December 1, 2022

The Daily Bankruptcy News

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Law:

Top 20 Biglaw Firm Conducts Layoffs En Masse, Letting Go 150 Attorneys And Staff
(DBN)

Fired Biglaw Partner Resurfaces To Blame Cancel Culture For The Consequences Of Her Own Actions Hogan Lovells terminates restructuring lawyer after defending SCOTUS Dobbs decision to colleagues
(DBN)

Weil Names New Restructuring Partner
(DBN)

Lawyers running Alex Murdaugh’s finances secure $1.3M for victims, want $374K in fees
(DBN)

Cravath mostly matches Baker McKenzie bonuses; what about the class of 2015? Big Bonuses Not Just For Biglaw As Elite Boutique Announces Their Year-End Largesse Major Biglaw Firm Matches The 2022 Baker/Cravath Bonus Scale
(DBN)

Law firm Jenner sues Sierra Leone for $8 million in legal fees
(DBN)

Why rankings-'obsessed' law students may stick with U.S. News U.S. News Needn't Worry, Because Law Students & Lawyers Are 'Obsessed' With Elitism
(DBN)

UC-Davis Is 12th Law School (5th In California) To Boycott U.S. News Rankings More Commentary On The U.S. News Law School Rankings Boycott
(DBN)

Law School Merger Announcement Shocks Students
(DBN)

Ipsos Veracity Index 2022
(DBN)

‘Show the Brief’: Lawyers can be better communicators by bringing visuals to their briefs
(DBN)

Meet the legal nerd who MAGA bigwigs are turning to for help
(DBN)

House Democrats have access to Trump tax returns, Treasury confirms
(DBN)

Trump Would Like To See The Names Of The Witnesses Against Him. And So Would The Media.
(DBN)

DOJ wants 'all' transcripts and evidence in House January 6 probe, Garland says DOJ will have to wait for Jan. 6 panel’s final report to access transcripts McCarthy to Jan. 6 panel: Preserve your records Trump WH Adviser Stephen Miller Just Testified For Hours Before Jan. 6 Criminal Grand Jury U.S. Capitol Riot Sedition Prosecutions Won’t Get Easier, Experts Say Oath Keepers trial finds Stewart Rhodes guilty of sedition. So? The Oath Keepers' Sedition
(DBN)

Judge says Georgia’s GOP chairman had singular role in fake elector scheme
(DBN)

Judge scolds Justice Department for its slow investigations at hearing for Rep. Matt Gaetz's convicted associate
(DBN)

Banks Are Devising Ways to ID Mass Shooters Before They Strike
(DBN)

ICE accidentally released the identities of 6,252 immigrants who sought protection in the U.S.
(DBN)

How internet sleuthing in unsolved University of Idaho slayings can be 'extremely dangerous'
(DBN)

Minneapolis reaches $600,000 settlement with 12 hurt in George Floyd protests
(DBN)

Supreme Court divided on Biden vs. Texas clash on immigration enforcement Supreme Court grapples with challenge to Biden immigration policy on deportation
(DBN)

Indiana prosecutor seeks to punish doctor in 10-year-old's abortion case
(DBN)

Extremists praise accused Colorado shooter: DHS
(DBN)

Jeffrey Epstein’s Estate Settles Racketeering Suit With Virgin Islands AG Jeffrey Epstein estate settles Virgin Islands sex trafficking case for $105M
(DBN)

Police Hunt Suspects Wearing Blackface After Anti-Racism Protesters Attacked
(DBN)

How Marriage Equality in the US Shifted So Dramatically in Less Than a Decade
(DBN)

DHS warns of domestic terrorism threats to LGBTQ, Jewish, minority communities
(DBN)

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Judges:

Biden flips federal court in N.Y. to majority women with Senate vote
(DBN)

The Supreme Court takes a pass on its growing ethical issues
(DBN)

SCOTUS legal counsel defends Alito dinner with evangelical couple, says leak report is ‘uncorroborated’
(DBN)

Is the Supreme Court turning the Constitution into a homicide pact?
(DBN)

‘You mean we have to feed these people?’ Remark part of judge’s ‘habitual intemperance,’ ethics complaint says
(DBN)

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Wall Street:

Stock futures slip after Wednesday’s rally
(DBN)

Stocks Rally After Fed Chair Signals Slowdown in Rate Hikes Nasdaq soars 4% after Jerome Powell indicates the Fed is on track to slow rate hikes in December Dow Climbs 20% From Low as Stocks Rally and Inflation Fears Ebb
(DBN)

The latest terrible news for the stock market: The economy is booming again
(DBN)

