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AMC Entertainment: Watch The Share Count
AMC Entertainment's unit economics have improved, with breakeven free cash flow at ~$10.4B domestic box office. Read why AMC stock is a Buy.
Trump nabs crucial primary win in South Carolina: 4 takeaways
President Trump notched a critical win in the Palmetto State on Tuesday, with Sen. Darline Graham (R-S.C.) defeating Rep. Ralph Norman (R-S.C.) to clinch the GOP nod in the South Carolina Senate ra…
Sen. Darline Graham projected to win runoff in South Carolina GOP Senate primary, defeating Rep. Ralph Norman
Trump Senate Pick Darline Graham Wins South Carolina Republican Runoff Election
Sister of late Sen. Lindsey Graham defeats Rep. Ralph Norman
South Carolina Election Becomes Test for Trump
Runoffs in the state are typically sleepy, but the Republican Senate contest between Darline Graham and Ralph Norman seemed to be drawing relatively high turnout.
Alpharetta OKs North Point sports and entertainment district
A plan to transform North Point Mall into a massive sports and entertainment district received city council approval Aug. 24, paving the way for a potential National Hockey League franchise in Alpharetta. In a 4-3 vote, council members approved a master plan amendment, rezoning, a conditional use permit and variances for a mixed-use development anchored by a 20,000-seat hockey arena.
Darline Graham, Ralph Norman go head-to-head in South Carolina's GOP Senate runoff
The two-week runoff window since the two Republicans were the top vote-getters in an Aug. 11 primary has been a slugfest.
Lone Star vibes: Six Flags Entertainment is returning to its Texas roots
Six Flags (FUN) will move its HQ to Arlington, Texas in 2027, boosting support for its parks network and operations—get the latest stock and strategy...
South Carolina Senate race between Darline Graham and Ralph Norman heads to runoff today
North Point Mall: Redevelopment plan for hockey arena, entertainment district approved
The Alpharetta City Council has approved a plan to redevelop North Point Mall into a massive entertainment district.
Darline Graham, Ralph Norman go head-to-head in South Carolina's GOP Senate runoff
U.S. Sen. Darline Graham and U.S. Rep. Ralph Norman face South Carolina voters yet again in a special Republican primary runoff to replace the late Lindsey Graham in the Senate | NewsRadio WILK
Entertainment Mogul Ralph Carr Handed Six-Year Prison Sentence Over Rape Convictions
Ralph Carr has been jailed for six years after he was found guilty of raping and sexually assaulting a woman.
Ralph Carr, entertainment industry and AFL figure, sentenced to six years for raping ex-staffer
Melbourne talent manager was convicted of two counts of rape and one count of sexual assault over 2023 attack
Patriots And Texans Pull Off Blockbuster Wide Receiver Trade
Patriots and Texans pull off blockbuster trade ahead of the 2026 NFL season.
Darline Graham, Ralph Norman wrap up a whirlwind South Carolina Senate primary campaign
Sen. Darline Graham and Rep. Ralph Norman are wrapping up their campaigns for South Carolina's Republican nomination in a special U.S. Senate primary.
Darline Graham, Ralph Norman wrap up a whirlwind South Carolina Senate primary campaign
Sen. Darline Graham and Rep. Ralph Norman are wrapping up their campaigns for South Carolina's Republican nomination in a special U.S. Senate primary.
Guide to SC GOP Senate runoff between Darline Graham, Ralph Norman
Voters decide between Darline Graham and Ralph Norman in the August 25 Republican Senate runoff election.
I Played Two Brand New Control Resonant Missions, And Feel Foolish For Ever Doubting It
I played two brand new Control Resonant missions and feel foolish for ever doubting it. Our final preview:
Alpharetta weighs North Point sports, entertainment district
Jamestown, a developer, is seeking approvals for a sports and entertainment district that would transform Alpharetta’s North Point Mall. The requests cleared the city’s planning commission in a 4-3 vote Aug. 6.
Meet Colorado’s chunkiest alpine residents and pick your fave to support research during Fat Marmot Week
Rocky Mountain Biological Lab’s contest in Gothic is fun, but also an "absurd demonstration" of the precarious nature of science funding
Cory Isaac, Evergreen Park get past Ag. Science
Cory Isaac ran for a touchdown and Brady Bruen threw for a score as Evergreen Park beat Ag. Science 17-6 on Aug. 21.
DDR5 scalper bots now generate 91% of listing traffic at one retailer
DDR5 scalper bots are now generating roughly ten requests for every legitimate visit at one retailer. DataDome previously recorded stock checks every 6.5 seconds.
Who made Ox Alpha? The mystery AI is turning heads in Silicon Valley.
Ox Alpha, a mysterious AI model, debuted on OpenRouter on Thursday. Its origins are unknown, though some suspect a Chinese lab.
Multilingual people may have brains up to 13 years younger
People who speak several languages may have brains that age more slowly, with four-language speakers showing brains that appeared about 13 years younger than those of monolinguals. Starting earlier and becoming highly fluent were also linked to a stronger effect.
Norman: What growing a business taught me about politics
We invited US Rep Ralph Norman and US Sen Darline Graham to explain why voters should select them in Tuesday’s GOP runoff for South Carolina’s Senate seat. Here’s Rep. Norman’s column.
Norman: What growing a business taught me about politics
We invited US Rep Ralph Norman and US Sen Darline Graham to explain why voters should select them in Tuesday’s GOP runoff for South Carolina’s Senate seat. Here’s Rep. Norman’s column.
The Presidential Prayer Team
Each day, we invite you to join us in prayer for our national leaders. As mandated by 1 Timothy 2:1-2, we encourage prayer for those in positions of authority.
