July 13, 2023

The Daily Bankruptcy News

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Law:

Musk Suit Against Wachtell Hits Pioneering Use of Success Fees Twitter says outside counsel’s ‘success fee’ violated law, professional ethics
(DBN)

Legal services sector nears 10-year high for jobs
(DBN)

Most legal departments use discounted hourly rates, survey finds
(DBN)

Lewis Brisbois Defector Firm Sees Exits After Racist Emails
(DBN)

Lawyers At High Risk Of Losing Jobs To Artificial Intelligence Concludes OECD Based On... Nothing But Vibes
(DBN)

Weil Gotshal to Require Four Days of Office Attendance Another BigLaw firm requires in-office work 4 days a week Third Major Biglaw Firm To Require 4 Days In Office Weil Joins Firms Forcing Lawyers Into Office Four Days a Week
(DBN)

This Biglaw Firm's New CEO Will Work Fully Remotely
(DBN)

Some Law Firm Managing Partners Have More Power Than Others
(DBN)

BigLaw firms are targeted in cyberattacks and hacking lawsuits
(DBN)

How lawyers can embrace the challenge to supervise AI
(DBN)

NBCE shares examples of what questions for new bar exam could look like
(DBN)

Pardoned ex-soldier plans to take the bar exam; is he unfit for practice?
(DBN)

The Law Schools With The Highest LSAT Scores (2022)
(DBN)

This Dean Will Be *Very Disappointed* If You Fail The Bar Considering He Taught You On Themis
(DBN)

Concerns about office-sharing arrangements addressed in new ABA ethics opinion
(DBN)

Physical Altercation Between Attorneys Allegedly Behind Mistrial
(DBN)

Democrats demand GOP turn over info on indicted think-tank leader, ‘patient zero’ of Biden probes Democrats demand GOP investigate its own indicted whistleblower Indictment inflames DOJ politicization debate
(DBN)

DOJ asks appeals court to block Trump deposition in Strzok, Page suits
(DBN)

DOJ dissonance: While trying to put Trump behind bars, feds grapple with how much to shield him in civil suits
(DBN)

FBI Director Chris Wray: ‘Insane’ to say I’m biased against conservatives 'Completely untethered from the evidence': Jerry Nadler tears apart Jim Jordan's crusade against the FBI'Are you protecting the Bidens?': Gaetz goes after FBI Director Wray
(DBN)

Georgia election workers say Giuliani failed to turn over key evidence in defamation suit
(DBN)

Trump blasts DOJ over decision to withdraw from E. Jean Carroll lawsuit fight DOJ Says Trump's Rants About E. Jean Carroll Were Not Part Of His Job. Trump Responds With Further Ranting E. Jean Carroll compares Trump's defamation claim to something 'by a writer at the Onion'
(DBN)

Jan. 6 defendant who was arrested near Obamas’ DC residence ordered held until trial Arizona man at center of Jan. 6 conspiracy theory sues Fox News Trump supporter Ray Epps sues Fox News for defamation over Jan. 6 "falsehoods" Oath Keeper member and ‘Jesus Christ Superstar’ actor acquitted of January 6 charges Proud Boys member who led Jan. 6 charge at Capitol sentenced to 5 years
(DBN)

How much prison time might Trump face if convicted on Espionage Act?
(DBN)

Texas woman shot in the head, killed after husband flips off erratic driver
(DBN)

Beloved surgeon allegedly killed by patient who had been at his clinic for hours
(DBN)

Art gallery owner who sprayed homeless woman with garden hose avoids jail time
(DBN)

LA County sheriff says deputy punching baby-holding mother in the face was ‘completely unacceptable’
(DBN)

Woman 'accidentally' shot mom in head while trying to show her gun was unloaded: Cops
(DBN)

Most Americans support abortion access one year after Roe v. Wade: poll House Republicans use spending bills to push for abortion restrictions
(DBN)

Migrant crossings along U.S.-Mexico border plummeted in June amid stricter asylum rules Southern border ‘eerily quiet’ after policy shift on asylum seekers
(DBN)

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Judges:

BK CO: Term Law Clerk Positions Available
(DBN)

Liberal justices caught up in Supreme Court ethics scrutiny
(DBN)

How Supreme Court justices get free trips, push book sales and help school fundraising
(DBN)

Senate Confirms One of Judiciary’s Youngest Trial Court Judges
(DBN)

