A top venture capital firm had a chance to unload a major stake in FTX days before Sam Bankman-Fried’s crypto empire collapsed — but botched the deal after trying to squeeze more money out of the buyer, The Post has learned.
San Francisco-based Greenoaks Capital found a suitor in the private markets less than two weeks ago who was willing to pay $28 a share for the fund’s FTX stake, which was valued at roughly $35 million at the time.
The deal had valued FTX at more than $20 billion, said a source with close knowledge of the situation. That might have clinched a tidy profit for Greenoaks, which was among several venture capitalists that invested in FTX when it raised $400 million at an $8 billion valuation in January, according to published reports.
But instead of taking the offer, Greenoaks, run by Neil Mehta — known for backing South Korea e-retail giant Coupang and stock-trading start-up Robinhood — decided to pressure the buyer into ponying up $34 per share, up from an earlier ask of $31 a share, the source said.
Had Greenoaks not been so greedy, it could have likely signed the paperwork to make the deal binding before FTX filed for bankruptcy, the source said. The buyer may have challenged the contract in court after Bankman-Fried’s downfall, but there would have probably been a settlement, the source speculated.
Greenoaks has $15 billion in assets under management. The 38-year-old Mehta has been prone to naming some of his funds for Batman characters, such as the fictional mob boss Carmine Falcone, according to the Financial Times.
Looking ahead, Mehta can name any future fund after a new villain — SBF.
Painting a room is one of the most DIY-friendly home-improvement projects, but it’s not like you do it every day. It’s easy to forget the basics, from surface prep to mixing the paint. Then there’s the matter of cleaning your brushes after calling it quits for the day. Most of us have had the experience of returning to a paint project, only to find brushes that are a hard, clumpy mess. Given the rising price of quality brushes (upwards of $15 for a single pack), that’s a waste of money, not to mention the time lost running back to the home center or hardware store.
At the Good Housekeeping Institute, our experts have been testing paints for decades, so they know the best ways to get brushes clean and ready for the next task at hand, whether it’s in a few hours or a few weeks. For this how-to article, we also checked in with pros in the field — the ones who really are tackling paint projects every day.
Here’s a simple step-by-step guide for getting the longest life out of your brushes.
1. Choose your cleaning agent based on paint type
For water-based paints, like latex and acrylic,which most projects these days call for, plain water will do the trick. “We also like to use a little drop of dish soap to help with ease of cleaning brushes,” says Shannon Duvall of HD Painting and Stain, based in Belleville, Illinois, and member ambassador of the Painting Contractors Association. Here’s how to get cleaning:
Fill a small bucket or tray with soapy water. For best results, use warm water.
Press the brushes into the bottom of the container in a rapid back-and-forth motion. That will work the water into the heel of the brush, all the way to the ferrule, where the bristles connect to the handle.
Replace the water two or three times, continuing to press and work the brushes back and forth, until most ofthe paint is removed.
Squeeze the bristles by hand. Then, rinse the brushes thoroughly at the sink, again using warm water.
For oil-based paints — whose hard, durable finish is suited to furniture, stair banisters and other high-touch surfaces — you’ll need to use a chemical cleaner, like mineral spirits, paint thinner or turpentine.
Fill a small cup or jar about halfway with chemical cleaner. Submerge the bristles for 30 seconds.
Remove the brush, and wipe the bristles against a hard, clean surface.
Repeat the process until the paint is gone. Then rinse at the sink in warm water.
Caution: When using chemical cleaners, make sure you’re in a well-ventilated area, since solvent fumes are toxic.
2. Do a deeper clean
No matter how aggressively you clean your brushes in water or solvent, some paint is liable to remain. If you waited too long to clean the brushes and the paint has started to harden, this will certainly be the case.
Use a wire brush — the same kind used for surface prep — to remove any dried-on paint.
Deploy long, gentle strokes, like brushing your hair, so as not tug too many bristles loose from the ferrule.
3. Dry and store the brushes
Once your brushes are clean and ready for the next project, it’s important to dry them out as much as possible.
Start by giving them a few vigorous shakes. Then squeeze them in a bunch of paper towels or a clean cloth towel.
Store the brushes properly to prevent damage to the bristles. If you’re planning to use them again the next day, wrap them in aluminum foil or plastic wrap to keep them fresh.
Paint rollers, the ideal tool for large expanses of wall or ceiling, are even more important to clean thoroughly after every use, since their fibers (a.k.a. “nap”) hold so much paint. The same choice of cleaning agent applies: warm, soapy water for water-based latex and acrylic paints, and a chemical solvent for oil-based paints.
Squeeze excess paint back into the can. You can put gloves on and use your hands for this, but our experts recommend a five-in-one paint tool, whose curved scraper is the perfect shape for the job. A putty knife or other straight edge will also do the trick.
Roll off any remaining paint. Going back over a freshly painted section of wall is one strategy, or reach for some old newspaper — anything that will let you make a few passes to get off the last remnants of paint.
