May 24, 2023

The Daily Bankruptcy News

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Law:

Can Biglaw's Best Guide This Law Firm Megamerger To Completion?
(DBN)

Proposed A&O Shearman Merger Needs 75% Partnership Approval To Survive
(DBN)

Allen & Overy, Shearman Weigh Merger Approval With Pay on Minds
(DBN)

A&O and Shearman merger will put ‘pressure’ on Magic Circle, says former Slaughters chief
(DBN)

Duane Morris Welcomes Business Reorganization and Financial Restructuring Partner Jessica Kenney Bonteque in New York
(DBN)

Partners At The Largest Biglaw Firms Are Billing At Super-High Rates
(DBN)

Clients Keep Complaining, But Law Firms Are STILL A Bargain Even After Historic Rate Hikes
(DBN)

Proposal for bar exam bypass should be pursued further, California bar trustees say
(DBN)

Law Firm Hired Cage Fighter To Take 'Fighting For You' Message To A Whole New Level
(DBN)

Walgreens alleges Crowell & Moring engaged in ‘unethical side-switching,’ leading to $642M arbitration loss
(DBN)

Chicago’s refusal to allow ‘Hail Satan’ city council invocation violates First Amendment, suit says
(DBN)

Lawyer's notes show Trump wanted to fight back against classified documents subpoena: report “Shocked at the stupidity”: Prosecutors obtain lawyer notes that blow up Trump’s Mar-a-Lago defense Special Counsel Is Wrapping Up Trump Mar-a-Lago Probe - WSJ Special counsel reportedly interested in Trump’s foreign business deals It Sure Sounds Like Trump’s Lawyer Gave the DOJ Evidence He Obstructed Justice! Trump lawyers request meeting with Merrick Garland over DOJ probe Trump's lawyers ask for a last-minute meeting with AG Merrick Garland over docs investigation, signaling an indictment could be near Donald Trump's Lawyers 'Desperate' by Demanding Garland Meeting—Biographer What Jack Smith knows
(DBN)

Trump to be personally ordered not to disclose evidence in hush money case Donald Trump will appear by video as judge reinforces ban on attacking witnesses Stone-faced Trump warned to be quiet as he appears virtually in NYC 'hush money' case Trump to appear virtually in New York criminal case for first time since arraignment Donald Trump's second day in court, a virtual experience Trump's N.Y. criminal trial will begin in March 2024, halfway through presidential primaries
(DBN)

Trump's latest legal headache: His own big mouth
(DBN)

Trump Can’t STFU About E. Jean Carroll Trump’s post-trial sexual assault denials are relevant in separate defamation suit, lawyer for accuser says Trump Lawyers Struggle To Keep Up With Client's Constant Defamations Of E. Jean Carroll
(DBN)

GOP chair ‘speechless’ after senior FBI official says she hasn’t read Durham report
(DBN)

White supremacists sentenced for plan to attack US electric substations
(DBN)

Uvalde families' push for gun control barely moves the needle Mental health help on standby for Uvalde a year after shooting How One Uvalde Family Learned to Grieve in Public After Uvalde: No gun control, but lots of school fortification Uvalde families dig in with lawsuits for new test of gun industry protections
(DBN)

U-Haul driver arrested for crash near White House, police say; apparent Nazi flag found on scene 19-year-old arrested on multiple charges after crashing into barriers near the White House Man who wanted to seize power struck White House barrier with truck: Law enforcement
(DBN)

University of Idaho murder victims' families prepare to sue city of Moscow The horrifying revelations of the Idaho student murders
(DBN)

JPMorgan accuses US Virgin Islands of harboring Jeffrey Epstein for 2 decades More super rich coming up in Epstein cases
(DBN)

Bipartisan House duo pushes new, 'tighter' immigration bill Senior Biden officials are pushing to send U.S. troops to South American jungle to help curb human smuggling Biden leaning into global diplomacy to manage migration at US-Mexico border A 4-year-old boy was dropped over a border barrier in San Diego. Agents who rushed to help came under fire 90% of recent migrants who entered illegally have been deported Texas sues Biden admin. over new asylum rule New York City Asks Judge to Suspend Right-to-Shelter Amid Influx
(DBN)

South Carolina lawmakers send 6-week abortion ban to governor South Carolina abortion ban set to test state Supreme Court ruling
(DBN)

How many people are held in solitary confinement in U.S. prisons and jails? Now there’s a number.
(DBN)

Texas pushes church into state with bills on school chaplains, Ten Commandments
(DBN)

'Citi Bike Karen' viral video shows why we shouldn't rush to judgment
(DBN)