Sotomayor's wealth has skyrocketed since joining Supreme Court, raising ethics concerns
(DBN)

Lawyers with supreme court business paid Clarence Thomas aide via Venmo Maybe The Guardian Should Leave The Clarence Thomas Exposés To Pro Publica These are the lawyers who apparently sent Venmo payments for Thomas 'Christmas Party'
(DBN)

Senators Ask Billionaire Paul Singer and Power Broker Leonard Leo for Full Accounting of Gifts to Supreme Court Justices
(DBN)

From Inside The House: Even Supreme Court Justices Think The Court Is A Sham
(DBN)

SCOTUS finally releases a statement on ethics, but not about the justices you're thinking
(DBN)

Supreme Court bringing American politics to a new low
(DBN)

The Senate Should Retire Blue Slips to Veto Judicial Nominations
(DBN)

Failure to discipline judge for racial slur is ‘a hideous commentary,’ complaining lawyer says Ethics Panel Decides It's No Big Deal If Judge Uses Racial Slur About Defendants Appearing In His Courtroom
(DBN)

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Wall Street:

Stock futures tick up after S&P 500 notches highest close since April 2022
(DBN)

Investors think the Fed has won the war against inflation
(DBN)

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Layoffs:

Stablecoin issuer Circle announces layoffs
(DBN)

NFT Firm Dapper Labs Makes Job Cuts, Parts Ways With 51 People
(DBN)

Fired Twitter workers demand Elon Musk pay $500M in promised severance: suit
(DBN)

Restructurings, Redundancies and Reductions in Force - A Practical Guide for Employers
(DBN)

Chipotle is hiring a robot to do a task employees hate
(DBN)

The Energy Transition Is Underway. Fossil Fuel Workers Could Be Left Behind.
(DBN)

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Bicycles:

VanMoof explores sale under court protection because it can’t pay bills Dutch E-bike maker VanMoof files for protection from creditors Financial crisis throws VanMoof out of gear: Seeks legal protection from creditors, files for suspension of payments
(DBN)

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Politics:

Christie and Scott reach key donor requirement for first GOP debate
(DBN)

No Labels, no hesitation
(DBN)

Pence defends not conceding 2020 election before Jan. 6
(DBN)

DeSantis donors privately worry about campaign as Florida governor lags in 2024 polls Ron says he wouldn't be Trump's running mate Conservative media's tone shift on Ron DeSantis DeSantis is hoping Iowa evangelicals can make his campaign born again
(DBN)

Top donors, souring on DeSantis, start looking at Tim Scott
(DBN)

Christie spars with Piers Morgan over stance on transgender youth The campaign of Chris Christie’s dreams Chris Christie Taunts Trump as ‘Coward’ for Ducking GOP Debates: ‘Say it to My Face’
(DBN)

Piers Morgan Dares Reluctant Trump to Do Primary Debate On Fox News and Not Be ‘Cowardly’
(DBN)

Trump’s rivals face GOP criticism for not going on the attack
(DBN)

Robert F. Kennedy Jr. press dinner explodes in war of words and farting
(DBN)

Biden's blockbuster week
(DBN)

Trump puts Iowa victory at risk with attack on GOP governor
(DBN)

Southern Pride Is Dandy But Not BS Lost Cause Mythology. And The Far Right Is Poised To Repeat History.
(DBN)

Culture wars: Here are the major fights brewing over the defense spending bill
(DBN)

RFK Jr.'s campaign gear not union- or U.S.-made
(DBN)

The next wave of abortion rights ballot measures looks different from the last 'Restore the sanctity of life': Mike Pence supports forcing women to carry non-viable fetuses to term
(DBN)

Kid Rock declared a Bud Light boycott. CNN visited his bar
(DBN)

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Food/Beverage:

The oldest craft brewery in the United States is shutting down after 127 years
(DBN)

Do Good Foods files for Chapter 11 bankruptcy
(DBN)

Monster Wins Approval on $362 Million Acquisition of Bang Energy
(DBN)

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Entertainment:

With actors poised to join film and TV writers on strike, Hollywood insiders lay out the dream and nightmare scenarios: 'There's going to be no cash flow'
(DBN)

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Economy:

Fed's Beige Book: "Overall economic activity increased slightly"
(DBN)

Cleveland Fed: Median CPI increased 0.1% and Trimmed-mean CPI increased 0.1% in June BLS: CPI increased 0.2% in May; Core CPI increased 0.2%
(DBN)

