January 26, 2023

The Daily Bankruptcy News

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Law:

‘Routine performance management’ can’t be basis for fired associate’s bias suit, BigLaw firm argues
(DBN)

When Biglaw Firms Set 90-Day Performance Targets, Stealth Layoffs Can't Be Far Behind
(DBN)

Layoffs Won't Stop This Am Law Top 20 Firm From Offering Bountiful Bonuses
(DBN)

Nothing Will Be Certain For Biglaw This Year -- Except Lots Of Layoffs
(DBN)

Sidley to Associates: Skipping Office Will Cost You Bonus Money
(DBN)

Teaching Bankruptcy Valuations to Law Students and Other Unnatural Acts
(DBN)

How To Cost Your Biglaw Firm $62 Million
(DBN)

With Gonzaga, Quinnipiac, Rutgers, And Seattle, 36 Law Schools Are Boycotting The U.S. News Rankings
(DBN)

Prosecutors accuse Alex Murdaugh of murdering his wife and son to take attention away from a series of alleged illicit schemes he was running Both sides portend 'gruesome' details of the killings of Alex Murdaugh’s wife and son in trial's opening statements
(DBN)

Yale Law School Had So Much Fun The First Time, They've Brought Recognized Hate Group Back To Campus!
(DBN)

We asked ChatGPT to write a poem about life as a law student
(DBN)

Lawyer for Teacher Shot by First Grader Says School Ignored Warnings of Gun, Argued 'He Has Little Pockets' Assistant principal resigns at Virginia school where 6-year-old shot teacher Virginia teacher shot by 6-year-old texted family about armed student before shooting Virginia school board votes to replace embattled superintendent after 6-year-old boy shoots teacher
(DBN)

Former Proskauer COO is enjoined from using trade secrets allegedly stolen from firm
(DBN)

Legal services company Axiom opens ‘reimagined law firm’ to directly serve clients, thanks to Arizona approval
(DBN)

Trump faces an October trial in New York after dropping final bid to dodge $250 million fraud lawsuit
(DBN)

Donald Trump Beats Hasty Retreat From Federal Courts After Epic Sanctions Smackdown
(DBN)

Trump Makes Retroactive Privilege Claim For Advisor Peter Navarro. Which Is ... Not How Any Of This Works.
(DBN)

NY AG James presses Madison Square Garden over facial recognition technology
(DBN)

Bannon Is Ordered to Testify in Trump Staffer’s Sex-Discrimination Lawsuit
(DBN)

Washington Post lawyers are deposing ex-Nunes aides in libel suit about 2017 White House visit
(DBN)

Fulton County sparks questions about whether Trump will face charges Why Ex-Federal Prosecutor Believes Charging Donald Trump and His Allies with Racketeering in Georgia Could Be Risky
(DBN)

Woman Pleads Guilty to Mailing Envelope with 'Special Gift' for Donald Trump: Homemade Ricin
(DBN)

Obama, Clinton offices say all classified documents went to Archives WH won't say if Biden OK with search of University of Delaware doc trove Jail Time and Wrist Slaps:  US Secrets Probes Boast Messy History Classified records pose conundrum stretching back to Carter Senators vent frustration after intel official refuses to discuss Biden and Trump docs
(DBN)

Is It Time for a New US Constitution?
(DBN)

Fox News sued by former booker Laura Luhn over alleged ‘decades-long’ abuse
(DBN)

A leader in gun control efforts, California confronts its limits
(DBN)

Monterey Park shooting suspect didn’t appear to know victims, sheriff says as mourners gather
(DBN)

Half Moon Bay shooting suspect charged with 7 counts of murder allegedly felt 'disrespected'
(DBN)

A look at key takeaways in a Secret Service report on mass attacks from 2016-2020
(DBN)

IRS Agents Are The Ideal Kind Of Law Enforcement: They Target The Rich And Don’t Shoot Black People
(DBN)

