April 7, 2009

The Daily Bankruptcy News

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Law:

Wall Street Lawyers Dumped for Cheaper Firms as Companies Try to Cut Costs
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Weil Gotshal May Reap $230 Million in Fees If GM Goes Bankrupt
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Hunton & Williams Revenue Up, Profits Down
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Law Firms Slash Summer Associate Programs
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Can two rainmaking trial lawyers with Fortune 500 clients set aside their egos to run a top law firm together?
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As Paralegal Applies to Home Depot, Lucky Associate Finds Lower-Paid Job
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What’s Old is New Again: Revised ‘DuPont Model’ Focuses on Smaller Firms
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Top Bankruptcy Team Joins Patton Boggs
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Gardere Announces New Bankruptcy Partner
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Simpson Thacher & Bartlett Expands Bankruptcy and Restructuring
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Cozen O'Connor Replies to Simpson Partner's 'Worst Advice Ever' Crack
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When Clients Bite Back
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Cash-Strapped Lawyers Strive To Slash Costs
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BigLaw Firm Deals 52 the Layoff Card
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Judge Looses Hounds on Heller's Banks
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Barnes Firm Raids Bryan Cave to Open Atlanta Office, Plans More Hiring
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Is Law Firm Paradigm Shift Ahead? Bring It On, Says Dechert Leader
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The 21st Century Lawyer: New Models for Practicing Law
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How Taser Jolted its Law Firms into Keeping Fees Low
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NY Law Student Skips Class to Give His OK to Bernie Madoff's Brother's $10,000 a Month Spending
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For Some Marquee Firms, M&A Is Booming During the Bust
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Mayer Brown Moves Toward Discarding Troika Leadership Structure
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Nonprofits Flooded With Young Lawyers Whose Firms Delayed Their Start Dates
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Expanded Nationwide Start Date Round-up
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Deferrals force Generation Y to learn patience
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More firms try to lead during the start-date deferral dance
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ATL March Madness for Law Firms, Final Round: Wachtell vs. Williams & Connolly
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High Court to Hear Attorney Fees Case
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White House Counsel's Law Firm Earnings Released
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Richard Susskind on the End of Lawyers
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Looking for Opportunity in Crisis at NALP's Annual Conference
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Dead Companies Can Tell Tales
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Don't Stay Pigeonholed if You Want Job Security
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Law Firm Employee Asks Amy About Unsanitary Lawyers
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Laid-Off Thacher Lawyer Goes on a Road Trip
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Judges:

Two Judges Face Ethics Charges Over Derogatory Comments From Bench
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Wall Street:

Wall Street Looks to Extend Prior Day's Losses
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World Markets Stumble Amid US Bank, Earnings Fears
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Hong Kong shares drift lower after three-day rally
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Stocks in Decline on Banking Concern
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US Equities Cut to ‘Underweight’ at Citigroup
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Fraud:

Cuomo Sues Financier for Fraud Over Funds Invested With Madoff
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Cuomo Sues Merkin for Shifting $2.4 Billion to Madoff
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Zuckerman Sues Merkin Over $40 Million Madoff Loss
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In Bernie Madoff investigation, financial adviser dodges questions
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Merkin Strangled by His Ascot
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Madoff's Yacht Seized on French Riviera
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Madoff Scandal Casts Light on Investment Advisers
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Madoff's Wife Visits Him Behind Bars in NYC
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Stanford Investors Ask Federal Appeals Court in New Orleans to Free Funds
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Stanford vows to fight 'with everything in me'
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Stanford to ABC News: ‘I Would Die . . . if It’s a Ponzi Scheme’
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Stanford: 'Clients lost no money'
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Tearful Allen Stanford Expects Indictment in 2 Weeks... Denies Ponzi Scheme, Drug Cartel Connection
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Investors Ask Court to Free Funds in Stanford Case
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SEC Sues Toronto Manager for Ponzi Scheme Using Buffett’s Name
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Satyam Officers Had Help in Fraud, Investigators Told
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Executives arrested in Satyam scandal
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Newspapers:

Boston Globe 'to close in 30 days without cutbacks'
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Globe bankruptcy looms - investors say the situation "hopeless"
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How to save The Boston Globe
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Dallas Morning News Layoffs Begin Monday
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Newspaper Names in Peril Keep Getting Bigger
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AP cuts newspaper rates, moves to protect web news
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Philadelphia 'Inquirer,' Creditors Agree To Delay
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Bank readies foreclosure filing against Columbian
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Sales:

In bankruptcy , a sale isn't an exit
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Resorts:

Investors offer to pony up $9.75 million for Double JJ
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RVs:

RV’s, are they a thing of the past?
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Accounting:

Why Didn't FASB Just Say So?
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Rating Agencies:

Conn. AG Questions Credit Rating Companies
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Defaults:

Global Junk-Grade Default Rate Jumps
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Economy:

Conference Board's U.S. Jobs Index Fell for 14th Straight Month in March
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Economy Falling Years Behind Full Speed
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Treasury Revisits Toxic-Asset Plan
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Why Creditors Should Suffer Too
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Treasury eases terms for asset fund managers
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4 economic stats you need to watch
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Uncle Sam’s hedge fund is risk for economic recovery
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Will Geithner Fire Corporate America?
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Bernanke's `Green Shoots' May Be False Spring as Job Losses Keep Mounting
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Americans Feel 15.6% 'Underemployment'
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Fed announces new credit lines
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Poll Finds New Optimism on Economy Since Inauguration
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Tax Plans Redefine 'Rich'
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Real Estate:

US warns mortgage fraudsters are eyeing rescue
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California Foreclosures Jeopardize Renters as Banks Seize Homes
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No bankruptcy filing for Statler
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Aspen Lake office project files for bankruptcy
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Mortgages moves to confirmation
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U.K.'s Countrywide files for Ch. 15
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Autos:

GM CEO: Bankruptcy an option, but not inevitable
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GM Speeds Up Bankruptcy Preparations
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Don't let General Motors go bankrupt
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Senators Speak Out on Industry Bankruptcy Possibilities
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Camp cautions on auto bankruptcies
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GM bankruptcy could dump pensions on taxpayers
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GM, Chrysler take off training wheels
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Ford Reduces Debt 38% With Buybacks of Bonds, Loans
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Ford timing on debt deal praised
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How Ford Restructured $9.9 Billion of Debt in a Month
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Can GM save Delphi from bankruptcy?
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Chrysler Lenders Support $1.5 Billion US Aid to Parts Makers
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Chrysler Debt: Even the Kitchen Sink…Literally
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Waiting for Fiats: Chrysler's narrow path to survival
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The problems are different, so carmakers shouldn't expect to be treated like banks
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Debts small and large mounting in Prebul bankruptcy
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How Much Is Your Guzzler Worth?
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Big 10 wins interim DIP
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BMW Says It Will Stick to Wage Increase as Daimler Seeks Delay
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Russian Bailout Seeks Peace, Not Efficiency
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GM Daewoo posts massive 2008 loss on forex bets
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Western European Auto Sales fall 7.2% in March
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Banking:

Calyon Securities' analyst drops a bomb on banks
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Bank Analyst Sees Depression-Size Loan Losses
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Mike Mayo and the Busted Banks
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Notable Bank Analysts' Forecasts Head In Opposite Directions
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US Banks 'Basically Insolvent'
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A Trillion Dollars for the Banks: How About a Second Opinion?
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‘No-Risk’ Insurance at F.D.I.C.
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Aviation:

Delta traffic falls 12.6% in March
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Student Debt:

Sallie Mae to create 2000 US jobs, reverse outsourcing
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Municipalities:

Pensions pushing state to the brink of collapse
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MSRB Seeks Grip Over Muni Swap Dealers, Advisors
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City Now Acknowledging the 800 Pound Gorilla
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Video Rentals:

Blockbuster Auditors Issue Warning
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DIP Finance:

Charter Communications to Seek to Dismiss JPMorgan Lawsuit Over Debt Terms
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Financial Literacy:

Many students are failing in financial literacy
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Executive Compensation:

IRS Probes Nonprofit Pay Practices
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Wall Street bankers are still best paid
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Personal Finance:

Weathering Economic Storm With Your Kin
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Corporate Reform:

Rep. Frank Pushing for Changes to Financial System
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Debtors' Prison:

Courts as Creditors
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Video Games:

Midway ruling furthers litigation
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Private Equity:

Staring at the Sun: A Look at the Equity Checks from Sun Cap's Bankruptcies
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Small Business:

When Is a Small Business Debtor Not a Small Business Debtor?
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Accounting:

Narrowing the Scope of Auditor Duties
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Ethanol:

Aurora ethanol plant won't honor higher contracts
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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:

Bankruptcies , mortgages and cramdowns, oh my
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Mass Torts:

The Silicosis Abdication
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Motley Rice: those fake x-rays aren't the issue
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Bankruptcy Humor:

Bankruptcy Bill
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Politics:

Political Donations Slide Amid Slump
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Gambling:

MGM surges on hopes for sale of prime properties
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MGM Mirage to sell Biloxi, Detroit resorts
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MGM Mirage Said in Talks With Colony for Secured Loan
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Greek Isles enters bankruptcy ; owner says fault lies with fund
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Retailing:

General Growth Rises on Talk Bankruptcy Won’t Be Soon
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Mall vacancies spell fresh trouble for lenders
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Predicting the Retail Bounce-Back
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Insurance:

Half-Dozen Bidders Emerge for AIG Unit
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AIG Trustees Emerge From ‘Shadow’ as Directors Resign
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Will the Recession Cause a Hard Insurance Market?
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Resorts:

Tamarack and Greenbrier May Split
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Bunker Economics at the Greenbrier
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Trump Shows Interest In Yellowstone Club
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Greenbrier Could Roll The Dice With New Casino
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Layoffs:

Geithner Says US Jobless Rate Likely to Climb
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Layoffs Not an Option for Some Businesses
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Photography:

Polaroid Sale to Patriarch Partners Fails to Win Court Approval
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Top bidders get one more crack in the auction of bankrupt Polaroid
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Debt Exchange:

Debt exchange lowdown - They are a powerful restructuring tool, but understanding market and legal dynamics is key
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Finance:

Muted Signs of Life in the Credit Markets
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Television:

Young set for auction
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Pensions:

Enron Redux? Pension Plans as Plaintiffs
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Health Care:

Lee Memorial Hospital files for bankruptcy
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UK:

New debt option gives relief to insolvency practitioners
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Personal insolvencies 'to rise by 40pc'
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Brown Pressed by Unions, Lawmakers to Boost Spending
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UK Manufacturing Drops Most Since at Least 1968
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EU:

Europe’s Recession Deepens as Investment Declines
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Brazil:

Brazil GDP May Shrink First Time in 17 Years in 2009
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Russia:

Putin Says Lawmakers Should Stop Insulting ‘Fat Cat’ Bankers
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In Putin’s Economic Plan, an Emphasis on Spending
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Japan:

Bank of Japan Widens Range of Collateral for Loans
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Lone Star Wins Bid to Buy Failed Japanese REIT New City
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Merrill Lynch Closes Japan Private-Equity Business
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Asia:

Herbert Smith recruits partner for Hong Kong restructuring launch
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World Bank Sees Bleak Prospects For Asia
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Central Banks in Japan and Australia Take New Steps to Revive Economy
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China:

World Bank: China's Recovery Could Start This Year
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South Africa:

Rand Falls as Mboweni Says Economy in 1st Recession in 17 Years
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Chile:

Chilean Economy Shrank Most Since 1999 in February
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