May 23, 2023

The Daily Bankruptcy News

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Law:

After talks end with 1 BigLaw firm, Shearman announces plans to merge with another Biglaw Merger Alert: Shearman & Sterling Announces Plans To Combine With Allen & Overy Allen & Overy Would Blow Away Growth Goal With Shearman Deal
(DBN)

Legal Mergers Rise on Firms’ Desire to Take on Biggest Rivals
(DBN)

More Biglaw Firms Are Considering Deferring First-Year Associates
(DBN)

A Brand New Compensation Model For A Brand New Biglaw Firm
(DBN)

Lateral candidates continue to raise ‘red flags,’ research company says
(DBN)

Former Lewis Brisbois executive criticized firm’s financial practices in 2019 claim Ex-Lewis Brisbois Lawyers Want to Build ‘Better’ National Firm
(DBN)

In a Deal Drought, the Lawyers Try Some M&A
(DBN)

Emerging Tech Trends: The rise of GPT tools in contract analysis
(DBN)

Celebrity trials inspire new wave of online merchandise
(DBN)

Law school introduces hologram witnesses in mock trial
(DBN)

Lawsuit against store where Paul Murdaugh bought alcohol before fatal boat crash starts soon
(DBN)

Trump was warned about retaining classified docs
(DBN)

Quitfired Trump Lawyer Tim Parlatore Says Trump Is Innocent Victim Of His Bad Advisors
(DBN)

Mike Lindell Demands Recount Of Unanimous Arbitration Verdict In 'Prove Mike Wrong' Election Contest
(DBN)

E. Jean Carroll Seeks New Damages From Trump for Comments on CNN E. Jean Carroll seeks even more damages from Trump after post-verdict CNN town hall comments
(DBN)

Bob Woodward roasts Trump's 'everything is mine' take on copyright: Tapes 'belong to the people'
(DBN)

More women sue Texas saying the state's anti-abortion laws harmed them
(DBN)

One year after Uvalde shooting, investigation of police response continues These Uvalde Survivors Were Too Scared to Go Back to School. Then They Saw a TikTok.
(DBN)

Judge enters not guilty pleas for suspect in stabbing deaths of 4 University of Idaho students ID: College Murders Strain Town's Finances
(DBN)

Grenade found as family sorted relative's belongings kills man, injures 2 children
(DBN)

3-year-old grabbed a gun and shot mom's murder suspect friend, leading to his arrest
(DBN)

Dozens of cops hurt after SIG Sauer handguns allegedly fired on their own — without even being touched
(DBN)

Family of man killed by police get $19M settlement
(DBN)

ExxonMobil sued over clerk who locked door in Detroit gas station shooting
(DBN)

Jamie Lee Komoroski getting special treatment in jail with sheriff’s help after fatal wedding night crash
(DBN)

Jeffrey Epstein Bill Gates threats revelations 'will send panic' among his pals
(DBN)

TikTok and other social media trends are thrusting performance crimes into the US spotlight
(DBN)

Calif. man killed while helping ducks cross road — moments after being cheered by onlookers
(DBN)

Whitmer signs Michigan’s red flag law; AG calls out defiant sheriffs
(DBN)

The Woman Who Called The Police On A Black Birdwatcher For... Breathing's Case Is Going About As Well As You'd Expect
(DBN)

White House signals support for GOP-led bill to strengthen penalties for fentanyl trafficking
(DBN)

Driver accused of killing bride on wedding night in DUI crash seeks jail release, move to NJ
(DBN)

Man sentenced for pouring bleach into co-worker's Pepsi over argument
(DBN)

'I can't believe I did it': Man murdered wife and in-laws before asking for death penalty, cops say
(DBN)

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Judges:

The Supreme Court and 'The Shadow Docket'
(DBN)

Gorsuch’s Title 42 statement is ‘a remarkable jeremiad against COVID mitigation policies,’ law prof says
(DBN)

Breyer shares views on treatment of female classmates at Harvard during law school talk
(DBN)

Woke Mob Rewriting The Bar Exam Or Something, According To Judge
(DBN)

Federal appeals court nominee withdraws amid controversy over prior representation, legal brief
(DBN)

Imagine if the Press Covered the Supreme Court Like Congress
(DBN)

