May 3, 2023

The Daily Bankruptcy News

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Law:

More than 110 lawyers leave this BigLaw firm to join new shop Partners Lead Mass Defection From Biglaw Firm, With Up To 140 Lawyers Set To Join New Boutique 100-Plus Lewis Brisbois Lawyers Exit for New Employment Firm
(DBN)

Biglaw's Brand New Billion-Dollar Club
(DBN)

This Biglaw Firm Is Making A Killing On Each Of Its Lawyers
(DBN)

The Future Is Now: Language-Based, Generative AI and the Legal Profession
(DBN)

An Indefinite Delay Of The U.S. News Law School Rankings Can't Be Good
(DBN)

Lawyer who sought client relationship with ‘daddy/daughter dynamic’ gets suspension
(DBN)

Law Revue Video Contest 2023: The Finalists!
(DBN)

Alex Murdaugh finally admits the truth about housekeeper's fatal fall
(DBN)

Law Firm Suggests Reimbursing For Twitter Blue... In Case You Want Clients To Laugh At You
(DBN)

DeSantis Derp Squad Will Respond To Disney's Federal Suit ... In State Court We Shouldn't Have To Choose Between Disney Whipping DeSantis And A Dickensian Hellscape
(DBN)

E. Jean Carroll’s Friend Testifies She Got a Call Describing Alleged Trump Attack Testimony: Carroll was 'hyperventilating' on call after alleged rape by Trump Trump Jury Hears From Woman Who Claims 1970s Assault on Airplane '40 zillion hands': Woman testifies she too was sexually attacked by Trump Trump won’t testify in E. Jean Carroll civil rape defamation trial, lawyer says
(DBN)

Lawyers ask judge not to ‘muzzle’ Trump in Manhattan hush money case
(DBN)

Biden Isn’t the Only Official Who Could Pardon Trump
(DBN)

Hunter Biden ordered to answer questions about his finances in child support hearing Hunter Biden’s Child Support Dispute Touches on Political Discord
(DBN)

TX Attorney General Ken Paxton Will Sue All The Vaccines For Giving Us COVID
(DBN)

DOJ Moves To Transfer Mike Flynn's $50M LOLsuit Against US Government From Florida To DC
(DBN)

Former Minneapolis police officer found guilty for role in George Floyd's death
(DBN)

Fired officer won’t be criminally charged in Tyre Nichols stop
(DBN)

288 Arrested, 117 Guns Seized in Global Narcotics Dark Net Investigation
(DBN)

New report details the deadly rise of fentanyl in the US Fentanyl Overdose Death Rates More Than Tripled in Five Years
(DBN)

Texas massacre suspect arrested after a tip to the FBI, ending manhunt Texas mass shooting suspect captured hiding underneath laundry after 4-day manhunt Repeated 911 calls, a wait for deputies: Texas survivors question why help didn’t arrive sooner FBI searching nationwide and "across the border" for Texas mass shooting suspect Abbott retracts claim that Texas shooting victims were all illegal immigrants Texas Attorney General Calls Shooting Part of Biden’s ‘Plan’
(DBN)

Minn. man sets fires at mosques, harasses member of Congress, feds say
(DBN)

Jan. 6 Rioter Charged with Setting Off Bomb
(DBN)

Red state providers' new abortion dilemma Hundreds of Democrats urge appeals court to reverse abortion pill ruling
(DBN)

Biden Administration Seeking 1,500 Troops for Southern Border Biden to send active-duty troops to the southern border as Covid restrictions end Eric Adams calls White House irresponsible for handling of migrant crisis
(DBN)

The Former Biglaw Partner In Jeffrey Epstein's Private Calendar Jeffrey Epstein sent ex-JPMorgan exec photo of young woman in 'sexually suggestive pose': Judge
(DBN)

Ex-Merrill Lynch Star Flips Sides to Help Dividend Tax Scheme Prosecutors
(DBN)