The economy is already in a 'rolling recession', and that could set stocks up for a better 2023, Charles Schwab investment chief says
(DBN)

JPMorgan Strategists See US Stocks Slumping in First Half of 2023
(DBN)

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Layoffs:

The Smallest US Businesses Are Laying Off the Most Workers
(DBN)

‘It was not sustainable or real’: Tech layoffs approach Great Recession levels
(DBN)

DoorDash to Fire 1,250 Employees
(DBN)

After Great Resignation and quiet quitting, the era of “loud layoffs” is here
(DBN)

Amazon CEO explains thinking behind layoffs as unionized warehouse workers protest outside
(DBN)

Crypto exchange Kraken lays off 1,100 employees
(DBN)

CNN layoffs begin
(DBN)

AMC Networks booted its CEO after only 3 months, gave her a $10 million payout, and cut about 20% of its staff. So much for workers being empowered AMC Networks CEO exits after less than 3 months as company warns of mass layoffs
(DBN)

H&M Announces Layoffs
(DBN)

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Distressed Investing:

Distressed M&A
(DBN)

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Retailing:

Amazon CEO Jassy Says US Shoppers Are Still Bargain-Hunting
(DBN)

Amazon CEO won't stop selling anti-Semitic film promoted by Kyrie Irving
(DBN)

NRF: Thanksgiving weekend shoppers set new record; in-store shopping up 17%
(DBN)

Victoria’s Secret Shares Fall as Shoppers Spend Less on Lingerie
(DBN)

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Tech:

Elon Musk calls on all Twitter designers, engineers doing software to sit on his floor of HQ for 'dense and intense' work Europe tells Musk he’s top of their watch list Elon Musk Warned by EU Official to Keep Putin Propaganda Off Twitter Never mind, Musk says — accusation against Apple was a ‘misunderstanding’ Musk tries to dial down tensions with Apple The Republicanization of Elon Musk Twitter has grown under Elon Musk — mainly in the U.S., data shows
(DBN)

As World Cup Shines A Light On Repressive Regimes, Jonathan Turley Focuses On REAL Free Speech Struggle: Private Companies Not Advertising On Twitter
(DBN)

Mark Zuckerberg Calls Apple App Store Rules a ‘Conflict of Interest’ Meta Scales Back NYC Hudson Yards Offices in Cost-Cutting Pivot
(DBN)

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Celebs:

Kanye West owes millions all over town for unpaid contract work and music samples, lawsuits allege
(DBN)

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Labor:

Starbucks Is Told to Bargain With Union After US Cites Rules Breach
(DBN)

Labor board blasts Amazon's "flagrant" attempt to flout court order
(DBN)

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Rail:

Bankruptcy judge approves sale of SLRG
(DBN)

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Cruise Lines:

Huge Passenger Cruise Ship Goes Up for Auction
(DBN)

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Healthcare:

This Couple Died by Suicide After the DEA Shut Down Their Pain Doctor
(DBN)

NYC plans to hospitalize 'mentally ill' citizens
(DBN)

More Republicans Died of Covid Than Democrats
(DBN)

Fentanyl Deaths Up 1,208% in Los Angeles
(DBN)

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Economy:

Jerome Powell signals downshift likely next month, more hikes to come Fed Chair Powell says smaller interest rate hikes could start in December Fed Chair Powell: "The time for moderating the pace of rate increases may come as soon as the December meeting" Fed’s Cook Says Smaller Rate Moves May Be Prudent Given Lags Fed chair Powell: No "clear progress" toward lower inflation Fed's Powell cites top barrier to taming inflation — workers' wages
(DBN)

BLS: Job Openings Decreased to 10.3 million in October Job openings dipped in October in positive sign for Fed
(DBN)

Inflation around the world
(DBN)

Thousands of Millionaires Took Jobless Benefits During Pandemic
(DBN)

Corporate profits hit record high in third quarter amid 40-year-high inflation
(DBN)

ADP: Private Employment Increased 127,000 in November
(DBN)

Here’s what employers are cutting instead of your job
(DBN)

Q3 GDP Growth Revised Up to 2.9% Annual Rate
(DBN)

Retirements Drive US Labor-Participation Shortfall, Powell Says
(DBN)

White House Knocks Thune’s Bid to Tie Debt Limit, Entitlements
(DBN)

House Passes Bill to Avert US Freight Rail Strike U.S. House votes to block rail strike, mandate paid sick leave US Rail Begins Curtailments Ahead of Strike, Energy Group Says Labor activists grumble as rail paid leave appears likely to die in Senate Dems' rail-strike challenge: Save the economy and your ties to unions Rail Unions: Joe Biden Blew It How a rail strike could have a 'catastrophic' effect on the drinking water supply for millions
(DBN)

