August 28, 2009
The Daily Bankruptcy News
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Law:
ABA Sues FTC Over Applying Creditor 'Red Flags Rule' to Lawyers
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The Stanford Affair: Another Bad Day for Proskauer's Tom Sjoblom
(DBN)
Williams & Connolly's Villa Wins Another Refco Dismissal for Mayer Brown
(DBN)
Baker Botts Discloses More Layoffs, But Not the Number
(DBN)
Nationwide Layoff Watch: The Baker Botts Dozen
(DBN)
Lovells pays lawyers less than cleaners
(DBN)
Welcome to the Future: Billable Hour, RIP?
(DBN)
Nationwide Layoff Watch: Even Tax Lawyers Get the Ax
(DBN)
Nationwide No Offer Watch: Is Dechert Trying to 'Trade-Up' Its Summer Class?
(DBN)
Nationwide No Offer Watch: Offer Extended At Morgan Lewis D.C.
(DBN)
Summer associates at Morgan Lewis left in the cold
(DBN)
Please Continue to Hold...Your Career Will Be Determined by the First Available Agent
(DBN)
For Some Law Students, a Summer of No Love?
(DBN)
Firm in dirty protest shocker
(DBN)
Fish & Richardson Could Cut Its Corporate Department. All of It.
(DBN)
Citi's New Home Boy: Citigroup Pulls A Deputy GC From the Ranks
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Chicago Budget Shortfall Has Some Looking at Legal Bills
(DBN)
US Claims Misleading Statements by ‘Outside Attorney A’ in Stanford Case
(DBN)
Associate Who Claimed to Be Senior Counsel Suspended
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Microsoft Brief Defends Weil’s ‘Bailout’ Dig, Cites ‘Goose-Gander Rule’
(DBN)
Wham! Presenting Round 2 of the Microsoft/i4i Smackdown
(DBN)
Westlaw Red-Flags Law Librarians
(DBN)
N.Y. Judge Restores Lawyer’s $106K Pension, Nixes $605K Repayment Order
(DBN)
Beware of the Boss Man (or Boss Lady)
(DBN)
Ex-Pillsbury Associate Who Moonlighted Loses License for 60 Days
(DBN)
Federal Jury Finds Calif. DA Retaliated Against Critic
(DBN)
Mortgage Downturn Cited in Dismissal of Securities Case Against Merrill Lynch
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Lawyer of the Day: And Her 'Real Pimpin' Law Professor Boyfriend
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Birthers, Lawyers and Obama
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Spoliation Leads to Severe Sanctions
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The Douchiest Law School
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Survivor: The Lawyer and Law Student Edition
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Richard Hatch not a "Survivor" when it comes to jail time.
(DBN)
Mom's Suit Claims Son Voted out of Kindergarten
(DBN)
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Judges:
17-Year Texas Judge Accused of Misdemeanor Official Oppression
(DBN)
Ex-Judge Who Filed $54M ‘Pants Suit’ Appeals Dismissal of Job-Loss Claim
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Former N.Y. Judge Convicted of Attempted Extortion and Soliciting Bribes
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Judge apologizes for detaining workers because courtroom was too cold
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Wall Street:
US stock index futures point to rise on Wall St
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Stocks End Higher after GDP News
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Deferring Fees Till a Deal Pays
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Layoffs:
National and State by State Unemployment Rates
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New jobless claims and total benefit rolls drop
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Blue collar work has growing appeal in this downturn
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Autos:
Chrysler Group to accept more product liability claims
(DBN)
Chrysler U-Turns on Pre-Bankruptcy Liability
(DBN)
Chrysler's S. Utah comeback: Dealership pick rankles owners, lawmakers
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Auto parts suppliers ask Obama for more help
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California's last auto plant to close
(DBN)
The Clunkers of New England
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"Cash For Clunkers" Party Is Over: When Does The Hangover Start?
