June 9, 2023

The Daily Bankruptcy News

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3-Column Formating

 

Law:

In-House Counsel From Top 50 Schools Earn $650,000, 30% More Than Grads Of Non-Top 100 Schools
(DBN)

Silicon Valley-based law firm gives associates the option of one-year deferred start dates with stipend payment
(DBN)

Simmons & Simmons to cut business travel as part of green push
(DBN)

Cooley To Defer Incoming Associates Again, But This Time The Firm Is Offering A Six-Figure Paycheck
(DBN)

CUNY law school commencement address sparks legal question about the divide between free speech and hate speech
(DBN)

Law Students Are Reluctant To Use ChatGPT, Survey Finds. The Question Is, Why?
(DBN)

Lawyer in ChatGPT Fake-Cases Hearing Asks Judge for Leniency ‘I Failed Miserably’: Lawyer Who Used ChatGPT in Brief Explains Fake Cases to Judge Lawyers blame ChatGPT for tricking them into citing bogus case law
(DBN)

Paralegals Race to Stay Relevant as AI Threatens Their Future
(DBN)

Incredulity as firm sends lawyers fake pay rise emails
(DBN)

Schiller Knapp law firm shutting down, judge converts bankruptcy case to Chapter 7 liquidation
(DBN)

Gibson Dunn lawyer confesses ‘I’ve lost touch with life outside the office’ and quits BigLaw
(DBN)

Trump charged over classified documents in 1st federal indictment of an ex-president Trump immediately fundraises after saying he was indicted in documents probe What to know about the newest Trump indictment Twice-impeached Trump faces second criminal indictment Trump indictment: Charges include Espionage Act, conspiracy to obstruct Justice Department Charges Trump in Documents Case Trump indicted in Mar-a-Lago classified documents investigation 'Nobody is above the law': The world reacts to Trump being indicted for the second time Donald Trump indicted for 2nd time, in classified documents investigation: Sources Prosecutors ready to ask for Trump indictment on obstruction and Espionage Act charges 'Grave, Serious Case' Speaker McCarthy calls Trump indictment a ‘grave injustice’ Right-wing media wages war on U.S. justice system after Trump’s historic federal indictment George Conway calls Trump indictment in documents case ‘absolutely historic’ Trump indictment: DeSantis blasts ‘weaponization of federal law enforcement’ GOP presidential rival vows to pardon Trump if elected in 2024 Trump’s 2024 GOP opponents rush to his defense, post indictment What recent polling says Americans think about charges
(DBN)

‘Venue matters’: Trump charges could come from Florida federal grand jury Trump Turns to a Familiar Playbook in Effort to Undermine Documents Inquiry Ex-Trump lawyer: Classified and unclassified documents have gotten mixed in every administration Trump's team thought they were in the clear in classified docs case Lawyer for witness in Trump docs probe alleges prosecutorial misconduct Trump lobs wild bribery claim against DOJ lawyer in all-caps midnight Truth Social rant Lawyers react to special counsel telling Trump he's a 'target' in Mar-a-Lago docs case 'Very disturbing': Trump lawyer lashes out over unconfirmed report of Mark Meadows' flipping Trump indictment talk puts spotlight on frayed Meadows relationship GOP warns of pushback ahead of looming Trump indictment Trump Screeches On Truth Social As Documents Indictment Looms Ex-White House official: Trump knew proper declassification process 9 Trump claims about the Mar-a-Lago classified documents probe, fact-checked
(DBN)

Here's how Donald Trump could theoretically run for president in 2024 from prison and govern the US behind bars, according to 9 legal scholars Can Trump run for president from prison? Yes, and it’s been done before.
(DBN)

MAGA Lawyer Lin Wood is Facing a Lawsuit Avalanche
(DBN)

Judge clears way for disciplinary proceedings against Trump ally Jeffrey Clark
(DBN)

Trump Facing Significant Other Criminal Cases
(DBN)