Credit Markets Have Been Just as Baffled as Stocks in 2022
(DBN)

The Income It Takes to Be Middle Class in Every State
(DBN)

Key EU Nations Weigh Lowering Russia Oil Price Cap Level to $60 Swiss Say Its $8 Billion of Frozen Russian Assets Is ‘Only a Fraction’ of Total European Gas Jumps as Lower Temperatures Set to Increase Demand Winter Chill Coming to Europe Will Challenge Energy Systems Russia’s Labor-Starved Economy Pays Price of Putin’s War Call-Up Russian Upstream Oil And Gas Investment Set To Plunge By $15 Billion
(DBN)

Congress inches toward year-end government funding deal
(DBN)

‘Antiwork’ and ‘act your wage’: Young, disgruntled workers flock to Reddit
(DBN)

Cooling Demand Squeezes Factory Activity in Europe and Asia
(DBN)

US Debt Clock
(DBN)

World Debt Clock
(DBN)

How People Really Live
(DBN)

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Real Estate:

Mortgage Firm Files for Bankruptcy Amid Housing Market Deep Freeze Starwood-Backed Reverse Mortgage Originator Files for Bankruptcy
(DBN)

NAR: Pending Home Sales Decreased 4.6% in October, Year-over-year Down 37%
(DBN)

Home prices fall for third straight month as high mortgage rates hammer market
(DBN)

Did you believe falling home prices would make buying a house more affordable in 2023? You're wrong.
(DBN)

Fed's Beige Book: "Apartment leasing started to slow"
(DBN)

'Inflation Adjusted House Prices 3.3% Below Peak
(DBN)

The Average Lot Size in Every U.S. State in 2022
(DBN)

Tepper-led entity, York County reach agreement in bankruptcy case, lawyers say
(DBN)

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Municipalities:

Puerto Rico extends power contract amid outages, objections
(DBN)

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Oil/Gas:

EVs Have Cut US Gas Consumption by 0.54%
(DBN)

Electric vehicles start to enter the car-buying mainstream
(DBN)

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Student Debt:

Biden Fails With Court Request to Restore Student Debt Relief Federal appeals court denies Biden attempt to restore student debt relief plan
(DBN)

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Climate:

Feds grant $75 million to move three Native tribes away from rising oceans
(DBN)

Who gets to keep burning fossil fuels as the planet heats up?
(DBN)

Storms, Floods and Fires Caused $260 Billion in Losses in 2022
(DBN)

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Crypto:

Sam Bankman-Fried’s Red Flags Were Seen in All Corners of His Empire Sam Bankman-Fried called his Stanford Law professor parents when FTX was collapsing: 'Hey guys, there might be a problem' FTX Missing Billions Remain Mystery After Bankman-Fried Grilling Sam Bankman-Fried says he doesn't know who took $515 million from FTX's accounts after its bankruptcy filing Sam Bankman-Fried says he's not to blame for FTX collapse: 'Didn't ever try to commit fraud' Sam Bankman-Fried Denies Knowing Scale of Bad Alameda Bets Bankman-Fried’s Latest Crypto Advice Rings Hollow After FTX Failures FTX's Bankman-Fried Admits Client and Company Funds Were in Same Account Sam Bankman-Fried Made Another Risky Bet That Didn’t Quite Go as Planned Sam Bankman-Fried points blame for FTX collapse to Alameda, says he was blindsided Visibly nervous FTX founder Sam Bankman-Fried denies any intentional wrongdoing in first public appearance 7 Key Takeaways From Sam Bankman-Fried's DealBook Summit Interview: 'I Don't Know What My Far Future Is' Here Are the Key Takeaways From Bankman-Fried’s DealBook Summit Bankman-Fried, Offering Little Clarity, Says ‘I’ve Had A Bad Month’ FTX’s Collapse Was a Crime, Not an Accident Sam Bankman-Fried Is Trying to Find the Guy Who Did This Bankman-Fried claims: 'I unknowingly commingled funds' Transcript of Sam Bankman-Fried’s Interview at the DealBook Summit Sam Bankman-Fried Says FTX Had A ‘Bad Month’ But Didn’t Try To Defraud Anyone Sam Bankman-Fried Blames ‘Huge Management Failures’ for FTX Collapse The mesmerizing spectacle of a Sam Bankman-Fried interview Broke and down to one credit card: Former FTX CEO Sam Bankman-Fried claims he committed no fraud ‘Close to Nothing’ Is What Sam Bankman-Fried Says He’s Left With Bankrupt FTX founder Sam Bankman-Fried: 'Look, I screwed up' Disgraced FTX founder Sam Bankman-Fried ghosted his legal team over bankruptcy: report FTX lawyers tried to take control away from Sam Bankman-Fried before bankruptcy Ignoring Legal Advice, Sam Bankman-Fried Speaks on FTX Sam Bankman-Fried says lawyers telling him to ‘recede into a hole’ Sam Bankman-Fried on what was real, what was "corporate BS" UK charity backed by fallen crypto king Bankman-Fried sounds alarm to regulators FTX’s Japan Unit Drafts Plan to Return Client Funds Sam Bankman-Fried says he isn't sure what happened to his $100 million stake in Twitter, shortly after Elon Musk claimed the crypto mogul didn't have any shares Crypto entrepreneur Sun looking at FTX ventures' portfolio companies Embattled Bankman-Fried hints at Washington testimony on crypto meltdown Sam Bankman-Fried disputed reports that FTX and Alameda employees were fueled by drugs: 'This has been totally on-label use of medication'
(DBN)

