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***Bankruptcy in the News will not be published next week. Please look for the next issue on Thursday, June 6.***
Supreme Court & Ninth Circuit:
Supreme Court upholds funding structure for consumer watchdog agency (NPR)
“The U.S. Supreme Court on Thursday upheld the structure of the Consumer Financial protection Bureau, the watchdog agency set up by Congress after the 2008 financial crash to protect consumers from predatory and deceptive practices by financial institutions.”
See also:
Supreme Court rejects broad challenge to consumer watchdog CFPB (Washington Post)
The coming Supreme Court decisions that could ripple across the business world (Yahoo! Finance)
“...And before their summer recess starts in late June, the justices are expected to make rulings that could limit the reach of social media, the ability of other federal agencies to crack down on companies, and the power of bankruptcy courts to shield powerful parties from liability.”
Always Ask for Permission and Never Forgiveness: Court Clarifies Self-Executing Nature of Certain Nondischargeable Debts (Law.com/Commentary)
“In the case of In re Irigoyen, the U.S. Bankruptcy appellate panel for the U.S. Court of Appeals for the Ninth Circuit addressed a matter of first impression associated with this process: namely, the issue of what happens when a debt that may be considered nondischargeable is later determined to be dischargeable, and more importantly, whether efforts to collect such a debt be exempt from penalties for violating the discharge injunction.”
Executive Branch:
CFPB Goes on Offense, Faces Challenges After High Court Win (1) (Bloomberg Law)
“The Consumer Financial Protection Bureau appears on the verge of historic levels of public and private enforcement activity after surviving its latest existential threat at the US Supreme Court.”
Buy Now, Pay Later Needs Credit Card-Like Oversight, CFPB Says (Bloomberg Law)
“Buy now, pay later lenders such as Block Inc.’s Afterpay, Affirm Holdings Inc. and Klarna Bank AB should be treated in some ways like credit-card providers, according to one US financial regulator.”
See also:
Buy-now, pay-later returns and disputes are about to get federal oversight (NPR)
Justice Department Sues to Break Up Live Nation-Ticketmaster (Wall Street Journal*)
“Antitrust enforcers allege the nation’s largest concert promotion and ticketing company abused monopoly and drove up prices for tickets.”
See also:
Department of Justice and 30 states file anti-monopoly lawsuit against Ticketmaster and Live Nation Entertainment (NPR)
U.S. Calls for Breakup of Ticketmaster Owner (New York Times)
Congress:
US House passes crypto bill despite warnings from SEC (Reuters)
“The U.S. House of Representatives on Wednesday passed a bill that aims to create a new legal framework for digital currencies, despite an unusual warning from the U.S. securities regulator it could create new financial risks.”
Banks:
SVB Financial Securities Holders Bemoan Bankruptcy Plan Outline (Bloomberg)
"A group of SVB Financial Group’s securities holders accusing the company of costing them billions by mismanaging its risks challenged its proposed reorganization plan disclosures, saying they lack information on legal protections for insiders and affiliated entities."
See also:
SVB Financial Close to Holding Creditor Vote on Bankruptcy Plan (Bloomberg)
Bankrupt SVB Fights to Keep $1.9B Suit Against FDIC Alive (Law360)
Bank of America to Buy $3.2 Billion of CRE Loans from WaFd Bank (Bloomberg)
"Bank of America Corp. agreed to purchase about $3.2 billion of multifamily loans from Washington Federal Bank at a discount, as regional banks look to reduce their exposure to commercial real estate."
BMO Harris Challenges Ponzi-Scheme Verdict Before 8th Cir (Bloomberg)
"BMO Harris Bank urged a federal appeals court at oral argument Thursday to throw out a $564 million jury verdict against it for a predecessor’s role in the $3.8 billion Ponzi scheme orchestrated by disgraced former businessman Tom Petters."