Trump seeks retrial or lower damages in Carroll sexual assault case Trump attorneys argue former president deserves reconsideration of damages in E. Jean Carroll case
(DBN)

Trump moves for new trial after E. Jean Carroll sex-abuse verdict: 'A far cry from rape'
(DBN)

Biden classified documents investigation shows few signs of wrapping up soon
(DBN)

'Radical MAGA Republicans' call for major DOJ and FBI cuts if Trump faces federal indictment: report
(DBN)

FBI arrests Texas businessman linked to impeachment of state Attorney General Ken Paxton
(DBN)

Danny Masterson’s lawyers sanctioned for sharing info with a lawyer for the Church of Scientology
(DBN)

'Martin Looter King': Racist posts get cop fired 2 days after being sworn in
(DBN)

Death of N.C. man shocked three times with a Taser is classified as a homicide
(DBN)

'Trooper of the Year' Charged with Manslaughter After Shooting and Killing New Yorker
(DBN)

Newsom proposes constitutional amendment to restrict access to guns
(DBN)

Newsom says he’ll investigate migrant flights: ‘The buck should stop with Ron DeSantis’
(DBN)

Abbott announces ‘floating barriers’ to deter migrants along the Rio Grande
(DBN)

Democrats call for DHS inspector general to resign over deleted text messages
(DBN)

Dems accuse GOP’s FBI witness of lying to Congress, refer matter to Garland
(DBN)

White Woman Who Killed Black Mom Admitted Hurling the N-Word, Cops Say Gun used in Florida neighbor's killing was bought last year after previous dispute, affidavit says
(DBN)

Suspect in 1984 killing arrested 39 years later
(DBN)

6-year-old Detroit boy shoots 1-year-old twice with gun he found, police say
(DBN)

Man charged with torture and murder of mother-in-law after wife mouthed 'help me' to cops
(DBN)

Daniel Penny: Marine vet accused of fatal subway chokehold reveals why he stepped in
(DBN)

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Judges:

BK WD LA: Closed For Juneteenth BK ED WA: Closed For Juneteenth
(DBN)

Lawyer for federal appeals judge barred from new cases finds orders ‘incredible’ and ‘stunning’
(DBN)

Supreme Court's Surprise Ruling Divides Conservative Justices Supreme Court voting rights ruling stuns minority voters, who hope it expands their representation Supreme Court rules in favor of Black voters in Alabama redistricting case US Supreme Court backs Alabama Black voters, bolsters civil rights law Roberts, Kavanaugh side with liberal justices in Alabama voting rights victory In ‘stunning development,’ Supreme Court rules Alabama election map violates Voting Rights Act Clarence Thomas wrote a scathing, nearly 50-page dissent about why the Supreme Court should have gutted voting rights The conservative Supreme Court might have paved the way for Dems to take the House
(DBN)

Trump-picked judge Aileen Cannon lurks as threat to Mar-a-Lago indictment: Florida prosecutor
(DBN)

Supreme Court sides with Jack Daniels in trademark fight against poop-themed dog toy
(DBN)

Korean American judicial nominee shares her adoption and immigration journey with Senate committee
(DBN)

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Wall Street:

Stock futures slip Thursday night after S&P 500 notches highest close for 2023
(DBN)

Dow rises more than 160 points, S&P 500 hits new closing high for 2023
(DBN)

The ‘mother of all melt-ups’ in stocks could be quickly followed by a meltdown as the bubble in overvalued names pops, Ed Yardeni says
(DBN)

It’s official. We’re in a bull market
(DBN)

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Layoffs:

David’s Bridal plans to eliminate 227 jobs in NJ
(DBN)

L.A. Times Newsroom Hit With Massive Layoffs
(DBN)

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Media:

CNN Ad Money Dropped Nearly 40% Under Licht
(DBN)

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Tech:

There aren't actually THAT many people using ChatGPT
(DBN)

Tech leaders are calling for an A.I. pause because they have no product ready, Palantir CEO says
(DBN)

