December 20, 2022

The Daily Bankruptcy News

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Law:

New York Biglaw Firms May Be Signaling Trouble Ahead By Not Beating Market Bonuses
(DBN)

Boutique Firm Hands Out Big Bonus Bucks To Associates
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Elite Firm Delights With Year-End Bonuses -- On Top Of Those Mid-Year Ones
(DBN)

Elite Boutique Wows With Associate Bonuses Up To $450,000
(DBN)

This Elite Biglaw Firm Gets Top Marks For Its Responsible Business Practices
(DBN)

What Do Associates Think Of The New Normal?
(DBN)

The Most Desirable Firm In All Of Biglaw
(DBN)

2023 Bankruptcy Outlook: Rising Interest Rates Lift All Restructuring Practices
(DBN)

Firms Are Using Acting To Get Their Associates To Write Better Emails
(DBN)

K&L Gates Adds 40 Lawyers to Firm's Partnership
(DBN)

Ex-Girardi CFO Charged in California on Felony Wire Fraud Claims
(DBN)

Biglaw Associate Retreat Marred By 'Nazism' And 'White Pride' References
(DBN)

There are fewer JD students this year and increases in non-JD programs, new ABA data says
(DBN)

Law Firm Kirkland & Ellis Expands to Miami With Big Office Lease
(DBN)

Always Be Learning
(DBN)

When Law Firms Hike Rates, Sharp General Counsel ‘Learn to Bake’
(DBN)

Jan. 6 committee approves criminal referrals against Trump DOJ cares about the evidence, not the criminal referrals 'The Central Cause of January 6th': Committee Criminally Refers Donald Trump to DOJ for Inciting 'Insurrection' and Other Felonies McConnell on Jan. 6 criminal referral of Trump: ‘Entire nation knows who is responsible for that day’ Why the Jan. 6 committee highlights actions of 3 lawyers and an ex-law prof in DOJ referrals against Trump Obstruction is the charge Trump should fear most from the Jan. 6 panel referral, former chief of staff says It’s Unclear Whether the Justice Dept. Will Take Up the Jan. 6 Panel’s Charges The Jan. 6 committee’s big reveal hasn’t happened yet Jan. 6 Committee Tells Special Counsel Jack Smith To LOCK HIM UP Trump Special Prosecutor Has a History of Indicting Presidents Jan. 6 committee formally accuses Donald Trump of 4 crimes Here Are the Laws Trump Allegedly Broke — According to the Jan. 6 Committee How Trump is likely to be haunted by Jan. 6 panel long after its exit The Criminal Referrals Are Not Enough Trump responds to Jan. 6 criminal referrals: ‘It strengthens me’ Pence says DOJ charges against Trump for Jan. 6 would be ‘terribly divisive’ A very American coup attempt: Jan 6 panel lays bare Trump’s bid for power Trump Risks Ban From Elected Office With Insurrection Evidence Many Senate Republicans aren’t protecting Trump after Jan. 6 panel’s nod to criminal charges GOP’s usual embrace of Trump muted after criminal referral Raskin likens House GOP defending Trump over Jan. 6 to bank robbers Jan. 6th Committee Brands Donald Trump ‘Unfit for Office,’ Issues Criminal Referrals for ‘Accountability' from DOJ What the January 6 committee’s criminal referral means for Trump What's next for Trump legally and politically Jan. 6 committee summary: Ivanka Trump not 'forthcoming'; Giuliani changed tone on stolen election during deposition Winners & Losers from the Jan. 6 Hearings Jan. 6 hearing: Hope Hicks says Trump didn't care about damaging legacy Jan. 6 committee condemns Trump as 'central cause' of insurrection in sweeping report Hope Hicks testifies Trump refused to tell supporters to be non-violent on January 6, instructing them instead to 'fight like hell' Jan. 6 Committee Says Donald Trump Associates Tried To Bribe Witnesses Trump-allied lawyers may have told Jan. 6 probe witnesses to give 'false or misleading testimony' to the panel, Jan. 6 committee says Jan. 6 committee refers Kevin McCarthy to ethics panel Read the full text of the Jan. 6 committee's report summary Jan. 6 committee refers Trump lawyer John Eastman for prosecution Nixon's Watergate lawyer says Trump's 2024 bid is 'a defense of sorts' against Jan 6 indictment but it won't matter because the committee has an 'overwhelming case' Hogan: Trump at 'lowest point ever' on day of Jan. 6 report Top Trump officials turn to white-collar lawyer as probes heat up Jan. 6 committee says it has corroborated reports of Trump's 'furious interaction' in his SUV on the day of the Capitol riot
(DBN)

