January 12, 2024

The Daily Bankruptcy News

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Due to the Martin Luther King Day holiday, The Daily Bankruptcy News will not publish on Monday, January 15, 2024



Law:

Significant shifts in law firm market, including generative AI, pose challenges: 2024 report on the state of the US legal market by Thompson Reuters
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Dealing With The Rising Cost Of Outside Counsel
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Buchanan Taps Real Estate and Bankruptcy Chair as Next CEO Buchanan Announces Leadership Transition Buchanan Ingersoll & Rooney Names James Newell as New CEO
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Across Biglaw Firms, The Future Really Is Female
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Trials And Tribulations Of Girardi And Trump
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Lawyer who argued cocaine can be beneficial now says he should have retained counsel in ethics case
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Another Major Biglaw Firm Thinking About Ditching Lockstep Partner Compensation
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Revolving doors: Linklaters makes bold US play as new year recruitment picks up
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Former Davis Polk Employee Testifies In Racial Discrimination Trial That Fired Associate Was Too Relaxed In Bias Trial, Davis Polk Partner and Manager Lift Curtain on Associate Evaluation
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Virtual Law Firms Evolve So Fast They Risk Their Own Destruction
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These are the most notable legal terms of 2023, legal writing coach says
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A&O Shearman To Move Into Shearman’s New York Office Space Post-Merger
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Judge orders lawyer into retirement for bringing election lawsuit he knew 'lacked merit'
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Retiring Reluctantly: As lawyers age, many struggle with exit strategies
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Clyde & Co fined £500,000 for anti-money laundering failures
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Slaughter and May clamps down on office-dodging lawyers
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'Drastically Different' Associate Strategies in Big Law and Midsize Firms May Continue in 2024
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Will ‘bombshell’ allegations of romance between Georgia DA, special prosecutor lead to tossed charges?
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Northwestern law prof’s $5K charitable donation isn’t substitute for attorney fees sanction, federal judge says
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Thomson Reuters’ Message To Law Firms: Adapt To Market Changes Or Become The Pan Am Of Legal
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Florida prosecutor ousted by DeSantis gets chance to prove First Amendment claims
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Alter Kendrick & Baron’s Founder Shares Her Thoughts On Breaking Into And Thriving In A Male-Dominated Practice Area
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Have Lawyers Considered Telling Bill Ackman To Shut Up Because He's Just Making Everything Worse?
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Trump gets his way in closing arguments at NY fraud trial, calling himself a 'victim' in surprise remarks Trump lashes out at judge in closing arguments of civil fraud trial Trump cut off by judge after calling N.Y. trial "a fraud on me" Trump lashes out at judge at close of civil fraud trial in New York Trump Wins News Cycle On Road To Losing Civil Fraud Trial The Hilariously Stupid Emails Between Trump's Lawyer & The Judge Over His Closing Argument Request NY AG’s office 'struck gold' when Trump went off the rails in courtroom rant: analyst 'Control your client': Judge warns lawyers after Trump's courtroom rant Judge Engoron got 'under Trump's skin' in courtroom skirmish: CNN's Paula Reid Alina Habba warned to 'stick to the facts' by judge after attack on AG Letitia James Trump's historically illiterate attack on N.Y. AG Letitia James ignites instant ridicule Trump Can't Even Be Bothered To Pretend He Cares About Bomb Threat To Judge In NY Fraud Case Trump leaves court to bash AG James' 'derangement syndrome' from skyscraper he could lose in NY civil fraud trial
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Trump says he plans to attend E. Jean Carroll defamation trial Judge Blocks Trump's Plan To Defame Carroll Some More, But This Time On The Witness Stand
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Trump ramps up attacks on the justice system when trials and key rulings loom, analysis shows
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Hunter Biden pleads not guilty to federal tax charges Trial June 20
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Former King County firefighter who refused vaccine mandate charged in Jan. 6 riot Maryland elections official quits after being hit with Jan. 6 charges
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Texas fences off public park in Eagle Pass without notifying local authorities Texas blocks federal border agents from processing migrants in Eagle Pass public park Greg Abbott Laments That Texas Can’t Shoot Migrants Because Murder Is Illegal More than 100 wild animals trapped by border wall killed in Texas wildfire Negotiators consider expanding expedited deportations as border talks near 'finish line' Chicago: Migrants go without showers, dig for food in trash at city’s ‘landing zone’ as they wait for shelter NYC officials ‘definitely’ considering curfews at migrant shelters amid panhandling complaints
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Woman killed sister-in-law, moved body for years to keep collecting victim's benefits
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Ohio woman who miscarried at home won’t be charged Grand jury refuses to indict
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Democrats Propose Bill to Neuter Militias
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Judges:

Judge Cecelia G. Morris is Recalled by the Second Circuit
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Wall Street:

 

US stocks fall as investors digest hot December inflation report
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Layoffs:

Leaked recording reveals Amazon Prime Video boss warning employees the unit hired too fast, months before layoffs
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Student Debt:

GOP presidential candidates agree: Student loan borrowers shouldn’t get forgiveness
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Biden announces fresh wave of early student debt cancellation for some borrowers
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Maritime:

Red Sea crisis could jeopardize inflation fight as shipping costs spike globally
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British PM briefing Cabinet on possible UK-US strikes against Houthis: Reports
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US, UK air strikes pound Yemen after weeks of Red Sea attacks Dramatic escalation Saudi Arabia 'Great Concern' Houthis vow 'unimaginable' revenge Who are the Houthis and why did the US and UK retaliate for their attacks on ships in the Red Sea?
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Iran seizes Greek tanker, escalating tensions with West
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Climate:

Arctic Blast Set for USA
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America’s Gas Bonanza Brings Biden New Political Dilemmas
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Movie Theaters:

AMC Entertainment has plunged 99% from its meme-stock peak to all-time lows
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Sports:

Latest On Diamond Sports Group Bankruptcy
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Economy:

BLS: CPI Increased 0.3% in December; Core CPI increased 0.3% Consumer prices rose 0.3% in December, higher than expected, pushing the annual rate to 3.4% Here’s the inflation breakdown for December 2023 YoY Measures of Inflation: Services, Goods and Shelter Consumer prices rose more than expected in December, new inflation data shows US inflation edges up, fueled by energy and housing prices, but many other costs rise only mildly
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'Remarkable' surge in auto insurance costs fans US inflation
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Why sticky inflation could prove hard to conquer
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Weekly Initial Unemployment Claims at 202,000
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Biden sells economic strength, but voters aren't buying yet
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$6 Trillion in Taxes Are at Stake in This Year’s Elections
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U.S. deficit tops half a trillion dollars in the first quarter of fiscal year
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The big dumb lie that could wreck the American economy
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The age of stability is over. Are we prepared for the risks to come?
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Mike Johnson faces new threats and demands from GOP hardliners Fox’s Doocy: House GOP in ‘disarray,’ Johnson ‘hanging’ by a thread Some are Planning Mike Johnson's Ouster Mike Johnson faces major test as rebels push to blow up spending deal Johnson flails as Republicans demand consequences for conservative hijacking House conservatives huddle with Speaker Johnson on alternate spending deal Senate GOP caught off guard by talks of alternative spending deal: ‘Good luck’ Jeffries warns that Johnson reneging on spending deal would tank the economy Schumer announces step toward spending stopgap: ‘Crystal clear’ CR is needed
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Congress nears $70 billion tax deal that includes breaks for children and business
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Trump Failed To Deliver On Promised Economic Growth Higher Than 3% So Biden Did It For Him
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The 10 most expensive states to retire in
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The best states to raise a family, ranked
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Culture wars represent one of the biggest business risks in 2024
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Companies rush to define DEI
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Many Companies Doubling Down on DEI Despite Backlash
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Fury as Johns Hopkins Hospital publishes diversity hit list where its DEI chief claims ALL whites, males, Christians, able-bodies people and English speakers are 'privileged'
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US Debt Clock
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World Debt Clock
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Real Estate:

Part 2: Current State of the Housing Market; Overview for mid-January 2024
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Why renters are feeling worse about their finances than homeowners
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Foreclosing on “zombie” mortgages: what lenders and servicers should know
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Municipalities:

Mississippi’s capital is under a boil water order after E. coli bacteria is found in city’s supply
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Oil/Gas:

Hertz is selling 20,000 EVs so it can buy more gas guzzlers
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Renewable energy grows at fastest rate in decades: IEA
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Politics:

Trump loses ground, Haley sees 10-point boost in New Hampshire poll
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Poll: Trump 54% Haley 20% Desantis 13%
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Nikki Haley's secret weapon in Iowa: Setting no expectations
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Trump's history of launching "birther" conspiracy theories against rivals
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Right-wing media's anti-Taylor Swift crusade leaves 'The View' baffled
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How MAGA pastors boost Trump's campaign
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How Michigan explains American politics
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GOP Annihilates Dems in Virginia Election Sweep
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Pentagon inspector general announces review of Austin hospitalization, notification Jeffries says Lloyd Austin should not resign Lloyd Austin’s preference for a low profile was seen as an asset by the White House — until now
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Moms for Liberty school board member busted for shoplifting from Target
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Hunter Biden calls the GOP’s bluff Hunter Biden’s daughter hits back at Greene for ‘lying’ at House hearing Jill Biden: ‘What they are doing to Hunter is cruel’ Hunter Biden is destroying his father’s reelection hopes
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Latest GOP split: Senate leaders hold out as House brass goes all-in for Trump
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Ben Carson says slavery is 'nothing to be ashamed of' while campaigning for Trump
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Why the religious right forgives Trump’s sins
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Lake, Gallego neck and neck in hypothetical Arizona Senate match-up: Poll
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Conservatives allow bills to advance day after floor revolt
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Head of 'Villagers for Trump' imprisoned for signing his dead dad's name to mail-in ballot
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Greg Abbott will use $19 million he raised in 2023 to target anti-voucher Republicans
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Texas Independence Plan Suffers Major Blow
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Court Docs Link Trump Jr. and Navarro to Chinese Financier Donald Trump Jr. linked to Chinese billionaire's bankruptcy: report
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Crypto:

FTX Customers Feel Cheated by Bankruptcy Repayment Plan
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$3 Billion of New Bitcoin Funds Change Hands in First Trading Day
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Bitcoin Climbs to $49,000 as Trading of US Spot ETFs Commences
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Healthcare:

Congressional advisers recommend pay increase for doctors
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Covid kills nearly 10,000 in a month as holidays fuel spread, WHO says
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Retailing:

CVS to close "dozens of pharmacies" inside Target stores
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The last Sears in the New York area is closing. Just over a dozen remain in America
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New Bankruptcy Opinions
(4 new opinions today - DBN)

Bankruptcy Court Web/Pacer Site Directory

Recent Ch. 11 Filings (14 new filings today)
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Recent Ch. 11 Adversary Proceeding Filings (4 new filings today)
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Chapter 11 Bankruptcy Case Studies
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Bankruptcy Statistics:

US private equity portfolio company bankruptcies spiked to record high in 2023
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Chapter 11 Bankruptcy Filings Rose 72% in 2023
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Mass Torts:

2024 Could Make or Break 'Creative' Mass Tort Bankruptcies
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SCOTUS:

Supreme Court will consider overruling landmark Chevron deference decision in a fishy case
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Trump's Effort To Pack The Supreme Court Hasn't Panned Out Quite The Way He Hoped It Would
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The Real Value Of A Supreme Court Justice
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Aviation:

FAA investigating if Boeing failed to ensure certain aircraft were safe for operation after door blew on Alaska Airlines plane Civil rights organizations slam Musk over diversity tweets The Real Problem with the Boeing 737 Maker of Boeing door plugs was sued over ‘quality failures' before midair Alaska Airlines blowout
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Alaska Airlines passengers sue Boeing over 737 MAX 9 incident
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Retailing:

New York and California make retail theft a 2024 priority: ‘We mean business’
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Food/Beverage:

99% of Americans live near a Mexican restaurant
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Autos:

Tesla and Hertz tumble as the car-rental company backs down from a big bet on EVs Hertz selloff could be a good time to buy a cheap used EV
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Tech:

Even Bill Gates was surprised by ChatGPT
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Why Apple faces its biggest crisis since it was saved by the iPod
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Education:

Students sue Harvard over ‘rampant’ antisemitism on campus
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Former Fox News Host Gets His Books Banned in Florida
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Florida school book bans hit dictionaries
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From Iowa to Florida, national lawsuits against local book bans begin to gain traction
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Religion:

City orders Brooklyn synagogue to vacate after discovery of radical students’ secret tunnel sparks safety concerns
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Church without God: How secular congregations fill a need for some nonreligious Americans
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Fraud:

Firm Wins Key Ruling in $124M Madoff Clawback Suit
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ESPN operated 13-year Emmy scheme using fake names to get awards for top talent
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Banking:

Big banks mull the unthinkable: suing the Fed
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Pharma:

Bankrupt Generic Drugmaker Endo Secures Court Approval for $600M Opioid Epidemic Compensation Plan
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UK:

Another Labour-run council verges on bankruptcy: Middlesbrough set to ask Government for emergency funding - following Birmingham, Woking and Nottingham ‘Worse and worse’: Bassetlaw Council slams bleak state of Government funding as it faces budget black holes UK city facing whopping 21 percent council tax hike thanks to 'Labour mismanagement' Consequences of council bankruptcy 'unthinkable', says Middlesbrough MP Stoke-on-Trent City Council warns these services WILL be axed without £44m lifeline Newcastle Labour leader accuses Government of 'disregard' for mounting cash crisis facing councils 'Deep Concerns' Raised Over Isle of Wight Council Funding and Delayed 'Island Deal' Hertford Theatre cost crisis puts district at risk of effective bankruptcy
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Katie Price bankruptcy court date 'moved for sixth time' after telling judge 'I'm petrified'
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MENA:

Israel genocide hearing day 1: Key takeaways
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Blinken: The War in Gaza Must End
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US, British militaries launch massive retaliatory strike against Iranian-backed Houthis in Yemen
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Russia:

Russia finds way around sanctions on battlefield tech: report
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British PM in Ukraine and Offers More Support
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Netherlands:

Bankruptcy rate rose 50% in 2023, led by trade and construction
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India:

India cenbank chief bats for financial creditor-led resolution framework
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Pre-pack insolvency resolution adoption among MSMEs seems to be relatively muted: RBI’s Shaktikanta Das
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Germany:

German far-right party leaders planned mass deportation laws with neo-Nazis
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Ecuador:

Americans say their families in Ecuador are trapped by fear amid the war on drug gangs
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Germany:

German Insolvencies Increased Significantly At The End Of 2023
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