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Chesapeake Energy Corp., the archetype for America’s extraordinary shale-gas fortunes, filed for bankruptcy, becoming one of the biggest victims of a spectacular collapse in energy demand from the virus-induced global lockdown.

The Oklahoma City-based company filed for Chapter 11 protection from creditors in U.S. Bankruptcy Court in the Southern District of Texas on Sunday, listing assets and liabilities in the range of $10 billion and $50 billion, and more than 100,000 creditors.

The company also entered into an agreement to eliminate about $7 billion in debt and secure $925 million in debtor-in-possession financing.

“We are fundamentally resetting Chesapeake’s capital structure and business to address our legacy financial weaknesses and capitalize on our substantial operational strengths,” Chief Executive Officer Doug Lawler said in a statement.

Chesapeake is, to a certain extent, victim of the success both it and its peers had in extracting huge volumes of gas from previously hard-to-exploit shale basins. While that turned the U.S. into a global supplier of the fuel to rival any other, it also contributed to a glut that weighed on prices. Natural-gas futures in New York traded last week at a 25-year low.

But the gas market is only part of the story. Earlier in its history, under the direction of its late co-founder Aubrey McClendon, a colorful and outspoken advocate for the natural gas industry, Chesapeake expanded aggressively. The heavy debt load it acquired in the process was a burden it ultimately couldn’t shake off.

About a decade ago, Chesapeake was a $37.5 billion giant at the forefront of the fracking revolution that transformed the U.S. oil and gas industry. The company cut eye-popping checks to Fort Worth businesses and residents as inducements to drill on their land in the Barnett Shale of North Texas, America’s first shale field to hit the big time.

U.S. natural gas slumped after the 2008 financial crisis as the frackers overwhelmed demand, and prices still haven’t revisited their previous highs. Investors soured on Chesapeake, which by that point wasn’t only debt-laden but saddled with a real estate empire that included shopping centers, a church, and a grocery store. McClendon was ousted in 2013 and died in an auto accident three years later.

In subsequent years, management sought to compensate for the decline in its gas fortunes by shifting into oil exploration as fracking turned the U.S. into the world’s largest producer of crude as well as a major exporter. However, any optimism about that strategy evaporated with oil’s recent price collapse amid the Covid-19 pandemic.

Despite the company’s efforts over the years to address leverage and profitability, “the recent and dramatic drop in commodity prices and resulting tightening of the credit markets have frustrated the Debtors’ ability to further deleverage absent a chapter 11 proceeding,” Chief Financial Officer Domenic J. Dell’Osso said in a declaration in support of the bankruptcy filings.

Lawler took over Chesapeake in 2013 with an aim of reducing its debt load that was larger than Exxon Mobil Corp.’s, a company 29 times Chesapeake’s market value at the time. He had counted on capital spending cuts and asset sales to cover debt obligations. The company was in talks last year with Jerry Jones, the billionaire Dallas Cowboys owner, about a $1 billion sale of shale assets, but no deal resulted.

In May, Lawler was forced to discard his company’s full-year outlook and write down the value of $8.5 billion in assets as energy demand tumbled amid the Covid-19 lockdown. By then, the producer’s market value had dropped to less than $200 million. The company had about 2,300 employees at the end of last year.

“Despite having removed over $20 billion of leverage and financial commitments, we believe this restructuring is necessary for the long-term success and value creation of the business,” Lawler said Sunday.

The bankruptcy follows that of another highflier in the U.S. oil patch, Whiting Petroleum Corp., which filed for Chapter 11 at the start of April after championing what was once the premiere U.S. shale field, the Bakken of North Dakota.

More must-read energy sector coverage from Fortune:

  • COVID-19 is crippling the energy market, with one big exception: renewables
  • Why the coronavirus crisis could make Big Oil greener
  • Buccaneers of the basin: The fall of fracking—and the future of oil
  • The U.K.’s lockdown is making the country’s electricity grid greener—for good
  • For boom-bust oil towns, coronavirus is a very different kind of crisis

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The ACLU has filed a formal complaint against Detroit police over what it claims is a wrongful arrest resulting from facial recognition technology.

