June 14, 2023

The Daily Bankruptcy News

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Law:

BigLaw firm confirms layoffs, delayed start dates for incoming associates Orrick Lays Off 90 Lawyers and Staff, Delays Start Dates Top 50 Am Law Firm Announces Reduction In Force, Will Cut 6% Of Global Workforce
(DBN)

The 2023 Outside Counsel Rankings: The Top Law Firms According To In-House Counsel
(DBN)

Crowell Is Moving Out of DC Building Where It Has Rent Clash
(DBN)

Work or Take $100K to Wait? Cooley Associates Face Tough Choice
(DBN)

BigLaw partner resigns after terminally ill ex-wife posted videos of his tirades
(DBN)

How Long Will Cravath Be Able To Cling To Its Prestige?
(DBN)

Law School Rejects Student Resumes For Preferring Historic, Prestigious Name Over Donor-Driven Rebrand
(DBN)

In-House Leaders Say Lawyers At These Biglaw Firms Are Client Service 'All-Stars'
(DBN)

Disability rights advocates challenge California’s bar exam accommodation process California's Bar Exam Is Hard Enough Without Dealing With Its Accommodation Process
(DBN)

First Rule Of Re-Filing: Don't Submit It 3 Months After The Date You Request
(DBN)

Banana on wall artwork didn’t infringe another artist’s work, federal judge says
(DBN)

Lawyer Who Sued After Taking A Baseball To The Testicle Takes Ball-Busting Deposition
(DBN)

Misogynistic rap music in workplace can constitute sex discrimination, 9th Circuit says
(DBN)

Trump Arrested in Classified Docs Probe Not guilty plea entered at arraignment over classified documents A glowering former president faces a historic day in court Trump sits silently in Miami courtroom, pleads not guilty in historic case Trump's historic federal arraignment was virtually invisible to the public Trump finds no new lawyers for court appearance in Mar-a-Lago case Trump Urges Prosecutors to Drop Case, Offers Preview of Defense Trump calls special counsel ‘thug’ and ‘Trump hater’ hours before court appearance Trump unloads on special counsel Jack Smith in speech hours after arraignment ‘This day will go down in infamy’: Trump rages in post-arraignment speech Fact-checking Donald Trump’s Bedminster speech following documents indictment Special counsel Jack Smith confronts former president in courtroom 'Speedy trial' promised by special counsel in Trump case may not go so fast Trump supporters gather at Miami courthouse Trump legal help includes longtime Florida GOP fixture 'All the way to the Supreme Court': Trump's ex-attorney says legal strategy is to fight every step of trial Trump has been arrested in Miami federal court for his arraignment in blockbuster Mar-a-Lago documents case FactCheck: “They are trying to throw Trump in jail for the rest of his life for having a couple dozen documents that he had authority to declassify.” Anti-Trump protester in prison uniform holding 'lock him up' sign is arrested for running in front of ex-president's motorcade as secret service swiftly moves in to detain him Trump supporters cheer wildly as he arrives at Miami courthouse, while others protest Trump Continues To Be Toxic Waste To Potential Florida Attorneys
(DBN)

Who is Evan Corcoran? Trump lawyer key witness in classified docs prob
(DBN)

Tish James says she’s received death threats amidst Trump prosecutions
(DBN)

E. Jean Carroll can seek more damages in remaining Trump suit after CNN town hall: Judge
(DBN)

Two very different Espionage Act cases: Trump and the drone whistleblower
(DBN)

Jan. 6 rioter who referred to Trump as 'dad' deserves 14 years behind bars: Feds
(DBN)

Johnny Depp donates $1 million defamation settlement from Amber Heard to charity: Source
(DBN)

Kouri Richins, Utah mom accused of killing husband and then writing book about grief, denied bail
(DBN)

What's next after JPMorgan reaches $290M deal with Jeffrey Epstein survivors
(DBN)

Prosecutors: Weapons expert in Alec Baldwin case was hungover on set; defense calls case mishandled
(DBN)

Raskin defends pistol brace rule: ‘We want them to read the 2nd Amendment’ House approves pistol brace legislation that was at the center of conservative revolt
(DBN)

Man admits to 3 murders, was caught after leaving prints on 'Cheetos bag and Coke bottle'
(DBN)

