April 5, 2023

The Daily Bankruptcy News

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Law:

Reed Smith lawyers must hold 'Please See Me' signs at courthouse after failing to provide hearing notice
(DBN)

Sidley’s Dallas Office Welcomes Restructuring Partner Rakhee V. Patel
(DBN)

Thomas Labuda Jr. rejoins Dentons’ Restructuring, Insolvency and Bankruptcy team in Chicago
(DBN)

Greenberg Traurig Expands in Milan with Addition of Renowned Italian Lawyer Bruno Cova
(DBN)

Associate cuts were not layoffs, BigLaw firm says
(DBN)

Biglaw Mergers Off To A Hot Start In 2023
(DBN)

Lawyer who created fake documents to lower capital contribution should be suspended, review board says
(DBN)

Retired patent attorney who helped nab ‘Golden State Killer’ recounts her remarkable journey
(DBN)

February bar has score decreases for repeaters and first-time test-takers
(DBN)

Stanford Law School Moderates May Be The Biggest Snowflakes Of All
(DBN)

Donald Trump surrenders at Manhattan court for NYC arraignment Judge Warns Trump to His Face to Stop Inciting Violence Or He Could Face Gag Order Trump's social media posts singled out at arraignment Trump Judge Urges Tamping Rhetoric That Might Incite Violence A judge warned Trump about comments that could 'jeopardize the safety or well-being' of others. 6 hours later, he attacked the judge, the judge's wife, and the judge's daughter. Donald Trump lashes out, resorting to old tactics after arraignment hearing Scowling Trump is booked, fingerprinted but no mugshot yet as he walks into NYC courtroom in Stormy Daniels hush money probe and becomes first US president to be indicted Faces 136 Years in Jail Indictment Revealed Statement of Facts Unsealed Trump indictment on 34 felony counts details yearslong ‘catch and kill’ scheme Analysis: Inside Alvin Bragg's ambitious Trump indictment Trump's indictment doesn't just depend on Michael Cohen, involves more than one paid-off woman, and allegedly happened when he was president Bragg sheds new light on tabloid publisher’s push to boost Trump 2016 campaign A 'surreal' day for Trump in court may only tear the country further apart Former president Donald Trump pleads not guilty to 34 felony counts Donald Trump arrest: Tempers flare outside Manhattan courthouse Dueling ‘Lock him up,’ ‘USA’ chats erupt outside court as Trump is arrested Video shows no one held the door for Donald Trump before he was arraigned in court The ‘death and destruction’ that wasn’t: Trump’s calls for unrest and mass protests fell flat ahead of his arraignment Greene and Santos appear in Manhattan ahead of Trump arraignment Marjorie Taylor Greene’s lonely, kind of zany protest for Trump Marjorie Taylor Greene is swarmed by a huge scrum before Trump arraignment For Trump, indictment in Stormy Daniels case is just the tip of the iceberg Trump's Secret Service agents would accompany him if he went to jail, says retired US judge Trump’s attorney says ‘there will be no guilty plea’ Why does Trump think attacking his Manhattan judge is a good plan? Trump demands Stormy Daniels hush money case is moved to Staten Island hours before arraignment: Says Manhattan voted '1% Republican' and tears into 'Trump-hater' judge whose daughter 'worked for Kamala' What Trump risks if he keeps talking about the judge in his N.Y. criminal case Trump plans to fly back to Mar-a-Lago, hours after his expected arraignment. He will likely be 'allowed to go and travel wherever he wants,' legal experts say Trump delivers barrage of false claims in first post-indictment address Former Manhattan D.A. says federal prosecutors asked him to 'stand down' on Trump hush-money probe Trump is losing his capacity to control his fate NYC protesters clash with cops over Trump indictment outside court Trump lawyers seek order forcing Michael Cohen deposition in AG suit The problem with Trump’s indictment The dubious legal theory at the heart of the Trump indictment, explained Trump hush money case raises thorny legal issues What legal experts say about Donald Trump's indictment
(DBN)

Appeals court orders Stormy Daniels pay Trump $122K in legal fees hours after arraignment
(DBN)

Another Jan. 6 Rioter Found Guilty
(DBN)

Protesters in Lafayette Square case appeal to sue former Trump officials
(DBN)

Federal appeals court denies Trump's bid to stop ex-aides from testifying in Jan. 6 probe Appeals court upholds order for Jan. 6 testimony from Meadows, other Trump officials
(DBN)

