May 8, 2023

The Daily Bankruptcy News

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Law:

Q1 2023 Law Firm Financial Index: Layoffs & counter-cyclical practices split law firms’ recovery
(DBN)

Are More Biglaw Layoffs Looming On The Horizon?
(DBN)

Layoffs Strike At Cravath As Firm Cuts U.S. Lawyers In London
(DBN)

After judge calls prosecution office a ‘rudderless ship of chaos,’ its leader resigns
(DBN)

Give Associates A Reasonable Amount Of Time To Respond To Emails
(DBN)

Female junior barrister slams lawyer who offered her advice on ‘how to find a husband’
(DBN)

What are the hours like at US law firms in London — are they different to Magic Circle firms?
(DBN)

White House unveils plan to bolster rehabilitation as Biden commutes sentences of 31 people
(DBN)

Trump deposition in E. Jean Carroll rape defamation case released in court Trump misses deadline to testify in E. Jean Carroll civil case Watch Donald Trump's rape trial deposition, where he mixes up accuser E. Jean Carroll with his ex-wife 11 witnesses testified in Donald Trump’s rape trial. Here’s what they said NY jury will have wide latitude to decide civil Trump claims
(DBN)

DOJ finds ‘insider witness’ in Trump Mar-a-Lago documents probe: report Trump unleashes tirade on special counsel Jack Smith as Mar-a-Lago case ramps up
(DBN)

Donald Trump Claims Cohen Payoff Was Part Of His Job Presidenting, Would Like To Litigate In Federal Court
(DBN)

Proud Boys juror says group’s deleted messages weighed on jury Inside the Proud Boys Jury The courts are sending a message: January 6 insurrectionists will answer for their crimes DOJ seeks 25-year prison sentence for Oath Keepers founder Stewart Rhodes DOJ cites threats to democracy on Jan. 6 in push for steep Oath Keepers sentences Proud Boys Step Up Activity After Jan. 6 Attack, Despite Criminal Convictions - WSJ Jan. 6 rioter in pink beret identified after ex spotted her in a viral FBI tweet A clothing designer was at the checkout line of a Joann fabric store when he learned his ex-girlfriend was wanted by the FBI. They called it quits after he learned she was reading 'Mein Kampf.'
(DBN)

Hate-fueled violence is growing even as Proud Boys are convicted for extremism
(DBN)

8 electors accept immunity in Georgia investigation
(DBN)

Trump plays the inside game to stave off '16-like convention chaos
(DBN)

In Trump Probe, Special Counsel Zooms In on Possible Criminal Charges - WSJ
(DBN)

Barr Torches Don: 'Horror Show'
(DBN)

UN: US Must End Police Brutality Against Blacks
(DBN)

Gunman kills 8 in rampage at Texas outlet mall in nation's 200th mass shooting of 2023 Officer gunned down shooter who killed 8, wounded 7 at mall outside Dallas, police say Investigators examine gunman's white supremacist views Texas Gunman Has Neo-Nazi Views Dad recounts frantic rescue efforts among the carnage at Texas mall mass shooting First person on scene: Felt for little girl's pulse before realizing she had no face Eyewitnesses recall horrifying scenes from the Texas mall shooting Dallas police slow to get info. Computers still down due to ransomeware 'It was nonstop': Survivors describe Texas mall shooting Texas Rep. Cuellar rejects calls for stricter laws, says shootings happen in blue states, too Rep. Marjorie Taylor Greene said 'mental illness, drugs, and evil forces' are to blame for Texas mall shooting Texas congressman says people who think 'prayers aren't cutting it' as a solution to gun violence 'don't believe in an almighty god who is absolutely in control of our lives.' 9 people died in a mass shooting in his district today Texas has had nine mass shootings in the past 14 years, while lawmakers have steadily loosened restrictions on carrying firearms
(DBN)

Texas Mass Shooting’s Bloody Images Add to Fervor in Gun Debate
(DBN)

7 killed by driver near Texas migrant shelter; police say it may have been intentional
(DBN)

Texas lawmaker lobbies for 3rd graders to be trained to administer aid for gunshot wounds in the event of a school shooting, says report
(DBN)

SEC awards record $279 million to whistleblower
(DBN)

