October 28, 2022

The Daily Bankruptcy News

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Law:

Covid Propelled Office-Free Law Firms to 1,000-Lawyer Movement
(DBN)

The Top Biglaw & Boutique Firms Headed Upmarket In Litigation
(DBN)

Magic Circle Firms Must Pull Rabbit Out Of Hat To Stay Competitive With U.S. Firms
(DBN)

Biglaw Firms Thinking About 'Cleaning Up' Their Ranks
(DBN)

Financial Data: Here's How Lawyers Get Paid
(DBN)

4 In-House Pet Peeves Of Outside Counsel
(DBN)

Lawyer accused of relying on staffer to take CLE classes gets sanction reprieve if he accepts indigent cases
(DBN)

Where Were You In 2017 And Other Questions
(DBN)

Firm unwittingly set one client on another
(DBN)

With three new U.S. law schools, legal academia makes a rebound
(DBN)

Ex-Eversheds trainee banned for assaulting sleeping law students
(DBN)

Female barristers paid average of £57k compared to men on £86k
(DBN)

Research Says: Your Contract (Probably) Has Gendered Bias
(DBN)

People who make good first impressions never do these 4 things—even ‘when they are nervous’: Public speaking expert
(DBN)

These law firms are shunning Kanye West; one says end to representation wasn’t a firing • Did Kanye West Find A New Biglaw Firm To Represent Him? • Kanye West uses Quinn Emanuel's Adidas advice to complain about his sex life
(DBN)

Trump opposes watchdog for financial statements sought by NY AG in fraud suit
(DBN)

Trump Wants To Use Executive Privilege To Hide His Crimes. Again.
(DBN)

Full D.C. Circuit Rejects Donald Trump's Bid to Reconsider Ruling Turning Over Tax Records to Congress
(DBN)

A prospective juror in the Trump Org trial was excused after telling a judge Trump made him so sick to his guts that serving in the trial would be unhealthy • A prosecutor in the Trump Org trial says if they excused every juror who disliked Trump 'we wouldn't be able to get a jury at all'
(DBN)

Trump political action committee paid more than $120,000 to law firm representing witnesses in Jan. 6 and Mar-a-Lago investigations
(DBN)

Trump lawyers spotted in DC for 'secret' hearing
(DBN)

Jan 6 committee moves toward Secret Service interviews • 'He Was Your Prey': Judge Deals 7.5-Year Sentence to U.S. Capitol Rioter Who Delivered Officer Michael Fanone by His Neck to a Violent Mob • 'I'm Gonna Cut Your Throat': Jan. 6 Defendant Separately Sentenced for Calling 911 'Approximately 143' Times and Threatening Dispatchers • MAGA-Hatted Texan Caught on Video Grabbing Cop's Arm to 'Facilitate the Entry of Other Rioters' on Jan. 6, Feds Say
(DBN)

Georgia Prosecutor Says the Supreme Court Continuing to Pause Lindsey Graham's Subpoena Would Mean He May Never Have to Testify
(DBN)

Rep. Scott Perry Suddenly Drops His Lawsuit Against the Justice Department Seeking Return of Cell Phone Data Seized by FBI
(DBN)

Family of St. Louis school gunman asked cops to take rifle away days before shooting • St. Louis School Shooter Regained Access to AR-15-Style Rifle Despite Mental Health Concerns, Left Chilling Note: Cops
(DBN)

Texas Couple Arrested After 9-Year-Old Boy Allegedly Shot 8-Year-Old Brother in the Chest with Dad's Glock
(DBN)

Young mom among 4 teens killed while attempting social media 'Kia challenge'
(DBN)

Texas public safety head: Agency "did not fail" during Uvalde school shooting
(DBN)

Barrack testifies he told Trump to use Khashoggi murder to end Qatar blockade
(DBN)

Marjorie Taylor Greene says a GOP-led House will investigate companies that stopped donating to Republicans after the Capitol riot
(DBN)

South Carolina Governor Plans To Axe Gay Marriage Citing Compelling Legal Doctrine Of 'Our Traditions'
(DBN)

Beauty Queen Turned City Commissioner Sentenced for Posing as Paralegal and Lying to See Lover in ICE Custody
(DBN)

