Daily Bankruptcy News

May 5, 2023

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	Law: Lewis Brisbois Founder Steps Down After 100-Plus-Lawyer Exit (DBN) How are BigLaw firms faring in first quarter? Billable hours are at 15-year low (DBN) DLA Piper appoints APAC Head of Restructuring (DBN) Leading Finance, Capital Markets and Restructuring Partner Lawrence G. Wee Joins Milbank (DBN) Paul Weiss Writes That Solicitor General Elizabeth Prelogar's Arguments Are A 'Hot Mess' (DBN) Legal Data Firm Makes Push to Introduce AI to Lawyers’ Work (DBN) New LexisNexis Generative AI Writes Mean Cease & Desist Letters, Becoming The AI We Never Knew We Needed (DBN) How Soon Before AI Kills The Billable Hour? (DBN) Mega-paying Cravath axes US lawyers in London (DBN) Kari Lake's Lawyers Fined for False Facts (DBN) UK: Ince plucked from administration (DBN) Barrister condemns 'scary' advice from lawyer on 'how to find a husband' (DBN) Ex-Hogan Lovells staffer ordered to pay up for calling partner 'greedy' and 'dodgy' (DBN) Kim Kardashian Reveals Her Future Bar Exam Plans (DBN) Allen & Overy and Linklaters raise NQ salary to £125k (DBN) Foot fetish lawyer sent humiliation fantasies to colleagues (DBN) Forgoing The Need For Sublety, Florida Makes A 'We Don't Like Your Kind' Law For DACA Attorneys (DBN) Trump Will Seek to Move Manhattan Hush-Money Trial to Federal Court • New York judge to keep Trump from discussing certain evidence in hush money case (DBN) Donald Trump’s hostile deposition played for jurors as E. Jean Carroll NYC rape case wraps up • Trump Jury Hears His Taped Denial on Carroll Assault • Trump jurors see new video of ex-president defending lewd "Grab 'em" remarks • 'Historically, that's true, with stars': Trump defends 'Access Hollywood' tape in Carroll trial • E. Jean Carroll's case rests after Trump defamation damages estimate revealed: up to $2.7 million (DBN) Ivanka Trump Is Focus Of New York Attorney General Lawsuit Claim (DBN) Fox opposes fellow journalists trying to uncover Dominion documents (DBN) BENCHSLAP: NY Judge Dropkicks Trump LOLsuit Against NY Times, Orders Him To Pay SLAPP Fees (DBN) Ex-Proud Boys leader Enrique Tarrio found guilty of Jan. 6 sedition plot • Four Proud Boys Convicted of Sedition in Key Jan. 6 Case • Jury convicts; Face up to 20 years • Saw themselves as Trump's 'army' • Trump-promoted 'January 6 choir' includes rioters charged with assaulting police (DBN) Special counsel sat in on Pence testimony (DBN) Ron DeSantis' memoir could come back to bite him in Disney legal battle (DBN) Judge says Google founder Page can get served with legal papers in Epstein suit (DBN) North Carolina lawmakers pass 12-week abortion ban (DBN) Republican lawmakers to introduce national ‘stand your ground’ bill (DBN) Judge denies new trial for Army sergeant convicted of murdering Black Lives Matter supporter (DBN) White man convicted for using truck to kill Black man in racially-motivated road rage attack (DBN) Gun Control is an American Tradition (DBN) After Sandy Hook settlement under CT law, Boulder families seek Ruger reckoning (DBN) Adams rips AOC for rush to conclude chokehold subway passenger was 'murdered' • Death of unhoused N.Y.C. subway rider placed in chokehold ruled a homicide • What happened to Jordan Neely is a city's failure to police subways and treat mentally ill • Straphanger who put Jordan Neely in fatal chokehold hires DA Bragg's former rival as attorney • Doctors Have Long Warned That Chokeholds Are Deadly (DBN) Ed Sheeran didn't steal key parts of Marvin Gaye's "Let's Get It On," jury finds (DBN) ______________ Judges: U.S. Senate confirms Former Bankruptcy Judge LaShonda Hunt to U.S. District Court in Chicago (DBN) Okay, Even Lindsey Graham Knows Something Needs To Be Done About The Supreme Court (DBN) Conservatives criticize liberal Supreme Court justices for ethics issues (DBN) Sonia Sotomayor Ruled On Copyright Cases While Disclosing Book Fees Which Is Sort Of Like Years Of Covering Up Yacht Trips And Private School Tuition (DBN) Billionaire Harlan Crow paid school tuition for Justice Thomas' grandnephew, report says • Nothing To See Here: Clarence Thomas’s Billionaire Buddy Paid For