Appeals court ruling deals legal setback to Biden administration in gun stabilizing brace case
(DBN)

Millionaire's plot to escape Florida jail and return to his castle is foiled
(DBN)

Girl angered by phone confiscation suspected in deadly dorm fire
(DBN)

Arrest Order Extended for Washington State Woman Refusing TB Treatment
(DBN)

Man shot roommate for eating last Hot Pocket
(DBN)

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Judges:

Supreme Court Justices Don’t Like Being Criticized in Public, Which Is a Good Reason to Keep Doing It
(DBN)

Roberts says he's "committed" to highest standards for Supreme Court John Roberts says Supreme Court ‘continuing to look’ at ethics standards
(DBN)

SCOTUS Decisions' Short Shelf Life for Memories
(DBN)

Billionaire Harlan Crow again refuses to give senators information about relationship with Clarence Thomas Harlan Crow's Lawyers Tell Senate They're Going To Take Their Chances With Contempt
(DBN)

For An Originalist, Gorsuch Is Clearly Slacking On His Definitions And Their Historical Meanings
(DBN)

DeSantis says next president may choose 2 new justices
(DBN)

Federal judge extends temporary halt on appointed judges in Mississippi capital Judge Prevents Mississippi From Creating White-Elected Courts For Black Counties... For Now
(DBN)

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Wall Street:

Stock futures slip as investors eye debt ceiling clash in Washington
(DBN)

Carl Icahn Is $15 Billion Poorer After Hunter Becomes The Hunted
(DBN)

Looming Defaults Threaten Chain Reaction From Credit Into Stocks
(DBN)

Company Earnings Guidance Is Wrong About 70% of the Time
(DBN)

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Layoffs:

Meta Layoffs: Partnerships And Marketing Divisions To Be Hit Hard, Report Says
(DBN)

Jacksonville manufacturing plant announces 'mass layoff' (228 jobs)
(DBN)

Disney to reportedly cut more than 2,500 jobs in third wave of layoffs
(DBN)

Cala Health (107), Cue Health (329)have layoffs in California
(DBN)

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Healthcare:

Hospital board approves bankruptcy filing
(DBN)

Bankruptcy Court Hearing Scheduled For Current Owners Of Mexico And Fulton Hospitals
(DBN)

Covid Kills One Person Every Four Minutes as Vaccine Rates Fall
(DBN)

From birth to death, legacy of racism lays foundation for Black Americans’ health disparities
(DBN)

Will AI soon diagnose politicians’ mental health conditions from afar?
(DBN)

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Politics:

South Carolina governor faces backlash for remark about hunting Democrats with dogs
(DBN)

Hillary Clinton thinks ‘cult leader’ Trump will be the GOP nominee
(DBN)

Alex Jones' latest conspiracy links Kanye West and 'eugenicist super Nazis'
(DBN)

If DeSantis drags down Disney, he could bring central Florida with it Disney’s reputation jumps among Democrats, drops among Republicans: poll Don't expect Ron DeSantis to go scorched earth against Trump DeSantis changes Twitter handle ahead of rumored 2024 announcement Elon Musk to host Ron DeSantis' 2024 announcement DeSantis is fighting Disney. Here are some of his other feuds with big business The Education of Ron DeSantis
(DBN)

Rick Scott issues travel advisory for ‘socialists,’ warning Florida is ‘openly hostile’ to them
(DBN)

Haley campaign labels DeSantis ‘Trump without the charm’ ahead of expected 2024 launch
(DBN)

The Hill Rankings — The top 10 GOP candidates for 2024
(DBN)

Trump attacks Fox’s Laura Ingraham over ‘hit piece’ on his poll numbers Trump faces intensifying legal problems
(DBN)

Illinois GOP legislator threatens violence if state passes all-gender bathroom
(DBN)

Nearly 1 in 3 Veterans Agree with Racist Great Replacement Theory, Rand Study Finds
(DBN)

Montana governor signs law to define 'sex' as only male or female
(DBN)

Texas AG calls on GOP state House leader to resign, alleging intoxication at work Texas GOP Roiled as Paxton Demands Speaker Quit Over Inebriation
(DBN)

Black Lives Matter is headed for insolvency after plunging $8.5M into the red Black Lives Matter Risks Going Bankrupt
(DBN)

How a Powerful Texas Lawmaker and His Family Made Half a Million for a Few Phone Calls
(DBN)

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Economy:

Veterans benefits, Social Security and Medicare payments, and SNAP could be among the first federal programs at risk if the US defaults in 10 days, a new analysis says The Political Fiction of the Debt Ceiling Biden’s Worries Over Default Blame Spur Debt Talks With Republicans Band of Democrats Readies McCarthy Lifeline for a Moderate Debt Compromise White House tries to quell Democratic fears as it negotiates on the debt limit Speaker of the House McCarthy: We are nowhere near a debt ceiling deal Kevin McCarthy tells Republicans both sides still divided in debt limit talks Key Republicans Signal Debt-Deal Talks With Democrats at Impasse Debt ceiling talks grind ahead as both sides are "far apart" 'We're not there yet': Debt ceiling talks still stuck on federal spending levels House GOP auctions off McCarthy's used chapstick as debt talks intensify GOP skepticism grows over Yellen's June 1 debt ceiling deadline As funds run short, Treasury asks agencies if payments can be made later As X-Date Nears, Credit Ratings Firms Hold Steady on US Debt Grade The US's AAA credit rating could be at risk even if it keeps making bond payments but can't meet other obligations Why the 14th Amendment is coming up in the debt ceiling fight Kevin McCarthy's proposed spending cuts would cost his home state 68,500 preschool slots and nearly 7 million Californians would have to wait longer for Social Security and Medicare help, White House says McConnell on possibility of default: ‘Everybody needs to relax’ House Republicans cancel markups for spending bills amid debt ceiling talks The White House has warned stocks will plunge 45% and a deep recession will strike in the 3rd quarter if the US defaults Court sets legal showdown on debt limit 14th Amendment argument Biden Administration Pushes to Save Key Covid Programs in Debt Ceiling Talks Should Congress pass a clean debt limit increase? Here’s what Americans think CNN Poll: 60% say debt ceiling increase should come with spending cuts Here's why investors would keep buying US debt even in the event of a default Did Biden screw up his debt ceiling strategy? Veterans benefits, Social Security and Medicare payments, and SNAP could be among the first federal programs at risk if the US defaults in 10 days, a new analysis says Press: Please, stop the comedy: Invoke the 14th Amendment T-Bills Show Wariness About Default Even as Debt Ceiling Talks Progress
(DBN)

US Faces $48 Trillion Moment of Truth This Decade, McKinsey Says
(DBN)

The U.S. isn’t the only country with a debt ceiling. Here’s how Denmark avoids the drama
(DBN)

Fed Rate Increases Hit Small Businesses the Hardest - WSJ
(DBN)

Recession Update: The Dominoes Are Falling
(DBN)

Amazon employees plan to walk off the job amid return-to-office frustrations
(DBN)

I secretly moved to Africa and didn’t tell my boss. I never got caught — but it wasn’t easy.
(DBN)

TikTokers say tipping culture is getting 'out of hand' after a woman claimed a Ben & Jerry's cashier got annoyed when she didn't tip for a $2 cone
(DBN)

Why does America tip so much? 7 states once tried to ban tipping
(DBN)

Modern Slavery Ranks Rise to 50 Million With G-20 Fueling Jump
(DBN)

US Debt Clock
(DBN)

World Debt Clock
(DBN)

How People Really Live
(DBN)

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Real Estate:

New Home Sales at 683,000 Annual Rate in April; Median New Home Price is Down 15.3% from the Peak
(DBN)

The housing market is so local that the price-growth gap between Miami and San Francisco is near a 30-year high
(DBN)

"Mortgage Rates Move Back Above 7%"
(DBN)

MBA: Mortgage Applications Decreased in Weekly Survey Mortgage demand drops again as rates cross back over 7%
(DBN)

San Francisco's Coit Tower, Twitter HQ and thousands of other buildings may be at risk of a severe quake
(DBN)

New home prices are in steep decline as builders rush to shed inventory
(DBN)

A Housing Bust Comes for Thousands of Small-Time Investors - WSJ
(DBN)

Commercial real estate decline will cause pain in city budgets
(DBN)

More than $190 Billion Global Real Estate Debt Experiences Distress Surge
(DBN)

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Municipalities:

Milwaukee faces bankruptcy, police cuts if aid deal can’t be reached
(DBN)

Puerto Rico board, bondholders argue PREPA claim basis
(DBN)

Healthcare District declares Chapter 9 bankruptcy
(DBN)

Most San Francisco Residents Think the City Is on the Wrong Track
(DBN)

Here are the fastest-growing and fastest-shrinking big US cities
(DBN)

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Oil/Gas:

S&P Global Warns That A U.S. Default Would Wreak Havoc On Global Energy Markets
(DBN)

Oil Price Bearishness Hits Pandemic Levels
(DBN)

