March 1, 2017

The Daily Bankruptcy News

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Law:

Partner pay becomes more volatile as law firms seek to retain top performers
(DBN)

Partner Compensation By the Numbers
(DBN)

Another Ex-Partner Targets Chadbourne in Sex Bias Case Third Partner Wants to Sue Chadbourne for Gender Bias
(DBN)

Half of law firms surveyed made fewer summer associate offers last year; were pay hikes to blame?
(DBN)

Michael Z. Brownstein Joins Tarter Krinsky & Drogin's Bankruptcy Practice as Counsel
(DBN)

Trump Can't Keep Ignoring Threats Against Jews Trump called wave of anti-Semitic attacks 'reprehensible,' but says they're sometimes done in 'the reverse' Trump begins his first speech to Congress by denouncing wave of anti-Semitism
(DBN)

Session's DOJ Won't Sue Local Police DOJ reports on unconstitutional policing are ‘pretty anecdotal,’ attorney general says
(DBN)

Checking In: Adam H. Friedman, Olshan Frome Wolosky LLP
(DBN)

Dewey's DiCarmine Gets Star Witness's Plea Docs
(DBN)

Baker & Hostetler's Revenue Rises After Partnership Restructuring
(DBN)

Gibson Dunn Continues Two Decades of Growth
(DBN)

Summer Associate Hiring Was Flat in 2016
(DBN)

Free LSAT prep courses to be offered by Khan Academy: Could state bar exam help come later?
(DBN)

2017 Go-To Law Schools Sneak Peek-No. 31-40
(DBN)

Law Students Should Look for a Job Early, Report Finds
(DBN)

How Solos Can Do Work They Love When It Doesn’t Pay the Bills
(DBN)

A Quiet Law Firm With a Famous Client
(DBN)

Harvard Law Admins Accused Of Embezzlement
(DBN)

Beyond Biglaw: Slow Down for Lasting Success
(DBN)

More About Using 'Contract' Attorneys
(DBN)

Data Analytics For Lawyers
(DBN)

Survey: Law firms will increase spending on marketing
(DBN)

Trump Name Spells Lawsuit Over Discarded Casino Signs
(DBN)

Another Year, Another Law School Mumps Outbreak
(DBN)

Trump calls for new government agency for 'victims of crime' by immigrants
(DBN)

Stephen Bannon and Jeff Sessions, the new attorney general, have long shared a vision for remaking America. Now the nation’s top law-enforcement agency can serve as a tool for enacting it
(DBN)

Harvard Law Employees Allegedly Stole Money Meant For Disabled Students to Buy S-- Toys
(DBN)

The 9 underlying causes of anxiety and how to deal with them
(DBN)

A couple was sentenced to lengthy sentences for waving the Confederate flag and threatening children at a birthday party
(DBN)

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Judges:

Federal Judge Throws Shade At Donald Trump In An Unrelated Decision
(DBN)

Ginsburg Again Publicly Discusses Political Issues With Renewed Criticism Of Congress, Praise for Protesters, and Hope For “Better Times” Justice Ruth Bader Ginsburg Snubs President Trump in Very Bad Decision
(DBN)

Ruth Bader Ginsburg Is Fit As Hell
(DBN)

Judge Immediately Sentences Man to 6 Months Jail for Live Streaming Trial to Facebook
(DBN)

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Wall Street:

Stocks set to resume rally as prospect of March rate hike reveals Fed confidence
(DBN)

European stocks leap as euro pulls back on U.S. rate-hike hopes
(DBN)

Stocks edge lower, breaking a 12-day win streak for the Dow
(DBN)

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Layoffs:

What's Wrong With Bill Gates' Robot Tax
(DBN)

CSX to Cut Over 1000 Jobs
(DBN)

Fidelity - Offers Buyouts to 3,000 Older Workers
(DBN)

San Diego Unified cuts 850 jobs to balance budget
(DBN)

San Francisco university lays off IT workers, jobs head to India
(DBN)

Hershey to reduce global workforce by 15%
(DBN)

Walmart is going after Amazon's store of the future with no cashiers or registers
(DBN)

AFL-CIO moves to dismiss ‘several dozens’ of its headquarters staff
(DBN)

Nearly 600 Penn State Employees Take Voluntary Retirement Package
(DBN)

National and State by State Unemployment Rates
(DBN)

Animated Map of Unemployment
(DBN)

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Retailing:

Target's profit outlook sinks retail stocks Target stock plunges as sales fall victim to Amazon Target Drops on Fears New Strategy May Imperil Tar-Zhay Cachet Target has terrible holiday and warns of awful 2017 Target's CEO says a 'seismic shift' in retail is forcing the company to spend billions of dollars Target CEO says retailer making $7 billion investment to 'win share not surrender it' Target had a rough 2016 — and digs in on long-term plans for a turnaround
(DBN)

Canadian retailer YM in bid for bankrupt US peer Wet Seal: source
(DBN)

BCBG Max Azria Reportedly Prepping For Bankruptcy
(DBN)

Retailing Is Bad And About To Get Worse
(DBN)

Aeropostale Seeks To Extend Ch. 11 Plan Exclusivity Period
(DBN)

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Autos:

Tesla is the riskiest stock in history
(DBN)

Takata plea, compensation deal clears path to potential sale Will Takata plea deal kill civil litigation against automakers?
(DBN)

GM, Vehicle Buyers File Competing Takes Of 2nd Circ. Ruling
(DBN)

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Marijuana:

Jeff Sessions Issues Ominous Warning On State Marijuana “My best view is that we don’t need to be legalizing marijuana”
(DBN)

Fact Check: During his campaign for president, Donald Trump "committed to honoring states' rights when it comes to marijuana legalization."
(DBN)

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PACA:

Following bankruptcy, retailer posts $1 million for PACA license
(DBN)

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Telecoms:

Analyzing the Avaya Path Through Bankruptcy
(DBN)

Nortel Creditors Seek $4M Cut To Indenture Trustee Fee Bid
(DBN)

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Aviation:

Lily Robotics Promises Refunds As It Files For Bankruptcy Protection Drone startup Lily filed for bankruptcy as preorder customers await their refunds
(DBN)

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Music:

Bankruptcy-Flirting SoundCloud Slashes the Price of Premium
(DBN)

Prominent Nashville music startup Dart files for bankruptcy
(DBN)

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Apparel:

Bankrupt American Apparel could help Gildan grow overseas
(DBN)

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Fashion:

A Celebrity-Beloved Fashion Brand Is Going Bankrupt
(DBN)

Nasty Gal to Keep Label, LA Presence as Sale to Boohoo Finalized
(DBN)

Fashion house BCBG Max Azria files for bankruptcy BCBG Takes Next Step in Repositioning its Brands Through Chapter 11 Reorganization First Day Dec
(DBN)

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Fantasy Sports:

Court OKs FantasyDraft's Deal With Bankrupt Fantasy Aces
(DBN)

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Corporate Reform:

Trump administration aims to strip power from CFPB
(DBN)

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Debt Collection:

Pollack & Rosen accused of using deceptive acts to collect alleged debt
(DBN)

Ninth Circuit Torpedoes FDCPA Class Settlement as 'Worthless'
(DBN)

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Sporting Goods:

Performance Sports Group Completes Sale of Substantially All of Its Assets to Investor Group Led by Sagard and Fairfax Financial
(DBN)

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Enron:

UBS Units Beat Lingering Suit Over Brokers' Enron Knowledge
(DBN)

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Economy:

GDP Whiffs Q4 GDP Unrevised at 1.9% Annual Rate US GDP At 1.9% Growth In 4th Q 2016 - Will Trump Get It Up To 3%?
(DBN)

Richmond Fed: Regional Manufacturing Activity Expanded in February
(DBN)

Fed’s Dudley says case for interest-rate hike has become ‘a lot more compelling’ Williams says there will be ‘serious consideration’ of interest rate hike at March meeting Fed’s Bullard sounds cool to idea of March interest rate hike March interest rate hike? Odds are now up to 50%
(DBN)

Employment by race and place: snapshots of America
(DBN)

Unemployment Improves Nationally
(DBN)

Consumer confidence hits 15-year high Consumer Confidence Rises Highest Level Since July 2001
(DBN)

Ryan Pitches Obamacare Repeal-and-Replace as Entitlement Reform
(DBN)

Trump's Budget Is Aspirational. Reality in Congress Will Change It. Trump's Insecurity Budget
(DBN)

Wilbur Ross sworn in as Commerce secretary
(DBN)

Trump's Military Buildup Makes Even His Generals Nervous
(DBN)

Mnuchin Promises No Budget Cuts to Social Security and Medicare
(DBN)

CBO: U.S. Is On Path To Highest Budget Deficits And Debt In Our History
(DBN)

Almost 200 Firms Have Bid To Build Trump's Border Wall
(DBN)

Trump's Child Care Plan for the Rich
(DBN)

GOP: Trump's Budget Cuts are DOA
(DBN)