Texas Wants to Make Last Night’s CMT Music Awards Illegal
(DBN)

A YouTuber was making a prank video in a Virginia mall. He said the prankee took it badly and shot him.
(DBN)

‘Shoot them.’ Chipotle order turns chaotic after duo demands more cheese, Ohio cops say
(DBN)

Man arrested outside North Carolina HBCU had more than 1,000 rounds of ammo
(DBN)

Attorney accused of impersonating prosecutor, demanding surveillance video at hotel
(DBN)

Cybercrime marketplace Genesis Market shut by FBI, international law enforcement
(DBN)

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Judges:

BK ND FL: The Disclosure Statement Newsletter
(DBN)

Wisconsin Supreme Court flips to liberal majority in race spotlighting abortion Liberals gain control of the Wisconsin state Supreme Court for the first time in 15 years
(DBN)

Roberts Rankled Colleagues as His Hold on Supreme Court Slipped, Book Says
(DBN)

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Wall Street:

Stock futures rise slightly after Dow, S&P 500 snap four-day win streaks
(DBN)

US stocks snap 4-day winning streak as job openings fall and JPMorgan boss warns of more bank turmoil Wall Street ends down as weak economic data fuels recession fears
(DBN)

JPMorgan Warns Stocks in 'Calm Before Storm'
(DBN)

The latest rally in stocks 'makes little sense' and the market will likely slump back toward 2022 lows, JPMorgan says
(DBN)

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Layoffs:

Legal and finance jobs are among the most at risk from AI, while construction and trade jobs face minimal influence, studies suggest
(DBN)

GM says 5,000 salaried workers will take buyouts, expects $1 billion charge in first quarter
(DBN)

Dem fundraising giant ActBlue lays off 17 percent of workforce
(DBN)

Hyland Software laying off about 1,000
(DBN)

The Block lays off a third of staffers
(DBN)

Fired ABC News Staffers Don’t Plan to Go Quietly
(DBN)

H.B. Fuller will lay off 300
(DBN)

L.A. fintech company Aspiration to lay off 180
(DBN)

Amazon Lays Off About 100 Employees in Its Gaming Divisions
(DBN)

‘Distinctive Retail’ Company Laying Off 245 New York Employees
(DBN)

Freight company NFI to cut 124 jobs at warehouse in Berks
(DBN)

Walmart aims for 65% of stores to be automation serviced by 2026
(DBN)

Twitter’s Shadow Workforce Sues Over Musk’s Mass Layoffs
(DBN)

Laid off on leave: Yes, it's legal and it's hitting some workers hard
(DBN)

Recent companywide layoffs at USAA reflect ‘challenging economy’
(DBN)

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Politics:

Trump Net Worth Plunges $700 Million As Truth Social Flops Campaign fundraises off fake mugshot Trump campaign's fake mugshot T-shirt added 2 in. to his height Trump slams Fox for putting on Bill Barr GOP senator endorses Trump ahead of NY arraignment Melania nowhere to be seen at Trump’s post-arraignment Mar-a-Lago speech Trump pushes 'witch hunt' narrative in 1st remarks since unprecedented criminal charges
(DBN)

Brandon Johnson wins Chicago mayor's race Progressive Brandon Johnson wins Chicago mayor’s race
(DBN)

DeSantis leads Trump among Florida Republicans: poll
(DBN)

'We Fact-Checked': Marjorie Taylor Greene Caught Lying in '60 Minutes' Interview
(DBN)

Florida Democrats are trying to use Ron DeSantis' book laws against his own recently published book
(DBN)

House GOP launches probe into use of COVID-19 education funds
(DBN)

Wisconsin’s Supreme Court election is a big win for Democrats with national implications
(DBN)

Far-right county throws out voting machines – with nothing to replace them
(DBN)

Lawmakers Face Arrests, Expulsions for Protesting ‘Extreme’ Measures
(DBN)

____________

Healthcare:

A hospital slowly fades away in rural Pennsylvania
(DBN)

Why this economist calls the healthcare system 'a cancer on the American dream'
(DBN)

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Food/Beverage:

Inflation’s Toll on the Outlook for Restaurants
(DBN)

Burger King franchisee Toms King is being sold for $33M out of bankruptcy
(DBN)

____________

Insurance:

Bright Health is on the verge of becoming one of Minnesota's biggest business failures
(DBN)

Life after insolvency, a six-month journey for insurance coverage
(DBN)

____________


Economy:

JPMorgan Chase CEO Jamie Dimon feels pretty sunny about the economy Jamie Dimon slams US regulators for bank failures ‘hiding in plain sight’
(DBN)

Commodity expert warns 2023 financial crisis could be ‘worst in our lifetime’
(DBN)

There are 3 key signs that suggest a recession is around the corner - and 2 are already flashing
(DBN)

Federal Reserve’s Mester says rate target will need to go over 5%
(DBN)

Americans Emulate Europe and Work Less, Posing Problem for Fed
(DBN)

Job openings tumbled below 10 million in February for the first time in nearly two years BLS: Job Openings Decreased to 9.9 million in February
(DBN)

The salary you need to live comfortably in 15 major U.S. cities
(DBN)

Russia Looks to Fleeing Foreign Firms to Boost Wartime Budget
(DBN)

Here’s how to work remotely indefinitely, according to a digital nomad
(DBN)

Jeff Bezos was the biggest net-worth loser in the last year, with his fortune dropping $57 billion, according to Forbes
(DBN)

Heavy Truck Sales Up 7% Year-over-year in March
(DBN)

US Debt Clock
(DBN)

World Debt Clock
(DBN)

How People Really Live
(DBN)

______________

Real Estate:

It’s Time for a New Damages Calculation: SDNY Bankruptcy Court Applies the Time Approach to Limit Damages in Lease Terminations
(DBN)

The Housing Bubble and Consumer Bankruptcy (Part 1) The Housing Bubble and Consumer Bankruptcy (Part 2)
(DBN)

US Home Prices Seen Rebounding After an Expected $1 Trillion Plunge This Year
(DBN)

Inflation is about to drop hard as rents and housing prices tank, billionaire investor Barry Sternlicht says
(DBN)

These 5 cities saw the steepest declines in rent prices last quarter as vacancies rose across the US
(DBN)

CoreLogic: House Prices up 4.4% YoY in February; Increased 0.8% MoM in February NSA
(DBN)

Moody's: Office Vacancy Rate Increased in Q1, Mall Vacancy Rate Unchanged
(DBN)

Morgan Stanley analysts forecast something ‘worse than in the Great Financial Crisis’ for commercial real estate
(DBN)

Moody's: Multifamily Demand "Softened notably over the past few quarters"
(DBN)

The hidden addiction behind America's housing shortage
(DBN)

____________

Municipalities:

Return to Chester: A Primer on a Municipality’s Eligibility for Bankruptcy
(DBN)

Harvey, Illinois, closing in on exchange offer for defaulted bonds
(DBN)

Puerto Rico's economic indicators mixed
(DBN)

____________

Oil/Gas:

Analyzing Gaseous Possibilities: The Automatic Stay’s Potential Extension to Non-Debtor Parties in the Hydraulic Fracturing Sector
(DBN)

Federal court blocks Manchin-backed pipeline in West Virginia
(DBN)

____________

Fraud:

Frank founder Charlie Javice, who allegedly defrauded JPMorgan out of $175 million, hit with federal charges SEC charges Frank founder Charlie Javice with fraud
(DBN)

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Climate:

California snowpack sets stunning milestone as flooding concerns mount
(DBN)

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Crypto:

FTX Creditor Weighs in on Future of the Failed Crypto Exchange
(DBN)

FTX Erased From Miami Arena With $117 Million Replacement Found
(DBN)

We Got the Kingdom, We Got the Key: Corporate Bankruptcy and Cryptocurrency
(DBN)

Elon Musk could lose his fortune in £206bn court case over dogecoin 'pyramid scheme'
(DBN)

Zipmex creditors get their hopes up after exchange receives moratorium extension
(DBN)

Africa-Focused Bitcoin Marketplace Paxful Suspends Operations
(DBN)

____________

Hotels:

Why More Hotels Have Not Filed Bankruptcy
(DBN)

Reservations for Restructuring: Headwinds Force Hotel Bankruptcies
(DBN)

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Student Debt:

Student loan startup founder Charlie Javice charged in $175M fraud case
(DBN)

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Autos:

Restart for solar car maker Lightyear after bankruptcy
(DBN)

____________

Tech:

Right Side Broadcasting gets 7-day YouTube ban over ‘elections misinformation’
(DBN)

C3.ai plunges 26% after short-seller says the buzzy AI company has 'serious accounting and disclosure issues'
(DBN)

____________

Transit:

Chicago’s Transit Chief Says Crime Is Hurting Ridership Rebound
(DBN)

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Banking:

Dimon says banking crisis not over and will cause 'repercussions for years'
(DBN)

Signature Bank top execs led $100 million in insider stock sales in the years leading up to the lender's collapse
(DBN)

There’s no evidence higher FDIC insurance would spark a big jump for stocks even as markets cheer government support for bank deposits, says Barclays
(DBN)

Swiss regulators defend rescue of Credit Suisse via UBS deal UBS faces investors after shotgun Credit Suisse takeover Furious Credit Suisse investors say bank’s board should be ‘put behind bars’ Swiss regulator deflects blame for Credit Suisse debacle ‘There were only two options: deal or bankruptcy,’ says Credit Suisse chairman addressing stakeholders at final AGM Swiss Weighed Credit Suisse Bankruptcy Before Choosing UBS Switzerland faced a full-scale bank run if Credit Suisse went bankrupt, Swiss regulator argues
(DBN)

Banks pull off biggest junk bond issue since banking crisis
(DBN)

____________

Coal:

Biden administration pushes to revitalize coal communities with clean energy projects
(DBN)

____________

Education:

‘Ruby Bridges,’ parental rights and Florida’s deepening shame
(DBN)

Texas to take up bill requiring Ten Commandments in every public school classroom
(DBN)

____________

Labor:

Musk Illegally Threatened Union and Organizer
(DBN)

____________

Cosmetics:

Revlon secures April bankruptcy exit
(DBN)

____________

 


New Bankruptcy Opinions
(5 new opinions today - DBN)

Bankruptcy Court Web/Pacer Site Directory

Recent Ch. 11 Filings (22 new filings today)
(DBN)

Recent Ch. 11 Adversary Proceeding Filings (7 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)

Chapter 11 Bankruptcy Case Studies
(DBN)

Bankruptcy Statistics:

Bankruptcies Will Continue to Pile Up No Matter Where Fed Policy Goes from Here
(DBN)

______________

Appeals:

Appellate Review of a Bankruptcy Court’s Preliminary Injunction
(DBN)

____________

Credit Bidding:

Cool Bidding: The Post-Radlax Contours of Section 363(k)'s 'For Cause' Standard
(DBN)

____________

Consumer Bankruptcy:

Ticket to Debt: City of Chicago v. Fulton and the Dual-Track Consumer Bankruptcy System
(DBN)

____________

Advisors:

McKinsey winding down bankruptcy unit after legal troubles McKinsey Winding Down Firm’s Bankruptcy Practice - WSJ McKinsey denies media report on shutting down restructuring business
(DBN)

____________

Mediation:

Mediation Improves Litigants’ Impressions—Whether Settlement Is Achieved Or Not (A Study)
(DBN)

____________

Automatic Stay:

Queenie and Robins in a Gas Fracking World: The Automatic Stay’s Conjectured Extension to Actions Against Non-Debtor Pool Participants
(DBN)

____________

Mass Torts:

3M's bid to shield itself from earplug lawsuits faces skeptical judges Seventh Circuit Judges Grill 3M Lawyer Over Bankruptcy Maneuver
(DBN)

Johnson & Johnson considers refiling talc-liability bankruptcy after appeals-court defeat
(DBN)

J&J Considers New Bankruptcy Case to Stop Cancer Suits, Lawyers Say J&J Unit Files for Second Bankruptcy to Pursue $8.9B Talc Settlement Johnson & Johnson is again trying to use bankruptcy to settle talc cases for $8.9 billion J&J to Pay $8.9 Billion to Settle Talc Litigation Cancer Claims Johnson & Johnson offers record $8.9B talcum powder settlement J&J raises talc offer to $9bn with new insolvency bid J&J quadrupled its initial offer to settle cancer lawsuits over its talc-based baby powder Johnson & Johnson offers $8.9 billion settlement to roughly 60,000 people who claim its talc products gave them cancer
(DBN)

JNJ weighs second bankruptcy to halt talc-related cancer suits
(DBN)

Alex Jones Cash Moves ‘Self-Dealing,’ Bankruptcy Trustee Says
(DBN)

