U.S. Recurring Jobless Claims Jump to Highest Since End of 2021​​​

Recurring applications for U.S. unemployment benefits rose to the highest level since the end of 2021, adding to evidence that it is taking unemployed Americans longer to find a new job, Bloomberg News reported. Continuing claims, a proxy for the number of people receiving benefits, advanced to 1.96 million in the week ended May 31, according to Labor Department data released today. Meanwhile, a measure of new filings that smooths volatility climbed to its highest level since August 2023. The spike in recurring claims coincides with a slowdown in hiring, suggesting that out-of-work people are struggling to find employment. However, the report covers periods that included Memorial Day and the start of summer school breaks in some states, which tends to make the data more volatile. Read more.​​​​​​

Latest Episode of “Women in Restructuring” Podcast Features Bankruptcy Judge Lisa Beckerman​​​

Bankruptcy Judge Lisa Beckerman (S.D.N.Y.; New York) joins host Sarah Foss of Debtwire to talk about trends emerging in the S.D.N.Y., provide insights on applying to become a judge, and discuss how she earned the nicknames "The Oracle" and "The Professor" at her previous firm prior to joining the bench. Listen to the podcast here.

Don’t miss Judge Beckerman at Tuesday’s New York City Bankruptcy Conference as she will be speaking on a number of panels to talk about key restructuring trends! Register here.

Subchapter V Experiences to Share? ABI Wants to Hear from You!

ABI is continuing its study of Subchapter V, and it needs your help! We are particularly interested in learning more about the real-world impact of Subchapter V. So our question is, do you have a story about a distressed business or creditor who has used or benefited from the subchapter? If so, could that case still happen under the lower debt cap for Subchapter V debtors? Any and all responses are welcome. Submit your story at https://abi.org/subvstories.
 

Commentary: Texas Just Made Derivative Suits a Lot Harder for Shareholders*​​​

Texas Senate Bill 29 (SB29), signed into law on May 14, marks the Texas Legislature’s attempt to “seize this moment” to compete with other business-friendly states like Delaware and Nevada, according to a Texas Lawyer commentary by Ryan Sullivan of Pillsbury. Among its stated goals is to “shield directors from frivolous suits” and create “fair thresholds for shareholder actions.” SB29 now lets a corporation nip discovery in the bud. Before the voting group even determines whether the action proceeds or is dismissed, SB29 allows a corporation to petition for a judicial finding that the voting group is “independent and disinterested.” These changes reduce the potential for expensive, time-consuming discovery by dramatically shortening the time to challenge the voting group’s independence. And by permitting a determination before the voting group decides how to proceed on a shareholder’s demand, SB29 reduces the shareholder’s avenues to challenge the groups’ decision after the fact. Read more. (Free subscription required.)

*The views expressed in this commentary are from the author/publication cited, are meant for informative purposes only, and are not an official position of ABI. 

Crypto Infrastructure Legislation Gets Bipartisan Support from Two House Committees​​​

H.R. 3633, the “CLARITY Act,” a bill aiming to regulate crypto market infrastructure, yesterday advanced through two key House committees with jurisdiction over different regulators, LedgerInsights.com reported. The House Agriculture Committee, which oversees the CFTC, marked up and passed the bill with a vote of 47-6. Shortly afterward, the House Financial Services Committee, responsible for SEC oversight, made its own amendments and approved the legislation 32-19. The two committees must now consolidate their respective changes before the full House can vote on the bill. Click here to review the bill text of H.R. 3633. 

Analysis: Supply Chains Become New Battleground in the Global Trade War​​​

A key lesson from the latest skirmish in the U.S.-China trade war: The era of weaponized supply chains has arrived, the Wall Street Journal reported. Earlier this week, Washington and Beijing ended a standoff involving the most potent new tool in superpower statecraft — export controls. As part of a monthslong trade fight, the two sides choked off the supply of such exports as rare earths or semiconductor technology in a bid to gain an edge. So when Chinese and American negotiators finally met in London to discuss a truce, the talks focused far more on dialing back supply-chain curbs than they did on tariffs, market access and other standard trade-negotiation topics. That shift highlights how the rivalry between the U.S. and China is increasingly about who controls the levers of global economic power. For businesses and investors, the potential for these tools to be used more broadly in the pursuit of geopolitical goals by Washington and Beijing adds another layer of complexity to an economic backdrop already clouded by tariffs. Read more. (Subscription required.) 