A black man named Robert Julian-Borchak Williams was arrested after a facial recognition system falsely matched his photo with security footage of a shoplifter, according to the civil liberties group.

The New York Times reports that the ACLU is calling for all charges to be dismissed against Williams and for his name to be removed from the city’s criminal databases.

The robbery that Williams is accused of happened in October 2018, and in March 2019, a still from the store’s surveillance video was uploaded to Michigan state’s facial recognition database, according to the complaint.

MORE THAN 1,600 GOOGLE EMPLOYEES CALL ON COMPANY TO END ALL POLICE CONTRACTS

The ACLU has filed a formal complaint over a Detroit man's arrest that was based on facial recognition.

The ACLU has filed a formal complaint over a Detroit man’s arrest that was based on facial recognition.
(iStock)

That would have generated a series of photographic matches, later provided as part of a document that said they were not “probable cause for arrest.” However, Williams’ picture was included in a photo lineup later shown to the shop’s security guard. This guard, who the ACLU says did not witness the robbery firsthand, positively identified Williams.

This eventually led to his arrest and subsequent detention for 30 hours.

Two weeks after he was arrested, Williams’ case was dismissed “without prejudice,” leaving him open to being charged again, the NYT notes. The ACLU also writes that as a result of the arrest, the man’s DNA sample, mugshot and fingerprints are on file, and that his arrest is on the record.

The complaint against Detroit comes as multiple Silicon Valley companies, including IBM and Amazon, are either abandoning facial recognition or placing temporary moratoriums on selling the controversial technology to police departments.

AS COVID-19 CASES SPIKE IN PARTS OF THE US, APPLE TO SHUT DOWN SOME STORES AGAIN

The Detroit police department accepted the prosecutor’s decision to dismiss the case, and as of July 2019, the department’s policy was to only use facial recognition to investigate violent crimes, the Times reports.

Facial recognition critics and some technologists have long contended that the software is biased against black people.

Business Achievement Awards

The ACLU has filed a formal complaint against Detroit police over what it claims is a wrongful arrest resulting from facial recognition technology.

A black man named Robert Julian-Borchak Williams was arrested after a facial recognition system falsely matched his photo with security footage of a shoplifter, according to the civil liberties group.

The New York Times reports that the ACLU is calling for all charges to be dismissed against Williams and for his name to be removed from the city’s criminal databases.

The robbery that Williams is accused of happened in October 2018, and in March 2019, a still from the store’s surveillance video was uploaded to Michigan state’s facial recognition database, according to the complaint.

MORE THAN 1,600 GOOGLE EMPLOYEES CALL ON COMPANY TO END ALL POLICE CONTRACTS

The ACLU has filed a formal complaint over a Detroit man's arrest that was based on facial recognition.

The ACLU has filed a formal complaint over a Detroit man’s arrest that was based on facial recognition.
(iStock)

That would have generated a series of photographic matches, later provided as part of a document that said they were not “probable cause for arrest.” However, Williams’ picture was included in a photo lineup later shown to the shop’s security guard. This guard, who the ACLU says did not witness the robbery firsthand, positively identified Williams.

This eventually led to his arrest and subsequent detention for 30 hours.

Two weeks after he was arrested, Williams’ case was dismissed “without prejudice,” leaving him open to being charged again, the NYT notes. The ACLU also writes that as a result of the arrest, the man’s DNA sample, mugshot and fingerprints are on file, and that his arrest is on the record.

The complaint against Detroit comes as multiple Silicon Valley companies, including IBM and Amazon, are either abandoning facial recognition or placing temporary moratoriums on selling the controversial technology to police departments.

AS COVID-19 CASES SPIKE IN PARTS OF THE US, APPLE TO SHUT DOWN SOME STORES AGAIN

The Detroit police department accepted the prosecutor’s decision to dismiss the case, and as of July 2019, the department’s policy was to only use facial recognition to investigate violent crimes, the Times reports.

Facial recognition critics and some technologists have long contended that the software is biased against black people.

