February 14, 2024

The Daily Bankruptcy News

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Law:

Inside Biglaw Firm's Sky-High Revenue Jump
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Firms may need to reconsider how technology shapes productivity as law firm market returns to profitability according to Thomson Reuters
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Venable taps Bouyea to co-lead growing bankruptcy arm
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Boosted by spike in negotiated rates, law firms return to profitability, report says
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Layoffs LITERALLY Decimate Am Law 100 Firm
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Fenwick & West Laying Off Nearly 10% of Attorneys, Staff
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Lawyer went the extra 29 miles to shut down refinance scam
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Former Income Partner Sues Defunct Firm, Alleging Pension Scam By Equity Partners
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Haynes and Boone Chief DEI Officer Named as Defendant in Bankruptcy Adversary Action
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It Turns Out Law School Leaving A Paper Trail Of Retaliation Was A Poor Litigation Strategy
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Hastings Family Money Grab Thwarted By California Judge
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New ABA Rule Is a Step Forward For Free Speech at Law Schools
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How two lawyers worth $2.3 million tackled their biggest money fight
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Donald Trump spent over $52 million in PAC donor money on legal fees last year. Here's where it all went.
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Trump to attend N.Y. criminal trial hearing on Thursday
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Verdict expected Friday in Trump's $370 million civil fraud trial
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Stefanik files ethics complaint against NY attorney general over Trump civil fraud case
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Trump asks Supreme Court to keep Jan. 6 trial on hold, citing 2024 election Supreme Court gives Smith one week to respond to Trump on immunity Supreme Court's Deadline for Jack Smith Raises Eyebrows Trump’s new Supreme Court gambit doesn’t even try to hide that it’s a delaying tactic Trump Lawyers Ask SCOTUS To Do Us A Favor Though
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All 4 of Trump’s criminal cases reach inflection points this week
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Trump On Pace to Drain Legal Funds by July, With Only $27 Million Left
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Merrick Garland's Future Looks Bleak
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Jury convicts couple who bragged they 'were the first group to storm the capitol' Judge convicts Jan. 6 rioter who believed Ted Cruz supported insurrectionists, friend
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‘Spirit of Aloha’ clashes with ‘federally mandated’ gun lifestyle, Hawaii Supreme Court says
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Ken Paxton Takes Time Off Of Harassing Trans Kids And Pregnant Women To Start Stuff With His Own Senator
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Megachurch shooter had history of mental illness but still was able to buy a gun, mother-in-law says Texas neighbors said they tried to sound the alarm about Houston church shooter for months
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Bodycam footage shows police shoot woman 5 times reportedly with her hands up
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Doctors question use of ‘excited delirium’ to explain deaths of suspects in police custody
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Should a Florida man's confession to church congregation be evidence in a criminal case?
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I Faced Down Taylor Swift’s Legal Wrath—And Won
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Irate Airbnb Host Sent Guest’s Wife Door-Cam Pic of Him With Another Woman, Lawsuit Alleges
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Woman who says she found her father on 23andMe sues after learning of wrongful death settlement
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Man who wrote that presidential candidate 'deserved to get impaled' says it's free speech
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Cabbies who hacked taxi dispatch line at JFK with fugitive Russian nationals sentenced
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Embattled Penn State professor engaged in lewd acts with tree branch and Tootsie Pop: Cops
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Shop owner beats defamation claim of alleged neo-Nazi who admitted to 'review bombing'
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Nevada teen allegedly said she ‘couldn’t control the urge to kill’ after slaying dad, brother
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Nadine Menendez claimed gold bars belonged to her late mother, say federal prosecutors
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Judges:

Federal judges, prosecutors see triple-digit increase in threats in 2023 Deeply Divisive Politics Behind Spike In Threats To The Federal Judiciary
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Judge Who Texted Wild Commentary During Murder Trial Resigns From Bench
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US judiciary's 'master' moniker needs replacing, American Bar Association says
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Wall Street:

 

Dow tumbles 500 points, posts worst day since March 2023
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Investor sentiment most bullish in two years: BofA survey
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Layoffs:

Paramount Chops 800 Staffers as CEO Unveils Broad 'Streamlining Costs' Effort
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BlackBerry plans 200 layoffs
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SiriusXM to Lay Off 160
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Gen Z is recording themselves getting fired in growing TikTok trend
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Tech:

How Elon Musk broke Twitter as he turned it into X
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Microsoft's game-changing Super Bowl ad
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"Societal misalignments" could pose AI dangers, OpenAI CEO says ‘Killer robots’ don’t keep OpenAI CEO Sam Altman up at night—but ‘very subtle societal misalignments’ with AI do
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OpenAI gets partial win in authors’ copyright lawsuit
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A company tracked visits to 600 Planned Parenthood locations for anti-abortion ads, senator says
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Food/Beverage:

Surging restaurant prices make dining out a luxury
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Corporate Governance:

Tesla board silent as investors await next steps after court revokes Elon Musk's $56B pay package
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Agribusiness:

Court filing indicates Coleman will change fraud plea in Express Grain case
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Healthcare:

Breast-Implant Maker Sientra Files Bankruptcy After Consumer Pullback Sientra to Pursue Strategic Sale of its Business Through Voluntary Chapter 11 Process Sientra Files For Bankruptcy; Stock Tanks 65%
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Genetic test maker Invitae files for bankruptcy protection in US Invitae Files for Voluntary Chapter 11 Protection; Pursues Sale Process Genetic Testing Firm Invitae, Backed by SoftBank and Cathie Wood, Files for Chapter 11
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Three California lawmakers voice disappointment over Madera Hospital bankruptcy ruling Madera hospital could reopen as soon as July following bankruptcy court ruling Despite 11th hour bid, judge OKs reopening plan for Madera Community Hospital ‘The finish line.’ Madera hospital reopening plan approved by judge. Here’s who’s involved
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Legal fight over hospital heads to mediation again
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CDC to do away with guidance for people to isolate at least 5 days after positive Covid test, Washington Post reports
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CDC says it has no plans to ease Covid isolation yet, despite urging from doctors
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New studies shed light on Covid’s long-term effects
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More than 100 Romanian health care facilities taken offline after cyber attacks target hospitals
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Dozens injured after car crashes into emergency room at Austin hospital
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Economy:

Inflation comes in hotter than expected Cleveland Fed: Median CPI increased 0.5% and Trimmed-mean CPI increased 0.5% in January YoY Measures of Inflation: Services, Goods and Shelter Here’s the inflation breakdown for January 2024 Stocks tumble, dollar jumps after hot U.S. inflation data Inflation cooled last month, but some price hikes continue to cause pain Price growth continued to cool in January, but not as much as hoped for Dow tumbles more than 400 points on hot inflation data Biden sharpens attack on corporations after hotter-than-expected CPI
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We all want to see lower prices, but here's why that's bad for the economy
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Corporate borrowers are coming under stress even as the rest of the economy looks strong, top Apollo exec says
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Companies forcing workers to come back to the office are creating a 'massive disruption' in their lives, workplace expert says
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Companies That Dropped Degree Requirements Are Mostly Hiring College Grads
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Global Bonds Erase All Gains Since Powell’s Pivot in December
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People say they use recordings of random company Zoom meetings they found on YouTube to pretend they're busy at work
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World facing 'dangerous decade' amid increased instability, military spending: Think tank
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Donald Trump’s 60% solution
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Jeff Bezos' move to Miami shows just how hard it is to tax the rich
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Democratic Rep. Barbara Lee calls for a $50 minimum wage in California: Claims residents 'can't get by' on $104,000 a year
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US Debt Clock
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World Debt Clock
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Real Estate:

New rules for banks would be the 'end of real-estate finance as we know it,' MBA says
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US 30-Year Mortgage Rate Climbs to a Two-Month High of 6.87%
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MBA: Mortgage Applications Decreased in Weekly Survey
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2nd Look at Local Housing Markets in January
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Don't count on mortgage rates falling just yet. A Fed official says interest rate cuts may only come in the summer.
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Florida-based MV Realty still trying to enforce illegal 40-year listing agreements, victims say
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Signa’s Austrian Crown Jewels Hit Block in Test of Asset Values
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In Southwest Florida, High Home Insurance Rates Are Driving Away Would-Be Buyers
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Municipalities:

Federal audit finds "a lot of work remains" in Puerto Rico's hurricane and earthquake recovery
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Oil/Gas:

Risk of Stranded LNG Assets Is ‘Real,’ Canada’s Wilkinson Says
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Politics:

Jon Stewart finally said what we were all thinking about Biden's age The Biden Campaign’s Plan to Counter Trump’s Age Attacks Senate Dems privately fear Biden’s age could cost him White House Get Used to It: Biden Isn’t Going Anywhere A Trump-Clinton Analogy That Could Give Biden Comfort Fact-checking the Sunday shows’ framing of Hur’s report
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Democrat Tom Suozzi wins N.Y. special election to replace George Santos
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No thanks, Mr. President: Special election candidates shun Biden and Trump
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A former US Army general says Trump wants the US to abandon NATO because he's a 'mafia type' that 'hates alliances' Biden calls Trump's NATO remarks 'un-American' Tom Cotton Fine with Trump's NATO Comments Why Bolton is Sure Trump Wants to Kill NATO NATO Allies Ramp Up Defense Budgets Amid Worries About Trump
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Trump holds 35-point lead in Haley home state of South Carolina: Poll
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GOP campaign arm endorses Kari Lake in "toss-up" Arizona Senate race
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‘Just more chaos’: New Haley ad blasts Trump
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A GOP congressman who voted against Alejandro Mayorkas’ impeachment won’t budge on his stance: ‘The Constitution hasn’t changed since last week’ Republicans impeach homeland security chief over border crisis First cabinet secretary since 1876 Five takeaways from New York's special election to replace George Santos
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GOP rift on full display as Ukraine aid package passes Senate Speaker Johnson rebuffs Senate Ukraine package Schumer rejects Speaker Johnson’s call to add border reform to Ukraine bill Senate-passed foreign aid bill entangled in Johnson's messy House GOP fight Speaker Mike Johnson wants Biden meeting before any action on Ukraine and Israel aid package
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Cornyn blasts Texas AG for ‘pushing Russian propaganda’
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The mystery behind $10 million of ‘bridge funding’ supporting RFK Jr.'s presidential bid RFK Jr. Hit With Staff Exodus Over 'Lavish Spending', 'Amateurish' Leadership
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Tucker Carlson: Moscow ‘so much nicer than any city in my country’
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Golden State loses luster: Half of Americans say California in decline
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Labor:

Pilots got their payday. Now flights attendants are pushing airlines for higher wages
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Banking:

IRS sues FDIC over Silicon Valley Bank's $1.4 billion tax debt US Seeks More Than $1 Billion From Collapsed SVB for Taxes
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Is New York Community Bancorp in Danger of Bankruptcy?
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Climate:

NYC gets hit by the biggest snowstorm in 2 years. It's part of a growing trend of extreme weather events.
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Wood Pellets:

Wood Pellet Maker Enviva Prepares to File for Bankruptcy
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Education:

Students remain stunned following abrupt closure of Career College of Northern Nevada
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Principal with drag queen side gig resigns under pressure from Oklahoma schools official
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New wave of bills targeting libraries is ‘a threat to our democracy,’ American Library Association warns
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Florida school asks parents for permission to have book by an African American author read to students
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'This is completely insane': Teacher accused of selling students' art without permission
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Food/Beverage:

Boston Market owner Jay Pandya files for bankruptcy again
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The restaurant group that includes the Etta concept files Chapter 11 bankruptcy Owners file for bankruptcy for Etta Restaurant, Aya Bakery in Chicago
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Festivals:

Decatur Celebration bankruptcy is over
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Celebs:

Selma Blair apologizes after Islamophobic comment
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In A Strange Twist, Musk Wants To Shut Up This Time
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Kanye West explodes in rage about crime in his hometown Chicago after he's asked for his 'thoughts on the Palestinians'
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Bankrupt Katie Price owes HMRC £760,000 in unpaid tax as she's due in court next month in the battle to save her £2million Mucky Mansion
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New Bankruptcy Opinions
(6 new opinions today - DBN)

Bankruptcy Court Web/Pacer Site Directory

Recent Ch. 11 Filings (27 new filings today)
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Recent Ch. 11 Adversary Proceeding Filings (30 new filings today)
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Chapter 11 Bankruptcy Case Studies
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Bankruptcy Statistics:

The Year In Bankruptcy: 2023
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Drying Liquidity, Looming Maturities in Tense Geopolitical Environment to Drive Restructuring Uptick in 2024 After Slow Burning 2023; More ‘Holistic’ Workouts Expected
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Litigation Finance:

Opaque Capital and Mass Tort Financing
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Judge’s Order Deals Blow to Sysco, Burford Capital in Pork Suits
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Intercreditor:

Alliance Politics in Corporate Debt Restructurings
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Bankruptcy Rules:

The CRC’s Proposal to End Judge Shopping
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Arbitration:

Arbitration At U.S. Supreme Court . . . Again, But Not On Bankruptcy—Whew! (Smith V. Spizzirri)
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D&O:

One Insured Can’t Block Insurance for Another Insured’s Settlement Based on Consent Clause
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Bankruptcy Strategy:

The Fifth Circuit’s German Pellets Decision: A Cautionary Tale for Creditors and Other Contract Parties on the Dangers of Staying on the Sidelines of a Bankruptcy
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Insurance:

Sixth Circuit Holds Settlement for Fraudulent Transfers Insurable Under Ohio Law
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Aviation:

Boeing orders nearly frozen after Alaska Air incident
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Go First's insolvency: NCLT extends deadline for another 60 days
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Door falls off plane midflight over New York, forces emergency landing in Buffalo
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Delta sued after drunk man runs over and kills his wife after flight
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Non-Profits:

The IRS May Have Investigated the NRA, Document Suggests. What Happened?
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Maritime:

Twice-Attacked Commodity Shipper to Stop Using the Red Sea
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Retailing:

Struggling clothing retailer faces bankruptcy, cash crisis
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The fashion and management missteps that left Express clinging to solvency Express moving toward debt restructuring, possible bankruptcy
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Rite Aid hires liquidators while talks with possible buyers drag on
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UK:

Body Shop's UK Business Slides Into Bankruptcy The Body Shop enters administration in the UK, citing past ownership and tough retail environment Body Shop gets into insolvency; 2,000 jobs and 200 stores at risk
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Vital Woking service at risk of closure as council 'can no longer' give funding Why are councils in London going bankrupt? Labour refuses to back cuts at 'bankrupt' Nottingham City Council Council bankruptcy shouldn’t lead to a fire sale
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UK inflation rate unchanged at 4% in January as Jeremy Hunt insists ‘plan is working’
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The Children’s Place scrambles to shore up liquidity, mulls ‘strategic alternatives’
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UK House Prices Post First Rise in Four Months in Official Data
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Russia:

The US wants to auction off an oligarch's seized $300 million yacht that's been racking up $600,000 a month in maintenance
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Russian planes starved of spare parts are running into safety incidents twice as often as they were before the war
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Russia historians say the Tucker Carlson interview solidified one thing about Putin — he's off the rails
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Half of Russia's sanctioned oil tankers are now standing idle
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Putin to raise age of military service to 70
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Russia Lures Migrant Workers Into Ukraine, Only to Put Many on the Front Line
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Ukraine says delay in U.S. aid from Congress is impacting battlefield Things are going badly for Ukraine — really badly
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Ukraine Reinforces Embattled Stronghold as Russia Presses Ahead
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Ukraine says it sank a large Russian landing ship in the Black Sea
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MENA:

Israeli minister blocking flour Bibi promised Biden would be allowed into Gaza 27-year-old doctor cares for 850 patients in Gaza’s last standing hospital Progress Claimed in Cease Fire Talks for Gaza
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Egypt watches with alarm as Israel vows to roll into border city of Rafah
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How the Israel-Hamas conflict has spread beyond the Mideast
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How war has hurt Israel's financial strength Israel’s Faceoff With Moody’s Over Rating Downgrade Ignored by Markets
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186 American soldiers injured or killed in attacks since October
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Israel Hit by Missile Barrage in Escalation of Lebanon Attacks
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Switzerland:

Davos Resort Shop Saying No Renting Sleds to Jews Sparks Antisemitism Probe
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Germany:

Weak German Economy Pulls Eastern European Countries Down
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Finland:

Finnish Flash Estimate Signals Economy Slips Back Into Recession
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Greece:

For rights activist in Greece, same-sex marriage recognition follows decades of struggle
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Mexico:

Fake Mexico tour agency accused of chopping people up with machetes
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India:

Interpretation of Section 30(2) of the IBC: Rights over Prudence?
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Stakeholders to be directly involved in liquidation process, says IBBI
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Claim Submitted By Creditor Cannot Be Rejected Merely Because It Appears To Be In A Different Form
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