September 25, 2023

The Daily Bankruptcy News

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Law:

Stroock Is Talking To Another Am Law 100 Firm About Merging — But It’s Not ‘Exclusive’ Pillsbury confirms merger talks with this law firm Pillsbury Winthrop Shaw Pittman ý & Stroock? Market Observers Are Bullish on Merger Talks
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Sullivan & Cromwell's history with FTX draws scrutiny as it racks up bankruptcy fees
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Fenwick & West Says It Knew Nothing About Alleged FTX Fraud
(DBN)

September 22, 2023 Bankruptcy Quiz
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As California changes ethics rules, surveyed lawyers express concern about integrity of the profession
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The Bizarre Events of Tom Girardi's Embezzlement Trial
(DBN)

The lawyer sending nastygrams for Ray Dalio and Ken Griffin
(DBN)

The Surprising Bulwark In The Battle Against Book Bans
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New Jersey Officially Rolls Back Mental Health, Addiction Questions From Its Bar Exam Application
(DBN)

Taking the California bar exam just got more expensive
(DBN)

After abrupt resignation, legal tech CEO faces groping allegations
(DBN)

'You were warned': Judge reprimands Trump's lawyers in New York AG's $250M fraud case Trump lawyer says NY attorney general ignores the truth
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Judge asked to decide if Trump property valuations were fraud or "genius"
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'Smoke and mirrors': Ex-US attorney slams Trump lawyers' 'honest mistake' in $250M fraud case
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Fake elector launches effort to 'guard' the Constitution
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As Trump Prosecutions Move Forward, Threats and Concerns Increase
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Shutdown Can't Stop Trump Criminal Cases Because PACER Is A Ripoff... Seriously
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Judge overseeing case to remove Trump from ballot agrees to order banning threats and intimidation
(DBN)

Are You Ready For The 9-Hour Donald Trump Deposition?
(DBN)

Ex-Trump Lawyer Passantino Sues Weissmann, Alleging Defamation Former Trump lawyer sues over 'insidious lie' that he coached Jan. 6 committee testimony
(DBN)

Cassidy Hutchinson claims Mark Meadows burned so many White House documents in final weeks of Trump administration his wife complained about dry-cleaning bills to rid clothes of 'bonfire' smell 'They’re being fooled by him': Ex-aide Cassidy Hutchinson describes final Trump rally Trump stopped wearing medical masks during COVID because they smeared his bronzer, White House aide says in book
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Meet the Hollywood extra who stormed the Capitol and ended up on the FBI wanted list
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'Walls closing in': Mary Trump predicts what comes next for her uncle
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Mike Lindell loses appeal against FBI's seizure of his cellphone in a Hardee's parking lot
(DBN)

Nora Dannehy says Barr meddled in Trump-Russia probe
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Violent FBI informant active in extremist groups should get up to 30 months in prison: government
(DBN)

Violence escalates in Ciudad Juárez, across from El Paso, as migrant flow rises El Paso, Texas 'at a breaking point' amid jump in migration, mayor says 'Repercussions' are essential for slowing immigration flow, Texas Democrat says El Paso opens new shelter, busses migrants to other cities amid surge Border crossings by migrant families hits record high As migrants overwhelm a Texas border city, others wait in Mexico for appointments to enter the US
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Immigrants waiting 10 years in US just to get a court date
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He spoke no English, had no lawyer. An Afghan man’s case offers a glimpse into US immigration court
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Pope Francis insists there's no migrant emergency
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Federal judge again overturns California ban on high-capacity gun magazines
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Biden: Kids' safety from gun violence "is on the ballot"
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Nebraska Mom Gets 2 Years for Helping Daughter with Abortion
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Report finds Houston police pull over Black drivers at much higher rates
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VA shooting leaves 4 kids injured: Police
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Toddler, 2 adults fatally shot over dog sale
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FBI probes police department abuse allegations
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Ex-FBI chief pleads guilty for 2nd time
(DBN)