Business Achievement Awards

Billionaire investor Carl Icahn has filed plans to demolish a former Atlantic City casino built by Donald Trump before he was president, but Icahn and the city have not yet agreed on when the towers will come down.

Mayor Marty Small held a news conference Thursday to announce that Icahn’s company has filed demolition plans with the city that call for both towers of the casino to be imploded, a departure from initial discussions that would have razed only one.

But Icahn’s plans call for the structures to be demolished by June 2021, a timetable Small called “not acceptable.”

“My administration’s goal is to get it down by the end of this year, or by late February,” the mayor said.

Icahn and his representatives did not respond to messages seeking comment. In March, Icahn said through a spokesman that his company had already committed itself to tearing down the building and did not need to be prodded by the city, which took Icahn to court to force demolition.

The damaged exterior of the former Trump Plaza casino is seen in Atlantic City, N.J., Thursday, June 11, 2020, where pieces of the building have broken loose and crashed to the ground. Today the city announced that Carl Icahn, the billionaire investor who owns the building, has filed plans to demolish it within a year, but the city wants it down sooner than that. (AP Photo/Wayne Parry)

In recent years, Icahn has requested the use of more than $5 million in redevelopment tax payments that Trump Plaza made while it was operating to help offset the cost of demolition.

“That is not part of the equation,” Small said.

The mayor commended Icahn for being willing to work with the city to bring down the former casino, which Trump opened in 1984 in a prime spot at the center of Atlantic City’s Boardwalk where the Atlantic City Expressway deposited cars entering the resort.

It closed in 2014, one of four Atlantic City casinos to shut down that year, followed by another former Trump casino, the Taj Mahal, in 2016. That property has since reopened as the Hard Rock casino.

But Trump Plaza has sat empty for six years, and has been deteriorating. Earlier this year, large pieces of the facade broke loose from one of the hotel towers and came crashing to the ground. In a recent storm, additional debris fell from the structure onto the Boardwalk.

“Vacant buildings are not good for a city, especially high rises,” said Fire Chief Scott Evans. “We’ve been responding to this building many times, mostly for debris falling from the building. Debris has fallen from the 34th floor. It’s nerve-wracking for us when we get high winds. I cringe.”

Trump cut most ties with Atlantic City in 2009 aside from a 10% fee for the use of his name on what were then three casinos in the city. That stake was extinguished when Icahn took ownership of the company out of bankruptcy court in February 2016.

More must-read finance coverage from Fortune:

  • More aid “absolutely” needed for businesses, says Mnuchin. Here’s what form that could take
  • How investors can support diversity with their dollars
  • Over 44.2 million Americans have filed for unemployment during the coronavirus pandemic
  • How a second wave of the coronavirus could impact global GDP and jobs, according to the OECD
  • Could a Western Union–MoneyGram deal help two giants fend off fintech disrupters?
  • WATCH: Why the banks were ready for the financial impact of the coronavirus

Business Achievement Awards

Cybercrimes are on the rise with hackers and scammers chomping at the bit for a shot at your system. There’s one tool that should be on all computers.

IBM Security, Packet Clearing House and The Global Cyber Alliance have a free service to protect you from accessing sketchy websites that spread malware, steal personal information and engage in fraudulent activity. Tap or click here to use this free security tool on your Windows or Mac computers.

But hackers may have already compromised your network. Tap or click here for a free test to see if your router has been hacked.

1. Keep everything up to date

Security threats are continually evolving, which is why you need to keep your browser updated. Updates help protect you from the latest spreading viruses and attacks. Tap or click here to find out if you are using the latest version of your browser.

Even more important, update your operating system regularly. Windows releases frequent (though sometimes buggy) updates and missing any can mean severe consequences for your security. The same goes for Macs.

Most Windows PCs download and install updates automatically by default. If you haven’t changed your automatic update settings, you might not need to change a thing. If you’ve turned automatic updates off, you can update manually.

Apple’s macOS receives its updates through the Mac App Store. Open the App Store app, click Updates. Tap Update to download and install.

2. Test your firewall

Even if cybercriminals can see your network, a firewall helps to prevent them from getting inside and doing any damage. Make sure your firewall is on.