YoY Measures of Inflation: Services, Goods and Shelter
(DBN)

S&P Economist: US Dollar to Lose World Reserve Currency
(DBN)

The economy is doing exactly what we need to avoid a recession and keep booming
(DBN)

The drop in inflation in June paves the way for the US economy to avoid a recession, former PIMCO chief economist says
(DBN)

The economy is in a 'rolling financial crisis' as private sector debt balloons, GMO says
(DBN)

Larry Summers warns US deficits have never looked as ominous as they do now and are on a 'completely unsustainable path'
(DBN)

Biden’s economic dream is becoming reality — but how long can he sustain it?
(DBN)

New York Needs Workers. They’re Waiting On the Sidelines.
(DBN)

Inflation rose just 0.2% in June, less than expected as consumers get a break from price increases Here’s the inflation breakdown for June, in one chart Inflation slows to 3%, but returning to 2% is ‘still a ways away’ White House takes victory lap after inflation report comes in cooler than expected What the latest inflation numbers mean for you Inflation at 3% Flags End of Emergency, Turning Point for Fed Inflation just fell when rate hikes were paused. So why keep hiking?
(DBN)

"The fever is breaking" as inflation takes long-awaited tumble
(DBN)

US economic activity rose slightly in recent weeks, Fed survey shows
(DBN)

Wages are finally rising faster than inflation
(DBN)

Americans turning to installment apps Klarna, Affirm to buy groceries
(DBN)

Small business optimism ticks higher in June
(DBN)

Cooler inflation points to lower Social Security COLA in 2024, experts predict
(DBN)

The coming credit crunch could crush the economy
(DBN)

10 U.S. cities where job listings have the highest average annual salary
(DBN)

Other countries don’t have an issue with ‘tipflation.’ Here’s how much people tip around the world
(DBN)

We can save Social Security by raising taxes on the wealthy
(DBN)

California has spent billions to fight homelessness. The problem has gotten worse The Spike in Homelessness in US Cities Isn’t Slowing Down
(DBN)

Trade between the US and China is drying up. That could be bad news for American consumers.
(DBN)

US Debt Clock
(DBN)

World Debt Clock
(DBN)

How People Really Live
(DBN)

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Real Estate:

Current State of the Housing Market; Overview for mid-July
(DBN)

MBA: Mortgage Applications Increased in Weekly Survey
(DBN)

Banks are bailing on small mortgages, driving buyers to risky alternatives
(DBN)

Remote Work to Wipe Out $800 Billion From Office Values, McKinsey Says
(DBN)

Visualizing 1 Billion Square Feet of Empty Office Space
(DBN)

Farmers Insurance pulls out of Florida, affecting 100,000 policyholders Trump Official Warns GOP Could Lose Florida as Farmers Insurance Leaves
(DBN)

Parts of America Already Uninsurable
(DBN)

Senators Call for Further Oversight, Consumer Protections in Contract for Deed Real Estate Transactions
(DBN)

‘Blighted’ University Heights shopping center files bankruptcy in ‘positive’ move
(DBN)

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Municipalities:

Harvey, Illinois, launches GO exchange offer on defaulted debt
(DBN)

Most Stressed U.S. Cities: Cleveland, Detroit top the list in 2023
(DBN)

Detroit Marks Bankruptcy Anniversary by Borrowing Big to Tackle Blight
(DBN)

Graceland project woes continue as borrowers miss another debt payment
(DBN)

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Oil/Gas:

Wait. Oil&Gas BK is Back?
(DBN)

IEA Cuts Global Oil Demand Outlook for 2023 as Economy Slows
(DBN)

Mercedes US Electric Vehicle Sales Up 600% in Q2
(DBN)

Slow Selling Electric Cars Industry's New Problem
(DBN)

Fossil-Fuel Demand for Electricity May Have Peaked Globally
(DBN)

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Tech:

As Twitter continues to implode, advertisers pin their hopes on Threads
(DBN)

VP Harris meets with labor and rights groups to discuss threats from AI
(DBN)

The A.I. revolution in health care is coming
(DBN)

Tax prep sites gave millions of taxpayer info to Facebook, Google
(DBN)

How AI Is Making Politics Easier, Cheaper, More Dangerous
(DBN)

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Student Debt:

'This fight is not over': What to know about Biden's new plan to forgive student debt
(DBN)