Study Shows 14,000 Unplugged Oil and Gas Wells in Gulf of Mexico
(DBN)

California seeks EPA approval to ban sales of new gasoline-only vehicles by 2035
(DBN)

23 Defects, Eight Different Names: What a Dark Fleet Tanker Looks Like
(DBN)

____________

Crypto:

Emails, Chat Logs, Code and a Notebook: The Mountain of FTX Evidence Sam Bankman-Fried's trial involves over 6 million pages of evidence including Caroline Ellison's diary, report says
(DBN)

No way to police all cryptocurrency fraud, CFTC commissioner says
(DBN)

What Secrets Did Caroline Ellison Keep In Her Diary?
(DBN)

Reuters claims Binance mixed customers’ money with company funds
(DBN)

Core Scientific moves for September bankruptcy exit, expects $46M boost
(DBN)

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Fraud:

Father and son duo who ran a $20 million lottery fraud scheme sentenced to prison
(DBN)

Ex-‘Pharma Bro’ Martin Shkreli Now Living in Queens on $2,500 a Month
(DBN)

____________

Labor:

UPS strike looms in a world grown reliant on everything delivered everywhere all the time
(DBN)

Amazon Must Let Staff Use Workspaces for Organizing, NLRB Says
(DBN)

____________

Education:

Unhinged NYC college professor who cursed out anti-abortion students holds machete to Post reporter’s neck US professor fired after machete threat to reporter
(DBN)

Florida school restricts inauguration poem access: Amanda Gorman "gutted"
(DBN)

The most popular college majors aren’t the highest-paying – these degrees are, study finds
(DBN)

____________

Food/Beverage:

I went to the world's first Sweetgreen where robots make your salad, and now I'm convinced it's the future of restaurants
(DBN)

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Tech:

ChatGPT's makers say AI could surpass humanity within the next 10 years as 'superintelligence' starts to exceed other powerful technologies
(DBN)

Apple Strikes Multibillion-Dollar Deal to Use U.S.-Made Chips
(DBN)

Thomson Reuters partners with Microsoft for generative AI push
(DBN)

____________

Autos:

EV Upstarts Are in Big Trouble. Will Lordstown Be the First to Fall? Lordstown Motors turns to a reverse stock split to save Foxconn deal A Tesla Rival Tries Desperately to Avoid Bankruptcy
(DBN)

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Banking:

Credit Suisse Withdraws Appeal Over AT1 Writedown, Court Says
(DBN)

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Cannabis:

Chalice Brands, major Oregon marijuana retailer, seeks creditor protection, buyer
(DBN)

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Corporate Governance:

Federal Court Strikes Down California Board Diversity Statute
(DBN)

____________

Sports:

Diamond Sports Prepared to Surrender MLB Contracts if it Can't Pay; Misses Payment to Padres
(DBN)

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Mining:

Federal judge denies Mesabi Metallics effort to delay Cleveland-Cliffs state mineral leases
(DBN)

____________

Solar:

Top Solar Firm Warns Excess Capacity May Bring Wave of Failures
(DBN)

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New Bankruptcy Opinions
(2 new opinions today - DBN)

Bankruptcy Court Web/Pacer Site Directory

Recent Ch. 11 Filings (24 new filings today)
(DBN)

Recent Ch. 11 Adversary Proceeding Filings (6 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:

More companies file bankruptcy after 2-year lull
(DBN)

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Mass Torts:

Illinois AG probe: Catholic clergy sexual abuse of kids was far more common than church acknowledged Illinois investigation finds almost 2,000 children abused in Catholic Church Illinois attorney general’s report finds 451 abusive clergymen in state Catholic Church system over nearly 90-year period
(DBN)

Bankruptcy court clears $397m Purdue consumer health sale
(DBN)

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Safe Harbors:

Indiana District Court Declines to Read Restrictions into Section 546(e) Securities Contract Safe Harbor
(DBN)

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Avoidance Actions:

A Fraudulent Transfer Suit May Commence More Than 4 Years After the Transfer Under CUVTA
(DBN)

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Bankruptcy Remoteness:

And Another Lender Blocking Provision Bites the Dust, Texas Bankruptcy Court Rules
(DBN)

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D&O:

Bankruptcy court rules SVB directors, officers can tap into liability insurance
(DBN)

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Exemptions:

Bankruptcy Law Trumps State Protection For Judgment Lien
(DBN)

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Student Debt:

Student Loans Take Another Bankruptcy Hit: This Time On Subchapter V Eligibility (In re Reis)
(DBN)

