety. Fortress says Cohen improperly blocked the firm's enforcement of his guarantee by transferring his yachts and other valuable assets—including his $20 million Greenwich home and Château de Chausse—to family members, according to court records. Cohen's net worth is nearly $2 billion, according to a financial statement that he filed with the court. He said the transfers were legitimate and made for estate and tax-planning purposes. A French court ruled in his favor on the Provence château. In an interview with The Wall Street Journal, Cohen said he is in the process of selling some properties to pay Fortress but needs more time to complete complicated deals. 'They keep pecking at us, like a bird would peck at something," he said in a February deposition about his negotiations with Fortress. 'Enough was never enough." Personal-recourse debt has a long, bruising history in commercial real estate. Developers often turn to personal guarantees because they would have no other way to obtain enough financing, and because they are convinced they can easily pay back their loans. 'They think if you hold on to a property long enough, the values are always going to justify the loan," said Mark Edelstein, chair of Morrison Foerster's global real-estate group. Donald Trump famously used recourse loans to build his property empire in the 1980s, only to find himself on the brink of personal bankruptcy in the early 1990s because of these personal guarantees. Trump said during a TV appearance that in 1991 he pointed to a homeless person and said he 'is worth $900 million more than I am." Personal guarantees were also a big reason why New York developer Harry Macklowe faced near financial ruin during the 2008-09 financial crisis, after he took out a $1.2 billion bridge-equity loan from a group including Fortress with recourse contingencies. Macklowe said that the situation was resolved and is now 'old history." Cohen has used personal guarantees before, but said he has never had this kind of problem. His business is countersuing Fortress. His dust-up with the investment firm is one of the nastiest in commercial real estate for many years. Attorneys for Cohen say that Fortress's actions amount to improper harassment. The investment firm has put restraints on Cohen's personal brokerage accounts, and on brokerage accounts held by his mother and sister. Cohen cannot withdraw money from his personal accounts without Fortress's approval. 'His family's lives are being disrupted," said Christopher Caffarone, Cohen's attorney, at a court hearing in May. 'They are getting subpoenaed. They are getting deposed." Fortress subpoenaed Cohen's family members because he transferred personal assets to them and because they are involved in running or financing his companies, a Fortress spokesman said. Fortress, an investment giant owned in part by Abu Dhabi government fund Mubadala Capital, said that it has a duty to its investors that include retirement and pension funds. 'Fortress is left with no choice but to begin enforcing its judgment against Cohen's assets," the firm said, according to court records. Charles's father and his two uncles went from selling cars to building what would become a real-estate empire, developing towers on Manhattan's Third Avenue as the old elevated railway was dismantled. Charles became president of the company in 1983 and more than tripled it in size to 12 million square feet. Nowadays, Cohen, 73 years old, is a widely recognizable figure in New York real-estate circles, where he is known for his tailored suits and reflective stainless-steel glasses. He also has invested tens of millions of dollars in filmmaking. Cohen's production firm has distributed more than 100 films including 'The Salesman," which won the Academy Award for best foreign language film in 2017. Cohen also purchased movie theaters in Europe and the U.S. Fortress and Cohen's business relationship goes back decades. The investment giant has lent hundreds of millions of dollars to Cohen, and it financed many of his real-estate deals in the years leading up to the pandemic. Then during Covid-19, demand for office space plummeted. People also stopped going to the movies, upending Cohen's movie-theater holdings. Other office-building owners at the time were conceding defeat, giving properties back to lenders. Cohen said he felt the market would rebound soon. He also felt emotionally attached to the properties, some which had been in his family for decades. The two sides agreed on a restructuring plan, which included the personal guarantee. But the market didn't rebound quickly. The two sides modified the 2022 loan four times but the properties weren't able to generate enough cash to pay the debt service. In March 2024, Cohen's business defaulted. Cohen said that he had a handshake agreement with Fortress for another extension, according to court records. But the firm said there was no such deal, and the state supreme court ruled for Fortress. Cohen says now he is selling properties to raise cash to meet his obligations to Fortress. 'I've always been good at hanging on," Cohen said. 'That's what we've always done and we will continue to do that."