Biden admin offers temporary fix to Afghan refugees in limbo
(DBN)

Eric Adams blasts FEMA for limited asylum-seeker funds, will move migrants out of NYC House to vote on GOP immigration bill as border restrictions end
(DBN)

New York City subway chokehold death divides elected officials How New York City failed Jordan Neely Protests planned in NYC as DA considers charges in subway chokehold death Extended video shows Daniel Penny appearing to ignore a person who warned 'you're going to kill him' while he had Jordan Neely in a chokehold Ex-Marine defends NYC subway chokehold Marine offers condolences in Neely’s death but claims life was threatened Charges in NYC chokehold death may hinge on ‘reasonableness’ Protesters jump onto subway tracks, clash with NYPD over Jordan Neely death
(DBN)

Making People Uncomfortable Can Now Get You Killed
(DBN)

Biden urges GOP to act on assault weapons: Thoughts, prayers "are not enough"
(DBN)

Uvalde teacher who survived the mass shooting feels 'abandoned' by the school district
(DBN)

Goldman’s Top Lawyer May Be The Only Person To Come Out Of Epstein Saga Looking Something Approaching Good What We Know—and Don't Know—About Bill Gates and Jeffrey Epstein Epstein scandal rolls on as new names emerge
(DBN)

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Judges:

Secret billionaire benefactors, mysterious debt, undisclosed real estate deals, millions in headhunting fees, and more: All of the ethics questions hanging over the Supreme Court The many ethics scandals of Clarence and Ginni Thomas, briefly explained Clarence Thomas Ethical Quagmire BINGO!!! Durbin: ‘Tangled web’ around Clarence Thomas ‘just gets worse’ Clarence Thomas Has Some Obscenely ‘Generous’ Friends Kellyanne Conway defends reported concealed Ginni Thomas payments Judicial activist urged ‘no mention of Ginni’ in arranged payment to Clarence Thomas’s wife: WaPo That Perfectly Innocent Way One Funnels Money To The Spouse Of A Supreme Court Justice While Trying To Avoid A Paper Trail Leonard Leo directed fees to Clarence Thomas’s wife, urged ‘no mention of Ginni’ Clarence Thomas’s problems multiply at Supreme Court Justice Thomas Ethics Review Queried by US Court Leader in 2012
(DBN)

Crow and Thomas About to Learn About Gift Taxes
(DBN)

Sheldon Whitehouse vs. the Supreme Court - WSJ
(DBN)

Tightening Supreme Court Ethics Rules Faces Steep Hurdles
(DBN)

Conservatives criticize liberal Supreme Court justices for ethics issues
(DBN)

2 Supreme Court justices failed to recuse themselves from cases involving their publisher after receiving exorbitant amounts in book advances and royalties
(DBN)

The Supreme Court’s Ethics Issues Are Not All Created Equal
(DBN)

‘History’ will judge Chief Justice John Roberts, Durbin says
(DBN)

Justices’ quiet response to ethics crisis reveals a lesson in PR management
(DBN)

Supreme Court puts Oklahoma execution of Richard Glossip on hold
(DBN)

State supreme courts up the stakes for Democrats in 2024
(DBN)

Judicial committee advances proposal to regulate the use of visual aids at federal trials
(DBN)

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Wall Street:

Dow futures rise slightly to start the week
(DBN)

Dow jumps 500 points to break four-day losing streak as regional banks and Apple shares surge
(DBN)

The stock market could become 'untouchable' if the regional banking crisis continues to spiral, Fundstrat says
(DBN)

U.S. markets fear recession and see interest rate cuts ahead as Fed loan survey looms
(DBN)

World Markets Face ‘Minsky Moment’ Danger, Allianz Says
(DBN)

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Layoffs:

Jenny Craig employees file a class-action lawsuit claiming the company violated the WARN Act
(DBN)

Layoffs Strike Thermo Fisher as COVID-19 Testing Demand Wanes
(DBN)

Cedars-Sinai laying off more than 100 employees
(DBN)

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Student Debt:

The federal student loan payment pause may end soon—how to get ready now
(DBN)

Future of student loan forgiveness looms over Biden in 2024
(DBN)

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Autos:

Used vehicle prices fell last month for the first time in 2023
(DBN)

New cars, once part of the American dream, now out of reach for many
(DBN)

Buffett Sees Uncertainty in EV Market
(DBN)

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Fraud:

Does a bankruptcy foreclose whistleblower recovery? Two claimants say no
(DBN)

Liz Holmes Wants You to Forget About Elizabeth Elizabeth Holmes has given a series of bizarre interviews to the NYT as she delays starting her 11-year prison sentence Elizabeth Holmes went to Burning Man, torched an effigy for Theranos, then spent 6 months living in an RV while prosecutors built a case against her for fraudulent business practices
(DBN)

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Media:

How a Murdoch-backed media start-up built on drugs, sex and war reporting crumbled
(DBN)

Vice Preps Bankruptcy Filing and $400 Million Sale, Less Than 10% of Its Peak Valuation Vice Media close to deal for sale out of bankruptcy
(DBN)

Tucker Carlson told a Fox News makeup artist she's a 'good sport' for answering his questions about what women do in the bathroom Fox sends cease-and-desist letter to Media Matters over leaked Tucker Carlson footage Tucker Carlson in texts to Bret Baier: ‘When Trump loses, he’s going to blame us’ A ‘pay or play’ clause in Tucker Carlson’s contract with Fox News could keep him off the air through the 2024 election: report Fox asks Dominion Voting to probe leaks of Tucker Carlson messages Tucker Carlson ready to torch Fox News Tucker Carlson discussed working together with Elon Musk after Fox firing, report says
(DBN)

Soros Nears Deal to Buy Vice
(DBN)

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Movie Theaters:

AMC Tops Earnings Estimates as Box Office Recovery Continues
(DBN)

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Crypto:

Voyager Digital Provides Update on Reimbursement Plan for Creditors Voyager Digital Plans to Liquidate Assets, Wind Down After Sale Dreams Crushed
(DBN)

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Economy:

Job growth totals 253,000 in April, beating expectations even as the U.S. economy slows Here’s where the jobs are for April 2023 — in one chart US Jobs Data Keep On Defying Expectations for Imminent Slowdown
(DBN)

US job creation beats forecasts despite headwinds
(DBN)

Fed Can Still Achieve Soft Landing, Bullard Says
(DBN)

Powell’s Bet Against Recession Looks Good — Minus the Credit Crunch and a DC Standoff
(DBN)

Fed's Goolsbee: 'Way Too Premature' to Expect June Rate Hike
(DBN)

Hot Jobs Report Raises Odds Fed Keeps Rates Higher for Longer
(DBN)

Fed’s Progress on Inflation Set for Latest Test
(DBN)

US Jobs Data Keep On Defying Expectations for Imminent Slowdown
(DBN)

Worker Productivity Declining Quickly
(DBN)

Bond Traders Bet on Biggest Fed Shift in Decades on Credit Risks
(DBN)

US Consumer Borrowing Climbs on Surge in Credit Card Balances
(DBN)

Why Airfares, Hotels and Cars are Getting So Expensive for Americans
(DBN)

Biden warns: Say goodbye to job growth if debt ceiling isn’t lifted Americans don’t know who to blame for potential debt default, poll shows Yellen warns of ‘economic chaos’ unless Congress raises the debt ceiling Why Debt Chicken Is Such a Dangerous Game McConnell warns he won’t back debt-ceiling increase without ‘substantive’ reforms All but six Senate Republicans have vowed to oppose debt ceiling increase without spending cuts What Happens if the Government Defaults GOP Moderates Panic on Debt Ceiling Threats Biden Not Ready Yet to Invoke 14th Amendment to Avoid US Default Yellen calls invoking 14th Amendment a ‘constitutional crisis’ Jeffries won’t commit to a short-term debt ceiling deal, insists on clean increase Biden prepares to take debt ceiling battle to vulnerable GOP lawmakers
(DBN)

Banking 'cancer' may be spreading as otherwise healthy firms seem vulnerable and credit gets pulled from the economy, Mohamed El-Erian says
(DBN)

Unemployment rate sinks in April for Black and Hispanic workers
(DBN)

The labor market is still holding strong
(DBN)

Financial advisor: Why a recession could hit single women especially hard
(DBN)