Woman identifies 4 of 7 bodies found in Oklahoma as family Oklahoma woman: Sex offender controlled daughter’s family
(DBN)

Autopsy shows tech exec Bob Lee consumed alcohol, cocaine and ketamine before he was killed
(DBN)

Clemency denied for death row inmate after unprecedented move by Oklahoma AG attending hearing on inmate’s behalf
(DBN)

Pandemic Zoom, Teams Surge Offers Evidence Trove to Prosecutors
(DBN)

Shocking video shows NYC subway passenger putting unhinged man in deadly chokehold
(DBN)

California College Town Rocked by Stabbings That Remain a Mystery
(DBN)

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Judges:

Federal Judge Disappointed Biglaw Attorneys Can't Display Basic Compassion
(DBN)

Federal Judge Seems Less Than Convinced That Hillary Clinton Is Running Human Trafficking Ring Out Of A Pizza Place
(DBN)

Release of Justice Stevens’s Private Papers Opens Window Into Supreme Court
(DBN)

A new Supreme Court case seeks to make the nine justices even more powerful
(DBN)

New documents show how Sandra Day O’Connor helped George W. Bush win the 2000 election
(DBN)

The latest stench in the Supreme Court
(DBN)

US lawmakers hold hearing on Supreme Court ethics concerns
(DBN)

Roberts struggles to keep Supreme Court out of ethics fight
(DBN)

Michael Mukasey — With A Straight Face — Argues That Maintaining Friendships Is More Important Than Judicial Ethics And Not Breaking Federal Laws Former Attorney General Refuses to Throw Clarence Thomas Under the Bus
(DBN)

Durbin slams Supreme Court’s response to ethics issues as ‘oblivious’
(DBN)

The potential gift tax implications of Clarence Thomas’s luxury trips
(DBN)

GOP senators call on Supreme Court to 'update' ethics oversight
(DBN)

Ex-judge who ended up in hotel with lawyer after bar gathering gets censure for sexual propositions
(DBN)

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Wall Street:

Stock futures rise slightly as investors await Fed rate decision
(DBN)

US stocks fall as Fed meeting kicks off and traders prep for another rate hike Markets Sink on Fears About Banks and Weaker Economic Outlook
(DBN)

Icahn Enterprises Sinks After Hindenburg Issues Short Report Short-seller Hindenburg accuses corporate raider Carl Icahn of a “ponzi-like” corporate setup Short investor Hindenburg erases fifth of Icahn empire’s value
(DBN)

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Layoffs:

CEOs are getting closer to finally saying it — AI will wipe out more jobs than they can count
(DBN)

Layoffs Jump in Sign of Softer Labor Market
(DBN)

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Crypto:

FTX advisors billed the bankrupt firm for a whopping $103M in Q1
(DBN)

In FTX bankruptcy case, Miami-Dade sees little hope. Will take pennies on the dollar
(DBN)

Crypto exchange owned by embattled conglomerate Digital Currency Group loses top global exec
(DBN)

Crypto mining in Texas could be costing energy customers an extra $69 per year on their electrical bills
(DBN)

Bankrupt Lender Celsius to Combine “Bogus” UK and US Entities
(DBN)

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Food/Beverage:

Brooklyn’s Decades-Old Kellogg’s Diner Goes Bankrupt, Lists for $2.5 Million
(DBN)

Nonprofit grocery stores rehab America’s food deserts
(DBN)

____________

Politics:

AOC urges Feinstein to retire, calling "anti-feminist" criticisms a "farce"
(DBN)

Who paid for Ron DeSantis' trip overseas? No one will say.
(DBN)

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Labor:

Hollywood’s writers are on strike. Here’s why that matters Writers Guild Calls First Strike in 15 Years Hollywood writers to strike as streaming shift upends TV business Hollywood Writers Go On Strike, Seek Higher Pay in Streaming 2 popular late night shows will start airing reruns due to writers’ strike Bernie Sanders throws support behind Hollywood writers strike Schiff backs writers’ strike amid Senate campaign Writers’ strike set to hit TV, movies hard: What you need to know Picket Lines Commence as Film and TV Writers Strike
(DBN)