His Grand-Nephew’s Private School Tuition • Thomas’ longtime friend acknowledges — but defends — Harlan Crow tuition payments • Durbin: Reports about Clarence Thomas, GOP megadonor ‘getting worse by the day’ • It's Going To Be A Lot Harder For Clarence Thomas To Justify The Most Recent Ethics Scandal • Clarence Thomas — who let a GOP megadonor foot bills for him for years — said being a Supreme Court justice 'is not worth doing for what they pay' • Clarence Thomas' wife Ginni was paid nearly $100,000 for 'consulting' by a nonprofit that ended up filing an amicus brief to the Supreme Court: report (DBN) The low cost [for a rich person] of sponsoring Supreme Court justice (DBN) The same year Clarence Thomas sent a child to a private boarding school on Harlan Crow's dime, a parent testified that the academy used children for free labor (DBN) Federal judge warns law firm that ‘judge shopping ain’t a thing here’ (DBN) ______________ Wall Street: Stock futures rise following Apple earnings, jobs report ahead (DBN) An investment fund created by ChatGPT is smashing the UK’s top 10 most popular funds (DBN) ______________ Layoffs: Shopify is cutting 20% of staff and selling the logistics arm of its business • Shopify Cuts Jobs for the Second Time in Less Than a Year (DBN) CEO Tim Cook says layoffs are a ‘last resort’ and not something Apple is considering right now (DBN) XPO plans $50M in headcount cuts (DBN) Medaille to lay off 419 employees (DBN) Monument Health lays off 80, trims exec pay (DBN) ZimVie is laying off 5% of workforce (DBN) ______________ Education: Prom crowning sparks divide at Ohio high school (DBN) Mix of politics and COVID crush students' history scores (DBN) Hebrew schools' enrollment in U.S. drops sharply (DBN) Oakland Teachers Go on Strike (DBN) ____________ Entertainment: Paramount Plunges After Posting Steep Loss, Slashing Dividend (DBN) Hollywood Insiders Predict Writers Strike to Drag on Through Summer (DBN) ____________ Food/Beverage: Burger King will close up to 400 stores by the end of the year (DBN) Big Boy on brink amid link to $11M federal fraud case, lawyer says (DBN) A huge Hardee's franchisee declares bankruptcy and closes 39 restaurants (DBN) The Bud Light Boycott That Wasn't (DBN) ____________
	Economy: Most Americans Lack the Cash to Cover a Surprise $400 Expense (DBN) US claims for unemployment aid jump, but remain low • US Jobless Claims Rise Most in Six Weeks, Continuing Claims Fall (DBN) US Productivity Declines More Than Forecast, Labor Costs Climb (DBN) Those predicting a soft economic landing may be in for a rude awakening (DBN) Employers skimped on planned pay raises for workers (DBN) More US Job Offers Include Retirement Benefits, Student Loan Help to Lure Workers (DBN) Six in 10 US Small-Business Owners Tried to Hire Last Month (DBN) April Employment Preview • Goldman April Payrolls Preview (DBN) Fed Swaps Point to a Rate Cut by July, or Maybe Even June (DBN) Republicans believe debt-ceiling cliff is further than it appears • Intel officials warn China, Russia could use debt default to portray U.S. 'chaos' • Republicans’ Debt-Limit Plan Would Push US Into Recession, Senate Democrats Say • The White House warned that a debt ceiling crisis could be just as bad as the Great Recession — and there'd be no way for the government to help anyone out • More than 50 House Republicans tear into VA secretary over debt bill claims • The cost of insuring against a US default hits an all-time high as debt ceiling deadline looms (DBN) Expect Big Business Impacts If Chevron Deference Falls To Conservative Supreme Court (DBN) America is refusing to do the one simple thing that would solve the Great People Shortage (DBN) Central bankers aren't worried about the system's health (DBN) Trade Deficit decreased to $64.2 Billion in March (DBN) US Debt Clock (DBN) World Debt Clock (DBN) How People Really Live (DBN) ______________ Real Estate: 66% of renters say homeownership is ‘hopeless’—how they’re spending instead (DBN) Landlord Josh Bruno among high bidders in bankruptcy auction of 6 complexes he owned (DBN) Biden administration's controversial rule raising fees for those with good credit goes into effect (DBN) ____________ Municipalities: PREPA bankruptcy judge orders hearing on mediation (DBN) ____________ Oil/Gas: Oil Set for Worst Run This Year as Recession Fears Rattle Market (DBN) ____________ Crypto: The Legacy of Mt. Gox: Why Bitcoin’s Greatest Hack Still Matters (DBN) ISDA Says Clear Rules Are Needed to Govern Ownership of Digital Assets when Intermediaries Go Bankrupt (DBN) U.S. Court Orders SEC to Respond to Coinbase Allegations Within 10 Days (DBN) FTX Gets Court Approval for LedgerX Sale at Massive Loss (DBN) FTX Vs Genesis: The $3.9 Billion Crypto Showdown (DBN) Voyager creditors could start seeing funds in the ‘next few weeks’ (DBN) ____________ Fraud: Frank Founder Javice in Plea Talks Over Alleged JPMorgan Fraud (DBN) ____________ Politics: A billionaire donor gave $535,200 to Herschel Walker for his senate campaign, but it went to his personal company instead: report (DBN) What we know about the GOP's big, vague claims about Biden "bribery" (DBN) FL Lege Allocates $12 Million For DeSantis To Kidnap More Migrants (DBN) Trump Advisers Are 'Terrified' of DeSantis: Ex-Trump Attorney (DBN) Trump's So Confident He's De Facto Nominee That He's Shifting Focus to Biden (DBN) Corporate America is staying quiet on anti-trans bills (DBN) Sen. Feinstein says she intends to return to Congress (DBN) "Good riddance": GOP lawmakers' private glee at Tucker Carlson firing (DBN) Texas Senate Approves Bill To Allow Gov. Greg Abbott To Overturn Elections (DBN) Marjorie Taylor Greene's Hopes of Being Trump's VP Suffer Killer Blow (DBN) Fears grow in North Carolina as ultra-extreme Republican eyes governor’s mansion (DBN) ____________ Banking: An Introduction To The Unique Issues In Bank Holding Company Bankruptcies (DBN) The three failed U.S. banks had one thing in common — their auditor (DBN) Billionaire investor Bill Ackman warns more banks will fail unless the FDIC insures all de posits (DBN) FDIC plans to hit big banks with fees to refill deposit insurance fund (DBN) Short Sellers Flocking to US Banks Are Risking a Painful Squeeze (DBN) PacWest Leads Regional Bank Stock Rebound After Bruising Rout (DBN) SVB Financial Must Wait in Line for Its $2 Billion, FDIC Says (DBN) Credit Suisse AT1 Dispute in Asia Draws Attention of Legal Funds (DBN) Too Big to Fail, But Not Too Big to Bail Out Other Banks (DBN) Big name investors like Bill Ackman are calling on the FDIC to insure all deposits, but that would only cost banks' customers more, former FDIC chair says (DBN) The regional banking crisis is expanding • Bank woes mount as investors bail from regional lenders (DBN) Western Alliance latest US bank to explore sale (DBN) PacWest, First Horizon Slump, Reigniting Regional Bank Jitters (DBN) Another Bank Under Pressure. How Worried Should We Be About a Financial Crisis? (DBN) The Banking Crisis is Just Getting Started (DBN) PacWest Tries to Calm Jittery Markets After 60% Stock Plunge (DBN) Another bank collapse? As Pacific Western Bank stocks fall, fears of crisis resurface (DBN) The 2023 banking crisis remains contained • Central bankers aren't worried about the system's health (DBN) Close to 190 banks could collapse, according to study (DBN) Goldman Says U.S. Is Investigating Its Work for Silicon Valley Bank (DBN) Senator Warren Presses First Republic’s Former CEO on Pay, Lobbying (DBN) Feds eyeing possible ‘manipulation’ of bank share prices: report (DBN) ____________ Hotels: Hotels: Occupancy Rate Up 0.1% Year-over-year (DBN) ____________
	New Bankruptcy Opinions (5 new opinions today - DBN) Bankruptcy Court Web/Pacer Site Directory Recent Ch. 11 Filings (17 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) Bad Faith: Bad Faith Bankruptcy Filing & Dismissal: An Illustration (In re Obstetric and Gynecologic Associates) (DBN) ____________ Mass Torts: Bishop, other high-ranking Baltimore Catholic officials identified as those who helped cover up sexual abuse (DBN) Kroger Agrees to Pay $68 Million in West Virginia Opioid Case (DBN) UConn Health removes signs with name of owners of OxyContin maker Purdue Pharma (DBN) In re Boy Scouts of America and Delaware BSA, LLC: Delaware District Court Affirms Bankruptcy Court’s Approval of