June 15, 2023

The Daily Bankruptcy News

View prior editions: Click Here
View prior case summaries: Click Here
Search prior headlines: Click Here
Search prior case summaries: Click Here

3-Column Formating

 

Law:

Elite Firm Increases Associate Starting Salaries To $250K
(DBN)

Another Top 50 Am Law Firm Cuts Its Global Work Force
(DBN)

Reed Smith Cuts 50 Lawyers, Staff as Firms See Lower Demand Reed Smith cuts lawyers and staff as US law firm layoffs spread
(DBN)

Biglaw Leader Expresses Doubts About A&O Shearman 'Merger'
(DBN)

Biglaw Firm Sent FAKE Salary Increase Memo... To Teach Attorneys A Lesson!
(DBN)

Crowell & Moring will withdraw in Humana litigation after Walgreens alleges ‘betrayal’
(DBN)

Attorney Sentenced To 2 Years For Faking Court Orders... Or 1/2 Year If Someone Gets Him A Pen & Some Time
(DBN)

Judge Contemplates Whether To Sanction Lawyers Who Used ChatGPT After Hearing Them Out
(DBN)

Lawyer Who Gambled Away Millions In Client Funds Pleading Guilty... Guess She Didn't Like Her Odds
(DBN)

Law prof’s research examines how alternative licensure could alter lawyer labor supply
(DBN)

Ex-Chief of Staff John Kelly: 'He's Scared S***less' The lawyers tasked with saving Donald Trump from hundreds of years in prison, himself Democrats Celebrate and Fear the Indictment of a ‘Chaos Machine’ Republicans privately acknowledge Trump's legal woes are serious this time Jack Smith could 'sidestep' Aileen Cannon by charging Trump elsewhere: legal experts Jack Smith’s Backup Option: New Jersey House Republicans Want to Sink Jack Smith’s Indictment—By Flooding the Zone With S--- Jack Smith Faces Challenges In Prosecuting Trump How Trump's indictment defense might fend off the classified documents charges Prosecutor in Trump documents case has history pursuing prominent politicians Ex-Federal Prosecutor Says Trump's Big Speech Was 'Just A Straight-Out Confession' Trump’s post-indictment speech was a master class in alternative facts and false victim narratives Trump Swears He Planned to Go Through Those Boxes in Fiery Post-Arrest Speech Why the Biden, Clinton, and Pence document cases don’t compare to Trump’s Mar-A-Lago Sought 380 Foreign Workers During Time Trump Had Access To Classified Documents Will Walt Nauta flip? Trump keeps valet close as question hovers over the case Trump twists Presidential Records Act, Clinton ‘sock drawer’ case to mount defense
(DBN)

Attorney general defends special counsel in first remarks about Trump indictment Attorney General Garland emphasizes special counsel's 'independence' in Trump probe
(DBN)

Fulton DA: Trump’s federal indictment will not impact our case
(DBN)

Trump Loses Yet Another Round To E. Jean Carroll
(DBN)

Lawyer who won massive sanctions against 'Kraken' lawyers takes on other election denier
(DBN)

Ex-NSA employee gets 14 days in jail for storming Capitol with members of white nationalist movement D.C. chiropractor who 'scuffled' with officers on Jan. 6 sentenced to prison Facebook posts, scrap metal sale leads to Indiana man’s arrest for his role in Jan. 6 Capitol riots
(DBN)

Weapons expert was likely hungover on set of fatal 'Rust' shooting, prosecutors allege
(DBN)

Mississippi police officer who shot 11-year-old suspended without pay
(DBN)

Texas Gov. Greg Abbott buses 42 migrants to Los Angeles
(DBN)

Accused Pelosi Attacker Wants Trial Out of San Francisco
(DBN)

2 California men accused of using a Molotov cocktail to firebomb a Planned Parenthood clinic are arrested
(DBN)

A Walmart shopper said a police officer kneeled on his neck during a receipt check over a frozen pizza
(DBN)

Starbucks ordered to pay $25.6 million to a manager who says she was fired for being White
(DBN)