Hundreds of Underage Kids Working at McDonald's
(DBN)

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Utilities:

Despite Discretionary Standard, Courts Still Must Show Their Work
(DBN)

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Weight Loss:

Jenny Craig warns of mass layoffs, closing some of company's 500 weight-loss centers Iconic weight loss firm Jenny Craig could close its corporate offices this Friday and transition to working from home as firm with 500 outlets teeters on brink of bankruptcy
(DBN)

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Sports:

Why NBA’s Phoenix Suns are leaving millions on the table to show its games for free next season
(DBN)

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Movie Theaters:

Cineworld gets US court approval to raise $2.26 billion after bankruptcy
(DBN)

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Pharma:

Generic Drugmaker Lannett Files for Chapter 11 Bankruptcy
(DBN)

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Economy:

Why Joe Biden won’t negotiate on the debt ceiling Biden won’t move on debt ceiling terms even as he seeks to restart talks McCarthy, McConnell accept Biden's invitation to debt ceiling meeting Traders Zero In on June US Default Risk, Pushing Yields Above 5% House Democrats take step toward forcing vote on debt ceiling hike Lawmakers throw cold water on short-term debt limit hike House Democrats reveal secret plan to force vote on debt limit hike Is the Debt Limit Constitutional? Biden Aides Are Debating It Why the 14th Amendment Is Being Cited in the Debt Ceiling Debate How McCarthy could pick off centrist Dems with 4 debt-limit ideas Fast-approaching debt deadline jolts a flat-footed Congress Senate Republicans dismiss the possibility of a short-term debt limit increase House Minority Leader Hakeem Jeffries preps for Plan B as historic debt default looms ‘No solution in the Senate’: Both parties dig in on debt Biden tries to suck McConnell ‘into the vortex’ on debt ceiling
(DBN)

The Economist: ‘World’s richest, most productive, most innovative big economy’ leaving its peers ‘in the dust’
(DBN)

Small businesses seek to avoid possible credit crunch as Federal Reserve prepares to raise rates once more
(DBN)

After First Republic’s rescue, economists predict further pain with a ‘new era’ of higher inflation
(DBN)

Morgan Stanley, UBS Pick Bonds Over Stocks on Recession Risk
(DBN)

BLS: Job Openings Decreased to 9.6 million in March US labor market softens as job openings drop, layoffs at highest level in over 2 years
(DBN)

New JOLTS data suggest a cooling labor market
(DBN)

After Pandemic Rebound, U.S. Manufacturing Droops
(DBN)

Treasury Yields Plummet as Regional Bank Fears Spur Haven Buying
(DBN)

White House weighs two key Fed nominations: reports
(DBN)

The Fed pursuing 2% inflation is an 'absolute trap' for the economy, 40-year market veteran says
(DBN)

Lawmakers led by Democrats urge Fed to halt rate hikes ahead of Wednesday announcement
(DBN)

What the Fed's 2006 playbook signals about a rate hike
(DBN)

Inflation is falling for Americans, but it's probably not enough to slow the Fed's next interest rate decision this week
(DBN)

Nearly 25% of jobs will be disrupted within five years, World Economic Forum says
(DBN)

AAPI gender pay gap leads to $267,760 lifetime salary shortfall
(DBN)

I'm a retired baby boomer who thinks Gen Z and millennial workers are smart to push back on return-to-office mandates
(DBN)

'Big Short' investor Michael Burry broke down his iconic bet against the US housing bubble during a 2008 meeting with a Warren Buffett acolyte - but his warning and advice were ignored.
(DBN)

Top 10 most in-demand job skills right now, according to the World Economic Forum
(DBN)

Hunger Now Grips Quarter of a Billion as War Roils Food Supplies
(DBN)

