Additional Briefings Needed, In NY’s Hudson Tunnel De-Funding Case, According To USDC Judge…

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While Tangerine 2.0’s appeal of his preliminary injunction loss, to the Second Circuit, remains pending, the trial court is moving forward toward a full trial on the merits — the fact that Trump cut funding to construction workers is. . . appalling, when the NY/NJ commissioners would not rename the the tunnel after Trump. Damn him. [My prior backgrounders are voluminous, but here is the last prior one.]

In any event, the workers are now getting paychecks — and work is steadily progressing, while the matter wends its way to trial in federal court in Manhattan — here is the latest trial court USDC order, from yesterday:

…The Court requires supplemental briefing from the parties with respect to certain of the jurisdictional issues that have been raised by the pending motions in this matter.

By Wednesday, May 6, 2026, Plaintiffs shall submit a letter brief of no more than four (4) pages, single spaced, addressing the following questions:

(1) With respect to the RRIF loans, is it Plaintiffs’ position that the suspension of those loans violates 2 C.F.R. § 200.339 and 2 C.F.R. § 200.342, which appear to be limited to grants? If so, Plaintiffs should set forth the manner in which the September 30 Suspension of the loans is in violation of the stated regulations.

(2) If the answer to the prior question is no, what is the source of rights for Plaintiffs’ claims relating to the suspension of the RRIF loans?

(3) If Plaintiffs’ only source of rights with respect to the prior question is the APA itself, to what extent can the APA itself provide the requisite source of rights under the Megapulse test?

[Team Trump] may file a responsive letter brief of no more than four (4) pages, single spaced, by May 13, 2026….

Now you know — given the storm forecasts, I’ve decided not to fly down to the Derby — but will watch it on TV tomorrow, and get some bets down, via the TwinSpires betters’ app. Smile. . . .

नमस्ते

Riot Tangent: Every Bit Of Q1 Was “Trust Our Future Plans (AGAIN!)” — But They Lost A Half-Billion Dollars, In 3 Months! Yikes.

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Yes, this is absolutely the worst quarter Mr. Les has ever disclosed.

The current cost to mine one Bitcoin, including the depreciation of his rigs, is about 126% of the price of Bitcoin.

That is — he is losing $26,000 — on every $100,000 worth of Bitcoin he mines/sells off.

And to top it all off, over the past two years (Riot doesn’t disclose pay until about 16 months after a year ends), on average, Riot’s board has paid Mr. Les a little over $30 million PER YEAR to run up about a $1.8 BILLION accumulated deficit.

Holy shit.

This is… madness. And they fired the guy in charge of… “the future” — the chief data center honcho, at left (but gave him very generous severance).

More tomorrow. Damn.

Merck Posts A Solid Q1 2026… And The Stock Falls… What Gives?

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Here is that very solid quarter — beats at the top-, and bottom- lines. But it is trading down a fraction on the NYSE.

What gives, indeed?

Meanwhile, Riot Platforms, a hapless Bitcoin miner that will, in all probability post its worst quarterly loss in history — after posting its worst ever annual results (about a month and a half ago) — is up, almost 6% after falling 20% early in the week.

One could be forgiven for making the assumption that — with the SEC being hog-tied by Tangerine 2.0 appointees, Wall Streeters are… manipulating stocks for pump and dump runs.

As to Merck though, the vast capital to manipulate the needed volumes on the NYSE… are well-beyond any one firm’s capital reserves. So — I just think people are just… unduly cautious — on pharma, of late.

We shall see. Onward — and I haven’t even begun to handicap the Kentucky Derby entrants yet, this year — but may fly down, anyway and snag a seat… smile.

नमस्ते

USDC Judge Cummings Orders The Immediate Release (By ICE And DHS), In Chicago, Of Ten More Wrongly Detained Humans — Under That 18-cv-3757 2018 Consent Decree.

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The enforcemnt hearing at 3 PM CDT on the 12th Floor of the Dirksen Building went exactly as I expected: the people are freed, without bond or other conditions.