Teacher shot by first-grader was fired, attorney says. Email to division: ‘I wish to resign’
(DBN)

Man beat co-worker to death with pipe after being 'teased' about victim sleeping with ex
(DBN)

Daniel Penny indicted by N.Y. grand jury in Jordan Neely subway death
(DBN)

4 charged with stealing and selling human body parts from Harvard Medical School morgue Ex-Harvard Medical School morgue manager accused of selling body parts
(DBN)

Man who wanted to kill gay people when he opened fire in a Montana town is sentenced
(DBN)

Bill Cosby sued in Nevada by 9 women who accuse him of sexual assault
(DBN)

Florida strip mall owner's charges upgraded to first-degree murder over urination shooting
(DBN)

______________

Judges:

Judge in Trump Documents Case Has Scant Criminal Trial Experience
(DBN)

Was Controversial Pro-Trump Judge Taken Off High Stakes Case?
(DBN)

What rock lyrics will Donald Trump's judge use for his case?
(DBN)

Senate confirms ACLU lawyer to NY federal court after GOP backlash
(DBN)

Judging the judges: New database lets law clerks speak out
(DBN)

______________

Wall Street:

Stock futures slip after Fed signals it will restart rate hikes
(DBN)

Breaking down the market’s reaction to the Fed’s pause and all of Powell’s key comments
(DBN)

US stocks whipsaw as the Fed pauses tightening but eyes further hikes later
(DBN)

Ex-Goldman VP Gave Drunk Squash Buddy Insider Tip, Jury Hears
(DBN)

______________

Layoffs:

Sonos lays off 7%, or about 130 employees
(DBN)

Life Storage plans to cut 116 jobs in Amherst
(DBN)

TrueCar lays off 102 employees, taps new CEO amid restructure
(DBN)

Stora Enso to restructure, cut 1,150 jobs
(DBN)

Citi CFO says 1,600 job cuts will boost second-quarter expenses
(DBN)

Automotive digital marketplace TrueCar slashes 24% of headcount
(DBN)

Canada's Bell deepens news industry gloom with 1,300 job cuts
(DBN)

______________

Fraud:

U.S. judge denies bail to exiled Chinese businessman Guo Wengui in fraud case
(DBN)

Whatever Elizabeth Holmes Does When She Gets Out Of Jail, She Won’t Have $3,000 Per Year For Her Victims
(DBN)

____________

Religion:

Southern Baptists vote to expel two churches led by female pastors Southern Baptists refuse to take back megachurch because it has women pastors Southern Baptists vote to keep women out as pastors
(DBN)

____________

Crypto:

Big Law’s Baby Lawyers Rack Up Fees on FTX Bankruptcy Case
(DBN)

US prosecutors to drop new charges against Bankman-Fried in Oct trial US prosecutors say SBF will be tried on original 8 criminal charges — for now
(DBN)

Crypto Lender Celsius Updates Bankruptcy Plan After Fahrenheit Deal
(DBN)

Voyager Digital bankruptcy administrators rubber stamp 36% partial withdrawals
(DBN)

Two Crypto Platforms Halt Withdrawals in an Echo of the Sector’s 2022 Woes
(DBN)

Crypto Prime Brokerage FPG Halts Withdrawals After Suffering a $15 million Cyber Attack
(DBN)

Second Crypto Platform Offering High Yields Halts Withdrawals and Deposits
(DBN)

3AC Seeks Contempt of Court Ruling on Founder Kyle Davies For Failing to Respond
(DBN)

Cryptocurrency lender Celsius’s bankruptcy plan faces creditor pushback
(DBN)

Draft GOP Bill Earns Applause from Crypto Chiefs, While Democrats Express Reservations
(DBN)

____________

Retailing:

Is Bed Bath & Beyond Worth More Than $21.5 Million?
(DBN)

Westfield Gives Up San Francisco Mall, Signaling More Pain Ahead
(DBN)

Online retailer Overstock to buy some assets of Bed Bath & Beyond
(DBN)

____________

Food/Beverage:

Big Boy restaurant chain in danger amid $1.2M fight with feds
(DBN)

