June 5, 2023

The Daily Bankruptcy News

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Law:

Another law firm defers start date for some associates
(DBN)

Am Law 200 Firm Announces Employee Cuts, Citing 'Challenging Economic Environment'
(DBN)

Eckert Seamans lays off business administrative professionals
(DBN)

The Biglaw Firm With The Largest Decline In Gross Revenue
(DBN)

These 5 firms are named best for women and diversity
(DBN)

Young Lawyer Arrested In String Of Decade-Old Rapes, Kidnappings
(DBN)

Jonathan Turley Rewrites Constitution To Include 'Congressional Backsies' Clause
(DBN)

Clients Should Try Not To Contact Lawyers During Odd Hours
(DBN)

Weird How Quiet The 'Campus Free Speech Crisis' Crowd Has Been About CUNY Law School
(DBN)

11th Circuit vacates sanctions against Dechert partners, orders new hearing
(DBN)

Kratom: A Drug Lawyers Should Be Wary Of Using
(DBN)

Plea bargaining reform urged by ABA task force in new report
(DBN)

Grand jury in Trump classified documents case expected to meet this coming week after hiatus
(DBN)

New evidence in Trump case bolsters two sets of charges
(DBN)

DOJ closes Pence classified documents investigation with no charges Trump says ‘I’m at least as innocent as he is’ after Pence won’t face charges on classified documents Former Trump lawyer compares classified documents case to Hillary Clinton’s emails
(DBN)

How Texas AG Ken Paxton Went From Teflon Ken To Being Impeached By His Own Party Here's what's going on with Texas Attorney General Ken Paxton's impeachment
(DBN)

Trump-appointed judge rejects Tennessee’s anti-drag law as too broad, too vague Tennessee drag ban is struck down by federal judge: ‘Unconstitutionally vague and substantially overbroad’
(DBN)

If Hunter Biden Gets Indicted, There’s a Blueprint for Joe Biden
(DBN)

Greene flips on public release of Jan. 6 tapes, claims it could ‘put the security of the Capitol at risk’
(DBN)

New Hampshire veteran accused of calling in threat to kill sitting US senator
(DBN)

'Don’t want to live life anymore without confessing': Man confesses to killing landlord 15 years ago, police recordings show
(DBN)

A Florida woman’s car caught fire with her children inside while she allegedly shoplifted in a mall
(DBN)

California is investigating after a private jet carrying migrants arrived in Sacramento, officials say 16 migrants flown to California on chartered jet, left outside church The GOP battle to show who’s tougher on immigration
(DBN)

Charted: Growing global acceptance of gay and lesbian people
(DBN)

In gun law push, Tennessee governor’s office memo says NRA prefers to ‘round up mentally ill people’
(DBN)

Maryland Cops Can’t Seem To Understand Why Marijuana Legalization Means They Can’t Search Cars Just Because They Smell Marijuana
(DBN)

Six women found dead in Portland woods in the last three months
(DBN)

Chilling mystery as nearly 30 kids go missing from Cleveland in two weeks and cops say they’ve never seen anything like it
(DBN)

3M faces trial over ‘forever chemicals’ in firefighting foam in ‘bet-the-company’ litigation
(DBN)

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Judges:

Former CABA President Appointed a U.S. Bankruptcy Judge
(DBN)

Billionaire Crow Refuses Latest Senate Request on Justice Thomas
(DBN)

Texas judge bans legal filings that rely on AI-generated content
(DBN)

Lawyers Who Used ChatGPT To Fake Opinions Are In Real Trouble
(DBN)

Temporary judge told litigants he knew 'zero' about matrimonial law, ethics complaint alleges
(DBN)

Judge In Disney's Case Against Ron DeSantis Recuses Himself Because Father's Brother's Nephew's Cousin's Former Roommate Owns 30 Shares Of Disney
(DBN)

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Wall Street:

Stock futures are little changed after the S&P 500’s best week since March
(DBN)

Trillion-Dollar Treasury Vacuum Coming for Wall St Rally
(DBN)