Immediately. I won’t post the whole order, as it lists identifying details — and these folks deserve anonymity, as victims of Bovino/Noem lawlessness. They were grabbed despite being protected by prior federal court orders (from the time of Trump 1.0, and signed by Judge Cummings in 2020) prohibiting any re-detention of them on immigration related matters:

…For any of the above ten individuals that remain detained, defendants are ordered to facilitate their immediate release on their own recognizance and without bond or conditions of release as specified in Section IV(E)(2) of the Decree, (Dckt. #155-1 at 9), by no later than 12:00 p.m. CT on May 4, 2026. With respect to those individuals who have already been released, but on bond and with conditions, defendants must take action to refund any bonds and remove all conditions on or before 12:00 p.m. CT on May 4, 2026. Defendants shall certify in their weekly report, due at 5:00 p.m. CT on May 8, 2026, that all individuals have been released on their own recognizance and without bond or conditions of release as required by Section IV(E)(2) of the Consent Decree….

Now you know. At least one court got it “right” — today.

नमस्ते

Ultimately… Trivial — But Tangerine 2.0 Minions Just Cashiered Former Congressional Ally Devin Nunes As CEO, Of The ’34 Act Public Co. “Truth Social” / DJT Media…

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Look — the social media platform has been dying a slow death since launch in 2020. So much so that it agreed to merge with a nascent fusion research outfit, in early 2026 — likely at Nunes’ own insistence (to line his personal pockets, yet again).

But there are… long suffering public shareholders in this debacle — and it seems they’ve pressed for the ouster of a few crony board members, and now… the former MAGA Congressional power broker himself. Nunes of course gets oodles of severance pay — but he was gone with essentially immediate effect. Here’s that, from the SEC Form 8-K filing of last week:

…The Company and Mr. Nunes entered into a Separation and Release Agreement, dated as of April 21, 2026 (the “Separation Agreement”), pursuant to which Mr. Nunes ceased to be an employee, officer or director of the Company or any subsidiary or affiliate of the Company—including Chairman of the board of directors of the Company (the “Board”). The Separation Agreement also contains certain provisions which supersede the severance provisions of Mr. Nunes’s Executive Employment Agreement, effective as of January 2, 2022, as amended on March 7, 2024 (as amended, the “Employment Agreement”). Pursuant to such terms, the Company will provide Mr. Nunes with continuation of his base salary in effect on the Transition Date for the period beginning on the Transition Date through September 30, 2026. Additionally, the Separation Agreement provides for accelerated vesting of 96,721 time-based restricted stock units (“RSUs”) granted to Mr. Nunes on August 6, 2025 under the Company’s 2024 Amended & Restated Equity Incentive Plan, and the forfeiture of all other unvested equity. In addition, to the extent not already paid, Mr. Nunes is entitled to receive the accrued benefits provided under the Employment Agreement, which include any unpaid base salary through the Separation Date, reimbursement for unreimbursed business expenses, and all other accrued and vested payments, benefits, or fringe benefits required to be paid under applicable plans or by law.

As part of the Separation Agreement, and in consideration for receiving the separation benefits described above, Mr. Nunes agreed to execute a general release and waiver of claims in favor of the Company and its affiliates, officers, directors, employees, agents, and other related parties. The Separation Agreement also includes confidentiality, trade secret, nondisparagement and other restrictive covenants….

Couldn’t have happened to a… nicer guy!

This will never be a profitable public company / set of businesses — it is a graft machine, to grift off of the MAGA faithful… essentially, in perpetuity. Onward!

नमस्ते

Apparently, Only “Discrimination”, AGAINST Whyte Voters — In Drawing Maps — Is Unlawful, According To Five Supremes… Damn. Louisiana: Wrong On The Law Of Section 2 Of VRA.

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Section 2 of the Voting Rights Act, passed by Congress long ago… has been effectively removed from the statute, by Alito / Thomas / Kavanaugh / Gorsuch and Roberts.

So much for deferring to Congress — when it speaks clearly, under the Fourteenth Amendment.