Blue states’ “shield laws” for abortion and trans health care, explained
(DBN)

Biden, Abbott ramp up dueling operations on the southern border
(DBN)

CIA Begs to Keep Spying on Americans Legal
(DBN)

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Judges:

BK WD PA: New Bankruptcy Judge: The Honorable John C. Melaragno
(DBN)

SCOTUS is Becoming Even Less Popular
(DBN)

Democrats raise concerns about Trump-appointed judge handling documents case Trump drew one of his favorite judges. Here’s how she could help his case Aileen Cannon, the Trump judge assigned to oversee his trial, explained
(DBN)

In Miami, Press Asks For Cameras, Judge Confiscates Their Phones
(DBN)

Former judge will avoid computer-trespassing charges in deal with prosecutors
(DBN)

The U.S. Has Confirmed Its First Openly Transgender Male Judge
(DBN)

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Wall Street:

S&P 500 futures rise as Wall Street counts down to Fed decision
(DBN)

Goldman Sachs raises its S&P 500 price target for the year as AI booms and the 2023 rally broadens out beyond biggest tech names
(DBN)

Goldman Sachs CEO David Solomon is surprised at the economy's strength - but warns of commercial real-estate pain
(DBN)

U.S. stocks rise after May inflation data underscores expectations for Fed pause
(DBN)

Goldman Sachs Is at War With Itself - WSJ
(DBN)

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Layoffs:

Record number of media job cuts so far in 2023
(DBN)

Crypto Tax Software Firm Taxbit Lays Off Almost 40% of Its Staff
(DBN)

Discount retailer Forman Mills lays off 119 employees
(DBN)

Henry Mayo announces ‘a little over 100’ layoffs
(DBN)

Tea pickers destroy machines replacing them
(DBN)

Biggest Losers of AI Boom Are Knowledge Workers, McKinsey Says
(DBN)

Raleigh software firm Pendo announces 100 layoffs
(DBN)

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Education:

West Nottingham Academy files bankruptcy; officials 'optimistic' for future
(DBN)

Tuition Discount Rates Are Rising
(DBN)

US home Schooling Demographics Changing
(DBN)

'Anne Frank pornography' being banned in Florida, Texas schools
(DBN)

Illinois becomes first state to penalize libraries that ban books
(DBN)

'Ashamed to be Caucasian': School scraps racism lesson because it makes white students 'uncomfortable'
(DBN)

____________

Student Debt:

Student loan payments due in October after years-long pause
(DBN)

Anxiety Rocks Student Borrowers as Chance of $20,000 Relief Dims
(DBN)

____________

Tech:

The Beatles are releasing their ‘final’ record. AI helped make it possible
(DBN)

Starry Poised to Emerge from Bankruptcy, Appoints New CEO
(DBN)

Europeans Take Major Step Toward Regulating AI
(DBN)

____________

Climate:

Climate change has fueled larger wildfires in California, scientists say
(DBN)

Western lawmakers spot opening in smoke crisis
(DBN)

Biden's climate policy makes the left sweat 2024
(DBN)

Ocean temperatures are off the charts, and El Niño is only partly to blame
(DBN)

Almost a quarter of Canada’s GDP exposed to climate risk: study
(DBN)

____________

Crypto:

Sam Bankman-Fried challenges post-extradition charges in Bahamas court Court temporarily blocks new charges in Sam Bankman-Fried’s US indictment Bahamas court boosts Bankman-Fried’s challenge to post-extradition charges
(DBN)

Will FTX Bankruptcy Judge’s Ruling Set a Precedent for Customer Anonymity in Crypto Insolvencies?
(DBN)

Bankrupt Crypto Exchange Bittrex U.S. Set to Allow Withdrawals Starting Thursday
(DBN)

Prime Trust Unit Banq Files for Bankruptcy
(DBN)

Binance has not sold either bitcoin or Binance Coin, CEO says
(DBN)

Genesis creditors won’t get full value of their claims, bankrupt crypto lender files updated plan Crypto Lender Genesis Amends Reorganization Plan as Mediated Talks Continue
(DBN)

US Charges Russian Hackers with 2011 Theft of 647,000 Bitcoins Worth $16.7 Bn
(DBN)