____________

Coal:

Major German Coal Miner to Invest $1.6 Billion in Green Energy
(DBN)

____________

Hedge Funds:

Odey Asset Management In Talks to Move Its Funds to Other Firms
(DBN)

____________

Autos:

Tesla's market value soars almost $300 billion in just a month as deals with GM, Ford supercharge the EV maker's stock
(DBN)

____________

Economy:

FOMC Projections and Press Conference FOMC Statement: Pause Fed holds off on rate hike, but says 2 more coming this year The Fed forecasts two more hikes in 2023, taking rates as high as 5.6% Powell Dances Between Pause and Hikes in Communication Two-Step Investors See More Fed Rate Hikes and No Cuts Until 2024, Poll Shows
(DBN)

The inflation shock is over so there's no need for any more Fed rate hikes, the Institute of International Finance's chief economist says
(DBN)

Bond Traders Step Up Bets the Fed Will Steer US Economy Into Recession
(DBN)

The Fed grows confident its Goldilocks scenario might come true
(DBN)

Republican Study Committee releases budget slashing spending by $16 trillion
(DBN)

Global inequality at lowest level in nearly 150 years
(DBN)

Social Security Benefits Targeted for Cuts by House Conservatives
(DBN)

After Manchin drama, Senate confirms Biden chief economist
(DBN)

Inflation is finally slowing down, but consumers are still feeling the sting of high prices
(DBN)

Egg prices fall at steepest rate since 1951
(DBN)

Update: "Why Year-over-year Headline Inflation will Decline Sharply in May and June"
(DBN)

Google’s return-to-office crackdown gets backlash from some employees: ‘Check my work, not my badge’
(DBN)

Workers Resisting the Office Grind Are Suddenly Lonely at Home
(DBN)

Vessel delays at West Coast ports, and labor deal frustration, are rising
(DBN)

8 Silicon Valley households have 6 times more wealth than bottom 500,000
(DBN)

Average cost of child care hit $10,600 in 2021
(DBN)

When Did All the Fun Stuff Go Upscale?
(DBN)

US West Coast Port Employers, Union Announce Tentative Deal
(DBN)

US Debt Clock
(DBN)

World Debt Clock
(DBN)

How People Really Live
(DBN)

______________

Real Estate:

Correlating Commercial Real Estate and Bankruptcy Trends
(DBN)

Mortgage demand surges as interest rates ease off recent highs
(DBN)

Nonlawyer advocates can help tenants facing eviction in program approved in 2 states
(DBN)

What renters in every state need to earn to afford a 2-bedroom apartment
(DBN)

Top 10 cities where 250k has the greatest purchasing power – all are in South
(DBN)

Part 2: Current State of the Housing Market; Overview for mid-June
(DBN)

Why economists say it’s a near certainty that housing inflation will soon fall
(DBN)

People are impersonating homeowners to take out mortgages and steal the money
(DBN)

____________

Municipalities:

Milwaukee bankruptcy avoidance plan clears Wisconsin Senate
(DBN)

San Francisco's downtown just entered a new phase of its crisis as the city's most prominent shopping mall goes bust
(DBN)

Divided San Diego City Council passes controversial homeless encampment ban
(DBN)

____________

Oil/Gas:

Shell drops target to cut oil production as CEO aims for higher profits
(DBN)

Shell boosts dividend by 15%, maintains oil output through to 2030
(DBN)

Global Oil Demand to Peak in 2028
(DBN)

Oil Holds Loss on Jump in US Stockpiles, Fed Rate-Hike Signal
(DBN)

The Hidden Cost of Gasoline
(DBN)

____________

Labor:

Tentative deal reached to get UPS drivers air-conditioned trucks ahead of strike threat
(DBN)

____________

Tech:

A.I. will create winners and losers across the job market: Mark Zandi
(DBN)

Twitter Still Not Paying Rent Anywhere
(DBN)

Texas Bans Kids From Social Media Without Mom and Dad's Ok
(DBN)

A viral video of a 'reckless' robotaxi caused an uproar in San Francisco. Police say the internet got it wrong.
(DBN)