This is a terrible day for Louisianans — of color. If the maps are previously designed to limit Black voting power — Section 2 specifically says the maps must be redrawn… to give Blacks more of a chance of electing someone… who hears them.

And so, this is a terrible day for this nation. We would do well, here to recall that Dr. King said that “a riot is the language of the unheard….”

But rest assured: there will be a blue wave this Fall.

Bank on it.

Elections… will have consequences.

Full stop.

नमस्ते

In Which Rigby Nails The Odious Bill Otis, At Ringside…

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Take it away, Rigby!

“…I felt the need this morning to comment on William Otis’s latest post, because there truly are some cuckoo-bananas assertions in there. If Ringside at the Reckoning allowed comments, I’d put this there. But they don’t, so here I am.

First of all: Credit where credit is due: Otis recognizes the indictment of James Comey for his “8647” seashell photo for the crazy-nutso pile of BS it clearly is. (I wish I could say the same about his evaluation of the SPLC indictment, but: baby steps.) But before he even gets to that, he spends most of his energy disparaging the left for their alleged craziness.

His first example of the left’s lunacy comes from a post written by a man named Caden Olson, a man you’ve never heard of, a man I’ve never heard of, a man Otis had never heard of until he needed examples for his post. Let me just say this. Caden Olson has fifteen subscribers. Fifteen. If that’s your lead example, you’ve already lost. We’re talking about the Department of Justice indicting a private citizen for the sole reason the the president doesn’t like him. That’s whole universes of magnitude worse than a no-name blogger spinning a silly conspiracy theory. Trying to equate the two is like comparing a T-rex to a bumblebee.

To be fair, there are all kinds of loony conspiracy theories floating around on the left, but none of them are propogated by elected officials or Democratically controlled government entities.

Then Otis makes his wildest assertion yet:

…That some kinds of Democrats entertain this sort of thing, but no Republicans I ever heard of do, is one of the reasons I can never vote for the Dems….

Emphasis mine. This is so bonkers, I’m amazed the pixels stuck to the screen. No Republicans? Really? Apparently, Otis has never heard of Alex Jones or Jewish space lasers or Democratic weather manipulation or Haitan immigrants eating dogs or QAnon or the Deep State or Pizzagate or the Great Replacement Theory or birtherisim or the kookiest conspiracy theory of all: the 2020 election was stolen, which 70 percent of Republicans believe, egged on by the leader of their party, the current president of the United States, who has shared so many nonsense conspiracy theories on his failing social media platform, even Art Bell would would be like, “Hey, take it easy, man.”

For some reason, those conspiracy theories don’t count. Maybe Otis believes all of those theories are all real. Who knows?….”

I will only add that Rigby is spot on here, line for line. Thanks, man!

Onward!

Ahem. Tangential Martin Shkreli Trivia — I Think It Best To Just Do It… This Way. Onward.

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This nonsense happened a few days ago, while I was largely off grid — at my youngest son’s half-, in Eugene. As I’ve mentioned before — he is pretty elite, and has qualified for the world championships in the half-iron, in Nice France this Fall.

This was a tune-up, to see how his splits are shaping up for that race — as he makes prep, to head to the south of France and train there — getting a racer bike hard-boxed and shipped, etc. Getting a house to sleep a rotating crew of 10 (for family and friends!) — for the whole month of September (outside Nice but) right on the rail line, for “side quests” to Paris, Vence, Eze and certainly Monaco… and on and on.

It will be an extended family vacay, if nothing else. [But he will do quite well — he literally knows no other way.]

Anyway — the graphic relates to MY weekend, not Martin’s. The part about Martin Shkreli, then: apparently claims he lives in SF now. This is (apparently) due to the fact that the mother of his only child lives there. Whatevs. The gossip page in SF has more, but (as you will read in blue below) I too wouldn’t want to promote fraudulent claims. So under the pull-quote — I will simply place a link. Read at your own risk [his “news / gossip” is the third item — in the link below]:

…The Waggle could not verify anything Shkreli claimed above (we are dealing with a convicted fraudster here), so if you happen to know anything about this, please drop us a line.