Small Businesses:
Small-business owners will lose a Covid-era option for bankruptcy filings unless Congress acts (Puget Sound Business Journal*)
“The program, called Subchapter V, was created to enable businesses with less than $2.75 million in debt to go through the Chapter 11 bankruptcy reorganization process in a streamlined way…The upper limit reverts to $2.75 million after June 21 unless Congress once again extends it. It's been extended twice previously.”
Housing:
Zombie 2nd mortgages are coming to life, threatening thousands of Americans' homes (NPR)
"Under our methodology, we counted a mortgage as a zombie mortgage if it defaulted more than a decade ago and a Notice of Intent to Foreclose was filed between January 2019 and July 2023....Higher home prices wake the zombies..."
Rent Is Harder to Handle and Inflation Is a Burden, a Fed Financial Survey Finds (New York Times)
“The Federal Reserve’s 2023 survey on household financial well-being found Americans excelling in the job market but struggling with prices.”
Realtors Partied, Spent Big and Lobbied Hard. Then It All Came Crashing Down. (NOTUS)
"Realtors — especially those representing buyers — once looked poised to go the way of travel agents and bank tellers: made obsolete by the self-serve nature of the internet. Those predictions underestimated the steps the real estate industry would take to protect itself."
Healthcare:
A Hospital’s Slow Death: As Beth Israel Shrinks, Patient Care Suffers (New York Times)
“Amid a standoff with the state over whether Beth Israel Hospital will close, severely ill patients keep arriving to a hospital that cannot always care for them.”
Cryptocurrencies:
NY Reaches $2B Settlement With Bankrupt Crypto Lender Genesis (Law.com)
“The settlement resolved a lawsuit James' office filed in state Supreme Court of Manhattan in October, and establishes a victims' fund for Genesis' creditors, with the firm neither admitting or denying the allegations.”
Scammer Cops to SIM Scheme Including $400M Crypto Theft (Law360)
"A Colorado woman on Thursday pled guilty in D.C. federal court for her part in a SIM swapping scheme that appears to encompass more than $400 million stolen from the now-bankrupt cryptocurrency exchange FTX."
Energy:
Fracking Services Co. Nitro Hits Ch. 11 After IP Trial Loss (Law360)
“Oil and gas fracking services provider Nitro Fluids LLC filed for Chapter 11 protection in a Texas bankruptcy court with more than $50 million in debt, months after a jury found it had infringed another company's patents.”
See also:
Struggling oil and gas company files for Chapter 11 bankruptcy (The Street)
Contractor For Exxon, QatarEnergy LNG Venture Hits Ch. 11 (Law360)
“The general contractor for a liquefied natural gas project co-owned by Exxon Mobil Corp. and QatarEnergy filed for Chapter 11 protection in Texas bankruptcy court Tuesday with more than $1 billion of debt, saying it intends to use the court process to back out of the Texas venture.”
Biden releases 1 million barrels of gasoline in bid to lower summer costs (Washington Post)
“The move underscored the White House’s attempts to tame consumer prices, especially with voters feeling sour on the economy.”
Citgo’s Venezuelan Parent Weighing Bankruptcy to Slow Sale (1) (Bloomberg Law)
“Venezuela’s opposition is weighing a move that would slow the sale of oil assets under its control by having Citgo Petroleum Corp. ’s holding company file for bankruptcy in the US, according to people familiar with the deliberations.”
Hospitality / Restaurants / Travel:
Red Lobster files for bankruptcy after missteps including all-you-can-eat shrimp (NPR)
"Almost 580 locations in the U.S. and Canada are expected to stay open through the process, employing about 36,000 workers. Last week, dozens of other Red Lobster locations closed abruptly."
See also:
Red Lobster Hit With Proposed Class Action Over Mass Layoffs (Bloomberg Law)
Red Lobster Owner Disputes ‘Endless Shrimp’ Deal Allegations (Bloomberg Law)
Just how much have fast-food prices jumped in 5 years? (Seattle Times)
“Over the past five years, prices for popular menu items at chains like McDonald’s and Taco Bell have risen dramatically. The cost of a Big Mac or a Chalupa has doubled since 2019, according to archived and current pages of the Fast Food Menu Prices online tracker.”
