May 4, 2023

The Daily Bankruptcy News

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Law:

Big Law Attorney Billing Rate at 15-Year Low, Wells Fargo Says With Biglaw Billing Rate At 15-Year Low, Associates Should Be Prepared For More Layoffs
(DBN)

The Best Law Schools For Practical Training (2023)
(DBN)

Best Practices Alert: Counsel Must Obtain and Keep “Wet” Signature if Utilizing Electronic Signature Software in Court Filings
(DBN)

Kris Kobach Fires Law Firm That Donated To Democrats... Clumsily Backpedals After Realizing Legal Ramifications Of 'Retaliation'
(DBN)

Can ChatGPT replace lawyers? AI-powered robot lawyer is already winning cases and even sued for malpractice
(DBN)

State Seeking Death Penalty For Death Of Florida Attorney
(DBN)

Alex Jones Attorney Hit With Nearly $100K Sanction Over Sandy Hook Pretrial Misconduct
(DBN)

FBI says ex-agent arrested over Jan. 6 called officers Nazis, encouraged mob to 'kill 'em' 'The Donald' forum user convicted of assaulting officers on Jan. 6
(DBN)

Trump will not present a defense case in E. Jean Carroll rape trial, his lawyer confirms Trump says he will probably attend civil rape trial Trump Lawyer Joe Tacopina’s Terrible Cross-Examination Gets Even Worse George Conway Slams Trump Lawyer’s ‘Outrageous’ Behavior in E. Jean Carroll Rape Case: ‘Backfired in Front of a Jury’ 'Rape Myths' Front and Center in Trump-E. Jean Carroll Case Journalist cries as she testifies how Trump kissed and pushed her against Mar-a-Lago wall while pregnant Melania was getting dressed in another room
(DBN)

Judge throws out Trump lawsuit against New York Times
(DBN)

Trump’s Next Criminal Charge Is Practically on the Calendar
(DBN)

Prosecutors close to decision on charging Hunter Biden, report says
(DBN)

Biden's former executive assistant testified she didn't know about classified docs
(DBN)

Republicans subpoena FBI for document alleging unspecified ‘criminal scheme’ involving Biden
(DBN)

Deposition of JPMorgan CEO Dimon in Jeffrey Epstein lawsuits set for late May, source says Epstein Docs, Part 2: Dinners With Lawrence Summers and Movie Screenings With Woody Allen - WSJ
(DBN)

Several people are arrested after the Texas man accused of killing 5 neighbors is captured Texas mass killing suspect's bond set at $7.5M; wife among several arrested
(DBN)

Suspect at large in shooting at Atlanta medical facility that left 1 dead and multiple injured, police say Police capture suspect in Atlanta medical practice shooting
(DBN)

Alabama church shooter sentenced to life in prison for killing 3 at 'Boomers Potluck'
(DBN)

Dentist accused of bludgeoning doctor in golf course altercation
(DBN)

Frequent shootings put US mass killings on a record pace
(DBN)

U.S., Mexico agree on tighter immigration policies at border as Covid restrictions end
(DBN)

Judge: Synagogue massacre suspect can face death penalty
(DBN)

Outrage mounts over chokehold death of Michael Jackson impersonator in clash with veteran US Marine on NYC subway
(DBN)

Mexico agrees to accept non-Mexican migrants rejected by U.S. U.S. braces for border chaos with Title 42 set to expire next week
(DBN)

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Judges:

Former Bankruptcy Court Employee Pleads Guilty to Damaging a Protected Computer Without Authorization
(DBN)

Nearly half New Orleans' federal judges now recused from Archdiocese bankruptcy case
(DBN)

Third Circuit Adopts Early Filing Deadline Despite Dissent
(DBN)

Democrats eye funding cuts as leverage against Supreme Court
(DBN)

Overhaul of Supreme Court ethics runs into GOP opposition Partisan clash expected during Supreme Court ethics hearing
(DBN)

Clarence Thomas Had a Child in Private School. Harlan Crow Paid the Tuition.
(DBN)

Former judge who advised Pence on Jan. 6: Supreme Court should subject itself to ‘highest’ ethical standards
(DBN)

