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    A purchase at a small town sale turned out to be a 'priceless' de Kooning painting stolen in 1985

    It was a heist that was as brazen as it was simple.
    On the morning of Nov. 29, 1985, a couple entered The University of Arizona Museum of Art in Tucson, Arizona. Within minutes, “Woman-Ochre” — a painting by the Dutch-American artist Willem de Kooning — was gone.

    The museum’s curator Olivia Miller described the theft in a podcast interview on The J. Paul Getty Museum’s website:
    “The building was just starting to open up for the day. There was a man and woman sitting outside in the courtyard, and a staff member entered the building, and they came in behind them.
    The security guards are not yet all taken their positions in the building. The man proceeded upstairs to the second floor, and the security guard began upstairs to go take her position up there. But the woman stopped her to talk to her about the painting that hangs in the stairwell. We now know that that was clearly a method to distract her and prevent her from going upstairs.
    About five to 10 minutes later, the man came back down and the couple left the museum. The security guard continued upstairs, walked through the galleries and that’s when she realized that ‘Woman-Ochre’ had been cut from its frame.”

    The frame from which “Woman-Ochre” was cut, shown here in a 2015 event to publicize the then 30-year anniversary of the stolen painting.
    The University of Arizona Museum of Art

    The thieves left no fingerprints, and the museum didn’t have a camera system at the time, Miller told CNBC.  

    The painting would remain missing for 32 years.

    The painting resurfaces

    In 2017, David Van Auker, the co-owner of a furniture and antiques store in Silver City, New Mexico, paid $2,000 for a collection of items an estate sale at a home in a small town outside of the city.
    The home belonged to Jerry and Rita Alter, both former public school employees. Jerry was a “Sunday painter” — or hobbyist — and the couple were known to be adventurous (“they traveled to like 120 countries”), said Miller.   

    Police sketches of the couple behind the theft of “Woman-Ochre.”
    The University of Arizona Museum of Art

    Among Van Auker’s purchase was a painting that hung behind the couple’s bedroom door, he told CNBC.
    Van Auker put the painting in his store, where customers immediately started to ask about it, he said. But it wasn’t until a customer offered $200,000 for it that he and his co-owners decided to investigate, he said.
    “The customer thought it might be worth far more and wanted to pay us fairly for it,” Van Auker told CNBC. “We searched Google [and] … found an article about the theft.”

    A moment to remember

    Miller was talking to a colleague in her office when she heard a strange conversation over the museum’s security radio. A security guard said there was a man on the phone who claimed to have the museum’s stolen painting.  
    “My coworker and I just stopped our conversation and looked at each other,” said Miller. “She said, ‘Are we going to remember this moment for the rest of our lives?'”
    Still, Miller said the moment wasn’t one of “instant excitement.” She said that while the man on the phone — which turned out to be Van Auker — sounded very genuine, she was concerned he could have a reproduction of some kind. So she asked him for photos, she said.

    “Every time he sent a photo, we were getting more and more excited,” she said. “He said that the painting had lines across it as if it had been rolled up.”
    Another showed the edges of the painting, which were uneven and “corresponded to the edges that we had that remained behind.”
    That’s when the FBI got involved, instructing Van Auker to quickly remove it from his store, said Miller. She said he stored it at a friend’s house until the museum could pick it up.

    Badly damaged

    Once the museum took possession of the painting, Miller said, the search was on to find a conservator with the expertise required to repair it. In what Miller called the “the absolute best scenario,” the Getty, which has its own conservation institute, agreed to accept it.

    When the painting was returned, it was in “very poor condition,” said Laura Rivers, associate paintings conservator for the J. Paul Getty Museum.
    Bob Demers, University of Arizona Artwork | © 2022 The Willem de Kooning Foundation Artists Rights Society (ARS), New York

    When the painting arrived at the Getty, it was in “very poor condition,” said Laura Rivers, associate paintings conservator for the J. Paul Getty Museum.
    It had horizontal cracking across the surface, and microscopic fragments of paint were scattered across the surface, caught between an early layer of varnish and a second layer applied after the theft, she said.
    Plus, the face of the painting had been stapled onto a new strainer, or wooden support system, and it appeared to have been rolled up — face in — which is generally worse than rolling a painting face out, said Rivers.