Business Wire
15-07-2025
- Business
- Business Wire
Porter Airlines Finalizes Sale and Leaseback Agreement for Four Embraer E195-E2 Aircraft
MUNICH & TORONTO--(BUSINESS WIRE)--Porter Airlines has secured a sale and leaseback agreement for four Embraer E195-E2 aircraft to be delivered in 2025. The agreement was led by funds managed by affiliates of Fortress Investment Group (Fortress) and GOAL Aircraft Leasing. GOAL Aircraft Leasing is also serving as lessor manager for the aircraft. Ashland Place Finance is providing debt financing to Fortress and GOAL Aircraft Leasing for the transaction. Porter Airlines is the world's largest E195-E2 operator, and continues to expand its network across North America with its growing fleet. Forty-six E195-E2s have been delivered to Porter from a total of 75 confirmed orders, with an additional 25 remaining purchase options. The airline's award-winning elevated economy experience is globally recognized for features such as complimentary beer and wine served in glassware, premium snacks, and free, fast WiFi to every passenger. 'The E195-E2 plays a central role in our ability to deliver a leading customer experience for economy passengers, including the much-appreciated two-by-two configuration that eliminates middle seats,' said Julian Low, vice president, corporate development, Porter Airlines. 'The aircraft has proven to be incredibly efficient, outperforming key operational and financial targets since entering our fleet in 2023. We value our continuing relationship with GOAL, and welcome Fortress and Ashland Place as new partners.' GOAL has existing finance lease agreements with Porter for three Dash 8-400 aircraft that are used throughout its regional network in Eastern Canada and the U.S. It has also previously completed the sale and leaseback of two E195-E2 aircraft. 'We are pleased to further expand our partnership with Porter Airlines through this additional transaction,' said Christian Schloemann, managing director of GOAL. 'This continued collaboration underscores the trust Porter places in our team and our tailored leasing solutions. As Porter Airlines accelerates its growth with the advanced Embraer E195-E2, we remain committed to supporting their strategic vision and operational excellence across North America.' 'Fortress is pleased to work with Porter Airlines, GOAL and Ashland Place Finance on this sale-leaseback transaction,' said Matthew Mortara, managing director at Fortress. 'Porter's brand, elevated all-economy service and ongoing network growth – especially to underserved markets – are helping the company secure an increased share of airline travel across Canada and the broader North America region. We're delighted to support the company's acceleration of that growth in a capital-efficient way through this transaction.' About Porter Since 2006, Porter Airlines has been elevating the experience of economy air travel for every passenger, providing genuine hospitality with style, care and charm. Porter's fleet of Embraer E195-E2 and De Havilland Dash 8-400 aircraft serves a North American network from Eastern Canada. Headquartered in Toronto, Porter is an Official 4 Star Airline® in the World Airline Star Rating®. Visit or follow @porterairlines on Instagram, Facebook and Twitter. About GOAL Aircraft Leasing GOAL (German Operating Aircraft Leasing), a joint venture between KGAL and Deutsche Lufthansa AG, is Germany's leading aircraft asset manager and ranked among the Top 15 globally by ISHKA. Founded in 1998, GOAL combines decades of industry expertise with over USD 4.5 billion in transactions, providing customized leasing solutions to airlines and risk-managed investment services to institutional investors worldwide. GOAL manages a portfolio of more than 60 modern aircraft valued at around USD 2.8 billion and has a strong track record in structuring complex deals across sale & leasebacks, PDP financing, remarketing, and long-term asset management. Leveraging Lufthansa's operational expertise and KGAL's financial strength, GOAL applies a disciplined investment approach across market cycles. More at About Fortress Investment Group Fortress Investment Group LLC is a leading, highly diversified global investment manager. Founded in 1998, Fortress manages $51 billion of assets under management as of March 31, 2025, on behalf of approximately 2,000 institutional clients and private investors worldwide across a range of credit and real estate, private equity and permanent capital investment strategies. AUM refers to assets Fortress manages, including capital that Fortress has the right to call from investors, or investors are otherwise required to contribute, pursuant to their capital commitments to various funds or managed accounts. For more information, please visit
Yahoo
15-07-2025
- Business
- Yahoo
Fortress and Porter Airlines Announce Sale-Leaseback of Four Embraer E195-E2 Aircraft