Would a mandated Supreme Court ethics code violate separation of powers? Witnesses differ
(DBN)

The ‘Ethics’ Assault on the Supreme Court - WSJ
(DBN)

Rehnquist dropped push for ‘independent state legislature’ theory in Bush v. Gore, Stevens’ papers show
(DBN)

Jim Jordan launches probe into lack of arrests in protests outside Supreme Court justices’ homes
(DBN)

New ABA ethics opinion warns about handling retainer and other fees
(DBN)

Biden's new strategy on judges
(DBN)

Black Caucus presses Senate Dems to blow up tradition on judges
(DBN)

Biden judicial nominee helped free-market group that opposed administration on climate change
(DBN)

Chevron case: Supreme Court could take sledgehammer to agency power
(DBN)

Disorder in the court: The impact of the Supreme Court Dobbs leak one year on
(DBN)

The Judges Have Too Much Power
(DBN)

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Wall Street:

S&P 500 futures fall slightly after Fed hikes rates, bank contagion fears return
(DBN)

Dow closes more than 250 points lower Wednesday after Fed hikes rates for a 10th time
(DBN)

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Layoffs:

Job Openings Near Two-Year Low as Layoffs Jump - WSJ
(DBN)

Marlborough drugmaker lays off hundreds amidst major corporate restructuring
(DBN)

Machines threaten 8,000 jobs at IBM
(DBN)

Musk slashes Twitter down to about 1,000 employees: report
(DBN)

Software company’s move to let go about 600 employees follows string of job cuts in tech industry and beyond - WSJ
(DBN)

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Retailing:

Bed Bath & Bust! Bankrupt retailer's 'fire sale' disappoints as faithful shoppers are left frustrated by 10 percent discounts
(DBN)

Perfect Storm Is Brewing For More Retail Bankruptcies After Bed Bath & Beyond And David’s
(DBN)

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Labor:

Writers strike looks to be a long fight, as Hollywood braces
(DBN)

Two children aged 10 are discovered working unpaid shifts at Kentucky McDonald's, where one illegally used deep fryer and both prepared meals while serving customers McDonald’s franchisees fined after hundreds of kids found working illegally
(DBN)

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Autos:

Tesla’s Swelling Inventory Suggests Musk Will Keep Cutting Prices
(DBN)

UAW withholding Biden re-election endorsement until EV concerns are addressed
(DBN)

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Crypto:

FTX seeks to claw back $4B from Genesis in a battle of the bankrupt FTX Seeks to Claw Back Nearly $4B in Ongoing Bankruptcy Case
(DBN)

Unmasking FTX’s Non-U.S. Customers: Media Outlets Battle for Transparency
(DBN)

Coinbase Is Facing an ‘Existential Risk’ as SEC Reins In Crypto
(DBN)

Coinbase, crypto industry hope new Supreme Court doctrine is silver bullet
(DBN)

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Media:

Tucker Carlson was shocked at how violent his own thoughts were as he dreamed of a 'mob' of white men killing a kid, disturbing text shows Since his ouster, embarrassing reports on Carlson pile up What’s Really Behind the Release of Tucker Carlson’s Texts
(DBN)

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Climate:

Forecasters: Will Be 'Very Active' Hurricane Season
(DBN)

Germany Urges China to Take Greater Responsibility on Climate
(DBN)

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Economy:

Fed raises interest rates, hints possible end to series of hikes FOMC Statement: Raise Rates 25 bp; Pause in June Likely Fed recap: Here are Chair Powell’s market-moving comments after the latest rate hike Federal Reserve raises interest rates to 16-year high as fight to tame inflation persists
(DBN)

Pushback Against Powell’s Prognosis Comes Almost Immediately
(DBN)

Biden Picks Fed’s Jefferson for Vice Chair, Kugler for Governor
(DBN)

