April 16, 2009

The Daily Bankruptcy News

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Law:

Weil’s Lehman Request: $55 Million for Less Than Five Months of Work
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Lehman Bankruptcy Fees Near $100 Million
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It's Good to Be a Bankruptcy Attorney
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Lawyers Retool for Bankruptcy Practice, Due to Dismal Economy
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Linklaters Right There with Weil on Lehman UK Billing
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Linklaters' takings on the landmark Lehman insolvency
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Patton Boggs Gets Bankruptcy Attorneys From Foley Lardner
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Another Akin Defection: Co-Head of Litigation Heading to Quinn Emanuel
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Robinson & Cole Cuts Salaries by $10,000
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Eversheds announces third round of layoffs
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Stealth Layoff Watch: 5% Litigation Cuts at Shearman & Sterling
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In-House Counsel Layoff Watch: Wells Fargo Could Be Making Cuts
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Does Chuck Hire Laid-Off Lawyers?
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Nationwide Start Date Round-up... Yup, Another One
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Economic Pressure May Force Permanent Shift in Corporate Legal Costs
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What's Hot and What's Not for Associate Job Seekers
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Cozen O'Connor Partner Charged With Pocketing Fees for Favors
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Five sobering trends of which young lawyers should be aware
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Why Thinking Like a Lawyer Is Bad for Your Career
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Notes from the Breadline: To Be On Your Own
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Berkeley to Law School Students: Please be your own janitors. Thanks.
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San Francisco's Legal Business Doing Better Than Most Cities'
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Laid Off in the First Person
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Stubborn Fees Case May Have Met Its Match in 7th Circuit
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Fulbright Partner Caught Up in Web of Alleged Fraudster
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Attorney Arrested in Fraud Probe Faces Possible Sanction for Re-Filing Suit
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Bilked by Madoff, Former Fried Frank Partner Joins Forces With Milberg to Recoup Investors' Money
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N.J. Wolf Block Office Reconstitutes as Brach Eichler
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The Pay-to-Sue Business
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Company Won’t Reinstate In-House Lawyer; How Much Will That Add to $1.6M Award?
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Why is Having Dreadlocks Such A Controversial Issue at BigLaw?
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‘Octomom’ Nadya Suleman Seeks Trademark of Tabloid Moniker
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Judges:

Could Hamilton Dustup Signal Struggles Ahead for Obama’s Judicial Picks?
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Judge Accused of Misconduct due to Corporate Ties, Behavior Toward Chief Judge
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Wall Street:

Wall Street set for a mixed opening
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Pulled in 2 Directions, Markets Post Solid Rise at Close
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Stock Pros Who Survived the Depression
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Tax:

Hundreds protest government spending on Tax Day
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GOP hopes to build momentum behind 'tea parties'
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Obama Touts Tax Cuts Amid 'Tea Parties'
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Here Come the Plastic Pitchforks
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Credit Card Processor Asked for Offshore Data
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Aviation:

American Airlines reports first-quarter loss
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Legacy airline stocks rally on AMR quarterly results
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No Surprise: American Pilots Slam Management Over Bonuses
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Sun Country sizzling with record net income
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More airlines risk going under this year, industry association warns
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United to begin charging very obese for second seat
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China Eastern Airlines Suffers $2.2 Billion Loss
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Cathay, Singapore Airlines Face `Tough Decisions' as Qantas Slashes Jobs
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Banking:

Stress this: Some banks are weak
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Banks Await Stress-Test Results
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U.S. Regulators to Detail Stress-Test Methods Before Results Are Released
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JPMorgan Chase follows banking rivals to higher-than-expected profit
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Barclays’s Diamond Says Bank Profits Not a ‘One-Off’
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An Offer Banks Can Refuse
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U.S. Program Lends a Hand to Banks, Quietly
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Repaying TARP Capital: Not So Fast
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Stock Brokers:

Charles Schwab 1Q earnings fall 29 percent
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Video Games:

Midway Hopes to Sell for $30 million
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Personal Finance:

21st-century homesteaders: Economic survivalists take root
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When You're Flush, But Acting Flat Broke
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Credit Cards:

Capital One card loss rates hits 9.3%
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American Express Says Charge-off Rise Slows in March
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AmEx Suggests Card Defaults May Be Stabilizing
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Layoffs:

Does Unemployment Presage Crime?
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New Jersey Unemployment Rises to 8.3% as Casinos Cut
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Mass Torts:

Canada should call for a complete ban on asbestos right now
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Marketing:

Judge Approves Barton-Cotton Sale
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Fraud:

Stanford Coaxed $5 Billion From Investors as SEC Weighed Enforcement Power
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Stanford Group Receiver Sues Former Brokers for Commissions on CD Sales
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Allen Stanford's face for sale on eBay
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UBS Accused Of Hindering By Madoff Liquidators
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Financier Merkin Testified in Madoff Probe, New York Judge Says
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Chinese Madoff probed over fund fraud
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Madoff's London unit seeks Ch. 15
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Economy:

Fed Says US Economy’s Decline Slowed in Some Areas
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US economic activity weak: Fed
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Consumer Prices Fall in March
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Consumer prices first annual drop in 54 years
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Faint silver lining in gloomy US factory data
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Calpers May Buy TARP Assets on ‘Glimmer of Hope’
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Wal-Mart’s Duke Sees ‘Lot of Stress,’ Slow Recovery for US
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Beige Book: Rents are Down, Unemployment’s Up, Vacation’s Up for Grabs
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‘Fallen Angels’ at Highest Level Since Asian Crisis, S&P Says
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Global Recession May Lead to Populist Politics
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'Tool City' Weathers Economic Downturn
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Real Estate:

Southern California home sales jump in March
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Foreclosures jump 24%
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6 companies to get $9.9 B under mortgage program
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Builders in U.S. Probably Began Work on Fewer Houses After February Surge
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US Homebuilder Confidence Rises to Six-Month High
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TARP Banks Boost Home Lending
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Say Goodbye to Fannie, Freddie as Housing Collapse Wrecks Profits, Status
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Bankruptcy auction closes without sale
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Mortgage-aid scheme bilked dozens in distress out of their homes
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Mortgage Fraud Is Rarely Prosecuted
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Autos:

Chapter 11 protection for GM 'highly likely'
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Auto Workers Pivotal to GM Said to Trump Bondholders
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Fiat Would Seek to Buy Chrysler Assets in Bankruptcy
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Fiat CEO: won't ask for Chrysler deadline extension
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Labor costs should not block Chrysler-Fiat deal-CAW
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Chrysler-Fiat talks intensify
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Chrysler Lenders Committee Adds Oppenheimer, Perella
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Canadian auto workers blast Fiat demand for wage cuts
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CAW says it won't budge - merger or no merger
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$55 an hour trumps $0
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Fiat holds all the cards
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Canada min calls for GM/Chrysler pay cuts
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Fiat: Is it savior or shark for Chrysler?
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Fiat bucks trends, sees sales rise
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Fiat's Marchionne sums it all up
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Fiat's CEO puts onus on unions
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GM Says Black Oak Among ‘Multiple’ Saturn Bidders
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Dealers bid for GM's Saturn
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Delphi shareholders likely to get nothing
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Delphi looks to disband equity panel
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Shelby: Government shouldn't prop up car makers
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How Badly Will Bankruptcy Hurt GM Pensioners?
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Noble, Auto Parts Maker, Seeks Bankruptcy Protection
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A Bright Spot in the Auto Industry
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GM may drop Pontiac, GMC brands
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Detroit's new 'salesman'
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Old Auto Brands Fade, New Ones Appear
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GM, Opel Unit Reach Agreement on Patents
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Lifeboat ready for Germany's Opel, insider says
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Opel can resist if GM goes bankrupt: spokesman
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Pensions:

Fund Manager Pleads Guilty in New York Pension Probe
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NY Cuomo expands pension probe with new charges
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Pensions vanish for some elderly Gottschalks retirees
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NJ Pension System Deficit Rises to $34.4 Billion
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Buildng Materials:

Sherwin-Williams: Painting Over a Problem?
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Chemicals:

TH Agriculture gets DIP nod
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Executive Compensation:

Eliot Spitzer Pleased and Incredulous Over Recent Posner Opinion
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At Six Flags, bankruptcy could mean a 'success bonus'
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Shipping:

Frontline Sees ‘Massive’ Oil-Tanker Cancellations
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Bankruptcy Litigation:

Sentinel Trustee Tries to Recoup Millions
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Prognostication:

10 companies that may go bankrupt
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Telecoms:

Nokia's Operating Profit Falls 96%
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Pharma:

AtheroGenics moves to confirmation
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Hotels:

Owner of downtown LA's Marriott Hotel files bankruptcy
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Lighthouse Lodge seeks to tap cash
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Rail:

CSX Expects Volume Drop, More Furloughs in 2Q
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Municipalities:

Westfall seeks Ch. 9 OK
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Bernanke Frets as Variable Notes Strip Taxpayers From Houston to New York
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Paper:

GE retreats from Bowater loan deal
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Break-Up Fees:

Judge mulls Asarco decision
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New Bankruptcy Opinions
(1 new opinion 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:

(1)- (2)- (3)- (4)- (5)- (6)- (7)- (8)- (9)- (10)
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Bankruptcy Goes Big Time
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Elizabeth Warren on The Daily Show
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Why Bankruptcy Matters
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Retailing:

General Growth Seeks Chapter 11 Bankruptcy Protection
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Obtains $375 million in debtor-in-possession financing
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As General Growth goes into Chapter 11, banks sweat
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General Growth Files for Bankruptcy, Says Eurohypo Is Owed $2.6 Billion
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Death to Discounts? Designers Rebel
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Vendors depicted as down a rung
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Ackman's Rich Reputation May Get Marked Down in War With Target
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Circuit City Auction Set For June
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Labor:

Fired Nortel Workers, Pensioners Seek Payments in Bankruptcy
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Tech:

Incentra reorganizes with asset sale
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Insurance:

Life Insurers Face ‘Unprecedented Stress,’ S&P Says
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AIG’s Shrinking Swaps Unit May Suffer More Losses
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Debt Collection:

No. of accounts in collections up 34%
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Chase Bank Stepped Over the Line By Hiring Malicious Collector, Man Says
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Agriculture:

Arkansas, investors bid for US chicken plant
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Furniture:

Court Approves Increased Financing for 1800mattress.com Operations
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Newspapers:

Boston Globe to Eliminate 2009 Management Bonuses
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CEO: Chicago Trib purchase was 'a mistake'
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Abitibi's crumpling ‘recovery' strategy
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Magazines:

A Miserable Three Months for the Magazine Business: Sales Down 20 Percent (At Least)
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Celebs:

Michael Vick Looking Towards a Reality TV Show?
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Horse Racing:

Beating A Dead Horse?
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Gambling:

Bankruptcy judge grants three Trump motions
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Casino Control Commission gives ultimatum on Trop sale
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Derivatives:

Fairfax Says Credit-Default Swap Gains Are ‘History’
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LyondellBasell Bonds Valued at 3.375% in Default Swap Auction
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Food/Drink:

Burger King Falls Most in Three Years as Sales Miss Estimates
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Is the Restaurant Industry Doomed?
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Fitness:

Lean Times Bring Workouts Home
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Cross Border:

Deloitte hires restructuring guru
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Rating Agencies:

U.S. SEC Mulls Further Credit Rating Reforms
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Consumer Products:

Court Approves Spectrum Brands' Disclosure Statement
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EU:

Euro-zone industrial production plunges
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East Europe's Recession to Deepen, May Cause Rating Downgrades, Fitch Says
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Canada:

Conquest Vacations ceases operations immediately
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Travelers angry after tour operator shuts down
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Canadian March Existing Home Sales Rise 7 Percent
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If creditors are to call the shots at CanWest, look for asset sales
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Spain:

Spain: No Room for New Stimulus
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Germany:

Dresden Job Losses Leave It Reeling as East German Boom Fades
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China:

China's Economy Expands at Slowest Pace in Almost a Decade as Exports Fall
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China 1Q Econ Slowdown May Signal Worst Is Over
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Thailand:

Mark Mobius Says Thailand's Economy Is at Risk; Fitch Cuts Credit Rating
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Ukraine:

Ukraine Government, Central Bank Agree on Bailout for Lenders
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Japan:

Aso's Stimulus May Fail to Sustain Japan Recovery
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Australia:

Alpine creditors vote for liquidation
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India:

For Every 5 US Bank Failures, 2 Indian Banks Collapsed in FY’09
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