House Democrats are set to decide Tuesday whether to release Trump’s tax returns After years of fighting for them, Democrats may release Trump tax return information
(DBN)

Sidney Powell should be sanctioned over Wisc. election claims, governor tells appeals court
(DBN)

Trump DOJ Coup Lawyer Jeff Clark Has Written His Memoirs. No, You Can't Read Them, They're ... Privileged.
(DBN)

Giuliani faces disbarment for bringing a frivolous suit. Why that doesn't happen more.
(DBN)

Amber Heard and Johnny Depp announce defamation suit settlement 'I Never Chose This': Amber Heard Will Drop Her Appeal and Pay Johnny Depp $1 Million to Settle Defamation Case
(DBN)

Weinstein found guilty in second sex crimes trial Harvey Weinstein Found Guilty on 3 of 7 Counts in LA Rape Trial Disgraced Hollywood Producer Harvey Weinstein Has Been Found Guilty of Raping Model, Now Stands Convicted from Coast to Coast Jennifer Siebel Newsom says Weinstein trial shows America has ‘work to do’
(DBN)

Athletes who challenged transgender-inclusive sports policy are still champions and lack standing, 2nd Circuit rules
(DBN)

Damages cap is unconstitutional as applied to woman sexually abused as a child, top state court rules
(DBN)

Title 42 to remain in place for now as Chief Justice John Roberts temporarily freezes order meant to end it White House Begs for Border Cash as Migrant Limits Set to End Texas Border City Moves Migrants Into Hotels, New Shelters as Crossings Surge Suspense builds at border over future of US asylum rules
(DBN)

Ohio attorney general revisits comments on girl's abortion
(DBN)

Judge strikes down California gun law modeled on Texas abortion measure
(DBN)

Abortion roiled the midterms. Now it will define the presidential race.
(DBN)

Man Convicted for Murdering Former Roommate as 'Revenge' for Stolen PlayStation
(DBN)

Makers of Fortnite to Pay Unprecedented $520 Million To Settle Claims of Exposing Children to Online Dangers and 'Duping' Users with 'Dark Patterns'
(DBN)

Biden to condemn rising antisemitism in U.S. at Hanukkah reception
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Judges:

Obit: Bernard Markovitz
(DBN)

An ‘Imperial Supreme Court’ Asserts Its Power, Alarming Scholars
(DBN)

The Drawbacks Of Life Tenure
(DBN)

Congress passes bills to protect judges, remove statue of Dred Scott decision author
(DBN)

Race Matters: Courtroom Diversity And Diverging Opinions
(DBN)

Signals from the Supreme Court on Its High-Stakes Cases
(DBN)

Supreme Court Clerk Hiring Watch: Up-And-Coming Feeder Judges
(DBN)

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Wall Street:

Stock futures fall slightly as Wall Street’s struggles continue
(DBN)

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Layoffs:

Goldman Sachs has plans for deep headcount cuts in the new year
(DBN)

Intel plans about 200 layoffs in January
(DBN)

Roughly 1 in 3 workers is worried about a layoff—here’s where anxiety is highest
(DBN)

Binance Ousts Tokocrypto CEO and Is Cutting 58% of Jobs at Unit
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Utilities:

Analysis of Just Energy Group bankruptcy proceedings
(DBN)

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Autos:

Elon Musk Believes Many Automakers Won't Make It In The Long Run
(DBN)

Tesla Buyers Canceling Orders Over Musk ‘Rude drivers will swerve in my lane’: are Tesla owners paying the price for Musk hate?
(DBN)

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Comics:

Aftershock Comics files for Chapter 11 Bankruptcy
(DBN)

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Cannabis:

Marijuana Banking Bill Excluded From Year-End Spending Measure
(DBN)

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Politics:

The murky details in one congressman-elect's campaign biography Incoming GOP lawmaker’s lawyer: NYT report a ‘shotgun blast of attacks’ Who Is Rep.-Elect George Santos? Resume Largely Fiction?
(DBN)

Kevin McCarthy goes on offense in speaker battle What Kevin McCarthy Will Do to Gain Power Kevin McCarthy’s GOP ‘Mentor’ Scolds Him In Scathing Comments to the New Yorker: ‘He Lies. He’ll Change the Lie If Necessary’ Boebert says she won’t support McCarthy without mechanism to remove Speaker
(DBN)

Maricopa judge allows narrow part of Kari Lake’s Arizona election lawsuit to head to trial
(DBN)

