February 21, 2024

The Daily Bankruptcy News

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Law:

Kelley Cornish, Leading Bankruptcy Lawyer, Joining Selendy Gay Selendy Gay Hires Paul Weiss Bankruptcy Partner
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A cleaner is fighting back after she was fired for eating a leftover tuna sandwich she found in a law firm's meeting room
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Court scolds Weil partner for brief found to ‘incorporate by reference’ nearly 2,000 words from another document
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Ex-Big Law Partner Sentenced to 3 Years Supervised Release in False Statements In Bankruptcy Case
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Supreme Court declines to undo sanctions on pro-Trump 2020 campaign lawyers Supreme Court Rejects Sidney Powell Over 2020 Election Sanctions Supreme Court denies 'Kraken' appeal of sanctions for pro-Trump election fraud claims RIP To The Kraken. Here's Hoping Whatever Replaces It Is Equally Ridiculous.
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Baker & McKenzie can be sued in Chicago for work by Russian entity, Illinois appeals court affirms
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Should A License To Practice Law Be More Like A Driver's License?
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Latham’s China Data Protection Move Shows Firms’ Security Worry
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Golden Gate University Sued By Students And Alumni Over Poor Management
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Dominion wins access to Newsmax journalists' texts in its defamation case
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Trump leadership PAC spent nearly $3M on legal bills in January
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Trump’s financial woes deepen
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N.Y. AG says she may seize Trump's assets if he can't pay $354M fine Trump’s New York real estate empire in limbo after fraud verdict 5 questions that reverberate from Trump’s civil fraud trial Trump owes $87.5K every day he doesn't pay $355M civil fraud fine: reports
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Donald Trump Likely to Declare Bankruptcy: George Conway
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FedSoc Founder Calls Trump Verdict 'Kafkaesque' In Case You Missed The Part Where Josef K. Used Multiple Valuations To Defraud Lenders & Insurers
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Trump: Those Documents Were Mine to Keep
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Peter Navarro Is REALLY Trying To Get Himself Thrown In Email Jail Navarro threatened with contempt again after federal judge demands he turn over records
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DOJ: FBI informant said Russian intelligence involved in Hunter Biden story DOJ filing says FBI informant told investigators he got Hunter Biden dirt from Russian officials Indicted Biden accuser had 'extensive' contacts with Russian intel, prosecutors say Ex-FBI informant accused of lying about Bidens released pending trial
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Hunter Biden mounts legal offensive against tax prosecution Hunter Biden says prosecutors confused sawdust for cocaine in latest filing
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Republicans to grill James Biden behind closed doors in critical interview as GOP looks for lifeline in impeachment probe
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The Georgia case against Trump may be fatally compromised
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Man seen in video swinging metal baseball bat at officers on Jan. 6 considers plea deal College student who copped to Jan. 6 crime says FBI agent stole cash, silver bars
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Bankruptcy judge says Rudy Giuliani can appeal defamation judgment but has to find someone else to pay the legal bills Giuliani’s Legal Woes Extend Beyond Defamation Judgment Judge demands Rudy Giuliani reveals 'who’s paying his legal fees'
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Inside the neo-Nazi hate network grooming children for a race war
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Alabama Declares Frozen Embryos Are Children, Creating Nightmare Rule Against Perpetuities Hypo The Alabama Supreme Court opinion holding that embryos are children, explained
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Abbott Spends $148 Million Busing Migrants Abbott’s Border Military Base Could Cost Texans $500 Million
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Supreme Court turns away House GOP lawmakers’ appeal over mask rule violations
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Right-wing extremism linked to all extremist murders in 2023: ADL
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Man crossing street wearing VR headset prompts police warning
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Man who 'inadvertently' called police on his own 'Breaking Bad-style drug lab' is convicted
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On-duty officer allegedly made false calls to 911, said 'he thought it was funny'
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NM: Rust Armourer Set for Trial Over Killing
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Attorney arrested for DUI twice in a 6-hour period ahead of federal human trafficking case
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3 years after husband killed while sitting in recliner, his wife is charged with murder
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FBI, other agencies disrupt ransomware syndicate behind attacks worldwide
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First federal trial for a hate crime based on gender identity starts over trans woman’s killing
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Welcome to the ‘Hotel California’ case: The trial over handwritten lyrics to an Eagles classic
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Judges:

Clarence Thomas has 30 days to resign if he wants millions from John Oliver John Oliver Tries To Tempt Clarence Thomas Into Retirement Offering Millions, Sweet Ride
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Watchdog raises red flag about Clarence Thomas, says research shows patterns of omission
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Alito complains about same-sex marriage ruling — again
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Justice Alito is mad that George W. Bush was too woke
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Alito: Jurors Should be Allowed to be Bigots
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US Supreme Court declines to decide legality of excluding jurors based on religion
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Prosecutors in failed Barry Morphew murder case accused of plot against judge
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Judge With An Itchy Trigger Finger Arrested For Shooting Ex In The Head
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Major Questions Doctrine Hands Power to Judges After Chevron
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Paxton Targets Judges on Court of Criminal Appeals
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'Two strikes': Experts say Aileen Cannon is getting closer to being recused
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Supreme Court justices’ recusal explanations fall along party lines
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Wall Street:

Stocks ease as investors await Nvidia reality check, Fed minutes
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How Wall Street banks fought to keep control of a profitable but secretive trading business
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Goldman Sachs now sees the S&P 500 climbing another 4% this year on mega-cap earnings strength
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Layoffs:

The way companies handle layoffs is brutal — and bad for business
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EY and Deloitte are scrutinizing staff workloads and quietly letting some workers go, report says
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Citigroup just boosted its CEO's pay to $26 million even as it plans to slash thousands of jobs
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Cruise Lines:

American Queen Voyages Up for Sale as Hornblower Gets New Majority Owner
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Economy:

Hot data is churning the economic waters for the Fed
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The odds of no interest-rate cuts in 2024 are growing
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Steep rate cuts are coming as the job market looks poised to weaken, Wells Fargo strategist says
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Meet the 'forgotten middle' of Americans over 75 about to face a rocky retirement
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Few in new poll say Biden policies helping middle class
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The 'work-from-home weekend' may be on its way out
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GOP privately expects government shutdown
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Big deals are back with a $53 billion bang
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DOT: Vehicle Miles Driven Increased 2.1% year-over-year in 2023
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Americans aren't having enough kids. That's bad news for the economy — and immigration may be the answer.
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7 Things the Middle Class Won’t Be Able To Afford in the Next 5 Years
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US Debt Clock
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World Debt Clock
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Real Estate:

Troubled commercial real estate loans outstrip reserves at top US banks
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Sorry, parents: The American dream is only for DINKS
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MBA Survey: Share of Mortgage Loans in Forbearance Decreases to 0.22% in January
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Single Family Built-for-Rent Almost Doubled Since 2020
(DBN)

New home construction in the US plummeted to a 5-month low in January
(DBN)

Existing Home Sales: Lawler vs. the Consensus
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Amid high rents, eviction filings in major Texas cities soar above pre-pandemic levels
(DBN)

The People Buying Houses With Their Friends
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America isn't building enough homes. A new atlas may fix that.
(DBN)

Life in a ‘Death Trap': How Tenants Rose Up Against a Federally Funded Mega-Landlord
(DBN)

Real estate surprise: Latinos, Asian Americans see biggest homeownership gains
(DBN)

WeWork Works Out Deal at DC’s Midtown Center Amid Bankruptcy
(DBN)

Bankrupt Harbor Custom Development to liquidate assets in four states
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Reno City Center project files bankruptcy petition in court. Here’s what we know
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Oil/Gas:

Colorado bans use of gas-powered lawn equipment by state agencies starting 2025
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A company said there was only sand in the path of its new pipeline. Scientists found a thriving ecosystem.
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Politics:

Biden tops Trump by 12 points in New York: Survey Trump leads Biden in Georgia, North Carolina polls
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Michelle Obama Favorite To Replace Joe Biden if He Drops Out
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Two Democratic candidates went there on Biden’s age. Will more follow?
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House Democrat floats Mike Johnson protection measure
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GOP recess becomes sharp weapon for White House
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Trump allies prepare to infuse ‘Christian nationalism’ in second administration
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Trump spent months thrashing Ron DeSantis. Now he's put his onetime protégé on his VP shortlist.
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Trump said he’s running against Obama. Stop downplaying his memory lapses.
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Crypto attorney launches Senate bid against Elizabeth Warren
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GOP chances of winning the Senate on the rise
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DNC intervenes in GOP effort to nullify Arizona election manual
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Wisconsin’s Democratic governor signs his new state legislative maps into law
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Supreme Court turns away House GOP lawmakers’ appeal over mask rule violations
(DBN)

Haley vows to stay in race against Trump: ‘I’m not going anywhere’ Haley vows not to drop out, calls Trump ‘meaner and more offensive by the day’ Nikki Haley sees path to the nomination without GOP primary wins Trump holds 23-point lead over Haley in South Carolina: Poll Trump Spox Crudely Claims Nikki Haley Will ‘Drop Down And Kiss A** When She Quits’ GOP Primary
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Lake: ‘I don’t know who exactly stole the election’
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High-profile House retirements reflect the toxicity on Capitol Hill
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Chris Murphy dismisses Scott’s border claims: ‘Bulls---’
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People Shelling Out Thousands Of Dollars For Limited-Edition Donald Trump Gold Sneakers
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New York Democrat leaves Congressional Progressive Caucus after splitting with members over Israel
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Tech:

Magnificent 7 profits now exceed almost every country in the world. Should we be worried?
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New book reveals the roots of Elon Musk's Twitter takeover
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Twitter employees monitored Elon Musk's jet-tracking account to see when he'd be in the office
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Jack Dorsey gave his parents a security detail after Twitter banned Trump
(DBN)

How flying taxis could go mainstream
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Illinois governor adds $500 million to quantum computing quest
(DBN)

Biden issues new mandates to protect ports from hackers
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Tech interviewers can't tell when candidates use ChatGPT to cheat in coding rounds, experiment finds
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Student Debt:

These borrowers are likely to be eligible for Biden’s new student loan forgiveness plan
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Biden cancels another $1.2 billion in student loans
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Student loan balances wiped for the first batch of borrowers in Biden's SAVE plan
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Private Equity:

Supreme Court Rejects Lawsuit That Threatened Private-Equity Debt Market - Justices won’t hear case alleging banks concealed information about Millennium Health before company went bankrupt
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Agribusiness:

Mushroom vertical farming company Smallhold files for bankruptcy; firm in ‘worse financial shape than previously disclosed’
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New Bankruptcy Opinions
(7 new opinions today - DBN)

Bankruptcy Court Web/Pacer Site Directory

Recent Ch. 11 Filings (122 new filings today)
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Recent Ch. 11 Adversary Proceeding Filings (14 new filings today)
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Chapter 11 Bankruptcy Case Studies
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Avoidance Actions:

Fifth Circuit Holds Avoidance Actions Can Be Sold
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Mass Torts:

Iowa sex abuse victim in Boy Scouts case could be among hundreds shortchanged by state law
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Aviation:

American Airlines raises bag fees, won’t allow some travel agency bookings to earn miles
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A United flight was diverted after passengers spotted that parts of the plane wing were chipped
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Corporate Governance:

Appeals court will rehear challenge to Nasdaq board diversity rule, putting mandate at risk
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Retailing:

$100,000 of goods were stolen from Home Depots across Florida in an organized self-checkout barcode switching scheme, the state's attorney general says
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Tax:

Trump tax cuts on the line in 2024 election
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Crypto:

Suit accuses Sullivan & Cromwell of employing ‘creative but misleading strategies’ that aided FTX fraud Crypto Investors Come For Biglaw Firm
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Sam Bankman-Fried due in court for hearing on lawyer's possible conflict
(DBN)

‘All hell was breaking loose’: Mystery deepens in case of Highland Park man accused of $400 million crypto hack on FTX
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$56M moved from defunct exchange after executives fled: Report
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Climate:

More Republicans now want climate action. But Trump could derail everything.
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Democrats pushed climate action. Then utility bills skyrocketed.
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New York lobbyists ‘aiding and abetting’ climate crisis, research reveals
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Radio:

Audacy, owner of WEEI, gets OK to emerge from bankruptcy with Soros becoming largest shareholder
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Education:

Librarians, schoolteachers could become felons as censorship law advances
(DBN)

Inside Biden’s FAFSA debacle: Financial aid offers in limbo for millions
(DBN)

Supreme Court rejects Thomas Jefferson high school admissions case
(DBN)

Washington state pushes back on book bans
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Florida moves to join other states opening public schools to chaplains
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Defaults:

Elevated Interest Rates Will Push Corporate Default Rates Higher
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Healthcare:

California offered $57 million to help this hospital reopen. Now, it finally has a plan
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Red states hopeful for a 2nd Trump term prepare to curtail Medicaid
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Doctors and patients fearfully proceed with IVF after Alabama court rules embryos are children
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Report Analyzes How Private Equity Gets its Cut From Medicare Advantage
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Personal Finance:

3 things to never do at work, according to an HR professional with 10 years' worth of experience
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UK:

Birmingham City Council requests huge bailout as savings plans revealed Bankrupt Birmingham City Council needs £1.25billion government bailout to keep services running as it reveals it will hike council tax 21% over two years Cornwall Council agrees unpopular budget dubbed a 'roadmap to bankruptcy' Councillors warned escape from bankruptcy could be just temporary Birmingham locals face dimmed street lights, fewer bin collections and a council tax rise of £350 as bankrupt Labour-run town hall desperately scrambles to make £300m of savings Council faces ‘tough’ decisions to avoid bankruptcy Birmingham City Council: Frustration over 'bankrupt' authority Councils in Crisis: Maximum Tax Hikes Given Green Light Despite £600 Million Bail Out
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The Body Shop to shut nearly half of UK shops
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Russia:

Russia issues arrest warrant for Alexei Navalny's brother after critic's unexplained death X restores account of Navalny’s widow, Yulia Navalnaya, after brief suspension White House: ‘Major’ sanctions package against Russia after Navalny’s death coming Friday Kremlin rejects call for international investigation into Navalny's death Putin promotes prison official accused of torturing Navalny In Navalny's last letters, the Russian dissident called Trump's agenda for a second term 'really scary' Trump calls his civil fraud verdict a ‘form of Navalny’
(DBN)

Biden admin was working behind closed doors to dissuade Russia from testing space weapon Why Congress's Fears of Russian Space Nukes Is Political Theatre
(DBN)

American ballerina Ksenia Karelina is detained for 'high treason' in Russia by Putin's feared FSB security accused of raising $51 for the Ukrainian army and could face 20 years in jail if found guilty
(DBN)

Estonia detains 10 people suspected of committing sabotage on orders from Russia
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MENA:

Prince William: Gaza fighting must stop ‘as soon as possible’ US circulates rival UN resolution for temporary Gaza cease-fire US vetoes UN Security Council resolution calling for Israel to implement cease-fire The US is ready to call for a ceasefire in Gaza. Does it matter? A UN agency says it can’t deliver aid to northern Gaza because of chaos, and famine fears are rising How Israel’s war went wrong
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‘They Are Truly a People Without a Land or a Refuge’
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Escape to Egypt: Did Hamas leader Yahya Sinwar flee Gaza?
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Middle East escalation fears spike as Houthis launch most damaging attack yet
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China:

China's biggest banks are finally getting scared by the West's sanctions against Russia
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India:

A third of withdrawn insolvency processes fully settled, says IBBI
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