April 23, 2009

The Daily Bankruptcy News

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Law:

Schnader Harrison Lays Off Attorneys, Staff
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Goodbye perks, hello paycuts
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Former Sidley, Skadden, Curtis Mallet Lawyer Suspended for Three Years
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Law Firms Seen as Potential Cash Cows in Bankruptcy Cases
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2009 U.S. News Law-School Ranking
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Skadden, Stevens & Lee on End (Maybe?)of Filene's Basement
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Bank to push for fixed fees as it gears up for panel review
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Linklaters to reduce salaried partner ranks
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Current Job Market May Force Lawyers to Embrace Their Inner Risk Taker
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What If Law Is Not for You?
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Texas Tries to 'Launch' Students into the Job Market
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Is Unlicensed Associate Worth $450 Hourly? Fee Cited in Latham Dispute
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New Charges in Dreier Case as Hearing Airs Forfeiture Issues
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Dreier-Linked Broker Kovachev in Plea-Bargain Discussions With Prosecutors
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Jenner & Block Lights Bother Trump Tower Resident
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Jenner & Block Associate Scores SCOTUS Win
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RFPs: Good For You, Not So Good For Them
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Defunct Heller's Unsecured Creditors Allowed to Sue
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Paper: 'How did AG get her job?'
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Three former U.S. attorneys launch new law firm with John Ashcroft
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Ashcroft, Other Top Bush Officials, OK’d Waterboarding in 2003
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Two Defendants Dropped From Racial Discrimination Suit Against Covington & Burling
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Post-Stevens, Other Defendants Trying to Join the Brady Bunch
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Former GC of Peregrine Systems sentenced to one day in custody, six months home detention
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Kaye Scholer Partner Charged After Kicking Kids out of Car
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SEC Attorneys: Fort Worth’s Other Kind of Buckin’ Broncos?
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Can Using E-Mail Place Lawyers at Risk of Ethics Violations?
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No Free Lunch for Kansas In-House Attorney
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The commoditization of certain legal services
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Pls Hndle Thx: Other People Have Real Problems
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Beware of "Chris" - The Office Backstabber
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(Laid-Off)Lawyer of the Day: National Monopoly Champ Richard Marinaccio
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London Lawyers Face the Government Taking Half
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Judges:

The Honorable Joy Flowers Conti and The Honorable Louis H. Pollak Share the American Inns of Court’s 2009 Professionalism Award for the Third Circuit
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What Fordham Knows About Justice Scalia
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Judge Orders Man’s Mouth Taped Shut
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Wall Street:

US Stock Futures Advance as Apple, EBay Surpass Forecasts
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Stocks Set to Rebound on Earnings
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Falling Bank Stocks Unravel Stock Rally
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Earnings blunt recovery hopes
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Banking:

Wells earns $2.38B in 1Q
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Big banks hold tight to reins of power
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Morgan Stanley Posts Bigger-Than-Estimated Loss
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Morgan Stanley's Miscue
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Morgan Stanley Results Leave Bernstein's Hintz ‘Humiliated'
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BofA's Lewis: Man on the Hot Seat
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Lewis Testifies U.S. Urged Silence on Merrill Deal
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Credit Suisse Posts $1.7 Billion Profit
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'TARP babies' struggle to pay back government
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Citi's new frugality
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Banks Get Stress Tests, Investors Get Stressed
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Stress-Test Math
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U.S. looks to tangible common equity in stress tests
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Lose-lose for government on stress tests?
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U.S. Weighs Revealing Each Bank's Capital Needs After Stress-Test Results
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Treasury counts on banks to repay
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Bank closure sows fears
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Autos:

GM to shut most US plants up to 9 weeks
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GM shutdown could begin next month
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GM fights harder to remain solvent
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Fiat Reports $410 Million First Quarter Loss
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General Motors Plans Debt Exchange Prior to June 1 Bond Payment
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GM says likely to miss debt payment deadline
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GM's Debt Plans Barely Move Needle On Bankruptcy Prospects
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Not so fast on idea of speedy bankruptcy for GM, Chrysler
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GM Is Becoming a Royal Debacle
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Who Wins, Who Loses If GM, Chrysler Collapse
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Groups work to keep carmakers out of bankruptcy
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Automaker liquidation may focus on brands, patents
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US Moves Closer to Becoming A Major Shareholder In GM
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GM to Creditors: We Won't Pay
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GM chief says bankruptcy still 'probable'
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Cox to carmakers: File bankruptcy here
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Forum Shopping, Bankruptcy Edition
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'Quick rinse' bankruptcy for GM sounds like a spin cycle
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Treasury sweetens offer to Chrysler bondholders
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Banks Get New Offer For Debt in Chrysler
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Still no Fiat, Chrysler deal-Italy union official
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UAW's bargaining committee for Chrysler summoned to Detroit
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Fiat denies Chrysler deal talks nearly complete
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If Chrysler talks fail, Fiat may turn to GM
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Bob Nardelli's Bumpy Road
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Intensifying Chrysler drama pitting Wall Street against White House
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Chrysler Bankruptcy Now 95% Certain, CSM Analyst Says
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Chrysler's Clock is Ticking
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Obama and the Coming Chrysler Sell Job
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GM said to speed plant, model cuts; 3 scenarios seen for Chrysler
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Bill Ford: What a great time to be in the auto business
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Ford hopes to stay afloat `without strings attached'
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Ford seeks dealer concessions
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Fiat mum on Chrysler creditors' $1B demand
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UAW says talks with Chrysler, Fiat ongoing
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Mich. delegation to meet with White House
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New routes for survival
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Auto industry in turmoil
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GM, Chrysler retailers brace for restructuring blow
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AutoNation 1Q Profit Falls 32 Pct on Weak Sales
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Goldman Boosts ‘09 Auto Sales Forecast
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Delphi Corp. seeks extension
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Canada May Provide $6 Billion for GM, Chrysler
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Volkswagen Quarterly Profit Plummets
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Cerberus has no interest in Opel stake
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Fiat to sign Opel stake deal on Tuesday
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Toyota's Sales Fall for a Third Quarter on Recession
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Japan Automakers Extend Output Slump in March
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Aviation:

Baggage, Other Fees Help Drive AirTran’s Surprisingly Robust Profit
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Airlines Hitting Bottom?: Delta Offers Mild Hope, UAL Less Rosy
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Boeing BCA saw about 60 delivery deferrals in 1Q
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Boeing Q1 net income falls 50 percent
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Newspapers:

NYT Down To $34M in Bank
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$1,300,000,000 in Debt
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Star Tribune wants to extend bankruptcy stay into fall
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Tribune Co. asks to allow severance, bonuses
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'Chicago Tribune' Cuts its Newsroom Staff -- Again
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The Short Good-Bye
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Nearly 200 Chicago Journalists Lost Their Jobs This Week
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The Way To Save Newspapers? Kill Some More Of Them
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Colorado Newspaper Starts Free '10-Minute' Edition
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Food/Drink:

Schiappa Foods can tap collateral
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Humboldt seeks use of cold cash
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McDonald’s Profit Climbs Amid Recession
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Economy:

U.S. Initial Jobless Claims Rose 27,000 to 640,000 Last Week
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Geithner urges global effort to tamp crisis
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How Bad Is It?
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Top exec says economic crisis resetting capitalism
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IMF: Global economy to contract for first time in 60 years
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IMF says US economy to shrink by 2.8% in 2009
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IMF sees no US growth through 2010
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IMF Downgrades the Global Economy
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The Pessimistic IMF
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Facing the abyss
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The World Is Shrinking
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India, China to keep growing as global economy shrinks: IMF
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IMF Numbers Show a Great Economic Hole That Will Frame Partisan Debate
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Pimco's McCulley Says Economic Data Suggest Bottoming Process
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Geithner Suggests Shift In Policies In Light Of IMF Outlook
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Geithner: Worst trade bust since WWII
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Luxury Consumer Confidence Gain Signals ‘Slow Crawl' Recovery
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Tim Geithner Thumbs His Nose at Congress
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US acknowledges downturn blame
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Geithner recovery plan too cautious?
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Study Links U.S. Education Gap, GDP
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Three Scenarios for Economy's Path
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Global Economy Called Worst Since 1945
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Why Do Our Economic Models Keep Failing?
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Real Estate:

Bidding Wars Emerge On Foreclosures
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Delinquencies and Defaults Up, Up and Away
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Home Resales in U.S. Probably Fell, Signaling Market Will Remain Depressed
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Bernanke Wins Respite as More Empty Houses Means Stimulus Can Stay Longer
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Big Banks Ramp Up Mortgage Mod Program
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Option ARM Nightmares
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Pimco's McCulley Says Commercial Mortgages ‘Broken'
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Police investigating apparent suicide of Freddie Mac official
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D.C.'s ghoulish response to suicides
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Freddie Mac CFO faced extraordinary pressures
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Freddie delays note sale, cites acting CFO death
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For Freddie And Fannie, Trouble At The Top
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Fannie, Freddie Defaults Rise as Borrowers Cite Lower Income
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Where's outrage over Fannie, Freddie?
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Freddie Mac's refinance policy drawing fire
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Mortgage Applications Rise 5.3%
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Record number of Californians miss mortgage payments
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Home Prices Gain 0.7% in February From January
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Home Prices Up Again–By Some Measures
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15 Real Estate Firms Going, Going . . .
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US Sets Big Incentives To Head Off Foreclosures
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US housing market yet to reach bottom, IMF warns
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Macklowe Loses Manhattan Office Tower Stake to Otera
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Opus South Corp. Files Bankruptcy
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Tousa files liquidating plan
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One in Every 22 Homes in Las Vegas Hit with Foreclosure Filings in First Quarter
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Amid Slump, Americans Stay Put
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Florida real estate: Life among the toxic assets
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Fitch Cuts CMBS Ratings in Wake of General Growth Filing
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Single Asset Real Estate: Tightening the Noose for Developers?
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Corporate Reform:

Pelosi To Meet With Reid About Wall Street Commission
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Support Grows for Inquiry Into Wall St. Woes
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The Pecora hearings
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Hoyer backs meltdown commission
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Rep. Frank Slows Bill on Market Rules
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Oil/Gas:

Apache Fires 6% of Employees, Blaming Low Oil Prices
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SemGroup investor seeks technology
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Oil Prices Resist the World’s Recession Trend
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Theme Parks:

Ghost Town appears in bankruptcy court
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Ghost Town didn't withhold sales tax
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Gambling:

Evergreen Gaming files for bankruptcy
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Municipalities:

California Legislature needs to kill bad city bankruptcy bill
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Broke Cities Use Rent-A-Cops Instead of Police
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Accounting:

Auditors: Nearly 25% of Companies May Not Be Going Concerns
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PwC covets BearingPoint division
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Can Fair-Value Guidance Calm Auditors?
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Recession's Impact on Firms
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Accountants 'best placed' to benefit from recovery
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Golf:

Twin Lakes Country Club files for bankruptcy
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Tech:

Spansion plans to go it alone
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Birth Control:

Recession linked to more abortions, vasectomies
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Shipping:

China Cosco Seeks to Delay, Cancel Ships After Half-Year Loss
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Credit Cards:

House Credit-Card Reform Advances as Consumer Complaints Rise
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Sorry sir, your credit-card has been rejected due to insufficient lender’s funds
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Capital One Lost $112 Million in 1st Quarter
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Obama to host credit-card CEOs, pledges new rules
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Obama in credit card face-off
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Political Pressure on Plastic
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Credit card reform challenged
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Schumer backs limits on youth credit cards
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Fixing credit cards
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Credit card companies must be reined in
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How Washington's Credit Card Fray Could Hammer Acquirers
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Fraud:

Rowr! Legal “Clawbacks” Of Madoff Investors In Full Swing
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Madoff Unit's Liquidator Receives 3 More Offers for Market-Making Business
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Two sets of books and money for 'American cricket'
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Judge denies intervention, appoints examiner
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Tom Petters And The Alleged “DVD” Fraud
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Petters' Polaroid Ponzi scheme
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Murder-Suicide Lawyer May Have Run $20 Million Ponzi Scheme, Attorney Says
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Insurance:

AIG accelerates spinoff of P/C units
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Layoffs:

New York's jobless find $430 a week doesn't go far
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Closures & Layoffs (Apr. 19-25)
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Executive Compensation:

The Price of PPIP Participation
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Assessing the 'Reasonableness' of Executive Compensation
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Comparing pay of grocer CEOs
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Personal Finance:

Judges Resist Bids to Upset Child Support in Face of Economic Upheaval
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Bonuses:

Tribune Seeks Approval for $13 Million in Management Bonuses
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Derivatives:

Master Repurchase Agreement Penetrates the Automatic Stay
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Derivatives Bankers ‘Search Souls,' Seek to Avoid Future Crises
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Mining:

Sterlite Can Buy Bankrupt Asarco for $1.7 Billion, Judge Says
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Grupo Mexico offers pay to striking miners to quit
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RVs:

Monaco Coach gets bankruptcy adviser
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Bankruptcy Crimes:

Woman Forged Bankruptcy Seal To Save Electric
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New Bankruptcy Opinions
(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:

(1)- (2)- (3)- (4)- (5)- (6)- (7)- (8)- (9)- (10)
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Bankruptcy Reform:

Credit Unions Won't Back 'Cramdowns'
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Credit Unions Seeking Bailout Consider Backing Down on Cramdown
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Bankruptcy Reform & the Force of Selection
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Obama Vs. The Mortgage Bondholders
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'Cramdown' rejected by key negotiator
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Mortgage Bondholders Form Battle Lines Over Obama Housing Plan
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Cramdown Legislation Hits Senate Roadblock
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Trade associations at odds over 'cramdown'
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Keep bankruptcy judges away from mortgages
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Democratic Disunity Jeopardizes Foreclosure Relief
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Cram Down Those Loans!
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Banks Sway Bills to Aid Consumers
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Bankruptcy Poetry:

No Vote Indicated
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Museums:

My Sports Bra Is Where, Exactly?
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Hedge Funds:

Brother of Bayou's Dan Marino Sentenced to 21 Months
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Hennessee Group Fined by SEC Over Bayou Due Diligence
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Creditor Motive:

The Scary Rise of the "Empty Creditor"
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Mass Torts:

U.S. Supreme Court rejects Fen-Phen lawyer's appeal
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Insurers challenge pleural plaques law
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Celebs:

Elizabeth Warren Is My Hero
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Goodell: Vick's ticket back is genuine remorse
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PR:

Spinmeisters of the Apocalypse
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Education:

New Campus Unrest As Donors Rebel
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M.B.A.s Head Back to Old Careers
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Wine:

LVMH Reports Stagnant Sales as Champagne Demand Drops
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Chapter 13:

Why are chapter 13 cases being filed less frequently?
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Distressed Assets:

A Company Plans to Market Illiquid Assets
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Agriculture:

You Say Tomato, I Say Uh-Oh
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Bankruptcy Stocks:

Bankruptcy business boosts Epiq Systems first-quarter results
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Sales:

Stay request for Polaroid sale denied
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Hotels:

Special Purpose Entities Getting Approval to file Bankruptcy
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Marriott to Add 770 Hotels as Independents Seek Brand Strength
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Marriott Reports First-Quarter Loss as Recession Cuts Travel
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Retailing:

Stealing From The Bankrupt, Giving To The Disgruntled
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Retail Space Availability Reaches All-Time High
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Penney Upgrades 1st-Qtr Outlook on Stronger Sales
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RadioShack Profit Climbs 11%, Margins Strengthen
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General Growth's Addnl. Subsidiaries File For Bankruptcy
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Private Equity:

LP defaults: The improbable becomes reality
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Resorts:

Yellowstone Club: Tim Blixseth, Credit Suisse on Trial
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Billionaire Boys Club: Developer of Resort for the Uber-Rich Accused of Looting Investors' Dough
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Apparel:

Block Corp. files Chapter 7 bankruptcy protection
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UK:

UK Govt hikes top income tax rate to 50%
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Labour breaks promise on taxing rich
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Wealthy left to lick their wounds
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British Plan to Raise Taxes and Debt Sets Off Political Sparring
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U.K. Bank Bailout Rises to $2 Trillion, May Increase on Building Societies
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Gilt `Indigestion' Looms as U.K. Plans Record Bond Sales of $318 Billion
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Britain’s Debt Deepens; Its Outlook Grows Gloomier
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Darling's Forecast UK Will Return to Growth at Odds With IMF
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U.K. credit insurance claims rise
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U.K. House Prices Edge Up
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Councils confident in recovering Icelandic deposits
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Lloyds Bank to Cut 985 Jobs
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EU:

Europe's Outlook Challenges Recovery
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Euro zone surveys suggest milder recession in Q2
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Central, eastern Europe faces economic contraction: IMF
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Euro Climbs as Manufacturing, Services Report Beats Estimates
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European Industrial Orders Plunge Record 34.5% as Global Slump Saps Demand
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Canada:

Canwest gains time to deal with debt
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S. Korea:

IMF cuts 2010 growth forecast for Korea to 1.5%
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Korea's Middle Class 'Dwindling'
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Ukraine:

IMF: Ukraine economy to lose 8 percent in 2009
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Bulgaria:

IMF Sees 3.5% Contraction In Bulgaria In 2009
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Germany:

Merkel Rejects New Stimulus Program as Economic Data Worsens
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Steinbrueck Says Flowers Not Interested in Hypo Share Offer
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German Economy Will Shrink 6% This Year, Forecasters Say
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Japan:

Japan Economy Shrank Record 15.7% Last Quarter, Daiwa Estimates
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Japan Pays Foreign Workers to Go Home, Forever
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Mizuho Has 529.5 Billion Yen Quarterly Loss as Defaults Swell
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IMF cuts Japan 2009 GDP view sharply
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Japan's Big Banks May Need Public Funds, Fitch Says
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Netherlands:

IMF: Dutch economy shrinks almost 5 percent
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Russia:

IMF: Russian economy will shrink 6 percent in 2009
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Russian Oligarchs To Become Government Employees To Avoid Bankruptcy
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Yukos Could Bankrupt the Kremlin's Reputation
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South Africa:

South African GDP to Shrink; African Growth to Slow, IMF Says
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Venezuela:

IMF forecasts severe economic contraction in Venezuela
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Australia:

Australia's recession mild, says IMF
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Mexico:

Mexico's Codusa agrees terms of bond restructuring
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France:

French business morale brightens in April
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Access to certain links in the Daily Bankruptcy News is available only to readers holding a paid subscription.  These links are currently marked with a "DBN Subscription Required" notation. The cost of a subscription is $55/year, payable annually.  Volume discounts are available for sites with multiple users. Click here to see a schedule of discounts. Complimentary subscriptions are available for full-time educational and governmental employees and for full time students. For information about discounts or educational/governmental subscriptions, contact us by clicking here. A separate password is required for each member of a firm wishing access to restricted links. New readers can receive a free password good for 30 days by going to http://bkinformation.com/RegistrationForm.cfm. Refunds are not available after purchase. Readers who wish to change their passwords should go to http://bkinformation.com/ChangePasswordForm.cfm. Readers who have forgotten their password should go to http://bkinformation.com/GetPassword.cfm

Adding Your Email Address To The Distribution List
If you would like to start receiving the Daily Bankruptcy News by email each day, go to http://bkinformation.com/SubscribeDBNForm.cfm  and fill in the information requested.  There is no charge to be placed on the distribution list to receive the headlines, although access to many of the links behind the headlines requires a paid subscription (see above, under Passwords). If, after adding your email address to the distribution list, you do not receive an email confirming the addition, please contact us by clicking here for help.  

Removing Your Email Address From The Distribution List
If you already receive Daily Bankruptcy News by email and you wish to remove your email address from the distribution list, click here and send the email that should appear.  Note that the email must be sent from the same email address at which you are receiving the Daily Bankruptcy News. You do not need to type anything in the body of the email message.   If you do not receive an email confirming deletion of your email address from the distribution list  for the publication, contact us by clicking here for help.

Daily Bankruptcy News is published each business day by BKINFORMATION.COM, L.L.C.  You can reach us at 281-402-3957 or at accounting@bkinformation.com (email inquiries are usually answered substantially more quickly than phone inquiries).