Music publishers accuse Twitter in $250M lawsuit of copyright infringement
(DBN)

Bipartisan bill seeks to deny AI companies liability protections
(DBN)

____________

Climate:

Water rationing is introduced after temperatures hit 30C on hottest June 13th EVER: Met Office declares vast swathes of UK are officially in a heatwave
(DBN)

9 reports of possible tornadoes as rare June severe weather outbreak hits Southeast
(DBN)

Dangerous fire weather conditions becoming more common across U.S.
(DBN)

German homeowners worry about the cost of meeting the country's climate targets
(DBN)

UK’s Biggest Fund Manager Expands Assets Blacklist Due to Climate Concerns
(DBN)

____________

Politics:

Trump raised $2 million hours after arraignment Most Republicans in Biden-won districts don't want to talk about Trump indictment Trump's indictment might be fundraising gold — but vulnerable House GOPers would rather not talk about it As indictments pile up, Trump's Senate GOP skeptics multiply Why Trump Did It 'Never-again Trumper' Paul Ryan says it's getting easier to convince die-hard supporters that Trump is 'not electable' Chris Cuomo, Byron Donalds clash over Trump indictment Ocasio-Cortez slams idea that Trump a victim of ‘two-tiered’ justice Fact Check: Trump’s self-serving comparison to Hillary Clinton’s classified documents scandal GOP’s Bacon on Trump indictment: ‘The emperor has no clothes’ Trump’s main 2024 election goal is now to save himself Trump announces raising over $6 million since federal indictment news Trump loyalists circle the wagons
(DBN)

Trump's Truth Social troubles
(DBN)

Trump's long game with Latino voters is apparent after his historic arraignment
(DBN)

Fox News says graphic calling Biden a 'wannabe dictator' has been 'addressed'
(DBN)

Focus groups: North Carolina swing voters "concerned" by Biden's age
(DBN)

Dem Sen. Warnock blasts GOP comments on FBI after Trump indictment
(DBN)

Trump Attacks Biden for Problems He Created
(DBN)

The new inflation politics for Biden
(DBN)

Six in 10 say prejudice against LGBTQ people a serious problem: poll
(DBN)

Gavin Newsom Gives Sean Hannity Blunt Fact-Checks In Fiery Fox News Clash
(DBN)

Support for Black Lives Matter movement lowest in 3 years
(DBN)

Obama’s Personal Investment Deals Mirror Tax Strategies He Once Criticized
(DBN)

House blocks Republican effort to censure Democratic Rep. Adam Schiff
(DBN)

Miami Mayor jumps into presidential race
(DBN)

____________

Kitchenware:

Why Instant Pot's Bankruptcy Isn't Necessarily the End of the Company
(DBN)

Instant Pot, Pyrex maker lands in bankruptcy through debt, private equity maneuvers
(DBN)

____________

Awards:

Association of Insolvency and Restructuring Advisors Inducts 2023 Distinguished Fellows
(DBN)

____________

Sports:

Texas Rangers Remaining on Bally Sports Southwest
(DBN)

____________

New Bankruptcy Opinions
(8 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)

Chapter 11 Bankruptcy Case Studies
(DBN)

Mass Torts:

Alex Jones could face two more defamation trials over school shooting lies
(DBN)

Mallinckrodt stock falls after decision not to make interest payments, as drug maker continues to mull potential bankruptcy
(DBN)

____________

Intercreditor:

Caveat Lendor: Serta Confirmation Opinion Permits Uptier with Finding of “Good Faith” and Provides Indemnity for Participating Lenders
(DBN)

Don't go chasing waterfalls: intercreditor agreements in the context of agency mortgage servicing rights
(DBN)

____________

Aviation:

New airline planes will be required to have secondary barriers to the cockpit to protect pilots
(DBN)

Go First hopes to resume operations by month end, says report
(DBN)

Calls for Airplane 'Price Equality' Are Making a Lot of People Angry
(DBN)

Financially-troubled Fly Gangwon applies for court receivership
(DBN)

____________

Healthcare:

One of America's biggest health insurers just issued a warning that healthcare costs are about to soar
(DBN)

Medicare surge to drive health care spending past $7 trillion
(DBN)

Cancer Drug Shortages Force Doctors to Ration Vital Medications
(DBN)

Uber is going toe-to-toe with Instacart in a bet that delivering groceries can cut healthcare costs by billions
(DBN)

Thousands lose Medicaid in Arkansas: Is this America’s future?
(DBN)

____________

Education:

A college student lost a $100,000 scholarship because she forgot to open the letter. Then the college saw her viral video and made her dream come true.
(DBN)

Governor signs historic law prohibiting book bans
(DBN)

Greg Abbott signs law banning diversity offices in Texas higher education
(DBN)

Texas Gov. Greg Abbott signs four parental rights bills: 'Our schools are for education, not indoctrination'
(DBN)

Temecula Valley Unified School District fires superintendent over book banned because it mentioned Harvey Milk
(DBN)

____________

Labor:

UPS workers will get air conditioned trucks, after years of heat-related hospitalizations and even baking cookies on their dashboards
(DBN)

____________

Student Debt:

Senate Republicans introduce plan to tackle student loan debt
(DBN)

It’s almost time to resume student loan payments. Not doing so could cost you
(DBN)

____________

Utilities:

Oregon jury: Berkshire's PacifiCorp must pay punitive damages for fires PacifiCorp must pay punitive damages for wildfires, plus award that could reach billions: jury Punitive damages add to mounting costs for PacifiCorp’s role in 2020 wildfires
(DBN)

____________

Banking:

Banks Are Using High Interest Rates to Rip Off Depositors
(DBN)

US banks have strengthened liquidity after spring turmoil but must remain vigilant -regulator
(DBN)

____________

Media:

VICE bankruptcy: how did it happen?
(DBN)

Tucker Carlson is super screwed now because Fox News could sue him for big bucks over his new Twitter show and win, employment lawyer says
(DBN)

____________

Sovereigns:

The Puzzle of Diaspora Bonds: A Case Study of Israel's Program
(DBN)

Small funds eyeing big gains pile on Venezuela debt
(DBN)

IMF Blasts Pakistan Budget as Deadline for Loan Deal Looms Desperate, but…
(DBN)

A debt ridden Sri Lanka and a desperate President seeking debt relief
(DBN)

____________

UK:

Woking bankruptcy: Residents, Government or the council - who will pay for this financial crisis?
(DBN)

UK Corporate Debt Costs Soar Above US Peers
(DBN)

Boris Johnson Misled Parliament Over Partygate, Panel Confirms
(DBN)

____________

Canada:

Canada bank regulator says lenders should urgently tackle risks from mortgage extensions
(DBN)

____________

Russia:

The U.S. Is Paying Billions to Russia’s Nuclear Agency. Here’s Why.
(DBN)

ECB urges banks in Russia to leave quickly
(DBN)

Russia's isolation from the global economy causes poor turnout at Putin's economic forum
(DBN)

Russian Troops Killed Waiting for Commander's Motivational Speech: Reports
(DBN)

Dam Breach Remakes Ukraine Battlefield as Vast Reservoir Drains
(DBN)

Fueled by Russia’s war on Ukraine, forced displacement highest since World War II
(DBN)

Russia is forcing Ukrainian mechanics to fix its busted military gear because Russians don't know how to, Ukraine officials say
(DBN)

A Drawn-Out Ukraine War Should Not Change U.S. Strategy
(DBN)

A Russian draftee says he surrendered to a Ukrainian drone after 2 wounded comrades killed themselves, leaving him alone and under fire on the front lines
(DBN)

Putin claims Ukraine sees major losses in counterattack, Kyiv eyes gains
(DBN)

Putin mixes threats of new offensive in Ukraine with offers of peace talks
(DBN)

The US is sending Ukraine more explosives to blast Russian defenses like these dragon's teeth
(DBN)

US NATO ambassador: ‘Russia doesn’t get a voice or a veto’ on Ukraine’s bid to join alliance
(DBN)