Unlock Bankruptcy Law Essentials from Top Industry Professionals with Restructuring Masterclass Program​​​

Restructuring Masterclass is an online, on-demand series of classes specifically designed to cover all the bankruptcy essentials. This program provides a foundation in bankruptcy law for both lawyers and business professionals alike, and sessions are taught by an outstanding faculty of experts who present practice tips and the basic concepts that every professional dealing with insolvency needs to know. Learning the fundamentals of bankruptcy law is an essential practice component for a variety of professions. Subscribe today at restructuringmasterclass.com to explore more than 40 expertly crafted courses, with new sessions being added monthly.​​​​​​

Apply to Become an ABI Journal Coordinating Editor​​​

The ABI Journal Editorial Board is seeking qualified candidates to serve in 2026 as coordinating editors. These editors are responsible for finding authors for specified columns. The ABI Journal has more than 30 columns that run throughout the year. In order to ensure a broad range of submissions, coordinating editors are asked not to solicit or select directly from their firms for all or most of the slots. For more information, visit abi.org/abi-journal. If you are interested, send your resume, a brief letter of interest and a list of preferred columns to ABI Managing Editor Elizabeth A. Stoltz at estoltz@abi.org by June 23. ABI’s Editor-in-Chief and Vice President-Publications will make their selections based on the positions available. ABI membership is required to serve on the editorial board. 

Application and Nomination Period for ABI’s 2025 “40 Under 40” Open Through June 30​​​

The ABI "40 Under 40" annual program continues to highlight the best up-and-comers in the industry. If you are, or know of, a dynamic insolvency professional who is committed to growth and excellence both professionally and in your community, this is one opportunity not to be missed! Applications are due June 30. Click here for more information and to submit a nomination or application. 

Nomination Deadline Is July 15 for the 2025 Judge William L. Norton Jr. Judicial Excellence Award!​​​

Do you know a bankruptcy judge who has also been an outstanding educator, writer or scholar? Nominate that judge for the 2025 Judge William L. Norton Jr. Judicial Excellence Award, presented annually by ABI and Thomson Reuters. Named for former bankruptcy judge and longtime author William L. Norton Jr., the award — which includes a $5,000 Thomson Reuters donation in the recipient’s name to the ABI Endowment for Education — will be presented in September at the annual meeting of the National Conference of Bankruptcy Judges. The deadline for 2025 nominations is July 15, 2025. For nomination forms, please contact arin.berkson@thomsonreuters.com.

Access All Current ABI Titles Through ABI’s New Digital Book Subscription!​​​

One of the best collections of bankruptcy books is now available as an annual digital subscription! ABI’s bankruptcy library opens the door to a constantly evolving area of the law, and our books are continually being updated by top industry professionals. Auto-renewing annual subscriptions guarantee immediate access to this invaluable resource, which is comprised of fully searchable content that’s always available on any digital device. Convenient pricing plans for individual and institutional subscribers offer immediate and unlimited access to our entire digital library of books — nearly 100 treatises! Plus, you get advanced access to new and revised books as soon as they are published — all included in your annual subscription. Learn more!

Nomination Deadline Is Aug. 22 for ABI's International Matter of the Year Award​​​

ABI’s International Committee is accepting nominations for its Fourth Annual ABI International Matter of the Year Award. For criteria, eligibility and other information on the award, please click here.​​​​​​

Have an Idea for a Topic for an ABI Conference Session? Submit Your Proposal via ABI’s “Call for Abstracts” Page!​​​

ABI has launched an online portal for professionals to submit proposals for educational sessions at future ABI conferences. Submitters can describe their proposed topic, outline the session’s focus and learning goals, suggest speakers, and provide contact information via the portal’s detailed form. The portal can be accessed here.

All submissions will be reviewed by an internal Education Committee, which will contact the submitter to ask questions as needed and to discuss the status of the proposal. Submissions will be reviewed on a rolling basis.

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