April 3, 2009

The Daily Bankruptcy News

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Law:

Gibbons Adds To Bankruptcy
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Hogan & Hartson Cuts 93 Staff
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Staff Layoff Watch: Hogan & Hartson Lays Off 93 Staff
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Hogan & Hartson: '1800 Hours' Track Follow Up
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Firm gets massive support for four-day week plan
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Lovells cuts 79 jobs; pay levels frozen
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Up to 92 Clifford Chance Partners to be Axed ... But Which Ones?
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Mayer Brown Cuts 135 Lawyers, Staff Across U.S.
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Layoff Watch: 135 Down At Mayer Brown
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Most firms are offering decent compensation for voluntary deferrals, but a few are tight as . . .
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BigLaw Firm Axes 79, Freezes Pay
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Another Firm Freezes Associate Pay
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Cleary Gottlieb memo: staff are never allowed to be out of the office
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ATL March Madness for Law Firms, Round 4: The Final Four
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Yes, She Did
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NYC Lawyers Mull Career Switches (But Consider the Downside: Jobs That Make You Happy Pay Squat)
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Fen-Phen Lawyers Blame Cincinnati Class Action Atty for Mistakes
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At the NALP Conference: It's the End of the World As We Know It
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At the NALP Conference: Twisting in the Wind
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Thelen, Heller Face Huge Claims, Trouble Collecting Accounts
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What We Know and What We Don't Know
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Wall Street's legal eagles are suffering too
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Receiver Fees in Dreier Case Estimated at $1.4 Million
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AG investigates attorney over debt relief practices
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The Similarities Between Lawyers and Plumbers
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Recession Offers Law Firms a Chance to Refocus on Client Needs
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In-House Attorneys, Law Firms Spar Over Flex-Time, Part-Time Policies
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A nation of jailbirds
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Obama Taps 2 More for Federal Appeals Courts
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Litigator Moonlights as Movie Producer
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Not Laid Off Yet and Too Busy to Do Your Chores? New Concierge Service Will Do Them for You
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London Law Firms on the Barricades
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Pls Hndle Thx: I Know What You Did Last Summer
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Client sues lawyer for billing her for the hours when they were busy, err, debriefing each other
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Judges:

Judge's Knuckles Rapped for Giving Litigant a 'Sophie's Choice'
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Judge Flouted Rules to Practice Law in His Own Court
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Judge Manuel Real: Back on the Hot Seat Again
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Wall Street:

U.S. Stock Futures Edge Higher
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Stocks Point to Mixed Open Ahead of Jobs Report
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World Markets Pause After G-20-Fueled Rally
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Stocks Rally Sharply As Investor Fears Ebb
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Dow jumps above 8000 for first time in 2 months
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Hollywood:

Recession hits Hollywood actors: salaries slashed
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With 'Atlas Shrugged,' Hollywood may have its first anti-bailout movie
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Municipalities:

DC's money-saving plan: Release inmates... Up to 80% may leave early
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Huntington considering receivership for police, fire pensions
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Accounting:

FASB Eases Fair-Value Rules Amid Lawmaker Pressure
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Now Banks Can Just Decide for Themselves What Their Assets Are Worth
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Was too conservative accounting really the problem here?
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FASB: No Longer Distressed, Just Disorderly
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New Accounting Rules for Mortgage-Backed Securities
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Mark-to-Messy Accounting Change
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Bankers' group likes accounting change, with qualifier
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Fannie, Freddie Need Less Aid With Accounting Change, FHFA Says
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New FASB Rules: Back to Square One?
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Pluris Says Proposed “Fair Value” Revisions Gut Standard
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KPMG: Stomped By The Elephant
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New Century Trustee Sues KPMG; Will Other Gatekeeper Claims Follow?
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Autos:

GM's Views Shift on Bankruptcy as a Strategy
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Can Bankruptcy Work? Three Recent Examples
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Bipartisan consensus: Drive GM into bankruptcy
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Doubtful That Chrysler, GM Will Avoid Bankruptcy
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DPS, GM run amok on denial
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Car stocks advance as recovery hopes swell
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Obama and GM investors play high-stakes game of chicken
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Republican Amendment to Stop Auto Bailouts Fails in Senate
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Double standard trips up Detroit
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Scrapping The Old Could Help Auto Makers Sell 1 Million New
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Time for a new driver
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Why Did so Many UAW Workers Stay?
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Delphi settles with salaried retirees over health care
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Delphi, GM and Auto Task Force to Hold Talks in DC
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GM Desperately Needs New Leadership--But Is Henderson It?
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Chrysler Idles Second Canadian Plant Due To Part Shortage
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Chrysler Fund Shows Woes Still Lurking
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A consumer’s thoughts on the auto industry
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Court gives GM, Chrysler equipment
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Alabama's Big 10 Tires files Chapter 11 bankruptcy
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Indian Auto-Parts Firms Fear Hit From Possible GM Bankruptcy
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Economy:

Jobless rate bolts to 8.5 percent, 663K jobs lost
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U.S. Jobless Claims Rise Unexpectedly
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US February Factory Orders Rise More Than Forecast
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Fed Struggling to Win Over Investors Wary of `Sharks' in TALF Aid Program
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G-20 to give $1 trillion to IMF, World Bank
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Obama Says G-20 Summit Is ‘Turning Point’ for Economy
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G-20 Fashions New World Order With Smaller Role for U.S., More Regulation
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Obama’s Star Turn at Summit Gets Mixed Results
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G20 deserves 7 out of 10
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G20 leaders hail crisis fightback
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'New world order' emerging from global economic crisis: British PM
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G-20 Protests Lose Some Momentum
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Bank of America CEO sees economy bottoming in 2009
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What Was Going on Inside the Paulson Treasury?
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Hank Paulson Sacrificed Himself for Us
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Congress Approves Obama's Budget
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As Crisis Loomed, Geithner Pressed But Fell Short -- Before Timothy Geithner became Treasury chief, he regulated major U.S. banks. Now he says: "We're having a major financial crisis in part because of failures of supervision.
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Federal Reserve spreads its message in South Florida
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Mark Your Calendars
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Real Estate:

Mortgage Rates in US Decline to Record Low of 4.78%
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Mortgage Delinquencies Hit Highs
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US Home-Equity Loan Delinquencies Climb to Record
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Homeowner-Aid Plan Caught in Spat
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Loan Modifications Rise; Many Don't Pare Payments
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Jumbo mortgage company expects bankruptcy
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WCI asks for more time to file bankruptcy reorganization plan
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Manhattan Co-Op Prices Fall Most Since 1995 Sinks
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Jumbo Problem with Manhattan Real Estate
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New Orleans Mayor Could Lose Vacation Home
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Walk Away or Stay? Online Mortgage Calculators Help Decide
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Layoffs:

Jobless Rate in U.S. Probably Climbed to 25-Year High and Payrolls Plunged
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Tax dodgers multiply as underground economy cushions job cuts
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Jobless Lose Fallbacks
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Bombardier Plans to Cut 3,000 Jobs
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RBS Seeks Big Cuts After ABN Mistakes
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US jobless claims at 26-year high
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Finding Hope Online, and Hoping a Job Follows
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Jobless Data Suggest More Pain Ahead
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Some Employers See Hiring Opportunity
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Taking the Boss Hostage? In France, It’s a Labor Tactic
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Tax:

First Arrest Made in UBS Case
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Accountant faces charges of hiding money with UBS
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OECD names and shames tax havens
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Obama's $163,000 Tax Bomb
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Insurance:

Greenberg: Spoke With Geithner About AIG Bailout Meeting
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Ex-Chairman of A.I.G. Says Bailout Has Failed
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Former AIG CEO criticizes successors, bailout
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Greenberg Says Banks Should Return Some AIG Funds
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Have AIG's Trading Partners Profited from Its Distress?
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Lawsuit: AIG Not Just Screwing Over Taxpayers Anymore
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Ameriprise Most Vulnerable to Withdrawals
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Aviva to Cut 1,100 Jobs
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Fraud:

Madoff’s Secret: Keep Mum or Lie When Questioned About Methods
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Madoff's Home in Florida Lost Almost $2M in Value
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Hard Sell Drove Stanford's Rise and Fall
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$55 Million NYC-Based Ponzi Scheme Stopped, SEC Says
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Austrian Bank Scion Is Accused of Fraud
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SEC racks up 75 Ponzi scheme investigations in two years
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‘Dangling in the Wind’: A Closer Look at Asset Freezes
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RVs:

Most Fleetwood Decatur employees working less than half time
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Fleetwood can access DIP
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Celebs:

Ex-Falcons QB Vick appears in Va. bankruptcy court
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Vick Eyes Construction Job, Then Rebuilding NFL Career
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Vick lawyers say most bankruptcy objections settled
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Bankruptcy Statistics:

Bankruptcy Filings Rising Faster Than Expected
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Bankruptcy filings mount amid growing job losses
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Ethanol:

Ethanol plant sale status now unknown
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Oil/Gas:

Small Oil, Gas Producers Struggle With Debt Crunch
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Crusader Energy can tap cash
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Saratoga Resources discovers Ch. 11
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Gambling:

MGM Mirage Up On Possible Capital Infusion; Rivals Also Up
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Riviera parent, bank talk debt
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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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Mining:

Texas judge rules for Asarco in $6.3 bln case
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Grupo Mexico plunges after defeat in Asarco case
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Religion:

Fairbanks Diocese to sell assets
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Banking:

“The banks” versus “some banks”
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Refco Banks Didn't Study Stock Offer, Investors Say
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FDIC May Let Banks Share Profit From Distressed Loans They Sell
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BofA chief: We're nothing like GM
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The Bank Failure Capital of the World?
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Aviation:

Corporate jet taboo forces Bombardier to shed 3,000 jobs
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Airbus Deliveries May Fall 15% in 2010
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New Air Canada bosses may get months to solve woes
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Newspapers:

AH Belo to cut salaries to further trim costs
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'Inquirer' Granted Cash Collateral Without Hearing
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Building Supplies:

Smitty's files reorg plan
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Museums:

Donor's legal troubles may force museum into bankruptcy
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Theme Parks:

S&P: Six Flags Could File Bankruptcy, Restructure Debt
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Jewelry:

Report: Niwaka Files for Bankruptcy , Closes NY Store
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Discharge:

A New Weapon for Creditors to Protect Their Security Interests from Discharge
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Television:

22 laid off at TV stations KMPH and KFRE
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Distressed Investing:

Blackstone eyes $3 bln rescue-financing fund
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Executive Compensation:

Pay for Top CEOs Sinks Along With Profits
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Motorola Co-CEO Tops Pay Survey
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For Some CEOs, the Perks Keep Flowing
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Auto Racing:

Racecar Sponsorship Hits The Skids In Chapter 11
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Super Heroes:

Buyout Firm Gets He-Man, Casper
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Baseball:

Newark Bears back from bankruptcy
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Resorts:

Sun shines on Solstice financing
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Retailing:

Ackman stumps for General Growth bankruptcy
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Gottschalks officials won't say when they will begin liquidation
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Health Care:

Vermillion red after Ch. 11 filing
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Student Debt:

Dealing with School Loans During a Layoff
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Video Games:

Creditors attack Midway sale
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UK:

U.K. Services Index Reaches Six-Month High, Adding to Signs Slump May Ease
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RBS to Cut More Jobs
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Southampton files for administration
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U.K. Regulator's Overdraft Probe Will Focus on HSBC, Lloyds, Clydesdale
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EU:

European Bank Cuts Key Rate to 1.25%
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Europe Business Activity Falls At Slower Pace
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Europe starts work on financial overhaul
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ECB Faces Day of Reckoning on New Policy Measures
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Indonesia:

Indonesia Cuts Policy Rate to Sustain Consumer Demand
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China:

Chinese survey shows manufacturing rebounding
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Banks Face Big Losses From Bets on Chinese Realty
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Thailand:

Thailand's Economy May Contract as Much as 4%, Stimulus Needed, IMF Says
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Australia:

TV Stores, Brothels Vie for Rudd's Cash Handouts to Australian Consumers
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