Zigazoo taps entertainment veteran as CEO to lead Gen Alpha expansion
Zigazoo, creator of the world’s largest social platform for kids, has just named veteran kids‑entertainment executive Ashley Mady as its new CEO, a move the
‘I’m Not That Informed on National Security,’ Graham Says in South Carolina Debate
Senator Darline Graham made the remark in a debate against Representative Ralph Norman, her opponent in the runoff election to succeed her brother, Lindsey Graham. Here are five takeaways from the debate.
Darline Graham defends her resume in South Carolina debate after saying ‘national security is not my thing’
The appointed senator and her GOP primary opponent, Rep. Ralph Norman, traded criticism a week ahead of the Aug. 25 primary runoff following Lindsey Graham’s death.
A cosmic rule just broke—could this discovery rewrite how we count stars? - Futura-Sciences
Mechanics of the initial mass function Stars form when giant clouds of interstellar gas and dust collapse under their own gravity. To calculate the total mass of distant galaxies, scientists use the Initial Mass Function (IMF). Developed in part by astrophysicist Edwin Salpeter, this mathematical tool describes the initial distribution...
Mike McCarthy Opens Up on Final Chapter with Aaron Rodgers
Pittsburgh Steelers head coach Mike McCarthy waxed poetic about his 42-year-old quarterback Aaron Rodgers during a recent interview with Ralph […] The post Mike McCarthy Opens Up on Final Chapter with Aaron Rodgers appeared first on Steelers Now.
US energy business Centuri Holdings hires former Berry president as legal chief
US energy business Centuri Holdings hires former Berry president as legal chief
'Needs to be moved to hospital now': Imran Khan's health in jail deteriorates
NEW DELHI: Former Pakistan President Arif Alvi on Tuesday raised the alarm over jailed ex-PM Imran Khan’s worsening health, saying his medical reports were “alarming” and pointing to anxiety, heart palpitations and high blood pressure.
Google to buy Spirit Airlines business data for $10 million
Alphabet's Google is acquiring internal business data from bankrupt Spirit Airlines for $10 million, saying it plans to use the data for product development and training its AI models.
Standlee to pay $16.9 million for Anderson Hay's business
Company seeks permission for sale from bankruptcy court Anderson Hay has struck a deal to sell most of its operational assets, except its real estate, to the Standee forage company […]
Aliens: Fireteam Elite 2 – We Played This PvE Bug Hunt One Last Time Before Review and Found the Specialist Class to Be Where It's At
Aliens: Fireteam Elite 2 seems like one of those lazy Sunday games, where you kill part of an afternoon playing a couple hours with friends. It gets Aliens and understands that forty miles of bad road Cameron envisioned. As a co-op game, it’s not going to change the world. Aliens already did that. But it’s a great excuse to play around in that world again, and I’m eager to see what else LV-558 has in store.
Did WEBTOON Entertainment Inc. Insiders Breach their Fiduciary Duties to Shareholders?
/PRNewswire/ -- Halper Sadeh LLC, an investor rights law firm, is investigating whether certain officers and directors of WEBTOON Entertainment Inc. (NASDAQ:...
Ralph C Wilson Jr Centennial Parks promotes youth sports
The Detroit Riverfront Conservancy and Project Play hosted dozens of sports organizations
Jodi's Journal: Generation Alpha and the summer of squishies
The youngest generation of consumers is speaking -- and beginning to enter the workplace. What Gen Alpha's viral toy moment shows about the broader way to engage them.
JD Vance and the Trump team keep moving the goalposts on Iran
As the Iran war — now in its sixth month — has dragged on, this list of goals from the Trump administration has conspicuously shifted and been pared back.
Jonathan Alpert: Women were told to speak up. Except about women’s sports
Sophie Cunningham faced criticism for saying women's sports should be based on biological sex, but her stance reflects laws in over two dozen states.
Liechtenstein changes its rules to allow women to inherit the Alpine principality’s throne
Liechtenstein’s royal house says the tiny country’s rules of succession will be changed so that a woman could in the future inherit the principality’s throne.
Trump’s Kennedy Center and ballroom fixations are political malpractice for the GOP
Republicans are facing a potentially ugly 2026 midterm election in less than three months. And nobody seems to be able — or perhaps even cares to try — to prevail upon President Donald Trump to mitigate the damage.
Russell Fry Backs Darline Graham in South Carolina Senate Runoff Amid Trump Pressure
The president has been focused on the race since the death of Lindsey Graham in July. Ms. Graham, the late senator’s sister, is competing against Representative Ralph Norman in a runoff on Aug. 25.
Mental health expert discusses whether telehealth is appropriate for severe disorders
Jonathan Alpert, a New York psychotherapist, said virtual care can work very well, but that "there comes a point where a screen may not be enough."
Wiregrass farmers embrace new ag tech as HudsonAlpha program brings science to the field
Grant-funded program tests soil product and integrates drone imaging on four Wiregrass farms.
Google unveils Gemini 3.7 Flash AI model for coding, agent workflows
Alphabet's Google launched Gemini 3.7 Flash on Thursday, its latest AI model designed for software coding and automated business tasks, but offered no details on when its flagship Pro model will be released.
Journalism is key to combating bad practices in science
Watchdog science journalism has become a fundamental tool to counter scientific malpractice, such as publication fraud, abuse and political and corporate manipulation of science. A study by the Universitat ...
Computer and environmental science take flight with bird conservation collaboration
Susquehanna University’s computer science department is getting involved with bird conservation through a data management collaboration with the Middle Susquehanna Riverkeeper Association.