SEC Sues Binance and Coinbase, and Ten States Bring Actions to Enjoin Coinbase From Offering Its Staking Product
(DBN)

Should You Be Worried If Your Crypto Is In Binance.US Or Coinbase?
(DBN)

____________

Utilities:

Fire Victim Trust seeks to settle claim with AT&T, the final of 3 corporations that tied up massive sums in fire victim fund
(DBN)

Puerto Rico utility debt plan could saddle residents with unaffordable power bills for decades, groups warn
(DBN)

Jury deliberates on punitive damages in Pacificorp trial
(DBN)

Texas Is Expected to Break The Power-Demand Record as Heat Intensifies This Week
(DBN)

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Golf:

River Island closing, considering bankruptcy
(DBN)

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Movie Theaters:

Cineworld to file for administration as part of restructuring plan
(DBN)

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Hedge Funds:

Odey Swan Fund Assets Collapsed 37% in Two Days Before Closing
(DBN)

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Economy:

Inflation rose at a 4% annual rate in May, the lowest in 2 years Here’s the inflation breakdown for May 2023, in one chart Cleveland Fed: Median CPI increased 0.4% and Trimmed-mean CPI increased 0.2% in May BLS: CPI increased 0.1% in May; Core CPI increased 0.4% YoY Measures of Inflation: Services, Goods and Shelter Inflation falls to lowest rate since March 2021 U.S. consumer price growth slowed last month, though underlying inflation measures stayed high New report shows inflation cooling, but some prices remain high
(DBN)

‘Greedflation’ is replacing inflation as companies raise prices for bigger profits, report finds
(DBN)

Here’s everything the Federal Reserve is expected to do Wednesday
(DBN)

Fed expected to pause rate hikes despite high core inflation Traders Position for a Fed Pause But Start Unwinding Cut Wagers

(DBN)

Ken Griffin Ramps Up Credit Trades, Anticipating US Recession
(DBN)

What to expect from the Fed meeting
(DBN)

Markets think that a Fed pause on rate hikes is a sure thing after CPI shows inflation falling further in May
(DBN)

The message top corporate CFOs are sending directly to Fed presidents: Don’t pause. Just stop
(DBN)

Why the Federal Reserve’s dual mandate may seem impossible
(DBN)

Manchin to oppose Jared Bernstein as Biden top economic adviser
(DBN)

Democratic leader accuses McCarthy of reneging on budget deal with Biden Democrats fume as House GOP plans steep spending cuts despite debt ceiling deal GOP Sets Up Another Brutal Spending Fight
(DBN)

Biden’s debt deal paved the way for the next financial mess
(DBN)

Uber and DoorDash warn of huge changes when New York City adopts its new $18 minimum wage for delivery workers
(DBN)

Social Security cost-of-living adjustment may be 2.7% in 2024, new estimate finds
(DBN)

The Fed is about to decide whether or not to keep ramping up its fight against inflation Fed likely to skip next rate hike (Wednesday) but signal it's not done, economists say Fed starts interest rate meeting as inflation continues to cool Inflation continues to come back to earth in May as the Fed decides its next move
(DBN)

The Fed's waiting game: is the US economy finally starting to crack?
(DBN)

The US economy is entering expansion, not recession, and investors fear they are missing out, Fundstrat's Tom Lee says
(DBN)

RV sales are an under-the-radar bellwether for the health of the broader economy - and they're tanking in 2023
(DBN)

Gallup: State of the Global Workplace: 2023 Report
(DBN)

AAR: May Rail Carloads Increased, Intermodal Decreased Year-over-year
(DBN)

Gen Z and millennial workers feel confused, irritated, and left out by endless 'workplace jargon' in the office, LinkedIn research shows
(DBN)

US Slips in Supply-Chain Ranks After Child-Labor Violations
(DBN)

US Debt Clock
(DBN)

World Debt Clock
(DBN)

How People Really Live
(DBN)

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Real Estate:

Housing costs are so high they pushed inflation up ahead of the Fed meeting
(DBN)

MBA: Mortgage Applications Increased in Weekly Survey
(DBN)

Struggling mall-owner PREIT’s board members reject one another’s resignations
(DBN)

Goldman Warns on Commercial Real Estate
(DBN)