The Supreme Court can do better than it did with the mifepristone stay
(DBN)

DeSantis and the judge his administration can’t stand
(DBN)

Creditors’ meeting in Burt Marshall bankruptcy case canceled after court phone system overwhelmed
(DBN)

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Wall Street:

Stock futures fall as Wall Street watches for debt ceiling progress
(DBN)

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Layoffs:

FaZe Clan guts nearly half of its staff just months after mass layoffs
(DBN)

Fox News Layoffs Keep Coming In Wake Of $787.5 Million Lawsuit Settlement
(DBN)

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Education:

Using ‘he/him,’ ‘she/her’ in emails got 2 dorm directors fired at small New York Christian college
(DBN)

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Healthcare:

Modern Vascular managers file for bankruptcy after Republic investigation, DOJ lawsuit
(DBN)

More Americans skipped the doctor last year because of costs
(DBN)

End of the line for FemTec Health
(DBN)

Hazel Hawkins Memorial Hospital considers filing for bankruptcy at Monday meeting Health care workers rally against Hazel Hawkins Hospital bankruptcy decision
(DBN)

Drug price caps in Inflation Reduction Act exacerbating shortages, Gottlieb says
(DBN)

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Fraud:

Startup founder Charlie Javice pleads not guilty to fraud over sale to JPMorgan
(DBN)

Walgreens Settles Consumer Claims It Knew Theranos Was a Fraud
(DBN)

The Son of a Murdered Tycoon Who Grew Up to Become a Ponzi Scheme Fugitive
(DBN)

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Politics:

Judge rules against Kari Lake, affirms Hobbs as AZ governor in election signature verification trial
(DBN)

Tim Scott officially kicks off 2024 GOP presidential campaign Who is Tim Scott? Here’s what to know about the newest 2024 GOP presidential candidate Tim Scott’s Trying to Beat Trump as a Nice Guy With Wall Street Backing Tim Scott pitches hopeful future in presidential campaign launch: 'We are not in decline' Trump welcomes Tim Scott campaign: 'Step up from Ron DeSanctimonious' Can Tim Scott actually win with piles of money, lots of faith and a big bet on Iowa? 'Blood in the water for DeSantis’: Trump world embraces Tim Scott’s candidacy
(DBN)

Key Republican recruits hesitate to jump in if Trump is the nominee
(DBN)

Republican mega-donor dumps Trump to back DeSantis for president in 2024 Florida Pride organizers cancel events, warn of "climate of fear" Florida law puts a brake on hiring of undocumented workers MLK’s daughter jabs Cruz over NAACP Florida travel advisory GOP Rep. Byron Donalds on NAACP’s Florida travel advisory: ‘This is silly, and it’s dumb’ Disney's reputation hit by polarizing political drama
(DBN)

Biden gets low ratings on economy, guns, immigration in AP-NORC Poll
(DBN)

Republicans damned if they do, damned if they don’t in Trump’s 2024 candidacy
(DBN)

Tucker Carlson was fired before he could give a conspiracy theory-laden monologue alleging a Jan. 6 protester was actually an FBI informant, biographer says Draft Tucker PAC ceases activities after legal threat from Carlson
(DBN)

California high school athlete gives big thumbs down after being pushed out of state finals by trans runner as parents clash with protestors
(DBN)

Donald Trump and Elon Musk are both attacking George Soros. Does that mean he’s right?
(DBN)

Cruz blames Democrats for ‘wild spending binge’ despite Trump increases
(DBN)

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Steel:

U.S. steel mills threatened as hot slag piles up in private-equity recycler’s ‘chaos’ bankruptcy
(DBN)

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Economy:

What Happened to "Paying off the National Debt"? Debunking Debt Ceiling Myths The Debt Limit Is Unconstitutional—But It's Not What You Think! JPMorgan says failure to reach a debt-limit deal could cause a worse stock sell-off than 2011, when the S&P 500 fell 17% in 2 weeks Traders Brace for Volatility With US Debt Deal Still Elusive Biden and McCarthy to hold debt ceiling meeting Monday night Biden and McCarthy sound optimistic on debt ceiling deal after meeting, but 'differences' remain Why the debt talks are McCarthy’s second job interview Kevin McCarthy, Joe Biden Negotiations May Be Nearing Breakthrough McCarthy end game on debt ceiling begins to come into focus McCarthy has little room to maneuver in debt ceiling talks Mnuchin Says US Is ‘Moving Closer’ on Debt Deal as Talks Drag On How much money the U.S. has left ahead of the X-date Yellen triples down on debt ceiling deadline McCarthy says ‘decisions have to be made’ at debt ceiling meeting with Biden McCarthy: A debt deal could still pass by June 1 McCarthy Says Debt Deal Must Happen This Week to Avoid Default What it would mean for the global economy if the US defaults on its debt These are the biggest sticking points in the debt ceiling fight Congress braces for grueling week as debt deadline nears McCarthy’s PR strategy on debt ceiling gets results What a debt default would mean for national security Janet Yellen's Treasury braces for 'hard choices' if debt-limit talks fail These are some of the people who'll be impacted if the U.S. defaults on its debts The Fear Premium in Bills Is Growing as Debt-Cap Fight Drags On $793 Billion Fund Is Betting on Rerun of US Debt Drama Dems think twice about clawing back COVID-19 funds for debt limit Here's why the US doesn't have to pay off its $31 trillion mountain of debt, according to Paul Krugman
(DBN)

Record share of Americans say they are worse off financially than one year earlier: survey
(DBN)

Just 24 percent in new poll say national economic conditions are in good shape
(DBN)

Inflation shades evaluation of financial well-being: Fed survey
(DBN)

Economists expect inflation, interest rates to stay high: survey
(DBN)

10 percent of US counties experiencing persistent poverty: Census data
(DBN)

The golden age of liquidity comes to an end
(DBN)

Seniors are flooding homeless shelters that can’t care for them
(DBN)

More US Women Are Working Than Ever, Reversing Pandemic Slump
(DBN)

Fed officials pushing for another rate hike are 'playing with fire' and driving up recession risks as policy makers appear split on next move
(DBN)

Fed Needs to Cool Off Hot Job Market, Ex-Chair Bernanke Says
(DBN)

Fed Rate Path Hinges on Trade-Off Between Stable Banks or Prices
(DBN)

The Fed is likely going to pause interest rate hikes as inflation starts to cool down, Moody's chief economist says
(DBN)

Zoom Raises Annual Sales Forecast in Sign Pandemic-Era Customers Here to Stay
(DBN)

Axios Harris Poll 100: Year of the tarnished titans
(DBN)

US Debt Clock
(DBN)

World Debt Clock
(DBN)

How People Really Live
(DBN)

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Real Estate:

Housing May 22nd Weekly Update: Inventory Increased 0.9% Week-over-week
(DBN)

Bankruptcy Bingo is the Latest Headwind for CRE
(DBN)

Rent is Rising Faster Than Incomes
(DBN)

To Terminate or Not to Terminate: Alternative Lease Remedies and When to Use Them
(DBN)

Investors Bought 72% of Bay Area Homes
(DBN)

FactCheck: “For African American families in particular, the homeownership rate remains relatively unchanged since 1968, the year the Fair Housing Act was signed into law.”
(DBN)

Here’s where home prices fell the most in April: Redfin report
(DBN)

The housing slowdown is a top signal that the US is headed into a moderate recession, Fannie Mae says
(DBN)

Nearly 75% of home purchases in a Bay Area city were made by LLCs or trusts. It's a trend among the wealthy.
(DBN)

I had to take a W-2 job just to get a mortgage, and nobody cared when I quit a few months later
(DBN)

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Municipalities:

Hazel Hawkins Memorial Hospital approves Chapter 9 bankruptcy filing
(DBN)

Drastic cuts to police, library closures, and filing for bankruptcy: The scenarios Milwaukee could face without lawmakers' lifeline Milwaukee bankruptcy debate missing several key details
(DBN)

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Oil/Gas:

Toyota: We Don't Need EVs to Lower Emissions
(DBN)

Oil giant Shell braces for shareholder revolt over climate plans
(DBN)

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Banking:

JPMorgan expects to earn $3 billion more in net interest income this year after its takeover of failed First Republic Bank JPMorgan may turn First Republic sites into 'special branches' for wealthy clients, report says
(DBN)