Black student suspended because of dreadlocks sues
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Cold case bombshell: Natalee Holloway murder suspect ‘took care of things’ after disappearance, email reveals
(DBN)

Federal Judge Awards Reduced Fees in Landmark Gun Rights Case
(DBN)

Drunk man allegedly wanted a ride out of the woods so he made up a fake bear attack
(DBN)

Florida siblings, 10 and 11, drove off in mom's car after she took their electronics
(DBN)

Delaware State Police Pay $50,000 To Man Troopers Ticketed For Flipping Them Off
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Four charged in 2008 cold case shooting death and robbery of beloved mason
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Mom who asked couple to stop doing drugs outside her apartment is stabbed to death: Cops
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O'Reilly Auto Parts employee allegedly strangles would-be shoplifter
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Judges:

A judge said he was ‘flabbergasted’ by a ‘frankly childish’ dispute between 2 New York property bosses
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Clarence Thomas 'should be forced to recuse' from these cases: Ex-prosecutor Clarence Thomas Keeps Getting Caught With Mega Donors? Let’s Hit Him In His Pockets.
(DBN)

Judge disbarred over stealing $240K from her decorated World War II veteran uncle
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Ruth Bader Ginsburg stamp to be issued in October
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A new Supreme Court case could trigger a second Great Depression
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America’s Worst Judge Declares War on Drag
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Wall Street:

Stock futures inch down as the market enters last week of September with losses
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Layoffs:

GM, Chrysler Announce New Layoffs
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Federal Reserve Cuts 300 Employees
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Crypto:

FTX’s former external legal team disputes involvement in fraud allegations
(DBN)

Inside the last moments before FTX collapsed: 'Holy s–t, the company is probably broke'
(DBN)

Coinbase is investigating the acquisition of FTX Europe after bankruptcy
(DBN)

Coinbase, along with Crypto.com, attempted to acquire FTX twice since the bankruptcy
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How the fall of the 'King of Crypto' cost one British man millions
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Healthcare:

Charlotte telehealth firm Let’s Talk Interactive files for Chapter 11 bankruptcy protection
(DBN)

‘It’s everywhere‘: Fighting the war against fentanyl
(DBN)

Biden Gets Updated Covid-19 Shot and Urges Americans to Follow
(DBN)

Sept 22nd COVID Update: Deaths and Hospitalizations Increased
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Tax:

The IRS Is Going To Know if You Sold Taylor Swift 'Eras' Tickets
(DBN)

IRS to target ‘unscrupulous’ tax preparers amid crackdown of small business tax credit
(DBN)

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Event Facilities:

Owners of defaulted Arizona sports venue debt may have additional claims
(DBN)

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Water:

The Cleanup of Seattle’s Only River Could Cost Boeing and Taxpayers $1 Billion. Talks Over Who Will Pay Most Are Secret.
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Precious Metals:

Minnesota, other states look to recoup overcharges for investors in Lear Capital bankruptcy settlement
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Hedge Funds:

Corzine Plans to Shut Hedge Fund and Return Capital to Investors
(DBN)

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Water:

Fear spreads in New Orleans as possible saltwater intrusion threatens drinking water
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Travel:

Vantage Travel is bankrupt. But what about its owner? Two lawsuits say he should reimburse customers who lost millions.
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Education:

Anti-Affirmative Action Group, Emboldened by US Supreme Court, Targets Scholarships
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Celebs:

Fashion designer Karen Millen reveals her pension has been a 'godsend' after losing her £40million fortune to bankruptcy
(DBN)

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Meme Stocks:

Bed Bath & Beyond Continues To Trade Despite Zero Recovery For Shareholders Under Bankruptcy Plan
(DBN)

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Economy:

U.S. Economy Could Withstand One Shock, But Four at Once?
(DBN)

Q3 GDP Tracking: Around 3%
(DBN)