McConnell treads warily around debt limit fight as fears of default catastrophe grow Biden wants McConnell at the debt ceiling table, despite (or because of) their history White House details ‘severe damage’ to the economy if debt ceiling default occurs The Debt Ceiling: Still An Arcane Financial Fiction Too Useless And Dangerous For These Dumb Times White House warns debt default could wipe out 8 million jobs, plunge stock market Nobel economist Paul Krugman says minting a $1 trillion coin to prevent a debt ceiling crisis wouldn't be inflationary A $1 trillion platinum coin could save the US from economic catastrophe in less than a month. It would be fast, legal, and no bigger than a regular coin What is the debt ceiling, and could Biden avoid a financial crisis with the 14th Amendment? The Debt Ceiling Is Dumb. Here's Why Why Republican presidential hopefuls are keeping out of US debt-ceiling squabble Republicans Aren’t the Only Ones to Blame for the Debt-Ceiling Crisis US debt limit: How a default could affect you How Dr. Seuss would cover the debt ceiling standoff Signs of stress start to build in markets as debt ceiling deadline looms Manchin and Sinema Have Every Reason to Sabotage Dems on the Debt Ceiling How Biden Could Short-Circuit McCarthy on the Debt Ceiling Democrats fear political blowback for Biden if debt limit isn't raised 5 ways the debt ceiling fight could end Debt-ceiling countdown sparks scramble for Plan B Lawmakers dismiss possibility of debt limit off-ramp
(DBN)

Druckenmiller Warns US Debt Crisis Worse Than He Imagined
(DBN)

US Treasury announces first buyback scheme in decades to boost liquidity
(DBN)

Top CEO pay rose 7.7% last year, outpacing inflation
(DBN)

Overinflated: The Journey of a Humble Tire Reveals Why Prices Are Still So High
(DBN)

Americans could be on track for a stream of job losses, big cuts to retirement savings, and a surge in student-loan payments in less than a month. It's completely preventable.
(DBN)

ISM® Services Index Increases to 51.9% in April
(DBN)

ADP: Private Employment Increased 296,000 in April
(DBN)

Federal Reserve confronts 'contradictory' economy as it considers next interest rate hike
(DBN)

A credit crunch could more than double the rate that some US companies default on their debts, Societe Generale says
(DBN)

De-dollarization is no longer a matter of if, but when — and is a national security concern, says International Crisis Group cochair
(DBN)

Nobel economist Paul Krugman takes a jab at Elon Musk and says dollar dominance isn't worth much to America.
(DBN)

‘Older generations are so confused': A young woman on TikTok says Gen Z, Millennials don't share the same work ethic as Boomers — 3 reasons why she might be onto something
(DBN)

Bernie Sanders is planning to introduce a bill that would raise the minimum wage to $17 an hour
(DBN)

Moody's: The future of money is digital
(DBN)

US Debt Clock
(DBN)

World Debt Clock
(DBN)

How People Really Live
(DBN)

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Real Estate:

Protecting Property Interests From Aggressive Government Tax Taking (Tyler v. Hennepin County—Oral Arguments at U.S. Supreme Court)
(DBN)

Two Lawyers and Two Others Charged in Conspiracy that Defrauded Distressed Homeowners Looking for Help
(DBN)

Black Knight Mortgage Monitor: Home Prices Increased in March; Prices Up 1.0% YoY
(DBN)

HVS: Q1 2023 Homeownership and Vacancy Rates; Rental Vacancy Rates Increased Sharply
(DBN)

The housing market is showing signs of a rebound as cancellations for homes under construction drop to levels last seen during the pandemic buying boom
(DBN)

Real estate agents are tacking ludicrous 'junk fees' on to every home purchase
(DBN)

Property Owners May Soon Get a New Reason to Sell - WSJ
(DBN)

A woman hired a private investigator after waiting months for a tiny home she'd paid $46,000 for but never received
(DBN)

Killer borrowed cellphone to call 911 and admit to murdering landlord with screwdriver: Cops
(DBN)

Billionaire Stephen Deckoff buys Jeffrey Epstein’s private islands
(DBN)

New rule prompts criticism borrowers with good credit are being penalized
(DBN)

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Municipalities:

PREPA judge denies certifying appeal of her lien decision
(DBN)

San Francisco Woes Multiply as Nordstrom Joins Retail Exodus
(DBN)

Who is running for mayor in the bankrupt city of Chester?
(DBN)

Highland Park debt crisis could mean bankruptcy
(DBN)

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Oil/Gas:

Oil plunge deepens as concerns over economy drive selloff Oil prices slide as markets worry about a recession ahead of expected rate hike from the Fed Oil’s Chaotic Selloff Worsens With 7.2% Tumble at Asia Open Why Oil Prices Are Plunging Despite Falling Inventories
(DBN)

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Banking:

Morrison Foerster Banking Disruption Pulse Survey
(DBN)

Nearly half of Americans are nervous about their money in the bank, Gallup survey finds
(DBN)

PacWest falls 50% after hours on report bank is weighing sale PacWest Says in Discussion With Several Potential Investors Regional Banks Sink as PacWest Weighs Strategic Options
(DBN)

Which U.S. Bank Will Collapse Next?
(DBN)

Swiss Hit With 120 Lawsuits Over Credit Suisse AT1 Bond Wipeout Credit Suisse AT1 Holders in Asia Add to Claims Over Wipeout
(DBN)

Bailouts won’t prevent a financial crisis
(DBN)

Ackman Warns System at Risk
(DBN)

Ex-Fed Presidents Getting Worried About US Regional Bank Turmoil
(DBN)

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

Former CEOs of failed banks to testify before Senate panel
(DBN)

The banking crisis is in its early stages and the Fed should opt for a 'hawkish pause' to rate hikes, former Dallas Fed President says
(DBN)

This is the banking crisis that doesn't end
(DBN)

How the bank crisis hits the economy
(DBN)

The market is looking for the next ‘domino’ to fall, keeping banks under pressure
(DBN)

Former top execs of SVB and Signature Bank will testify at Senate hearing
(DBN)

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Hollywood:

Hollywood Studios Start to Cut Pay for Producers Amid Strike
(DBN)

TV Executives Whose Writers Are on Picket Line See Future for AI
(DBN)

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Personal Finance:

Ranked: The Best U.S. States for Retirement
(DBN)

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Pharma:

Lannett Company files for Chapter 11 bankruptcy
(DBN)

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Education:

U.S. history scores hit all-time low among 8th graders
(DBN)

Florida Republicans pass school bills on pronouns and diversity
(DBN)

4-day school weeks, gaining in popularity, face pushback from lawmakers
(DBN)

Michigan school district bans backpacks over safety concerns
(DBN)

NYC Schools Handcuff and Haul Away Kids in Emotional Crisis
(DBN)

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New Bankruptcy Opinions
(5 new opinions today - DBN)

Bankruptcy Court Web/Pacer Site Directory

Recent Ch. 11 Filings (10 new filings today)
(DBN)

Recent Ch. 11 Adversary Proceeding Filings (4 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:

Small Business Subchapter V Bankruptcy Filings Increase 81% Y/Y, Commercial Chapter 11 Filings Up 32% Y/Y
(DBN)

In Only 4 Months in 2023, There Have Been 70 Major Bankruptcies
(DBN)

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Mass Torts:

J&J, cancer victims ordered to start settlement talks in bankruptcy
(DBN)

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Property of the Estate:

Generalized Creditors and Particularized Creditors: Against a Unified Theory of Standing in Bankruptcy
(DBN)

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DIP Finance:

Lender on Debtor Violence?
(DBN)

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Exemptions:

9th Circ. Ruling Clarifies Homestead Exemption Ambiguities
(DBN)

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Bankruptcy Research:

A Tale of Two Bankruptcies: Geographic Differences in Bankruptcy Chapter Choice
(DBN)

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Aviation:

Apollo will seek regulatory OK to take majority SAS stake
(DBN)

SpaceX has few alternatives if lawsuit upends Musk's Texas launch plans How much more money can SpaceX spend on Starship?
(DBN)

After India’s Go First, Lufthansa grounds fleet due to issues with Pratt & Whitney engines
(DBN)

Cash-strapped Go First asked to refund passengers after it again cancels flights Go First flights may remain suspended till 15 May Go First seeks interim moratorium, NCLT says no such provision under IBC Hundreds of Go First staff left in the lurch as company files for bankruptcy; eye jobs at Air India, IndiGo Go First seeks interim directions from NCLT to restrain lessors, DGCA from taking adverse action Pratt’s engine woes cost Go First 47 years worth of flying time Bankers expect minimal losses from Go First insolvency Indian Oil to recoup $61 million of fuel sales bill from Go First Lessors Oppose Go First's Insolvency Plea
(DBN)