The stock market's new normal is a future of neverending chaos
(DBN)

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Layoffs:

Litigation Funder Cuts Staff as Backer Slashes Future Commitment
(DBN)

ChatGPT took their jobs. Now they walk dogs and fix air conditioners ChatGPT may be coming for our jobs. Here are the 10 roles that AI is most likely to replace.
(DBN)

I'm an ex-Amazon senior leader. Here's why layoffs keep happening and why ambitious managers are fueling them.
(DBN)

Will You Be Replaced By Your AI Clone? Maybe One Day, But Not Quite Yet
(DBN)

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Healthcare:

Class-action lawsuit filed against Compass Medical over abrupt closure of facilities in Mass.
(DBN)

US life expectancy problem is ‘bigger than we ever thought,’ report finds
(DBN)

Trapped at work: Immigrant health care workers can face harsh working conditions and $100,000 lawsuits for quitting
(DBN)

CDC: Upward of 9 million cut corners on drugs due to cost
(DBN)

Texas bans gender-affirming care for minors after Gov. Abbott signs bill
(DBN)

How Covid made it nearly impossible to pass new vaccine rules
(DBN)

Chemical in common sweetener found to possibly damage DNA
(DBN)

Most US adults are declining COVID boosters as CDC warns of health risks: 'Relatively little protection'
(DBN)

June 2nd COVID Update: New Pandemic Lows for Deaths and Hospitalizations
(DBN)

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Agribusiness:

Rescue Deal for a Global Soy Giant Is at Risk of Collapsing
(DBN)

Bankruptcy judge OK’s temporary lease of Garcia Grain elevators
(DBN)

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Banking:

Countdown to Mega Merger - How Credit Suisse Wobbled and UBS Rushed to Rescue
(DBN)

UBS Plans to Complete Credit Suisse Takeover as Early as June 12
(DBN)

UBS Moves to Retain More Than 100 Credit Suisse Asia Dealmakers
(DBN)

Morgan Stanley Sees Shock 16% US Profit Drop Killing Stock Rally
(DBN)

Why wealthy Americans love UBS, the secretive Swiss banking giant
(DBN)

UBS Considers Delaying 2nd-Quarter Results Until End-August
(DBN)

Wells Fargo Seeks to Settle ‘Banking While Black’ Mortgage Case
(DBN)

More Bank Insiders Are Buying Shares in Their Own Companies
(DBN)

US May Impose Higher Capital Requirements on Big Banks
(DBN)

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Utilities:

The reckoning that wasn’t: how the largest US power firm avoided a trial for a deadly wildfire
(DBN)

Paradise in the dark: Where Americans endure continuous power outages
(DBN)

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Student Debt:

If you have student loans, here’s what the debt ceiling deal means for you
(DBN)

Student loan payments will restart soon. Many borrowers aren’t ready
(DBN)

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Celebs:

RHONJ’s Teresa Giudice Celebrates Her 52nd Birthday After Being Handed a New $17K Lien RHONJ’s Teresa Giudice Celebrates Her Birthday Amid News She Owes $1 Million to the Federal Government
(DBN)

Joe Giudice claims he would never have been convicted and deported had he not appeared on the Real Housewives of New Jersey
(DBN)

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Furniture:

A dog, a duck and a peacock walk into a bankruptcy courtroom
(DBN)

Settlement near in lawsuit against Art Van Furniture heirs
(DBN)

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Pharma:

Drugmaker Mallinckrodt may file for bankruptcy again
(DBN)

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Data Centers:

Data-center operator Cyxtera Technologies files for bankruptcy protection as debt woes mount | Mint
(DBN)

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Sports:

With A Federal Bankruptcy Court Ruling, MLB’s Days On Bally Sports Appear Numbered
(DBN)

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SPACs:

Billionaire SPAC Kings Dragged to Court After Boom Goes Bust
(DBN)

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Consumer Finance:

‘It left me with nothing’: the debt trap of payday loans
(DBN)


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Accounting:

PwC Identifies List of Partners Involved in Australia Tax Breach
(DBN)