Cruise ship rescues tourists left stranded by airline filing bankruptcy (The Street)
“Nothing is worse than being in a country with only one airline and then discovering that it has filed for bankruptcy. That is precisely what happened when a small South Pacific nation’s signature carrier Air Vanuatu announced that it was canceling all flights and filing for bankruptcy protection after failing to meet the ‘extended maintenance requirements’ required for the four planes currently in its fleet.”
Retail:
Tommy's Boats Hits Ch. 11 After Alleged M&T Bank Default (Law360)
“Boat and water sports retailer Tommy's Boats has filed for Chapter 11 protection in Texas bankruptcy court, listing up to $500 million in debt after allegedly breaching an agreement with lender M&T Bank.”
Student Debt & For-Profit Colleges:
Biden Cancels Billions in Student Loan Debt, a Centerpiece of His Campaign (New York Times)
“The announcement applied to 160,000 borrowers and brings the total debt canceled by the administration to $167 billion.”
Colleges Ramp Up Debt Sales in Frenzied Race for New Students (Yahoo! Finance)
“US university students are up to their ears in debt. And, increasingly, so are many US colleges. From small liberal-arts schools to giant universities, America’s ivory towers are on a borrowing binge as part of an effort to spruce up their campuses and lure the next generation of students.”
Elizabeth Warren wants more student loan borrowers to know bankruptcy is easier now (NBC)
“Senator Elizabeth Warren, D-Mass., wants the U.S. Department of Justice to do more to educate student loan borrowers about the new, easier path to filing for bankruptcy.”
Full 5th Circ. Urged To Rethink Blocking Student Loan Rule (Law360)
“The U.S. Department of Education has asked the full Fifth Circuit to reconsider a recent preliminary injunction a three-judge panel ordered blocking changes to a program providing student loan forgiveness to borrowers defrauded by higher education institutions.”
Big Pharma / BioTech:
Johnson & Johnson Talc Bankruptcies Abused System, Suit Says (1) (Bloomberg Law)
“Johnson & Johnson’s repeated attempts to use the US bankruptcy courts to corral lawsuits accusing it of selling cancer-causing baby powders is an abuse of process that keeps former users from getting their day in court, according to a lawsuit.”
Puerto Rico:
1st Circ. Affirms UBS Win In Puerto Rico Pension Fight (Law360)
“The three-judge panel's opinion on Tuesday, penned by U.S. Circuit Judge Lara Montecalvo, upheld a lower court's injunction that found the pensioners' pre-bankruptcy claims against the investment bank were derived from harms suffered by the pension plan provided through the Employees Retirement System of the Government of the Commonwealth of Puerto Rico program, and not from any direct injury that would give the plaintiffs an avenue to bring an action on their own.”
Other Bankruptcy News & Analyses:
Top-Ranking Lenders See Diminishing Recoveries in Bankruptcy (Pro Bankruptcy/WSJ*)
First-lien creditors in bankrupt companies are getting less than half their money back in some chapter 11 cases
Cleaning Products Maker Supply Source Files For Ch. 11 (Law360)
“Cleaning products company Supply Source Enterprises has told a Delaware bankruptcy court that it is seeking a sale in Chapter 11 to deal with $180 million in debt after overestimating the post-pandemic market for cleaning products.”
See also:
Pandemic Run on Cleaning Items Ends in Bankruptcy for HIG Unit (Bloomberg Law)
Historic NYC Office Building Hurt by Covid Files Bankruptcy (Bloomberg Law)
“The owner of a historic office building in Manhattan’s Financial District has filed bankruptcy to sell the property, which has been subject to foreclosure and suffered from a lack of tenants due to the Covid-19 pandemic.”
Colombian Consumer Lender Hits Ch. 11 To Trim $55M Of Debt (Law360)
“Colombian consumer lending giant Credivalores-Crediservicios filed for bankruptcy in New York on Thursday, with a prepackaged Chapter 11 plan to cut $55 million from its balance sheet and emerge from bankruptcy next month.”