Long-term sale-leaseback transaction will support Porter Airlines' continued network expansion NEW YORK, July 15, 2025--(BUSINESS WIRE)--Fortress Investment Group today announced that funds managed by its affiliates ("Fortress"), alongside GOAL Aircraft Leasing ("GOAL"), have acquired four new Embraer E195-E2 aircraft from Porter Airlines as part of a sale-leaseback transaction. The aircraft will be operated by Porter under a long-term lease agreement. Two aircraft have already been delivered to Porter, and the remaining two aircraft will be delivered during 2025. Fortress has also entered into a servicing agreement with GOAL for the four aircraft. Ashland Place Finance is providing debt financing to Fortress and GOAL for the transaction. "Fortress is pleased to work with Porter Airlines, GOAL and Ashland Place Finance on this sale-leaseback transaction," said Matthew Mortara, Managing Director at Fortress. "Porter's brand, elevated all-economy service and ongoing network growth – especially to underserved markets – are helping the company secure an increased share of airline travel across Canada and the broader North America region. We're delighted to support the company's acceleration of that growth in a capital-efficient way through this transaction." Porter is currently Canada's third-largest airline, offering high-frequency flights to connect underserved markets to key hubs that include Billy Bishop Toronto City Airport (YTZ), Toronto Pearson International Airport (YYZ) and Ottawa International Airport (YOW). "This transaction illustrates our ability to offer borrowers financing on a range of assets that have strong underlying cash flows," adds Dominick Ruggiero, Global Co-Head of Asset-Based Credit at Fortress. "We believe that Porter's continued investment in its operations and increasing market share make this sale-leaseback transaction a compelling investment opportunity for our fund investors." "The E195-E2 plays a central role in our ability to deliver a leading customer experience for economy passengers, including the much-appreciated two-by-two configuration that eliminates middle seats," said Julian Low, Vice President, Corporate Development at Porter Airlines. "The aircraft has proven to be incredibly efficient, outperforming key operational and financial targets since entering our fleet in 2023. We value our continuing relationship with GOAL, and welcome Fortress and Ashland Place as new partners." The Embraer E195-E2 aircraft have a range of approximately 2,600 nautical miles, giving Porter the potential to connect every city in North America. The E195-E2 is among the quietest single-aisle aircraft in operation today, emits significantly less CO2 than comparable older-generation aircraft, and consumes among the lowest amount of fuel per seat and per trip in the 120-150 seat aircraft category. Eighteen airlines currently operate Embraer E195-E2 aircraft. About Fortress Investment GroupFortress Investment Group LLC is a leading, highly diversified global investment manager. Founded in 1998, Fortress manages $51 billion of assets under management as of March 31, 2025, on behalf of approximately 2,000 institutional clients and private investors worldwide across a range of credit and real estate, private equity and permanent capital investment strategies. AUM refers to assets Fortress manages, including capital that Fortress has the right to call from investors, or investors are otherwise required to contribute, pursuant to their capital commitments to various funds or managed accounts. For more information, please visit About PorterSince 2006, Porter Airlines has been elevating the experience of economy air travel for every passenger, providing genuine hospitality with style, care and charm. Porter's fleet of Embraer E195-E2 and De Havilland Dash 8-400 aircraft serves a North American network from Eastern Canada. Headquartered in Toronto, Porter is an Official 4 Star Airline® in the World Airline Star Rating®. Visit or follow @porterairlines on Instagram, Facebook and Twitter. About GOAL Aircraft LeasingGOAL (German Operating Aircraft Leasing), a joint venture between KGAL and Deutsche Lufthansa AG, is Germany's leading aircraft asset manager and ranked among the Top 15 globally by ISHKA. Founded in 1998, GOAL combines decades of industry expertise with over USD 4.5 billion in transactions, providing customized leasing solutions to airlines and risk-managed investment services to institutional investors worldwide. GOAL manages a portfolio of more than 60 modern aircraft valued at around USD 2.8 billion and has a strong track record in structuring complex deals across sale & leasebacks, PDP financing, remarketing, and long-term asset management. Leveraging Lufthansa's operational expertise and KGAL's financial strength, GOAL applies a disciplined investment approach across market cycles. More at About Ashland Place Finance LLCAshland Place Finance LLC is an institutional financing platform offering innovative capital solutions to the global commercial aerospace industry. Ashland Place is a wholly-owned subsidiary of Davidson Kempner Capital Management LP. Additional information can be found at: View source version on Contacts Media Contacts Fortress Investment Group – media@ Porter Airlines – media@ Prosek Partners for Ashland Place Finance – pro-davidsonkempner@ Sign in to access your portfolio
