April 29, 2009

The Daily Bankruptcy News

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Law:

Lessons of The Am Law 100: Nothing Grows Forever
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Bankruptcy Scorecard: Weil Tops The Charts
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Bankruptcy: The Hip New Corporate Trend
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Swine Flu Fear Prompts Some Changes in Law Firm Protocol
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Baker, Choate Hall Advise on Sale of Madoff Market-Making Business
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In-House Lawyers Cite ‘Disconnect' Between Firm Rates, Service
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Firms scramble as clients push for write-offs, discounts and payment plans
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What Can We Learn From the Implosion of Wolf Block?
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Bronson Veterans Party Like It's 1999
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Smaller firms get crack at bigger fish
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In Vegas, an End to ‘Era of Opulence’ that Produced Law Firm Mergers
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Mayer Brown Vice Chair Requests Leave in Wake of Firm Restructuring
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Kilpatrick Stockton Lays Off 24 Lawyers
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Wildman Harrold Lays Off 17
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Husch Blackwell Goes with Salary Cuts
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Consensus is building that compensation packages need to be restructured
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Summer Associates Advised to Lose the Sense of Entitlement
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Cleary Encourages 'Home Cooking' To Keep Summer Associate Lunch Costs Down
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Notes from the Breadline: You've Got a Friend
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Back to School: Firm's Offer of Free MBA to Deferred Associates Proving Very Popular
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Georgetown is the Latest Law School with New Initiatives for Unemployed/Deferred Graduates
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Swedish Heiress Sues Proskauer for Overbilling in Case of Stolen Warhol
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Ex-Client’s Overbilling Suit Attaches Seeming Proskauer Internal Memo
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Mr. King and His Courtiers
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As the market tumbles, so does the corporate pre-emption defense
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'Best Lawyers' Panels Agree That Law Schools, Firms Need Retooling
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The Virtual Office - Cost-effective or too cheap?
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Is the Recession Good for Female Lawyers?
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Hunton Is Hiring (Really)
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Contempt For Court
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Collateral Damage: Firm With Dreier Ties Closes Shop as Name Partners Join Other Firms
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Am Law Attorneys Have Avatars Too
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D.C. Lawyer Dies in Attempt to Save Drowning Children
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Law Student of the Day: Minnesota 1L Dennis Jansen
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My advice: Work on your opening. The rest is sort of ok.
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Judges:

Specter's Party Switch Creates Little Clarity for Judicial, DOJ Nominees
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Wall Street:

European, US Stock-Index Futures Rise; Asian Shares Climb
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Europe Stocks Edge Higher
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Stocks Barely Budge as Investors Await New Signals
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Stocks Recover From Two-Day Drop
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Michael Douglas/Oliver Stone planning 'Wall Street' sequel
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Confident Lazard's ‘Ugly' Loss
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Retailing:

Never Mind What It Costs. Can I Get 70% Off?
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Mortgage group braces for General Growth fallout
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The Bankruptcy of GGP and the Prognosis for Retail REIT Debt
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Walgreen to buy 34 New Jersey stores
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Big 10 Tire Gets Court Approval for Auction
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Office Depot posts surprise profit on cost cuts
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Oil/Gas:

Shell Profit Down 58 Percent
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Oilexco to request bankruptcy protection extension
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Rotterdam, Europe's Largest Port, May Run Out of Space to Store Crude Oil
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Newspapers:

Tentative Nod to a Pay Cut at The Times
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Suburban News owner files for bankruptcy
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The Sound of Newspapers Dying
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Media:

Time Warner profit falls on weak ad sales
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Corporate Reform:

Congress Won't Probe Wall St.
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SEC teams to specialize on fraud types
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Small-town newspapers attract investors
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M&A:

Lazard Posts Unexpected Loss on Slowdown in Takeovers
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Magazines:

Alliance Entertainment Parent Files for Bankruptcy Protection
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Source Interlink rides bankruptcy bandwagon
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Celebs:

Judge gets update on Michael Vick bankruptcy plan
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Vick settles disputes with ex-agent, Falcons in bankruptcy
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Vick still counting on resumption of NFL career
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Recession Fouls Basketball Superstar - A Player's Loss is Collectors' Gain
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Lehman:

Lehman bankruptcy hits stumbling block
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Resorts:

Bankruptcy is sought for Park City resort
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Jewelry:

Jeweler Doris Panos Files For Bankruptcy
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Defaults:

A vintage year for failures
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Aviation:

Mesa's bid to license Aloha name delayed
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Air Freight Falls 21.4 Percent
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Hot, Tired, Hungry and Stuck on Plane: Passengers are Ready for Reform
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Airline shares fall again amid flu scare
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Airline boss says swine flu only risk for 'slumdwellers'
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UPS May Furlough 300 Pilots
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Gulfstream, Cessna Purchases to Plunge 50% in Two Years as CEOs Shun Jets
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Economy:

Obama's First Business Report Card
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Economy's Free-Fall Probably Eased in 1st Quarter
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Consumer Confidence Index Jumps In April
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Head of U.S. bank rescue program prepares to exit
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US bank report, flu fears shake economy hopes
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CDC: 'Fully expect we will see US deaths'
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Governments test for flu, hope they don't find it
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Swine Flu Vaccine May Be Months Away, Experts Say
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Flu scare sets scene for anxiety through the autumn
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Recession Has Changed Lifestyles, Poll Shows
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Fed May Keep Asset Purchases Unchanged as ‘Green Shoots' Emerge
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Permira's Buffini Sees ‘Worse to Come' Before Any Recovery
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Apollo's Harris Sees Slow Economic Recovery
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Real Estate:

Seven Metro Areas See Housing Drop at Least 40 Percent
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Phoenix first major city where home prices have fallen by half
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A Look at Case-Shiller Numbers, by Metro Area
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Homeownership Now at 2000 Levels
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U.S. Home Prices Continued to Decline in February
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US housing still has a way to fall
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Chrysler and Foreclosures: the Contrast
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A New Plan to Help Modify Second Mortgages
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Patching the Foreclosure Plan
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Lender Settles Suit for $2.5 Million
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Real estate pioneer Sheldon Good looking for answers
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Woman pleads guilty in massive mortgage fraud
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Mining:

Asarco reorganization decision delayed
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Sterlite exudes confidence on Asarco
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Grupo Mexico Q1 net drops 96 percent to $19 mln
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Autos:

GM takes first real stab at Ch 11 – minus the name
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Federal control of General Motors is game changer
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Treasury said no to GM-Delphi deals
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Treasury’s $1.1 Billion Estimate for Auto Warranties Well Below Past Years’ Warranty Payments
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Holdouts Jeopardize Debt Plan for Chrysler
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Chrysler's key lenders agree to debt-for-cash swap deal
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Sandra Mayerson: Hurdles remain for Chrysler
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Chrysler pushed to brink - Despite deal with major banks, it may be forced into bankruptcy this week
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Deal with lenders brings Chrysler back from brink
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Playing Chicken With Auto Bonds?
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Chrysler Bankruptcy Uncertain a Day Before Task Force Deadline
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Chrysler, Fiat: Back from the Brink?
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Chrysler on brink of securing a Fiat deal
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Won't take stake in Chrysler , CAW says
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Fiat boss dines with Canadian union officials
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UAW trust won't get control of Chrysler - Workers vote on deal giving trust oversight of health care, not company
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Chrysler workers face hard decision
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After the fall
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Obama Administration allowing GM, Chrysler to blackmail their dealers
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Car Bailout Talks Follow Bloom's Map
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Japanese Suppliers First in Line for Auto Supplier Bailout
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American Axle plans 'significant' idling at Detroit complex
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General Motors will force 1,000 to 1,200 underperforming dealerships to close
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72% would buy an American car - poll
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What You Need to Know Before You Buy an American Car
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The Truth About Cars and Trucks
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GMAC may aid Chrysler Financial
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Lawmakers inch toward 'cash for clunkers' deal
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Unemployed Auto Workers Meet to Network and Commiserate
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Politics:

Specter Defects To Democrats
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What Specter's Defection Means
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Lobbyists Try to Skirt Stimulus Ban
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Insurance:

Bahamian Insurer Clico Files for Bankruptcy Protection From U.S. Creditors
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Allianz Says First-Quarter Operating Profit Fell 41%
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Tourism:

Cruise lines cancel Mexico stops
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Layoffs:

Clear Channel cutting 590 radio jobs
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National and State by State Unemployment Rates
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Worst Small Cities for Jobs
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Travel:

Flu fears have 'potential to paralyze' industry
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Credit Cards:

How the Banks Plan to Limit Credit Card Protections
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Moody's sees peak of 12 pct in credit card losses
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Fitch, Moody's Report Record High Charge-Offs
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Distressed Assets:

Z-Score Creator Says Distressed Debt to Slide Further
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Fraud:

Another ‘Clawbacks’ Defense for Madoff Clients: No Money
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Ruth Madoff's Duty
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Boston firm wins bid for Madoff asset
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Nearly $7M found in Madoff's Bank of New York accounts
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Forest Products:

Settlement reached in Maxxam case
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Bonuses:

Vermillion Lays out Bonus Plan for Directors as it Seeks Chapter 11 Protection
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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:

Mortgage Cram-Downs Stripped Out of Rescue Bill
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Mortgage "cramdown" laws needed: Warren
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Cram downs crammed out
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Two Key Dems Express Pessimism On Bankruptcy Bill
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CLLA Reform Update
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Mortgage Modification Bill Faces Trouble
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48 Hours to Save 1.7 Million Homes
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Will the mortgage cramdown bill raise interest rates for future buyers?
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Bankruptcy Poetry:

Bankruptcy-Restructuring
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Banking:

Citi scrambles to raise capital
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Citi asks Treasury if it can pay bonuses
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Fed Is Said to Seek Capital for at Least Six Banks After Tests
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Wells Fargo mum on stress tests, lauds regulation
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Banks Juice Profits, Fantasize About Loan Quality
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Some banks stuff the mattress
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Rep Frank sees banks TARP-free in a year
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Washington Mutual Inc. sues JPMorgan for return of $4 billion
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Takeover of Belgian Bank Sparks Anger at Meeting
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Bank of America Chief in Battle to Hold His Job
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Calpers to Oppose Re-election of Bank of America Board
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Thain slams BofA over Merrill bonus row
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As Good as Their Word
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If Banks Are Too Big to Fail, Take an Ax to Them
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Time for Bank Creditors to Share the Pain?
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Bank Regulation Case Pits U.S. Against States
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Feeling More Secure, Some Banks Want to Be Left Alone
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Mass Torts:

Prosecutors Hanging On — Just Barely — in Grace Asbestos Case
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Trial resumes against four Grace executives
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Details of WR Grace asbestos coverup revealed in bankruptcy case
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Asbestos: the Texas-California two-step
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Venue:

GM, Chrysler venue hunting Ch. 11 filings
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Debt Collection:

Debt Collector Accused of Creating Defamatory Web Site
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Credit Counseling:

Does Anybody Know If Credit or Foreclosure Counseling Helps?
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Movie Industry:

Lights out for film firms
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Derivatives:

Role of credit default swaps debated in GM's bankruptcy risk
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Berkshire 31% Decline Spurred by Derivatives Buffett Derided as Time Bombs
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Food/Drink:

Restaurants Charging for Bread
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Fate of Bruno's chain hinges on auction block
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Buffets Holdings, Inc. Emerges from Chapter 11
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Trucking:

Truck Tonnage Falls Hard in March
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Rating Agencies:

McGraw-Hill Profit Falls 22% on Drop in Debt Ratings
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Flawed Credit Ratings Reap Profits as Regulators Fail to Protect Investors
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Distressed Investing:

Ross to tap TALF, why not others?
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UK:

London Ponders Its Future as Financial Powerhouse
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U.K. Regulator's Light Touch Turns to Iron Fist as More Bankers Questioned
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Home Retail Profit Falls 24 Percent
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Home Retail Sees Margin Slump as Pound's Drop Escalates Costs
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Rich Bankers Have Ways to Escape UK Tax Bite
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EU:

Europe's Banks Enter Home Sales
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European Loan Growth Was Slowest on Record in March
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European Retail Sales Decline Least in Eleven Months, PMI Shows
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Europe April Confidence Rises for First Time in Almost a Year
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Germany:

Germany to Give Bleakest Economic Outlook Since World War II
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Future of fashion house Escada dangles by a thread
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Japan:

Tent Villages Spotlight Plight Of Japan's Unemployed
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Corporate bankruptcy, the Japanese way: Failing firms have several options, from rehabilitation to liquidation
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Australia:

Recession drives more Australians into depression
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ANZ Bank CEO Expects Bad Debts Near First-Half Levels
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Ireland:

Ireland's Banks Should Be Nationalized, Barrett Says
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Kazakhstan:

Kazakhstan BTA Starts Debt Talks to Avert Bankruptcy
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Hungary:

Number of insolvency procedures rises almost 25% in first quarter
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