A third of student borrowers spent money they thought would be forgiven: poll
(DBN)

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Crypto:

FTX Bankruptcy Lawyers Ask Court For $323m Recovery From FTX Europe Leadership
(DBN)

Solana price eyes 15% nosedive after recent development in FTX bankruptcy case
(DBN)

Altcoins Brace for Impact as Celsius Preps for Major Liquidation
(DBN)

Coinbase Lawyers Argue Biden Student Loans Ruling Aids Defense Against SEC
(DBN)

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Retailing:

Every Buybuy Baby store closing after bankruptcy deal falls through Bankruptcy judge OKs sale of BuyBuy Baby brand and digital assets for $15.5M
(DBN)

Senators take aim at Bed Bath & Beyond stock buybacks, lack of worker severance
(DBN)

Back-to-school spending to tumble 10%: Deloitte
(DBN)

‘Shame on you’: Shoppers accuse Christmas Tree Shops of deceitful pricing during closeout ‘sale’
(DBN)

Investors target consumer goods makers on fears of customer exodus over high prices
(DBN)

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Resorts:

Lenders Sue Margaritaville Times Square Owners For $85M After Bankruptcy Filing
(DBN)

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Awards:

Vault ‘Quality Of Life’ Rankings: The Best Midsize Law Firms To Work For (2024)
(DBN)

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Healthcare:

Plastic surgeon who livestreamed procedures on TikTok banned from practicing medicine in Ohio
(DBN)

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Education:

Our confidence in college is plummeting to a shocking degree. Here are likely reasons why
(DBN)

Wisconsin teacher fired after criticizing district’s ‘Rainbowland’ ban
(DBN)

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Movie Theaters:

'Barbie' and 'Oppenheimer' could be struggling movie theaters' last chance to make money this summer
(DBN)

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Autos:

Tesla leads large drop in used electric car value, Model 3 down 30%
(DBN)

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Biofuels:

Red River Biorefinery Engages FTI for Facility Sale, Misses June 15 Debt Service Payment
(DBN)

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Fraud:

Allianz US Unit Ordered to Pay $6 Billion in Securities Fraud Case
(DBN)

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New Bankruptcy Opinions
(5 new opinions today - DBN)

Bankruptcy Court Web/Pacer Site Directory

Recent Ch. 11 Filings (10 new filings today)
(DBN)

Recent Ch. 11 Adversary Proceeding Filings (4 new filings today)
(DBN)

Chapter 11 Bankruptcy Case Studies
(DBN)

Trustees:

BK SD AL Seeks Subchapter V Trustee
(DBN)

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Mass Torts:

Behind the rare criminal conviction of a Catholic cleric in New Orleans
(DBN)

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Executory Contracts:

Even a Contract for Vice Services Doesn’t Count as an Unassignable Personal Services Contract Under Section 365 of the US Bankruptcy Code
(DBN)

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Contracts:

Anti-Reliance Clauses: What Are They and Are They Relevant Outside of M&A Transactions?
(DBN)

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Constructive Trusts:

Didn’t get it in writing? There may still be a way, says author of ‘Litigating Constructive Trusts’
(DBN)

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Consumer Bankruptcy:

TitleMax Demands High-Interest Payments From Borrowers in Bankruptcy
(DBN)

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Aviation:

Delta posts record quarterly earnings, hikes full-year outlook on travel boom
(DBN)

American Airlines canceled a teenager's 'skiplagging' ticket after realizing he wasn't planning to board the connecting flight to New York: report
(DBN)

Wild video captures American, Brit exchanging blows on Ryanair flight
(DBN)

Brazil's Azul launches notes offering as part of broad restructuring plan
(DBN)

SpiceJet Promoter Ajay Singh To Pump Funds Into Airline Placed under enhanced surveillance, SpiceJet to get Rs 500 cr from promoter
(DBN)

Go First insolvency: Delhi High Court asks single-judge to expeditiously decide aircraft lessors' plea for de-registration of planes
(DBN)

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Labor:

Teamsters president rips UPS, joins Twitter pile-on amid strike threat
(DBN)

Actors strike looms as deadline approaches, union slams producers’ tactics Hollywood Studios’ WGA Strike Endgame Is To Let Writers Go Broke Before Resuming Talks In Fall Anonymous studio execs reportedly said they're willing to let writers be on strike until they're homeless. A writer from FX's hit 'The Bear' show called the comments 'vile' and the 'worst possible PR move.' No deal on Hollywood actors contract, strike vote will be held Thursday morning
(DBN)