Ryan and Bannon Forge Unexpected Alliance on Border Tax Retail group slams GOP border tax with SNL-style parody commercial What We Know About The Trump, House GOP Tax Plans So Far Source: Gary Cohn says no go on border adjustment tax Corporate world at war over GOP's border tax With businesses split on US border tax, wider reform looks shaky Divided Republicans look to Trump to lead on tax reform
(DBN)

What Trump gets wrong about manufacturing Trump's push for American-made could disrupt NAFTA supply chains and raise consumer prices End NAFTA and Parts Chains Fall Apart
(DBN)

For the World's Biggest Wealth Fund, Only Two Countries Drive Global Risks
(DBN)

Fight over debt ceiling could accelerate Trump’s budget clash with GOP
(DBN)

A great majority of our nation’s small business owners are old, white men
(DBN)

Corporate world at war over GOP's border tax Trump endorses form of border tax in speech to Congress Trump talks up taxes at the border — but again provides no specifics GM CEO: Border Tax Could be a Problem How Trump Will Hurt My Border Town
(DBN)

American Industries See Two Sides of Trump
(DBN)

Trump’s $30 trillion debt dilemma
(DBN)

Trump's sprawling agenda faces peril on both sides of the aisle
(DBN)

Restaurant Performance Index Declined in January as Same-Store Sales and Customer Traffic Softened
(DBN)

Trump just repeated a statistic that makes the US job market sound worse than it is
(DBN)

Trump calls for 'merit-based' immigration system in address to Congress Trump is open to legal status for some undocumented immigrants in sharp departure from campaign stance That 'great, great wall' and those deportations will be costly
(DBN)

Math Will Kill Trump's Infrastructure Plan
(DBN)

What Happened to Trump's 15% Corporate Tax Rate? Jamie Dimon: No Tax Reform This Year
(DBN)

Trump and Jobs: A Running Fact Check
(DBN)

Trump to Help Workers by Fixing Trade Deals
(DBN)

The surprising reason some millennials may be buying new cars
(DBN)

US Debt Clock
(DBN)

World Debt Clock
(DBN)

Economic Indicators Dashboard
(DBN)

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Real Estate:

Case-Shiller: National House Price Index increased 5.8% year-over-year in December
(DBN)

Freddie Mac: Mortgage Serious Delinquency rate falls below 1.0% in January, Lowest since June 2008
(DBN)

Real House Prices and Price-to-Rent Ratio in November
(DBN)

The Housing Crisis Is a Building Crisis
(DBN)

The demise (we hope) of an ugly lawsuit
(DBN)

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Municipalities:

Rural county faces possible bankruptcy after $28M judgment
(DBN)

From Bad to Worse for Puerto Rico
(DBN)

Puerto Rico sets new measures to fight crisis
(DBN)

Sinking under debt, Puerto Rico cuts holidays, pensions, and prunes government
(DBN)

Puerto Rico fiscal turnaround plan will save $3.8 bln/yr: governor
(DBN)

Economist Joseph Stiglitz Issues Dire Warning for Puerto Rico
(DBN)

How to Stop States from Borrowing Too Much Money
(DBN)

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Oil/Gas:

Updated Energy Bankruptcy Reports and Surveys From Haynes & Boone
(DBN)

BP sets oil price breakeven target at $35 a barrel
(DBN)

Saudi Arabia Eyes $60 Oil The $60 Ceiling For Oil
(DBN)

OPEC Deal Canceled Out By Rising Shale Output
(DBN)

Oil Majors' Costs Have Risen 66% Since 2011
(DBN)

OPEC Lost $2 Trillion In Oil Price Slump
(DBN)

US oil output fell 91000 bpd in Dec to 8.783 million bpd: EIA
(DBN)

Oil Closes Near $54 as US Supplies Dim Confidence in OPEC Cuts
(DBN)

Oil Prices Crumble As OPEC Ups Output And Exports Oil Prices Crumble
(DBN)

OPEC compliance with oil curbs rises to 94 percent in February: Reuters survey
(DBN)

Seadrill Ltd: On The Verge Of Bankruptcy Seadrill Suffers Severe Setback In Restructuring Discussions - Chapter 11 Straight Ahead Rig firm Seadrill risks Chapter 11 bankruptcy Seadrill Partners Now Seriously Threatened By Seadrill's Inability To Come To Terms With Creditors
(DBN)

Bankrupt Vanguard Natural notches $275 million for restructuring
(DBN)

Berry Petroleum successfully emerges from bankruptcy
(DBN)

Subsea affiliate of Singapore's Ezra files for U.S. bankruptcy
(DBN)

