April 28, 2009

The Daily Bankruptcy News

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Law:

Bankruptcy Judge Slams No-Show Lawyer
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Cahill Partner: GM Bond Offer "Most Complicated Thing I've Ever Worked On"
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Cleary Advises UAW on Labor Concession with Chrysler
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Lawyers challenge limits of 2005 bankruptcy act - Argue they are not debt relief agencies
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Nixon Peabody Cuts Associate Pay, Shifts to Performance-Based Bonuses
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Salary Cut Watch: Nixon Peabody Can, So it Did
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Layoff/Salary Cut Watch: Don't Listen to that Voice Mail from Squire Sanders
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Law Firms Use Downturn as Opportunity to Ax Older Partners, Recruiter Says
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No Quick Fix for the Dysfunctional Law Firm Family
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"Disappointed" Ex-BigLaw Chair Moves to New Firm
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Caution Pays Off as Top 20 N.J. Firms Stay Profitable
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Injunction forces Chinese wall on DLA
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In-House Lawyers: We Don't Necessarily Want to See You, but Alternative Fees Would Be Nice
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Lawyers per revenue is a key benchmark in-house teams are judged against
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GE appoints new legal chief as former GC takes non-legal role
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Firm set to vote on moving legal jobs offshore
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Law Schools, Public Interest Agencies Deal With Consequences of Deferrals
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Suit Claims Ex-Quarles Partner Stole $600K; Firm Says Its Hands Were Tied
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Lawyer Dreier Will Plead Guilty to All Charges, Attorney Says
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Heller Staff Members Sue Partners, Seek $32M for Alleged Labor Law Violations
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Law Firms in Mexico City Ponder Swine Flu Precautions
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Diversity Among Law Firm Partners Remains an Ongoing Concern
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Lawyer, Socialite Astor's Son Stole Millions Intended for Charity, DA Says
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Retired Boston Lawyer Earns $162K at Part-Time Job
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Lawyer Who Became Schoolteacher Has New Frustrations
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(Laid-off)Lawyer of the Day: Novelist Deidre Dare Sues Allen & Overy
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As Enforcement Goes Global, So Do White-Collar Crime Lawyers
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Associate, 75, Dies
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Judges:

BigLaw Conflict Delays Impeachment Probe of Federal Judge
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Baby-Faced Judge Is the Big Girl in Her Court
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Wall Street:

World Markets Tumble Amid Swine Flu, Bank Worries
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European, US Stock Futures Decline on Bank Capital Concerns
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European, Asian Stocks Drop, US Futures Fall
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Stocks Drop Amid Swine Flu Concerns
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Flu Depresses U.S. Markets
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Derivatives:

Debt revamps hindered by credit default swaps
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GM CEO Henderson Not Sure of How Many Credit Default Swaps
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Newspapers:

Bankruptcy: No option for newspapers
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Newspaper circulation declines 7%
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Bankrupt Philly Newspaper Company Paid CEO $1.175 million after Alleged Bailout Request
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Hearing scheduled in Sun-Times bankruptcy
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At Papers, New Levels of Job Insecurity
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Magazines:

Conde Nast closes Portfolio magazine; 80 jobs lost
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Lost $100,000,000 in two years
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Conde Nast's Layoff Rules
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Why Portfolio folded
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Banking:

US tells Citi, BofA to increase capital
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Citigroup, Bank of America Drop on Report About Capital Needs
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Three Big Banks Need Funding
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As Bank Insolvencies Loom, Lending Groups Should Act Now to Protect Themselves
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Bair Looks Beyond Stress Tests, Seeks End to ‘Too Big to Fail'
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FDIC's Bair: US has money to deal with stressed banks
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Sheila Bair: Bank bankruptcies - and the FDIC - don't work
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Bair: New authority needed to help dismantle big institutions
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John Thain on the Professional Disaster That Was BofA-Merrill
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Northern Trust plans offering to repay TARP
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Bank Failure Last Friday Costly to FDIC
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Deutsche Bank Profit Tops Analyst Estimates on Trading Rebound
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Corporate Reform:

SEC Investigating 50 CDS Cases, 150 Hedge Fund Cases
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SEC May Pay Whistleblowers
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SEC chief: Valuable tips fell through cracks
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SEC considers strengthening custody rules to thwart Madoff-like schemes
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Hedge fund bill to give SEC registration authority
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SEC's Schapiro outlines reforms
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Financier Danny Pang, PEMGroup Have Assets Frozen by SEC, Court
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Credit Cards:

Credit Card Rates Headed for Federal Slap Down?
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New Card-Industry Rules Will Have "Crippling Effect"
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Cash Vanishes from Merchants' Accounts
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AmEx seen saving up to $600 million to cushion losses
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AMEX Cancelled Cards and Points
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RVs:

RVs Losing Speed
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Monaco sells RV assets to Navistar
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Retailing:

Beyond Bankruptcy: But Wait, There’s More!
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Filene's Basement Said to Prepare for Bankruptcy
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Celebs:

Florist To The Stars Files For Bankruptcy
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Hey, Buddy Can You Spare a Dime?: World's Richest Rockers Lose Big
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Fraud:

Frozen-out Stanford investors petition Congress
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Billionaire Stanford's inner sanctum had bar, bathroom exit
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Stanford says he's 'rah rah' guy, not leader for investments
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Ken Lay's excuse returns in Stanford matter
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The Anatomy of an Alleged Fraud
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Trustee Seeks $65,000 Clawback From Law Student Suing Madoff's Brother
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How Bernie did it
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Madoff unit auctioned as part of thorny asset recovery
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Madoff's trading business nets $25M at NYC auction
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Investors Lob Fraud Charges at Madoff Feeder Fund in Amended Complaint
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Bernie Madoff's biggest secrets
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Madoff investment scam victims in California seek tax refunds
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NY AG Sues Home Warranty Company for Fraud
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Five Are Named in $70M Ponzi Scheme
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SEC Charges Florida Adviser With Fraud
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CT Hedge Fund Manager Accused Of Lying About Assets, Performance, Past
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Economy:

U.S. toxic-asset plan stirs fears
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US Treasury April-June borrowing to hit $361 bln
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Swine Flu's Economic Impact
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Swine-Flu Pandemic Threat Level Raised by WHO
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Borders Are Tightened as Flu Cases Rise
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Swine Flu Unlikely to Affect the Economy
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Things to Remember the Boom By
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America's mania for bigger and better meets the recession
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People With Service Jobs Feel Economic Pain Early
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Business Owners Show Continued Economic Confidence
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The end of doom and gloom?
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Real Estate:

California unsold homes index plummets
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Housing Starts Take a Wild Swing
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Meritage Homes posts narrower loss
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Chicago real estate auctioneer Sheldon Good files Chapter 11
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Title insurer Fidelity National has 1st-qtr loss
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Opus West owes more than $160 mil, lenders group says
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Autos:

GM to cut 23,000 US factory jobs, shed Pontiac
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GM plans to cut Canadian workforce in half
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At Chrysler and GM, Workers Will Become Owners
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G.M.’s Latest Plan Envisions a Much Smaller Automaker
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If Big Auto Goes Bankrupt, Should They File in Detroit?
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GM: The Vultures Circle
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A breakdown of the numbers in GM's plan
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GM's New Plan: Fewer Jobs, More Chevy Volt
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What killed Pontiac
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Pontiac's demise gets a muted response
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GM To Focus On Four 'Keeper' Brands
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GM to Eliminate Hummer, Saturn, Saab, and Pontiac
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Faster Cuts and More Loans Are Key to GM Survival Plan
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White House gives GM restructuring plan thumbs up
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US government may take controlling share of General Motors
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Deal Would Create Conflicts for Government
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GM may sell most assets to US-formed company
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US says has no desire to run automakers
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UAW Goes From Rivetheads to Owners in Detroit
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UAW Would Own Majority Of Chrysler, Source Says
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Analysts react to GM restructuring plan
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GM Makes The Moral Equivalent of a Hail Mary Pass
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Bankruptcy "More Probable," Says GM
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Motown or Gotham? GM, Chrysler Weighing the Pros and Cons
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Too little, too late for GM and Chrysler
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Future GM looks like Chrysler Past
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How General Motors - and Rick Wagoner - did the right thing
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GM tells creditors to swap for equity or face bankruptcy
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GM Bondholders Said to Find Swap Unlikely to Succeed
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Is GM Worth $125 Billion?
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Statement from advisors to ad hoc committee of GM bondholders
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GM bondholders see raw deal in latest exchange offer
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GM Offers 10% Stake for $27 Billion Debt
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Bondholders say GM on risky path to bankruptcy
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Group harshly critical of GM debt offer
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Debt-for-equity swap aims to skirt federal bankruptcy court
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G.M.’s Latest Plan Hinges on Debt Exchange
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Will creditors agree to GM's viability plan?
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VEBA may get 38% of GM stock under plan
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GM to Bondholders: Want to Play?
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GM, Chrysler should file in Detroit
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New GM Viability Projects Slide In Market Share
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GM to slash nearly half its dealerships to survive
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To shed dealerships, experts say GM needs bankruptcy
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GM's last gasp
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End of Pontiac won't cause dealerships to close
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United Auto Workers, taxpayers to own most of General Motors?
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GM's latest restructuring plan could hit Michigan hard
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GM dealers waiting for answers
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Chrysler UAW deal puts spotlight on lenders
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Chrysler Fate up to Banks, Say Mich. Congressional Reps
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Fiat thinks Chrysler deal cost-competitive
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Daimler reaches deal on Chrysler separation
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US Tries to Broker Sale Of Chrysler's Loan Arm
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American Axle, Lear Gain After GM Announces Restructuring Plan
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Clement Says GM Needs to Restructure to Get Canadian Loans
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GM's Opel Union Withholds Agreement in Bidder Dispute
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German Economy Minister meets Magna on Opel
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Honda Forecasts 71% Profit Drop as Recession Cripples Car Sales
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Honda expects to escape loss in 09/10 on cost cuts
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Daimler Reports Loss of $1.7 billion for First Quarter
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Aviation:

‘Fragile' US Airlines May Lose Travelers as Flu Adds to Woes
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Airlines Tumble on Concern Swine Flu Will Damp Travel
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Mexico Airports Drop Most in Two Years on Flu Concern
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Resorts:

Tamarack receiver, lenders can't agree on budget
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Taxis:

At Age 51, a New Day at the Wheel
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Crime:

In Recession, Mexican Cartels Unload Drugs to Italian Mafia
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Personal Finance:

This Year's Prom Theme? Savings
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Dinosaurs:

Turning Out The Lights: Ugobe, Maker Of Robotic Dinosaur
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Distressed Investing:

Wilbur Ross Details Plan to Buy Toxic Assets
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UCC:

Creating Legislative Intent Years After Passage of Revised Article 9
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Insiders:

Third Circuit Clarifies Degree of Control Necessary to Be an Insider
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Automatic Stay:

Junior Lien Holder Bankruptcy Stays Foreclosure by Senior Lien Holder
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Fees:

Are Attorney's Fees Recoverable in State Actions For Work Done in Bankruptcy Court?
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Trucking:

Economy keeps big rigs in idling mode
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New Bankruptcy Opinions
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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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Exemptions:

Supreme Court Grants Cert on Exemptions Case, Schwab v. Reilly
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Discharge:

Knowledge of Bankruptcy Does Not Bar State Action Where Creditor Is Not Given Formal Notice
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Consultants:

Moelis hires Dermont for expanding bankruptcy team
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Museums:

Museum's trustee: Be good sports, athletes
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Corporate Governance:

SEC: Shareholder empowerment coming soon
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Layoffs:

Recent Layoffs
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Finance Layoffs
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In bad job market, unemployed hit gym
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Graduating MBA? Tough luck
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Health Care:

Flu Fight Ramps Up As More Fall Ill
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Swine Flu Outbreak Doubles in US, Mexico Death Toll Rises
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Tax:

Swiss Want US to Drop UBS Lawsuit in Return for Tax Accord
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I.R.S. to Pursue Foreign Banks Assisting Tax Evasion
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New Offshore-Account Rules Scare Off Investors
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Gambling:

Floating casino sinks into bankruptcy
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Mass Torts:

W.R. Grace Asks Judge to Throw Out Most Criminal Charges in Montana Trial
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Judge Slams Govt Case in Grace Asbestos Trial
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Pfizer and Quigley Must Give Some E-Mails to Asbestos Group, Judge Rules
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Art:

More Artworks Sell Privately in Slowdown
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Municipalities:

Many cities struggling to make ends meet
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Judge orders mediation in Vallejo bankruptcy dispute
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Better late than never
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Awards:

Adams and Reese Special Counsel Elected to American College of Bankruptcy Foundation Board
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Photography:

Picturing the Recession
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Aviation:

‘Fragile' US Airlines May Lose Travelers as Flu Adds to Woes
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Airlines Tumble on Concern Swine Flu Will Damp Travel
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Mexico Airports Drop Most in Two Years on Flu Concern
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Software:

Software vendor Cassatt in rough shape, bankruptcy possible
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Setoff:

Is Triangular Set-off Enforceable Under U.S. Laws?
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Education:

US universities sell debt as endowments falter
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End the University as We Know It
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To Save, M.I.T. Drops 8 Teams
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Steel:

US Steel Swings to Loss, Is Cut to Junk by Moody's
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Nippon Steel sees no profit this yr after Q4 loss
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Evraz Net Misses Estimates After Writedowns, Charges
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Finance:

SBA Lending Activity Plummets
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Lender May Be Liable for Allowing Disbursements in Excess of Loan Budget
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A Sign of Hope: Corporate Borrowing Costs Ease
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CLO restructurings
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Peer-to-Peer Lender Relaunched
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Oil/Gas:

SemGroup is granted extension on bankruptcy funds
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Former SemGroup Officials Respond To Bankruptcy Report
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Attorney defends SemGroup co-founder
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BP Cuts Spending Target After 64 Percent Profit Slump
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Chesapeake investors angered by $100m for chief
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Hedge Funds:

Fairfield Investor Suit Says Actions Rose to Fraud
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Debt Collection:

How Local DAs Get a Cut of Debt Collection Business
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Women Say They Were Sold into Debt Slavery
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Executive Compensation:

Delaware Court Allows Corporate Waste Claim Based on Executive Compensation
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UK:

UK Tax Increase to ‘Suck Money' From London, City Hall Says
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99% of creditors greenlight JJB CVA
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Rats Feed Off U.K. Recession as Trash and Empty Housing Mounts
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EU:

Euro Zone Leading Index Up In March
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Mexico:

Avoid Mexico, Travelers Are Told, as Flu Toll Mounts
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Germany:

U.S. Investor Has No Allies in Battle Over German Bank
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Italy:

Italy's Gold-Plated Furniture Sales Recover From Lehman ‘Shock'
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Italy Police Seize EU476 MLN Assets From City of Milan Arrangers
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Hungary:

In Budapest, a Snapshot of a World Now at Risk
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As Economic Turmoil Mounts, So Do Attacks on Hungary's Gypsies
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China:

China Faces Grad Glut After Boom at Colleges
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India:

India's MBAs Face Dismal Job Market
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Czech Republic:

Czechs Pay Immigrants To Head Back Home
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