Median household incomes grew in 16 states and D.C. in 2022—see where they increased the most
(DBN)

Stocks Flash Recession Warning as Trouble Spreads to Industrials
(DBN)

The Biden administration bet big on industrial policies. Experts warn it may not pay off
(DBN)

The Top Ten Job Streaks: Current Streak is in 8th Place
(DBN)

US debt interest payments are unsustainable and flash 'huge warning signs' as they take over federal spending, budget expert warns
(DBN)

America's $1 trillion credit card bill really isn't as bad as it seems
(DBN)

Credit Card Losses Up the Most Since 2008
(DBN)

Core Inflation Gauges Are Falling in US and Euro Zone
(DBN)

Debt Market Titans See Fiscal Risks and Rising Defaults
(DBN)

Food Inflation Is Still High Around the World
(DBN)

The Fed Is Curbing Inflation, But Consumers Say They’re Still Paying Too Much
(DBN)

Bond Market Faces Quandary After Fed Signals It’s Almost Done
(DBN)

Morgan Stanley’s Ellen Zentner Says Fed Is Done Raising Rates for Now
(DBN)

Baby boomers are big winners from the Fed's policies - but younger generations are 'screwed,' market veteran says
(DBN)

White House Steps Up Warnings of Shutdown Impact as Deadline Nears Government shutdown looms as McCarthy takes final shot at budget bill US House to press forward with spending cuts despite shutdown risk What could happen if the government shuts down GOP split over shutdown risks making country ungovernable Congress remains divided on budget negotiations: ‘Our financial ship is sinking’ With House Republicans in turmoil, colleagues implore GOP holdouts not to shut down government McCarthy’s Mess: What’s Next in the Shutdown Showdown Pete Buttigieg insists a government shutdown ‘can’t be’ inevitable McCarthy ally to Republican rebels: Go ahead, make my day McCarthy stares into the shutdown abyss Collins tries to steer her GOP away from shutdown cliff The history of government shutdowns and how long they last Pay for millions of federal workers is at risk with a looming government shutdown House GOP Mulls Stopgap for 14 to 60 Days to Stave Off Shutdown
(DBN)

The Fed will definitely be done tightening if there's a government shutdown, top Morgan Stanley economist says
(DBN)

Why more women are choosing not to have kids
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US Debt Clock
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World Debt Clock
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How People Really Live
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Real Estate:

US commercial-property concerns keep mounting - experts warn of 'massive' debt refinancing risk and an economic 'doom loop'
(DBN)

Black Knight: Mortgage Delinquency Rate Decreased Slightly in August
(DBN)

"Mortgage Rates Jump up to 23-Year Highs"
(DBN)

Company accused of scamming homeowners files for bankruptcy Controversial Real Estate Company MV Realty Files for Bankruptcy in 33 States Florida-based realty company with hundreds of Mass. customers files for bankruptcy
(DBN)

10 cities where home prices are falling the most, as pandemic boomtowns cool down
(DBN)

Pandemic aid officials who overpaid vulnerable renters are saying, ‘We messed up, pay us back’
(DBN)

Federal pandemic relief prevented a rise in homelessness, housing agency says
(DBN)

These are the U.S. states where homeowners pay the most in property taxes
(DBN)

Migrant surge makes U.S. housing crisis worse
(DBN)

Watching the Real-Estate Bust From the Streets of San Francisco - WSJ
(DBN)

Housing Market Fears Rise For Two Most Overvalued Areas in US
(DBN)

Global housing market sees reduced bubble risk, with Zurich and Tokyo exceptions
(DBN)

Real Estate Developer Convicted in $1.3 Billion Tax Case After Juror Removed
(DBN)

Man gets 'harsh' but 'entirely appropriate' sentence for seeking hitman to kill landlord
(DBN)

Wildfire-prone California will allow property insurers to factor future climate risks into pricing
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Municipalities:

An Alabama city wants to leave bankruptcy, even as it owes millions
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Oil/Gas:

Judge Orders White House To Expand Gulf Oil Lease Sale
(DBN)

Exxon Weighs Chemicals Output Boost as EVs Threaten Gasoline Use
(DBN)

Are Fossil Fuels the Next Cigarettes?
(DBN)

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Trucking:

California bill to have human drivers ride in autonomous trucks is vetoed by governor
(DBN)

Indiana Trucking Company Declares Bankruptcy After 80 Years, Resulting in Job Losses
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Labor:

UAW announces ‘nationwide’ expansion of strike — in bad news for Biden UAW expands strike against GM and Stellantis UAW Strike Expansion: List of New Factories Biden to join the picket line in UAW strike UAW, Stellantis Remain at Odds Over Battery Jobs, Pay Parity Trump's labor record will trail him as he wades into UAW strike How state unemployment benefits impact the UAW strike Black UAW workers say they're striking to keep the promise of a middle-class life Autoworkers on Why They Are Striking When the magic of the automobile died, the magic of making them did as well UAW, Big Three Carmakers Can Notch ‘Win-Win,’ Buttigieg Says The Big Three’s Inevitable Collision with the UAW UAW demands cost-of-living salary adjustment as Americans feel pinch of inflation
(DBN)

Hollywood writers in deal to end US studio strike
(DBN)

"Devastating experience": Some grocery employees brace for the worst as Kroger sells 400 stores
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Religion:

Ideological rifts among U.S. bishops at spotlight
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Tech:

Top Fed official sees "cautious optimism" in economic impact of AI
(DBN)

It's not just you. LinkedIn has gotten really weird.
(DBN)

Misinformation research is buckling under GOP legal attacks
(DBN)

Elon Musk keeps publicly begging celebrities to post on X and gets pouty if they choose other platforms
(DBN)

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Banks:

Banks Fearing a Liquidity Crunch Pay More to Cling to Cash
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Science:

The Band of Debunkers Busting Bad Scientists -WSJ
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History:

A Southern Rebellion in 1948 Almost Threw American Democracy into Disarray
(DBN)

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Climate:

Mapped: The Sun Belt's summer for the record books
(DBN)

Donald Trump calls Rishi Sunak 'smart' for easing climate targets
(DBN)

Feds urged by Biden to widen use of "social cost" on climate change
(DBN)

Earth's sixth mass extinction is underway and "rapidly accelerating," study warns
(DBN)

Wildfires are destroying decades of clean air efforts
(DBN)

The threat of wildfires is rising. So are new artificial intelligence solutions to fight them
(DBN)

How War and Aging Dams Left Libya Exposed to a Climate Superstorm
(DBN)

Richard Branson has an urgent message for climate change deniers
(DBN)

An El Niño winter is coming. Here’s what that could mean for the US
(DBN)

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Food/Beverage:

“Sad to See”: Bodybuilding World Emotional as Legendary Sports Nutrition Brand Files Bankruptcy, Mike O’Hearn and Jay Cutler Amongst Creditors
(DBN)

The era of America’s subminimum wage for tipped restaurant workers may be ending
(DBN)

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Banking:

Bidding war for SVB Capital
(DBN)

Breaking Down the Proposed Rule to Bail In More Banks
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Student Debt:

Student loan debt forgiveness becomes a reality for more than 804,000 who paid for decades
(DBN)

Student loan borrowers face plenty of questions, budget woes, as October bills arrive
(DBN)

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Autos:

September Vehicle Sales Forecast: 15.4 million SAAR, Up Sharply YoY
(DBN)

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New Bankruptcy Opinions
(6 new opinions today - DBN)

Bankruptcy Court Web/Pacer Site Directory

Recent Ch. 11 Filings (48 new filings today)
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Recent Ch. 11 Adversary Proceeding Filings (5 new filings today)
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Chapter 11 Bankruptcy Case Studies
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Bankruptcy Statistics:

US corporate failures set to register 13-year high – report
(DBN)

Large Corporate Bankruptcy Filings Surged in First Half of 2023 Trends in Large Corporate Bankruptcy and Financial Distress - Midyear 2023 Update,
(DBN)

Not Only Crypto, Overall Bankruptcy Filing Crosses Danger Level
(DBN)

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Sovereign Immunity:

Questions of tribal sovereign immunity and for-profit businesses
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Mass Torts:

Sandy Hook parent oversight panel wants ‘belt-tightening’ for Alex Jones in bankruptcy fight
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Aviation:

CEO admits her airline 'let you down in many ways' and asks customers for patience to 'earn your trust back'
(DBN)

Military pilot asked 911 dispatcher for help after ejecting from fighter jet
(DBN)

Jetstar flight forced to return to Perth Airport because of unruly passenger
(DBN)

I flew business class on 6 airlines this year and there was a huge difference between the best and the worst
(DBN)

Go First Fears Recovery Might Not Be Easy Due To Problems With Lessors
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Retailing:

Rite Aid to close hundreds of stores in bankruptcy: report
(DBN)

Bankruptcy watch: Another big retailer likely to run out of cash
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Municipal bond-funded American Dream Mall reports more red ink
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Politics:

Trump edges out Biden 51-42 in head-to-head matchup: Poll Biden approval rating flashes warnings in two new polls How to make sense of those new Biden-Trump polls
(DBN)

Overwhelming majorities express concerns about Biden, Trump ahead of 2024 race
(DBN)

Biden world is worried about spoilers as third parties threaten to boost Trump
(DBN)

Make no mistake, it's absolutely possible Trump wins the 2024 election
(DBN)

Inside the 11 scenarios that deny Trump the presidency — without him actually losing Election 2024
(DBN)

Biden impeachment and Trump’s eligibility: Views divide, with profound partisan gaps
(DBN)

Joe Biden Continues Gaffe-Filled Week by Getting LL Cool J's Name Wrong
(DBN)

Biden Allies Seize on Impeachment as Weapon Against Republicans
(DBN)

Katie Britt Face of Republican Future?
(DBN)

Trump and DeSantis Fight for the Upper Hand in Iowa’s Early Presidential Test
(DBN)

The Open Plot to Dismantle the Federal Government
(DBN)

Trump snaps at activists to either fall in line behind him or 'they will have nothing'
(DBN)

Speaker McCarthy is giving hard-right Republicans what they want. But it never seems to be enough Meet the House 'Dysfunction Caucus' Vexing Kevin McCarthy Christie says McCarthy "doing the very best he can," will be speaker in 2025
(DBN)

Menendez Indictment, Explained NJ Banker Accused of Bribing Menendez to Sway Loan Scheme Case New Jersey Sen. Bob Menendez hires Hunter Biden lawyer for bribery case Not Great, Bob For Egypt, Menendez Was Key to Access Billions in Aid Senator Faces Growing Pressure From Dems to Resign - WSJ Menendez Deserves Chance to Clear His Name, Senate’s Durbin Says Democratic senators reluctant to join John Fetterman in calling for Bob Menendez's resignation New Jersey Governor Calls on Menendez to Resign Over Indictment Ocasio-Cortez says New Jersey’s Menendez should resign after indictment Christie slams Menendez but rules out Senate run Menendez unravels: Andy Kim will run against him Menendez steps down as chair of Foreign Relations Committee Menendez resists Democrats' mounting calls to resign
(DBN)

Republican Rep. left family to live with lobbyist mistress, wife claims in divorce papers
(DBN)

RFK Jr. renews calls for Secret Service protection after armed man arrested at campaign event RFK Jr. Flirts With Libertarian Party
(DBN)

Anti-vaxxers are now a modern political force
(DBN)

Trump calls Howard Stern 'broken weirdo' as feud explodes
(DBN)