Illinois trucking companies file for Chapter 11 bankruptcy protection (Freight Waves)
“Sister companies Patriot Transport, Expeditor Systems plan to reorganize.”
Data Research Firm Dynata Hits Ch. 11 With Over $1B Debt (Law360)
“Global data provider and market research company Dynata LLC filed for Chapter 11 bankruptcy in Delaware on Wednesday with $1.4 billion in total debt, blaming a business slowdown on a steep drop in M&A deals, post-pandemic struggles to rebuild its base of survey-takers and a failure to keep up with rivals.”
Bankruptcy Judge Jones Asked Jackson Walker to Make False Statement, Law Firm Alleges (Pro Bankruptcy/WSJ*)
“Houston Judge David R. Jones asked a Jackson Walker partner to misrepresent his relationship with another of the firm’s lawyers, the law firm says in a court filing.”
Bankruptcy and Indubitable Equivalent Value—When Is a Prior Value Determination or Stipulated Value Not the Value of the Business? (Law.com/Commentary)
“A forensic accountant, litigation consultant or a business valuation expert is often tasked with the prospect of ‘interpreting’ clauses in an agreement from a financial point of view without expressing a legal opinion…One aspect of the dispute…centered around the term indubitable equivalent value for a Class 5 creditor in the context of a debtor’s fifth amended Chapter 11 plan and objection to confirmation filed by creditor. The U.S. Bankruptcy Court, Middle District of Florida, Jacksonville Division (the court) opined on that issue…”
Economy:
Some consumers are punting big purchases like pools and mattresses (CNBC)
"American adults have been increasingly delaying spending in areas like home improvement and electronics compared with before the pandemic."
Household Debt, Delinquencies Signal Trouble, Fed Survey Shows (Bloomberg)
"Overall US household debt rose to $17.7 trillion, according to the Federal Reserve Bank of New York’s Quarterly Report on Household Debt and Credit released Tuesday."
High Interest Rates Are Hitting Poorer Americans the Hardest (New York Times)
“The economy as a whole has proved resilient amid the highest rates in decades. But beneath the surface, many low- and moderate-income families are struggling.”
It's not just housing: Another soaring cost is squeezing employees (Puget Sound Business Journal*)
“For many workers, the costs are eclipsing mortgage and rent prices — which have been rapidly rising themselves. In turn, the high costs and lack of access to affordable care is limiting labor pools at a time when many businesses are still facing hiring difficulties.”
A big survey asked Americans about their finances. Here are some trouble spots (NPR)
“Child care is a significant expense…2 in 3 Americans say inflation has made their finances worse…1 in 3 Americans couldn't cover a $400 surprise expense…Double-digit price increases in home insurance.”
Grocers are finally lowering prices as consumers pull back (Washington Post)
“Retailers like Target, Walmart and Aldi have begun rolling back costs in their food aisles and on other household staples.”
Consumers are so demoralized by inflation and high rates that they’ve given up on saving for the American Dream and are spending money instead, economist says (Yahoo)
"The latest reading of the University of Michigan's survey showed sentiment plunged to a six-month low of 67.4 in May from a final reading of 77.2 in April as Americans cited stubbornly high inflation and interest rates, as well as fears that unemployment could rise."
Celebrities / Entertainment / Sports:
Prince Harry and Meghan Markle’s charity foundation declared delinquent (Seattle Times)
“Prince Harry and Meghan Markle’s Archewell Foundation has been forced to suspend operations at least temporarily after failing to file timely tax returns and other documents and being declared 'delinquent' by California authorities.”
MLB, NHL, NBA Doubt Bally Sports Parent Can Reorganize (Law360)
"The bankrupt parent of Bally Sports-branded regional sports networks touted the extension of a carriage contract with DirecTV Wednesday in Texas bankruptcy court, at the same time that the parent company's partners in major American sports leagues expressed skepticism about its ability to successfully reorganize."