____________

China:

China’s economy is way more screwed than anyone thought
(DBN)

China’s Recovery Weakens as Industrial, Retail Activity Slow
(DBN)

China Youth Jobless Rate Hits Record 20.8% in Challenge for Policymakers
(DBN)

China to see the world’s biggest millionaire exodus this year, study shows
(DBN)

China’s Property Investment Slump Deepens With Home Demand Weak
(DBN)

____________

New Zealand:

New Zealand Falls Into Recession as GDP Drops in First Quarter
(DBN)

____________

Japan:

Japan’s Exports Weaken Further Amid Global Economic Slowdown
(DBN)

____________

Brazil:

Americanas Says Previous Management Team Committed Fraud Accused ex-executive at Brazil's Americanas fires back on fraud claims
(DBN)

____________

Sweden:

OECD sees Swedish economy shrinking this year as inflation weighs
(DBN)

____________

France:

France’s indebted Casino set for battle of billionaires Why Billionaires Are Circling Debt-Laden Grocer Casino: Q&A
(DBN)

____________


The Daily Bankruptcy News is primarily a curated news link gathering service.   Most of the headlines contained in the publication are a collection of links to stories posted on the Internet by various third party publications.  Such content is owned by third party sources, not The Daily Bankruptcy News, and in some cases, these links change or expire, which means you may not be able to view some news stories in prior editions of the Daily Bankruptcy News. The DBN subscription fee is not a fee for access to the content of the links, but is a charge for the considerable work involved in gathering, organizing and presenting the links. Use of this site and The Daily Bankruptcy News is subject to our Terms of Use. If you received The Daily Bankruptcy News via email (and you have a paid subscription account), to view a news story, click on the headline, and the story should open in your web browser. To view additional stories, click back to the email and click on additional headlines, which will cause new stories to open in your web browser.  You can view the most recent edition of The Daily Bankruptcy News on the web at BKInformation.com.

Advertising
Advertising is available in The Daily Bankruptcy News. Click here for details  Feel free to contact us with any questions.

Passwords/Subscriptions
Access to certain links in The Daily Bankruptcy News is available only to readers holding a paid service subscription. These links are currently marked with a "DBN" notation. The cost of a subscription is $69.00/year, payable annually.  Volume discounts are available for sites with multiple users. Click here to see a schedule of discounts. Complimentary subscriptions are available for full-time educational and governmental employees and for full time students. For information about discounts or educational/governmental subscriptions, contact us by clicking here. A separate password is required for each member of a firm wishing access to restricted links.

New readers can receive a free password good for 30 days by clicking here. 30-day passwords are not available to readers who have previously had a password, even if the password was associated with a different email address used by the reader. Refunds are not available after purchase.

Readers who wish to change their passwords should click here. Readers who have forgotten their password should click here.

Adding Your Email Address To The Distribution List
If you would like to start receiving The Daily Bankruptcy News by email each day, click here, and fill in the information requested. There is no charge to be placed on the distribution list to receive the headlines, although access to many of the links behind the headlines requires a paid subscription (see above, under Passwords). If, after adding your email address to the distribution list, you do not receive an email confirming the addition, please contact us by clicking here for help.

Removing Your Email Address From The Distribution List
If you already receive The Daily Bankruptcy News by email and you wish to remove your email address from the distribution list, click here and send the email that should appear. You do not need to type anything in the body of the email message. Note that the email asking for removal must be sent from the same email address which is on our distribution list. If you do not receive an email confirming deletion of your email address from the distribution list, contact us by clicking here for help.

If receive the publication forwarded from an older email address, you will need to contact us as described below for help removing that older address from our distribution list.

Press Releases/News Tips
Please send press releases and news tips to admin@bkinformation.com

Contact Us
The Daily Bankruptcy News is published each business day by BKINFORMATION.COM, L.L.C. You can reach us at 281-402-3957 or at accounting@bkinformation.com (email inquiries are usually answered substantially more quickly than phone inquiries). Our mailing address is 935 Eldridge Road, No. 350, Sugar Land, Texas 77478.

Copyright 2023