Remember when Tyson Foods appointed a 32-year-old family member as the new company CFO, and you felt a little jealous? Well no longer! As Excel users, we have all had those muddled days where we find ourselves in the wrong cell or perhaps the wrong spreadsheets. But John R. Tyson has really had one of those days, finding himself in the wrong bedsheets. He has found himself in the right cell though. A prison cell.

The lowdown

• 🛒 Walgreens majority-owned VillageMD to acquire Summit Health in $9 billion deal.

• 💾 Nvidia to sell new semiconductor chip to China that skirts new trade rules.

• 💰 CFOs use currency protections as strong US dollar impacts earnings.

Featured stories

Oaktree

It’s always sad to see people lose their homes to pay off debts but when the home being lost is a planned 240,000 sq ft villa that was to resemble the Palace of Versailles, tears just don’t well up in the same way. Not that anyone at cold-hearted, distressed debt investor Oaktree is capable of crying.

In a recent HKEX announcement, property developer Evergrande notified shareholders that the plot of undeveloped land it held in Yuen Long, Hong Kong had been sold by receivers for $632 million. The property was provided as collateral for a loan from Oaktree. Evergrande expects to record a loss of $770 million in relation to the project.

The developer’s Chair had intended to build a Palace of Versailles-inspired mansion ($) on the land. Those dreams were dashed when the company’s $300 billion in liabilities began to bite as home sales in China began to slow.

For its part, Oaktree are said to have made $140 million from providing the loan, thanks to the 19% interest rate($) agreed by the parties. More than enough to buy a box of tissues.

The content we're consuming today

• FT: Starbucks’ Howard Schultz: ‘The soul of the company was being compromised’ ($).

• Bloomberg: Adobe Is Trying to Spend $20 Billion to Buy Back Its Swagger.

Off-balance sheet items

• Corinna and the King – A new podcast from Project Brazen about the secret romance between businesswoman Corinna zu Sayn-Wittgenstein and Juan Carlos I, the King of Spain.

The bottom line