August 3, 2023

The Daily Bankruptcy News

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Law:

Talent wars led to record-high salaries for class of 2022 law grads, new NALP report says
(DBN)

BigLaw firm confirms 'small number' of layoffs, pushes back start dates for some associates
(DBN)

The No. 1 skill you need to ‘win every argument,’ says public speaking expert: ‘Few people have it’
(DBN)

Paul Hastings lawyer defeats Guo Wengui supporters' foreign agent lawsuit
(DBN)

A Really Crappy Thing To Go Through During The Bar Exam
(DBN)

Biglaw Firms Ranked On How Much Their Work Contributes To Climate Change (2023)
(DBN)

Why So Many Second Hundred Law Firms Are Looking For Combinations
(DBN)

Alex Murdaugh accomplice sentenced to 7 years in prison for role in fraud scheme
(DBN)

George Conway: Trump ‘played Russian roulette with the law’
(DBN)

Key revelations, groundbreaking strategies and notable omissions in the new Trump indictment The election-meddling indictment against Trump is sprawling. Here's a breakdown of the case Trump world shrugs off charges of defrauding America Trump's "delusion" defense Pence Blames the Crackpot Lawyers Pence on Jan. 6: ‘Crackpot lawyers’ told Trump ‘what his itching ears wanted to hear’ Bill Barr: 'Would not come out very well' for Trump on the stand Trump's Risk of Prison is Real Kinzinger ‘holding out hope’ for Jan. 6 superseding indictment against Trump, others A President Accused of Betraying His Country U.S. v. Trump Will Be the Most Important Case in Our Nation’s History Dershowitz: Trump Case Will Not Survive D.C. prepares for Trump’s return, as a criminal defendant Trump Is Being Prosecuted, but Justice Department Is on Trial, Too - WSJ Trump indictment new details: Group pressured officials, planned to replace AG Trump attorney vows strong defense against latest indictment: "We are in a constitutional abyss" Ramaswamy sues DOJ, files fresh records request for Trump indictment details By the numbers: Trump's Jan. 6 indictment Trump’s election-subversion co-conspirators included DOJ official, 4 other lawyers, indictment says Ginni Thomas Is Probably Not Co-Conspirator 6... Right? Why Trump Was Indicted (Again) Jan. 6 Officer Likens Trump Indictment to Killing of Osama Bin Laden Messages Point to Identity of Co-Conspirator 6 in Trump Indictment Trump indictment sets dangerous precedent, says Wall Street Journal editorial board Eastman lawyer says plea deal would be rejected if offered in Jan. 6 case Trump thanks supporters after ‘unprecedented’ indictment Trump lawyer wants trial on Jan. 6 charges after election Tom Cotton: Trump Jan. 6 indictment reads like ‘something from an MSNBC producer’ DeSantis calls latest Trump indictment a ‘weaponization of government’ ‘We Are in a Five-Alarm Fire for Democracy’ McCarthy accuses DOJ of using Trump indictment to ‘distract’ from Biden probes Pence aide: Trump asked to be put above former VP’s oath to Constitution It Took Three Indictments for Mike Pence to Get Tough on Trump Trump’s indictment for Jan. 6 turns Mike Pence into a litmus test Mike Pence's Secret Evidence Against Trump Could Prove Key in Indictment Trump lawyer claims indictment is 'criminalizing speech' in combative 'TODAY' interview Trump's First Amendment defense in Jan. 6 case is shaky, experts say Bill Barr on Trump: It's Not a Free Speech Issue Trump Dines With Fox News Executives After Learning of Third Indictment Trump Prepares for First Court Date in DC on New Federal Charges Judge resets crypto couple plea hearings in anticipation of Trump appearance Trump faces latest charges, just steps from the Capitol his supporters stormed
(DBN)

The Trump Indictments Won’t End Special Counsel’s Investigations
(DBN)

Giuliani: Special counsel legacy will be violating Trump’s ‘free speech’
(DBN)

Rudy Giuliani’s Sex Abuse Accuser Has the Tapes
(DBN)

Special counsel cites potential conflicts for Mar-a-Lago defense attorney DOJ raises "divided loyalties" concerns about Mar-a-Lago defense attorney
(DBN)

Donald Trump Discovers Identities of Mar-a-Lago Witnesses Who Testified
(DBN)

GA sheriff: We'll Mugshot Him
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'A Late Ambush:' 7th Circuit Rejects Sanctions Against Trump Attorney Sidney Powell
(DBN)

Jan. 6 riot suspect found by FBI because he had his phone number printed on his T-shirt Feds arrest MAGA rioter falsely accused by Tucker Carlson of being a fed
(DBN)