Russian state TV promotes new Tucker Carlson show
(DBN)

Dallas Mayor Switches Parties
(DBN)

Troops plagued by filthy conditions, squatters in military barracks: report
(DBN)

Mark Milley leaves a controversial legacy as America’s top general
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Sovereigns:

Pakistan: From glory to insolvency
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Greece, Battered a Decade Ago, Is Booming
(DBN)

The Ghanaian Government has Essentially Filed for Bankruptcy
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UK:

Blackpool Council won't file for bankruptcy despite significant financial pressures
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Bankrupt Brum blame game as ex-councillor says £760m black hole was 'not on the table' when she left
(DBN)

Mayor raises questions over Birmingham equal pay
(DBN)

Bankrupt Birmingham's council house could become a hotel
(DBN)

Guildford council starts investigation into possible fraud as staff suspended
(DBN)

Liverpool chief executive admits Reds were nearly bankrupt before FSG takeover
(DBN)

Some U.K. police put down guns after officer is charged with murder in the shooting of a Black man
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EU:

EU Lost a Trade War with China a Decade Ago
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Canada:

Metroland bankruptcy smells to high heaven
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Russia:

Poland Issues Warning to Zelensky After UN Comments
(DBN)

Sergey Lavrov says US is 'directly at war' with Russia
(DBN)

U.S. Army Hospital in Germany Is Treating Americans Hurt Fighting in Ukraine
(DBN)

Russian Ally's Latest Comments Show Growing Tension With Putin
(DBN)

McCarthy reverses on Ukraine aid as GOP scrambles on funding bills
(DBN)

Ukraine has 'completely defeated' a Russian naval infantry brigade of the Black Sea Fleet — for a second time, says think tank
(DBN)

A video appearing to show a Russian Lancet drone striking a Ukrainian MiG-29 fighter at its base suggests the small drones can now hit targets far further away
(DBN)

Senators tell "60 Minutes" no proof of Ukraine weapons diversion
(DBN)

DeSantis Says Ukraine Joining NATO Isn’t in Best Interest of US
(DBN)

Deep trenches, cheap drones, and a more efficient war machine are just some of the ways Russia has improved since it first invaded Ukraine
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China:

China Developers Slump Most Since December as Evergrande Weighs Evergrande Liquidation Risk Rises After Creditor Meet Scrapped Evergrande’s plan to stave off collapse is running into trouble China property stocks tumble as Evergrande drops 25% on debt restructuring roadblock
(DBN)

A former Chinese official is telling property developers to 'transform' their businesses as there are more than enough empty homes to house all of China China's 1.4 billion population can't fill the country's millions of empty homes. Here's 3 things that would.
(DBN)

Distressed developer China Oceanwide declared bankrupt in Bermuda
(DBN)

The Precipice of Collapse: China’s Real Estate Market Crisis
(DBN)

Blasting Bullhorns and Water Cannons, Chinese Ships Wall Off the Sea China Installs Barrier in Disputed Sea Shoal, Philippines Says
(DBN)

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Germany:

German far-right leads mayoral race near former Nazi camp
(DBN)

German Government Drops to New Record Low in Poll
(DBN)

Germany's housing sector slumps into crisis 1 in 5 developers canceling projects in August
(DBN)

Germany Mulls Tightening Asylum Laws to Quell Migration
(DBN)

German Business Outlook Improves Slightly Amid Shrinking Economy
(DBN)

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India:

Government Considers Giving Financial Creditor Status To Insurers Issuing Surety Bond
(DBN)

IBBI chief calls for efforts to improve bidders’ confidence
(DBN)

IBBI Amends Insolvency Professional Regulations
(DBN)

Creditors get more time to file insolvency claims
(DBN)

Basic foods like tomatoes and onions are becoming unaffordable for many families in India
(DBN)

Apple to Scale Up India Production Fivefold to $40 Billion
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