December 8, 2022

The Daily Bankruptcy News

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Law:

Partnerships At This Biglaw Firm Have Taken A Hit
(DBN)

Sounds Like The Associates Who Were Laid Off At Cooley Will Face Some Tough Times In Their Job Hunts
(DBN)

What state is deemed top ‘judicial hellhole’ following $1.7B verdict against Ford Motor Co.?
(DBN)

Big Law Is Driving Blind Into Familiar, Low-Growth Territory
(DBN)

New push to force California lawyers to report misconduct by fellow attorneys
(DBN)

Musk Says Twitter Legal Executive Was ‘Exited’ From Company
(DBN)

More Law Firms Should Offer Teambuilding Bonuses
(DBN)

Law School Boycott of U.S. News Ranking Is a Big Nothing Burger
(DBN)

Trump lawyers searched properties for classified material: report Donald Trump Searches His Properties for More Documents Marked Classified Items with classified markings found in Trump storage unit: reports Trump search team finds 2 classified documents outside of Mar-a-Lago: reports Remember All Those Times Trump's Lawyers Swore He Wasn't Hiding Any More Classified Docs? Ummm, About That ...
(DBN)

Trump’s Court Losses Reveal Weakness of Post-Presidency Defenses
(DBN)

Trump asks U.S. appeals court to block civil Jan. 6 lawsuits
(DBN)

Democrats ramp up investigation of Kushner family business dealings
(DBN)

Manhattan prosecutor: Even with Trump Org conviction, investigation is ‘ongoing’
(DBN)

After Trump Org tax-fraud conviction, will Trump only get a slap on the wrist or could he face new NY charges?
(DBN)

Trump’s Criminal Nightmare Officially Begins
(DBN)

Donald Trump's Former Senior Advisor Corey Lewandowski Testifies at Rudy Giuliani's Attorney Misconduct Hearing Before D.C. Bar
(DBN)

Denver Opens Emergency Shelter After Migrants Arrive Overnight
(DBN)

Woman who says New York AG's top aide forcibly kissed her blasts Tish James' response
(DBN)

Fellow officer says Aaron Dean did not mention gun before fatal shooting of Black woman Former officer stands trial in Black woman's death
(DBN)

Emhoff on combating antisemitism: ‘I refuse to be afraid’ ‘An epidemic of hate’: Emhoff hosts White House roundtable amid rising antisemitism
(DBN)

Sandy Hook was supposed to change everything. 10 years later, has it?
(DBN)

12 Year Old Accused of Murder in Hit and Run
(DBN)

Hate crimes in L.A. County reach highest level in nearly two decades
(DBN)

Interracial marriages to get added protection under new law
(DBN)

BlackRock Subpoenaed by Texas Senate for ESG-Related Documents
(DBN)

Serial Killer Former Border Patrol Agent Who Told Investigators He Was ‘Cleaning Up the Streets’ Has Been Convicted of Murdering Four Women
(DBN)

Unsealed Affidavit Says Club Q Mass Shooting Suspect 'Opened Fire Indiscriminately at Patrons' Almost Immediately After Entering the Building
(DBN)

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Judges:

Supreme Court signals interest in middle path in major election law clash Supreme Court seems poised to reject robust reading of ‘independent state legislature’ theory Justices skeptical of elections case that could alter voting Supreme Court Struggles to Limit Case Aiming to Give States Ability to Upend Election Law Arizona GOP legislator: Danger to democracy in Supreme Court case isn’t theoretical 3 conservative SCOTUS justices appear to seek middle ground on ‘independent state legislature’ theory Justice Ketanji Brown Jackson Asks Simplest, Most Damning Question As Supreme Court Entertains Canceling Democratic Elections SCOTUS Mulls Radical Restructure of U.S. Elections in Combative Oral Arguments, as Justices Invoke Alexander Hamilton, English Bill of Rights, and 3/5 Compromise
(DBN)

Does SCOTUS Understand Our Democracy?
(DBN)