US Debt Clock
(DBN)

World Debt Clock
(DBN)

How People Really Live
(DBN)

______________

Real Estate:

CoreLogic: House Prices up 3.1% YoY in March, Lowest Annual Growth Rate since early 2012
(DBN)

Home prices rise as the spring market proves more competitive than expected
(DBN)

MBA: Mortgage Applications Decreased in Weekly Survey Mortgage demand drops as bank failures hit jumbo loan rates
(DBN)

____________

Municipalities:

PREPA rates need to be cut or Puerto Rico faces economic woes, economist says
(DBN)

____________

Oil/Gas:

Oil Holds Loss Amid Concerns Over Chinese Demand, Banking Woes
(DBN)

More and more Americans don't want electric cars
(DBN)

New York poised to pass first statewide law banning natural gas in new buildings
(DBN)

Europe’s Gas Crunch Could Return as Goldman Sees Winter Spike
(DBN)

Saudi Arabia Needs Pricier Oil to Balance Its Budget, IMF Says
(DBN)

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Banking:

PacWest falls nearly 30% as regional bank stocks slide to new lows PacWest, Western Alliance Lead Regional Bank Stock Rout Trading of Bank Shares Halted After Value Plunges
(DBN)

US Regional Banks Slump as Rout Deepens on First Republic Flop
(DBN)

Bank Pain Is Just Getting Started, Ex-Fed President Kaplan Says
(DBN)

US Regional Bank Stress Urges Big Preferred Investor to Sell
(DBN)

Why Washington Let JPMorgan Buy First Republic
(DBN)

Democratic congresswoman sold First Republic stock and bought JPMorgan just before bank sale, financial disclosures show
(DBN)

How JPMorgan Became Banking’s Regular Rescuer
(DBN)

JPMorgan’s acquisition of First Republic revives too-big-to-fail talk
(DBN)

Why JPMorgan's deal for a failing bank has Elizabeth Warren upset
(DBN)

As Fed examines banking woes, small businesses already feel the crunch
(DBN)

The rule freaking banks out more than the SEC's
(DBN)

Half of America’s banks are potentially insolvent – this is how a credit crunch begins
(DBN)

Milken says recent crisis is the same mistake banks have been making for decades
(DBN)

Wall Street Is Betting the Regional Bank Crisis Isn’t Over Yet
(DBN)

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Festivals:

Complaints mount after Bamboozle Festival’s cancellation, ticketing company speaks out
(DBN)

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Event Facilities:

Bond-financed Arizona sports venue files for bankruptcy
(DBN)

____________

Politics:

GOP candidate: Trump has led us astray
(DBN)

New Jersey mayor says racial profiling prevented him from attending Muslim celebration at White House
(DBN)

Some of the billions in farm bill funds could flow to lawmakers writing the bill
(DBN)

Almost half of midterm voters cast ballots early or by mail
(DBN)

Feinstein ‘hopeful’ she can return to Senate next week, Schumer notes say
(DBN)

F-Bombs, Sucker Punches, Wife Taunts: This Alabama Town Is Having a Meltdown
(DBN)

DeSantis signs bill targeting ‘discriminatory ESG’ in Florida
(DBN)

The GOP's Sharp Turn from Conservatism
(DBN)

____________

Pensions:

PBGC approves special financial assistance for 3 multiemployer plans
(DBN)

____________

Autos:

Lordstown Motors Struggles to Stay Alive
(DBN)

Ford Reports $1.8 Billion Profit in Quarter
(DBN)

Stellantis revenues rise 14% in Q1 as better chip supply supported shipments
(DBN)

Vehicles Sales at 15.91 million SAAR in April; Up 11.4% YoY
(DBN)

____________

Fraud:

All defendants found guilty on all counts in 'ComEd 4' trial surrounding ex-Speaker Mike Madigan
(DBN)

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Climate:

Hundreds of hazardous sites in California are at risk of flooding as sea level rises, study finds
(DBN)