While advising Trump on judges, Conway sold her business to a firm with ties to judicial activist Leonard Leo
(DBN)

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Economy:

The hot job market will likely prevent a recession, top strategist Ed Yardeni says
(DBN)

The Fed's inflation projections 'make no sense' and central bankers could have been misled by a cyberattack, Fundstrat says
(DBN)

Economists Place 70% Chance for US Recession in 2023
(DBN)

Financial risks grow in shadowy corner of markets, worrying Washington
(DBN)

Taiwan Export Orders Flash Warning Signal for Global Economy
(DBN)

Four High Frequency Indicators for the Economy
(DBN)

Global IPO market went from record-breaking to full-on abating
(DBN)

Morgan Stanley’s Wilson Says US Profit Drop Could Rival 2008 Era
(DBN)

Where to find holiday deflation
(DBN)

Already slammed by inflation, small businesses struggle to repay COVID-19 disaster loans
(DBN)

U.S. Congress to Advance $1.7 Trillion Govt Funding Bill
(DBN)

Lawmakers unveil government funding bill to stave off Friday shutdown
(DBN)

EU to Cap Natural Gas Prices in Blow to Russia, Energy Traders EU Gas Price Cap Would Have Been Triggered on More than 40 Days This Year Exxon Is Avoiding Tankers That Previously Transported Russian Oil Germany Cuts Russian Share in Gas Use by More Than Half in 2022
(DBN)

One unexpected fallout from remote work: a huge surge in whistleblower complaints
(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:

Home prices could plunge 20% amid risks of 'severe' correction, Dallas Fed says
(DBN)

MBA Survey: "Share of Mortgage Loans in Forbearance Remains Flat at 0.70% in November"
(DBN)

California Sales off 48% YoY
(DBN)

NAHB: Builder Confidence Decreased Further in December
(DBN)

Housing December 19th Weekly Update: Inventory Decreased 2.5% Week-over-week
(DBN)

America’s Housing Shortage Crisis, in Two Maps
(DBN)

The SEC is reaching out to Blackstone and Starwood after the real-estate giants limited investors' withdrawals from their funds, report says
(DBN)

A Potential WeWork Ch.11 Filing Could Be Influenced By Details In The Bankruptcy Code
(DBN)

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Municipalities:

PREPA deal offers bondholders a base of 50%
(DBN)

These are the fast-growing cities in the nation: study
(DBN)

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Oil/Gas:

The US made $4 billion selling oil this year on President Biden's unprecedented releases from the Strategic Petroleum Reserve
(DBN)

The domino effect of President Biden’s war on oil and gas
(DBN)

Hydrogen: The next clean fuel. Maybe.
(DBN)

Oregon Bans ICE Cars and Trucks From 2035
(DBN)

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Student Debt:

The Supreme Court just set a date to hear Biden's student-loan forgiveness case, which will decide the fate of millions of borrowers Court schedules February arguments on student-loan relief
(DBN)

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Crypto:

Binance's former chief financial officer did not have access to the company's full accounts during his three-year tenure, report says Binance's books are a black box, filings show, as crypto giant tries to rally confidence Binance.US announces deal to acquire assets of bankrupt crypto firm Voyager Binance.US To Acquire Voyager For $1 Billion Binance US Explores Buying Other Distressed Assets After Voyager With Binance, Everything Is Not Fine
(DBN)

'Big Short' investor Michael Burry says crypto reserve reviews like Binance's are 'essentially meaningless'
(DBN)

Bankman-Fried remains in Bahamas after confusing court hearing Kevin O'Leary says FTX account holders should recover funds first before shareholders: 'We're big boys' Here are the races where Bankman-Fried's donations mattered most Sam Bankman-Fried appeared 'a little arrogant' and 'awfully scared' when he arrived at Bahamas prison but is now in 'good spirits,' official says This 26-year-old FTX customer lost access to $14,000 when Sam Bankman-Fried's exchange collapsed. Now he plans to keep his money in stocks. FTX boss Sam Bankman-Fried agrees to be extradited ‘I said you’re a fraud.’ CME Group’s boss spotted early trouble at crypto exchange FTX The Department of Justice Charges FTX CEO Sam Bankman-Fried in the Southern District of New York Crypto big shots protest outside Bahamas court as Sam Bankman-Fried faces extradition hearing, saying he should stay in the rat-infested island prison rather than get transfer to cozy US lock-up The Fall of FTX: The Legal Ramifications of the Collapse of Sam Bankman-Fried’s Cryptocurrency Empire FTX: The Sorry Collapse of a Crypto Giant FTX’s Bankman-Fried Gave Ex-Jane Street Traders Who Formed Modulo Capital $400M Tom Brady, Larry David, and Others Named Defendants in Class Action Suit Filed Against FTX FTX Collapse Is ‘Golden Opportunity’ for Developers, Says Tezos Co-Founder Riot Games files motion to end deal with cryptocurrency firm FTX Teaching Information Literacy Using FTX as a Case Study Auros bankruptcy protection filings show funds tied up on FTX
(DBN)