    Willem de Kooning’s “Woman-Ochre” (1954-1955) suffered extensive paint loss, shown here in horizontal lines, likely caused by the painting being peeled from a secondary wax canvas and then rolled up.
    Collection of the University of Arizona Museum of Art, Tucson. Gift of Edward J. Gallagher, Jr. © 2022 The Willem de Kooning Foundation / Artists Rights Society (ARS), New York

    Still, most of the damage is believed to have been done when the thief peeled the canvas away from its wax lining, she said. Miller told CNBC the lining was added in 1974 by the Museum of Modern Art to reinforce the painting after it was damaged during transit at the time.
    “When the thief began to cut the canvas away from the frame, the knife did not go through both canvases,” said Rivers. “It must have been a somewhat confusing moment since the thief probably expected the painting to come away easily.”

    The conservation process

    Rivers said she cleaned, reattached the microscopic paint fragments and prepared the painting’s damaged edges — a process which took 2.5 years.

    To repair the microscopic pieces of paint caught between the layers of varnish, Laura Rivers (here) said she used a stereomicroscope, a heat pencil, small dental tools, silicone color shapers and tiny brushes. “It was the smallest and the largest of jigsaw puzzles,” she said.
    Artwork © 2022 The Willem de Kooning Foundation / Artists Rights Society (ARS), New York

    As demonstrated in a video on Getty’s website, Ulrich Birkmaier, the Getty’s senior conservator, reattached the edges to the original canvas and filled in some of the lost paint, a process called “inpainting,” Rivers said.
    In all, the conservation project took about three years, though some of this was due to pandemic-related delays, she said.

    Back in public view

    After a short exhibition at the Getty Center, “Woman-Ochre” is headed back to the University of Arizona Museum of Art, where it will open to the public via a special exhibition starting Oct. 8.
    “Once that exhibition is over in May, it will indeed move back up to the very wall it was stolen from, where it will stay for many, many years to come,” said Miller.

    Getty conservator Laura Rivers removes discolored varnish from the surface of “Woman-Ochre.”
    Artwork © 2022 The Willem de Kooning Foundation / Artists Rights Society (ARS), New York

    Andy Schulz, The University of Arizona’s Vice President for the Arts (left), and Getty conservation scientist Tom Lerner (right) look at “Woman-Ochre” at the opening of Getty’s “Conserving de Kooning: Theft and Recovery” exhibition in June 2022.
    Courtesy of Chris Richards / University of Arizona. Artwork © 2022 The Willem de Kooning Foundation / Artists Rights Society (ARS), New York

    Miller said the museum isn’t attaching a dollar value to the work due to heightened attention around its return, but in terms of cultural and educational value, Miller said “we consider it priceless.”
    The story of “Woman-Ochre” has now been made into a movie. Miller said the filmmakers did a “great job” and that she was “especially impressed with how many interviews they secured, including … people who knew Jerry and Rita personally.”
    The FBI case into who stole the painting remains open, she said.   More

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    Bed Bath & Beyond is closing about 150 stores. Here’s a map of ones on the list so far

    Bed Bath & Beyond has released a list of dozens of stores that it will close.
    The struggling home goods retailer said it will close about 150 namesake stores as it works to stabilize its finances and turn around declining sales.
    The company is also laying off employees and secured more than $500 million in new financing.

    Bed Bath & Beyond has announced dozens of the roughly 150 stores it plans to close.
    The struggling home goods retailer released its plans last month to shutter the “lower producing” locations, representing about 20% of its namesake stores.

    The closures are part of a broader plan to try to stabilize the company’s finances and turn around its declining sales. In late August, Bed Bath secured more than $500 million in new financing, including a loan, ahead of the key holiday season. Its workforce is getting smaller, too, as it cut its corporate and supply chain staff by about 20%.
    Bed Bath & Beyond posted a list of 56 namesake locations it will close. They are scattered across the U.S., from California and Nevada to Ohio and Florida.
    The retailer operates other chains, too. It had 135 Buybuy Baby stores and 51 locations under the Harmon, Harmon Face Values or Face Values banners, as of the end of the fiscal first quarter. It is adding to its baby goods banner, however. It opened five Buybuy Baby stores in that three-month period ended May 28.
    Already, Bed Bath & Beyond’s footprint has shrunk significantly. Over the past two years, it has dropped by about 35% as the company shuttered other locations. It had a total of 1,478 stores, at the end of the first quarter in 2020. By the same time this year, it had a total of 955 stores, including 769 Bed Bath & Beyond shops.

