September 8, 2023

The Daily Bankruptcy News

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Law:

To Hotel Or Not To Hotel? Biglaw's Latest Return-To-Office Struggle
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Biglaw Attorneys, Staff Expect More Layoffs To Be Announced Before Year End
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Pay rises are the number one reason lawyers switch firms, research shows
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The Biglaw Firms With The Best LinkedIn Engagement (2023)
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How to channel your inner Barbie when negotiating compensation
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Hoteling: A White Flag of Surrender in Law Firms' RTO Push?
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Tiger Mom Turned Novelist: An Interview With Amy Chua
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Could 'Core Hours' Help Firms Balance Mandates With Flexibility? Few Are Willing to Try
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Parents who say they were defrauded by Tom Girardi after losing son file suit against California State Bar
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Unheralded Black Legal Pioneer to Get His Due, 166 Years Late
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Charge of attempted strangulation precedes general counsel’s ouster
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Hogan Lovells partner makes ‘harrowing’ escape from Burning Man
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Will Cahill's Brand Save It From the Modern Big Law Environment?
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Ex-BigLaw partner shown in tirade videos sues influencer for allegedly destroying his career
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Axiom Ince boss silent on missing £64m
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Freshfields and Kirkland lawyers hit with $108m defamation claim
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Firm calls time on the Christmas party
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Eversheds Sutherland lawyer punched banker over alleged homophobic slur
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Lawyer who invented fake employee struck off
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Body cam shows prolific federal drug prosecutor offering cops business card in DUI crash arrest
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‘Misogynistic’ McElroy Deutsch defamed and retaliated against former executive, amended suit alleges
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Biglaw Caves: Morrison Foerster Changes Diversity Fellowship Criteria Following Lawsuit
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Understanding the Law of Debt
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$4.5M BigLaw firm settlement in investor case should be approved, magistrate judge says
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Fishbowl Is A Great Gossip App And Website For Legal Professionals
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Strip Club Summer Associate Outing?
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Alex Murdaugh trial clerk lawyers up after convicted killer claims she tampered with jury
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Trump tells judge he may try to move Georgia case to federal court
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Grand jury investigating 2020 election interference meets after four-week break
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Michigan fake elector admitted to collusion with Trump lawyers in radio interview: report
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Willis asks court to protect jurors after doxing in Trump's Georgia case
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In Fulton County, Fear Not Removal
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Special grand jury report that aided Georgia probe leading to Trump’s indictment is set for release
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Sidney Powell loses motion to sever her Georgia RICO trial from all others
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Giuliani owes millions of dollars in legal fees, source tells CNN Trump hosts $100,000-per-person Bedminster fundraiser to help Giuliani pay legal bills
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How a former Trump official’s conviction could echo in ex-president’s cases
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First Fulton County RICO Hearing Stays Mostly On The Rails
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Willis accuses Jordan of ‘illegal intrusion’ into Georgia Trump prosecution in scathing letter Fani Willis thrashes Jim Jordan: 'You lack a basic understanding of the law'
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Jim Jordan to investigate alleged DOJ pressure campaign in Trump documents case Jim Jordan to investigate Jack Smith's office over alleged abuses
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Trump’s Next Legal Drama—a Reconstruction-Era Amendment Barring Insurrectionists From Office - WSJ
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Jury deliberations begin in Trump adviser’s contempt of Congress trial Cohen claims Navarro failed to consider consequences before joining ‘cult of Trump’ Peter Navarro convicted of contempt for defying Jan. 6 select committee 'This is nuts': Peter Navarro lashes out at 'woke Marxists' after conviction Protesters interrupt Navarro remarks after guilty verdict
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The Giuliani aide who ‘vanished’
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Trump Planning to Host an “Intimate” Dinner at Mar-A-Lago With Sons to Raise Money for Legal Expenses
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Texas Gov. Abbott doesn’t want to remove his 1,000-foot Rio Grande barrier full of metal blades unless the Supreme Court tells him to
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Day 3 of Paxton's Impeachment
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41 Charges Against Montana Attorney General
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Disney drops all but free speech claim in political retaliation suit against DeSantis
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Danny Masterson gets 30 years to life in prison in rape case
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Migrant crisis will ‘destroy’ New York City, mayor says
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Who’s Really Paying to Bus Migrants From the Border?
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Watchdog: Trump's border wall damaged cultural and natural resources
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Biden administration considers forcing migrant families to remain in Texas
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'They forgave him for everything': Adoptee from Ukraine allegedly murdered loving parents
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'I'm killing Jody': Man who texted family just before executing his mom to plead guilty
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Ruby Franke's cousin says history of handcuffing, starving kids is 'multigenerational'
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Americans are hopelessly confused about big-city crime. Partisanship is partly to blame
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Judges:

Judge Sarah Sharer Curley (Ret.) to Receive the 2023 American Inns of Court Bankruptcy Distinguished Service Award
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Biden Likely To Enrage Ilya Shapiro Types With His Judicial Nominees
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Judge in Southwest case doubles down on religious liberty training order
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Longtime Clerks Recall ‘Seismic Shift’ in Appellate Courts
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Supreme Court Justice Kavanaugh predicts ‘concrete steps soon’ to address ethics concerns Kavanaugh ‘hopeful’ Supreme Court will take ‘concrete steps’ on ethics
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Wall Street:

Stock futures are little changed as traders weigh risk of rate hikes
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US stocks trade mixed as rate fears persist amid signs of tight labor market
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David Solomon defends his leadership of Goldman Sachs on CNBC. 'I don't recognize the caricature that is painted of me.'
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This indicator shows the stock market is the most overvalued it's been since the dot-com bubble crash
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Layoffs:

Goldman Sachs to Cut Underperformers as Soon as October
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Torrid lays off 5% of headquarters staff as sales decline
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Slalom Consulting lays off 7% of workforce (900)
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Politics:

CNN Poll: Biden faces negative job ratings and concerns about his age as he gears up for 2024 Biden trails Haley, polling neck-and-neck with other Republicans Biden faces continued low approval ratings, concerns about age, poll finds Democrats wake up to red flags over Biden’s latest poll numbers
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76 percent in new poll favor age cap for president
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Comer: ‘I do believe we have the votes for impeachment inquiry’
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Nikki Haley's 'Hard truth' seems to be working with NH voters
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More Migrants In Big US Cities Bring New Tensions for Democrats
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Presidential Libraries of Obama, Bush, Clinton, Reagan and More Warn About State of US Democracy in First Ever Joint Statement
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The Best Anti-Trump Argument Can’t Be Used
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Pence says Trump was wrong to blame GOP midterm losses on abortion issue
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RFK Jr.’s Republican-friendly Democratic presidential campaign, explained
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Pence rejects Trump populism: 'The Republican Party did not begin on a golden escalator in 2015' Pence rails against Trump's 'siren song of populism' as he tries to energize his 2024 campaign Trump: Pence making up ‘absolutely false’ stories about him
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Ann Coulter blasts ‘gigantic p—y’ Trump after he calls her a ‘has-been, stone cold loser’
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DeSantis lashes out at audience member over Jacksonville shooting
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Christie says latest Trump attack makes him ‘really concerned for his mental health’
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Ohio school board member does Nazi salute during contentious meeting
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Mental competency tests for politicians over 75 see overwhelming support: poll
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Dems must 'turn up the heat' on Tuberville, Warren says Pentagon warns Tuberville blockade could bring Senate to ‘complete shutdown’
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Chinese operatives are using AI photos to trick American voters and turn them against each other, Microsoft says
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Economy:

Weekly Initial Unemployment Claims Decrease to 216,000
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How Much Does it Take to Be Wealthy in America?
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Dollar Set for Longest Rally in Years With US Defying Global Gloom
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Why Biden’s strong economy feels so bad to most Americans
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Senate GOP throws cold water on House shutdown talk
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Employee happiness is plummeting — and it's costly for businesses
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Billionaire investor Leon Cooperman sees a recession and doesn't expect a new high in stocks for a long time
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Recession likely delayed, not canceled, as economy feels effects of higher rates
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U.S. Treasury yields decline as investors consider interest rate policy path
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Goodbye Zoom: In-person events are back (and different) after pandemic lull
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The 10 Most Corrupt Countries, Ranked by Perception
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WSJ fires back at Trump and blows a major hole in boasts about his trade policies
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Meet the typical remote worker, who makes good money, runs errands during the day, and will take a pay cut to avoid RTO
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Grindr's controversial RTO policy causes employee exodus
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A wealthy suburban city in Illinois is getting slammed for offering a 2-and-a-half-hour ‘poverty simulation’ that it said would show residents what a ‘month’ of living poor feels like
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Food Prices Resume Decline Despite Lingering Supply Threats
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Too Much of America is Emptying Out. More Immigration Can Help.
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Above-average wage growth in the leisure and hospitality industry
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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:

Americans' homes are worth more than ever, but tapping into that value isn't easy
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Realtor.com Reports Weekly Active Inventory Down 5% YoY; New Listings Down 8.5% YoY
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No more NIMBYs: Inside the revolutionary battle to bring down home prices
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Surfside condo collapse investigators say pool deck construction 'deviated' from design requirements
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1st Look at Local Housing Markets in August
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Over 40,000 eviction notices have gone out in L.A. this year, many to upscale apartments
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Senators take up looming insurance crisis as policy issuers flee Florida and California
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Oil/Gas:

Oil refineries emit unsafe levels of cancer-causing benzene amid insufficient EPA action: watchdog
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Biden Approved a Big Oil Project. Now, He’s Cracking Down on Drilling.
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Tech:

Musk Stiffed Twitter Vendors
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US broadband grant rules shut out small ISPs and municipalities, advocates say
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ADL chief fires back at Elon Musk for waging campaign of harassment
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Keep Track Of Elon Musk's Broken Promises And Bad Predictions With This Handy Website
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Urgent warning to Apple users as super spyware infiltrates devices with zero clicks
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Healthcare:

8 hospital closures in 2023
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California hospitals getting loans from $300 million rescue plan
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Physician-staffing service files for bankruptcy reorganization
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New analysis suggests people are traveling to get abortions. Here’s why
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Abortions After Dobbs Have Increased in America
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U.S., U.K. accuse 11 Russians of running cybercrime ring that attacked hospitals around the world
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This Fall's Covid Variant Might Really Be Different
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WHO sounds major alarm over ‘concerning’ Covid wave coming this winter as deaths soar
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COVID outbreaks hit workplaces, schools across California as summer illnesses worsen
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Covid is on the rise again, but it’s different now
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Celebs:

Todd and Julie Chrisley have each already had their scheduled release from prison moved up more than a year
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Festivals:

Burning Man's 'leave no trace' ethos complicated by mounds of mud-bound trash left behind
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The End of Burning Man Is Also Its Future
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Retailing:

The majority of Party City stores will stay open as it exits bankruptcy
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SEC probing Ryan Cohen's ownership, sale of Bed Bath & Beyond shares
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Walmart cuts starting pay for new hires who prepare online orders, stock shelves
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US Retail Workers Are Fed Up and Quitting at Record Rates
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Labor:

UAW rejects 'insulting' counteroffer put forth by General Motors UAW president calls GM offer with 10% pay increases ‘insulting’ ahead of strike deadline a week away UAW leader warns of strike after Biden suggested he wasn't worried about talks failing UAW, White House, automakers at odds as strike threat looms
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Vegas Hotel Workers Move Closer to Strike - WSJ
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More in U.S. See Unions Strengthening and Want It That Way
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Pharma:

HHS Will Likely Face More Lawsuits Against Drug Price Negotiation Now That It Has Named The First 10 Meds Included In The Plan
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Climate:

Hurricane Lee intensifies at "exceptional rate" into Category 5 storm
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Maui slowly trudges toward rebuilding 1 month after the deadly wildfires
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UK Fails to Clear Any Offshore Wind in Renewable Energy Auction
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40 Years Ago The EPA Made a Grim Prediction. It Came True.
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Antarctica warming much faster than models predicted in ‘deeply concerning’ sign for sea levels
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America Could Be in for a Rough Fall
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Retire to Arizona? Seriously?
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Student Debt:

Student loan payments restart next month after a long pause. Borrowers are stressed. Really, really stressed.
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Crypto:

A 4th FTX executive reportedly plans to plead guilty over crypto exchange's collapse, isolating Sam Bankman-Fried ahead of trial
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Former FTX exec Salame to forfeit $1.5 billion, pleads guilty to two criminal counts
(DBN)

22-year-old lost $80,000 in crypto: ‘I was investing with money I didn’t have’
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Former FTX crypto executive pleads guilty to making millions in illegal campaign contributions
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Furniture:

NC community in shock, seeking answers after furniture maker’s abrupt closure
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Who stands to benefit from the Mitchell Gold + Bob Williams bankruptcy?
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Bankruptcy filing shows financing struggle ahead of Mitchell Gold Co. shutdown
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Buses:

Electric buses get billions in federal aid. A top maker just went bankrupt.
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Hotels:

Banyan Cay lender retakes control: What plans does it have for the property now?
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Fraud:

'Fake' Trump Legal Fund Plays Both Sides and Dupes Everyone
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Corporate Governance:

CEOs promised a new era. Little has changed.
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New Bankruptcy Opinions
(4 new opinions today - DBN)

Bankruptcy Court Web/Pacer Site Directory

Recent Ch. 11 Filings (18 new filings today)
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Recent Ch. 11 Adversary Proceeding Filings (7 new filings today)
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Chapter 11 Bankruptcy Case Studies
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Bankruptcy Statistics:

Big Bankruptcy Cases on a Roll; Delaware Still Leads
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The Fed could still kill off more zombie companies even after bankruptcies have spiked 54% since last year
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US rates biting beneath the surface
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Venue:

When Deciding Whether to Transfer Venue, Bankruptcy Courts will Consider Their Discretion to Retain a Case, as well as the Interests of Justice and Convenience of the Parties
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Mass Torts:

Insurer files rival reorganization plan in diocese’s bankruptcy case
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Louisiana Grand Jury Indicts Retired Priest on Sex Abuse Charges New Orleans priest who admitted to sexually abusing minors faces criminal charges
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Tax:

Two Valid Approaches for Determining Whether “Taxes” Get Priority in Bankruptcy Cases
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Executory Contracts:

Whether a Surety Agreement is an Executory Contract is a Crucial Determination for Both Creditors and Debtors in Bankruptcy
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Third Party Releases:

Responding to Flawed Arguments Against Bankruptcy Releases
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Automatic Stay:

Exceptions to the General Rule that the Automatic Stay Under Bankruptcy Code Section 362(a) Does not Apply to Non-Debtors
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UCC:

Proposed UCC Amendments: A Conservative Approach That Preserves And Restores Prior Law
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Jurisdiction:

The Intersection of the Bankruptcy Courts and FERC
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Aviation:

A couple was flying home from Singapore when their connecting Lufthansa flight was canceled. After multiple failed attempts at rebooking, the couple paid $4,000 to fly home 3 days later.
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Autos:

Off Lease Only Files for Voluntary Chapter 11 Used car dealership group Off Lease Only files for bankruptcy, lets go of its employees
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Trump campaign rips Biden’s EV plan as autoworkers ramp up strike threats
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Are Tesla's Margins Heading Towards Zero?
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Banking:

FDIC: Number of Problem Banks Unchanged in Q2 2023
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U.S. bank profits flat after accounting for failed bank acquisitions: FDIC
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Education:

Miami school board again shuts down LGBTQ month recognition
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Florida principal resigns weeks after Black students are singled out at an assembly
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Texas Teachers Quitting in Record Numbers Texas’ political environment driving faculty to leave, survey finds
(DBN)

US ‘university’ spreads climate lies and receives millions from rightwing donors
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Inside the Fight to Forcibly Out Transgender Students in California
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Finance:

SBA program upended in wake of Supreme Court affirmative action ruling
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Gig Economy:

This Is the True Scale of New York’s Airbnb Apocalypse
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Insurance:

Vesttoo uncovers conspiracy at executive level Vesttoo alleges ‘systemic misconduct’ by former executives Vesttoo report claims co-founders “directly involved in creating fake documents and forging identities”
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Utilities:

Maui fires are another warning for electric utilities, analysts say
(DBN)

US Declares Texas Power Emergency as Heat Sends Demand Soaring
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Trucking:

Tyson Using Self Driving Trucks for Delivery
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Sovereigns:

Zambian president to visit China, seeks to formalize June debt deal
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UK:

Birmingham residents warned ‘all bets are off’ on cuts as city council effectively bankrupt
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Brother of bankrupt Birmingham council's leader pokes fun at his 50th birthday New York jaunt while the city was going bust
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The 'vanity projects' that bankrupted English councils
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Brummies blast ‘bankrupt’ council for spending £10m on cycle highway
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Bankrupt Woking Borough Council plans £12m in cuts next year
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The Great Resignation Turns Into Great Stagnation for Big Four
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Russia:

Massive explosion near Putin’s war command HQ as kamikaze drones blast Russian city with ‘state of emergency’ declared
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Russia: US plan to send depleted uranium rounds to Ukraine a ‘criminal act’
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Schumer says briefing highlighted ‘unanimity’ on aid to Ukraine
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Russia Plans Diplomatic Push to Block More Financial Sanctions
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Elon Musk had engineers turn off satellite network to disrupt Ukrainian attack on Russian fleet, new book says Ukraine rips Musk for disrupting sneak attack on Russian fleet with Starlink cutoff
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$5 billion in Russian assets found in U.S. by global task force
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A timeline of 5 major hurdles Russia has imposed on Western firms trying to exit the country
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Russia 'seems to be rejoining the world trade,' after its 3 largest container ports neared their highest level of activity since the Ukraine war: think tank
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Trench by trench, inch by inch, a visual guide to Ukraine’s counteroffensive
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China:

A Chinese woman held 16 jobs for 3 years and never showed up to work, report says
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Apple stock has lost $191 billion in market cap over 2 days on fears of China's crackdown
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What China's iPhone ban could mean for Apple, and other U.S. companies
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China’s property market is going in ‘two directions,’ says ex-central bank advisor
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$100 Billion Luxury 'Ghost City' Targeted by Country Garden Creditors - WSJ
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Mexico:

Two Women to Compete for Mexico's Presidency
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Turkey:

Turks Are Running Out of Cash—and Patience
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Cayman Islands:

Overview of the New Cayman Islands Restructuring Officer Regime
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India:

Liquidator under IBC cannot cancel auction on expectation of higher bids: Supreme Court
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Australia:

Miss Universe Australia's parents owe millions to creditors
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MENA:

Israel Enforcing ‘Apartheid State’ Against Palestinians, Ex-Director of Mossad Says
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