Mississippi River crest reaches historic proportions as Iowans cope with yet another flood
(DBN)

What an El Niño could mean for food prices
(DBN)

Disappearing lakes, dead crops and trucked-in water: Drought-stricken Spain is running dry
(DBN)

____________

Hotels:

Roxby Development, Owner of McLure Hotel in Wheeling, Files for Chapter 11 Bankruptcy Roxby Development president issues statement on bankruptcy
(DBN)

____________

Telecoms:

Over 5,200 infrastructure jobs are on the line as QualTek Services teeters on the edge of bankruptcy
(DBN)

____________

Cosmetics:

Can Revlon Regain Relevance as It Exits Bankruptcy?
(DBN)

____________

Corporate Reform:

SEC’s Gensler Blasts Hedge Fund Fees as Agency Readies New Rules
(DBN)

____________

 


New Bankruptcy Opinions
(4 new opinions today - DBN)

Bankruptcy Court Web/Pacer Site Directory

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

Recent Ch. 11 Adversary Proceeding Filings (7 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)

Mass Torts:

J&J Accused by US of Misusing Bankruptcy to End Talc Cancer Suits
(DBN)

____________

Venue:

New Jersey Is the New Hot Spot for Big Businesses to Go Broke
(DBN)

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Miscellaneous:

Compilation of Recent Developments in Bankruptcy Law
(DBN)

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Aviation:

Pratt Engine Woes Blamed for Indian Airline’s Insolvency Filing Grounded Go Air Fliers Anxious as Another India Carrier Stumbles India's Go First cancels flights after bankruptcy US engine-maker flags Go First’s ‘lengthy history’ of non-payment after being blamed for insolvency Go First Suspends Operations The engine dispute at the heart of Go First's bankruptcy filing US Engine Maker Hits Back After Airline Blames P&W Go First bankruptcy seen helping rivals, boosting airfares in India Go First lenders likely to meet on Wednesday to plan further course of action Airline owes $798 million to financial creditors Another Indian airline has followed Jet into bankruptcy IndiGo shares surge after smaller rival Go First files for bankruptcy Go First owner has no plans to exit airline: CEO Kaushik Khona 'Need 4 strong airlines': Aviation veteran Sanjiv Kapoor weighs in on GoFirst bankruptcy Aviation sector needs consolidation to stay healthy Go First lenders likely to meet on Wednesday to plan further course of action Indian banks and other creditors of Go First may take a 'huge hit' More trouble for Go First! Six lessors invoke letters of credit, issue notices to airline History of India's private airlines dotted with high-profile take-off and crash landing
(DBN)

SpiceJet to borrow ?400 cr from emergency fund to revive 25 grounded planes
(DBN)

Emirates Plans More Jet Orders As Long-Haul Travel Rebounds
(DBN)

Texas man banned from United Airlines after allegedly assaulting employee at SFO
(DBN)

____________

Retailing:

What Went Wrong at Bed Bath & Beyond
(DBN)

Tuesday Morning is going out of business and closing all of its stores
(DBN)

‘Everyone is like a zombie.’ What it’s like in Bed Bath & Beyond right now
(DBN)

Nordstrom and Nordstrom Rack to close last San Francisco locations
(DBN)

CVS beats on earnings and revenue but lowers profit outlook
(DBN)

____________

Education:

A fight over religion and politics is roiling a Texas school board election. And 'it's gotten ugly.'
(DBN)

The real out-of-control college costs aren’t where you think
(DBN)

After School Satan Club must be allowed to meet at school, federal judge says
(DBN)

HBCUs receive 178 times less foundation funding than Ivy League schools, study finds
(DBN)

Students at University of Wisconsin call for expulsion of student in racist video
(DBN)

____________

Tech:

INAP files for bankruptcy for second time since 2020
(DBN)

AI experts warn of looming catastrophes
(DBN)

AI ‘Will Cause Real Damage,’ Microsoft Chief Economist Warns
(DBN)