Alex Jones Atty Escapes Suspension, For Now (Law360)
"The Connecticut Appellate Court on Thursday threw out the six-month suspension of Norm Pattis, the lead attorney in Infowars host Alex Jones' Sandy Hook Elementary School defamation trial, ordering new proceedings against the attorney for supervising the transmission of the victims' confidential records to other Jones lawyers."
Giuliani Creditors Target Billionaire Radio Station Owner (Bloomberg)
"Rudolph Giuliani’s creditors are trying to obtain documents from the billionaire owner of the radio station that recently canceled the former New York mayor’s show."
See also:
Giuliani bankruptcy judge frustrated with case, rebuffs attempt to challenge $148 million judgment (AP News)
Pixar Lays Off 175 Workers as It Returns Its Focus to Films (New York Times)
“The animation studio, which has struggled over the past few years, will stop making original shows for Disney+.”
Graceland foreclosure sale halted as Presley estate’s lawsuit moves forward (AP)
“A judge on Wednesday said Elvis Presley’s estate could be successful in arguing that a company’s attempt to auction Graceland is fraudulent as he halted a foreclosure sale of the beloved Memphis tourist attraction.”
Controversial former NFL star nearly $3 million in debt, bankruptcy filing reveals (KATU)
“According to The New York Post, Antonio Brown filed for federal bankruptcy in Florida Monday. Per the publication, citing a report from Times Union, Brown owes approximately $3 million to eight creditors.”
Retirement:
America is hurtling toward a gray trap (Axios)
"Americans 65 and older will make up more than 20% of the population by 2030, according to Census Bureau projections, up from 17% in 2022. By 2050, they're projected to make up 23%."
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Blog Postings:
LundinOnChapter13.com Weekly Notable Bankruptcy Cases
Credit Slips blog
- CFPB Bitter-Enderism
- Further Thoughts on CFPB v. CFSA
- Not All Third-Party Releases Are the Same
- CFPB v. CFSA Analysis
Freeman Law Insights Blog
- Preclusive Effect of Bankruptcy Claims and Court Orders on Claims Objections
Harvard Law School Bankruptcy Roundtable
- Can Reasonable Minds Disagree? Wesco Sends Uptier Claims to Fact-Finding
- FTX’d: Conflicting Public and Private Interests in Chapter 11
Mediatbankry
- Sub V Task Force Report In A Nutshell: Part 4—Plan Confirmation & The Silent Class
- “Projected Disposable Income” Means What It Says (In re Packet Construction)
- Sub V Task Force Report In A Nutshell: Part 3—Compensating Debtor’s Attorney After Debtor Removed From Possession
- Hazards Of Carelessness In Bankruptcy Fee Agreements (In re Aquilino)
Restructuring GlobalView blog – Squire Patton Boggs
- Assume and Wait – Delaware Bankruptcy Court Approves Debtors’ Novel Lease Assumption Strategy (US)
Rochelle's Daily Wire
- Belated Seventh Circuit Opinion May Set Up ‘Cert’: Is Section 505(a) Jurisdictional?
- District Judge Explains What a Notice of Appeal Does and Doesn’t Do
- Receivership Didn’t Prevent an LLC’s Manager from Filing Bankruptcy for the LLC
- Prefiling Review Ok with BAP as Sanction for Filing Baseless Dischargeability Complaint
- Fifth Circuit Draws ‘Person Aggrieved’ into Question for Appellate Standing
Thompson Coburn Credit Report blog
- Subchapter V Practice in the Eighth Circuit: The First Four Years
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Phoenix is beating the rest of the country on inflation — on paper anyway (NBC News)
"Phoenix is closer to winning the war on inflation than most other cities. And its recent experience bears out what economists and the Federal Reserve have insisted for months but struggled to pin an accurate timeline on: When rents come down, overall inflation usually does, too."