Stone Energy Corporation Announces Successful Completion of Financial Restructuring and Emergence from Bankruptcy
(DBN)

LINN Energy Successfully Completes Financial Restructuring Linn Energy leaves bankruptcy as two private corporations
(DBN)

Trump to shift biofuel blending burden off US refiners: sources
(DBN)

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Politics:

'America First' comes to Washington Fact Check: Trump takes credit he hasn't earned FACT CHECK: How do Trump's statements to Congress stack up? Trump's speech set a tone for selling his agenda more broadly Van Jones on standing ovation for fallen SEAL's widow: Trump 'became president of the United States in that moment' Trump Strikes a Better Tone. So What? 'Ryan's legacy is etched into eternity': Trump lauds Navy SEAL killed in Yemen raid Poll: Trump gets some of his highest marks yet for his first big speech to Congress Trump's Reality Test - Bannonism gets the headlines but can't deliver votes in Congress Trump looks to reset his presidency, again, with speech to Congress Trump Explains Why He's Skipping the White House Correspondents' Dinner Why Trump is skipping the White House Correspondents' Dinner Trump Said He Made $21 Million in Income From His New York Contracts. He Actually Made a Lot Less ?Trump pledges 'billions more' in government contract savings in presidential address Harvard president explicitly criticizes Trump: 'This administration seems unpredictable in many ways'
(DBN)

Bernie Sanders burst into laughter at Trump's claim that 'nobody knew healthcare would be this complicated'
(DBN)

Trump Wants to Cut State Department Budget 37% State Dept. Was Already Running on Fumes EPA Braces for 25% Budget Cut
(DBN)

Ryan: We Need Answers on Russia-Trump Ties FBI once reached agreement to pay former British spy who authored explosive Trump dossier Your Guide to the Players in the Trump-Russia Investigation The Senate Intelligence Committee Found Itself Shaken With One Phone Call
(DBN)

Barack and Michelle Obama are getting a record-setting book deal worth at least $60 million
(DBN)

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Software:

Software company files for bankruptcy after former executive goes to prison
(DBN)

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Metals:

Optima Resolves Creditor Objections To $212M DIP Package
(DBN)

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Forest Products:

Maine logging firm claims bankruptcy looms as IRS investigates
(DBN)

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Hollywood:

Judge dismisses some claims in Relativity's $1.5 billion lawsuit against Netflix
(DBN)

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Taxis:

Watch Billionaire Uber CEO Lecture a Broke Driver Uber driver Fawzi Kamel explains epic dressing down of Uber CEO
(DBN)

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Fraud:

Judge Guts $21 Million Ponzi Case Against Filmmaker
(DBN)

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New Bankruptcy Opinions
(5 new opinions today - DBN)

Bankruptcy Court Web/Pacer Site Directory

Chapter 7, 12 & 13 Private Trustee Locator
(DBN)

Recent Ch. 11 Filings (19 new filings today)
(DBN)

Recent Ch. 11 Adversary Proceeding Filings (21 new filings today)
(DBN)

Bankruptcy Code (html) - Bankruptcy Code (pdf) Prior BK Codes (pick year from list) - Bankruptcy Rules
(large downloads)

UCLA-LoPucki Bankruptcy Research Database
(DBN)

Bankruptcy Jobs:

(1) (2) (3) (4) (5) (6) (7) (8)
(DBN)

Seminars - (Contact us to list your seminar)

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Avoidance Actions:

Sixth Circuit Clarifies Bank's Status as Section 550 Transferee and Standards for Section 548(c) and Section 550 Affirmative Defenses
(DBN)

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Sales:

Buyer Beware: Bankruptcy Assets not “Free and Clear” if Due Process is Lacking
(DBN)

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TIA:

A Look at the Second Circuit Decision in Marblegate
(DBN)

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Make-Whole:

The Redemption ‘Make Whole’ Remedy Controversy
(DBN)

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Lehman:

Navigating Lehman II ’s Reach: Means of Payment of Indenture Trustee Fees Under Chapter 11 Plans
(DBN)

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Intercreditor:

The Rule of Explicitness Inside and Outside of Bankruptcy
(DBN)

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Mediation:

A Mediator–ish Role: “Settlement Counsel”
(DBN)

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TBTF:

Why Dodd-Frank's Orderly Liquidation Authority Should Be Preserved
(DBN)

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Cross-Border:

Firm tied to Singapore's Ezra Holdings files for Chapter 11 in US Ezra unit ECS seeks US Chap 11 protection to ring fence US$90m lifeline Let This Be a Lesson, Singapore
(DBN)