Some remote jobs will still be hot in 5 years—others ‘might not exist’
(DBN)

The workers are staying home
(DBN)

NY's return to office has stalled out since peak
(DBN)

Meet a boomer who retired from a 6-figure job so he wouldn't have to work remotely full time
(DBN)

Lines Stretch Down the Block at Food Banks as Costs Go Up and Pandemic Aid Expires
(DBN)

Gen Zers say they need an average salary of almost $125,000 to feel like they’ve ‘made it,’ a survey of young workers found
(DBN)

Global food prices rise for first time in a year
(DBN)

World Trade Data Begin to Show Early Signs of ‘Reglobalization’
(DBN)

Democratic senators urge Biden to allow states to sponsor noncitizens to expand workforce
(DBN)

Buffett on Stupid US-China Tensions
(DBN)

Billionaires and CEOs descended on Beverly Hills to talk recession, bank failures, and more. Here's the inside track.
(DBN)

US Debt Clock
(DBN)

World Debt Clock
(DBN)

How People Really Live
(DBN)

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Real Estate:

Wall Street is running away from the housing market. But why?
(DBN)

Home Insurance Premiums Rise as Americans Flock to Weather-Worn States
(DBN)

Texas property tax bill excludes divorced, LGBTQ couples from getting relief
(DBN)

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Municipalities:

Highland Park, Michigan's water debt triggers calls for state help
(DBN)

Two-mile long vehicle encampment - made up of people living in RVs, trucks and trailers - along Highway 101 north of San Francisco
(DBN)

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Oil/Gas:

Oil Crash Sends Speculators Fleeing at Fastest Pace in Six Weeks Recession Fears Halt The Rally In U.S. Oil Stocks
(DBN)

The gas industry is losing its most valuable customer: Blue states
(DBN)

New York heats up nation-wide debate on gas stove bans
(DBN)

Booming Energy Profits Targeted by Australia With Tax Hike
(DBN)

India Oil Panel Urges Diesel Vehicle Ban in Big Cities by 2027
(DBN)

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Utilities:

‘No other way to do it’: Biden about to go big on power plants
(DBN)

Texas regulators paint bleaker-than-usual picture of electric grid ahead of summer heat
(DBN)


____________

Tech:

AI pioneer says its threat to world may be 'more urgent' than climate change
(DBN)

The promise and peril of AI, according to 5 experts
(DBN)

China races ahead of U.S. on AI regulation
(DBN)

LexisNexis announces new generative artificial intelligence platform
(DBN)

Elon Whines That He’ll Give Away NPR’s Twitter Account If They Won’t Start Using Twitter Again
(DBN)

Tech Workers Aren’t as Rich as They Used to Be - WSJ
(DBN)

Mark Cuban: Potential impact of AI chatbots is ‘beyond anything’ I’ve seen
(DBN)

High-skilled customer service workers given an AI assistant saw 'close to 0' boost in their productivity
(DBN)

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Banking:

Regional banks rebound for a second day as PacWest cuts dividend, says business ‘fundamentally sound’
(DBN)

Bank Stocks Nearing a Crisis-Era Threshold Raises Warning Sign
(DBN)

Visualizing the Assets and Liabilities of U.S. Banks
(DBN)

Bank buyers expect sweeteners as US government sets new bar
(DBN)

FDIC Mulls Loss-Sharing With Nonbanks to Boost Bids on Failures
(DBN)

JPMorgan Defends Regional Banks Even as Negative Sentiment Hits 2008 Highs
(DBN)

Short sellers pocketed nearly $400 million in a single day from the regional bank stock sell-off
(DBN)

Concentration vs. competition: Is 4,000+ banks too many for the US, or just right?
(DBN)

SEC Investigates Trades by First Republic Executives Before Sale to JPMorgan
(DBN)

PacWest, Western Alliance Depositors Sit Tight in Stock Turmoil
(DBN)

Banks’ new problem: The market is predicting they will fail
(DBN)

PacWest stock jumps 80% as regional banks rebound on Friday, but still down sharply for the week
(DBN)

Buffett Blames Bank Leaders for Failures Buffett Says Executives Must Be Accountable for Failed Banks
(DBN)