Why the ‘Godfather of AI’ decided he had to ‘blow the whistle’ on the technology
(DBN)

Ashton Kutcher says your company will probably be 'out of business' if you're 'sleeping' on AI
(DBN)

Samsung bans employees from using AI tools like ChatGPT and Google Bard after an accidental data leak, report says
(DBN)

AI should scare Hollywood writers — and everyone else
(DBN)

____________

Student Debt:

Student loan relief would be torpedoed by GOP debt ceiling bill
(DBN)

____________

Cannabis:

Oregon secretary of state resigns over lucrative weed contract
(DBN)

Fla. judge denies defendant’s use of medical marijuana, suggests Xanax instead
(DBN)

____________

Healthcare:

Borrego Adds a New Tool to the Health Care Debtor's Toolbox
(DBN)

Vermont allows out-of-staters to use assisted suicide law
(DBN)

Wisconsin Supreme Court won't order ivermectin use for COVID Conservative Justices Deal Blow to Ivermectin in Court Battle
(DBN)

____________

Media:

Vice Media preparing to file for bankruptcy Vice Is Said to Be Headed for Bankruptcy How Vice rose from counter-culture upstart to media behemoth worth $5.7BN - but now faces bankruptcy after MeToo scandals
(DBN)

Fading newsrooms, blatant bias and a war with Trump has ravaged the business
(DBN)

Top Fox Hosts Are Telling Friends They Could Be the Next to Go
(DBN)

Tucker Carlson called woman ‘yummy,’ leaked video shows
(DBN)

Carlson’s Text That Alarmed Fox Leaders: ‘It’s Not How White Men Fight’
(DBN)

Digital Media’s Original Sin
(DBN)

____________

Sovereign:

Ghana Lawmakers Pass Finance Bills to Tap IMF Loan
(DBN)

IMF Says ‘Almost There’ in Lining Up Financing for Tunisian Deal
(DBN)

____________

UK:

London Irish may have no option but to consider ‘formal insolvency options’, expert warns
(DBN)

UK Company Executives Most Optimistic Since Before Ukraine War
(DBN)

UK Takeaway Prices Jump 13% as Cost-of-Living Squeeze Continues
(DBN)

Brexit ‘Bonfire’ Snubbed as UK Bosses Prefer to Keep EU Laws
(DBN)

____________

Canada:

Ontario home developer agrees to place several GTA townhome projects into receivership
(DBN)

____________

MENA:

Rockets fired from Gaza after Palestinian hunger striker dies in Israeli custody
(DBN)

'Nothing we can do but watch babies die': Desperation in Afghan hospitals
(DBN)

____________

Russia:

Russia fears Ukraine could achieve 'major breakthrough' Ukraine withholding counteroffensive details from allies
(DBN)

The 'stunning' scale of Russian deaths in Ukraine signals trouble ahead for Putin
(DBN)

 As Ukraine prepares counteroffensive, Russia appears in disarray
(DBN)

Russia’s Seaborne Crude Flows Climb With No Sign of Output Cut
(DBN)

Putin Grooms Russians for Defeat in Leaked Crisis ‘Manual’
(DBN)

Report puts Russian navy ships near pipeline blast site
(DBN)

Yacht of Sanctioned Russian Citizen Raided in German Port
(DBN)

Ukraine’s Allies Seek to Close More Russia Sanctions Loopholes
(DBN)

____________

Uganda:

Ugandan Lawmakers Pass Amended Anti-LGBTQ Bill With Death Penalty
(DBN)

____________

Sweden:

Sweden’s Housing Downturn Deepens, With More Declines Forecast
(DBN)

____________

China:

The balloon that flew over Hawaii? US says it’s not China’s
(DBN)

____________

Japan:

Inflation drives more Japanese companies into bankruptcy
(DBN)

____________

Serbia:

Teenager Kills Nine in Serbian School Shooting Massacre
(DBN)

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