Sam Altman fired back at Elon Musk's criticism of OpenAI saying 'I like the dude' but that 'he's totally wrong about this stuff'
(DBN)

Louisiana Passes Bill Requiring Parental Consent for Kids’ Online Accounts
(DBN)

DeSantis campaign shares fake Trump/Fauci images, prompting new AI fears
(DBN)

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Crypto:

US DOJ opposes bankrupt Bittrex’s plan to repay customers ahead of credited fines Crypto Exchange Bittrex’s Customer-Repayment Plan Faces U.S. Government Objection
(DBN)

FTX’s US Judge Vows to Keep Control of Crypto in Blow to Bahamas FTX Bankruptcy Judge Says U.S. Courts Should Have Full Control Over $7.3B in Disputed Assets FTX U.S. judge expresses doubts about parallel Bahamian bankruptcy
(DBN)

SEC Chair Gensler says crypto frenzy is rife with 'hucksters, fraudsters, scam artists' Mark Cuban slams the SEC and says the Coinbase suit shows why no one trusts them US SEC crackdown on Coinbase, Binance puts crypto exchanges on notice Crypto exchanges on high alert after SEC-Binance and Coinbase Here's what the SEC's 'all-out assault' on crypto means for the market's 2 biggest players Coinbase’s Institutional Clients Are Unfazed by the SEC’s Lawsuit Coinbase Vs. SEC Assigned To Judge Rearden: Good Or Bad? Binance.US Set to Be Cut Off From Banking System After SEC Suit
(DBN)

A New Crypto Banking System Arises Under the Shadow of a Regulatory Crackdown
(DBN)

Binance may have lied to US lawmakers, argue senators: Report
(DBN)

Crypto is 'radioactive waste' for institutional investors until things get resolved, Shark Tank's Kevin O'Leary says
(DBN)

Banks are cutting off Binance’s access to U.S. banking system, exchange says
(DBN)

Now might be a good time to consider quitting crypto
(DBN)

Korean Prosecutors Seek Crypto Millions Tied to Do Kwon and TerraUSD
(DBN)

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Economy:

Weekly Initial Unemployment Claims increased to 261,000 US applications for jobless benefits highest since October 2021
(DBN)

What Recession? Economy’s Staying Power Poses Big Questions for the Fed
(DBN)

The stock market rally faces a conundrum as inflation can't fall enough to please the Fed while the economy is this strong
(DBN)

Fed Seen Ending Its 15-Month Hiking Campaign in Economist Survey
(DBN)

The U.S. economy keeps skirting recession, but consumer sector might slowly be splitting apart
(DBN)

Women are still pessimistic about the U.S. economy, polling shows
(DBN)

At this rate, women won't achieve pay parity until 2056, report finds
(DBN)

Deutsche Bank Gender Gap Shows Europe Is Failing Diversity Test
(DBN)

Fed's Flow of Funds: Household Net Worth Increased $3.0 Trillion in Q1
(DBN)

Billionaire investor Ray Dalio says the US is at the start of a debt crisis - and worse times are ahead for the economy
(DBN)

Employees reportedly threaten to quit after CEO backtracks on remote-work policy: 'I sold my house and moved closer to my grandkids'
(DBN)

Swipe your badge or get fired? Employers and workers face a reckoning over returning to the office.
(DBN)

Google is getting tougher on in-office work, and says it will consider attendance in employee performance reviews
(DBN)

A New Front in Reparations: Seeking the Return of Lost Family Land
(DBN)

How $900,000 in direct cash giving was stolen from the poorest of the poor
(DBN)

Services No Longer Required: The Fastest-Shrinking Jobs
(DBN)

US Debt Clock
(DBN)

World Debt Clock
(DBN)

How People Really Live
(DBN)

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Real Estate:

Realtor.com Reports Weekly Active Inventory Up 13% YoY; New Listings Down 25% YoY
(DBN)

The "Home ATM" was Closed in Q1; Mortgage Equity Withdrawal turns negative in Q1 2023
(DBN)

The shortage of houses is hitting some people and areas harder than others
(DBN)