Ghislaine Maxwell Says She Believes Sex Trafficking Partner Jeffrey Epstein Was Murdered
(DBN)

What we know about Tyre Nichols' death after encounter with Memphis police
(DBN)

Why older mass shooters like the California gunmen are so rare
(DBN)

Small Town Shock: Accused Wife Murderer Brian Walshe Described as 'Looking Like a Creep'
(DBN)

Brothers Arrested in 1997 Cold-Case Killing of Man Whose Headless, Handless Body Remains Unidentified
(DBN)

Iowa Man Convicted of Murdering His Parents and Sister in Staged Home Invasion
(DBN)

Teenage Girl Sentenced for Stabbing 16-Year-Old Cheerleading Rival to Death in 'Unnecessary and Violent Attack'
(DBN)

Abortion Pills Are Now Mandatory on California College Campuses, But Perhaps Not For Long New lawsuits target state restrictions on abortion pills
(DBN)

Texas Nears $1Bn Wasted on Border Wall
(DBN)

Cities with the Biggest Homicide Rate Problems
(DBN)

______________

Judges:

Trump’s worst judge is now a dangerous threat to press freedom
(DBN)

Graham urges Republicans to work with Biden on judicial nominees
(DBN)

______________

Wall Street:

S&P 500 futures rise slightly as investors weigh latest corporate earnings
(DBN)

Nasdaq closes slightly lower for a second day as earnings season rolls on
(DBN)

NYSE Mayhem Traced to a Staffer Who Left a Backup System Running
(DBN)

______________

Layoffs:

Tech firms, Wall Street lead job cuts in corporate America
(DBN)

Clear Capital cuts 24% of its workforce in restructuring
(DBN)

Lam Research to Cut 7% of Workforce After Forecast Disappoints
(DBN)

Prosus to Cut 30% of Corporate Staff in Latest Tech Layoffs
(DBN)

nCino cuts 7% of workforce, CFO departs
(DBN)

DCG-owned crypto exchange Luno axes 35% of staff, citing market turbulence
(DBN)

Parent company of Sikorsky to cut 800 jobs
(DBN)

Elevator-maker Kone to slash 1,000 jobs
(DBN)

Telia cutting 1,500 jobs this year - CEO
(DBN)

Tier Mobility and Spin lay off 100 more employees
(DBN)

Greenbrier Notifies State of 101 Layoffs at Northwest Portland Railcar Plant
(DBN)

EY to Cut Jobs in Germany After Wirecard Scandal Shook Auditor
(DBN)

DCG companies have laid off over 500 employees as contagion spreads
(DBN)

Credit Suisse Dismisses Bankers in Mexico as Part of Global Job Cuts
(DBN)

SAP Plans to Sell Qualtrics Stake, Cut 3,000 Jobs
(DBN)

IBM tops revenue estimates, says it will cut 3,900 jobs
(DBN)

I’m going to lose my job to an AI – ChatGPT does an hour of my work in seconds
(DBN)

Inside Google's all-hands meeting: Layoffs shatter the company's aura of stability and abundance.
(DBN)

A major Alphabet investor said the company should cut even more jobs and address 'excessive' pay in the wake of mass layoffs
(DBN)

E-retailers Saks, Saks Off 5th, The Bay resort to layoffs amid turmoil in tech
(DBN)

Big Tech’s Job Cuts Spur Rallies Even as an Economic Slowdown Looms
(DBN)

Laid Off in Your Living Room: The Chaos of Remote Job Cuts
(DBN)

______________

Tech:

Elon Musk, Once the World's Richest Man, Now Needs To Borrow Money Elon Musk is trying to raise up to $3 billion to pay off expensive Twitter debt amid struggles to keep advertisers
(DBN)

Elon Musk Apparently Thinks Any Rent Is Too Damned High
(DBN)

Trump's Facebook, Instagram accounts being restored after 2-year suspension Trump Is Back on Facebook. Here Are the Rules He Must Follow
(DBN)

