November 7, 2023

The Daily Bankruptcy News

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Law:

Lawyer hiring slows as firms strive for greater profits, according to Thomson Reuters report
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Bloomberg Law 2024—The Legal Industry Looks Ahead
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Stroock To Lay Off Nearly 140 Employees Before It Officially Closes Its Doors How Did Stroock Fail With Cringeworthy Advertising Like This?
(DBN)

The Next Generation of Law Students Is Obsessed With Lina Khan
(DBN)

Biglaw Firms Just Don't Want Too Many First-Year Associates
(DBN)

Biglaw Firms Are Trying To Rightsize Their Ranks Through Tougher Performance Reviews
(DBN)

Florida dentist guilty of hiring hitman to kill law prof brother-in-law after custody fight with relative
(DBN)

A newspaper giant tried to diversify its staff. White workers sued.
(DBN)

Trump rails against judge, AG’s office during testimony in $250 million fraud trial Chatty Trump, on the witness stand, is a tangent machine: 'Control him,' judge begs his lawyers Trump’s defiant testimony provokes judge Judge in Trump's fraud trial makes clear who's running the show Donald Trump explodes on witness stand, calling AG a 'hack,' accusing judge of fraud Trump seeks to fuel outrage with NY witness stand appearance Trump, on witness stand, derides judge, denies fraud and talks of castles and windmills Trump went after New York AG and judge in rant A combative Trump testifies in $250 million fraud trial Trump’s lawyer ordered to ‘control your client’ at New York trial Trump rebuked by judge during testimony in N.Y. civil fraud trial Trump on whether he maintained accurate records from August 2014 onward: ‘I hope so’ Trump clashes with New York judge as fraud trial devolves into chaos Trump’s testimony quickly turns to shouting match Inside the Courtroom at Trump’s Fraud Trial Trump’s Testimony Gets Off to a Frosty Start What’s at stake for Trump with this testimony What Trump stands to lose in his New York civil fraud trial Trump’s day in court paints a dark preview of the national ordeal ahead She Tangled with Trump in a Deposition. Here’s Her Strategy When He’s Under Oath Trump claims financial statements at heart of $250m fraud trial are ‘worthless’
(DBN)

The Trumps’ Seven Springs estate has carried very different values over the years.
(DBN)

Trump Free To Intimidate Witnesses Again After DC Circuit Stays Gag
(DBN)

DOJ: Trump attempting to ‘sanitize’ his Jan. 6 conduct in motions to dismiss case
(DBN)

Ex-Trump aide Mark Meadows sued by book publisher over ‘stolen’ election claims
(DBN)

DOJ Will Regret Not Trying to Recuse Cannon
(DBN)

Special Counsel David Weiss prepared for 'unprecedented' testimony at House Judiciary on Hunter Biden probe House to subpoena James and Hunter Biden as special counsel prepares to testify in GOP-led probe
(DBN)

Barclays Hit with Securities Suit Over Disclosures About CEO’s Relationship with Jeffrey Epstein
(DBN)

Mom and son charged with kidnapping for allegedly taking minor for abortion outside Idaho
(DBN)

Father of Highland Park parade shooting suspect pleads guilty to reckless conduct in plea deal
(DBN)

US Supreme Court mulls legality of domestic-violence gun curbs Supreme Court stares down key test on Second Amendment case NRA Poised to Win Big at SCOTUS Trial
(DBN)

Nashville mayor orders investigation after Covenant School shooter’s writings were posted online
(DBN)

U.S. Park Police officer unintentionally fatally shoots fellow officer at Virginia gathering
(DBN)

Texas Man at Center of Supreme Court Case Says He No Longer Wants Guns
(DBN)

More proof that more guns will not save us
(DBN)

Colorado police officer Woodyard charged in Elijah McClain’s death found not guilty
(DBN)

‘The reality is people don’t seem to want us around’: With threats on the rise, more American Jews are buying guns
(DBN)

Jewish man dies after hitting head in altercation at dueling pro-Israel and pro-Palestinian rallies in California
(DBN)

Arizona man charged in threat to kill rabbi, other Jewish people
(DBN)

Las Vegas toddler injured in accidental shooting after suspect discards gun on day care playground
(DBN)

Florida woman tearfully mourned husband she's now accused of having murdered in 2022 interview
(DBN)

City Summons Reporter to Court After He Asked Too Many Questions
(DBN)

Captain found guilty of ‘seaman’s manslaughter’ in boat fire that killed 34 off California coast Captain found guilty in deadliest maritime disaster in recent U.S. history
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Senate Resolution Would Send Federal Offenders Back to Prison 3 Years After Being Released to Home Confinement
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Judges:

Top Texas Firm Entangled in Bankruptcy Judge’s Ethics Trouble
(DBN)

The Far Right Is Straight Up (With A Twist) Lying About The Judge In The Trump Fraud Case
(DBN)

The nonstop sparring between the conservative Supreme Court justice and liberal Biden attorney
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Wall Street:

Stock futures slip after Nasdaq registers 7-day win streak
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November's stock gains look like a bear market rally as yields fall, and further upside is unlikely, Morgan Stanley's top strategist says
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Layoffs:

Citigroup considers deep job cuts for CEO Jane Fraser’s overhaul Citigroup restructuring plan aims for 10% staff reduction
(DBN)

RPT Realty to lay off nearly 100
(DBN)

Stroock to Lay Off 140 Employees in New York as Firm Collapses
(DBN)

Washington Post to reduce headcount by 10%
(DBN)

UPS reduces pilot head count by nearly 200 with buyouts
(DBN)

Block to shrink workforce by 8%
(DBN)

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Retailing:

Brands question the value of Showfields after late payments, lackluster sales & bankruptcy
(DBN)

The Cost of Convenience Proves too High For CVS, Walgreens & Rite Aid
(DBN)

The holiday spending outlook is sluggish across thousands of retailers
(DBN)

What Leaders Can Learn From Rite Aid’s Bankruptcy
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Theme Parks:

Disney is suddenly and without warning cracking down on third-party tour guides, some of which have operated for decades and help curate park experiences for disabled visitors
(DBN)

Disney theme park guests are pooping while waiting on line for rides
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Education:

Billionaire investor Marc Rowan accused of using Wall Street tactics to 'strong-arm' UPenn into leadership change amid antisemitism row
(DBN)

First private university bans Students for Justice in Palestine as Middle East fallout spreads
(DBN)

The Israel-Hamas war reveals how colleges lost their way on free speech
(DBN)

UMass Amherst student arrested for allegedly punching Jewish student and spitting on Israeli flag
(DBN)

Moms for Liberty Members Call the Cops on Librarians Over YA Bestseller
(DBN)

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Agribusiness:

Farm bill faces battle as GOP pushes to strip climate, SNAP funding for subsidies
(DBN)

Valley fruit packer objects to expedited Prima Wawona bankruptcy sale
(DBN)

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Tech:

Thinking About Emerging AI Risks
(DBN)

Elon Musk's X restructuring curtails disinformation research, spurs legal fears
(DBN)

For sale: Data on US servicemembers — and lots of it
(DBN)

Poll: AI regulation is not a priority for Americans
(DBN)

An AI just negotiated a contract for the first time ever — and no human was involved
(DBN)

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Fraud:

‘Billionaire Rabbi’ in Phony Lord & Taylor Bid Gets 8 1/2 Years
(DBN)

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Climate:

US Wheat Exports Plunge to 20-Year Low as Mississippi River Dries Up
(DBN)

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Utilities:

Five years after California's deadliest wildfire, survivors forge different paths toward recovery How are people supposed to rebuild Paradise, California, when nobody can afford home insurance?
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Sports:

Local broadcasts for 15 NBA teams will remain on Bally Sports after new deal
(DBN)

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Water:

Mapping Groundwater Loss Around the World
(DBN)

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Economy:

'Powell has to be on high alert': Wharton professor Jeremy Siegel says the Fed needs to consider rate cuts a lot sooner than the market thinks
(DBN)

Why higher U.S. unemployment is a worry
(DBN)

The fight over return-to-office is getting dirty
(DBN)

US Retiree Surplus Is Still Near Two Million, Years After Covid
(DBN)

The New Headache for Bosses: Employees Aren’t Quitting
(DBN)

Jamie Dimon warns conflict in the Middle East could trigger the most serious global crisis since World War II
(DBN)

Credit is getting tighter, and it’s only a matter of time before it chokes growth, economist says
(DBN)

Biden to tout 'Bidenomics' in a speech announcing new rail project funding
(DBN)

Johnson embraces deficit fight, setting up battle over Medicare, Social Security
(DBN)

Bond vigilantes will punish free-spending world politicians in 'epic clash' next year after notching key victories, market expert says The bond vigilantes aren't going away despite the latest Treasury rally, as America's $33 trillion debt pile will keep growing, market vet says
(DBN)

Fed’s Cook says debt not a big threat yet to U.S. economy
(DBN)

Holiday spending outlook is sluggish across thousands of retailers: CNBC Survey
(DBN)

Here’s how rising pay transparency is causing an employer compensation information ‘arms race’
(DBN)