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Economy:

Biden signs bipartisan debt ceiling bill to avert government default Political winners and losers from the debt ceiling drama McCarthy impresses Senate GOP with surprise wins in debt ceiling battle US credit rating to stay on Fitch’s ‘negative watch’ despite debt limit deal Sinema and Manchin’s covert debt deal operation The debt deal limits Pentagon spending. Lawmakers are already figuring out ways around it Treasury Cash Pile Slumped to Match 2015 Low During Debt-Cap Saga Debt Ceiling Crisis Averted For Now, But Just Wait Two Years
(DBN)

Biden Debt-Bill Signing Set to Unleash Tsunami of US Debt Sales
(DBN)

Debt-Ceiling Deal Ignores US Debt Time Bomb
(DBN)

Don’t Ask Us to Come to the Office More —  Or We Will Quit, Investors Say
(DBN)

U.S. economy adds 339,000 jobs as labor market stays hot May Employment Report: 339 thousand Jobs, 3.7% Unemployment Rate Comments on May Employment Report Here Are the Key Takeaways From US Jobs Report for May
(DBN)

Rosenberg: US Economy is a Dead Man Walking
(DBN)

Fed Seen Sticking With Rate Pause as Wages Show Some Cooling
(DBN)

Bank of America CEO says company to slow hiring, predicts ‘mild recession’
(DBN)

IMF chief says there’s no significant slowdown in lending and the Fed may need to do more
(DBN)

Fed Has Message Problem After Early Rate Pause Signals, El-Erian Says
(DBN)

America's economic holding pattern
(DBN)

Fed Should Consider a Half-Point July Rate Hike If June Is a Skip, Summers Says
(DBN)

Who receives food benefits? It may not be who you think
(DBN)

Wharton professor Jeremy Siegel says investors' hopes of a Fed pause are pushing stocks higher – and skipping a rate hike would lower the risk of a US recession
(DBN)

Fed Skip-a-Hike Strategy Is Sensible, Risky and Confusing
(DBN)

Costco shoppers shifting away from specific item; CFO says it’s indicator of recession
(DBN)

Boycotts hit stocks hard. Here’s what might be next for Bud, Target and others caught in the anti-Pride backlash
(DBN)

US birthrate is still flat compared to pre-pandemic levels: CDC
(DBN)

California Spent $17 Billion on Homelessness. It’s Not Working - WSJ
(DBN)

The 16 cities around the world with the most billionaires, ranked
(DBN)

More and more Gen Zers and millennials are demanding work-life balance
(DBN)

Egg prices are finally falling back to earth after nearing $5 a dozen earlier this year
(DBN)

Salary Ranges Have Widened for High-Paying Jobs as Wage Transparency Spreads
(DBN)

Heavy Truck Sales Up Sharply Year-over-year in May
(DBN)

The 10 U.S. cities where people are most satisfied with their jobs
(DBN)

Americans are ‘more afraid of running out of money than death’
(DBN)

Private Credit is Poised for a Multi-Trillion-Dollar Boom, But It Could Get Ugly Soon
(DBN)

US Debt Clock
(DBN)

World Debt Clock
(DBN)

How People Really Live
(DBN)

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Real Estate:

Realtor.com Reports Weekly Active Inventory Up 18% YoY; New Listings Down 20% YoY
(DBN)

Housing supply is plunging in some parts of the the US and surging in others as high mortgage rates split the housing market
(DBN)

South Florida couple has trouble finding affordable insurance as rates rise ahead of hurricane season
(DBN)

Buying a Home in California Is Already Hard. State Farm’s Exit Makes It Harder.
(DBN)

A New Wave of Real Estate Pain Is Coming After $148 Billion Rout
(DBN)

Year-over-year Rent Growth Continues to Decelerate; Asking Rents Likely to be Down year-over-year in June or July
(DBN)

Pustilnikov files suit over Redondo Beach power plant sale
(DBN)

Want to know why younger generations seem so pissed? Look at the housing market.
(DBN)