Nick Fuentes Twitter account suspended less than 24 hours after reinstatement
(DBN)

TikTok Ban Gains Steam in Congress, Dialing Up Pressure on Biden
(DBN)

DOJ’s Google Case Adds to the Mounting Scrutiny of Big Tech
(DBN)

Global Phone Shipments Plunge Most Ever as Consumers Spend Less
(DBN)

____________

Fraud:

Federal authorities take down fraudulent nursing diploma operation
(DBN)

World's third-richest man accused of 'largest con in corporate history' US Short Seller Takes on Asia’s Richest Man After Targeting Nikola and Twitter Hindenburg vs Adani: The short seller taking on Asia's richest person Adani Group says it's exploring 'remedial and punitive' legal action against a short-seller who accused it of market manipulation and fraud Short Seller Attack Shows Risks of Going Global for Adani Empire
(DBN)

Florida woman accused of swindling $2.8M from Holocaust survivor in romance scam
(DBN)

Holmes Sentenced to 11 Years in Prison
(DBN)

____________

Movie Theaters:

Regal Parent Cineworld Has Reached Out To 30 Potential Buyers As It Pursues Sale; Initial Bids Due Next Month
(DBN)

____________


Economy:

GDP report could show solid fourth-quarter growth but still signal a recession ahead
(DBN)

Ranks of Quiet Quitters Climb as Layoffs Mount
(DBN)

Global CEO survey from SoftBank shows hiring and retention challenges easing
(DBN)

Fed’s Brainard Is a Frontrunner to Head Biden’s Economic Council
(DBN)

January 2023 Fed Rate Hike Probability & Analysis
(DBN)

Key US Inflation Gauge Seen Slowing But Leaving Fed Wanting More
(DBN)

Will the Fed Overdo It?
(DBN)

Large US banks boost credit loss provisions in Q4'22 as economic outlook weakens
(DBN)

Nobel economist Paul Krugman says we're not in a debt crisis, but the US could still be facing a lot of economic problems in a few years
(DBN)

Russia's $45 billion stash of Chinese yuan is helping Moscow weather massive plunge in energy revenues Russian Oil Switching at Sea Gathers Pace in Wake of European Sanctions In Unexpected Swing, Germany’s Public Now Favors Nuclear Power Campaigners Asked UK to Sanction 1,000 Names Over Ukraine
(DBN)

Senators eye Social Security reforms as some in House GOP consider cuts
(DBN)

Manchin meets with McCarthy on debt limit Joe Manchin's very 2011 idea for a debt ceiling deal Is debt limit unconstitutional? Answer is yes, some argue, based on the 14th Amendment’s public debt clause Debt-Limit Showdown Splits Credit Raters on US Downgrade Trigger McCarthy’s Moderate Republican Allies Have Their Own Debt-Ceiling Ideas Debt Ceiling Anxiety Tracker: What to Watch as Crunch Time Nears Trillion Dollar Coin May be the Least Bad Option The politics of the debt ceiling debate in Congress
(DBN)

Republicans' plans to slash Social Security and Medicare are becoming clearer: 'We have no choice but to make hard decisions' McCarthy Agrees Not to Cut Social Security or Medicare Social Security Is on the Brink of Collapse. The GOP Won't Touch It. Kevin McCarthy's math problem
(DBN)

Port of New York shatters trade record, but California is coming back
(DBN)

Bipartisan group gears up for uphill push on paid family leave
(DBN)

Wall Street Rides Loan-Market Rally to Sell Risky Buyout Debt
(DBN)

CEOs are wrong about employees wanting to WFH—they actually want the best of both worlds
(DBN)

US Debt Clock
(DBN)

World Debt Clock
(DBN)

How People Really Live
(DBN)

______________

Real Estate:

MBA: Mortgage Applications Increase in Latest Weekly Survey U.S. mortgage applications increase, but it’s still a seller’s market
(DBN)

Black Knight: Mortgage Delinquency Rate Increased in December; Prepayments at Record Low
(DBN)