Biden was on speakerphone when son Hunter was with business associates, former partner testifies Devon Archer to Tucker Carlson: Hunter Biden speakerphone calls with father were ‘abuse of soft power’ Trump’s GOP allies vent about Hunter Biden after latest indictment Documents in failed Hunter Biden plea agreement made public What Donald Trump, Hunter Biden and Devon Archer have in common: a news cycle
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Oklahoma governor signs order targeting transgender rights
(DBN)

NYC Considers Central Park Among Sites to House Migrants as Crisis Mounts NYC’s Migrant Crisis Reaches Breaking Point in Midtown Manhattan
(DBN)

Georgia attorneys attempt to strike down law that allows commission to discipline, remove prosecutors
(DBN)

Toddler dies in hot car after grandmother forgets to drop her off at day care
(DBN)

Pittsburgh synagogue mass shooter will be sentenced to death, jury decides
(DBN)

Investigators tracked down a hit-and-run suspect through a 1-star Google review
(DBN)

Rust Movie Armorer Loses in Court
(DBN)

Taco Bell Faces Court For Food Not Being As Supreme As The Menu Pictures Suggest
(DBN)

Harvard allowed criminals to roam morgue and shop for body parts like 'trinkets at a flea market,' 19 families say in lawsuit
(DBN)

Man shot after trying to enter Memphis school with gun is charged, officials say
(DBN)

Police Watched as a Man Drowned and Discouraged Bystanders From Helping, Lawsuit Claims
(DBN)

Woman escaped cinderblock cell, flagged down help after being held by man who may have other victims, FBI says
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Judges:

Trump’s new judge is a tough Jan. 6 sentencer — and has a history with him Tanya Chutkan returns to court, with Trump case on her mind Five things to know about Tanya Chutkan
(DBN)

Supreme Court approval mired at record low: Gallup
(DBN)

Investigate the shadow network of billionaires funding Supreme Court justices
(DBN)

Republicans used to hate the Supreme Court. Now Democrats do
(DBN)

Durbin dings Alito over SCOTUS ethics bill comments
(DBN)

Alito Lays Groundwork to Scrap Court Financial Disclosure Rules
(DBN)

New liberal-controlled Wisconsin Supreme Court asked to toss out Republican-drawn legislative maps
(DBN)

Texas' Foot Soldiers Become Federal Judges
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Wall Street:

Stock futures fall after U.S. downgrade spurs a sell-off, traders scrutinize latest earnings
(DBN)

Nasdaq drops more than 2% in worst day since February as Fitch downgrade ignites selloff US stocks fall as Dow sheds nearly 350 points after Fitch credit-rating downgrade Treasury Rout Unnerves Traders as Stocks Retreat
(DBN)

Tupperware and Yellow have skyrocketed, but don’t confuse them with meme stocks
(DBN)

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Layoffs:

Salesforce Cuts More Jobs After 10% Reduction Earlier This Year
(DBN)

Planet lays off about 10% of workforce as satellite imagery company restructures
(DBN)

Ericsson Puts 750 Employees on Notice of Coming Layoffs
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Biotech:

Surface warns bankruptcy possible if shareholders reject Coherus merger
(DBN)

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Politics:

R.F.K.-Aligned Super PAC Draws Heavily From a Republican Megadonor
(DBN)

GOP insiders fume as MAGA 'clowns' bankrupt state parties
(DBN)

Mike Pence attacks Trump as unfit for the presidency and denounces his 'crackpot lawyers'
(DBN)

Nobody has lost a primary after holding a lead like Trump’s
(DBN)

His 2024 Campaign Struggling, DeSantis Faces Donors Holding Back Cash DeSantis' state-funded office hires ousted campaign aides
(DBN)

Biden-Tuberville feud deepens with Space Command decision
(DBN)

Yet another Hunter ‘bombshell’ is a dud Who Is Devon Archer? Hunter Biden’s Ex-Business Partner Says He Never Saw President Talk Business With Son’s Associates
(DBN)

Trump's indictment blocks out Biden's bad news
(DBN)

Fox News lost its mind over Trump's latest indictment, including host Jesse Watters' bizarre reference to Melania Trump's underwear ‘Germ Warfare!’
(DBN)

Christie: Events around White House after 2020 election were a ‘disgrace’
(DBN)

Trump-aligned Senate candidates raise concerns for GOP
(DBN)

What Trump's latest indictment tells us about the GOP presidential field Where the Republican Candidates Stand on the Trump Indictments Gravity of new Trump charges scramble GOP politics
(DBN)

Orlando Magic donates $50,000 to pro-DeSantis group
(DBN)