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Municipalities:

Electric provider for PREPA defaults on bonds
(DBN)

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Oil/Gas:

Hourly Pay for US Shale Workers Tops $43, a Record in the Industry’s Hunt for Employees
(DBN)

Saudis Cut Oil Supplies to Raise Prices Here’s What Morgan Stanley to Goldman Say About Saudi Output Cut
(DBN)

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Sports:

Las Vegas ballpark pitch revives debate over public funding for sports stadiums
(DBN)

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Education:

Utah district bans Bible in elementary and middle schools 'due to vulgarity or violence'
(DBN)

Violence Against Teachers on Rise - WSJ
(DBN)

Florida has launched an “unparalleled” assault on higher education
(DBN)

About Half of GOP Oppose Book Bans
(DBN)

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Water:

Arizona seeks to avert groundwater disaster
(DBN)

Top US chemical firms to pay $1.2bn to settle water contamination lawsuits
(DBN)

Europe is struggling with a ‘very precarious’ water situation ahead of summer
(DBN)

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Media:

Devastating profile dogs CNN boss Inside the Meltdown at CNN 'It's like watching a snuff film': Media elites shocked by The Atlantic's surgical dismantling of CNN boss Chris Licht
(DBN)

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Tech:

YouTube reverses misinformation policy to allow U.S. election denialism
(DBN)

AI hypocrisy: OpenAI, Google and Anthropic won't let their data be used to train other AI models, but they use everyone else's content
(DBN)

Why an Air Force colonel — and many other experts — are so worried about the existential risk of AI
(DBN)

Dead Silicon Valley Unicorns Pile Up as 'Unicorpses'
(DBN)

Robot takeover? Not quite. Here’s what AI doomsday would look like
(DBN)

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Crypto:

FTX Objects to Extension of Mediation Talks for Bankrupt Crypto Lender Genesis
(DBN)

Metropolitan Museum of Art Will Return $550K in FTX Donations
(DBN)

FTX Creditors Challenge Genesis’ Assertion of ‘$0.00’ as Critical Claim Value
(DBN)

FTX’s $3.9B Claim Sparks Major Crypto Clash – Prepare for the Unexpected?
(DBN)

What Happened To FTX? The Crypto Exchange Fund’s Collapse Explained.
(DBN)

Warren’s alleged work with short-seller shows anti-crypto army heating up
(DBN)

Key House Republicans Unveil Crypto Market Structure Draft Bill
(DBN)

Defunct Crypto Hedge Fund 3AC Insists on Taking Part in Genesis Mediation
(DBN)

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Climate:

The Upper Atmosphere Is Cooling, Prompting New Climate Concerns
(DBN)

Climate change is already making parts of America uninsurable
(DBN)

A Major Showdown Is Brewing Over What Counts as a Carbon Credit
(DBN)

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Fraud:

Elizabeth Holmes owes $452 million along with her former Theranos partner. She might never have to fully pay up Elizabeth Holmes ordered dinners for Theranos staff but made sure they weren't delivered until after 8 p.m. so they worked late: book These rich and famous people got burned by investing hundreds of millions in Elizabeth Holmes' Theranos
(DBN)

Christian financial advisor Dave Ramsey sued for $150 million over timeshare-exit company endorsement
(DBN)

Frank Founder Charlie Javice Says JPMorgan Documents Will Exonerate Her
(DBN)

Unanimous Supreme Court Endorses Subjective Belief Standard for False Claims Liability
(DBN)

Michael Hild again asks for new trial, citing new evidence against lenders
(DBN)

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Retailing:

Bed Bath & Beyond bidders emerge, unsecured creditors strike a deal Buy Buy Baby draws sale interest in Bed Bath & Beyond bankruptcy; one bidder looks to save stores
(DBN)

Target Sheds $14 Billion in Value on Retail Uncertainty, LGBTQ Backlash
(DBN)


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Weight Loss:

Ozempic and Wegovy force weight-loss companies to upend their longstanding strategies
(DBN)

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Transit:

Bird Global Rides Into A Possible Chapter 11
(DBN)

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New Bankruptcy Opinions
(10 new opinions today - DBN)

Bankruptcy Court Web/Pacer Site Directory

Recent Ch. 11 Filings (54 new filings today)
(DBN)

Recent Ch. 11 Adversary Proceeding Filings (20 new filings today)
(DBN)

Chapter 11 Bankruptcy Case Studies
(DBN)

Litigation:

Litigation Funders Say Capital Becomes Scarce as Recession Looms
(DBN)

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Bankruptcy Strategy:

Liability Management Exercises: A Transatlantic Perspective
(DBN)

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Mass Torts:

3M Heads to Trial in ‘Existential’ $143 Billion Forever-Chemicals Litigation
(DBN)

Alex Jones appeals his $1.4 billion Sandy Hook defamation verdict
(DBN)

June 7 virtual event on Second Circuit's Purdue Pharma decision
(DBN)

What the Latest Investigations Into Catholic Church Sex Abuse Mean
(DBN)

Judge Denies Diocese of Rockville Centre's Motion To Stay Litigation
(DBN)

Bankruptcy court played its part in opioid case
(DBN)

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Miscellaneous:

The Year in Business Bankruptcy: 2022
(DBN)

International Insolvency and Restructuring Review 2023/24
(DBN)

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Subchapter V:

A Missing Piece in Subchapter V Eligibility & A Potential Work-Around
(DBN)

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Aviation:

Airlines Bask in Sky-High Summer Fares While Airports Stay Stuck
(DBN)

Delta flight diverts to remote island as unruly passenger breaks free of restraints
(DBN)

Air travel to be disrupted by ‘very frustrating’ supply chain issues: IATA
(DBN)

Indian government protects aircraft fleets from unscrupulous lessors Indian Authorities Put Go First Lessors' Repossession Requests On Hold
(DBN)

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Autos:

Carvana Cancels $1Bn in Debt Swap Carvana Cancels $1 Billion Debt Swap as Creditors Hold Out
(DBN)

GM, Stellantis Pay Combined $363 Million for Missing Fuel Efficiency Targets
(DBN)

Vehicles Sales at 15.05 million SAAR in May; Up 19.6% YoY
(DBN)

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Politics:

DeSantis is marquee speaker at biker rally after Trump opts out Days after he was criticized for copying Trump’s speech, Ron DeSantis rolled up to an Iowa campaign event with a speech uncannily similar to the one Winston Churchill gave during World War II Ron DeSantis’s Joyless Ride DeSantis’s hard-right brand faces test in New Hampshire DeSantis defines ‘woke’ as ‘a war on the truth’ after Trump said people ‘can’t define it’ Don’t Take Financial Advice From Ron DeSantis
(DBN)

When Did the ‘F--- Your Feelings’ Crowd Get So Triggered?
(DBN)

There’s a reason for the anti-LGBTQ+ backlash. And it isn’t all bad news
(DBN)

First GOP debate: Who’s in, who's out, and who’s sweating Return of the Republican Clown Car TV networks battle for Republican debates Trump, GOP Rivals Must Meet Polling, Donor Thresholds for August 23 Debate
(DBN)

Hannity says he’s not ‘interested in facilitating or listening’ to Christie
(DBN)

GOP’s Graves Says McCarthy Is ‘Absolutely Safe’ as House Speaker
(DBN)

Manchin sidesteps questions on third-party presidential run: ‘Not ruling anything in, not ruling anything out’
(DBN)

GOP hopefuls slam Trump for comments praising Kim Jong Un
(DBN)

Inside the Complicated Reality of Being America’s Oldest President Everything is coming up Biden Biden Uses Debt-Ceiling Win as Launching Pad for 2024 Reelection Biden to Say Debt-Limit Deal Prevented ‘Economic Collapse’
(DBN)

‘No Longer the Lord’s Chicken’: ‘Christian Woman’ Says She’s ‘Grieving’ Over ‘Woke’ Chick-fil-A Hiring a Diversity Officer
(DBN)