AIA: Architecture Billings "Continue to Decline" in December
(DBN)

Freddie Mac: Mortgage Serious Delinquency Rate unchanged in December
(DBN)

Here's when US home price declines could end: Goldman Sachs
(DBN)

What’s in the Biden administration blueprint for a ‘renters bill of rights’
(DBN)

The Typical American Household Is Now Rent-Burdened, a Report Says
(DBN)

Despite Rent Growth, Renting a Starter Home is More Affordable than Buying
(DBN)

December 2022 Hottest Housing Markets
(DBN)

VA says it exceeded goal for housing homeless veterans last year
(DBN)

____________

Municipalities:

Puerto Rico officially privatizes power generation amid protests, doubts
(DBN)

____________

Oil/Gas:

Chevron announces $75 billion stock buyback, dividend boost
(DBN)

US Natural Gas Falls Below $3 For First Time Since May 2021
(DBN)

Bumper Profits Fuel Surge in Dividends, Buybacks at Oil Firms
(DBN)

$1 Trillion Green Investment Matches Fossil Fuels for First Time
(DBN)

Record Heating Oil Costs Jump in New York Ahead of Winter Storm
(DBN)

Fossil Fuel Profits Roar Back, Producing 10% of S&P 500 Earnings
(DBN)

Emma Thompson and Aisling Bea urge UK banks to stop financing fossil fuels
(DBN)

____________

Mass Torts:

Johnson & Johnson sues more experts over 'junk' science in talc lawsuits
(DBN)

____________

Climate:

California flooding causes billions in economic losses, estimates show
(DBN)

The US Army has been dredging the Mississippi River 24/7 for 6 months. The drought crisis that grounded barges and unearthed fossils may finally be over.
(DBN)

Why the snowfall in Colorado Rockies isn’t likely to alleviate the drought
(DBN)

BNP Paribas Blasted for Energy Goals That Let Emissions Grow
(DBN)

Clean Energy Sets $1.1 Trillion Record That’s Bound to Be Broken
(DBN)

High-Octane Capitalism Meets Climate Change
(DBN)

____________

Utilities:

Puerto Rico selects company to privatize power generation Puerto Rico approves Genera PR for electricity generation
(DBN)

____________

Sports:

OT: Sinclair (Bally Sports owner) is preparing to file for bankruptcy
(DBN)

Sinclair’s Sports Channels Prepare Bankruptcy, Putting Team Payments at Risk
(DBN)

____________

Politico:

Biden Averaged 41% Job Approval in His Second Year
(DBN)

Top Dems push to deny Santos access to classified info Santos to get his own talking bobblehead, complete with Pinocchio nose Amid swirling controversies, Santos delivers first House floor speech ‘I felt like we were in “Goodfellas’’’: How George Santos wooed investors for alleged Ponzi scheme George Santos Says He’ll Answer All the Questions — But He Won’t Say When
(DBN)

The private angst over Donald Trump’s racist attacks on Elaine Chao goes public
(DBN)

Trump advisors are shocked that they can't get Republicans to show up to his events, NYT reporter says
(DBN)

White House defends Schiff, Swalwell and Omar amid battle over committees
(DBN)

Former Trump aide Steve Bannon says MTG wants to be Trump’s VP
(DBN)

Florida students threaten lawsuit against DeSantis over African American studies rejection College Board to revise AP African American studies class rejected by DeSantis
(DBN)

Hawley introduces Pelosi Act banning lawmakers from trading stocks
(DBN)

Analysts Easily Expose Kari Lake's New Bombshell
(DBN)

Kevin McCarthy disavows 30 percent national sales tax he promised a vote on to win House speaker race
(DBN)

Sen. Rick Scott is running for re-election pushing his controversial tax plan
(DBN)

____________

Student Debt:

Supreme Court’s Student Loan Decision Will Impact Black Women Most
(DBN)

____________

Tax:

Head-Scratching IRS Distressed Company Guidance Released
(DBN)

____________

Food/Beverage:

More insight into Lakeside bankruptcy
(DBN)

____________

History:

A ‘Weaponized’ FBI? Yes, but Its Real Historical Targets Were People Fighting for Their Rights
(DBN)

____________

Education:

Iowa Lawmakers OK Public Money for Private School Students
(DBN)

____________

Newspapers:

St. Cloud Times' newsroom loses lone reporter
(DBN)

____________

Autos:

Vehicle Sales Forecast: Vehicle Sales to Increase in January
(DBN)

Tesla reports record revenue and beats on earnings Tesla reports record profit and defends price cuts Tesla Earned $12.6 Billion in 2022 Tesla to Build $3.5 Billion Plant in Nevada
(DBN)

A Tesla buyer says she effectively lost $10,810 overnight after the carmaker slashed prices
(DBN)

____________

 


New Bankruptcy Opinions
(2 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 (6 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)

Cross-Border:

Brazilian Retailer Americanas Files for Chapter 15 Bankruptcy to Protect US Assets
(DBN)

____________

Sovereign Immunity:

Sovereign Immunity Tests Bankruptcy’s Least Contested Axioms
(DBN)

____________

Avoidance Actions:

7th Cir. Reverses Denial of Bankruptcy Trustee’s Action to Recover Money Paid to Debt Collector
(DBN)

____________

UST:

Consumer Advocate Appointed New Director of Justice Department’s U.S. Trustee Program
(DBN)

____________

Bankruptcy Rules:

New Complex Case Procedures in the Southern District of Texas
(DBN)

____________

Make-Whole:

Make-whole provisions: Impact of the Hertz and Ultra Petroleum decisions in US chapter 11 cases
(DBN)

____________

Exculpation:

Highland Capital Asks Supreme Court to Review Fifth Circuit Exculpation Excision Ruling
(DBN)

____________

Finance:

The Fresh Start Paradox: Economic Disaster Relief Available to Title 11 Debtors
(DBN)

Financing Year in Review: The Tide Turns
(DBN)

____________

Aviation:

American Air Expects to Top Profit Estimates With Full Planes
(DBN)

Southwest Air Sees First-Quarter Loss After December Breakdown
(DBN)

House passes bill to improve FAA system that grounded flights
(DBN)

2 women arrested after wild brawl over missed boarding at Miami airport
(DBN)

____________

Celebs:

Elon Musk admits he didn't have a "specific number" for how much funding was needed to take Tesla private Elon Musk on Saudi 'ass-covering' and 10 other things the Tesla boss said to defend himself in the 'funding secured' trial Elon Musk testified it’s ‘easy’ to raise money, so where are his Twitter investors?
(DBN)

____________

Retailing:

Stark & Stark’s Onder Cites Retailers to Watch for 2023 Bankruptcy Filing
(DBN)

Party City’s founder blames bankruptcy on private equity firms that jacked up prices
(DBN)

____________

Crypto:

FTX lawyers: Examiner could cost $100M and ‘provide no benefit’ Hopes stir for FTX creditors — but recovery could take years: sources FTX creditor list shows airlines, charities and tech firms caught in collapse
(DBN)

Elizabeth Warren: Crypto giants are 'collapsing under the weight of their own fraud' Elizabeth Warren Praises SEC Chief Gensler, Slams Crypto Lobby
(DBN)

Binance's 8 Wallet "error" was there for all to see Binance USD Stablecoin Sees $2B Reduction in a Month Amid Token Mismanagement
(DBN)

Genesis Says ‘Bitcoin Jesus’ Owes Millions From Unsettled Trades
(DBN)

Bitcoin Cash’s Ver Has $20 Million Owed To Genesis, But There’s A Twist
(DBN)

Judge denies motions from Celsius users seeking to reclaim assets Crypto Lender Celsius Wins Court Approval for Customer Withdrawals, Flare Token Airdrop
(DBN)