Retirement is overrated, Gen Z says, as ‘soft saving’ trend takes hold Gen Z wants to retire early. They're off to a good start.
(DBN)

House Republicans search for a strategy to avert a shutdown
(DBN)

US Debt Clock
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World Debt Clock
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How People Really Live
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Real Estate:

Once valued at $47 billion, WeWork files for bankruptcy protection in spectacular fall WeWork Files for Bankruptcy Amid Glut of Empty Offices WeWork Files Chapter 11 Bankruptcy in New Jersey WeWork files for bankruptcy in latest sign of commercial real estate reckoning WeWork files for bankruptcy after a decade of turmoil Shared Workspace Giant WeWork Files For Bankruptcy From prized startup to bankruptcy: WeWork's tumultuous path WeWork Files for Bankruptcy The company has suffered one of the most spectacular corporate collapses in recent U.S. history The definitive account of how WeWork went from a $47 billion valuation to a basket case in just 6 weeks WeWork seeks bankruptcy protection, a stunning fall for a firm once valued at close to $50 billion WeWork Files for Bankruptcy: A Fall from Grace or a Path to Recovery? WeWork’s rapid collapse comes to a close as the once high-flying startup declares bankruptcy with nearly $19 billion in debt WeWork Files for Bankruptcy. Not Even SoftBank Could Save It. The WeWork soap opera’s latest episode includes filing for bankruptcy The dizzying rise, and even more vertiginous fall, of WeWork Stunning fall: WeWork files for bankruptcy Read the email the CEO of WeWork sent to US-based members as the company filed for bankruptcy
(DBN)

How WeWork founder Adam Neumann's wealth grew while the company tumbled Adam Neumann, the WeWork founder who became a business school case study in failed management, is 'disappointed' about its bankruptcy
(DBN)

SoftBank makes another bet on WeWork, hoping landlords will too
(DBN)

Trading in WeWork halted as rumors swirl about the ability of the office sharing company to go on
(DBN)

WeWork’s Multibillion Rescue Couldn’t Save It From Office Bust
(DBN)

Out of Office: Global Office Space Vacancies at Record High
(DBN)

Top 100 Most Expensive U.S. Zip Codes: 2023 Marks Yet Another Record Year, Despite Market Slowdown
(DBN)

Renters Get a Bit of Relief on Surge in Apartment Construction
(DBN)

New York City Commercial Real Estate Owners Look Ahead
(DBN)

ICE (Black Knight) Mortgage Monitor: "It’s fair to expect prices to weaken later in 2023"
(DBN)

Housing November 6th Weekly Update: Inventory Still Increasing, Up 0.8% Week-over-week
(DBN)

These states have the highest—and lowest—millennial homeownership rates
(DBN)

LA County Developer Faces Sentencing on Fraud Charges
(DBN)

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Oil/Gas:

Tesla may finally be about to produce a truly affordable electric car
(DBN)

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Crypto:

How DCG, Grayscale, and Genesis’s Trading Scheme Misled Investors
(DBN)

New Celsius Co-Owners Behind Potential Bid to Relaunch FTX Crypto Exchange
(DBN)

Scammers play a long game using bogus, AI-backed 'law firm'
(DBN)

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Trucking:

Failing brokerages, asset-based lending imperil carriers, says OTR Solutions
(DBN)

The ‘Great Trucking Recession’ Signals a Warning About the Economy
(DBN)

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Politics:

Voters’ grim economic outlook helps boost Trump in new battleground poll
(DBN)

Trump Indictments Haven’t Sunk His Campaign, but a Conviction Might
(DBN)

Trump Plots Against His Enemies
(DBN)

Trump Just Keeps Right on Attacking Everyone
(DBN)

‘Laughing Stock’: Read the Scathing Private Email Romney Wrote About Trump’s Performance as President
(DBN)

Democrats seek upset in Mississippi governor’s race
(DBN)

U.S. diplomats slam Israel policy in leaked memo
(DBN)

Voter groups warn Biden his stance on Gaza could suppress youth turnout next year
(DBN)

'Five-alarm fire': Democratic frustrations with Biden spill into the open Biden campaign touts past polling comebacks as Dems fear debacle Some Democrats worry Biden’s team is ignoring political warning signs Democratic divisions rise amid grim Biden polls
(DBN)

Statue of Liberty Shut Down by Protesters Calling for Gaza Cease-fire
(DBN)

Pro-Palestinian protestors block Tacoma port to halt suspected weapons shipment to Israel
(DBN)

Joe Biden Has A Dean Phillips-Rashida Tlaib Problem
(DBN)

Hogan drops new ad as he weighs third-party bid for president
(DBN)