Crypto Lenders’ Woes Worsen as Bitcoin Miners Struggle to Repay Debt
(DBN)

Bankrupt crypto lender wants to return deposits, but it's not that simple
(DBN)

Finance influencers who hyped up FTX and BlockFi are facing angry fans
(DBN)

BlackRock’s Fink Says Most Crypto Firms Will Fold Following FTX’s Implosion
(DBN)

Bitcoin jumps to a 2-week high of $17,000, but crypto experts say don't cheer the rally as FTX contagion is far from contained
(DBN)

Binance hires the accounting firm that disavowed Donald Trump's financials to verify its crypto reserves
(DBN)

Crypto collapse leaves media companies with budget holes as advertising dries up
(DBN)

FTX Is Latest Reason Why the C-Suite Needs a Chief Critical Officer
(DBN)

Gemini Crypto Pauses Withdrawals, Fallout Continues From FTX Collapse
(DBN)

Crypto trading firm Auros Global misses DeFi payment due to FTX contagion
(DBN)

Crypto broker Genesis tries to avoid bankruptcy: $1 billion loan Genesis Creditors Onboard Restructuring Lawyers, Exploring Ways to Avert Bankruptcy
(DBN)

Bitcoin’s last stand
(DBN)

Crypto's Ugly November Draws to Close With ‘Sam Coins’ in Gutter, Bitcoin Down 18%
(DBN)

Rogoff: Will Crypto Survive?
(DBN)

Crypto Feels the Wrath of FTX’s Demise Through Bankruptcies (Podcast)
(DBN)

Kraken Cuts 30% of Workforce Amid Crypto Winter
(DBN)

US Prosecutors Charge 21 Alleged ‘Money Mules’ With Using Crypto to Launder Proceeds of Cybercrimes
(DBN)

US CFTC commissioner calls for new category to protect small investors from crypto U.S. CFTC chair to be questioned over FTX collapse by lawmakers FTX’s Blowup Reinvigorates Push for New US Crypto Legislation Brazil's Congress Moves to Regulate Crypto Payments FTX collapse shows urgent need to finalize EU crypto rules, says European Commission FTX and the need to be careful regarding crypto regulation After Months at Arm’s Length, Sen. Brown Opens Door for Crypto Legislation US lawmaker questions major crypto exchanges on consumer protection amid FTX collapse SEC Could Use BlockFi as Object Lesson for Clear Crypto Regulation, Says Ex-SEC Official
(DBN)

Italy Plans to Tax Crypto Trading Gains, Expand Disclosure
(DBN)

South Korea seeking arrest of Terraform co-founder Daniel Shin
(DBN)

North Korea’s nuclear program is funded by stolen cryptocurrency. Could it collapse now that FTX has?
(DBN)

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New Bankruptcy Opinions
(7 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 (5 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 Research:

Bankruptcy Law's Knowns and Unknowns
(DBN)

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Bankruptcy Remoteness:

Bankruptcy Remoteness: A Summary Analysis
(DBN)

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Mass Torts:

Ohio House to vote on bill to help survivors of Boy Scout sex abuse seek financial relief
(DBN)

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Aviation:

US Plans Increased Scrutiny of Jet Designs After 737 Max Crashes
(DBN)

A Delta passenger says he was told TSA staff would arrive with guns to remove him from a plane after he asked to wait for his wheelchair
(DBN)

Airlines' next struggle? Where to plug in their planes
(DBN)

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Education:

20% of college students struggle to find stable housing
(DBN)

Florida School Boards Start Ousting Educators
(DBN)

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Non-Profits:

NPR Restricts Hiring After Sharp Decline in Sponsorship Revenue
(DBN)

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Healthcare:

CDC to test sewage for polio outside NY to see if it’s circulating elsewhere
(DBN)

Why the most perilous moment of the Covid pandemic is now, explains top doctor, as the virus spirals out of control in China
(DBN)

Long Covid may be ‘the next public health disaster’ — with a $3.7 trillion economic impact rivaling the Great Recession
(DBN)

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Fraud:

Faking It, Making It, Losing It
(DBN)

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Hotels:

Facing foreclosure, world’s tallest Holiday Inn files for bankruptcy
(DBN)

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Transit:

NY’s MTA Faces $3 Billion Deficit in 2025 on Slow Subway Rebound
(DBN)

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Banking:

Credit Suisse Shares on Worst Run Since 1989 as Losses Deepen
(DBN)

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Gambling:

Macau Casinos Head for Worst Year on Record Due to Covid Squeeze
(DBN)

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Biomass:

Loggers say unpaid debts from bankrupt biomass company are worth hundreds of thousands of dollars
(DBN)

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Politics:

Netanyahu says it was a "mistake" for Trump to dine with Kanye MTG Says Trump Should Stop Hanging Out With the Kind of Racist Riff Raff MTG Hangs Out With
(DBN)

Biden steps up the jabs against Trump
(DBN)

Biden world once ignored Marjorie Taylor Greene. Now it's making her the face of the GOP.
(DBN)

Biden casts doubt on '24 run: 'Don't know about that'
(DBN)

McCarthy May Not Have the Votes to be Speaker
(DBN)

An Arizona County’s Refusal to Certify Election Results Could Cost GOP a House Seat
(DBN)

Hakeem Jeffries elected House Democratic leader In historic vote, Democrats pick Jeffries to replace Pelosi as party leader Hakeem Jeffries’s ascent to Democratic leader, explained
(DBN)

Kari Lake’s lonely and deeply absurd quest to challenge the Arizona election results
(DBN)

Texas Held Election. Most Voters Stayed Home
(DBN)

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Sovereigns:

Zambia on track for debt restructuring next quarter -finance minister
(DBN)

IMF strategy chief heads to China, to focus on speeding up debt treatments
(DBN)

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UK:

100 UK companies are scrapping the 40-hour workweek. Here's how the standard work schedule became so popular in the first place.
(DBN)

UK’s Ambulance Workers to Strike Over Pay and Deadly Delays
(DBN)

UK’s Sale of Bulb Energy Given Completion Date by London Judge
(DBN)

UK Firms Expect to Raise Prices 6%, See Inflation Lingering
(DBN)

England’s Rent Cap Puts Landlords, Tenants in £3.2 Billion Limbo
(DBN)

UK retailer Next to buy collapsed rival Joules
(DBN)

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EU:

ECB’s Stournaras Says Further Rate Hikes Should Be Gradual
(DBN)

ECB Has Done the Easy Rate Hikes. It’s About to Get a Lot Harder
(DBN)

Private Equity’s Debt-Fueled European Conquest Leaves Firms Weak as Slump Looms
(DBN)

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China:

Restructuring & Special Situations 2022 Year in Review
(DBN)

Chinese Developers' Offshore Creditors Eye Bargains
(DBN)

China Says Covid Fight at New Stage With Omicron Less Pathogenic China signals slight Covid policy easing — but don’t expect sweeping changes yet China Loosens Grip on Covid Exactly Three Years After First Ever Case Beijing to Let Some Low-Risk Patients Home Quarantine as Covid Soars Beijing Sees Record 5,006 New Infections as Outbreak Persists
(DBN)

How “zero-Covid” changed China — and the world
(DBN)

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Russia:

US Says It Fears Russia May Use Biological Weapons in Ukraine
(DBN)

As Ukrainian forces recaptured a key town, another elite Russian unit appears to have gone through 'the meat grinder'
(DBN)

Explosive Leak of ‘Presidential Lockdown Order’ Roils Kremlin
(DBN)

US considers dramatically expanding training of Ukrainian forces, US officials say
(DBN)

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Switzerland:

Duties and Liabilities of Directors in insolvency proceedings in Switzerland
(DBN)

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India:

India may become the third largest economy by 2030, overtaking Japan and Germany
(DBN)

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Denmark:

Denmark’s Lenders Face Rising Credit Losses, Central Bank Says
(DBN)

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New Zealand:

New Zealand House Prices Suffer Biggest Annual Drop in 13 Years
(DBN)

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Malta:

The Proposed Insolvency Practitioners Bill
(DBN)

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