Swap Panel Gets Another Credit Suisse Query to Spark Payout
(DBN)

Credit Suisse bankruptcy event has not occurred - CDS panel
(DBN)

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Sports:

Angry fans crash through gate at El Salvador soccer match in stampede that kills 12, injures dozens
(DBN)

Fan attacks referee in crazy Indiana youth basketball fight
(DBN)

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Student Debt:

White House threatens to veto GOP measure blocking student loan debt relief program House Republicans look to line up student debt relief votes amid White House opposition
(DBN)

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Crypto:

Crypto Lender BlockFi Shared Unapproved Reorganization Plan 'Prematurely,' Court Says
(DBN)

Lawyers Going After FTX Crypto Exchange Can’t Find Shaq: Inside His Catch-Me-If-You-Can Delay Strategy
(DBN)

FTX 2.0 to launch soon? Court filing shows a reboot plan in the works FTX CEO's Legal Billings Continue to Hint at '2.0 Reboot'
(DBN)

FTX Token Gains 15% After News of Potential Crypto Exchange Restart
(DBN)

Core Scientific Hopes to Emerge from Bankruptcy by September, Lawyers Say
(DBN)

Struggling Hedge Fund Three Arrows Capital Concludes NFT Auction, Raises $2.5 Million
(DBN)

BlockFi vs. Creditors: An Ongoing Dispute and a Court Mandate
(DBN)

Gemini considers forbearance after DCG misses $630 million repayment
(DBN)

Watchdog proposes first set of global rules for crypto sector
(DBN)

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Climate:

Once 'paradise,' parched Colorado valley grapples with arsenic in water
(DBN)

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Transit:

You may soon pay more to ride New York’s subways, trains, and buses under the first proposed price hike since 2019
(DBN)

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Agribusiness:

Minnesota hog farms say they were fleeced by Windom pork plant's bankruptcy
(DBN)

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Environmental:

The U.S. is expanding CO2 pipelines. One poisoned town wants you to know its story
(DBN)

____________

Tech:

Meta warned that its record $1.3 billion fine sets a ‘dangerous precedent’ when the internet is already ‘fracturing under pressure from authoritarian regimes’
(DBN)

Bill Gates says A.I. could kill Google Search and Amazon as we know them
(DBN)

Supreme Court punts Section 230 debate back to Congress
(DBN)

TikTok sues Montana over its new law banning the app
(DBN)

Surgeon general issues advisory about social media risks for kids
(DBN)

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New Bankruptcy Opinions
(2 new opinions today - DBN)

Bankruptcy Court Web/Pacer Site Directory

Recent Ch. 11 Filings (32 new filings today)
(DBN)

Recent Ch. 11 Adversary Proceeding Filings (5 new filings today)
(DBN)

Bankruptcy Code (html) - Bankruptcy Code (pdf) Prior BK Codes (pick year from list) - Bankruptcy Rules
(large downloads)

UCLA-LoPucki Bankruptcy Research Database
(DBN)

Chapter 11 Bankruptcy Case Studies
(DBN)

Bankruptcy Statistics:

Corporate bankruptcies are on the rise — and the pain won’t end for a while
(DBN)

Corporate bankruptcies are creeping up as pressures in the economy grow
(DBN)

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Cross-Border:

Creditors May Take Rule 2004 Examinations in Chapter 15 Cases
(DBN)

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Bankruptcy Remoteness:

Bankruptcy Ruling Guides Secured Lenders On Proxy Rights
(DBN)

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Mass Torts:

Judge orders 3M CEO to attend mediation for earplug lawsuits
(DBN)

How Boy Scouts of America plan to gather $2.4B for abuse survivors
(DBN)

“A Bitter Result”: Purdue Pharma, a Sackler Bankruptcy Filing, and Improving Monetary and Nonmonetary Recoveries in Mass Tort Bankruptcies
(DBN)

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Intercreditor:

"Position Enhancing Transactions"
(DBN)

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Interest:

Justices Reject PG&E’s $200 Million Bankruptcy Interest Row
(DBN)

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Aviation:

Department Of Transportation Fines LATAM Airlines $1 Million Over Delayed Ticket Refunds
(DBN)

