May 17, 2024

The Daily Bankruptcy News

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Law:

Law firms see increased demand and profits in early 2024, reports show
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The Biglaw & Boutique Firms That Are The 'Best Of The Best' When It Comes To Cost Control (2024)
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Top Partner Pay at Simpson Thacher to Breach $20M
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Quinn Emanuel propels NQ pay to £180,000, distressing other lawyers
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Cash-strapped California bar weighs cutting ties with NCBE, teaming with Kaplan on test-writing California shelves plan to create its own bar exam
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Record $41M Jury Verdict Awarded to Lawyer for Medical Malpractice Claims
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Tesla told law firm ‘relationship about to be terminated’ in spat over law professor brief – email
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We're content with WFH lawyers, claim clients
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Gowling WLG joins 'Of course' craze to convey the joy of office
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Trump pardon couldn't save GOP county chairman supported from having law license suspended
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Legal community ‘bamboozled’ by woman who allegedly posed as attorney for years
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Why My Spouse Joins Me On My Business Trips
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Biglaw Firm Opening New Crypto Office
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Lawsuit Alleges Biglaw Partner Duped By Con Man -- Or Worse
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Staring At The Heavens Has Its Costs Lawyer who missed deposition while viewing solar eclipse should pay $7,800 sanction, litigant says
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Lawyer writes children’s book based on her childhood in Nigeria
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Should paralegals fear artificial intelligence?
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Defense confronts Cohen about Stormy Daniels payment call Michael Cohen's questioning escalates into fireworks on the stand Trump trial finish line nears Cohen gives Trump his best day in hush money trial so far Trump defense in hush-money trial scores points against Michael Cohen on credibility Trump Defense Gets Boost From Aggressive Cohen Cross-Examination Trump prosecutors' hard evidence bolsters Michael Cohen's testimony, experts say At least 9 GOP lawmakers are at Trump trial, which could be a problem for Republicans Trump appears to smirk as his lawyer grills Cohen on secret recordings Outside court, Trump goes after prosecutor on Manhattan DA's staff and defies gag order Trump Surrogates Go Wild Outside Court Attacking Judge’s Family – Call Key Witnesses ‘A Felon and a Hooker’ Lauren Boebert turns up to Trump trial just days after her son appeared in court on felony charges without her House Republicans "curry favor" with Trump trial visits
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Why Trump's attorneys keep filing motions that are destined to fail
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Discovery order in Jan. 6 case leaves Trump little room to sidestep police, lawmakers
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Alleged ‘deal’ offer from Trump to big oil could save industry $110bn, study finds
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$60 Trump Bibles Include U.S. Constitution... Minus All The 'Equal Protection' Or 'Presidential Term Limits' Stuff
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Trump asks NY high court to intervene in gag order fight
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Biden shields audio of special counsel interview from House Biden invokes executive privilege on special counsel recording demanded by GOPGOP
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5 takeaways from the opening of Sen. Bob Menendez’s corruption trial
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Biden takes another step to fast-track asylum process for border crossers Schumer moving to give cover to Biden, Dems on border action
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Jeffrey Epstein's 'little black book' is now for sale
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Judge to rule on Alec Baldwin bid to avoid 'Rust' trial
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Mystery in the Alps: A Chinese Family, a Swiss Inn and the World’s Most Expensive Weapon
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‘Tsunami of hate’ flooding Kentucky and its colleges as antisemitism rates soar
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Another state approves death penalty for child rape
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Case dropped against woman who said she thought bleach in boyfriend's tea was 'sugar'
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Forced to give birth after rape, Honduran woman seeks UN remedy
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Americans divided as Supreme Court weighs abortion pill access, Reuters/Ipsos poll finds
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Texts show ex-wife, friend laughing and hoping murdered Microsoft exec would 'disappear'
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US Citizen Helped NKorea Infiltrate 300 US Firms
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Gov. Greg Abbott pardons ex-U.S. sergeant who killed BLM protester Greg Abbott Blasted for New Pardon: 'Worse Than Rittenhouse'
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Judges:

Clerk of Court - Vacancy Announcement for Texas Northern Bankruptcy Court
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Bankruptcy Judgeship Opportunity - District of Idaho
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Judge Asks The Quiet Part Out Loud, Probably Shouldn't Have
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At Justice Alito’s House, a ‘Stop the Steal’ Symbol on Display Upside-down US flag flew at home of Justice Samuel Alito after 2020 election
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Supreme Court upholds Consumer Financial Protection Bureau, rejecting GOP challenge Gorsuch, Alito break from conservatives on CFPB ruling SCOTUS upholds funding scheme for consumer agency; ‘the framers would be shocked,’ Alito dissent says CFPB Funding Held Constitutional, Samuel Alito Gets Dragged For Saying Otherwise Justices Thomas and Alito clash over constitutionality of funding for Obama-era agency
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Driver won’t obey judge’s order to apologize for his command to police officer
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Corporate Reform:

Supreme Court rules CFPB funding structure is legal CFPB v. CFSA Analysis Despite consumer watchdog's US Supreme Court win, agency powers still on chopping block
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Wall Street:

Dow futures are little changed after blue-chip average touches 40,000 for first time
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U.S. stock market hits another record high as inflation cools "Big psychological boost": Dow vaults above 40,000, setting new record
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Layoffs:

Under Armour is laying off workers as retailer says North America sales will plunge this year
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Yelm school district: 120 teacher layoffs
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Toshiba to cut 4,000 jobs in restructuring drive
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Spirit AeroSystems to lay off hundreds of hourly employees in Wichita
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Herbruck's Poultry Ranch culls 400 workers in mass layoff after farms hit with bird flu
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Wood Pellets:

Bankruptcy snares municipal bonds for wood pellet operator
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Student Debt:

Refinancing student loans could lead borrowers to miss out on forgiveness, experts say
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Solar:

Biden Seeks to Bolster Solar Manufacturers With Tax and Trade Moves
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Utilities:

PREPA judge rejects motion on payment capacity
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Fintech:

A US Trustee wants troubled fintech Synapse to be liquidated via Chapter 7 bankruptcy, cites ‘gross mismanagement’
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Hotels:

The iconic Mirage in Las Vegas is closing after 34 years
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Autos:

Hertz sold a bunch of Teslas and it turns out they're all kinds of trouble for their new owners
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Tesla Must Face Lawsuits Over Self Driving Claims
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Connected cars’ illegal data collection and use now on FTC’s “radar”
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Sports:

Backlash over NFL player Harrison Butker’s commencement speech reaches new level
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Movie Theaters:

AMC Entertainment creditors brace for maneuvers following revolver expiration
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Economy:

Average consumer carries $6,218 in credit card debt — delinquencies rise
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Top economists give clues on what's next for global inflation
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Fed’s Mester Suggests Interest Rates Should Stay High for Longer
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Fed’s Kashkari Says Rates Likely On Hold for a ‘While Longer’
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Industrial Production Unchanged in April U.S. Industrial Production Unchanged in April
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Weekly Initial Unemployment Claims Decrease to 222,000
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Mitt Romney Tells MSNBC There’s ‘No Question’ That ‘The Economy Is Strong’ and ‘Doing Well’
(DBN)

How the U.S. spends trillions being the world’s ‘top cop’
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Billionaire investor Ray Dalio warns U.S. is ‘on the brink’ and estimates a more than 1 in 3 chance of civil war
(DBN)

House GOP looks to undercut McCarthy-Biden deal for 2025 funding
(DBN)

U.S. should keep open trade, work with China to resolve disputes, says IMF China is a ‘critical’ global supplier, full decoupling may be impossible, survey shows
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The Pentagon's growing costly headache: Cheap drones
(DBN)

Key Conservative Group Advises Trump: More Tax Cuts, No Tariffs
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California Is Not Actually A High-Tax State According To New Study
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Heritage Foundation Coming for Social Security
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US Debt Clock
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World Debt Clock
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Real Estate:

Realtor.com Reports Active Inventory Up 35.0% YoY; Most Home For Sale Since August 2020
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MBA: Mortgage Delinquencies Increased Slightly in Q1 2024
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Single Family Starts Up 18% Year-over-year in March; Multi-Family Starts Down Sharply YoY
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Housing Starts Increased to 1.360 million Annual Rate in April
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Looking to purchase a home? These U.S. cities are the most buyer-friendly.
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North Texas has five of the 15 fast-growing cities in U.S.
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Oil/Gas:

US Shale Patch is Under-Hedged for Lower Prices
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Why Trump allegedly asked Big Oil for $1 billion when he’s offered them everything
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Tech:

Kirkland Aids Billionaire Frank McCourt’s TikTok Bid Plan
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Microsoft highlights a growing AI data problem
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Elon Musk's Neuralink Patient, Noland Arbaugh, Shares His Journey From Paralysis To Cyborg: 'Once You Get A Taste For Using It…'
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AI eats the web
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Nursing Homes:

Long term care facilities are closing and struggling to stay open
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House Republicans introduce measure to overturn nursing home staffing rule
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Consumer Finance:

Supreme Court brushes off payday lenders' challenge to consumer watchdog's funding
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Banking:

FDIC's Gruenberg would likely get fired if he was a CEO
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Retailing:

Recent Retail Industry Bankruptcy Cases
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US retail sales unexpectedly flat in April
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Walmart surges to all-time high as earnings beat on high-income shopper, e-commerce gains Affluent consumers are creating a ‘bubble’ at Walmart, warns retailer’s former U.S. CEO Bill Simon
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Wayfair to open first large store, as physical locations make comeback
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As CVS and Target lock essentials behind antitheft glass, some shoppers turn to Amazon
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Religion:

Pope Francis says US Catholic conservatives have 'suicidal attitude'
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Healthcare:

Steward Outlines Process To Sell, Auction Hospitals In Wake of Steward Health Care Bankruptcy, Markey, Sanders Urge HHS to Stand Ready to Provide Support to Help Ensure Access to Care Mass. House takes aim at Steward Health Care hospital crisis with policy response
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Essential cancer treatment company files Chapter 11 bankruptcy
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Cannabis:

Justice Department formally moves to reclassify marijuana as a less dangerous drug in historic shift Easing marijuana restrictions takes first step forward at Justice Department
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Coal:

The U.S. just took its biggest step yet to end coal mining
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Crypto:

The rise and fall of Canada's 'Crypto King' Aiden Pleterski
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FTX’s defunct token sees skyrocketing volume following positive creditor news
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Alameda’s Sam Trabucco Breaks Silence to Support FTX’s Ryan Salame
(DBN)

Earning "free money" in crypto has gotten convoluted
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Crypto has become one of the most powerful forces in political donations.
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Climate:

"Zombie fires" re-emerge in Canada, a legacy of the 2023 fire season
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Hazardous heat engulfs Florida with feels-like temperatures reaching 115 degrees in Key West
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Gavin Newsom, during his speech at the Vatican on climate change, accuses Trump of 'open corruption'
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4 dead as severe storms hit Houston area; nearly 1 million without power in Texas Windows blown out of downtown Houston skyscraper due to severe weather CenterPoint Energy overwhelmed as close to 900,000 power outages reported across Harris County Flooding could deluge the Gulf Coast after storms kill at least 4 and leave over 1 million without power
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'Hot even for Florida natives' as heat wave builds
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World's oceans have gone 'crazy haywire,' officials warn, with majority of coral reefs in peril
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Deadly Heat Covers Northern India
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Rice Rallies Toward 15-Year High as Weather Again Batters Crops
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Fraud:

Jefferies Risk Manager Balked at Archegos Cash Plea: ‘What’s the Emergency?’
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Food/Beverage:

Foxtrot’s Implosion Was Spectacular and Surprising—To Some
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Beyoncé Gets Dragged Into Red Lobster Collapse Red Lobster Is in Trouble
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Cracker Barrel is the latest restaurant chain to signal trouble ahead as it sees fewer diners
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No, Chili's isn't closing its doors. But a lot of big chain restaurants are shutting locations
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New Bankruptcy Opinions
(6 new opinions today - DBN)

Bankruptcy Court Web/Pacer Site Directory

Recent Ch. 11 Filings (20 new filings today)
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Recent Ch. 11/9/12/15 Adversary Proceeding Filings (121 new filings today)
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Chapter 11 Bankruptcy Case Studies
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Bankruptcy Statistics:

California leads all states for highest bankruptcy risk to seniors
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Pensions:

New DOL Guidance Extends Abandoned Plan Program to Bankruptcy Trustees
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Subchapter V:

Sub V Task Force Report In A Nutshell: Part 3—Compensating Debtor’s Attorney After Debtor Removed From Possession
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Bankruptcy Research:

Restructuring Support Agreements: An Empirical Analysis
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Third Party Releases:

Not All Third-Party Releases Are the Same
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Mass Torts:

A Catholic deacon preyed on a boy. Now in prison, the victim files in church’s bankruptcy.
(DBN)

Judge rules clergy sex abuse survivors will have to wait to tell their stories in court
(DBN)

McKinsey consulting firm to face negligence claims from pregnant mothers over opioid crisis
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Aviation:

Biden signs sweeping aviation safety, reform bill into law
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Airfares Can Only Keep Rising Due to Supply Chain Problems, ING Says
(DBN)