Inflation outlook and rate hikes depend on what happens to rents
(DBN)

Renters about to catch a break as rents post their biggest drop in 3 years
(DBN)

Home prices are set to tumble in the 2nd half of 2023 as mortgage rates rebound and the economy slows, economists say
(DBN)

Serial squatters: Couple has lived rent-free for years, despite being evicted from more than eight homes
(DBN)

Illinois senior living community files Chapter 11 bankruptcy, seeks sale
(DBN)

____________

Municipalities:

Milwaukee bankruptcy avoidance plan up for approval in Wisconsin Legislature
(DBN)

Puerto Rican Organizations Blast Public Electric Utility PREPA Bankruptcy Plan
(DBN)

Bondholders want any PREPA plan held until after appeals
(DBN)

____________

Oil/Gas:

The New Playbook For U.S. Shale: More For Shareholders, Less Output Growth
(DBN)

Toyota Shows Electric Crown And New Solid-State Batteries With Up To 932 Miles Of Range
(DBN)

Oil Demand Growth to Slow Dramatically as Peak Nears, IEA Says
(DBN)

Oil Supertanker Rates Surge as Cargoes From Mideast Climb
(DBN)

____________

Sports:

Is the PGA Tour-LIV Golf merger even legal?
(DBN)

As many as five MLB teams could be dropped by Diamond Sports over the next month
(DBN)

____________

Banking:

CDS committee to rule whether there is a successor to Credit Suisse after merger completion
(DBN)

Bank of America Leads Big Banks Back to the ESG Market
(DBN)

Riskier Bank Bonds Roar Back as Returns Rise, AT1 Market Reopens
(DBN)

____________

Credit Repair:

Credit repair companies file for Chapter 11 bankruptcy relief in response to potential $3 billion CFPB judgment
(DBN)

____________

Awards:

Association of Insolvency and Restructuring Advisors Announces CIRA Certification Award Winners
(DBN)

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Kitchenware:

Pyrex parent Instant Brands files for bankruptcy in the US
(DBN)

Thin Margins & Competitive Moats: Analyzing Instant Brands Journey to Bankruptcy
(DBN)

____________

Labor:

A priest walked into this taqueria. The owner wanted employees to 'confess' sins at work
(DBN)

Dressed Down: Labor Board Forces Adult Entertainment Club to Exit Bankruptcy, Re-Open Business, and Re-Hire Dancers
(DBN)

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Retailing:

Transformation and restructuring in the retail sector
(DBN)

Huge wedding chain that’s set to close all 294 stores leaves customers in the dark after bankruptcy filing
(DBN)

Overstock.com makes $21 million 'stalking horse' bid for Bed Bath & Beyond
(DBN)

____________

Weight Loss:

Here’s Why Jenny Craig Really Shut Down
(DBN)

____________

Politics:

Democrats and Republicans share core values but still distrust each other
(DBN)

A deeper, emerging reality about the 2024 campaign
(DBN)

GOP lawmaker drops f-bomb as moderates bash conservatives over revolt: ‘A little spicy in there’ GOP moderates strike back after conservative revolt paralyzes House
(DBN)

White House bans ‘disrespectful’ topless trans influencer Rose Montoya
(DBN)

Could a Tape Recording Mean the End of Joe Biden? The Joe Biden Tapes: What We Know
(DBN)

Inside the room: GOP tensions erupt after House floor protest
(DBN)

The GOP’s new Muslim outreach
(DBN)

Scaramucci says Trump ‘stressed’ about indictment, predicts he will eventually drop out of race Paul Ryan: Trump’s indictment renders him ‘not electable’ Trump turns his day in court into a campaign event despite serious political and legal threats Why another indictment isn’t hurting Trump in the 2024 primary The Don Now Fundraising Over Possibility He'll Die in Prison In subtle ways, some of Trump’s G.O.P. rivals shift their tone as they defend him Trump greets arraignment with showmanship in bid to upstage charges Trump has to weather new legal storm. Rivals turn critical, supporters rally behind him Pence says he ‘can’t defend’ allegations in Trump indictment Buck: ‘I won’t support a convicted felon for the White House’ In MAGA mirror, Trump's legal peril looks like personal threat Jack Smith gear floods online stores
(DBN)