Middle-income buyers face the most severe housing shortage
(DBN)

CoreLogic: 1.2 million Homeowners with Negative Equity in Q1 2023
(DBN)

Delinquent Office Loans at Five-Year High Trouble Commercial Mortgage Bond Market
(DBN)

Why Are Insurers Fleeing California?
(DBN)

Half the world's biggest companies are downsizing office space amid hybrid working
(DBN)

Commercial real estate has a rough road ahead as lending dries up, Wall Street CEO says
(DBN)

Home flippers are still booking nice profits, if they can find the right house
(DBN)

Citizens Insurance looks to double rates, drop thousands of policies
(DBN)

Climate Change and Homeowners’ Insurance Are on a Collision Course
(DBN)

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Municipalities:

Bipartisan deal reached to save Milwaukee from bankruptcy Governor Tony Evers announces tentative shared revenue deal to save Milwaukee from bankruptcy
(DBN)

Buffalo lead pipe removal to cost up to $500M
(DBN)

Ohio’s unemployment system is teetering on insolvency. Some Ohio Senate Republicans want to slash benefits to fix it
(DBN)

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Oil/Gas:

Electric Vehicles Will Reach 29 Percent of New Vehicle Sales by 2050, EIA Says
(DBN)

Climate Talks Chief Al Jaber Says Fossil Fuel Decline Inevitable
(DBN)

Saudi crown prince threatened ‘major’ economic pain on U.S. amid oil feud
(DBN)

Oil prices drop to erase gains from OPEC's production cuts as US potentially nears deal with Iran to allow oil exports
(DBN)

ExxonMobil: New Fracking Technology Can Double Oil Output
(DBN)


Jury returns $63M verdict after finding Chevron covered up toxic pit on California land
(DBN)

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Politics:

‘Why the hell are we doing this?’ McCarthy’s fractured leadership team faces new abortion tension
(DBN)

Social Security, Medicare reform fight shows divisions among Trump, DeSantis and Pence
(DBN)

McCarthy’s Feud With Conservatives Over Debt Ceiling Risks Havoc on Spending Bills
(DBN)

Florida congresswoman violates same financial law she blasted rival for breaking
(DBN)

Ron DeSantis’ top aide organized government staff to solicit campaign cash from lobbyists
(DBN)

Silicon Valley's loudest moguls get behind RFK Jr.
(DBN)

I Loved Watching Chris Christie Tear Into Trump. That’s a Problem ‘Spoiled baby’: Christie responds to Trump mocking his weight
(DBN)

Gavin Newsom to sit with Fox News’s Hannity for interview
(DBN)

Robocalls to voters before 2020 election result in $5 million fine
(DBN)

Survey finds half of Americans disapprove of affirmative action
(DBN)

Voting Rights Act dodges bullet at Supreme Court
(DBN)

Jeffries says he’ll ‘respect’ whatever ‘judicial decision is rendered’ in NY redistricting case
(DBN)

Uganda's harsh anti-gay law alarms its original American conservative backers
(DBN)

Gallup: Social Conservatism in U.S. Highest in About a Decade
(DBN)

Republicans set to push mail ballots, voting methods they previously blasted as recipes for fraud
(DBN)

States have introduced nearly 200 bills this year to 'subvert' elections, report finds
(DBN)

Majority of Latino Catholics and evangelicals say there are only 2 genders
(DBN)

Survey: Religion, race shape views on pronoun usage
(DBN)

McCaul pressures Blinken with subpoena threat for unredacted Afghanistan withdrawal docs
(DBN)

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Nursing Homes:

Supreme Court says Medicaid patient's family can sue nursing home
(DBN)

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Fraud:

Elizabeth Holmes reunited with her husband and parents in a Texas prison yard on visiting day, just 5 days after she went in: report
(DBN)

Federal indictment contends Chandlerville farmer at heart of $8 million fraud
(DBN)

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Healthcare:

J&J's COVID vaccine taken by 19 million Americans is pulled by FDA after it was paused 'out of an abundance of caution' over rare blood clot concerns - which led to a plummet in demand
(DBN)

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Religion:

The split in UNY’s United Methodist Church just got wider
(DBN)

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Personal Finance:

No, most payment apps are not federally insured
(DBN)

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Agribusiness:

Indoor vertical farmer AeroFarms files for Chapter 11 bankruptcy protection
(DBN)

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Sports:

US bankruptcy judge blocks NBA team Phoenix Suns' new TV deal
(DBN)

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Hedge Funds:

Morgan Stanley to Sever Ties With Crispin Odey After Assault Allegations
(DBN)

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Gambling:

Slot Machine Operator Lucky Bucks Files for Chapter 11 in US
(DBN)

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New Bankruptcy Opinions
(5 new opinions today - DBN)

Bankruptcy Court Web/Pacer Site Directory

Recent Ch. 11 Filings (19 new filings today)
(DBN)

Recent Ch. 11 Adversary Proceeding Filings (4 new filings today)
(DBN)

Chapter 11 Bankruptcy Case Studies
(DBN)

Bankruptcy Statistics:

Corporate Bankruptcies Surge in 2023
(DBN)

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Plan Confirmation:

Guidance From Eighth Circuit BAP On Plan Feasibility Issues (Farm Credit v. Swackhammer)
(DBN)

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Priority Claims:

Does Electricity Supplied Within 20 Days of a Bankruptcy Qualify for Section 503(b)(9) Priority Status? Recent Decisions Say “No”
(DBN)

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Mass Torts:

The Boy Scouts’ sexual abuse scandal needs to finally be investigated
(DBN)

US lawyer who alerted school to priest’s sexual misconduct seeks damages
(DBN)

____________

Awards:

Legal 500 USA: Restructuring (including Bankruptcy): Corporate Restructuring (including Bankruptcy): Municipal
(DBN)

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Aviation:

Is the Airline Industry Flying High or In for a Tough Landing?
(DBN)

Air India passengers stranded in Siberia for 2 days were abandoned by the crew, had to sleep on the floor, and were only given bread and rice, relative says
(DBN)

American Airlines Adds New Fee, Gives Preposterous Reason
(DBN)

____________

Climate:

Canadian wildfire smoke drives record poor air quality in East Coast Canada’s ‘worst wildfire season’ is just getting started NYC Air Quality Returns to Moderate for First Time Since Monday Wildfire smoke highlights climate change’s risks Record-breaking wildfire-related smoke event affects at least 61.8 million ‘An ungodly, dystopian landscape’: New York’s skies underscore climate stakes Wildfires burn across Canada with little relief in sight Why is eastern Canada on fire — and when will the smoke clear? Smoke blanketing NYC evokes memories of 1966 'killer smog' Poor air quality from Canadian wildfires affects people as far as away as North Carolina Smoke Sends US Northeast Solar Power Plunging by 50% as Wildfires Rage in Canada Air quality in NYC could improve Friday as U.S. helps fight Canada wildfires New Yorkers are asking Google how to 'sell my house fast' after the US Northeast was blanketed with orange smog
(DBN)

El Niño officially develops amid record weather extremes: NOAA El Niño is here, and it could become a big one. Here’s what it means for our weather.
(DBN)

The world will not hit its climate targets. Let's prepare for that inconvenient truth
(DBN)

Global warming surged in past decade, research says
(DBN)

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Autos:

Carvana stock, heavily shorted, jumps 50% after outlook update
(DBN)

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Banking:

UBS and the Swiss government sign loss protection agreement over Credit Suisse takeover
(DBN)

Credit Suisse AT1 bond ‘rip-off’ could cost Swiss taxpayer
(DBN)

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Retailing:

As Walmart, Target and other big-box brands struggle, why is this retailer thriving?
(DBN)

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Student Debt:

White House weighs options for potential loss on student loan forgiveness - report
(DBN)