Dr. Mark Wooden celebrated science, GCU celebrated him at retirement event
Photos by Ralph Freso / Slideshow When Dr. Randy Gibb landed on the Grand Canyon University campus in 2014 as the new dean of the […]
South Carolina Senate Runoff Kicks Off With Chick-fil-A and Trump Calls
Darline Graham and Ralph Norman emerged from a special election sprint on Tuesday to succeed Lindsey Graham. She will sell her closeness to President Trump. He will tout his conservatism.
Carl Icahn bid $34 a share for Caesars Entertainment last month
Carl Icahn’s $34-per-share bid for Caesars beat Tilman Fertitta’s $31 deal and was the only go-shop offer.
Sen. Darline Graham, Rep. Ralph Norman advance to GOP runoff in South Carolina
A first-time candidate who was always close to her brother's political orbit, Darline Graham overcame skepticism about her lack of experience in her campaign to replace him, as she moved forward Tuesday as the top vote-getter to runner-up Norman.
Opinion | One Senate committee chases Dr. Fauci while another takes aim again at Steward’s elusive Ralph de la Torre
One Senate committee chases Dr. Anthony Fauci while another takes aim again at Steward’s elusive Ralph de la Torre.
Hunting is a privilege, not a constitutional right
By Roland Halpern Colorado voters may soon be asked to place hunting and fishing in the state constitution. Proposition 302 would establish the right to hunt, fish and take wildlife using “traditional methods,” while declaring hunting and fishing are the state’s preferred means of managing wildlife. But though hunting and fishing are an important management […]
Hunting is a privilege, not a constitutional right
By Roland Halpern Colorado voters may soon be asked to place hunting and fishing in the state constitution. Proposition 302 would establish the right to hunt, fish and take wildlife using “traditional methods,” while declaring hunting and fishing are the state’s preferred means of managing wildlife. But though hunting and fishing are an important management […]
Trump-endorsed Sen. Darline Graham will face Rep. Ralph Norman in South Carolina GOP Senate runoff
John King breaks down key primary results from Wisconsin and South Carolina at CNN’s Magic Wall
Alphabet's AI Story No Longer Runs Through The Business That Funds Everything Else
The advertising line management once pointed to for AI money has been speeding up, not slowing down.
Much-wishlisted 100-player shooter Wardogs gets an early access release date and promises refunds for anyone unhappy with the closed beta
Indie multiplayer shooter Wardogs will soon be available to anyone who doesn't want to wait around of a closed alpha invite.
Quantum trade moves beyond science fiction: AlphaCheck
Two newly public quantum computing companies are about to report earnings. Their results will test the appetite for the budding technology that has captivated some corners on Wall Street.
Starz Entertainment's Stock Is Powerful, But It Still Rates As A Hold
Starz Entertainment Corp. stock outlook: technical momentum vs. leverage and cash flow risks. Click for this STRZ update.
Darline Graham has Donald Trump in her corner. Will it be enough to win her brother’s Senate seat?
Tuesday’s special GOP primary to replace the late Sen. Lindsey Graham on the November ballot is likely heading to a runoff, despite Trump’s endorsement and his popularity with the base.
Frankie Grande praises sister Ariana Grande following hiatus announcement: ‘I will have your back until the end of time’
Frankie Grande shared a message of support for his sister Ariana Grande after she announced she would ‘step back from visibility.’
'If trust breaks, your business breaks': How Alphonzo Terrell is building Spill to be a different kind of social platform
Spill's CEO explains how Spill puts focus on community, trust, equity, and the future of fandom.
Business Restructuring Review Vol. 25 No. 4 July-August 2026
In This Issue New York Bankruptcy Court: Premature Allegations of Creditor Mistreatment Insufficient to Deny Chapter 15 Recognition of Foreign Restructuring Proceeding In In re ARD Finance, S.A., No. 25-12794 (MG), 2026 WL 817458 (Bankr. S.D.N.Y. Mar. 25, 2026), the U.S. Bankruptcy Court for the Southern District of New York was presented with a petition seeking chapter 15 recognition of Luxembourg's recently enacted bankruptcy law governing judicial reorganization proceedings. The court granted the petition, turning aside challenges to recognition voiced by a creditor group arguing that recognition should be denied based upon allegations of unfairness to creditors in the Luxembourg proceeding that would make recognition manifestly contrary to U.S. public policy. According to the bankruptcy court, recognition was warranted because: (i) the rules and procedures governing the proceeding under Luxembourg law were fundamentally fair; (ii) the petition otherwise satisfied chapter 15's recognition requirements; and (iii) the creditor group's allegations were premature, given the fact that the Luxembourg court presiding over the debtor's restructuring proceeding had not confirmed a restructuring plan, and all creditors had the right to participate fully and voice their objections in the proceeding (including the right to appeal an order approving a plan). [read more …] Florida Bankruptcy Court Examines Scope of Discovery in Chapter 15 Cases In In re Banco Master, S.A., No. 25-24568-SMG, 2026 WL 931729 (Bankr. S.D. Fla. Apr. 6, 2026), the U.S. Bankruptcy Court for the Southern District of Florida granted in part and denied in part post-recognition motions filed by an insider of a foreign debtor seeking to bar or limit discovery sought by the debtor's foreign representative concerning allegedly voidable transfers involving the debtors' U.S. real property. According to the court: (i) although chapter 15 includes its own discovery provisions among the relief that may be granted to a foreign representative, the expansive discovery available in cases under other chapters of the Bankruptcy Code is also available in chapter 15 cases; (ii) the