Today, the Supreme Court will hear arguments in a highly charged case to decide whether the Sackler family can be shielded from future opioid lawsuits. The outcome could lead to sweeping changes in corporate bankruptcy across the US.

The settlement at the heart of the case: The Sacklers, who controlled OxyContin-maker Purdue Pharma, reached a $6 billion settlement in March 2022 to resolve thousands of lawsuits alleging the now-bankrupt company’s deceptive marketing tactics fueled the opioid epidemic. While the agreement would send loads of money to efforts combatting the opioid crisis, it would also protect the Sacklers from future civil lawsuits.

• A majority of plaintiffs support the settlement, but the Department of Justice and some individual plaintiffs have opposed it, believing that the Sacklers should not receive immunity.

How we got here: With thousands of plaintiffs filing lawsuits, Purdue filed for bankruptcy in 2019 to address its mounting debts. Purdue reached an agreement that required the company to become a nonprofit; a bankruptcy court approved the deal in 2021, and it was altered in 2022 to include more money from the Sacklers.

Why could this affect other bankruptcies?

Because the Sacklers would be granted protection through what is known as a third-party release, a provision that is commonly used in corporate bankruptcies but has also been deployed to resolve mass litigation against organizations like the Boy Scouts of America, Catholic dioceses, and USA Gymnastics, Bloomberg reports.

• Critics say companies have been abusing it. The Biden administration argues that bankruptcy laws are meant for debtors in “financial distress”—not wealthy institutions and people like the Sacklers.
• Those who favor keeping the shield say it’s critical for securing major settlements and ultimately leads to bigger payouts to victims.

Bottom line: If the Supreme Court throws out the settlement, the legally iffy third-party releases could become a thing of the past in corporate restructurings. That ruling would also mean the victims and their families have to return to fighting their cases in court.—DL

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Alaska Airlines agrees to buy Hawaiian Airlines. Alaska and Hawaii, the two states that get an insert on a map of the US, are coming together in a surprise deal that will cost a lot more than a few peanuts. Alaska Airlines announced on Sunday that it will purchase its struggling Pacific-region rival, Hawaiian Airlines, for ~$1.9 billion in a deal expected to close in 9–18 months. Both companies will keep their brands and be helmed by current Alaska CEO Ben Minicucci, pending regulatory and Hawaiian shareholder approval. That regulatory approval isn’t a sure bet: The Biden administration has been hostile to M&A it considers anti-competitive and has sued to block another aviation merger—JetBlue’s planned acquisition of Spirit.

Commercial ships and US destroyer attacked in the Red Sea. Several commercial vessels and the USS Carney were attacked by drones and missiles in the Red Sea, a US official said, jacking up concerns that the Israel–Hamas war could escalate to a wider conflict that disrupts international trade. The attack was claimed by Yemen’s Houthi rebels, who are backed by Iran and have vowed to target vessels linked to Israel. Israel also said it began ground operations against Hamas in southern Gaza, the region where it had told Palestinians living in the heavily bombarded north to evacuate to. About 75% of Gaza’s population (~1.8 million people) are now internally displaced, per the UN’s humanitarian agency.

Beyoncé reigns at the box office. The concert film of Beyoncé’s Renaissance Tour topped the box office with a $21 million haul in North America in its opening weekend. While that’s a ways below the $92.8 million debut for Taylor Swift’s Eras Tour movie in October, it’s still one of the best openings ever for a concert film and a boost for theaters during what is historically a dour movie-going period. It’s the first time in two decades that a movie grossed more than $20 million the weekend after Thanksgiving, not adjusted for inflation.

When you rock and roll all night and party every day, it’s going to take a toll on the body. Which is why legendary rockers Kiss are going to let digital avatars take it from here.

In what was supposed to be the group’s final show on Saturday night at Madison Square Garden, the band revealed a “new KISS era” in which three-dimensional avatars of members, including Gene Simmons, will go on tour while the humans say goodbye to the face paint. It’s another sign that, in the AI era, musicians are attempting to achieve a kind of immortality by creating digital renderings of themselves.

Kiss’s plan, which is still at least several years out, takes its cue from another band that dominated the airwaves in the ’70s: ABBA. Three-dimensional avatars of the Swedish pop stars have been performing in the ABBA Voyage show in London since May of last year. According to Bloomberg, that experimental show has proven to be “one of the savvier bets in modern music history,” bringing in more than $2 million per week.

Bottom line: While digital renderings can keep bands like Kiss and ABBA performing forever, it should be noted that the same technology can also make that happen for bands like Nickleback.—NF

SCOTUS will hear the “quadrillion-dollar question”: Along with the Sackler bankruptcy case kicking off, the Supreme Court will hear oral arguments today for a case that could upend the US tax code. In Moore v. United States, the justices will be asked to decide whether the federal government can tax certain “unrealized gains”—assets that have yet to be sold.

GTA fans have every reason to get jacked: A trailer for one of the most anticipated games of the decade—the next edition of Grand Theft Auto—will drop Tuesday morning. And if you’re keeping track at home, it’s been a whole 10 years since the release of GTA V. Additionally, Netflix is trying to capitalize on the growing hype (and boost its gaming bonafides) by adding three classic GTA titles to its catalog on Dec. 14.

It’s a busy week across the sports world: The NBA’s in-season tournament will hold its semifinals on Thursday and the championship game on Saturday in Las Vegas. Army will play Navy on Saturday afternoon in Foxboro, MA, marking the first time in its 124-year history that “America’s Game” will be played in New England. The MLS Cup will take place Saturday afternoon between Columbus and LAFC. And MLB’s winter meetings will start today in Nashville. The only question that matters: Where will free agent Shohei Ohtani end up?

Everything else…

• The COP28 climate summit rolls on in Dubai.
• Hanukkah begins Thursday evening. Some Jewish Americans are going bolder with their decorations this year to make a statement against rising antisemitism.
• The November jobs report will come out Friday.
• Grab your wipes, because Monk is back. Mr. Monk’s Last Case: A Monk Movie will debut Friday on Peacock.

Stat: Michigan, Washington, Texas, and Alabama are headed to the College Football Playoff, which was arguably the most controversial decision the selection committee has made since the format began in 2014. Florida State was fifth in the final rankings, marking the first time an undefeated team from a Power Five conference was snubbed from the tournament field. It’s a dramatic end to the four-team format; next year, the playoff field will expand to 12 teams, and a slew of conference changes will alter the industry.

Quote: “What is the point of playing games?”

FSU head coach Mike Norvell let loose on the selection committee’s decision to snub his undefeated team, saying he was “disgusted and infuriated” that a “small group of people decided they knew better than the results of the games.” The committee’s reasoning: FSU QB Jordan Travis got injured, and while the team won two games in the star’s absence, the unimpressive nature of those wins meant, in their view, that Alabama was the better squad going into the playoff. Norvell isn’t buying it, calling the decision a “sad day for college football.”

Read: My techno-optimism. (Vitalik Buterin)

Shawl yourself: A guide to rocking the cozy winter accessory.

Gift guide: Kaitlin Phillips posts one of the least organized gift guides every holiday season.

Watch: The most disrespectful block in the history of basketball.

Factoids: 52 things Tom Whitwell learned in 2023.

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