'The City Has Criminalized Kindness': 78-Year-Old Retired Restaurant Owner Sues After Arrest for Feeding Homeless People at Park
(DBN)

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Judges:

NM Bankruptcy Court: Term law clerk position for immediate hire
(DBN)

Judge Waites Receives Distinguished Service Award
(DBN)

Samuel Alito Is Back On His Histrionics Over Dobbs Leak
(DBN)

Supreme Court's Alito says the recent pointed words between justices are nothing personal — but appeared to take a swipe at Kagan for her comments on Roe v. Wade
(DBN)

2 Trump appointees battle as 9th Circuit upholds chalking tires; dissent accused of analysis by ‘hyperbole’
(DBN)

The Federal Courts Are Out of Control Right Now
(DBN)

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Wall Street:

Nasdaq futures fall after weak Amazon guidance adds pressure to tech rout
(DBN)

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Layoffs:

Meta employees told to 'put in 200% effort' to protect jobs as layoffs loom: report
(DBN)

Facebook billionaire was urged to slash 17,000 jobs – 20% of its workforce – ahead of earnings report
(DBN)

Cape Fear Valley Health announces elimination of 200 positions
(DBN)

Seagate Cuts 3,000 Employees While Philips Slashes 4,000—Here Are The Biggest U.S. Layoffs This Year
(DBN)

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Climate:

The world is heading toward a climate catastrophe and countries want the US and other top offenders to pay up — but the GOP likely won't let that happen
(DBN)

World is Close to Irreversible Climate Change
(DBN)

Thawing Permafrost Releasing New Pathogens
(DBN)

Barges Forced to Stop on Mississippi River
(DBN)

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Student Debt:

A 40-year-old physical therapist got $222,000 in student loans forgiven through PSLF and used 2 tax strategies to pay as little as possible along the way
(DBN)

The Last Word on Student Loans
(DBN)

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Bankruptcy Crimes:

MI: Real Estate Schemer Indicted for $1.1 Million in Bankruptcy Fraud
(DBN)

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Tech:

Tech’s Biggest Companies Are Sending Worrying Signals About the Economy
(DBN)

Young Silicon Valley workers are in for a rude awakening as industry giants make major job cuts and ditch ambitious projects for the first time in their careers
(DBN)

Mark Zuckerberg says he's 'pretty confident' Meta is heading in a 'good direction' as stock crashes 20% after huge earnings miss • Meta shares plunge 24% to the lowest price since 2016 • Zuck refuses to let his metaverse dream die. Wall Street has finally had enough • A year ago, Mark Zuckerberg rebranded Facebook as Meta to 'bring the metaverse to life.' His net worth has since collapsed from $118 billion to $37 billion • Meta spent $45 billion on stock buybacks last year at $330 a share. The stock is worth $100 today after a post-earnings crash.
(DBN)

Musk says Twitter ‘cannot become a free-for-all hellscape’ • What happens to your Twitter data when Elon takes over • Elon Musk Pretty Much Owns Twitter Now. No Way This Will Come Back To Haunt Us All • Elon Musk is said to take Twitter CEO role, reverse life bans • 'The bird has been freed' – Elon Musk takes over Twitter, fires top executives • Tesla engineers visit Twitter office to review platform’s code, meet product leaders: Report • Elon Musk is poised to take Twitter private – here’s what that means for the company and its future success
(DBN)

The biggest tech stocks have lost $3 trillion in market cap over the last year
(DBN)

Wile E. Coyote Moment on Earnings
(DBN)

Amazon joins Big Tech's dark forecast for the rest of the year. It said next quarter's sales will be less than expected – and its stock just plummeted 17%
(DBN)

The freefall in tech and other growth stocks shows Wall Street grappling with ’the revenge of the old economy’, Goldman Sachs commodities chief says
(DBN)

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Autos:

Hertz hit by cooling market for used cars
(DBN)

Some of America's favorite cars, like the Toyota RAV4 and Prius, are now vastly unaffordable thanks to flat wages and astronomical prices
(DBN)

VW: Supply Chain Problems Now the Norm
(DBN)

