April 30, 2009

The Daily Bankruptcy News

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Law:

The AmLaw 100 Firms: Partying Like It’s 1991
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Are Blue-Chip New York Firms Losing Their Balance?
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Revenues of New York Firms Buffeted By Wall Street Woes
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California's Top Firms Find Some Stability, but Continue to Brace Themselves
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Dewey & LeBoeuf Heavy Hitter May Guide GM Through Bankruptcy
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Chrysler bankruptcy lawyer oversees juggling act
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The Bankruptcy Files: Source Interlink, Opus South, Asyst, Ugobe
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The Future of Attorney's Fees in a Big-Three Auto Maker Chapter 11 Bankruptcy Case
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Sidley Austin Adds Bankruptcy Partner
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Wildman Harrold Lays Off 10 More Associates
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Too Many Lawyers, Too Little Work: More Layoffs are Likely, Expert Says
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Allen & Overy redundancy program ends with 247 layoffs
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Clifford Chance, White & Case in talks over partner departures
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Lower Partner Profits in 2008 Driven by BigLaw’s Big Hiring
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The Am Law 100 2009: Gainers and Decliners in Revenue Per Lawyer
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Firm That Delayed New Lawyer Starts Last Week Axes 24 Lawyers This Week
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Boston College, Loyola - Chicago: Try to Soften the Deferral Blow
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3L Dilemma: Will Deferring For a Year Save Their Jobs?
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Start Date Round-up: More Firms Join The List
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Why Mayer without Maher won't change course
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The End of Sisterhood
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Layoff Watch: Kilpatrick Stockton and K&L Gates Make Cuts
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Keep Big Law Happy by Avoiding Vacations: Play Hooky Instead
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Staff Attorney's $10 Million Lawsuit Proceeds Against Discipline Committee
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Qualitative Approaches to Reducing Outside Counsel Expenses
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Misdemeanor Courts a Waste of Time and Money, Says Defense Lawyers Group
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Former Attorney's 'Sporadic' Economic Support Results in Small Share of Marital Property
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Why Lawyers Run the U.S. and What It Says About Our Culture
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Number of Students Applying to Law School Jumps 3.8 Percent
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Columbia Law Glitch
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Are Law Schools Like Automakers? Dean Says Some Educators Will Fail
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Woman Sentenced to 30 Days in Jail for Texting in Court
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Judges:

Justice Kennedy: The Man in the Middle (Once Again)?
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Fordham Law Class Collects Personal Info About Scalia; Supreme Ct. Justice is Steamed
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Sen. Leahy Asks Judge Bybee to Testify About ‘Torture’ Memos
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Wall Street:

US stock futures rise ahead of economic data
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Global stocks soar to 4-month high
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European shares up as banks gain, earnings eyed
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Markets in Asia Buoyed by Signs of Economic Hope
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U.S. Stocks Up on Hope of a Stabilizing Economy
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Wall St jumps after data, Fed hint recession easing
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Autos:

AP Source: Chrysler lender talks break off
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Chrysler in last ditch push for survival deal
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Chrysler Preps for Bankruptcy
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Is bankruptcy Chrysler's best hope?
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Why Chrysler Needs to Declare Bankruptcy
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Bankruptcy: Chrysler/Treasury's Strategic Nuclear Weapon
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Detroit's entitlement culture withers a bright, blue dream
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Chrysler a canary in bankruptcy coal mine
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Chrysler Will Fight to Bitter End
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Dealer-panel dispute may lead to court
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Chrysler bankruptcy may be near
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Chrysler Bankruptcy May Be Good For Fiat
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Obama has what he needs to restructure Chrysler
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Chrysler's Nardelli might be replaced
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"Reasonable optimism" on Fiat-Chrysler deal: Italy minister
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Fiat, Chrysler prepared to complete deal
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Mr. Bloom's Magnificent Chrysler Deal
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As Detroit Is Remade, the U.A.W. Stands to Gain
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Three funds hold out in Chrysler debt deal-sources
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A Chrysler Creditor Finds Himself Torn
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Treasury Sweetens Offer to Chrysler Debt Holders In Last Ditch Effort
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Chrysler Workers Push for Ownership
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Early Resolve: Obama Stand in Auto Crisis
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Fiat makes dubious savior for Chrysler, auto analysts suggest
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Chrysler will survive - source
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UAW agrees to ban strikes?
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Chrysler lenders willing to take huge loss on debt: sources
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Obama to say Chrysler will survive
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Obama uncertain whether Chrysler can avoid bankruptcy protection.
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Obama Said to Plan for Chrysler Bankruptcy, Alliance
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Chrysler on brink: Obama vs. "money people"
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Canada to backstop Chrysler during bankruptcy filing
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Ottawa, Ontario to get 2% of Chrysler
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April US auto sales seen down, to test survival
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Governments preparing for auto bankruptcies
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Will GM become 'Government Motors'?
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GM Bondholders Said to Ask for Majority Stake in Counteroffer
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Gettelfinger Motors
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Ad Hoc Committee of General Motors Bondholders Proposes Plan to Save GM - Bondholder Plan Saves US Taxpayer $10 Billion, Avoids Nationalization
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US auto woes deplete tax revenues in Michigan
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Toyota’s Troubles Slam Japan’s Motor City
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Auto industry woes extend beyond US
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Economy:

Obama: Clearing economic 'wreckage,' fixing U.S. image
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Obama calls for 'New Foundation' - “We are off to a good start. But it is just a start."
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Obama Aims for Fast Private Sector Exit
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Obama dips into FDR's playbook
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More Americans to lose jobs, face tough times: Obama
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Metro Unemployment Skyrockets; Some Cities See Rates Comparable To Great Depression
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Economy shrinks at worse-than-expected pace
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GDP Shrinks in Worst Slump in 50 Years
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U.S. Economy in 2nd Straight Quarter of Steep Decline
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Flu Moves Toward Pandemic Level
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After the Great Recession
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Gross Says Fed ‘Saving Ammunition,' to Buy More Debt
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Fed sees signs recession may be easing
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No Change for Interest Rates
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Congress Approves $3.5 Trillion Budget Embracing Obama's Agenda
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China's Stimulus Spurs U.S. Business
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Swine Flu Pandemic ‘Imminent' as Virus Thrives
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Swine Flu Hits Financials, Safe Harbor Statements
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Real Estate:

FBI Probes Losses at Freddie Mac
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Record CRE Loan Defaults Expected This Month
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Mortgage Loan Applications Drop 18%
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Foreclosure Crisis: The Gov't Response, Decoded
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Property firms' troubles show market slump not over
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Riverside Real Estate files for bankruptcy
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Towering Vacancies: Office Market Hits the Skids
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The Lonely Cry of the Commercial Real Estate Agent
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Gambling:

MGM Mirage, Dubai World in CityCenter pact
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Tropicana to File Bankruptcy as New Jersey Approves
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Icahn group a leading bidder for bankrupt casino
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Oil/Gas:

Crude Oil, Gasoline Rise as Supplies of the Motor Fuel Decline
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U.S. Gas Fields Go From Bust to Boom
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Will US natural gas recover soon?
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Ethanol:

French financiers acquire Panda Ethanol on credit bid
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Media:

MSNBC's Washington HQ Can't Make Rent: Looking to Share Space with Local University
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Charter creditors question settlement with Allen
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Food/Drink:

Bruno's bankruptcy bidders include Hilco, Gordon
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Starbucks sees profit drop 77%
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Celebs:

Arena owner stunned by offer to Vick
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Bankrupt Ex-Bull Randy Brown Auctions Off Rings
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Health Care:

Calypte Biomedical considers bankruptcy
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Religion:

Pastor Counsels Jobless on Faith and Resume Writing
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Consultants:

Restructuring and Bankruptcy Expert Perry Mandarino Joins PricewaterhouseCoopers' U.S. Restructuring and Recovery Practice
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Credit Cards:

Obama Outlines Credit Card Reforms
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Visa Profit Rises 71% on Gains in Debit Card Use
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Radio:

Radio Giant Faces Crisis in Cash Flow
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Fraud:

Firm Rejects Madoff Charges by Mass. Regulator
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Pang Released on $1 Million Bail
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Photography:

Portrait of a Tent City
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Advertising:

Madison Avenue feels the squeeze
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Politics:

Top Senate Democrat: bankers "own" the US Congress
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Dems Won Specter in Bidding War
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Corporate Governance:

How chairmen and chief executives are vulnerable
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Accounting:

Big Four auditors raise litigation fears
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Jail for former KPMG execs in tax shelter case
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Credit Counseling:

Debt Management Plans and Chapter 13 Plans: Non Identical Twins Or Distant Cousins?
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DIP Finance:

Some new faces at the table
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Newspapers:

Baltimore Sun lays off 61 newsroom employees
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Potential Baltimore Sun Buyer Dubious About Newsroom Purge
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National Post halts Monday edition for the summer
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Sun-Times Awaits Decision On Conrad Black Appeal
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Redstone: 'I'm not sure there will be newspapers in 10 years'
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Pensions:

State Street Under Investigation by Massachusetts Regulators
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New Bankruptcy Opinions
(1 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:

Lobbying Against Oneself -OR- Bailed-out Bankrupt Banks Balk at Bankruptcy Betterment
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'Cramdown' Lacks Votes
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Bankruptcy Judge Loan Modification Plan Hits Wall in Senate
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Banking:

Angry Bank of America investors conduct a coup
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Bank of America's Lewis, Board Said to Retain Seats
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BofA's Lewis to stay; shareholders react
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Why Ken Lewis Will Win The Chairman Vote (BAC)
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‘Good Sir, Your System Has Failed, And It Is Time to Move On'
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BofA chairman/CEO posts may be split
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Dozens protest outside BofA shareholders' meeting
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Behind the Stress Test Data on Six Banks
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Bonuses:

The Importance of Paying Citigroup Bankers Bonuses
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Executive Compensation:

Delta execs say no change to '09 base pay
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Constellation Energy CEO gets $5.7M 2008 package
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No Raises for 31% of Finance Execs
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Tax:

Tax Hits on Property Short Sales
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Aviation:

Frontier on five-month roll
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Chemicals:

Chemtura credit facility OK'd by bankruptcy court
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BASF profits fall 68% as manufacturing slumps
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Distressed Investing:

More than 100 apply to participate in PPIP
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Some bond investors spy profits in bankruptcy play
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Is Debt the New Equity?
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Rating Agencies:

Big three rating agencies being sued for negligence, fraud and deceit
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Retailing:

Major U.S. Retailers Face Net Store Loss After Closing More Stores Than They Opened in 2008
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Gift/Home Decor Retailer Z Gallerie OK'd to Pay Vendors
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Hilo Hattie owners oppose liquidation
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Retail Rent Rebellion: Will mall operators cave in to tenants?
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Layoffs:

National and State by State Unemployment Rates
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Looking for a Job Is Like Eating Insects
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Rough Summer Job Search for Teens
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Finance Layoffs: BearingPoint Inc., more
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Job Cuts Avert Catastrophic Quarter as Profits Excel
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Early Nominee for Business Trend of the Year: Furloughs
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Hotels:

Starwood 1Q Net Slumps 82% On Falling Revpar; 2Q View Weak
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Sales:

Bankruptcy Auctions: The New Buyout Market?
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Insurance:

Name Hurts Main Unit of A.I.G.
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Travelers Profit Declines 32% on Investment Declines, Losses
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UK:

London's ‘Twin Pillars of Doom' May Spark Hedge Fund Exodus
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Saving Britain's broken bank
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U.K. Students Fear Job Market, Many Opt for More Schooling
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BAE to Cut 500 Jobs, Close Three Plants After UK Order Delay
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UK GfK Consumer Confidence is Highest in a Year
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The importance of trade credit insurance
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IN&M risks missing debt payment
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Retail administrations on the up
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EU:

Trichet Calls for Silence as ECB Council Bickers Over New Tools
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Europe's Jobless Rate Jumps to the Highest Since 2005
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EU plans for hedge fund rules under fire
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France:

French Grads Protest for Jobs
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Germany:

Germany Forecasts 6 Percent Decline in G.D.P.
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German Unemployment Rose in April for Sixth Month
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German jobless rise less than expected
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Canada:

Banks ease off pushing credit cards on Canadians
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Japan:

Bank of Japan cuts its economic outlook for the fiscal year
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Japanese Output Rises by 1.6 Percent
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Mexico:

Mexico Limits Many Activities as Flu Alerts Are Increased
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South Korea:

KB Financial Profit Falls 62% as Bad Loans Double
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