Supreme Court Could Open Door to More Gerrymandering for Democrats
(DBN)

Gosar tweets, then deletes, support for Trump’s Constitution termination statement
(DBN)

Judge observes that suspect in antisemitic attack ‘has removed his pants to show the court his backside’
(DBN)

Judge is accused of telling custody litigant to ‘zip it,’ noting ‘10th freaking day of this hearing’
(DBN)

You Won’t Even Believe Where Oral Arguments at SCOTUS Went on Monday
(DBN)

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Wall Street:

Stock futures are little changed as investors assess risk of an economic downturn
(DBN)

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Layoffs:

Cannabis-tech firm Weedmaps is cutting up to 25% of its employees as the industry's downturn continues
(DBN)

Over 1800 employees laid off at Wireless Advocate inside Costco Wholesale stores
(DBN)

BuzzFeed Lays Off 12% of Employees
(DBN)

Plaid Cuts 260 Staffers as Fintech Customers See Slower Growth
(DBN)

These Are the Tech Companies Slashing Jobs in an Uncertain Economy
(DBN)

Crypto Firm Amber Cuts Staff, Pauses Fundraising in FTX Fallout
(DBN)

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Autos:

Carvana plunges 45% as major creditors reportedly form pact to cooperate on restructuring Carvana Talks With Kirkland, Moelis for Advice on Reworking Debt Used-car retailer Carvana slumps after Wedbush says bankruptcy risk rising Carvana stock collapses amid bankruptcy fears after creditor pact and another $1 price target Carvana Stock Tanks As Company Faces Possible Bankruptcy Carvana is Collapsing
(DBN)

Wholesale Used Car Prices Declined Slightly in November; Prices Down 14.2% Year-over-year Used Vehicle Prices Continue Decline
(DBN)

Tesla denied retrial over Black Fremont factory worker’s racism verdict
(DBN)

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Climate:

California’s drought disaster is turning into an economic disaster: ‘It’s unprecedented’
(DBN)

Wooden ship from 1800s uncovered on Florida beach after erosion caused by recent hurricanes
(DBN)

Biden to Require Fossil-Free Federal Buildings in Blow to Gas
(DBN)

Vanguard Quits Net-Zero Group, Marking Biggest Defection Yet
(DBN)

Wildfire Smoke Can Slash California Solar Power Output by Nearly a Third
(DBN)

UK Approves First Coal Mine in 30 Years, Weakening Climate Push
(DBN)

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Autos:

Carvana Plunges as Apollo-Pimco Creditor Truce Creates Stock Doubts
(DBN)

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Private Equity:

Despite Headwinds, Private Equity Firms Are Leaning Into a Potential Downturn
(DBN)

____________

Student Debt:

The Supreme Court Will Soon Decide Whether The Student Loan Forgiveness Program Is Legal, Although The Chances Are Not Good
(DBN)

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Labor:

Over 1,100 New York Times staffers to walk out after union talks fail
(DBN)

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Mining:

Montana Tunnels mine seeks bankruptcy protection
(DBN)

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Healthcare:

New Senate Bill Takes Aim at Medical Debt Collection
(DBN)

Democrats make major concession on vaccine mandate White House calls it ‘mistake’ to repeal troop vaccine mandate, won’t say if Biden would veto defense bill What end of vaccine mandate means for US troops Pentagon Wants to Keep Covid Vaccine Mandate
(DBN)

Third Point Sells Cano Stake as Medical Provider’s Cash Dwindles
(DBN)

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Economy:

Recession Watch
(DBN)

Citigroup’s Fraser Warns US Likely to Enter Recession Next Year
(DBN)

‘There is a slowdown happening’: Wells Fargo, BofA CEOs point to cooling consumer amid Fed hikes
(DBN)

Americans’ concern about inflation is 3 times larger than concern for Covid-19
(DBN)

Americans’ concern about inflation is 3 times larger than concern for Covid-19
(DBN)

Rail workers warn of exodus after Congress forces through deal
(DBN)

US Consumer Borrowing Rises $27.1 Billion in Slight Pickup
(DBN)