GOP fears Trump legal woes will boomerang on them
(DBN)

GOP senator will block Biden’s Justice Department nominees to protest Trump indictment
(DBN)

Fox News chyron calls Biden a 'wannabe dictator' who had his 'political rival arrested'
(DBN)

Rep. McGovern mocks House GOP rebellion: 'Boy, what an achievement'
(DBN)

Starbucks Denies Union Allegations of a Ban on Pride Decorations
(DBN)

House fails to override Biden veto on DC accountability bill
(DBN)

Army renames Louisiana base for Black World War I hero
(DBN)

____________

Coal:

As Kentucky’s largest coal producer mines Bitcoin, its power discounts draw scrutiny
(DBN)

____________

Food/Beverage:

Meatless Farm lays off all staff and faces bankruptcy
(DBN)

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New Bankruptcy Opinions
(2 new opinions today - DBN)

Bankruptcy Court Web/Pacer Site Directory

Recent Ch. 11 Filings (12 new filings today)
(DBN)

Recent Ch. 11 Adversary Proceeding Filings (6 new filings today)
(DBN)

Chapter 11 Bankruptcy Case Studies
(DBN)

Mass Torts:

3M seeks to revive bankruptcy to resolve military earplug mass tort
(DBN)

3M Unit Bankruptcy Toss Is Second Blow to Mass Tort Defense Play
(DBN)

3M unit’s dismissed bankruptcy may speed up settlement: BofA
(DBN)

Bankruptcy judge tosses Chapter 11 case by 3M's Aearo Technologies
(DBN)

Scouts paid out '£6million to abuse victims' in the UK over the past 10 years | Daily Mail Online
(DBN)

____________

Third Party Releases:

Second Circuit Assesses Propriety of Third-Party Releases in Purdue
(DBN)

____________

Subchapter V:

“Engaged In”: The Rocky Marriage Between Commercial and Business Activity and Subchapter V Eligibility
(DBN)

____________

Bankruptcy Theory:

Consumer Bankruptcy in the Neoliberal State
(DBN)

____________

Bankruptcy Strategy:

Alliance Politics in Corporate Debt Restructurings
(DBN)

The Tapering Concessions Approach To Negotiating (A Study)
(DBN)

____________

Bankruptcy Reform:

Reconceptualizing Bankruptcy Education Requirements for Incarcerated Debtors
(DBN)

____________

Solvent Debtors:

Second Circuit Weighs In on Bankruptcy Code v. Chapter 11 Plan Impairment and the Solvent-Debtor Exception
(DBN)

____________

Intercreditor:

US Bankruptcy Court Holds for Serta and Participating Lenders in Uptiering Transaction Dispute
(DBN)

The PET Cemetery
(DBN)

____________

Discharge:

America’s Public Shell Trafficking Problem: Ripe for Reprocessing
(DBN)

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Exemptions:

Bankruptcy in the Golden Years: The Case for Increasing Exemptions for Elderly Americans
(DBN)

____________

UST:

Kevin M. Epstein to Serve as the U.S. Trustee for the Northern and Eastern Districts of Texas for Interim Period
(DBN)

____________

Aviation:

Brazil airline Azul ready to raise capital after debt deals - CEO
(DBN)

Financially-troubled Fly Gangwon applies for court receivership
(DBN)

Maintainability of Aircastle’s second insolvency petition against Spicejet questioned by NCLT
(DBN)

____________

Personal Finance:

What does it take to be wealthy? Well-being is a more important measure than money or assets, survey finds
(DBN)

____________

Fraud:

Man Who Posed as 'Billionaire Rabbi' in Phony Lord & Taylor Bid Pleads Guilty
(DBN)

‘Varsity Blues’ Cases Narrow Path for Honest Services Fraud
(DBN)

Don't send checks through the mail, the post office is warning. Criminals are stealing more than ever.
(DBN)

£20m Ponzi scheme fraudster handed seven-year prison sentence
(DBN)

____________

Media:

Influencers overtaking journalists as news source
(DBN)

____________

Healthcare:

Thirty Madison buys The Pill Club's assets following bankruptcy
(DBN)

ObamaCare lawsuit could eliminate or restrict three-quarters of preventive benefits: report Obamacare preventive care provision temporarily restored
(DBN)