'Everything has fallen off a cliff': Battleground state GOPs nosedive in Trump era
(DBN)

Arizona Republicans wanted to hand-count ballots. Then they saw the price tag — and the errors.
(DBN)

The anti-No Labels pledge Biden world eyes Cornel West and No Labels as potential obstacles for his reelection campaign
(DBN)

How Jason Aldean Cynically Built “Small Town” to Appeal to Trump Country
(DBN)

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Economy:

ADP: Private Employment Increased 324,000 in July Private sector added 324,000 jobs in July, well above expectations, ADP says
(DBN)

If you want to know where the economy is headed, don't watch the Fed. Track this interest rate instead. Anything above 4% is bad.
(DBN)

Fitch just downgraded US debt. Goldman Sachs says it's no big deal. The Fitch U.S. ratings cut is here to stay, ex-S&P analyst says The odd logic to Fitch's U.S. debt downgrade Fitch cites Jan. 6 riot in US credit downgrade Wall Street starts fretting about US debt again after months of easy stock-market gains Fitch highlighted Jan. 6 insurrection in talks with Treasury ahead of US downgrade White House blames GOP after Fitch downgrades U.S. credit rating Munis largely ignore Fitch downgrade, but wider economic impact unclear The Fitch analyst behind the U.S. downgrade breaks down the decision Yellen Calls Fitch Downgrade of US Credit Rating ‘Flawed’ Fitch Downgrade Spotlights US Debt Worry as Recession Fear Fades Fitch Says US Fiscal Metrics and Governance Spurred Credit-Rating Cut Lawmakers express outrage over surprise Fitch decision These States Have Higher Credit Ratings Than the US Government Dimon calls Fitch U.S. downgrade ‘ridiculous,’ says it ‘doesn’t really matter’ Credit downgrade shocks Biden aides, as more debt fights loom 'Shark Tank' star Kevin O'Leary says US debt-rating downgrade means there's less faith in the dollar and Treasurys The $25 trillion Treasury market is in the spotlight as U.S. loses its AAA rating for a second time
(DBN)

Former NYC mayor Michael Bloomberg has had it with federal employees working from home
(DBN)

‘It’s just gonna get paid when it gets paid’: Balance-carrying cardholders crunched by Fed rate hikes
(DBN)

‘How Do I Do That?’ The New Hires of 2023 Are Unprepared for Work - WSJ
(DBN)

Tight labor market stands in the way of the White House manufacturing push
(DBN)

Top 10 most expensive U.S. states based on average cost of monthly expenses
(DBN)

Geopolitical risks are a top global threat to businesses, survey finds
(DBN)

Inside the billionaire business plan for the apocalypse
(DBN)

US Debt Clock
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World Debt Clock
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How People Really Live
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Real Estate:

There are way too many real-estate agents
(DBN)

HVS: Q2 2023 Homeownership and Vacancy Rates; Rental Vacancy Rates Increased YoY
(DBN)

Housing costs are rising twice as fast as everything else — and it's crippling cities
(DBN)

The housing market may be about to get even more unaffordable as home prices are set to spike 6% in 2023 and 7% in 2024, think tank says
(DBN)

MBA: Mortgage Applications Decreased in Weekly Survey
(DBN)

Office loans just hit a 5% delinquency rate – a 20-month high – as WFH and rate rises pile more pressure on commercial real estate
(DBN)

How Much will the Fannie & Freddie Conforming Loan Limit Change for 2024?
(DBN)

Big-money institutions could control a stunning 40% of US rental homes by 2030, analysts say
(DBN)

I visited the Long Island beach town that real estate agents are calling the 'new Hamptons' and found it was nothing like the real thing
(DBN)

Foreign buyers are bailing on the U.S. housing market. Here’s why
(DBN)

Potential buyers for Friendship Village of Schaumburg come forward in bankruptcy process
(DBN)

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Municipalities:

Wall Street 'Vultures' Want Puerto Rico To Pay Even More For Electricity That Doesn't Work
(DBN)

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Oil/Gas:

Dwindling Rig Count May Finally Lead To Lower Shale Oil Output
(DBN)

Chesapeake Profit Slashed Nearly Four Times to $391MM
(DBN)

Most cars still cost more to charge than to fill up with gas
(DBN)

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Pharma:

Know When to Fold ’Em: Bankruptcy Lessons from Akorn’s Chapter 7
(DBN)

Pfizer signals future cuts amid waning COVID demand
(DBN)

China Drug-Price Negotiations Offers Glimpse Into Future for Companies in US

Big Pharma's big tax dodge
(DBN)

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Fraud:

‘Fraud, dishonesty, incompetence’: See judge’s harsh words in Burt Marshall’s $90 million bankruptcy
(DBN)

As Social Security official warns of A.I. fraud risks, one expert says criminal activity is ‘here right now’
(DBN)

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Education:

NY's Cazenovia College Liquidation Reveals Higher-Education Distress
(DBN)

Parent’s Unhinged Complaint About ‘Arthur’ Book Falls Flat
(DBN)

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Crypto:

FTX founder Sam Bankman-Fried’s lawyers say attempt to jail him before trial is wrong
(DBN)

U.S. prosecutors worry Binance charges could cause run on exchange
(DBN)

Bankrupt Crypto Firm Genesis Says Mediation to End Soon Regardless of Deal Status Mediation Period for Bankrupt Crypto Firm Genesis Nearing End, Deal Uncertain
(DBN)

Crypto Assets Surge and Sink on the Words of Two New York Judges
(DBN)

BlockFi’s Chapter 11 plan progresses with conditional court approval
(DBN)

FTX Wants Dubai Unit Removed From U.S. Bankruptcy Proceedings
(DBN)

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Tech:

Nonprofit sued by Elon Musk's X claps back: It's 'straight out of the authoritarian playbook'
(DBN)

AI People Are Just Fancy Cartoons And, Frankly, I Hope They Put Human Influencers Out Of Business
(DBN)

AFP Sues Musk's X Over News Copyright
(DBN)

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Trucking:

Treasury in the Red... with Yellow Yellow’s Downfall Throws $700 Million US Covid Loan in Jeopardy
(DBN)

‘All Kinds of Financial Shenanigans’: Yellow’s Drama Lures Private Equity Powerhouse
(DBN)

Trucker Yellow Hit With Worker Suit on Mass-Layoff Notice Issues
(DBN)

Slight increase in prices expected after shut down of Yellow
(DBN)

Heavy Truck Sales Hit New Record High; Up 18% Year-over-year in July
(DBN)

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Telecoms:

Ligado Networks Seeks to Restructure Debt Again to Ease Satellite Deal
(DBN)

Total Play Bonds Sink Further Into Distressed as Cash Burn Grows
(DBN)

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Autos:

The potential looming auto industry fiasco
(DBN)

Ford’s U.S. sales rose nearly 6% in July, but its EVs are still lagging
(DBN)

Driver says he was 'trapped' in hot Tesla after battery died
(DBN)

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Banking:

Dimon Calls Higher Capital Requirements ‘Hugely Disappointing’
(DBN)

McKinsey expects return on assets of banks to fall in 24-30 months
(DBN)

Farmington State Bank, the tiny Eastern Washington bank tied to FTX collapse, will close
(DBN)

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Celebs:

Erika Jayne Launches Investigation Into Alleged Fraud in Tom Girardi’s Bankruptcy
(DBN)

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Precious Metals:

States Recoup Overcharges For Investors In Commodity Firm Bankruptcy
(DBN)

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Movie Theaters:

Movie-Theater Behavior Has Gone Off the Reels - WSJ
(DBN)

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New Bankruptcy Opinions
(3 new opinions today - DBN)

Bankruptcy Court Web/Pacer Site Directory

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

Recent Ch. 11 Adversary Proceeding Filings (7 new filings today)
(DBN)

Chapter 11 Bankruptcy Case Studies
(DBN)

Bankruptcy Statistics:

Epiq: July Commercial Chapter 11 Filings Increase 71 Percent Over Last Year
(DBN)

Kirkland & Ellis, Jackson Walker Dominate Debtor-Side Bankruptcy as Restructuring Market Heats Up
(DBN)

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Mass Torts:

Why Opioid Settlements Worth Over $8 Billion Are at Risk of Falling Apart
(DBN)

Why J&J's 'Texas-two step' setback could make it harder for companies to shed lawsuits
(DBN)

J&J, Cancer Victims Agree to Quick Appeal of Bankruptcy Ruling
(DBN)

J&J talc cancer plaintiffs want 6-month ban on further bankruptcy filings
(DBN)

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Aviation:

Aerospace Distress!
(DBN)

Sluggish return of business travelers forces US airlines to rejig their networks
(DBN)

A Delta Air Lines passenger threatened to ‘cut off’ a flight attendant’s head with a shard of glass and put her into a chokehold during a flight to New Orleans: report
(DBN)

Boeing Supplier Spirit Aero Slides Most in Three Years as Cash Burn Tops $200 Million
(DBN)

Pratt & Whitney recalls hundreds of airline engines
(DBN)

Investors Back Changes to Wizz Air CEO’s £100 Million Bonus Plan
(DBN)

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Labor:

Rejected agreements show workers are fighting to catch up: experts
(DBN)

Hollywood producers seek sit-down with striking writers
(DBN)

Hollywood strikes cost cities and states billions
(DBN)

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Climate:

Study: Climate change boosted July's heat for 81% of world's population Heat that hit over 80% of the world’s population in July unlikely without climate change, analysis shows
(DBN)

Senate Democrat says Biden team ‘failing’ on climate change
(DBN)

UK Can Never Rival Biden’s Green Subsidies in Inflation Reduction Act, Minister Says
(DBN)

This Summer Is Pointing Us Toward Uncharted Territory
(DBN)

Hail Bigger Than Baseballs Reveals Green Energy’s Climate Risk
(DBN)

The heat wave is driving up gas prices
(DBN)

A Look at How Much Less Antarctic Sea Ice There Is This Year
(DBN)

Heat Returns to Spain With Fire Risk Across Southern Europe
(DBN)

Wildfires threaten iconic Joshua trees
(DBN)

Iran begins two-day nationwide shutdown due to soaring temperatures Deadly Heat Triggers Covid-Like Shutdown in Iran, With More to Follow
(DBN)

It's midwinter, but it's over 100 degrees in South America!
(DBN)

Burned by Europe’s heat, travelers are seeking new destinations this summer
(DBN)

It's winter in Argentina — and it's the hottest August in 117 years of records
(DBN)

Corporate ESG Claims to Soon Face Audits to Address Greenwashing Fears
(DBN)

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Food/Beverage:

Big St. Louis brewer searches for new owner amid bankruptcy
(DBN)

12 Worst Performing Fast Food Chains in US
(DBN)

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Bicycles:

‘A Nice Bike, When It Works’: Riders Fret After E-Bike Maker Goes Bust
(DBN)

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Religion:

Why Middle-Aged Americans Aren’t Going Back to Church - WSJ
(DBN)

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Kitchenware:

Tupperware meme-stock fans face a Bed Bath & Beyond-style rout
(DBN)

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Healthcare:

To resolve $110 million in Borrego Health debt, state regulators agree to accept $20 million
(DBN)

California writes off $90M in debt from bankrupt clinic chain
(DBN)

Giving birth in America continues to get deadlier
(DBN)

An abortion ban made them teen parents.
(DBN)

Study: Medicare could save billions covering obesity meds
(DBN)

Idaho health care providers can refer patients for abortions out of state, judge rules
(DBN)

Gay Louisiana doctor says he’s leaving the state over its ‘discriminatory’ legislation
(DBN)

Uninsured rate hit record low in early 2023, CDC says
(DBN)

Leprosy is here, but you shouldn’t be worried
(DBN)

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Infrastructure:

On One Texas River, Four Dam Failures Show Harsh Reality of Aging Infrastructure - WSJ
(DBN)

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Furniture:

Art Van heirs would pay nothing out of pocket in $8M bankruptcy settlement
(DBN)

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Student Debt:

New Biden plan cuts student loan payments for millions to $0. Will it be the next legal battle?
(DBN)

Why you may not qualify for Biden’s next student loan forgiveness plan
(DBN)

Ron DeSantis says he has 'sympathy' for some student-loan borrowers — and wants to make it easier for them to get rid of their debt in court DeSantis Plan to Get Rid of Student Loans Compared to Biden Cancellation
(DBN)

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Retailing:

American Apparel, from the inside
(DBN)

Bed Bath & Beyond Says ‘Yes’ To Personalization And ‘Maybe’ To Stores
(DBN)

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Hotels:

Bankrupt Manhattan Hotel Owner Should Pay Default Interest, Judge Rules - WSJ
(DBN)

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UK:

High street retailer Wilko on brink of collapse
(DBN)

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Russia:

Ukraine is 3D printing bombs to keep up with its battlefield demands, says report, with some costing as little as $3.85
(DBN)

Zelenskyy urges cool heads as Poland lashes out at Ukraine in gratitude spat Belarus helicopters entered Poland’s airspace as provocation, report says
(DBN)

Ukrainian Troops Trained by the West Stumble in Battle
(DBN)

Top banks made $6 billion trading the ruble last year amid Western exodus from Russia, report says
(DBN)

How frozen Russian assets could pay to rebuild Ukraine
(DBN)

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China:

Restructuring plan for parent of automaker Brilliance China approved by creditors, court
(DBN)

China vows lower business financing costs, support for property sector in H2
(DBN)

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MENA:

Women Will Be the Biggest Victims of Israel’s Judicial Reforms
(DBN)

Heatwave Or Bankruptcy: Why Is Iran Really In Shutdown?
(DBN)

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