discovery sought by the foreign representative was permissible; (iii) discovery regarding matters that were the subject of a pending adversary proceeding had to be undertaken under the more restrictive rules applicable to such proceedings; and (iv) a discovery request would be barred to the extent that it sought production of documents or testimony from a subpoenaed entity that exceeded the geographic limitations specified in such rules. [read more …] Delaware District Court Affirms Chapter 15 Recognition Order Enforcing Nonconsensual Third-Party Releases In U.S. Int'l Dev. Fin. Corp. v. Credito Real S.A.B. de C.V. SOFOM, E.N.R. (In re Credito Real S.A.B. de C.V. SOFOM, E.N.R.), 677 B.R. 192 (D. Del. 2026), appeal filed, No. 26-2356 (3d Cir. June 5, 2026), the U.S. District Court for the District of Delaware affirmed a bankruptcy court order granting chapter 15 recognition to a Mexican "concurso mercantile" proceeding and enforcing nonconsensual third-party releases approved by the Mexican court. Agreeing with the bankruptcy court that the releases were not manifestly contrary to U.S. public policy, the district court concluded: "It is well settled that U.S. bankruptcy courts can give effect to foreign orders in recognized foreign proceedings pursuant to the authority granted in Chapter 15, even when those orders contain relief unavailable under U.S. law. [The appellant's] arguments misconstrue the Supreme Court's narrow holding in Purdue, applicable in Chapter 11 cases, as well as the statutory framework of Chapter 15 and its core policy objectives. Accordingly, I will affirm the Enforcement Order." The ruling has been appealed to the U.S. Court of Appeals for the Third Circuit. [read more …] Fifth Circuit: Bankruptcy Court, Not State Court, Had Jurisdiction to Allow or Disallow Administrative Expense Claim In Storey Minerals Ltd. v. EP Energy E&P Co., LP (Matter of EP Energy E&P Co., LP), 169 F.4th 609 (5th Cir. 2026), the U.S. Court of Appeals for the Fifth Circuit affirmed lower courts' rulings disallowing a creditor's administrative expense claim. It also rejected the creditor's argument that, because the claims were predicated on state law, a state court should adjudicate the merits of the state law causes of action before the bankruptcy court could allow or disallow the claim as an administrative expense. According to the Fifth Circuit, even though the causes of action were based on state law, the bankruptcy court had jurisdiction to determine whether the creditor's claims should be conferred with administrative expense priority in the debtors' chapter 11 case. [read more …] New York Bankruptcy Court: Dismissal of Involuntary Chapter 11 Case Filed Prior to Commencement of Foreign Restructuring Proceeding Unwarranted In In re Xinyuan Real Estate Co. Ltd., No. 25-10745 (PB), 2026 WL 592250 (Bankr. S.D.N.Y. Mar. 3. 2026), the U.S. Bankruptcy Court for the Southern District of New York considered the bona fides of an involuntary chapter 11 petition filed by certain holders of U.S. dollar-denominated notes against a holding company for a group of Chinese property development companies that filed a restructuring proceeding in the Cayman Islands after the noteholders filed the involuntary chapter 11 petition. The court denied the debtor's motion to dismiss the chapter 11 case. Given the timing of the filing of the Cayman Islands restructuring proceeding, the absence of any progress in the proceeding for seven months, the debtor's need to restructure notes governed by U.S. law, and the debtor's lack of any meaningful contacts to the Cayman Islands, dismissal of the chapter 11 case was unwarranted under the applicable provision of the Bankruptcy Code, international comity, or the doctrine of forum non conveniens. [read more …] Bankruptcy Court Evaluates Trustee's Authority to Sell Avoidance Actions and Right of Target Defendants to Object In In re Law Enf't Officers Sec. Union, No. 24-70277-JAD, 2026 WL 560452 (Bankr. W.D. Pa. Feb. 27, 2026), a chapter 7 trustee sought court approval to sell certain avoidance actions to a creditor of the debtor's estate. Potential targets of the subject avoidance actions objected, arguing that such claims were nontransferable powers of the trustee rather than saleable estate property and urging the court to approve their competing settlement with the trustee. The U.S. Bankruptcy Court for the Western District of Pennsylvania disagreed with the potential defendants, holding that they lacked standing to object to the proposed sale, that avoidance actions are indeed estate property, and that the sale—rather than the settlement—best served the estate's interests. [read more …] U.S. Supreme Court Bankruptcy Roundup in Brief In Keathley v. Buddy Ayers Construction Inc., No. 25-6, 2026 WL 1686028 (U.S. June 11, 2026), the U.S. Supreme Court overturned a Fifth Circuit decision judicially estopping a chapter 13 debtor from asserting a personal injury claim against a construction company because the debtor failed to disclose the claim during his bankruptcy case. In so ruling, the Court held that "[t]he Fifth Circuit erred by artificially narrowing its inquiry to whether the debtor had knowledge of the underlying facts or a potential motive to conceal the claim." It represents the first time that the Court has applied judicial estoppel in the bankruptcy context, although it has suggested in other contexts that it may be inappropriate where an inconsistent legal position resulted from "inadvertence or mistake." Also in June, the Court denied petitions for certiorari in a few notable bankruptcy cases. [read more …] Newsworthy Heather Lennox (Cleveland/New York) (Star Individual), Bruce Bennett (Los Angeles) (Senior Statesperson), Kevyn D. Orr (Washington) (Eminent Practitioner), Gregory M. Gordon (Dallas) (Band 1), Carl E. Black (Cleveland), Corinne Ball (New York) (Senior Statesperson), Brad B. Erens (Chicago), Jeffrey B. Ellman (Atlanta), T. Daniel Reynolds (Cleveland), and Dan T. Moss (Washington/New York) were recognized as leading lawyers