For Windows, open Settings > Update & Security. Choose Windows Security from the left-hand menu. Choose Firewall & Network Protection to open the firewall menu.

Your system will tell you whether your firewall is on or not. If it’s off, you can toggle it on or reset the settings to default by clicking on Restore firewalls to default.

For Mac, open System Preferences, then click Security and Privacy. Click the Lock Icon to make changes and enter your admin username and password. Then select Turn on Firewall.

One more important step

Tap or click here to test that your firewall is actually working. These port scans will make sure you’re keeping bad actors out of your system.

3. Remove extra browser add-ons and hosts files in Windows

Most browser extensions are safe-to-use tools that enhance your internet experience, but some are malicious. Regularly comb through your list of extensions and remove any you don’t recognize or don’t use anymore.

In Chrome: Visit the Chrome Web Store menu to see a list of all your currently installed extensions. Remove them by clicking Remove from Chrome. Click the Library tab and delete the extension from there as well.

In Firefox: Click on the three-line menu button and click Add-ons, followed by Extensions. Scroll through the list of extensions and click the three-dot icon next to the extensions you want to remove. Select Remove to delete them from your browser.

In Safari: Choose Safari > Preferences, then click Extensions. To turn off an extension, deselect its checkbox. To uninstall an extension, select the extension and click the Uninstall button.

Tip in a Tip: When it comes to browsers, some are better than others. Tap or click here for a comparison of Chrome, Safari, Firefox, Edge and Tor.

Windows users should check the hosts file to see if attackers have made any unusual configurations. This file can override your DNS and redirect URLs to different locations, like malicious websites.

Type the Window Key + R on your keyboard and paste C:WindowsSystem32driversetchosts into it.

In the pop-up menu that appears, select Notepad to open the file. Scroll through and note any unusual or garbled looking text. Copy the data contained here into another text document as a backup, and delete the unusual entries. Click File, then Save to make the changes.

4. See who else is using your Wi-Fi

Network intruders can slow down your internet speed and interfere with your data. It’s worth knowing who else might be logged in and using it.

To see all the devices connected to your network, open your router’s settings menu. To do this, type your IP address into the address bar of your web browser. You can usually find this address on the sticker attached to the bottom of your router, but most use the default address of 192.168.1.1.

Or you can tap or click here for a handy website that lists default IP addresses for thousands of different routers.

Then, log in with your username and password. This is the default username and password for your router or a unique login you created when you set it up. If you’re unsure what your login is, you can call your ISP for assistance.

When you’re logged into your router settings, look for an option that looks like “Attached Devices, “Connected Devices” or “Client List.” It shows you all the devices using your connection.

Scroll through the list and note anything that you don’t recognize. Usually, you can kick them off from this menu as well.

SAVE SOME CASH: You’re probably paying more than you need to for internet. Tap or click here for seven smart ways to lower your monthly bill.

5. Hide your Wi-Fi network from public view

By default, your router broadcasts its network name (SSID) for you and your guests to find easily. This also means anyone looking for your network can attempt to join. You can stop it from broadcasting its connection, so only people who know your router’s exact name can attempt to join.

To do this, log into your router’s settings and locate the menu for wireless settings. Look for the broadcasting option for your SSID, which is most often enabled by default. Toggle that option off.

Make sure you write down your SSID before disabling the broadcast. Otherwise, you might find yourself locked out of your network.

With a little work, you can make your network a whole lot safer. My advice? Take some time to secure your connection. Your future self will thank you.

What digital lifestyle questions do you have? Call Kim’s national radio show and tap or click here to find it on your local radio station. You can listen to or watch The Kim Komando Show on your phone, tablet, television or computer. Or tap or click here for Kim’s free podcasts.

Copyright 2020, WestStar Multimedia Entertainment. All rights reserved.

Learn about all the latest technology on the Kim Komando Show, the nation’s largest weekend radio talk show. Kim takes calls and dispenses advice on today’s digital lifestyle, from smartphones and tablets to online privacy and data hacks. For her daily tips, free newsletters and more, visit her website at Komando.com.

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