Arizona attorney general investigating bankruptcy leading to auction of state hospitals (AZ Family)
"Arizona Attorney General Kris Mayes announced on Friday that her office is investigating the bankruptcy that’s forcing the auction of several hospitals in the state."
Fintech nightmare: ‘I have nearly $38,000 tied up’ after Synapse bankruptcy (CNBC)
"A dispute between a fintech startup and its banking partners has ensnared potentially millions of Americans, leaving them without access to their money for nearly two weeks, according to recent court documents."
California's biggest cannabis delivery company faces foreclosure (SF Gate)
"California’s largest pot delivery service is in financial trouble after it defaulted on a major loan and now faces foreclosure, according to a document filed in Delaware court earlier this month."
Salesforce Gets Texas Judge to Move Patent Suit to California (Law360)
"For at least the second time in a week, a federal judge in Austin, Texas, has explained why he has shipped a patent lawsuit from his court to the Northern District of California — this time in a case brought by a bankrupt startup against one of Salesforce's brands."
CFPB Fines Debt Relief Co. $400K For Charging Illegal Fees (Law360)
"The Consumer Financial Protection Bureau on Monday ordered Western Benefits Group to pay a $400,000 civil money penalty and permanently cease operations after finding that the company charged illegal advanced fees for student loan debt relief services and falsely told consumers the advanced fees would be applied toward paying down their debt."
Girardi Wants to Probe Jurors' 'Real Housewives' Exposure (Law360)
"Public defenders for Tom Girardi want to ask prospective jurors in his upcoming fraud trial whether they have seen his wife's reality television show and news reporting about his law firm's massive scandal, according to a recent motion in Los Angeles federal court."
Big Sunnyvale office complex is seized by lender as office woes widen (Silicon Valley)
"A big office complex in Sunnyvale that could be replaced by housing has suffered a foreclosure, suggesting the Bay Area’s office market remains feeble."
Contempt motion continued in bankruptcy case involving Wendy McCaw (12 News)
"A judge continued a contempt motion hearing in the bankruptcy case involving Wendy McCaw. The owner of the Santa Barbara News Press filed for Chapter 11 last summer."
California Radio Group Files for Chapter 11 Bankruptcy (RadioLink)
"Financial complications extending from the COVID-19 pandemic have led to a Northern California broadcaster filing for Chapter 11 bankruptcy protection. D&H Broadcasting owns South Lake Tahoe’s NewsTalk 1490 (KOWL-AM) and 93.9 The Lake."
La Golondrina restaurant on Olvera Street closes for good after filing for bankruptcy (ABC7 News)
"More troubles on L.A.'s historic Olvera Street. La Golondrina restaurant announced that it filed for bankruptcy and will not reopen."
Frinj Coffee Declares Bankruptcy to Restructure (Santa Barbara Independent)
"The Santa Barbara–rooted dream of growing a world-class coffee-farming industry in Southern California may not be over, but it’s certainly facing a financial nightmare right now. In January, Frinj Coffee — which was founded by Goleta farmer Jay Ruskey in 2017 and enlisted more than 70 farms across the state to grow beans — filed for Chapter 11 bankruptcy, claiming about $215,000 in assets while listing more than $1.8 million in liabilities."
California leads all states for highest bankruptcy risk to seniors (HousingWire/ Yahoo!Finance)
"Across all states, California poses the highest risk of bankruptcy for Americans ages 65 and older, according to a study released by personal finance website Moneywise."
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Never Again: Popular Clothing Retailer Closing Last Montana Location (KBUL)
“In total, Rue21 will close over 500 store nationwide, including a location inside of the Rimrock Mall in Billings. The company previously filed for bankruptcy in 2003 and 2017.”
Beloved Montana Asian Restaurant Suddenly Closing. What Happened? (My 103.5)
“The Wok has been a staple in Livingston for decades, and locals aren't happy about the announcement that the restaurant will soon close. It's located in the heart of Livingston at 102 N. 2nd Street. Sadly, The Wok will close at the end of the month.”