in the practice area Bankruptcy/Restructuring in the 2026 edition of Chambers USA: The World's Leading Lawyers for Business. The 2026 edition of Lawdragon 500 Leading Bankruptcy and Restructuring Lawyers ranked the following lawyers: Corinne Ball (New York) (Hall of Fame), Bruce Bennett (Los Angeles), Carl E. Black (Cleveland), Jeffrey B. Ellman (Atlanta), Brad B. Erens (Chicago), Gregory M. Gordon (Dallas), Heather Lennox (Cleveland/New York), Joshua M. Mester (Los Angeles), and Kevyn D. Orr (Washington). Fabienne Beuzit (Paris) and Jasper Berkenbosch (Amsterdam) were among the "Leading Individuals" ranked in the 2026 edition of The Legal 500 EMEA guide in the field of Restructuring and Insolvency or Insolvency. Rodolphe Carrière (Paris) was named a "Next Generation Partner" in the practice area Insolvency. Sid Pepels (Amsterdam) was selected by Global Restructuring Review's 40 under 40 2026. He was identified as a Rising Star within the global cross-border restructuring community. Global Restructuring Review is a leading digital subscription service, news outlet, and information platform dedicated exclusively to cross-border insolvency and corporate restructuring law. Fabienne Beuzit (Paris), Rodolphe Carrière (Paris), and Isabelle Maury (Paris) were recognized in the 2027 edition of The Best Lawyers in France™ in the practice area Insolvency and Reorganization Law. An article written by Corinne Ball (New York) titled "Comity and Fairness are Critical to Granting Additional Assistance under Chapter 15: A Canadian Reverse Vesting Order and Related Releases in Proceedings Involving Canadian and U.S.-Affiliated Companies Are Approved" was published in the June 24, 2026, edition of the New York Law Journal. An article written by Caitlin K. Cahow (Detroit) titled "New York Bankruptcy Court Weighs In on Adequate Assurance of Future Performance under Assigned Leases and Chapter 11 Plan Exculpation Provisions" was published on June 8, 2026, in Lexis Practical Guidance. An article written by Trisha L. Mowbray (Real Estate; Chicago) and Ryan Sims (Washington) titled "Chapter 11 Plan that Abridged Non-Debtor Lessee's Rights to Remain in Possession After Rejection Unconfirmable as Having Been Proposed in Bad Faith" was published on June 16, 2026, in the Harvard Law School Bankruptcy Roundtable. An article written by Dan T. Moss (Washington/New York), Corinne Ball (New York), Isel M. Perez (Miami), and David S. Torborg (Washington) titled "Texas Bankruptcy Court Adopts Barnet Rule Requiring Foreign Debtor to Have U.S. Assets to Be Eligible for Chapter 15 Relief" was published on June 10, 2026, in Lexis Practical Guidance. An article written by Daniel J. Merrett (Atlanta) and Nathaniel Parr (Atlanta) titled "Southern District of Texas Clarifies Post-Purdue Course for Consensual Third-Party Releases and Gatekeeping Provisions" was published on June 11, 2026, in Lexis Practical Guidance. An article written by Corinne Ball (New York) titled "LMEs, Sophisticated Investors and Equitable Mootness: The Fifth and Third Circuits Warn Against Testing the Limits of Chapter 11" was published in the June 2026 issue of the American Bankruptcy Institute Journal. Nicholas J. Morin (New York) was quoted in an article titled "Serta Ruling Offers Damages Road Map in Lender-on-Lender Disputes," published by Bloomberg Law on July 7, 2026. The article discussed U.S. Bankruptcy Judge Christopher Lopez's July 7, 2026, ruling that participating lenders in Serta Simmons Bedding's 2020 non-pro rata uptier exchange breached the credit agreement's ratable-sharing provision, and awarding excluded lenders more than $261 million in damages. The opinion resolves six years of litigation related to Serta's 2020 transaction, where it raised $200 million in new financing and exchanged $1.2 billion of term loans for $875 million in superpriority debt. Judge Lopez found that the debt-for-debt exchange constituted a "payment" under the credit agreement, requiring proportional sharing among lenders, and dismissed various defenses raised by the participating lenders. The case is Serta Simmons Bedding LLC v. AG Centre Street Partnership (In re Serta Simmons Bedding LLC), 2026 WL 1968535 (Bankr. S.D. Tex. Jul. 7, 2026). The New York Law Journal has recognized Andrew M. Butler (New York) as a 2026 "Rising Star" in Restructuring/Bankruptcy as part of the New York Legal Awards. The Rising Star category recognizes New York's most promising lawyers age 40 and under who have distinguished themselves through exceptional legal work, leadership, and contributions to the profession. Lawyer Spotlight: Daniel J. Merrett Dan Merrett, a partner in the Atlanta Office, has spent nearly 20 years representing all manner of stakeholders in complex corporate restructurings and chapter 11 reorganizations. His practice extends to related transactions and disputes involving acquisitions; divestitures; credit facilities; securities; environmental obligations; and vendor, employee, and governance matters. Dan has substantial experience managing mass tort liabilities, including the restructurings and related chapter 11 cases of affiliates of Georgia Pacific and Johnson & Johnson, implemented to resolve asbestos and talc liabilities. He also represents key parties in energy and infrastructure matters, including facility owners, EPC contractors, and joint-venture parties. Dan was a key player in the restructuring teams in the historic bankruptcies of the City of Detroit and Chrysler. His other significant representations in chapter 11 cases include AFA Foods, Alpha Natural Resources, Dana Corporation, M&G Chemicals, McDermott International, Monster/CareerBuilder, Transtar Industries, and Westinghouse. He is licensed in both the United States and England & Wales and recognized in restructuring by Chambers USA and Best Lawyers.
Flutter Entertainment: Let's Not Only Focus On U.S. Sportsbook Growth
Flutter Entertainment plc reported weak Q2 results and a slight downgrade to the 2026 financial guidance. Click here to read an analysis of FLUT stock now.