40 Million Reasons the Supreme Court Might Approve Biden's Student Loan Forgiveness Plan
(DBN)

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Sovereigns:

IMF Says Lebanon Needs Urgent Economic Reforms To Stop Deepening Crisis
(DBN)

Pakistan to Push Growth to 3.5% Amid IMF Austerity Measures
(DBN)

IMF "encouraged" by Zambia meeting Thursday with official creditors
(DBN)

Latin American economists urge IMF to create fund to backstop emerging market debt
(DBN)

NY state bills on debt issuance, restructuring not on calendar for 2023
(DBN)

IMF expects 'continued tangible progress' from global sovereign debt roundtable
(DBN)

____________

UK:

Plexus files for administration
(DBN)

The Woking case, and what happens when councils go bust All the reaction to Woking Borough Council going bankrupt as Robert Peston wades into row 'It’s an absolute disgrace': Residents on Woking bankruptcy and its £2bn debt What were they smoking in Woking? Council tax payers need to be told Woking council's bankruptcy: Ray Morgan and Tories blamed for causing financial woes
(DBN)

Two care home operators enter liquidation
(DBN)

Kate Middleton's Parents Are Catching Heat for Living a Luxurious Lifestyle After Running Up Massive Business Debts
(DBN)

____________

EU:

Eurozone sinks into recession as cost of living crisis takes toll
(DBN)

European companies cut jobs as economy sputters
(DBN)

EU Strikes Tentative Deal on Asylum Rules After Years of Trying
(DBN)

Europe's banks brace for more bad loans
(DBN)

____________

Russia:

Ukraine launches long-awaited counteroffensive to oust Russian forces: officials Ukraine is kicking off its big offensive armed with powerful Western tanks and weapons, but breaking Russian lines may be anything but easy Ukrainian forces suffer 'stiff resistance' and losses in assault on Russian lines Ukraine’s troops are trying to break through Russian lines in the south of the country Russian forces battling Ukraine's assault are discovering a nasty danger behind them, courtesy of the US White House anxiously watches Ukraine’s counteroffensive, seeing the war and Biden’s reputation at stake
(DBN)

Pressure builds on Biden to send long-range weapons to Ukraine
(DBN)

Ukraine says Russia shelled flood-hit Kherson after Zelensky visit Russia shells civilians fleeing dam collapse in southern Ukraine Before-and-after satellite images show profound toll of Ukraine dam collapse ‘The water keeps rising in front of your eyes’: Ukrainians flee catastrophic flooding Drone footage of collapsed dam shows devastation, no evidence to back Russian claims
(DBN)

Russian rouble slumps to 2-month low near 83 vs dollar
(DBN)

Russia is shifting to a total war economy as its progress in Ukraine stalls
(DBN)

New EU Russia Sanctions Still Stuck Over Enforcement Resolve
(DBN)

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MENA:

Divide between religious and secular Jews heats up under Netanyahu’s rule
(DBN)

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China:

China’s producer prices plunge the most in seven years as deflation hangs over economy
(DBN)

The end of Western naivety about China
(DBN)

Foreign investors have been dumping vast amounts of Chinese assets, and putting money there will only get riskier
(DBN)

China’s Inflation Stays Near Zero as Economic Recovery Stalls
(DBN)

____________

France:

Trio of wealthy investors seek solution to debt-laden Casino's woes Debt-laden French supermarket Casino ends deal talks with Teract
(DBN)

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India:

Customized IBC resolutions for realty on the cards
(DBN)

IBBI seeks changes to empower investors
(DBN)

Evaluation and Analysis of Judgment of NCLAT on Voluntary Insolvency Process
(DBN)

IBBI proposes revamp of voting on bids for bankrupt companies
(DBN)

India cenbank issues guidelines for loan write-offs, default loss guarantee
(DBN)

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Turkey:

Turkey’s Erdogan appoints a former Goldman executive as its new central bank chief
(DBN)


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Luxembourg:

Common struggles faced by international creditors in Luxembourg bankruptcy proceedings
(DBN)

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