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Tax:

Findings of Responsible Persons: Employer Withholding Penalty Findings Require Timely Notice
(DBN)

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Aviation:

Virgin Orbit shuts down, liquidates assets in bankruptcy auction Virgin Orbit To Close After Assets Divided Among Four Bankruptcy Bidders Virgin Orbit: Branson’s rocket dream ends after mission failure
(DBN)

India's aviation regulator to audit Go First for service restart - internal memo India's airlines: Both Go First and bankruptcy laws need a rescue Lessors mount challenge to stop Go First from using their aircraft Go First suspended board files caveats before SC against aircraft lessors No definite timeline yet for resuming flights: Go First tells DGCA
(DBN)

SpaceX seeks to join FAA in environmental lawsuit over Texas rocket launches
(DBN)

Hong Kong airline terminates flight attendants accused of mocking passengers' English and saying they could lie on the floor if they couldn't ask for a blanket
(DBN)

France bans short-haul flights to cut carbon emissions
(DBN)

____________

Media:

The looming existential crisis for cable news
(DBN)

____________

Retailing:

LVMH, Hermes, and other luxury stocks suffer a $30 billion rout as investors brace for a US spending slowdown
(DBN)

World’s Richest Man Loses $11 Billion After LVMH Stock Rout
(DBN)

Target says it's axing some Pride month merchandise after its workers faced a deluge of threats and violent confrontations with customers
(DBN)

Why are so many stores going bankrupt?
(DBN)

Kohl’s shares spike as retailer reports a surprise profit
(DBN)

____________

Climate:

Nearly 2 billion at risk from "unprecedented" climate conditions
(DBN)

Kansas farmers abandon wheat fields after extreme drought
(DBN)

China’s Record-Breaking Push to Dominate Solar Tech Will Spur Clean Energy Across The World
(DBN)

Intensity of Methane Emissions by Oil and Gas Industry Declined: Report
(DBN)

Phoenix: 13,000 Would Die in a Summer Blackout
(DBN)

Texas lakes are drying out
(DBN)

____________

Music:

Audiences Are Coming Back to Orchestras After ‘Scary’ Sales Last Fall
(DBN)

____________

Sovereigns:

Sovereign debt crisis: “China refuses to suffer the same haircut as other international creditors”
(DBN)

IMF Says Sri Lanka Must Reach Timely Restructuring Deals With Creditors
(DBN)

The church-labor fight against vulture funds comes to New York
(DBN)

____________

UK:

Former Bear Stearns London HQ collapses into insolvency
(DBN)

London Staff Are Working Less Than Half the Week in the Office
(DBN)

Britons Pay for Their Own Health Care as Waiting Lists Spiral
(DBN)

____________

Russia:

Russia's finances are 'in the shit,' says a former Russian economy minister
(DBN)

The cyber gulag: How Russia tracks, censors and controls its citizens
(DBN)

Russia pleads with India for help avoiding financial black list, warning oil and weapons deals are at risk, report says
(DBN)

An attack on Russian soil has sparked anger and confusion in Moscow US distances itself from Russia incursion claim Who are the fighters infiltrating Russia from Ukraine?
(DBN)

One of Putin's closest friends built him a $3.2 million fishing villa in Finland, then had to scrap it when the Russian leader showed up and wasn't keen on fishing in the country: report
(DBN)

Russian tourists seek new destinations as Europe shuts its doors over Ukraine war
(DBN)

Why Isn’t the Pentagon Helping the International Court Prosecute Putin?
(DBN)

The West’s oil war against Russia is starting to lose momentum
(DBN)

____________

Mexico:

Volcano spews ash over Mexico City and disrupts travel at two major airports Huge swathes of Mexico blanketed in dust as volcano continues to spew ash
(DBN)

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India:

It’s bankruptcy that needs a rescue in India
(DBN)

Nearly 60,000 contract workers lost jobs in India's IT sector - recruitment body
(DBN)

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Malaysia:

Amendments to Insolvency Act passed unanimously
(DBN)

Highest number of bankrupts are aged between 35 and 44
(DBN)

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Sweden:

The Face of Sweden’s Property Bust Fights for $13 Billion Empire
(DBN)

____________

China:

Chinese Stocks Close to Erasing 2023 Gain as Headwinds Intensify
(DBN)

CICC Cuts Pay 40% as China Crackdown Roils Broker Bonus Season
(DBN)

Xi Upends the Secretive World of $10,000-an-Hour China Experts
(DBN)

____________

Australia:

Australia Recession Risk Rises as Rates Seen Higher for Longer
(DBN)

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