    Bed Bath & Beyond is at a crucial moment. It has put up quarter after quarter of declining sales and burned through cash as it remodeled stores, developed private brands and bought back its own stock. Its same-store sales declined 23% in the first quarter and 26% for the three-month period ended Aug. 27.

    The company is scheduled to report its full second-quarter results later this month.
    Bed Bath & Beyond is searching for new leadership to take over for its interim CEO and CFO. Its board pushed out Mark Tritton, a Target veteran tapped as chief executive in 2019 to lead a turnaround effort, and Joe Hartsig, its chief merchandising officer. Its chief financial officer, Gustavo Arnal, died by suicide earlier this month. The company eliminated the jobs of chief store officer and chief operating officer.
    Shares of the company are down about 38% so far this year. As of midday Thursday, the stock was trading around $8.90, up roughly 1.6%.
    See the list of locations closing here.
    If you are having suicidal thoughts, contact the Suicide & Crisis Lifeline at 988 for support and assistance from a trained counselor.

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    Cramer's lightning round: I can not recommend Occidental Petroleum

    Monday – Friday, 6:00 – 7:00 PM ET

    It’s that time again! “Mad Money” host Jim Cramer rings the lightning round bell, which means he’s giving his answers to callers’ stock questions at rapid speed.

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    Universal Display Corp: “How about when it gets to say, 18, 19 times earnings, you actually pull the trigger. Wait for that stock to come down.”

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    Nucor Corp: “I think you have to now wait until the $90s to buy Nucor.”

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    Dow Inc: “I wouldn’t touch the stock until it gets to $42.”

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    Devon Energy Corp: “If the stock were to come back down from $69 down to $60, I’d buy it again. But if it goes to $73, we will do some selling.”

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    Plug Power Inc: “We own the stock of Linde. … That’s the better way to play it.”
    Disclaimer: Cramer’s Charitable Trust owns shares of Devon Energy.

    Jim Cramer’s Guide to Investing

    Click here to download Jim Cramer’s Guide to Investing at no cost to help you build long-term wealth and invest smarter.

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    Cramer says investors should remain calm after FedEx’s bad quarter but brace for more economic pain

    Monday – Friday, 6:00 – 7:00 PM ET

    CNBC’s Jim Cramer advised investors not to panic after FedEx’s worse-than-expected first quarter.
    The “Mad Money” host’s warning comes after FedEx reported first-quarter earnings and revenue that fell short of Wall Street expectations, citing a decline in global shipment volumes.

    CNBC’s Jim Cramer advised investors not to panic after FedEx’s worse-than-expected first quarter.
    The “Mad Money” host’s warning comes after FedEx reported first-quarter earnings and revenue that fell short of Wall Street expectations, citing a decline in global shipment volumes, while announcing aggressive cost-cutting measures.

    Shares of the company tumbled 16% in extended trading.
    Cramer outlined three reasons why investors shouldn’t let the company’s bad quarter scare them too much:

    This was CEO Raj Subramaniam’s first quarter leading the company. While the issues appear to be macroeconomic, there could be some issues with the company’s execution that are not apparent yet, which means the economy might not be in as dire a situation as the company suggested.
    The issues Subramaniam described are all manmade. Both the Covid lockdowns in China and Russia’s invasion of Ukraine are issues that global leaders are causing, which means that there’s potential for resolution.
    It’s entirely possible for wage inflation to come down. “Maybe the bears who insist that the Fed raise and raise and raise and raise [interest rates] don’t know what they’re talking about,” Cramer said.

    However, this doesn’t mean that investors shouldn’t brace themselves for more pain ahead, he said. “Most of us didn’t know until tonight we had this many problems and that they are all getting much worse, not better.”

    Jim Cramer’s Guide to Investing

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    DOJ is changing the way it prosecutes companies, and it could put more executives in jail

    DOJ is changing the incentive structure for companies negotiating with the government over cases of corporate wrongdoing, according to a senior department official.
    The government will give credit to companies that come forward with information and names of individual executives involved in criminal activity, the official said.
    The department said it will also make it much more difficult for companies to get successive non-prosecution agreements.

    The crest of the United States Department of Justice (DOJ) is seen at their headquarters in Washington, D.C., U.S., May 10, 2021.
    Andrew Kelly | Reuters

    Significant changes are coming to the ways federal prosecutors will handle white collar criminal cases, putting a greater emphasis on individual executives who commit fraud, a senior official at the Department of Justice said Thursday.
    DOJ is changing the incentive structure for companies negotiating with the government over cases of corporate wrongdoing, according to the official. The government will give credit to companies that come forward with information and names of individual executives involved in criminal activity, the official said.