Shatema Threadcraft Receives the 2026 Ralph J. Bunche Award for "The Labors of Resurrection: Black Women, Necromancy, and Morrisonian Democracy" -
The Ralph J. Bunche Award is presented annually by the American Political Science Association (APSA) to honor the best scholarly work in political science that explores the phenomenon of ethnic and cultural pluralism. Citation from the Award [...]
Google shakes up AI leadership. Hassabis steps down as DeepMind CEO.
Some of Google's top AI leaders are leaving their roles, with DeepMind CEO Demis Hassabis taking another role at Alphabet and Jeff Dean leaving.
Behind The Scenes Of IVE’s “Show What I Am” Tour
K-pop group IVE takes NYLON behind the scenes of their "Show What I Am" tour stop in Austin, Texas.
Chartbook 464 The"China squeeze" - the politics of development counterfactuals.
There are three types of China shock discourse. Each has a distinct temporal register. China shock 1.0 was a phrase coined by US academics in the 2010s to retrospectively summarize the impact on particular US labour markets, which they identified through painstaking empirical investigation. China shock 2.0 on everyone’s lips in Europe in the mid 2020s is an alarm raised by trans-Atlantic policy thinkers warning of a coming disaster which they project onto Europe’s ailing car industry. The third type of China shock discourse - commonly known as the “China squeeze” launched most recently by Indian economists Shoumitro Chatterjee and Arvind Subramanian in the pages of Foreign Affairs - mobilizes a different, more speculative temporal register: the counterfactual realm of alternate history. The China squeeze argument asks not what has happened, or what is going to happen, but what might have been. Specifically, what options for economic development might have been open to Global South economies like India or the economies of sub-Saharan Africa, had it not been for China’s spectacular industrialization since the late 1990s and the persistent competitiveness of China’s manufacture in low-skilled segments. Chatterjee and Subramanian’s argument is that whilst China has built a powerful position in electrical machinery and other high-skill manufacturing, which is now delivering China Shock 2.0, it also continues to run a trade surplus in low-skill, labour-intensive manufacturing. This surplus is large and has remained largely unchanged in fifteen years. Indeed, in the 2010s, in trade with low-income countries, China’s surplus rapidly increased. On their reading, this squeezes low-income producers in low-skill sectors in which they “should” be able to compete. Source: “China’s Mercantilist Squeeze on Developing Countries” Shoumitro Chatterjee and Arvind Subramanian. Peterson Institute for International Economics 26-7 May 2026 Chatterjee and Subramanian’s wording is telling: (emphasis mine) The canonical trajectory of economic development in the post-World War II period is for countries to transition from agriculture to manufacturing, first in low-skilled manufacturing and then later on to high-skill manufacturing (Herrendorf, Rogerson, and Valentinyi 2013). At the global level, this implies that high-income countries (HICs) that once specialized in low-skilled activities cede manufacturing export space to poorer countries that come along to occupy that space. In 1965, advanced economies accounted for about 60 percent of global value-added exports in four key low-skilled manufacturing sectors, i.e., apparel, leather, textiles, and footwear. Over time this share declined and began to be occupied first by the East Asian tigers and, beginning in the late 1990s, by China. Today China accounts for about 50 percent of the global market. The question is whether China, with its rising prosperity, is continuing to behave like its richer counterparts and ceding export space to poorer followers or to behave unlike them and continuing to occupy space. In terms of the conceptual maneuvers it performs, of the three China shock discourses, the “China squeeze” argument is by far the most ambitious. After all, it bases its critique of China on a counterfactual imagining of the world. Like any counterfactual argument, to construct this alternative reality it must rely on a heuristic model. To make their argument Chatterjee and Subramanian mobilize two key claims. The first reference point is the actual history of rich-country industrialization, what they refer to as the “canonical path”. The idea is that countries transition from agriculture to light industry and low-skilled manufacturing and from there up the value chain. To make this useful as a standard of comparison and a means to construct a normative standard, they adjust sectoral export shares for two factors: 1. the underlying level of economic development of the exporting country, as measured by national income and 2. the degree to which the sector in question is internationalized. The idea being that for a high income country to have a high export share in low-skill sectors is anomalous and even more so if that particular product is highly internationalized and thus suitable for being “conceded” to lower-income competitors. Where should this process end? Here Chatterjee and Subramanian introduce their second benchmark. Their normative idea of a global development path is one in which, in due course, low-skill manufacturing exports are distributed in proportion to a country’s share in the global labour force. They imagine, in other words, a world of proportional, polycentric global development without much national specialization in low-skill manufacturing. A useful benchmark is that, in labor-intensive manufacturing sectors, a country’s share of world exports should be broadly commensurate with its share of the world’s low-skilled labor endowment. … In the Heckscher-Ohlin model, this would be true if value added per worker and export propensities, i.e., fraction of output that is exported, are the same across countries. It is this pleasant liberal vista of orderly global development, progressing towards a general distribution of low-skilled manufacturing against which they judge reality and conclude that the low-income countries are suffering a “China squeeze”. China is not exiting low-skill sectors fast enough Allowing for its gdp level and the degree of globalization, China’s share of low-skill manufacturing exports is far higher than it “should” be. Relative to population, its low-skill share of exports is far too high. That in turn yields the conclusion that huge numbers of jobs - the authors suggest tens of millions - are being hoarded by China. For the four sectors captured in figure 4, this excess in value-added exports is $110 billion in 2022. For all low-skilled sectors overall captured in appendix figure D.1, excess value-added exports amount to $365 billion. The crowding out of LMIC exports by China is therefore substantial. Both these claims have in common that they are strong structuralisms. The first is that development paths ought to resemble each other. The second is that broadly speaking as far as low-skilled manufacturing is concerned, all countries are alike. If the world currently diverges from the distribution of trade implied by these assumptions, if China is not following the advanced economy path and has huge exports, this must be the result of “policy”, which the authors