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Chemicals:

Chemical maker TPC Group reaches $30 million bankruptcy settlement
(DBN)

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Economy:

Weekly Initial Unemployment Claims increase to 217,000
(DBN)

Great Resignation quitters got big raises—now they’re worried about job security
(DBN)

Mastercard earnings rise as company calls out strong spending ‘across the board’
(DBN)

Fed-funds traders see growing chance that Federal Reserve will back off 75-basis-point hike in November
(DBN)

Drop in Used-Car Prices Burn US Auto Dealers But Is Good Sign for Fed
(DBN)

What recession? Caterpillar keeps repeating that demand is ‘healthy,’ ‘strong’ and ‘robust’
(DBN)

Billionaire investor Chamath Palihapitiya says the Fed warped markets with easy money - and a US recession is looming
(DBN)

BEA: Real GDP increased at 2.6% Annualized Rate in Q3 • U.S. GDP accelerated at 2.6% pace in Q3, better than expected as growth turns positive • US growth rebounds in third quarter, but shows warnings signs • GDP looked great for the U.S. economy, but it really wasn’t • How to make sense of the positive GDP report
(DBN)

US economy seeing a ‘mitigation’ in growth not a slowdown, says Bank of America CEO
(DBN)

The US economy went back into growth mode in the third quarter of 2022, making an imminent recession less likely
(DBN)

Here's why Goldman Sachs is warning about a stock market crash and recession.
(DBN)

Business groups warn Biden of renewed rail strike threat • 300 Biz Groups Want Biden to Settle Rail Issues • For Rail Workers, Anger Persists Over Sick Leave
(DBN)

‘We are facing a retirement crisis in our country,’ says head of TIAA, as ‘40% of Americans run the risk of running out of money’
(DBN)

U.S. LNG Cannot Replace The Russian Natural Gas That Europe Has Lost • Europe’s ‘not out of the woods’ despite gas prices falling to 4-month lows
(DBN)

US Debt Clock
(DBN)

World Debt Clock
(DBN)

How People Really Live
(DBN)

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Real Estate:

Inflation Adjusted House Prices 2.3% Below Peak
(DBN)

Realtor.com Reports Weekly Active Inventory Up 36% Year-over-year; New Listings Down 13%
(DBN)

Mortgage rates reach highest level in 20 years
(DBN)

Housing is hammered in the Fed's war on inflation
(DBN)

The housing market is now one of the biggest drags on growth, and its collapse isn't expected to let up soon
(DBN)

Court ruling in payday lending case could impact mortgage markets
(DBN)

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Municipalities:

Las Vegas September 2022: Visitor Traffic Down Just 3.5% Compared to 2019
(DBN)

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Oil/Gas:

Demand for fossil fuels will peak this decade as Russia's war on Ukraine reshapes world energy order, IEA says
(DBN)

Why natural-gas prices posted a 6-session decline of 26%
(DBN)

What New “Saudi First” Policy Means for Oil and Power
(DBN)

EU Officially Bans Gas Powered Cars by 2035
(DBN)

Big Oil Companies Are Selling Their Wells. Some Worry Taxpayers Will Pay to Clean Them Up.
(DBN)

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Freight:

Freight Industry Braces For Ugly Fourth Quarter
(DBN)

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Utilities:

Feds: Texas Power Grid Not Prepared for Harsh Winter
(DBN)

Mass settlement soon in Kincade Fire litigation?
(DBN)

Northern California’s Mosquito Fire to cost PG&E $100 million
(DBN)

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Retailing:

Amazon Stock Dives As Weak Holiday Sales Outlook, Slowing Web Services Cloud Q3 Earnings Beat
(DBN)

Bed Bath & Beyond’s CEO Sue Gove Hosts Suppliers in Plea for Support
(WSJ)

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Celebs:

Kanye West's controversial $15,000-a-year school has abruptly shut its doors, reports say, amid a backlash over his antisemitic comments • Kanye West's Donda Academy re-opened just hours after telling students and families the $15,000-a-year school was shutting down, report says • Kanye's Donda Academy 'immediately' closes in latest fallout over anti-Semitic comments • LA Holocaust museum invite to Kanye West sparked hate-filled threats • Kanye West responds to Ari Emanuel’s op-ed on rapper’s anti-Semitic comments • Kanye West says he lost $2 billion in one day after Adidas, Balenciaga, and Gap severed ties with the rapper over his offensive behavior • In the span of a month, Kanye West has destroyed his empire • Kanye West reportedly wanted to name his 'Ye' album after Hitler instead, and apparently has an 'obsession' with the Nazi leader
(DBN)

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Sports:

Astros cheat, lawyers prosper and fans strike out in sign-stealing scandal
(DBN)

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Banking:

Cracks appear in Credit Suisse comeback plans
(DBN)

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Mass Torts:

San Francisco says it needs $8.1 bln from Walgreens to fix its opioid crisis
(DBN)

McKinsey reaches deal with U.S. local governments over opioids
(DBN)

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Agribusiness:

Kanawha Based Grain Dealer Files for Bankruptcy • Global Processing files for bankruptcy in Iowa
(DBN)

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Healthcare:

Covid, Flu, RSV: Hospitalizations Rise as Wave of Viruses Hits New York
(DBN)

62% of Americans admit to going to work in person even while sick
(DBN)

Omicron subvariants resistant to antibody treatments, puts some people at risk
(DBN)

‘The calm before the storm’: Employer healthcare premiums hold steady, despite inflation, but experts warn that may not last
(DBN)

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Politics:

The Key Issues For U.S. Voters Right Now
(DBN)

How Congress might look for Biden post midterms: The good, bad, and the ugly
(DBN)

45% of Americans Say U.S. Should Be a ‘Christian Nation’
(DBN)

Masked poll watchers are showing up at voting sites with handguns and Kevlar vests
(DBN)

Cook Political Report shifts Arizona Senate rating to ‘toss up’
(DBN)

Jon Stewart: Hunter Biden Being On The Board Of Burisma ‘Is Corruption — Straight Up’
(DBN)

Chuck Schumer tells Biden Georgia 'going downhill' for Democrats on hot mic
(DBN)

How Maloney got here: The suddenly tough race rattling Dems at the finish
(DBN)

Oregon Might Elect Republican Gov First Time in Four Decades
(WSJ)

The issues Americans are Googling two weeks from the midterms
(DBN)

Ted Cruz reminisces about the 'gorgeous woman in a halter top' who sat behind him at Yankee Stadium
(DBN)

How Lindell's Pillow Business Propels Election Denial Movement
(DBN)

How Much Power Do Christians Really Have?
(DBN)

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Fraud:

Business owner, philanthropist indicted on fraud charges
(DBN)

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Cosmetics:

Bankrupt Revlon Says It Is Entertaining Sale Offers • Revlon Kicks Off Sale Process as Key Bankruptcy Deadlines Near
(DBN)

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New Bankruptcy Opinions
(6 new opinions today - DBN)

Bankruptcy Court Web/Pacer Site Directory

Recent Ch. 11 Filings (10 new filings today)
(DBN)

Recent Ch. 11 Adversary Proceeding Filings (3 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)

Constitution:

Fallout And Follow-Up From Siegel v. Fitzgerald
(DBN)

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Executory Contracts:

Alto Maipo: Delaware ruling poses jurisdictional challenges for Chapter 11 debtors
(DBN)

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Involuntary Bankruptcy:

Redcon1 Dodges Chapter 7 Bankruptcy Fight
(DBN)

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D&O:

Delaware Court Holds D&O Insurance Covers Fraudulent Transfer Claim Settlement
(DBN)

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Third Party Releases:

2022 brings continued disagreement among US courts as to the validity of third party releases in US chapter 11 plans
(DBN)

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Make-Whole:

Fifth Circuit Targets Make-Whole Claims in Bankruptcy
(DBN)

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Asset Discovery:

Financial crime in an economic downturn: tracing assets through beneficial ownership
(DBN)

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Ethics:

NCBJ 2022: Post-Pandemic Ethics
(DBN)

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Claims Trading:

Who is the Bankruptcy Industry's Littlefinger?
(DBN)

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Bankruptcy Research:

Debtor Fraud in Consumer Debt Renegotiation
(DBN)

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Subchapter V:

Michigan Bankruptcy Court Examines Subchapter V Confirmation Requirements
(DBN)

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Privacy:

Alex Jones case shows inadvertent disclosure of electronically stored information is a real risk
(DBN)

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Food/Beverage:

Restaurant operating hours are still shorter compared to 2019, report finds
(DBN)

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Labor:

Amazon CEO Andy Jassy violated labor laws with union remarks, federal agency alleges
(DBN)

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Cannabis:

Canopy Growth speeds up entry to U.S. cannabis market instead of waiting for federal ban to be lifted
(DBN)

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Newspapers:

New York Post Fires Rogue Staffer Who Published Racist and Lewd Fake Headlines
(DBN)

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Crypto:

Bitcoin miner Core Scientific stock slumps 97% after bankruptcy warning • Will A Bankruptcy Of Bitcoin Miner Core Scientific Impact The Price? • Denton crypto miner may be headed for bankruptcy • Is Core Scientific Done? Bitcoin Miner Needs Cash, Warns Of Bankruptcy As Stock Plummets • Core Scientific reveals financial distress in SEC filing, says its end may be near • Core Scientific, Unable To Pay Bills, Warns Of Bankruptcy
(DBN)

Celsius bankruptcy case Trustee slams $3M employee bonus motion
(DBN)

Celsius Creditors Want 23M Stablecoin Sale Stopped
(DBN)

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Sovereigns:

Sri Lanka to discuss debt restructuring with creditors at meeting next week
(DBN)

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UK:

The Insolvency Service Annual Report and Accounts 2021-2022
(DBN)

Corporate and personal insolvencies increase as costs soar
(DBN)

Almost 28,000 Britons enter insolvency as inflation hits
(DBN)

Schools in England are facing bankruptcy – here's what the government could do to help
(DBN)

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EU:

ECB hikes rates by 75 basis points and scales back support for European banks
(DBN)

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Canada:

Momentum towards lowering Canada’s criminal rate of interest?
(DBN)

Months-long delays at Ontario tribunal crushing some small landlords under debt from unpaid rent
(DBN)

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Russia:

‘Be fruitful and multiply’: Russian priest tells mother worried about mobilisation to have more children
(DBN)

The Real Ukraine War Death Toll
(DBN)

Many Russians Are Anxious and Afraid, but They Still Support Putin
(DBN)

Putin's deluded rant to the world: War-mongerer says 'western domination is over', calls for a 'new world order'
(DBN)

Putin: "It doesn't make sense" to use nuclear weapons in Ukraine • Biden Questions Putin Claim Russia Won’t Use Nuclear Weapons
(DBN)

Russia's Inevitable Collapse
(DBN)

Russia warns U.S. satellites could be targets for "retaliation"
(DBN)

US brings forward plan to update its nukes in Europe
(DBN)

Russia Now Has a Second Frontline Set Up Just to Kill Its Deserters: Intel
(DBN)

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China:

Almost three years into the pandemic, Chinese city of Wuhan is again in partial lockdown to stem latest outbreak of cases • Covid cases, controls spread in China
(DBN)

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Venezuela:

Venezuela's oil partners head for the exit, forgoing unpaid debt
(DBN)

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Brazil:

Will Brazil have own Jan. 6 crisis? • Brazil’s election offers even more intense echo of U.S. culture war
(DBN)

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Argentina:

Tourists Pay With Wads of Cash as Argentina Inflation Nears 100%
(DBN)

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Cayman Islands:

Grand Court of the Cayman Islands reconfirms Flexible Balance Sheet Insolvency Test for Segregated Portfolios
(DBN)

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South Africa:

Tongaat Hulett forced into business rescue • Tongaat Hulett business rescue ‘puts R400m in payments to KZN cane growers at risk’ • Tongaat Hulett enters business rescue as lenders run out of patience
(DBN)

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Thailand:

Are Damages Arising Out of Termination of an Agreement “Determinable Debt”?
(DBN)

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South Korea:

Financial Markets Freeze Up amid Debt Default Debacle surrounding Legoland Resort
(DBN)

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