Bruising Stock Reversal Shows How Fed’s Pivot May Come Too Late
(DBN)

Musk Loses Title of World's Richest Man
(DBN)

Remote employee engagement has increased since 2020, report suggests
(DBN)

Advocates hopeful about getting expanded child tax credit over lame-duck finish line
(DBN)

US, UK ink deal aimed at bolstering gas cooperation Oil Tanker Jam in Bosphorus Grows as Sanctions Snarl Insurance EU Targets Russia’s Drone Access, Banks in New Sanctions Package Europe Gas Prices Swing as Cold Weather Raises Demand Risks
(DBN)

Dems plot their own government funding plan as talks stall
(DBN)

A Standoff Is Coming in Summer 2023 — and It’s Over the National Debt
(DBN)

‘Humanity has become a weapon of mass extinction’: UN
(DBN)

Why Infrastructure is So Expensive in the US
(DBN)

This Legoland is a Cautionary Tale as an Era of Easy Money Ends
(DBN)

US Debt Clock
(DBN)

World Debt Clock
(DBN)

How People Really Live
(DBN)

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Real Estate:

Economists: A US housing recession has already arrived
(DBN)

270,000 homebuyers who bought in 2022 are underwater on their mortgage
(DBN)

Panthers owner settles tax fight over failed practice space
(DBN)

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Municipalities:

Restructured Puerto Rico Highways and Transportation Authority bonds issued
(DBN)

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Oil/Gas:

Exxon’s US Workers Get Inflation-Busting Pay Hike as Profit Hits Record
(DBN)

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Crypto:

Quantifying Cryptocurrency Claims in Bankruptcy: Does the Dollar Still Reign Supreme?
(DBN)

U.S. court weighs novel issue of crypto ownership in bankruptcy
(DBN)

Celsius Judge Orders Return of User Crypto Worth $50 Million
(DBN)

House Financial Services Chair Waters doesn’t plan to subpoena Sam Bankman-Fried
(DBN)

Crypto lender Genesis tells clients it is working to preserve their assets Genesis Client Letter Suggests No Imminent Solution to Withdrawal Freeze
(DBN)

FTX Discussed Spending Hundreds of Millions on Liverpool, Manchester United Football Clubs Sam Bankman-Fried could face years in prison over FTX’s $32 billion meltdown — if the U.S. ever gets around to arresting him FTX Founder Sam Bankman-Fried Is Said to Face Market Manipulation Inquiry by U.S. Prosecutors FTX hires forensics team to find customers’ missing billions: Report US House committee chair says Bankman-Fried subpoena 'definitely on the table' Senate Committee to Subpoena FTX's Sam Bankman-Fried If He Does Not Testify Voluntarily Failed Crypto Exchange FTX Offered Taylor Swift $100 Million Sponsorship Deal FTX’s Sam Bankman-Fried Hires Ghislaine Maxwell Defense LawyerNews
(DBN)

Slowing crypto startup funding may still surpass 2021 record - Pitchbook
(DBN)

Crypto investing is like gambling on horse races and the market was caught in a 'bubble doomed to burst,' ECB's Panetta says
(DBN)

Signature Bank to Reduce Crypto Exposure by $8-$10B
(DBN)

Galaxy Digital Wins Celsius Bankruptcy Auction to Acquire Crypto Custodian GK8
(DBN)

3AC subpoenas issued as dispute grows over claims of Terraform dump
(DBN)

Binance.US Cuts Fees as Crypto Exchanges Battle for Assets After FTX’s Implosion
(DBN)

Crypto Broker Genesis Needs Weeks,  Not Days, to Find a Path for Lending Unit
(DBN)

Coinbase CEO Sees Revenue Falling 50% or More on Crypto Rout
(DBN)

Cryptocurrency firms need to ‘come into compliance’ with existing rules, SEC Chair Gary Gensler says
(DBN)

Crypto scam lawsuit dismissed against Kim Kardashian, Floyd Mayweather Jr.
(DBN)