    “Timeliness for information about key individuals will be a key metric for prosecutors who are judging the credit companies get for their for their cooperation,” the official said. “If the company comes forward, people may go to jail, and that is the intent here. But the company itself on behalf of its shareholders may avoid a guilty plea.”
    The department plans to also make it much more difficult for companies to get successive non-prosecution agreements. Now prosecutors will weigh the full range of a company’s prior conduct when making decisions about resolutions.
    “Historically there was a concern that some companies might view resolutions with the Department of Justice as a cost of doing business and think there was a possibility of multiple successive non-prosecution agreements or deferred prosecution agreements,” the official said. “We’re trying to send a message that’s not the case.”
    And the DOJ is also going to emphasize executive compensation clawbacks, so the executives who committed the fraud pay a price, not just the shareholders of the company when a corporation foots the bill for a fine. 
    New rules are also expected on corporate compliance monitors who are often tasked with making sure companies stay on their best behavior after misconduct.  
    Deputy Attorney General Lisa Monaco will unveil the new policies Thursday evening at New York University.

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    Video platform Rumble to go public after successful SPAC vote

    Shareholders of the special purpose acquisition company Cantor Fitzgerald Acquisition Corp. VI voted Thursday to take Rumble public.
    Rumble, which was founded as an alternative to YouTube, hosts channels for those kicked off the platform, including Alex Jones and multiple QAnon influencers.
    The company is set to go public on Monday under the ticker “RUM.”

    The Rumble video platform logo on a laptop computer arranged in Hastings on Hudson, New York, U.S., on Saturday, Jan. 23, 2021.
    Tiffany Hagler-Geard | Bloomberg | Getty Images

    Shareholders of the special purpose acquisition company Cantor Fitzgerald Acquisition Corp. VI voted Thursday to take the video platform Rumble public.
    Rumble was founded as a YouTube alternative and hosts channels for those kicked off the platform, including Infowars host Alex Jones and multiple QAnon influencers. It is scheduled to go public Monday under the ticker “RUM.” The blank check company set to take it public is led by Cantor Fitzgerald CEO Howard Lutnick.

    Rumble, which says it has 78 million global monthly viewers, recently announced that it is launching exclusive shows from actor Russell Brand and journalist Glenn Greenwald. Rumble also manages ad sales for former President Donald Trump’s Truth Social platform, which Trump founded after he was banned from Twitter following the Jan. 6, 2021, Capitol riot.
    The Rumble vote comes soon after shareholders of a SPAC seeking to take Trump Media and Technology Group public failed to approve a deadline extension for the deal. Shareholders of Digital World Acquisition Corp. will vote again Oct. 10.
    “Rumble is creating the rails to a new infrastructure that will not be bullied by cancel culture,” wrote Rumble founder Chris Pavlovski in a filing with the Securities and Exchange Commission. “We are a movement that does not stifle, censor, or punish creativity and freedom of expression.”
    The platform has also earned private financing from conservative venture capitalist Peter Thiel as well as author and Senate candidate and “Hillbilly Elegy” author J.D. Vance, according to The Wall Street Journal.
    Shares of Cantor Fitzgerald Acquisition Corp. VI., soon to be RUM, were down over 16% at market close.

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    Star Wars spinoff 'Rogue Squadron' officially off calendar as Disney shores up film slate

    On Thursday, Disney officially removed “Rogue Squadron” from its film calendar.
    Last November, reports surfaced that Patty Jenkins was no longer available to film the Star Wars project during its initial production date, as she was committed to other features.
    Disney and Lucasfilm did not share a single detail about any future film projects set in a galaxy far, far away during the company’s annual D23 Expo.

    Patty Jenkins attends TNT’s “I Am The Night” FYC Event on May 9, 2019 in North Hollywood, California.
    Emma McIntyre | Getty Images

    Questions about the fate of Patty Jenkins’ “Rogue Squadron” began circulating nearly a year ago, and intensified after the Star Wars film went unmentioned at Disney’s annual D23 Expo last weekend.
    On Thursday, the studio officially removed the Lucasfilm project from its calendar when announcing a spate of title reveals and date changes for its theatrical releases in 2023 and 2024. The absence of “Rogue Squadron” from the lineup called into question whether the film will come to fruition at all.

