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Bloomberg Law: Ousted DOJ Bankruptcy Chief’s Appeal Tests Trump’s Firing Power
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A reinstatement push by the Justice Department’s former top bankruptcy watchdog is emerging as an early challenge to the Trump administration’s aggressive campaign to expand presidential authority over a higher echelon of the federal workforce, Bloomberg Law reported. Tara Twomey, the ex-director of the Executive Office for U.S. Trustees, is one of several career Justice Department attorneys appealing their firings to the U.S. Merit Systems Protection Board — part of a larger legal battle over protections for senior career employees.. READ MORE
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New Insights from the Rise of Private Credit
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 | | Editor's Picks |
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New Orleans Church Bankruptcy Clears Milestone as Judge Approves Voting Materials for Settlement
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A federal bankruptcy court judge on Friday cleared the way for survivors of clergy sex abuse to vote on a proposed settlement plan with the Archdiocese of New Orleans that could bring the long-running case to a close by the end of this year, NOLA.com reported. At a key hearing held more than five years after the case began, Bankruptcy Judge Meredith Grabill said that she will approve a set of documents with detailed information about the proposed settlement and a ballot with voting instructions. (Subscription required.). READ MORE
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All ABI Books 50% Off Through Midnight Wednesday
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Through midnight August 13 (EDT), ABI is offering 50% off all purchases at store.abi.org! Take advantage of this incredible limited-time offer by using coupon code ABISUMMER50 at checkout.
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Northvolt Ramped up Production of Quality Batteries Before Halting Operations, Former COO Says
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Bankrupt Swedish battery maker Northvolt had stepped up production of high-quality battery cells at its Skellefteå plant before operations were halted, a former executive said on Friday, a major factor in sealing a deal to sell the company, Reuters reported. Northvolt, once seen as Europe's answer to dominant Chinese battery manufacturers, filed for bankruptcy in March and ceased production in June after failing to secure a buyer in time. U.S. battery startup Lyten said on Thursday it would buy most of Northvolt's assets, reviving hopes of a European battery champion. READ MORE
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CFPB Readies Lawsuit Over Synapse Customer Fund Record-Keeping
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The Consumer Financial Protection Bureau is preparing to sue Synapse Financial Technologies for what it says are unfair practices tied to inadequate record-keeping of consumer funds, Bloomberg Law reported. The CFPB and Synapse’s chapter 11 trustee, Jelena McWilliams, are negotiating a proposed stipulated final judgment to settle the complaint, including nominal monetary penalties, the trustee said in a Thursday filing in the U.S. Bankruptcy Court for the Central District of California. (Subscription required.). READ MORE
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 | | Upcoming Events |
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Midwest Regional Bankruptcy Seminar
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The Westin Cincinnati
August 12 | Cincinnati, Ohio
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"Consent, Conflict, and Cross-Border Challenges: Insights into Third Party Releases"
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TABI/NCBJ "Behind the Bench" Webinar
August 12
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 | | Daily Roundup |
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Memphis Made Brewing Files for Bankruptcy, Says It Will Be ‘Better Brewery’ Afterward
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Memphis Made Brewing Company, one of the larger craft beer makers in the city, has filed for chapter 11 protection, WREG.com reported. The filing would allow the company to reorganize its finances and pay creditors. The paperwork, filed Thursday, says that the company has between $1 million and $10 million in assets. READ MORE
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Owners Connected to Monster Energy Announce Plans to Expand Thrifty Ice Cream
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The new owners of Thrifty Ice Cream announced plans to expand the brand after it was plucked from the remnants of the Rite Aid bankruptcy, USA Today reported. Hilrod Holdings said that they "plan to revitalize Thrifty without altering the core of what made it unforgettable for over 85 years" in an Aug. 7 press release. READ MORE
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Restaurants Are Under Threat as Costs Skyrocket and Consumers Cut Back
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Local restaurants across the country are reeling as some key costs skyrocket and consumers — who remain nervous about the economy’s future — cut back and become less willing to pony up for higher prices, CNN reported. In June, food costs overall were up about 21% compared to the same month four years earlier, according to the Producer Price Index, which tracks the prices that businesses, including restaurants, pay their suppliers. READ MORE
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Trump Preparing IPO for Fannie Mae and Freddie Mac Later This Year
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The Trump administration is preparing to sell stock in mortgage giants Fannie Mae and Freddie Mac in an offering it believes could raise around $30 billion and kick off later this year, the Wall Street Journal reported. The plans being discussed by some administration officials could value the companies at roughly $500 billion or more combined and involve selling between 5% and 15% of their stock, some of the people said. Still up for debate is whether the mortgage giants would IPO as one company or two separate entities. (Subscription required.) READ MORE
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Developer Whose Bankrupted Companies Defaulted on $57M Loan Seeks Personal Protection from Connecticut Lender
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The Danbury, Conn., developer of a Newtown apartment complex whose companies are bankrupt after defaulting on a $57 million loan is asking a federal judge in Bridgeport for personal liability protection from a New Haven lender, the Greenwich Time reported. The battle between Anthony Lucera, the developer of the 180-unit Covered Bridge complex, and Panthers Capital, which accuses Lucera of defaulting on a $700,000 loan, will test how much personal protection a businessman can claim when the limited liability companies he owns go bankrupt. READ MORE
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Small Businesses Brace for the Punishing Side Effects of Trump’s Tariffs
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Across the country, American businesses, workers and families are trying to figure out how to navigate the economic waves stirred up by President Trump’s tariff, tax and budget policies, the <em>New York Times</em> reported. For large firms with big bank balances, workers ensconced in a job and households near the top of the income ladder, the drastic policy shifts will be easier to manage. But small-business owners as well as job seekers and households at the lower and middle rungs of the income ladder are in for a rougher ride. READ MORE
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