Canadian Pallet Maker Opens Del. Ch. 15 Bankruptcy
(DBN)

U.S. Bankruptcy Courts Will Not Tolerate Manipulation of COMI and Bad Faith Uses of Chapter 15
(DBN)

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Ch. 13:

Ninth Circuit Holds That Creditor Has an Affirmative Duty to File a Timely Proof of Claim to Participate in Chapter 13 Plan Distributions
(DBN)

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Plan Confirmation:

The Increased Use of Combined Hearings and Combined Plan and Disclosure Statements in Delaware
(DBN)

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Sovereign Immunity:

Money Center Opinion – The Multiple Sovereigns in the United States and Bankruptcy
(DBN)

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Contracts:

Contract Rejection – As Interpreted in Outer Harbor Terminal’s Bankruptcy
(DBN)

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Healthcare:

Humble Surgical Hospital goes bankrupt after scamming Aetna
(DBN)

Creditors question viability of North Philadelphia Health System
(DBN)

Bowie hospital plans hit a snag
(DBN)

House conservatives balk at emerging Obamacare plan Republicans are hitting more roadblocks on their Obamacare repeal Former Kentucky governor says Republicans want to 'rip' insurance away from millions Trump and health care: President gives Congress five principles for Obamacare replacement Trump's pledge to cut health-care costs won't come cheap Trump just moved the GOP’s health care consensus permanently to the left
(DBN)

Trump Doesn’t Have A Clue About Healthcare
(DBN)

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Banking:

U.S. banks see record profits in 2016, few failing lenders: regulator
(DBN)

FDIC: Fewer Problem banks, Residential REO Declined in Q4
(DBN)

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Shipping:

Creditors Seek Massive Recoup on Containers
(DBN)

HMM and creditor bank mount PR offensive as carrier restructures
(DBN)

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Insurance:

Goodman & Nekvasil Survives DQ Bid In Life Partners Ch.11
(DBN)

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Coal:

Is the coal industry really roaring back to life under Trump?
(DBN)

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Pensions:

NY Teamsters Pension becomes 1st to Run out of Money
(DBN)

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Sovereigns:

Sovereign Bankruptcy Hydraulics
(DBN)

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Distressed Investing:

Looming Distress Is a Growth Opportunity for Mackinac
(DBN)

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UK:

Philip Green to Pay Up to 363 Million Pounds in BHS Pension Settlement Billionaire Philip Green Agrees To Pay $450 Million To BHS Pension Fund Shamed retail baron pays $450 million to protect pensions Green's BHS pension hole plug given tepid welcome
(DBN)

Transformation of the Scottish insolvency regime
(DBN)

Bankruptcy and the vesting of privilege
(DBN)

New approaches to financing insolvency litigation
(DBN)

Interserve suspends dividend after slumping to £94m loss
(DBN)

Enter the Temple of Brexit
(DBN)

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PIIGS:

Mass layoff law expected to dominate talks between creditors and Greece
(DBN)

Greece's creditors back in Athens as bailout talks resume Greece said to expect revised bailout draft as talks resume First Day of Greece- Creditors Negotiations Ends With No Results Greek bailout negotiations: towards a “supplementary” MoU Greek Minister: Good deal today preferable than better deal tomorrow Pensioners brace for latest crisis cuts
(DBN)

Spain's Abengoa posts 7.6 bn-euro loss for 2016
(DBN)

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Canada:

RBC posts jump in profit as loan losses decline
(DBN)

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MENA:

UAE bankruptcy law: Boom, bust, bonanza
(DBN)

Why UAE's new bankruptcy law is a boon for business
(DBN)

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South Korea:

Introduction of Seoul Bankruptcy Court
(DBN)

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India:

First Insolvency case under the Code: From NCLT→Bombay HC→ NCLAT
(DBN)

Push troubled Air India toward bankruptcy , then sell it Air India Needs Bankruptcy Before Sale
(DBN)

New Insolvency Law a Rude Awakening to Defaulters
(DBN)

India Reforms Will Boost Stressed-Asset Deals
(DBN)

India - Repeal Of Sick Industrial Companies (Special Provisions) Act, 1985
(DBN)

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Singapore:

Updating corporate insolvency laws to help ailing firms
(DBN)

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China:

Zombie companies still threaten China's living
(DBN)

China' coal power plants exposed to write-downs, bankruptcy
(DBN)

______________

Australia:

Liquidators vindicated in refusing to conduct public examinations using a creditor’s law firm
(DBN)

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