Crypto Exchange Bithumb Owner’s Arrest Requested by South Korean Prosecutors: Report
(DBN)

____________

Healthcare:

A record of over 16 million people signed up for insurance through Obamacare
(DBN)

New booster works against dominant Covid strain
(DBN)

____________

Kitchenware:

Kitchenware Maker Instant Brands Hires Restructuring Advisers as Consumers Curtail Spending
(WSJ)

____________

Sovereigns:

Ghana Payment Halt Is Potential Repudiation, Swap Panel Rules
(DBN)

Inflation Pressures, Debt-Deal Delays Point to Zambia Rate Hike
(DBN)

____________

UK:

Double Whammy of Energy and Insurance Costs to Trigger Insolvencies, Warns PwC
(DBN)

UK firms face collapse as tax man chases Covid debts, ‘red flag alert’ report warns
(DBN)

Amazon Workers Set for Unprecedented UK Strike on Wednesday
(DBN)

UK Car Productions Lowest Since 1956
(DBN)

____________

Canada:

Ten reasons to restructure under Canada’s Companies’ Creditors Arrangement Act
(DBN)

Update: Petrowest Corporation v. Peace River Hydro Partners: Enforceability of arbitration clauses challenged in Canadian receivership proceedings
(DBN)

Bank of Canada Expects a Law Change to Ease Its Mounting Losses
(DBN)

____________

Russia:

Ukraine's allies are finally sending the advanced tanks it asked for. Now they want it to embrace a rapid, aggressive style of warfare Biden says US tanks to Ukraine are not an offensive threat to Russia Biden: There is no offensive threat to Russia if its troops return home In significant shift, Biden sending 31 Abrams tanks to Ukraine Inside the Biden administration's decision to reverse course and give tanks to Ukraine How Western tanks could bolster Ukraine’s fight against Russia Why the US flipped on sending tanks to Ukraine What difference will the tanks for Ukraine make? Why sending Ukraine tanks represents a fierce new step by the West Furious Russia vows Western vehicles will 'burn' as Germany confirms it will give tanks to Ukraine Putin Lackeys Lose Their Minds Over Ukraine Getting Battle Tanks Putin’s allies call for Berlin to be nuked after Germany’s ‘game-changing’ decision to send Leopard 2 tanks to Ukraine This is Now a Western War Against Russia
(DBN)

Now that Ukraine is finally getting the tanks it wants, it's already looking for the next big thing — fighter jets Ukraine will now push for F-16 fighter jets, government adviser says
(DBN)

Satellite images hint at scale of Russian mercenary group's losses in Ukraine
(DBN)

One year in, both Ukraine and Russia still think they can win
(DBN)

Turkey Says NATO’s Nordic Expansion Depends on Meeting Pledges
(DBN)

Japan's top finance diplomat calls Ukraine responses G7 top priority
(DBN)

U.S. arms sales boom in 2022 due to war in Ukraine
(DBN)

____________

MENA:

Palestinians officials say the Abbas-Sullivan meeting was bleak
(DBN)

____________

China:

Cross-border insolvency between Mainland China and Hong Kong: First steps; ready to jump?
(DBN)

Exodus of Wealthy Chinese Accelerates With End of Covid Zero
(DBN)

China’s Global Mega-Projects Are Falling Apart
(WSJ)

China’s Tourist Sites Swarmed During Holiday Despite Covid Risks
(DBN)

____________

Brazil:

Americanas’ List of 8,000 Creditors Causes Confusion Over Collapse
(DBN)

____________

Germany:

Riding or breaking the wave: Is Germany's crisis legislation more than good intentions?
(DBN)

____________

France:

Directors’ liability under French insolvency law and tools to prevent it
(DBN)

____________

India:

Reserve Bank of India tells Supreme Court there has been material decline in NPAs due to its efforts
(DBN)

____________

Sweden:

Sweden’s Housing Rout Persists as Riksbank Keeps Raising Rates
(DBN)

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