then put in question as illegitimate or unfair. Thus the naturalistic construction of a canonical path leading to a “level” distribution of low-skilled manufacturing reveals itself to be a polemical tool. From the point of view of China shock polemics, this discourse is no doubt welcome. But as an account of economic history, it must surely be regarded as nothing short of bamboozling. Development paths do not follow a regular, natural sequence. As David Fishman put it aptly, “development is not a queue”. They are always and everywhere, through and through political. Development is not so much a process, as a project. Each such project is more or less well adjusted to its context. As Gerschenkron taught uneven and combined development implies differentiation rather than simple imitation on a single parth. It may be true that Europe and the US exited relatively early from low-skill work. But clearly technology has changed. As C&S themselves point out, China no longer enjoys a low wage environment. Do they really believe that such huge differences can be accounted for either by industrial policy, which as they admit does not operate powerfully in low-skill sectors, or by exchange rate manipulation? What is overwhelmingly dominant in explaining the persistence of “low-skill” manufacturing in China are surely the network effects of complex supply chains. Indeed the label of “low-skill” may miss the point. The degree of globalization which Chatterjee and Subramanian decide to conjure away in their model of the development path - to allow for the fact that Europe and American textiles exporters did not enjoy just-in-time logistics in the 1950s - obscures the point that the networks through which Chinese factories supply the world are themselves key parts of the low-skill industrialization project. China isn’t knocking out 1970s style “cheap”. It has redefined the entire product cycle. C&S’s casual reference to “T-shirts” is telling. In today’s “fast fashion”, there is weight on both terms. Fashion and fast. China’s success in delivering on both at unprecedentedly high speed and at unprecedentedly low cost, isn’t a low-skill operation at all. If we see development trajectories not as the serial repetition of the same, but as distinctive, crafted projects that cumulate in complex agglomerations of skill, technology and labor, then this explains why the assumption that low-skilled manufacturing should follow the distribution of population flies in the face of all experience. As countless cases attest, low-wage, low-income developed economies are not by themselves the makings of a competitive production base. As Leon Liao puts it quite fairly: “International trade has never been allocated according to population. A country’s population gives it no natural claim to an equivalent share of global exports." And the remarkable fact is that Subramanian alone and with co-authors has long been making this point, not to pillory China, as is the case of the tendentious _Foreign Affair_s and Peterson pieces, but to highlight the great counterpart to China’s industrial success, namely India’s relative failure. The much-quoted Foreign Affairs piece showed low-skill export shares only for China, not for India. If you put both countries in the picture as Chaterjee and Subramanian have done on other occasions, the picture looks like this. China is far above the line, but India, almost as large in terms of population, is no less anomalous, just in the opposite direction. As far as global populations are concerned, and the imagining of tens of millions of “squeezed” jobs, it is this Sino-Indian pair that account for a huge share of the action. What this graph reveals is not China’s cheating, but India’s “greatest development failure”, at least this is the argument made Arvind Subramanian, this time in co-authorship with Devesh Kapur, in their major book, A Sixth of Humanity. Independent India’s Development Odyssey which appeared with Oxford University Press earlier this year. In this highly critical work on India’s development, China is repeatedly evoked, not to criticize but as a benchmark against which to illuminate what India’s political economy has not delivered i.e. large-scale formal employment for hundreds of millions of citizens. Kapur and Subramanian leave no doubt, if you want to understand why China, not India was the main driver of manufacturing globalization from the 1980s, don’t look to slots opening up in the division of labour thanks to the liberal mindedness of advanced economies, look to the contrasting political economy of the Maoist PRC and India’s post-independence political economy. As Kapur and Subramian note: The great divergence between China and India did not begin in 1978 with the Deng reforms—it was well underway by then. In one of the great ironies of modern history, the conditions created by Maoism turned out to be a great launching pad for industrial globalization. As the comparison of India and China in 1980 makes clear, to imagine manufacturing would be equally distributed when populations are so differently endowed in terms of educational and nutritional is fanciful. Here is the data from Kapur and Subramanian, data which I explored back at the very beginning of Chartbook. As Kapur and Subramanian insist, the striking fact is that even as India’s growth accelerated from the 1980s, structural change has not. Formal employment in India lags woefully behind. Why? As Kapur and Subramanian note, the path-dependent impact of India’s poor early start was devastating. The list of factors they mention is long and weighty: We argue for a new five-fold explanation applicable at different stages of Indian history: in the initial stages, the legacy of two key pre-1980s policies, the neglect of agriculture and the strangling of the domestic private sector, were critical. The failure of broad-based agricultural growth militated against rural industrialization, which would have been devoted to satisfying local needs that would have necessarily been labour intensive. Then, when the boom came after 1980, the thicket of regulation and broader labour protections that were legislated prematurely in a nascent democracy, underpinned by a deep ideological aversion to private capital in general and big capital specifically, became a barrier to attaining the size that would be necessary to compete globally. Similarly, the reforms after 1991, while wide-ranging, did not quite encompass non-tradeable inputs critical to manufacturing, namely, land, logistics infrastructure and power. A combination of low investment (logistics infrastructure), regulation (land) and the continued monopoly supply by state governments (power), combined with residual socialism, kept costs at 75–100 per cent above efficient supply. These factors were compounded on the supply side by the government, which dominated the formal labour market and established exorbitantly high wages at the lower end of the skill spectrum. This made their employment in the labour-intensive sector by the private sector less attractive. Finally, when the services sector and its exports boomed, wages soared even further via a Dutch Disease effect: one successful tradeable sector killed and cannibalized another less-skilled tradable sector, namely, manufacturing. Thus, scarcity-inducing policies of the planning