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Media:

Shane Smith Has a Secret Multi-Million-Dollar Vice Deal
(DBN)

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Climate:

Expanding heat wave leaves more than 112 million under alerts Unforgiving heat wave forecast in swaths of U.S. in the coming days
(DBN)

The 10 Hottest Days Ever Put People and Livelihoods at Risk
(DBN)

Fires, floods, heatwaves. Is the extreme weather from coast to coast 'a new abnormal'? Floods, fires and deadly heat are the alarm bells of a planet on the brink
(DBN)

Tornadoes ravage Chicago area, leave thousands without power
(DBN)

3 reasons why this summer is so damn hot
(DBN)

The “new abnormal”: The rise of extreme flooding, briefly explained
(DBN)

Delhi on Alert for Floods After River Level Hits All-Time High
(DBN)

Italy Issues Emergency Warnings as Europe’s Heat Wave Takes Hold
(DBN)

UAE Calls for ‘Aggressive’ Course Correction on Climate Change
(DBN)

Heat Waves Forecast to Bake China’s Already Smaller Cotton Crop
(DBN)

The danger of worldwide fascism is being accelerated by the one thing few people want to talk about
(DBN)

Ocean heat off Florida is ‘unprecedented.’ Scientists are warning of major effects Ocean temps off Florida hit 97-Degrees
(DBN)

Italy swelters under deadly ‘Cerberus’ heat wave which could break European temperature records
(DBN)

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Trucking:

Possible bankruptcy threatens to firm up LTL sector
(DBN)

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Sovereigns:

New York’s Sovereign Debt Restructuring Proposals
(DBN)

Progress on debt restructuring provides a glimmer of hope for developing countries
(DBN)

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UK:

Are UK Restructuring Plans Still too Expensive?
(DBN)

Hastings council bankruptcy fears amid housing crisis
(DBN)

UK Public Finances on ‘Very Risky’ Footing After Series of Shocks, OBR Says
(DBN)

North East Start-Up Numbers And Insolvency Events Both Rise In First Half Of Year
(DBN)

Guildford to set 'strict controls' on new spending and may trigger same bankruptcy notice as Woking
(DBN)

Relics of the Last Property Crash Are Starting to Wobble Again
(DBN)

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Canada:

In Canada, deserted oil wells are environmental time bombs
(DBN)

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Russia:

Zelensky thanks Biden for ‘difficult’ decision to send cluster munitions to Ukraine
(DBN)

NATO delivers gut punch to Putin
(DBN)

Thousands of Ukraine civilians are being held in Russian prisons. Russia plans to build many more
(DBN)

Ukraine killed Russia general with Storm Shadow missile: reports
(DBN)

Russia is sending 'disposable' soldiers to fight Ukraine high on amphetamines to ensure they 'still run at machine guns,' military expert says
(DBN)

NATO summit showed the cost of Putin’s Ukraine ‘fixation’
(DBN)

‘We’re not Amazon’: tensions with Ukraine surface at NATO summit
(DBN)

Russian general in Ukraine says he was fired after accusing defense minister of treachery Ouster of Russian General ‘Spartacus’ Sparks Ruling Party Feud
(DBN)

Russia's economy is in shambles and its oil exports are collapsing — but its crude oil just smashed a crucial price cap Russia's economy dealt a crushing blow as its current-account surplus collapses by 93%
(DBN)

Panicked Russians withdrew 100 billion rubles from banks during the Wagner revolt, central bank says
(DBN)

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Australia:

A timely review of the effectiveness of Australia's insolvency laws
(DBN)

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Brazil:

Unigel’s Brazil Creditors Want Billionaire Owners to Inject Cash
(DBN)

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China:

China's June trade data is way down from a year ago, marking yet another big red flag for China's ailing economy China’s Exports Drop For Second Month in Blow to Slowing Economy
(DBN)

Chinese property developer Guangzhou R&F faces bankruptcy restructure demand
(DBN)

Chinese hackers breach email of Commerce Secretary Raimondo and State Department officials
(DBN)

Xi Gets Serious About Boosting Private Sector as Economy Slumps
(DBN)

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MENA:

Israeli Firebrands Are Turning on Central Banker After Targeting Judges
(DBN)

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France:

Casino Profit Warning Adds to Pressure on Restructuring Effort
(DBN)

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