Preferreds Get Burned in Historic Rout Spreading From Banks
(DBN)

US bank lending touches record as deposits fall, Fed data shows
(DBN)

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Education:

Here is why teachers are fleeing Florida classrooms
(DBN)

The rising Republican movement to defund public libraries
(DBN)

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Climate:

Intense heat waves occur primarily because of climate change
(DBN)

Where Climate Change Will Hurt the Most
(DBN)

Iraq Asks for International Aid to Save Its Rivers From Drought
(DBN)

Hottest Ever April Recorded in Spain, Portugal as Heat Wave Hit Europe
(DBN)

Brutal Heat Continues to Grip Asia in Warning for Rest of World
(DBN)

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Weight Loss:

Jenny Craig Begins Liquidation Proceedings for Canadian Division
(DBN)

____________

Retailing:

Discount Retailer Christmas Tree Shops Files for Bankruptcy
(DBN)

Retail Industry Hammered By The Feds - No Relief In Sight
(DBN)

Who will be the beneficiaries of the Bed Bath & Beyond Bankruptcy?
(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 (10 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:

Bankruptcies Rise, But Stay Lower Than Pre-COVID
(DBN)

Business and Nonbusiness Cases Filed, by Chapter of the Bankruptcy Code Business and Nonbusiness Cases Filed, by Chapter of the Bankruptcy Code, District, and County Bankruptcy Cases Filed, Terminated, and Pending Business and Nonbusiness Cases Filed, by Chapter of the Bankruptcy Code (3 Months) Business and Nonbusiness Cases Filed, by Chapter of the Bankruptcy Code (1 Mo

nth)
(DBN)

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Intercreditor:

Creditor Fights Only Benefit Lawyers, Corbin CIO Says
(DBN)

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Bankruptcy Strategy:

Toolbox for Managing Your Financially Troubled Customers
(DBN)

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Mass Torts:

Pre-Settlement Funding Firm Expects Johnson & Johnson Talcum Based Baby Powder Cases to Settle By Year’s End
(DBN)

Judge: Alex Jones used bankruptcy to delay Sandy Hook defamation trial in Texas. His lawyer must pay $97K
(DBN)

____________

Aviation:

House GOP Spending Cuts Would ‘Wreak Havoc’ on US Air System, FAA Says
(DBN)

Biden to Seek Rules for Airline Benefits to Stranded Travelers
(DBN)

Insolvency petition a ruse for loan write-offs? Major bank union to oppose Go Airlines' write-offs Go First CEO: We Could Be Back In A Week Grounded Go Air Can Fly in a Week If Planes Not Seized, CEO Says India's Go Airlines seeks bankruptcy order, cites lessor plane moves Go First to go on legal war with Pratt & Whitney; CEO Kaushik Khona says airline seeking $1.1 billion in damages Airline Mulling Legal Options Against Engine Maker P&W, Confirms CEO Go First cancels flights until May 12 No refund, passengers of canceled GoFirst flights get credit notes Go First faces staff exodus, insists on notice period
(DBN)

Virgin Orbit: How Richard Branson’s Satellite Startup Went Bankrupt - WSJ
(DBN)

NCLT issues notice to SpiceJet on aircraft lessor's insolvency petition
(DBN)

Jet Airways relaunch hits snag as CEO-designate bows out
(DBN)

Why Airlines Keep Folding in India’s Booming Aviation Market
(DBN)

Frontier Airlines accidentally flies Florida-bound passenger to foreign country without a passport
(DBN)

How U.S. airlines make $7 billion a year from checked bags
(DBN)

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Healthcare:

California Lawmakers Fast-Track $150 Million Loan Program to Prevent Hospital Closures
(DBN)

Code Red: Hospitals are in Critical Condition
(DBN)

Medicaid work requirements would lead to more than a million people losing coverage
(DBN)

Texas Gov. Abbott calls for addressing mental health issues in wake of Texas mass shooting
(DBN)

The COVID-19 global health emergency is over, even as 1 person dies from the disease every 3 minutes, World Health Organization says
(DBN)

As the pandemic winds down, anti-vaccine activists are building a legal network
(DBN)

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Food/Beverage:

Fast Food Franchisee Bankruptcies Portend Industrywide Struggles
(DBN)