FTX seeks to claw back Sam Bankman-Fried’s political donations Campaigns that donate SBF contributions to charity could end up paying twice FTX warns it will claw back political donations and contributions FTX Debtors Announce Process for Voluntary Return of Avoidable Payments
(DBN)

Bye-bye to the year that broke bitcoin
(DBN)

BlockFi files motion to return frozen crypto to users
(DBN)

Genesis failure would land owner with $350mn payout to financier Todd Boehly
(DBN)

Bitcoin Falls to Lowest This Month With Risk of Further Declines
(DBN)

Bitcoin Addresses Tied to Defunct Canadian Crypto Exchange QuadrigaCX Wake Up
(DBN)

The US Senate Banking Committee chair suggests banning cryptocurrencies and says they are a threat to national security
(DBN)

Why Tether and stablecoin USDT have become a big crypto worry
(DBN)

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Cosmetics:

Revlon's bankruptcy plan would wipe out stockholders, hand ownership to lenders Revlon and Key Creditors Strike Deal, April Bankruptcy Exit Revlon Stock Rockets 60% Amid Restructuring Update
(DBN)

Citigroup’s $900 Million Revlon Error Ends With Bank Victory
(DBN)

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Corporate Governance:

FTX, Zilingo, Theranos: How proper corporate governance could avert such business failures
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Agribusiness:

Cody Easterday is now in prison. Why did he file a new suit against Tyson Foods?
(DBN)

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Climate:

Bill Gates: Our grandchildren will pay if we don’t fix climate change
(DBN)

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Healthcare:

New Jersey Legislature Introduces Bill to Prohibit Medical Debt Credit Reporting
(DBN)

China's Covid-19 outbreak has US worried about new mutations of virus
(DBN)

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Religion:

Anti-LGBTQ preacher can't find a new location for church after eviction: 'No one will lease to us'
(DBN)

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Trucking:

Truckers, logistics firms owed millions after meat importer’s bankruptcy
(DBN)

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New Bankruptcy Opinions
(1 new opinion today - DBN)

Bankruptcy Court Web/Pacer Site Directory

Recent Ch. 11 Filings (9 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)

Mass Torts:

Judge allows Sandy Hook cases against Jones to proceed Alex Jones seeks $1.3 million salary in Infowars bankruptcy Alex Jones Fights in Bankruptcy for $1.3 Million Infowars Salary Alex Jones is 'out of money' and needs raise as he owes $1.5B to Sandy Hook families, his lawyer says Alex Jones’ attorney claims he is broke in bankruptcy hearing Bankruptcy Judge Open to Increasing Alex Jones’ Infowars Salary
(DBN)

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Property of the Estate:

Tenth Circuit BAP Holds that Section 541 of the Bankruptcy Code Doesn’t Invalidate Transfer Restrictions in LLC Operating Agreements
(DBN)

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Cross-Border:

Recent Bankruptcy Court Ruling Defines Limits of Foreign Proceeding
(DBN)

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Insurance:

Republicans Are Coughing Up Billions to Save Florida’s Home Insurance Market
(DBN)

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Aviation:

Lufthansa exec board to receive bonuses for 2021, 2022 despite state aid
(DBN)

Blizzard, cold temperatures threaten to disrupt U.S. travel before Christmas
(DBN)

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Labor:

Worker strikes surged in 2022
(DBN)

AIG and ex-employees clash on bankruptcy “abuse”
(DBN)

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Fraud:

N.Y. bishop robbed during livestreamed service arrested on fraud and extortion charges
(DBN)

SEC Awards $37 Million to Whistleblower Who Gave Key Information
(DBN)

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Tech:

Elizabeth Warren Raises Questions About Elon Musk and Twitter Warren concerned that Tesla board failed to guard against Musk’s Twitter conflicts ‘A new playbook is being written’: why Silicon Valley is applauding Elon Musk’s brutal crackdown at Twitter Did Elon Musk just fire himself? Twitter users vote in poll to expel CEO from his position Elon Musk’s future as Twitter CEO is suddenly in question Elon had to choose between Twitter and Tesla. He's choosing Tesla Tesla stock is stuck in its worst sell-off since the company went public in 2010 Twitter investors are divided on Musk moves Elon Musk set to restrict voting on policy to Twitter Blue subscribers Elon Musk breaks his silence on disastrous Twitter poll calling for his resignation Elon Musk complains that running Twitter is a drain on his life savings and is a lot of ‘pain’ Who is Lex Fridman? Elon Musk's friend who wants to work for free as Twitter head Elon Musk says no one capable of running Twitter but some already queuing up for top job
(DBN)

Tech founders love Elon Musk — and hope to emulate his brutal Twitter crackdown
(DBN)

Meta abused its dominant market position to benefit Facebook Marketplace, EU's initial findings show
(DBN)

Tesla's Decline Into Normality
(DBN)

San Francisco's Feeling the Pain of Big Tech's Troubles, Remote Work
(DBN)

Amazon stock gives up last of its pandemic gains after almost 50% slump in 2022 Amazon is ubiquitous. But it isn't invincible anymore
(DBN)

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Education:

Faculty: Purdue Northwest CEO must resign for racist remarks
(DBN)

What happened to Biden's free college plan? Cutting cost of higher ed out of Feds' reach
(DBN)

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Sovereigns:

China May Have Created Trap for Itself With African Lending
(DBN)

Former President Classifies Ghana As Bankrupt Following Suspension Of External Debt Payment Ghana's Eurobond holders form committee as debt restructuring looms
(DBN)

Belarus 'Reaches Understanding' With Moscow Over Debt Restructuring
(DBN)

Sri Lanka Moves a Step Closer to Strengthening its Central Bank
(DBN)

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UK:

British expats in Spain face pension misery and bankruptcy despite paying tax for 35 years
(DBN)

UK Labor Shortages Linked to Over 55s Cashing In Pensions Early Britain’s Over 50s Cite Stress as Key Reason to Depart Workforce
(DBN)

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EU:

ECB’s Villeroy Says Europe Likely to Dodge Hard Landing
(DBN)

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Canada:

Supreme Court of Canada clarifies when arbitration may be used in an insolvency situation
(DBN)

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Russia:

Putin thought he'd crush Ukraine in 13 hours
(DBN)

Russian military releases propaganda pop song fantasizing about its nukes wiping out NATO and the US
(DBN)

US officials tried to stop Ukraine from killing high-ranking Russian general who was on a risky visit to the front lines, report says
(DBN)

A Russian tank unit deliberately attacked another Russian position in Ukraine, report says, illustrating vicious rivalries within Putin's army
(DBN)

Russia threatens that U.S. Patriot anti-missile batteries in Ukraine would be ‘priority targets’
(DBN)

Key Ukrainian city's rapid fall leaves unanswered questions
(DBN)

Russian soldiers drafted to Ukraine were told they wouldn't have to actually fight anyone, report says. Many of them were swiftly killed.
(DBN)

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MENA:

Struggling to crush the unrest sweeping the country, Iran turns to public executions
(DBN)

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China:

China’s Budget Deficit Hits Record $1.1 Trillion on Covid Zero Slump
(DBN)

China Property Developers Slump After New Round of Share Sales
(DBN)

China Confirms Change to Covid Death Definition as Doubts on Data Grow China’s Covid Death Reports Spread as Doubts Grow About Official Virus Data Chinese with mild COVID urged to work as restrictions ease
(DBN)

VW Forced to Rethink Production in China as Workers Fall Sick
(DBN)

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Denmark:

Denmark’s Housing Market in Steepest Decline Since 2011
(DBN)

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India:

UK judge: Pramod Mittal's conduct unreasonable, obstructive
(DBN)

Borrowers don't benefit from loan write-offs: FM Nirmala Sitharaman
(DBN)

India Unable to Produce Enough Jobs for Swelling Labor Force
(DBN)

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Japan:

Bank of Japan shocks global markets with bond yield shift Japan Blindsides Traders to Echo Christmas Day Surprise of 1989 BOJ’s Shock Widening of Yield Band Catches Economists Off Guard
(DBN)

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Switzerland:

When to apply statute of limitations in bankruptcy proceedings
(DBN)

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Singapore:

Insolvency, Restructuring and Dissolution (Amendment) Bill introduced to mandate administration of bankruptcy cases by private trustees in bankruptcy
(DBN)

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