Caroline Ellison, math whiz, was bound for success. Then she got into crypto.
(DBN)

Why Decentralized Crypto Platforms Are Weathering the Crash
(DBN)

Bankruptcy Judge Approves Subpoenas for Three Arrows Co-Founders
(DBN)

Hedge Fund Sues Grayscale for Data on Battered Bitcoin Trust
(DBN)

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Politics:

Trump hosts Mar-a-Lago event with prominent QAnon, Pizzagate conspiracy theorist
(DBN)

The QAnon Queen Tried to Go Global. It Didn’t Go Well.
(DBN)

The Warped Electoral Logic Behind Trump’s Antisemitism
(DBN)

Trump Is a 'Real Liability' for Republican Candidates, GOP Senate Whip Says
(DBN)

Herschel Walker's loss is just more bad news for Trump Did Herschel Walker just end Trump’s presidential hopes? GOP Georgia lieutenant governor: Every Republican ‘ought to hold Donald Trump accountable’ for Warnock win
(DBN)

Four ways Warnock’s win helps Biden Warnock delivers 51-seat Senate for Democrats, and much more Warnock's narrow victory solidifies Georgia as a battleground state for 2024 Georgia to See More Money in 2024 Presidential Race as Swing State, Carville Says
(DBN)

Republicans divided over Trump hosting Ye, ‘associates’ at Mar-a-Lago: survey
(DBN)

Ocasio-Cortez under investigation by House Ethics Committee
(DBN)

Schumer celebrates expanded Senate majority with Georgia win: 'It's big'
(DBN)

RNC chief on criticism of early voting: ‘We need to stop that’
(DBN)

Haley, Pence and other potential ‘24 candidates buff up their dark money groups
(DBN)

Outgoing Rep. Madison Cawthorn Ordered to Pay $15,000 After House Ethics Investigation
(DBN)

____________

Celebs:

The frightening ignorance of people like Kanye West
(DBN)

SOLD! 'RHOBH' Star Erika Jayne's Earrings Bought For $250k In Auction, Proceeds To Pay Back Tom Girardi's Victims
(DBN)

____________

Education:

Elite Colleges Are Trying to Navigate a World Where the SATs Are Optional
(DBN)

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Newspapers:

The Empty Threat from the New York Times Union
(DBN)

____________

Cannabis:

Senators Eye Last Chance on Cannabis Banking With Government Funding Bill
(DBN)

____________

 


New Bankruptcy Opinions
(3 new opinions today - DBN)

Bankruptcy Court Web/Pacer Site Directory

Recent Ch. 11 Filings (15 new filings today)
(DBN)

Recent Ch. 11 Adversary Proceeding Filings (2 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 Statistics:

November Commercial Chapter 11 Bankruptcies Increase 74 Percent Over Last Year
(DBN)

______________

SCOTUS:

Justices debate bankruptcy treatment of debts incurred by fraud
(DBN)

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Cross-Border:

Bankruptcy Judge Snubs Cayman Probe of Chinese Stem-Cell Business
(DBN)

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Mass Torts:

Alex Jones owes $1.5bn and declared bankruptcy. So how is Infowars still running? Alex Jones says he can pay less than 1% of Sandy Hook verdicts Alex Jones' bankruptcy filing says he's worth $12M; it's 'impossible' to pay $1.5B to Sandy Hook families
(DBN)

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Trustees:

BK SD GA (Augusta) Seeks Ch. 7 Trustee
(DBN)

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Automatic Stay:

The Not-So-Automatic Stay for Foreign Assets and Creditors
(DBN)

____________

Bankruptcy Research:

The Impact of Enhanced Creditor Rights on Startups: Evidence from the Uniform Fraudulent Transfer Act
(DBN)

____________

Classification:

Balancing Debtor and Creditors’ Interests in Bankruptcy Reorganization Proceedings: Best Practices for the Procedural Design of Claims’ Classification
(DBN)

____________

UCC:

Uniform Commercial Code: 2022 Amendments — New Article 12 & Old Article 9 (Interview #3)
(DBN)

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Aviation:

Jet Airways Revival Hits New Snag as Banks Push Back on Funding
(DBN)

27 flee plane after pregnant woman simulates labor
(DBN)

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Retailing:

Consumers’ caution around holiday spending is the highest since 2013, CNBC survey shows
(DBN)

GameStop reports decline in revenue and sharp decrease in cash
(DBN)

____________

Tech:

Musk lashes out at SF mayor over investigation into Twitter’s makeshift bedrooms for employees
(DBN)

Still Looking For Elon's Twitter Competence? I'm Sorry To Share This With You...
(DBN)

Hundreds of people are applying for a chance to work at Elon Musk's 'hardcore' Twitter 2.0 — even after the billionaire laid off half the company's workforce
(DBN)

____________

Celebs:

Ye's Yeezy clothing brand owes California $600,000 in unpaid taxes
(DBN)

____________

Corporate Reform:

Schumer Flexes Democrats’ New Subpoena Power in Warning to CEOs
(DBN)

____________

Fraud:

Harvard Fencing Coach Demanded $7.5 Million for Admissions Help, Witness Says
(DBN)

Former Theranos COO Sunny Balwani sentenced to nearly 13 years in prison
(DBN)

Did CFO of Trump Organization act ‘in behalf of’ company? Fraud conviction appeal will focus on issue
(DBN)

Crypto Fraud Is Likely to Continue. Here’s How the Courts Might Handle It
(DBN)

A Problematic Delay Between Wrongdoing And Consequences For Complex Financial Crimes
(DBN)

The FTX Crypto Debacle: Largest Fraud Since Madoff?
(DBN)

____________

Sovereigns:

Salvaging Nigeria’s Debt Crisis
(DBN)

The Developing World Is Facing a $2.5 Trillion Debt Shock
(DBN)

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UK:

Croydon Council wrongly took £40m from social housing fund
(DBN)

UK Tells Lenders to Support Customers Struggling With Mortgages
(DBN)

EU to Slam UK with New Trade Restrictions
(DBN)

____________

EU:

Capital Markets Union: new proposals on clearing, corporate insolvency and company listing to make EU capital markets more attractive
(DBN)

____________

Russia:

Putin Calls Russia’s Nukes ‘Deterrent Factor’ as War Risk Rises
(DBN)

Zelensky named Time magazine Person of the Year
(DBN)

US did not encourage or enable Ukraine to strike inside Russia, Blinken says Strikes in Russia Leave Ukraine’s Allies Uneasy at Putin’s Reply
(DBN)

Kyiv mayor says 'apocalypse' scenario possible this winter, but urges no panic
(DBN)

Putin Is Preparing to Flee When Russia Implodes, Ex-Aide Says
(DBN)

Zelenskyy predicts 'peacetime' next year as Putin warns war will be 'long process' Putin says Ukraine fight is taking longer than expected
(DBN)

Pentagon’s Latest Ukraine Contracts Tally Jumps by $2 Billion
(DBN)

____________

China:

Biden administration signs off on $425M in arms sales to Taiwan
(DBN)

____________

India:

Bankruptcy Law Changes: Without Extensive Public Consultation, a Hurried Amendment Will Be Full of New Loopholes and Issues
(DBN)

Bankruptcy resolution rate of realty companies among the poorest, says new study
(DBN)

____________

Venezuela:

Venezuela opposition seeks to protect billions in humanitarian funds from creditors
(DBN)

____________

Argentina:

Argentine VP Cristina Fernandez guilty of fraud; sentenced to 6 years and banned from office
(DBN)

____________

Germany:

Wirecard in the dock as Germany's biggest fraud trial starts
(DBN)

German Court Gives Nod to EU’s €800 Billion Pandemic Fund
(DBN)

'Glimpse Into the Abyss': Germany Takes Out Far-Right Coup Plotters
(DBN)

____________

Australia:

To injunct, or not to injunct? That is the question …
(DBN)

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