Here are the states where it's costliest to give birth
(DBN)

How COVID set back the fight against cancer, and why it’s only getting worse
(DBN)

Woman presumed dead shocks her family when she’s found alive knocking from inside her coffin
(DBN)

____________

Sovereigns:

New York proposes sovereign debt restructuring legislation Puerto Rico shows that New York’s sov debt bill needs a rethink Don’t let private creditors free ride public debt relief
(DBN)

Zambia’s Creditors Close to Debt Restructuring Deal, IMF Says
(DBN)

Tunisia preparing alternative IMF proposal, official says
(DBN)

Sri Lanka president to hold debt talks on France visit
(DBN)

Odds of Pakistan Securing IMF Bailout Are Dimming, Moody’s Says
(DBN)

Suriname hoping for success in rescheduling China debt
(DBN)

____________

UK:

Disclosure and Vote Swamping Revisted – Has the Position Changed following the Mizen CVA Appeal?
(DBN)

British delivery giant crashes into administration
(DBN)

Bust Woking council to cut ties with firm behind debt-ridden skyscraper Woking warns cuts to have 'significant impact on communities' and announces emergency meeting The 2019 warnings about Woking's Singapore dreams: 'I asked officials how they slept at night over debt'
(DBN)

Data shows a majority of councils missed accounts deadline as reserves fall
(DBN)

The Bank of England has mismanaged this inflation cycle from the get-go
(DBN)

Central London Landlord Reports Strong Demand for Office Space
(DBN)

UK Economy Bounces Back in April With Gains for Retailers
(DBN)

Murdoch and Conservative Rivals Circle Spectator and Telegraph
(DBN)

____________

Russia:

US hits $40B in weapons pledged to Ukraine with new $325M lethal aid package Blinken previews 'robust package' for Ukraine with NATO secretary general
(DBN)

CIA warned Ukraine not to blow up Nord Stream, reports say
(DBN)

‘Not a Hollywood movie.’ Russia mounts strong fightback to Ukraine counteroffensive Russians Mourn 'Best' General as Ukraine Counteroffensive Gains Ground Kremlin releases video of captured German tanks, U.S. fighting vehicles On front lines, soldiers pay heavy price
(DBN)

Putin says he might try to seize nearby territory in Ukraine to prevent cross-border strikes
(DBN)

Russia’s RT Blocked By British Government From Recovering $3.6M From Defunct UK Operations
(DBN)

Belarus receives nuclear bombs ‘three times size of Hiroshima bomb’ from Russia
(DBN)

Erdogan Says Sweden’s Anti-Terror Law Not Enough for NATO Bid
(DBN)

Russia’s Oil Revenue Fell in May on Lower Prices, IEA Says
(DBN)

____________

China:

China slashes interest rates and mulls big stimulus package in bid to revive slowing economy
(DBN)

More China economic stimulus likely after May new loans miss forecasts
(DBN)

China’s housing slump predicted to last for years, threatening to spill into wider region
(DBN)

China Convenes Urgent Meetings on Economy With Business Leaders
(DBN)

He was once China’s richest person. Now he is fighting to save his empire
(DBN)

Wanda’s Billionaire Founder Fights to Save Empire After $40 Billion Wealth Destruction
(DBN)

____________

Brazil:

Billionaire Trio Agree to Lock-Up Period at Brazilian Retailer Americanas
(DBN)

Brazil's Americanas accuses former execs, banks and auditors of aiding fraud
(DBN)

Brazil's Azul launches exchange offer as part of restructuring plan
(DBN)

____________

India:

IBBI to prepare panel of insolvency professionals in advance to avoid administrative delays in their appointment
(DBN)

Adani in Talks for First Major Debt Refinancing After Hindenburg
(DBN)

____________

Croatia:

Insolvent cos in Croatia to increase 10% in 2023
(DBN)

____________

Hong Kong:

Landmark Court Decision Confirming Effect of Exclusive Jurisdiction Clauses on Insolvency Proceedings
(DBN)

____________

Australia:

A new test for insolvency? Court of Appeal weighs in on the relevance of future payable debts
(DBN)

Coles executive admits to stealing $2million to fund lavish shopping spree, luxury car loan and rent
(DBN)

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