Montana’s stubborn childcare conundrum (Montana Free Press)
“Childcare shortages are keeping tens of thousands of Montanans out of the workforce. Families, providers, policymakers and higher education are searching for a solution.”
Montana Coal Leasing Site Shut Down, How It Impacts Montana (KYSS)
“The Western Organization of Resources Council sent out a press release this morning stating the Biden Administration's Bureau of Land Management (BLM) ended the federal government's coal leasing at the Powder River Basin in southeast Montana.”
Helena Public Schools cuts 52 teachers after levies fail (Montana Public Radio)
“Helena Public Schools trustees voted to lay off 52 non-tenured teachers during their May 14 meeting. Before the board voted on the cuts, district superintendent Rex Weltz acknowledged the failure of five school levies during the recent school elections.”
With layoffs imminent, Roseburg workers in Missoula visited by state Labor Dept. (Meet Montana)
“With about 150 workers set to lose their jobs at the Roseburg Forest Products factory in Missoula this month, officials with the Montana Department of Labor and Industry paid a visit this week to try to help them land on their feet.”
Nevada ranks 4th in foreclosures (3 News)
"During the first 3 months of 2024, foreclosures were up 12% in Nevada compared to the 4th quarter of 2023."
The Portland Restaurant Closings to Know, May 2024 (Eater Portland)
“Peter Cho’s modern Korean restaurant Toki is shutting its doors this week, and more closings you may have missed.”
See also:
Buckman Bar There Be Monsters Closes After a Near Decade-Long Run (Eater Portland)
Old Town acupuncture college becomes the latest Oregon private school to close (Oregonian)
“After 41 years in operation, The Oregon College of Oriental Medicine, a graduate school for acupuncture and traditional Chinese medicine in Portland’s Old Town, announced last Thursday that it will close.”
Former Liberty Plaza downtown reimagined as “The Forge” (Salem Reporter)
“Renovations are underway to revitalize the property, which has been home to an array of businesses but sat largely vacant since the Covid pandemic, when the Max Fitness that occupied the lower level and portions of the first floor closed.”
Prominent Seattle lobbying firm exits bankruptcy, cuts CEO’s pay (Seattle Times)
“A major Pacific Northwest lobbying and public affairs firm has wrapped up its bankruptcy with a reorganization that will pay off debtors, including $6 million owed to its estranged former co-founder…To resolve the disputes, a final Chapter 11 reorganization plan was filed May 10 in U.S. Bankruptcy Court for the Western District of Washington and approved by Judge Timothy W. Dore.”
Seattle’s Pacific Place mall sells at deep discount (Seattle Times)
“The drop in value is just the latest backslide for the struggling downtown shopping center. The mall underwent a multimillion-dollar renovation that wrapped up in 2020 but has struggled to attract marquee retailers.”
See also:
Anatomy of Pacific Place's Fall (The Stranger)
CDL truck driving school shutters operations, files for bankruptcy (Freight Waves)
“Pacific NW Professional Driving School, doing business as Toro Trucking Academy, filed a Chapter 7 petition, which means it is seeking to wind down operations and liquidate its assets, Wednesday in the U.S. Bankruptcy Court for the Western District of Washington.”
North Face store closure highlights downtown Seattle’s mixed recovery (Seattle Times)
“When Nike closed its downtown Seattle store last year, no one was more surprised than the staff across Sixth Avenue at The North Face… A little over a year later, North Face has followed Nike out of town.”
Can’t keep up with Seattle-area rising food prices? You’re not alone (Seattle Times)
“After four years of high food inflation, many Seattle residents are struggling to afford groceries. In a city where the well-offs have their pick of the best foods and produce at organic and specialty stores, food costs are among the highest in the country.”
Moses Lake lays off 100 teachers after $11 million accounting error (Seattle Times)
“The Moses Lake School Board is not renewing the contracts of about 100 teachers, with more layoffs and program cuts expected, after the failure of the Educational Programs & Operations Levy, an $11 million accounting error and other factors.”
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