You may never eat inside a fast food restaurant again
(DBN)

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Politics:

Biden banks on book ban opposition to energize voters
(DBN)

Biden faces broad negative ratings at start of campaign, Post-ABC poll finds Brazile says Democrats need to ‘wake up’ to poor Biden polling numbers One-third in new survey say Biden has mental sharpness to be effective Biden's approval rating hits new low Biden Trails Trump as His Approval Rating Hits Low in ABC Poll
(DBN)

Trump leading Biden by 7 points in hypothetical matchup: survey
(DBN)

The Former NFL Player Turned Biglaw Attorney Taking On Ted Cruz
(DBN)

House members revive bipartisan police funding bill
(DBN)

Sinema says she’ll never join Republican Party
(DBN)

Inside Hunter Biden's clash with the White House Bracing for impact: Biden world preps for Hunter Biden fallout Biden Says Son Hunter Did ‘Nothing Wrong’ as DOJ Weighs Charges
(DBN)

Florida legislature approves bill allowing DeSantis-appointed board to cancel Disney agreements The Disney-DeSantis feud is heading to the lawyers
(DBN)

The Right’s Economic Populism Is Breaking Progressives’ Brains
(DBN)

Former Trump campaign staffer subpoenaed by DOJ is now working for House committee on elections
(DBN)

Most Americans support anti-trans policies favored by GOP, poll shows
(DBN)

California reparations panel OKs state apology, payments
(DBN)

Texas panel says lawmaker should be expelled for misconduct
(DBN)

Texas Republicans Want to Take Over Elections in This Democratic Stronghold
(DBN)

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Labor:

Hollywood Total Shutdown? Directors Could Strike Next Month
(DBN)

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Sovereigns:

IMF Team Flags Risks to Bangladesh as Reserves Fall Further
(DBN)

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UK:

John Lewis Chairman Faces Showdown as Staff Vote on Strategy
(DBN)

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EU:

ECB’s Knot Vows More Rate Hikes Amid ‘Too High’ Core Inflation
(DBN)

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Russia:

Putin has given up on ambitions to conquer Ukraine after military losses that could take a decade to repair, says US intel
(DBN)

Russia's economy is suffering from industrial decline as satellites detect less pollution in the air
(DBN)

Massive split in Russian military forces as Wagner vows to quit Bakhmut on May 10 Why Russia’s Wagner Group leader is ‘yelling mutiny’ in Ukraine war Russian mercenary chief 'promised ammunition' after threatening Bakhmut retreat
(DBN)

A ‘nervousness never seen before’ hits Moscow before Victory Day parades
(DBN)

Senior Ukrainian officials fear counterattack may not live up to hype
(DBN)

What a viral video reveals about Russia’s struggles in Ukraine
(DBN)

Ukraine’s risky gamble in Bakhmut may be paying off as infighting in Russia’s ranks threatens its hopes of capturing the city, experts say
(DBN)

Russia accused of using phosphorus bombs in Bakhmut
(DBN)

EU Plans Sanctions on China Companies Aiding Russia
(DBN)

Ukraine downs hypersonic Russian missile using Patriot defense system
(DBN)

'Mad panic' as Russia evacuates town near Zaporizhzhia plant
(DBN)

An Oil Tanker Ablaze in the South China Sea Is a Global Problem
(DBN)

Ukraine farmers surrounded by risks, from mines to logistics
(DBN)

____________

China:

China’s Debt-to-GDP Ratio Rises to Record 279.7% on Credit Boom
(DBN)

China Builders With Upcoming Lawsuits Just Got a ‘Wake-Up Call’
(DBN)

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MENA:

Israelis call out perks for ultra-Orthodox in latest protests
(DBN)

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Serbia:

Serbia’s populist president pledges ‘disarmament’ after mass shootings
(DBN)

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India:

Insolvency and Bankruptcy Code needs a separate regime for the real estate sector
(DBN)

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Germany:

Germany Facing a Major Labor Crisis
(DBN)

Germany’s Industrial Plunge Makes Winter Recession a Possibility
(DBN)

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Mexico:

End-of-Pandemic Call Gives Shot to Defaulted Azteca Bondholders
(DBN)

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