Iowa Gov. Kim Reynolds says Trump can’t win in 2024 as she endorses Ron DeSantis
(DBN)

White House pushes back on Tlaib suggesting Biden supporting ‘genocide’
(DBN)

Congress’ hyper-partisan censure war rages on Democrat says he’ll support possible Tlaib censure Democrat moves to force vote on censuring Florida Republican for comments about Palestinians
(DBN)

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Awards:

American College of Bankruptcy Announces Class 35 Inductees
(DBN)

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Food/Beverage:

Vegetarian restaurant chain Clover Food Lab files for bankruptcy
(DBN)

Bankrupt Denny’s franchisee with 27 locations closes 10 restaurants with more on the chopping block after sagging sales
(DBN)

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Banking:

The US Banking System Is Still Vulnerable, NY Fed Blog Says
(DBN)

Sac City bank declared insolvent, first Iowa bank closing since 2011
(DBN)

UBS Reports $785Mn Loss in Q3 on Credit Suisse
(DBN)

Something Doesn't Add Up in NY Times Article
(DBN)

Fed SLOOS Survey: Banks reported Tighter Standards, Weaker Demand for All Loan Types
(DBN)

Fed Says Tight Credit Standards, Weak Demand Persist at US Banks
(DBN)

Supreme Court to consider whether NRA can sue official for ‘pressure tactics’ against banks, insurers
(DBN)

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Hotels:

Prime Beachfront Hotel Goes on the Block as One of Mark Hemstreet’s Creditors Pushes for Payment
(DBN)

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Labor:

As Boeing Machinists contract talks near, union savors new labor power
(DBN)

UAW's Shawn Fain paves a new path for America's labor left
(DBN)

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Ride Hailing:

Cruise confirms robotaxis rely on human assistance every four to five miles
(DBN)

Cruise Robotaxis Had Problem with Recognizing Kids
(DBN)

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Bankruptcy Crimes:

Pere Marquette Developers Convicted of Mail Fraud, Money Laundering, and Bankruptcy Charges
(DBN)

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New Bankruptcy Opinions
(3 new opinions today - DBN)

Bankruptcy Court Web/Pacer Site Directory

Recent Ch. 11 Filings (552 new filings today)
(DBN)

Recent Ch. 11 Adversary Proceeding Filings (8 new filings today)
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Chapter 11 Bankruptcy Case Studies
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Bankruptcy Statistics:

More companies in Asia headed for bankruptcy
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Subchapter V:

The Small Business Prepack: How Subchapter V Paves the Way for Bankruptcy's Fastest Cases
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Trustees:

Calif. Ruling May Open Bankruptcy Trustees To Tort Liability
(DBN)

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Mass Torts:

How Purdue Pharma Could Reshape Ch. 11 Practice
(DBN)

Johnson & Johnson Under Siege: Cancer Claims, Billions in Lawsuits, and a Potential Bankruptcy
(DBN)

Boy Scouts back from the bankruptcy brink
(DBN)

Alex Jones’ new bankruptcy appeal makes old claim of raw deal in $1B verdict for Sandy Hook families
(DBN)

Ban on Catholic school, parish lawsuits remains as attorneys for abuse victims, Baltimore archdiocese continue bankruptcy talks Judge gives lawyers for archdiocese, abuse survivors more time to settle differences Judge praises dialogue between archdiocese and creditors’ attorneys in reorganization
(DBN)

He was owed $770K for botched treatment of a wrist fracture in jail. Then a bankruptcy got in the way.
(DBN)

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Default Interest:

Not So Fast: Satisfaction of Default-Rate Interest Required before Loan Reinstatement
(DBN)

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Priority Claims:

"Is Electricity a "Good" Eligible for Section 503 (b) (9) Priority Status?"
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Renewable Energy:

Trademark Law and Bankruptcy Considerations for Emerging Companies in the Renewable Energy Sector
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Aviation:

Navigating turbulence: Latin American airlines in chapter 11
(DBN)

Air freight demand has cooled so much, FedEx is telling its pilots to fly for American Airlines instead
(DBN)

SAS Secures $1.21B Restructuring Aid from Castlelake, Air France-led Consortium
(DBN)

Indian Regulator Tells Court That Go First’s Planes Can Be Returned To Lessors Lenders Hold Back Further Funding to Grounded Indian Airline Go First Go First lenders may approach Wadias, delay resolution plan Go First resolution time extended by three months
(DBN)

Air New Zealand Faces Prolonged Pratt & Whitney Engine Issues
(DBN)

CDC adding flu, RSV surveillance at major US airports
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Healthcare:

Bankruptcy court approves sale of Mercy Iowa City to Univ. of Iowa Hospitals and Clincs Court approves UI acquisition of Mercy Iowa City Judge approves Mercy sale to University of Iowa, ushering in new health care era
(DBN)

Held in bondage: Patients losing equity in homes to hospital lawsuits
(DBN)

Against the odds, Watsonville Community Hospital survived bankruptcy. Will it survive the next few years?
(DBN)

U.S. health outcomes worse than OECD nations on most measures
(DBN)

New Covid Pirola strain warning as mysterious JN.1 variant 'takes off' in Europe
(DBN)

How lawmakers in Texas and Florida undermine Covid vaccination efforts
(DBN)

Marijuana use raises risk of heart attack, heart failure and stroke, studies say
(DBN)

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Autos:

Looming Treasury rule could make or break Biden’s electric car hopes
(DBN)

What's really going on with the electric car market?
(DBN)

Carvana's Deceptive Earnings: Headed for Bankruptcy? Carvana CEO says it’s hard to predict when used car prices will come down
(DBN)

Tesla's Full Selfing Driving Doesn't Work in Fog
(DBN)

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Sovereigns:

Suriname reaches threshold for $675 million debt exchange
(DBN)

Developing Countries Owe China $1.1 Trillion
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UK:

HMRC and Restructuring Plans: The Next Chapter
(DBN)

Brexit Proves Costly for Troubled European Debt Restructurings
(DBN)

Britishvolt staff warn battery start-up may be trading while insolvent
(DBN)

British man ‘looking forward’ to seeing his mother executed
(DBN)

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EU:

Euro zone recession fears harden
(DBN)

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Ireland:

Director’s Debt Written Off in Landmark High Court Decision
(DBN)

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Czech Republic:

Czech Republic Bankruptcies Rise
(DBN)

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Russia:

Ukraine says it struck a brand-new Russian cruise-missile carrier before it even got a chance to fight
(DBN)

It’s Not the Right Time for Elections in Ukraine, Zelenskiy Says
(DBN)

Republicans threaten to nix Ukraine aid unless Democrats agree to tighten immigration laws
(DBN)

EU Set to Proceed on Ukraine Membership Bid With Conditions
(DBN)

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China:

Rising air pollution in China suggests its economy is growing faster and oil prices will climb
(DBN)

IMF raises China GDP forecast after Beijing’s policy moves
(DBN)

China’s Banks and Property Sector Threaten a Growing Economy
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MENA:

Attacks on US troops in Middle East spike amid military buildup U.S. targets in Iraq and Syria were attacked at least 10 times since Thursday At least 45 U.S. service members may have been injured in Iran-linked attacks
(DBN)

Blinken shuttles from West Bank to Iraq trying to contain the fallout from Israel-Hamas war Blinken Warns Iran Against Widening the Conflict Between Israel and Hamas
(DBN)

An inside look at Israel’s mission to find and destroy Hamas’ vast tunnel network in northern Gaza Israel’s bombardment of Gaza could be potent recruitment tool for Hamas, experts warn Civilians Trapped in Gaza Are Running Out of Food, Fuel and Hope Netanyahu Open To ‘Tactical Little Pauses’ To Allow Aid And Release Of Hostages But Dismisses Talk Of Ceasefire Israel hits civilian infrastructure as ceasefire calls grow How Hamas Cyber Force hacked the Israeli army’s secrets UN chief Guterres urges ceasefire as Gaza becomes ‘graveyard for children’ International criticism grows The Jew-hating hypocrisy of protesters is the strongest case for Israel’s existence Israel says it wants to destroy Hamas, but its Gaza assault could radicalize a new generation Agreement on evacuation of foreigners from Gaza blocked - UN Israel to deploy ferocious attack dogs to maul Hamas tunnel terrorists as training vid shows hound on rampage Over a quarter of Hamas officials hiding across Middle East - IDF U.S. struggles to exert influence over raging war in Gaza Biden Confronts the Limits of U.S. Leverage in Two Conflicts An American nurse who was evacuated from Gaza describes the hospital staff who stayed behind: 'We're going to die saving as many people as we can'
(DBN)

Why Are Israeli Settlers Living on Palestinian Lands?
(DBN)

These 8 countries have pulled ambassadors from Israel amid Hamas war
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India:

Doctrine of election – IBC provisions can be invoked even after issuance of recovery certificates by DRT
(DBN)

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Australia:

WeWork pledges to keep doors open at local hubs, but cut space
(DBN)

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Singapore:

WeWork says Singapore operations not affected for now, no plans to cut staff despite US woes
(DBN)

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France:

Antisemitic Attacks Have Exploded in France
(DBN)

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