Third-Party Releases, in Conflict with Southern District of New York District Court in Purdue (DBN) ____________ DIP Finance: The MOAC Decision: Implications for DIP Lenders, Not Just for Asset Purchasers (DBN) ____________ Aviation: Virgin Orbit: How Richard Branson’s Satellite Startup Went Bankrupt (DBN) India's Go First, lessors lock horns as bankruptcy hearings begin • Go Air May Have Planes Repossessed, Complicating Rescue Efforts • Wadias may seek IBC rule waiver to bid for Go First • 'Go's First move could give it some control over its fate' • Lenders to Go First await NCLT's verdict to chalk-out strategy •Go First pilots rush to Air India's jobs drive (DBN) Air France-KLM Prepares for Busy Summer as Bookings Come Back (DBN) Pregnant passenger who 'clearly smelled like alcohol' absolutely pummels airline worker (DBN) Women Claim Airline Told Them To Change Their Clothes To Fly: 'Humiliating' (DBN) ‘Disgruntled passenger’ makes bomb threat after missing flight out of Vegas (DBN) ____________ Retailing: How a rescue turned to regret in Bed Bath & Beyond’s bankruptcy (DBN) Amazon ‘Aggregators’ Who Raised $16 Billion Are Now Teetering (DBN) Christmas Tree Shops may soon file for bankruptcy protection • Famous US retailer once owned by Bed Bath & Beyond 'is on the brink of bankruptcy' (DBN) ____________ Healthcare: Rising Chapter 11 Bankruptcies in Healthcare (DBN) California lawmakers OK emergency loans to failing hospitals (DBN) “Patients are not hot potatoes”: How the fight over dialysis coverage is putting kidney failure patients at risk (DBN) FDA panel to meet on next COVID-19 boosters (DBN) COVID fell to fourth leading cause of death for Americans in 2022 (DBN) An Anti-Trans Doctor Group Leaked 10,000 Confidential Files (DBN) ____________ Autos: Embattled Lordstown Motors expects to end production of its EV pickup soon (DBN) UAW Will Target Battery Plants in Contract Talks With Detroit Carmakers (DBN) ____________ Advertising: Cadent To Acquire EMX’s SSP Tech In Bankruptcy Auction (DBN) ____________ Tech: Will A.I. Become the New McKinsey? (DBN) Biden races to come up with AI plan • White House tells tech CEOs they have ‘moral duty’ on AI (DBN) ____________ UK: Precision engineer Nasmyth rescued after pre-pack insolvency deal (DBN) First ever unsecured credit bid approved by the Courts (DBN) ____________ EU: Europeans drain billions from banks, fed up with shrinking savings (DBN) ECB Bid to Diverge From Fed Pits Lagarde Against Tide of History (DBN) ECB Vows More Hiking to Come After Slowing Tightening Pace • Most Economists See ECB Raising Rates Twice More by July (DBN) ECB Survey Shows 2% Inflation Target Further Out of Reach (DBN) ____________ Australia: The influx of insolvency and bankruptcies post-pandemic (DBN) ____________ Germany: Recognition of Part 26A Restructuring Plans in Germany (DBN) German Factory Orders Plummet as Manufacturing Drags on Economy (DBN) ____________ Russia: Former F-16 pilot says he would not want to fly missions over Ukraine right now, arguing 'there is no fighting chance' (DBN) Russia Accuses U.S. of Involvement in Explosions Over Kremlin (DBN) In The Hague, Zelensky Renews Call to Prosecute Russian War Crimes (DBN) Russia may be cheating on its own pledge to slash oil production (DBN) Putin Is Getting Pummeled With His Own Favorite War Trick (DBN) Wagner Chief Again Threatens Bakhmut Pullout Over Supplies (DBN) Intel Signals Putin’s Dream of a Total Takeover Is Now Dashed (DBN) Russia and Ukraine fight to control narrative, territory as war enters new phase (DBN) Russian and Ukrainian officials got into a fistfight at a conference in Turkey and had to be physically restrained (DBN) ____________ Mexico: Mexico, where many work 6 days a week, considers the 40-hour workweek (DBN) ____________ Serbia: At least 8 dead, 13 wounded in second mass shooting in Serbia (DBN) ____________ China: China property developer stocks higher, Sunac creditors agree to restructuring agreement (DBN) The US and China are on a collision course that will worsen the geopolitical economic depression, 'Dr. Doom' economist Nouriel Roubini warns (DBN) ____________

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