April 13, 2009
The Daily Bankruptcy News
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Law:
10th Circuit: You Better Shop Around
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Cadwalader in driving seat for US auto restructuring work
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Linklaters Asks Trainees to Defer Start Dates
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Denver Firm Lays Off 37, Spares Others Thanks to Pay-Cut Volunteers
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Last Week In Layoffs
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The Times They Are A-Changin'
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Summer (Associate) Lovin'... Not As Much of a Blast
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Booted from the ‘Money Train,’ Lawyer Happily Hangs Out Shingle
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‘Small Solos’ Could Be Threatened by BigLaw Refugees
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Firm Offering Associates a Lower Wage, Fewer Hours Path Is Now Axing Many That Took Them Up on It
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Are the Parties Over for Summer Associates? Firms Expected to Trim Perks
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MoFo Accused of Charging ‘Staggering’ Attorney Fees
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Bringing Out the Dead (At a Discount!): NY BigLaw Team Slashes Rates for Work on Law Firm's Demise
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From Lawyer to Restructuring Adviser
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Bankruptcy keeps attorney on the run
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DIY Lawyering Clogging Dockets, Putting Judges in Tough Spots
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Picking Up Lateral Partners in the Downturn
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BigLaw Firm Kayos NY Malpractice Suit
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Squire Sanders Adds Bankruptcy Lawyer
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Bush's Lawyer Joins BigLaw, But Alberto Gonzales Still Hasn't (Go Figure)
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What White House Attorneys Earned in Practice and as Law Profs
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UK Hedge Fund Raises Another $47M to Invest in US Commercial Litigation
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Happy Easter!
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Rambunctious 6-Year-Old Gets Day in Traffic School (Sort Of)
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Trial to Begin in Case Testing Attorney Recruitment Methods
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Jones Day and Motley Rice Agree to Cease Fire in Confidential Document Spat
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Though Unpaid, Petters Legal Team Must Stay on the Job, Says Judge
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Lawyer Loses Round in Fee Dispute Over Anna Nicole Smith Paternity Case
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Disbarred for Yelling at Law Clerk
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1Ls Get Good News and Bad News
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Five Sobering Future Trends Could Impact Younger Lawyers
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Federal Circuit's Cautionary Tale on Frivolous Appeals
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Dying Fla. State Law Prof Teaches Students How to Live
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Ex-Spouses Ask Mich. Judge to Decide Custody of Dog Semen
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Judges:
Spotlight on Emmet Sullivan: An (Often) Self-Correcting Judge
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Obama's 2nd Circuit Pick Says He Didn't Ask for Nomination
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Supreme Court Justice Ruth Bader Ginsburg defends use of foreign law by American judges
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Wall Street:
Wall Street Set for Moderately Lower Opening
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Bank Stocks Leap, Dow Surges 3.1%
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Wall Street in Wells Fargo Moment as Euphoria Meets Stress Test
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Crisis Altering Wall St. As Stars Begin to Scatter
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Russell 2000 Rising 36% Flashes Warning for S&P Rally
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Banking:
2 more banks fail, lifting this year's tally to 23
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Colorado bank biggest failure of 2009
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Bailed-Out Banks Face Probe Over Fees
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Will Commercial Loan Losses Hurt Regional Banks?
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Federal Reserve Wants Banks to Stay Silent on Stress-Test Results
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Showdown Seen Between Banks and Regulators
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Bank Reports Hint at Future
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Wells Fargo Gives Wall Street a Reason to Run
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Goldman Sachs Share Sale to Repay Treasury Could Pressure Banks
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Hoenig Says Few Big US Banks to Need More Bailouts
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Insurance:
Genworth says ineligible for TARP, shares sink
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How To Avoid a Botched Insurance Bailout
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Fraud:
Madoff trustee seeks $150 mln investor "clawback"
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Victims seek assets of Madoff associates
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Madoff Victims May Seek His Personal Bankruptcy
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2 of Madoff’s Mets Seats Sell for $7500
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Personal Bankruptcy for Madoff More Likely
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Madoff Feeder Fees Topped $790 Million
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Irv Picard Bares His Claws: Madoff Trustee Files First Recovery Suit
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Stanford’s Davis to Enter Plea Talks on Fraud Claim
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Stanford exes -- come join another troubled industry
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Antiguan receiver says little, investors say a lot
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Ponzi Scheme Victims Weigh New Business Proposal
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Audit reveals huge fraud in Tajikistan
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Mining:
G. Irvin Terrell of Baker Botts Speaks About Asarco
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Layoffs:
J&J Cuts 900 Drug Jobs
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Lawyers See Liability Problems for Companies Televising Layoffs on Fox
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Layoff Binge Spurs Severance-Policy Flux
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Economy:
Economists See Rebound in September
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Trade Is Falling Fast Across the Globe
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Federal Budget Deficit Sets March Record $192.3B
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Obama Cites Progress on Economy
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Leaders urge Obama to use stimulus for beach sand
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Chinese gov now finances dwindling percentage of new American mortgages, government borrowing
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Bernanke Bet on Keynes Has Meltzer Seeing 1970s-Style Inflation
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Professor says recession will last through end of this year
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Real Estate:
Mortgage Rate in US Rises to 4.87%, Freddie Says
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Delinquency on FHA-Backed Loans Rises
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Developer shrugs off recession, plots all-solar Fla. city
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Commercial real estate debt clouds future
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Trump Sues Baja Condominium Developers for Buyers’ Lawsuits
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Tempe Land files plan
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Buyers Flock to Foreclosures, but Deals Are Often Delayed
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Aviation:
Boeing Cuts Jet Production as Economy Hurts Airlines
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Eclipse bidders jockey for position
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Retailing:
Wal-Mart Sales Are Short of Retail Metrics Estimate
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Ultra Stores files for bankruptcy protection
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Joe's, Northwest sporting goods dealer, to quit
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Theme Parks:
Six Flags shares to be delisted from NYSE
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A Theme Park By Any Other Name
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Agriculture:
Olsen's Mill Files Chapter 11 Bankruptcy Protection
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Art:
Gallery Director Pleads Guilty to Falsifying Records
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Newspapers:
Department of Labor Subpoenas Tribune Co.