Opioid Victims Wait as Second Circuit Mulls Purdue Pharma Deal
(DBN)

____________

Aviation:

Billionaire Richard Branson’s Space Empire Teeters as Virgin Orbit Flops Richard Branson's Virgin Orbit crashes 23% as the company files for bankruptcy after failing to raise new funds Virgin Orbit COO calls out company leadership for failures in goodbye memo. Read the full email
(DBN)

____________

Religion:

Rochester diocese, creditors file joint reorganization plan
(DBN)

Ex-principal of Jewish school found guilty of sexual abuse
(DBN)

____________

SPACs:

Boxed Bankruptcy Shows Cracks in Pandemic’s SPAC Funding Frenzy
(DBN)

____________

Sovereigns:

Yellen urges IMF to press creditors to finalize debt restructurings
(DBN)

Sri Lanka Keeps Key Rate at 16.5% After Clinching IMF Loan Sri Lanka expects discussions on GDP linked bonds in creditor talks
(DBN)

Pakistan Raises Key Rate to Record 21% as It Awaits IMF Loan
(DBN)

Cuba’s losses in case of Castro-era debt open it up to more lawsuits Cuba wins ruling in UK court battle with creditors over unpaid loans
(DBN)

Ghana: Last hurdle of IMF deal is bilateral creditors’ agreement
(DBN)

____________

UK:

What is Vote Swamping in a CVA and When Might it be Unfairly Prejudicial?
(DBN)

What is in your Derivatives?
(DBN)

‘Bullying’ accountant must pay neighbors £60,000 for ‘selfish’ parking, judge rules
(DBN)

What debts are provable on a debtor’s insolvency? Part One What debts are provable on a debtor’s insolvency? Part Two
(DBN)

Former Liverpool star admits ‘haemorrhaging’ bankruptcy with nearly £1.4 million owed to HMRC
(DBN)

Sweden has expelled 1,100 British nationals since Brexit
(DBN)

Royal Mail Faces More Strikes After Union Talks Collapse
(DBN)

____________

Canada:

Toronto Office Vacancies Hit 28-Year High as Remote Work Lingers
(DBN)

Contractual Agreements in the Canadian Hotel Industry: Managing the Competing Stakeholders in a Canadian Insolvency
(DBN)

Bank of Canada rate hikes hitting immigrants and millennials hard
(DBN)

____________

Russia:

Finland joins NATO, dealing major blow to Moscow Finland joins NATO, creating a new geopolitical nightmare for Putin, one that he sparked himself Map shows how Russia's border with NATO more than doubles with Finland as a member Putin said Finland joining NATO didn't pose a threat, but now that it's a done deal, Russia is warning it will have to take action Kremlin prepared to respond 'tactically and strategically' to Finland's NATO accession Finland Is Unlikely to Get NATO Battle Group on Its Territory
(DBN)

Putin will soon face his Julius Caesar moment in the Kremlin
(DBN)

Western countries are speeding up tank deliveries to Ukraine, but tanks aren't what Ukrainian troops need to get around Russian forces
(DBN)

Putin lives in an 'information vacuum' and never uses a cellphone or the internet, a Russian intelligence officer who defected says
(DBN)

Putin’s meatgrinder tactics are destroying a generation of Russian men
(DBN)

Woman who killed pro-war blogger ‘thought she was auditioning for journalism job’
(DBN)

Biden administration preparing to declare WSJ reporter arrested in Russia as wrongfully detained
(DBN)

US to start training Ukrainians on Abrams tanks ‘relatively soon’
(DBN)

US pledges another $2.6B in military aid for Ukraine
(DBN)

____________

China:

Evergrande wins support from some creditors for US$19 billion offshore debt workout
(DBN)

Kevin McCarthy To Meet Taiwan President Even As China Says US Is 'Playing With Fire…'
(DBN)

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Belgium:

Bankruptcies increase across Belgium, Flanders registers new record
(DBN)

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India:

Section 30(4) Of IBC Directory In Nature, Does Not Compel COC To Distribute Payments Based On Value Of Security : NCLT Hyderabad
(DBN)

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Australia:

Australia’s External Administrators Are Afforded Significant Latitude
(DBN)

____________

MENA:

Israel’s Court Plan Is in Trouble as Pressure Rises on Netanyahu
(DBN)

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