    Among the other announcements, Disney confirmed that “Wish” will take the coveted Thanksgiving release date next year.
    It also revealed that “Elio” is the untitled Pixar film dated March 1, 2024, “Snow White” is the untitled Disney live action film dated March 22, 2024, “Inside Out 2” is the untitled Pixar project due out on June 14, 2024 and “Mufasa: The Lion King” is the untitled Disney live action film set for release on July 5, 2024.
    “Haunted Mansion” shifted from March 10, 2023 to Aug. 11, 2023 and Disney announced its Searchlight film “Next Goal Wins” would be released on April 21, 2023.
    But, it’s the removal of “Rogue Squadron” that is most notable.
    Last November, reports surfaced that Jenkins was no longer available to film the Star Wars project during its initial production date since she was committed to other features, including a third Wonder Woman film for Warner Bros. and a Cleopatra film for Paramount. The suggestion was that Jenkin’s Star Wars feature would be punted down the calendar to another date.

    “Rogue Squadron” was set to be the first theatrical Star Wars film since the 2019 release of “Star Wars: The Rise of Skywalker,” which received middling reviews and generated over $1 billion in ticket sales worldwide.
    The path for future Star Wars films has been unclear since “Rise of Skywalker” was released. While the studio has several projects in development, including one from Marvel Studios head Kevin Feige and one from acclaimed director Taika Waititi, Disney has focused on telling Star Wars stories through serial content on streaming service Disney+ with hit shows like “The Mandalorian.”
    There’s even talk that “Star Wars: The Last Jedi” director Rian Johnson is still attached to a stand-alone trilogy set within the Star Wars universe.
    But with no major announcements from Disney, particularly at its major expo last weekend, more questions arose about the future of Star Wars in cinemas.
    For now, it seems that the future of Star Wars will remain on Disney+. In addition to “The Mandalorian,” “The Book of Boba Fett” and “Obi-Wan Kenobi,” Disney has has live-action series featuring characters Cassian Andor and Ahsoka Tano set for release. Additionally, its animated content continues to thrive as new seasons of “The Bad Batch” continue to be released and the studio has plans to release a series of shorts called “Tales of the Jedi.”

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    Biden pushed railways, unions to 'be creative' and 'flexible' to reach a deal and avoid a shutdown, White House says

    Tentative agreements were reached with the major unions early Thursday morning after nearly 20 straight hours of negotiations following months of talks.
    The White House says Biden pushed them to consider the harm that would hit families, farmers, businesses and entire communities if there was a rail shutdown.
    Biden asked them to be creative, to be flexible, meet the others halfway, and emphasized how significant the economic impacts could be.

    President Joe Biden urged railway executives and union leaders to be creative and flexible in finding a compromise to avoid a shutdown that could have disrupted the transport of goods across the U.S., White House Press Secretary Karine Jean-Pierre said.
    “The president’s message — it was very clear — we must get a deal done,” Jean-Pierre told reporters at a press briefing Thursday. “He pushed them once again to recognize the harm that would hit families, farmers, businesses and entire communities if there was a shutdown. He asked them to be creative, to be flexible, meet the others halfway as well, and he emphasized how significant the economic impacts could be.”

    In negotiations that lasted nearly 20 hours, the Biden administration, including the president himself. along with Transportation Secretary Pete Buttigieg and Labor Secretary Marty Walsh, to reach a deal before the Friday deadline.

    U.S. President Joe Biden greets negotiators who brokered the railway labor agreement after U.S. railroads and unions secured a tentative deal to avert a rail shutdown, in the Oval Office at the White House in Washington, September 15, 2022.
    Kevin Lamarque | Reuters

    “You have to remember what we averted here,” Jean-Pierre said. “This would have been devastating for our economy, devastating for our supply chains.”
    About 40% of the nation’s long-distance trade is moved by rail. If the unions had gone on strike, more than 7,000 trains would have been idled, costing up to an estimated $2 billion per day. The White House had been in talks with railroad workers’ unions and companies for several months, but negotiations hinged on the issue of unpaid sick time.
    Tentative agreements reached early Thursday morning affected about 60,000 employees who collectively are represented by the Brotherhood of Locomotive Engineers and Trainmen Division of the International Brotherhood of Teamsters, the International Association of Sheet Metal, Air, Rail and Transportation Workers — Transportation Division, and the Brotherhood of Railroad Signalmen.

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