Why Steve Bannon May Still Go Down for a Pardoned Crime
(DBN)

Progressive losses mount: Here are five big disappointments
(DBN)

Prominent MAGA donor John Rumpel’s ‘entire family’ in DC area plane crash after F-16s tried contacting passed out pilot
(DBN)

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Food/Beverage:

Sonic Franchisee Buys Corner Bakery Out of Bankruptcy
(DBN)

More people are picking up takeout orders themselves to save money and dodge high Uber Eats and DoorDash delivery fees
(DBN)

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Distressed Investing:

The Junkiest Junk Bonds Feel The Pain of Economic Decline
(DBN)

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Labor:

Hollywood is staring down the barrel of a triple strike
(DBN)

Directors Union Reaches Tentative Deal With Hollywood Studios DGA strikes ‘historic’ deal with Hollywood streamers, studios
(DBN)

The Court's Decision To Fill In The Facts On Employer's Behalf Will Further Weaken Unions And Strikes
(DBN)

Child Labor Is on the Rise
(DBN)

Union Action Shuts Some Key West Coast Ports, Employers Say Long Beach, California terminal hit by labor turmoil and won’t open Monday
(DBN)

Amazon Fired Another Alabama Union Organizer, Union Says
(DBN)

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Hotels:

Occupancy Rate Up 0.6% Year-over-year
(DBN)

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Sovereigns:

Tax the wealthiest to avoid IMF, says Tunisia’s president
(DBN)

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UK:

Can UK Administrators Apply For Conditional Discharge of Liability?
(DBN)

Rishi Sunak Moves to Curb Migration Citing Strain on UK Services
(DBN)

CBI Shunned by Big Business Ahead of Crucial Vote on Its Future
(DBN)

Sunak Finds Himself Drawn Into the One Feud He Hoped to Avoid
(DBN)

‘The billionaires have won’: English pubs forced to close after owners demand full rent for lockdown
(DBN)

Number of Young Britons Too Sick to Work Doubles in a Decade
(DBN)

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EU:

Euro zone business growth slowed in May as factories struggled-PMI
(DBN)

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India:

Supreme Court Ruling: Admission of Corporate Insolvency a Norm, Rejection an Exception
(DBN)

Indian railways official says error in signaling system led to crash that killed over 300 people
(DBN)

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Russia:

‘Everything Changed’: The War Arrives on Russians’ Doorstep Pro-Kremlin TV Host Warns Viewers to 'Get Used' to Attacks Inside Russia
(DBN)

Ukraine keeps up pressure following Russian declaration of victory in Bakhmut
(DBN)

Zelensky's plea signals tough battle ahead
(DBN)

Zelensky says Ukraine is ready for counteroffensive
(DBN)

Why Ukraine’s efforts to rattle Russia are working
(DBN)

‘Spymania’ grips Russian security services amid sharp rise in treason cases
(DBN)

Wagner boss Yevgeny Prigozhin is accusing the Kremlin of planting landmines to blow up his troops as they left Bakhmut
(DBN)

Russia says Ukraine launched a major attack in the east Russia Says It Thwarted Large Ukrainian Attack in Donetsk
(DBN)

How the U.K. is trying to pressure other nations into arming Ukraine
(DBN)

NATO Chief Pushes Turkey to Allow Sweden to Join Alliance
(DBN)

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Poland:

Hundreds of thousands march in Poland anti-government protests to show support for democracy
(DBN)

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China:

Is This Property Developer China Evergrande 2.0?
(DBN)

Is China heading for Japan-like stagnation? Economist says the worst is likely behind us
(DBN)

China Says Local Debt Under Control, No Systemic Risk Seen
(DBN)

U.S. and China trade barbs at top security summit as Taiwan Strait tensions simmer
(DBN)

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Germany:

Germany's Far Right Surging in the Polls Far-Right Resurgence Limits Scholz’s Room for Action in Germany
(DBN)

____________

France:

CDS committee says bankruptcy credit event has not occurred for Casino
(DBN)

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