Frontier Airlines admitted it pays gate agents bonuses for flagging oversized baggage. 2 months later, a video explaining it all on TikTok has people pissed all over again.
(DBN)

Iceland's Niceair To File For Bankruptcy
(DBN)

Ryanair’s ‘Dumb Luck’ Fuel Hedging Plan Saved €1.4 Billion
(DBN)

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Water:

California, Arizona, Nevada offer landmark drought deal to use less Colorado River water — for now
(DBN)

Colorado River Deal: Pay Farmers Not to Farm
(DBN)

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Education:

Librarians face years in prison and fines for providing 'harmful' books to children
(DBN)

Parents Sue Elite Schools for ‘Indoctrinating’ Their Kids With Anti-Racist Policies
(DBN)

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Defaults:

JPMorgan sees rise in corporate defaults in Latin America
(DBN)

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Religion:

Does God exist? Only half of Americans say a definite yes
(DBN)

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Retailing:

Bed Bath & Beyond bankruptcy ‘nightmare’ could leave some customers in the hole – including one who’s out $1,000
(DBN)

Lowe’s cuts full-year sales forecast, as spending on do-it-yourself projects weakens
(DBN)

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Distressed Investing:

Over $100 billion of U.S. corporate debt trades at distressed levels
(DBN)

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Sports:

Diamond RSNs cutting cameras and other costs as they operate in bankruptcy
(DBN)

England football icon avoids bankruptcy with payment to HMRC
(DBN)

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Sovereigns:

Sri Lanka achieving timely restructuring agreements with creditors by first review is essential, IMF concludes
(DBN)

Ukraine: Resisting creditors
(DBN)

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UK:

Bankruptcy and Diligence (Scotland) Bill - Breathing space for debt problems?
(DBN)

UK Service Firms Report Fastest Rise in Costs in Three Months
(DBN)

Food Inflation Shows Little Sign of Respite for UK Shoppers
(DBN)

The IMF now expects the UK to avoid a recession
(DBN)

____________

EU:

Euro-Zone Factories Flounder With Activity Shrinking at Fastest Pace Since Pandemic
(DBN)

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Russia:

Ukraine is losing 10,000 drones a month to Russian electronic-warfare systems that send fake signals and screw with their navigation, researchers say
(DBN)

Situation 'extremely tense' after attack inside Russia Ukraine-backed Russian militants claim they've taken over a Russian village in a cross-border raid Anti-Putin group claims it has ‘liberated’ town inside Russia’s Belgorod region Reporter explains significance of attack that happened across Russian border Kremlin Says Russia Repelling Border Incursion From Ukraine
(DBN)

After Biden's jet pledge, European countries still reluctant to send F-16s Europe Seeks to Speed Up F-16 Training for Ukrainian Pilots
(DBN)

Russia likely creating ‘elite’ attack aviation group to operate over Ukraine: British intelligence
(DBN)

State Department: Russia’s Wagner Group trying to source weapons through Mali
(DBN)

____________

China:

A Poor Province in China Splurged on Bridges and Roads. Now It’s Facing a Debt Reckoning - WSJ
(DBN)

China's economy has turned rotten and its reopening boom is a 'charade,' market expert says
(DBN)

China’s $23 Trillion Local Debt Mess Is About to Get Worse
(DBN)

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Macau:

Overview Of Macau’s Insolvency Regime.
(DBN)

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Argentina:

Argentina Introduces 2,000 Peso Banknote. It’s Worth About $4
(DBN)

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Hong Kong:

Court of Final Appeal clarifies effect of Exclusive Jurisdiction Clauses on insolvency proceedings
(DBN)

Hong Kong Court of Final Appeal Rules on Exclusive Jurisdiction Clauses in Insolvency
(DBN)

How a Billion-Dollar Hong Kong Luxury Tower Highlights Developer Distress
(DBN)

____________

Mexico:

Millions May Have to Evacuate Mexico City Raising the Alert Level of Mexico City's Volcano
(DBN)

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Germany:

German Economy Keeps Growing Despite Deepening Factory Downturn
(DBN)

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Japan:

World’s Biggest Nuclear Plant May Stay Closed Due to Papers Left on Car Roof
(DBN)

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