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Newspaper Unions Play a Weak Hand in Today's Negotiations
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Photography:
Patriarch submits new counterbid for Polaroid
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Municipalities:
Job cuts needed to stop NY bankruptcy: mayor
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The Tax Capital of the World: New York is No. 1
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States Slashing Social Programs for Vulnerable
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Cities Turn to Fees to Fill Budget Gaps
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Tough Times for Community Pillars
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Washington's mayor proposes 'streetlight user fee'
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Personal Finance:
Uptick in Vasectomies Seen as Sign of Recession
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DIP Finance:
Four Easy Steps To a DIP Loan
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Health Care:
Recession Now Hits Jobs in Health Care
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Is This an Alternative to COBRA?
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Executive Compensation:
Boston CEO takes 100% pay cut to save employee jobs
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Book Reviews:
Today’s Financial Distress Gets a Dictionary, Almost
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Tax:
All Should Pay Income Taxes
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Tax Freedom Day arrives early
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Tax revolt a recipe for tea parties
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Student Debt:
Average college credit card debt rises with fees, tuition
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Packaging:
Nexpak files for Chapter 11 bankruptcy protection
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Celebs:
Leonard Cohen’s Money Troubles Benefit Fans of Bleak Baritone
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Food/Drink:
Fatburger subsidiaries file for bankruptcy
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Bi-Lo set for final DIP hearing
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Gambling:
NJ casinos post biggest monthly revenue drop ever
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MGM Mirage Gains CityCenter Waiver as Dubai World Offers Plan
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Horse Racing:
O'Malley Aides Make Case To Take Over Racetracks
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Maryland’s Run for the Preakness: Would it Be Constitutional?
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Labor:
Recession Upends Seasonal Job Market
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(No new opinions today)
Bankruptcy Court Web/Pacer Site Directory
Chapter 7, 12 & 13 Private Trustee Locator
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Recent Ch. 11 Filings
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Bankruptcy Jobs:
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Autos:
‘Surgical’ Bankruptcy Possible for G.M.
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U.S. Seen Prepping GM For Bankruptcy
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GM Working on New Offer for Bondholders
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GM offer slides backwards
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GM bondholders prepare case against bankruptcy plan
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GM's Bankruptcy Plan Faces Hurdle
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Small Investors Stuck In GM Bond Fight
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Chrysler Likely Broken Up If Bankruptcy Filed -S&P
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Dealers back Chrysler, Fiat merger
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U.S. Squeezes Auto Creditors
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S&P Warns on GM, Chrysler Debt
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Obama Plays Chicken With GM Bondholders
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Chrysler Lenders Meet With US Treasury About Debt
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Boston Consulting Gets $7 Million for GM, Chrysler Advice
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Obama is 'unambiguously committed' to auto industry
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Ont. obligated to protect retirees' pensions: CAW
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GM Faces Canada Suit
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Oil/Gas:
Oil Industry Braces for Drop in Gas Demand
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M&A:
Bankruptcy-Related M&A On the Rise
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AIG:
'Empty Creditors' and the Crisis - How Goldman's $7 billion was 'not material.'
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Action on AIG Unit May Cost Taxpayers
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Resorts:
US bankruptcy judge OKs Rothbury resort's sale
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Ethanol:
Another twist in Wisconsin ethanol bankruptcy
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Ethanol industry's future may be bright but not for its pioneers
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Biofuels Go Bust
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Modeling:
Economic Hardships Extend To Modeling World
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Trucking:
Private Jet Rankles Gainey Corp.’s Creditors
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Non-Profits:
United Way feels economic pinch
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Bankruptcy Statistics:
Bankruptcy filings reach 10-year high
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UK:
U.K. Bailout Fruit Left Unshared
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HSBC May Put Headquarters and Other Buildings on Block
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Scots lord in legal fight with council planners
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Darling to Say UK to Be Over Worst by October
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Nomura Will Run Global Investment Unit From London
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More Debt-Ridden British Homeowners Seek Exit
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Baugur Chairman’s Asset Transfers Are Probed
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UK telecom company BT to cut 10,000 jobs
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Canada:
Canada Banks Must Help Fill Credit Gap, Flaherty Says
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Railpower gets CCAA extension
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Chile:
Chile Central Bank Cuts Rate for Fourth Straight Month to 1.75%
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Russia:
Telenor Ruling Stirs Fear of Court Shopping in Russia
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China:
Chinese Exports Fall for Fifth Month, but More Slowly
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China’s Stocks Rise to Eight-Month High
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China Lending Hits Record High
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Germany:
Steinbrueck Drafts German ‘Bad Bank’ Financial Rescue Plan
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German Cities Suffer in the U.S. Financial Crisis
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Japan:
Falling Prices in Japan Feed Deflation Fears
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Australia:
Australian First-Time Home Buyers a Risk to Banks
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Australian Investment Bank Fees Jump 16.6%
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Thailand:
Thai Credit Ratings Face ‘Downgrade’ Risk, S&P Says
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