Fatherhood, for what it’s worth, does seem to have [slightly] tamed Shkreli: The Waggle had an amiable chat with the “Pharma Bro,” with only one mention of “boning babes….”

As I say — here’s a link to the gossip/twaddle if you are interested.

That is all the trivia I’ve got today, but I am out of pocket for each of the next three Fridays to Tuesdays… so keep it spinning in good karma. I know you will.

Out.

नमस्ते

USDC Judge Alia Moses — In Del Rio, Texas — Orders “Mediation” Of The Razor Wire Barrier Cases, From 2023…

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It seems the families whose children were maimed, and mothers were drowned… may see some recompense, from the State of Texas… for MAGA TX Gov. Abbott’s Hitlerian tactics — on the Rio Grande river. A waterway he has zero jurisdiction to patrol, or place barriers upon. That is a US federal law / Nation of Mexico perogative, exclusively — under our treaties and federal statutes stretching back nearly 150 years. Damn.

We have covered these awful cases for about five long years. Do search “razor wire” in the box at right, if you are curious. Or search “Alia Moses”. Here’s the latest order:

…Pursuant to Chief United States District Judge Alia Moses’ Order [ECF No. 142], the parties have been ordered to appear before the undersigned for mediation on May 26, 2026, at 1:00 p.m. The mediation will occur in Courtroom No. 4 of the United States Courthouse, 111 E. Broadway Street, Del Rio, Texas.

IT IS FURTHER ORDERED that the parties shall each file, on or before May 18, 2026, a mediation brief that meets the following requirements:

1. Filed ex parte and under seal — The filing party shall adjust the viewing permissions when filing the brief to only allow access by the filing party and the Court. Any questions regarding this procedure should be directed to the Clerk’s Office in the Del Rio Division.

2. Addresses the following matters: (a) the main issues in this dispute; (b) amendable resolutions to this matter; and (c) any prior cases in the Western District or the Fifth Circuit in which the requested relief was awarded….

SIGNED this 28th day of April 2026….

Onward, resolutely — hopefully, those potential asylum-seekers injured and killed by MAGA Gov. Abbott’s lawless razor wire abominations [during the Biden Administration]… will now see some compensation.

नमस्ते

Power Alley, After A Long Weekend Away: Sun Pharma To Pay Almost $12 Billion For Merck Spin-off Organon…

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We mentioned this — as a rumor piece, a few weeks ago. And the Organon NYSE common stock price is now up almost 100% — since the morning before the rumor piece floated through various financial outlets, that week. It does seem like a pretty high price for these very mature brands. But we shall, as ever see.

In any event, here’s FiercePharma’s finely cogent take on it all, from while I was in the air yesterday:

…Already the largest biopharma company in India, generics powerhouse Sun Pharma has doubled in size with its acquisition (PDF) of women’s health leader Organon. With its $11.75 billion buyout, Sun has picked up a drugmaker that matched the $6.2 billion in sales that it generated in 2025.

Sun is paying $14 per share, which is a 24% premium on Organon’s closing price on Friday. It is also a more than 100% premium on Organon’s share price at the start of April. With the agreement, which is expected to close by early 2027, Sun’s stock increased by 7%, while Organon’s jumped by 17%.

The deal, which is the largest ever by an Indian biopharma, the company said, will boost Sun’s portfolio of innovative medicines and will catapult it to No. 7 among the world’s top sellers of biosimilars, the company said in its release….

Organon’s stock had been weighed down by “heavy headwinds,” according to Evercore ISI analyst Umer Raffat, citing the New Jersey company’s debt, its oncoming loss of exclusivity of contraceptive implant Nexplanon and its “bad M&A to digest,” which is a reference to Organon’s $1.2 billion 2024 buyout of Dermavant….

Now you know — even if I’m a little out of date.

Onward — with travel ahead, on each of the next three weekends — with one more half-marathon toward the end — and Colorado and points eastward, too. Woot!

नमस्ते