What is Pratt & Whitney? The company Go First is blaming for bankruptcy Pratt facing problems in supporting jets with adequate spare parts, engines: Airbus
(DBN)

A United passenger is banned from future flights after witnesses say he punched a crew member and tried to jump out of the plane
(DBN)

Swarm of bees delays Delta flight in Houston for 3 hours
(DBN)

Passenger 'voted' off of Trenton-Atlanta Frontier flight after altercation
(DBN)

American Airlines mechanic caught handling fake cocaine bricks convicted in smuggling scheme
(DBN)

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Tech:

Airbnb will push rooms as low-cost option to house rentals
(DBN)

Twitter is hiding who paid for a blue check mark while users keep dunking on Elon Musk
(DBN)

Google employees complain about Pichai's $226 million as cost cuts hit company
(DBN)

Ban social media for kids? Fed-up parents in Senate say yes
(DBN)

Trump Says ‘Twitter Files’ Bolster Case Jan. 6 Ban Was Illegal
(DBN)

US Senate Votes to Restore Solar Tariffs Up to 254% in Biden Rebuke
(DBN)

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Politics:

Midterm election turnout stayed high in 2022. These states had the highest turnouts.
(DBN)

Biden and Trump are front-runners for '24, and rich Dem donors thrilled!
(DBN)

Biden's re-election bid is slow out of the gate
(DBN)

‘You Can’t Hide Things’: Feinstein, Old Age and Removing Senators
(DBN)

Montana judge denies state Rep. Zooey Zephyr's request to return to House floor
(DBN)

Top Senate GOP recruit privately casts doubt on power of Trump endorsement
(DBN)

Christie on Trump possibly skipping debates: ‘Obviously he’s afraid’
(DBN)

AOC and Matt Gaetz introduce a bipartisan bill to ban Congress members from trading individual stocks
(DBN)

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Weight Loss:

Jenny Craig tells employees it will shut its doors
(DBN)

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Sovereigns:

New York Democrats push bills to stop sovereign debt ‘vulture funds’
(DBN)

Suriname Reaches Debt Restructuring Deal With Bondholders
(DBN)

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UK:

Latest Market Guidance on the National Security and Investment Act 2021 (“NSIA”) is not particularly comforting to UK restructuring professionals
(DBN)

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EU:

European Central Bank set to slow rate hikes as financial conditions tighten rapidly
(DBN)

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Canada:

Federal government starts consultations so other schools can avoid Laurentian's fate
(DBN)

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Russia:

Russia claims Ukraine tried to assassinate Putin in drone attack on the Kremlin Russia threatens nuclear retaliation after accusing Ukraine of trying to assassinate Putin with drone strikes on Kremlin Kremlin Says Putin Survived Overnight Assassination Attempt Russia Says Shot Down Ukrainian Drones Targeting Putin Has Russia carried out a false flag 'assassination attempt' on Putin? Ukraine denies Kremlin strike drone was theirs - as Moscow rages Kyiv 'must now be destroyed' Russia ‘likely staged’ Kremlin drone attack it blamed on Ukraine, analysts say
(DBN)

Huge fire rages at Russian oil depot as FSB says Ukrainian agents arrested in Crimea
(DBN)

Wagner Group lost more than 100 soldiers in a single day because of a lack of ammunition, mercenary boss says
(DBN)

NATO warns Russia could target undersea pipelines and cables
(DBN)

EU Aims to Target Nations Through Which Russia Evades Sanctions
(DBN)

Get out of Russia while you still can, ex-oligarch warns Western energy giants
(DBN)

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MENA:

Iran’s Revolutionary Guard seizes tanker in Strait of Hormuz
(DBN)

U.S. Dem lawmakers tell Bibi judicial overhaul makes defending Israel hard
(DBN)


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France:

French Ruling Shoots Down Pension Referendum in Blow for Unions
(DBN)

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India:

A 40% Earnings Downgrade Awaits Indian Stocks, BofA Says
(DBN)

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China:

China’s Factories Struggle in Further Sign of Economic Imbalance
(DBN)

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