New American Airlines flight attendants are paid shockingly low wages
(DBN)

Air Vanuatu owes creditors at least $120m; has sole international aircraft repossessed
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Education:

Morehouse College might halt graduation ‘on the spot’ if there are disruptions when President Biden speaks
(DBN)

As conservatives put religion in schools, Satanists want in, too
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Suburban schools becoming less white, more Latino Latino students are the most segregated they've been since 1968 It’s been 70 years since Brown v. Board of Education. The US is still trying to achieve the promise of integration
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Columbia University faculty passes vote of no confidence in President Shafik
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Politics:

Trump, allies are laying the groundwork to contest potential election loss
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Fox poll shows Trump leading Biden by 1 point; holds bigger lead with RFK Jr.
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Biden-Harris campaign accepts VP debate invite from CBS
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Biden's record regulation blitz
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Lara Trump says debates ‘rigged so heavily’ in Biden’s favor
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House hearing on Garland devolves into chaos involving AOC, MTG & Crockett: ‘Are your feelings hurt? Aww’ ‘I’m not apologizing’: Marjorie Taylor Green clashes with Ocasio-Cortez as hearing devolves into chaos
(DBN)

Gaetz echoes Trump’s Proud Boys call to ‘stand back and stand by’ amid courthouse appearance
(DBN)

Three-quarters of Texans think ‘extreme conservative agenda’ has captured state, poll finds
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GOP lawmaker says Biden ‘must’ve been jacked up’ during State of the Union
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Why Native American tribes are banning Kristi Noem
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The Antisemitism Awareness Act bars the teaching of modern Jewish history
(DBN)

Republican congressman files for divorce amid rumored relationship with fellow House GOP colleague Georgia Republican files for divorce from glamorous oncologist after seven children - as a GOP member reveals he's been 'caressing a colleague on the House floor' - and scorned wife offers cryptic text
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Larry Hogan says he's 'pro-choice' and supports enshrining abortion rights in federal law
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Pence secures taxpayer funds for his defunct White House campaign
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Personal Finance:

Atlanta is best place to start a career right now, analysis finds
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Sovereigns:

IMF says Sri Lanka yet to finalize deal with bondholders and creditors Debt Restructuring Talks With External Bondholders Ongoing; Official Creditor Deals Await Finalization: IMF
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UK:

Record number of people take out debt relief orders in April
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Construction tops fresh insolvency table
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The cash-grabbing craze bankrupt Katie Price & millionaire Molly Mae use to ‘look more relateable’ & why it’s backfired
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Scots face huge council tax rises and service cuts to fill town hall funding black hole
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UK charges nine in crackdown on "finfluencers"
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EU:

Europe's Giant Bet on Green Hydrogen is Full of Holes
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Ireland:

Company failures soar by nearly a fifth amid construction and hospitality woes
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MENA:

Gaza pier ready to receive humanitarian aid shipments, U.S. military says US military anchors pier to Gaza; aid expected within days U.S. military says trucks have started bringing aid into Gaza over American-constructed pier
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Israel’s War-Cabinet Rift Bursts Into Open Over Postwar Gaza
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House to vote on requiring delivery of bombs to Israel in GOP-led rebuke of Biden policies
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Israel accuses South Africa of false claims at ICJ
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Russia:

Putin courts Xi in effort to pull off geopolitical "coup"
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'The world's fault': Zelenskyy speaks out amid Russian assault
(DBN)

As Russia Advances, NATO Considers Sending Trainers Into Ukraine
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Russia Halted by First Line of Kharkiv’s Defense, Zelenskiy Says Ukraine's defense lines stretched as Russian troops advance Exclusive satellite images show destroyed Russian jets and building at Crimean airbase
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China:

China consumption slows as retail sales and investment data disappoint China Consumption Unexpectedly Slows in Warning Sign to Economy
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PBOC to Provide $42 Billion for State Purchases of Unsold Homes
(DBN)

China Removes Mortgage Rate Floor for Individual Homebuyers
(DBN)

Country Garden to Begin Court Battle Against Liquidation Threat
(DBN)

China Home Prices Fall at Faster Pace Despite Revival Efforts
(DBN)

China's Housing Crash Could Set Back Millions of Promising Careers
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India:

Navigating the labyrinth: Cross-border insolvency regime in India
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France:

French Unemployment Remains at 7.5% in Setback for Macron
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Police fatally shoot a man suspected of planning to set fire to a synagogue in France
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