era, precocious democracy and a Gandhian aversion to size; inefficient, monopolistic supply of critical non-tradable inputs; the behemoth of government; and super-successful skill-intensive services successively undermined India’s unskilled labour employment opportunities. The employment failure seems to have been over-determined. … Less quantifiable but no less important are some of the sociological factors that have undermined manufacturing and factory jobs. Take the impact of the success of the IT sector—located in urban areas with better working conditions, such as air-conditioned offices, good schools for children and attractive entertainment options. It became a more attractive place for engineering and management graduates to flock to. … Consider manufacturing and female employment. Indian society makes it difficult for women to work, reflected in India’s unusually low female labour force participation (elaborated in Chapter XIII). Indian society, in particular the routine harassment of women in public spaces, makes it even more difficult for them to travel long distances to take up work.37 Combined with onerous regulations on creating hostels and dormitories for women—which, in turn, prevents multiple shifts of operation—factories need to be located in areas with a large female labour pool. While firms can take apparel plants to female labour or bring them to the plants by building large-scale dormitories, this raises costs. If there was a case for subsidies to encourage labour-intensive manufacturing, housing subsidies to build dormitories for women workers would be a good place to start. All of this meant, that when opportunities did open up, in part thanks to adjustments in China, India was in no position to take advantage. Here is the account of the 2020s from Kapur and Subramanian. It stands in dizzying contrast to the one-sided, “China squeeze” argument delivered in the Peterson and Foreign Affairs pieces: In 2022, for example, India’s share of global exports in clothing (the canonical labour-intensive sector) was 3.1 per cent compared to 32 per cent for China. This is extremely disappointing because China started vacating export space in this sector after the Global Financial Crisis as its wages started rising; it then vacated further space in the aftermath of geopolitical developments that led investors to seek alternative investment locations. Between its peak and today, China lost about 7.5 percentage points of global export share (worth about $43 billion in 2022); over this period, India’s export share remained stagnant at 3 per cent, while that of Vietnam and Bangladesh rose by 3.5 to 4 percentage points. China’s loss did not translate into any gain for India in terms of low-skill exports and employment. Put differently, when the conditions for dynamism and prosperity were established after 1991, and even more tantalizingly when the global export opportunities opened up, it was as if India was a high-wage economy and only skilled labour could benefit from the dynamism. It had converted its physically abundant unskilled workforce into an economically expensive resource, penalizing its use. It is not my mission here to argue for or against Kapur and Subramanian’s interpretation of India’s development trajectory. The point in this context is simply that the “China squeeze” such as it is can only be understood, in relation to the heavy burden of domestic constraints that Kapur and Subramanian so unsparingly enumerate. I am concentrating here on India because it is the great counterpart to China and the unspoken reference point of the “China squeeze” discourse. But the point is more general. Can anyone with a straight face suggest that the main problems afflicting the development of South Africa or Nigeria, the great centers of mass underemployment in sub-saharan Africa, are cheap competition from China driven by Beijing’s industrial policy and an undervalued RMB? Likewise, is the main problem of the American working-class the threat of Chinese competition or the manifest crisis of social reproduction in the United States itself? The point here, as in the discourse around China shock 2.0 in Europe, is to insist that we should not normalize the world and pathologize China, without actually investigating what is going on in America’s industrial wastelands, the German car industry, or India’s lopsided labour market. One-sided pathologization should be understood for what it is, a polemical gesture. Concepts like China shock and China squeeze are, what Reinhart Koselleck, following Carl Schmitt, would have described as “asymmetrische Kampfbegriffe”, or “asymmetrical counter-concepts” or “asymmetrical combat concepts”. If the function of arguments like the “China squeeze” is to alert elites in the rest of the world of the need to rejuvenate and energize their development projects, so be it. But let us see the resulting discourses as the mobilizing interventions that they are. Interestingly, a significant slice of China’s public sphere - the so-called industrial party - have been obsessed for the last twenty years with precisely these questions of counterfactual economic history. Since the mid 2000s, a massive online discourse developed around an alternative history in which Chinese techno-patriots were asked to imagine how they would proceed if they had the possibility of traveling back in time to transport modern technology into the Ming dynasty (1368-1644) thus averting the “great divergence” of the 18th and 19th centuries. It is a fantasy of course, but also a goad. The point was not directed at Westerners. The alternate history is dramatically nationalist, but few n the West had even heard of it until recently. The adherents of the industrial party are not liberal moralists. They don’t project natural ladders of international development and ask why others don’t cede space. They take the Realpolitik of global economic development for granted. Their pointe was directed against fellow Chinese. The rallying cry of the alternative narrative was this: Now that we are beginning to gain steam and push forward on our national development path, now that we are breaking out of the inferior position assigned to us even in the early years following WTO accession, do not lose yourself in humanistic imaginings about better futures. In the spirit of Deng, they called on China to embrace the hard truth of development. Perhaps one might of the Industrial Party as a cultural trend born out of desire for symbolic revenge against those who had inflicted the century of humiliation. In terms of the various temporalities of the “China shock” - retrospective, prospective and counterfactual - one might think of the Industrial Policy discourse as truly speculative, conjuring up the China shock that never was. Or perhaps one might better think of it as imagining a world in which a powerful China was no shock at all, but simply a defining fact of modern history. I love putting out Chartbook. I am particularly pleased that it goes out for free to thousands of subscribers around the world. But, writing this newsletter takes a lot of work. If you are enjoying it and would like to support the project, sign up for one of the subscription options here. It is the equivalent of a fancy cup of coffee per month! Subscribe
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