Do a deep-clean. At this point, it’s best to take the cover off its roller frame and put on plastic gloves. • For water-based paints, fill a bucket with warm, soapy water and wash the cover by hand with repeated squeezing motions; replace the water as needed until it runs clean with every squeeze. • For oil-based paints,add enough solvent to a long, flat container to submerge the cover (a paint tray is ideal). Let the cover sit for about five minutes, agitating it by hand every so often to loosen the paint. If necessary, repeat the process with a fresh supply of solvent.
Dry the covers. Stand them on end to prevent the fibers from getting crushed. If you used chemical solvents, make sure to dry the covers in a well-ventilated area. Store dry covers in resealable plastic bags or another airtight container.
Having written thousands of product reviews and how-to articles on all aspects of home ownership, from routine maintenance to major renovations, Dan (he/him) brings more than 20 years of industry experience to his role as the director of the Home Improvement & Outdoor Lab at the Good Housekeeping Institute. A one-time roofer and a serial remodeler, Dan can often be found keeping house at his restored Brooklyn brownstone, where he lives with his wife and kids.
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ST. LOUIS – A man stabbed a panhandler for using his “spot” Tuesday in St. Louis, police say.
The stabbing happened around 4 p.m. Tuesday near South Grand Boulevard and Gravois Avenue in south St. Louis.
Investigators say the victim, a 38-year-old man, was panhandling before an ‘enraged’ suspect approached him. The suspect reportedly pulled out a pocketknife and stabbed the victim in the bicep.
The suspect then took off in an older model SUV with an unknown driver. The victim was treated for injuries at a hospital.
St. Louis City has an ordinance through which aggressive begging, a form of panhandling, is considered a crime. It’s unclear whether the specific situation Tuesday police responded to was considered aggressive begging.
The St. Louis Metropolitan Police Department is handling the investigation.
Tweets have been disappearing from Sam Bankman-Fried’s Twitter account — and those of ex-business partners including NFL legend Tom Brady — as the disgraced ex-boss of the FTX crypto exchange scrambles to address fallout from the platform’s collapse.
The missing tweets include both old missives from Bankman-Fried himself as well as his retweets of posts from other prominent FTX-linked figures — including Brady and Anthony Scaramucci, the former White House adviser who heads SkyBridge Capital.
One of the most notable deleted tweets was a thread from Nov. 7, when Bankman-Fried asserted that a “competitor is trying to go after us with false rumors.”
“FTX is fine. Assets are fine,” Bankman-Fried wrote. In subsequent tweets which have also disappeared, Bankman-Fried had claimed FTX doesn’t “invest client assets” and “has enough to cover all client holdings.”
Within days, FTX, its sister cryptocurrency trading house Alameda Research and more than 100 affiliates had filed for Chapter 11 bankruptcy. Earlier this week, FTX noted in court filings that it could have more than 1 million creditors.
Reuters reported at least $1 billion in FTX client funds is still missing. The report said Bankman-Fried had “secretly” moved $10 billion in FTX assets to help prop up Alameda’s risky bets — a revelation that directly contradicted the ex-CEO’s deleted claim.
Brady, an FTX investor and brand ambassador alongside his ex-wife Gisele Bündchen, deleted a slew of posts related to the platform, including a Fourth of July video for FTX in which the Tampa Bay Buccaneers quarterback used a flamethrower to melt a block of ice with a cryptocurrency token inside.
“I’m around if anyone needs me for their 4th of July barbecue. Fire it up @FTX_Official,” Brady said in the now-deleted tweet.
Scaramucci appeared to have deleted the Sept. 9 tweet in which he revealed that FTX Ventures had acquired a 30% stake in his firm, SkyBridge Capital.
The hedge fund boss and former Trump administration official told CNBC that FTX’s collapse made it “the worst week in cryptocurrency history.”
The Tie, an information systems firm focused on digital assets, compiled an archive of tweets that appear to have disappeared from Bankman-Fried’s timeline since they were posted. The exact timing of those deletions is unclear.
“Due to the recent bankruptcy, and growing concern around his account activity, we’ve decided to release the list of 118 tracked tweets that have since been deleted after posting,” The Tie tweeted Monday, while noting the list was not exhaustive.
Scrutiny of Bankman-Fried’s Twitter account intensified after he posted a series of cryptic, one-word tweets spelling out the words “what happened,” followed by more unverified details with his view on FTX’s current situation.
The Post has reached out to representatives for Bankman-Fried, Brady and Scaramucci’s SkyBridge Capital for comment.
Meanwhile, Bankman-Fried has continued to insist that he and other FTX executives are doing all they can to make customers whole.
“My goal — my one goal — is to do right by customers. I’m contributing what I can to doing so. I’m meeting in-person with regulators and working with the teams to do what we can for customers. And after that, investors. But first, customers,” Bankman-Fried said Tuesday.