(DBN)
Ford Adds Plant Shifts While Seeking UAW Concessions
(DBN)
After Cash for Clunkers, higher prices
(DBN)
Bankrupt Auto Parts Suppliers Seek $100 Million In Executive Bonuses
(DBN)
FormTech files for bankruptcy , to sell assets
(DBN)
Officials prepare for Visteon bankruptcy
(DBN)
Toyota shuts first car plant in its 72-year history
(DBN)
Norwegian automaker Think emerges from bankruptcy
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Food/Drink:
Doc's Steakhouse files for bankruptcy
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Resorts:
Fees sought in club's bankruptcy top $10 million
(DBN)
Fontainebleau battling creditors
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Gambling:
Trump's Plan for Bankrupt Casino Company Must Be Reviewed, Judge Says
(DBN)
Trump faces bondholder battle in casino buyout
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Health Care:
Milton Hospital records $4.4M deficit
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Economy:
Economy Fall Smaller Than First Thought
(DBN)
Second-Quarter GDP Is Surprisingly Unrevised
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Fed's Lacker: Unsure Of Impact Of Release Of More Fed Borrower Data
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Krugman: On Deficits - More
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What the Growing Deficit Really Means
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Manufacturing sector on the rise - Economist warns U.S. not set up for 'sustainable recovery'
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Evidence Mounts Recession's Grip on Economy Easing
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"We're Going Right Back Into The Tank"
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Economic Stress Index
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Economy Tracker Map
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Recovery Index
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Real Estate:
The Foreclosure Rescue Mirage
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U.S. mortgage rates up slightly, still near record lows
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How The Homeseller's History Screws Up Housing Data
(DBN)
Subprime Lenders at the Head of the Line for Federal Subsidies
(DBN)
Economy adds to real estate headaches
(DBN)
State ordered to pay Trump back rent
(DBN)
Construction That Fueled Growth in the Sun Belt Slows
(DBN)
Capitalizing on Foreclosures
(DBN)
Judge dismisses shareholder action against Downey
(DBN)
How to Understand the Next Mortgage Crisis
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Banking:
Preparing for a major bank shakeout
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Fed urges secrecy on banks in bailout programs
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Nearly A Third Of Banks Lose Money
(DBN)
FDIC: 60% of Georgia banks are unprofitable
(DBN)
As more banks fail, FDIC funds at risk
(DBN)
Why FDIC's Shrinking Cushion Is Bigger Than It Looks
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Analyst: FDIC rule change could lead to failed banks
(DBN)
Banking on Deals
(DBN)
Could FDIC rules accidentally protect pensions?
(DBN)
BofA: Pack Mule
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300? 300 Bank Failures? Who'll Say 400? Oh, 1,000? Okay, 1,000 Wins!
(DBN)
Are Banks Playing It Too Safe?
(DBN)
Northern Trust pays Uncle Sam a fair price for its TARP warrants
(DBN)
Fed chief Ben Bernanke's personal bank account hit by ID theft
(DBN)
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Insurance:
AIG stock up 274% in August
(DBN)
A.I.G. Rises, and Many Ask Why
(DBN)
U.S. Stake in AIG Deemed `Highly Speculative' in Draft Treasury Document
(DBN)
AIG Gains on Speculation Greenberg May Help Insurer
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Celebs:
Vick's Bankruptcy Plan Approved
(DBN)
Michael Jackson's $400 Million Debt
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Personal Finance:
More Parents Seek Child-Support Reduction
(DBN)
"We do not travel at all any more. We don't go out to eat at all. We don't even go out for a movie."
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Hockey:
At Issue in NHL Case: Who Decides Who Can Own a Team?
(DBN)
Coyotes' Arizona future hinges on lease talks
(DBN)
Doan struggles to cope with the uncertainty surrounding Coyotes
(DBN)
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Agriculture:
Recession Finally Hits Down on the Farm
(WSJ: separate paid subscription required)
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Fraud:
Former Stanford CFO pleads guilty to $7B fraud
(DBN)
Davis Pleads; Court Orders Asset Sale for Ill Stanford
(DBN)
Ex-Stanford CFO apologizes after pleading guilty
(DBN)
Accused financier Stanford hospitalized
(DBN)
Lawyer: Greed May Explain Former Stanford Associate's Actions
(DBN)
The legal saga of Allen Stanford
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Stanford's world is crumbling around him
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Stanford's Private-Equity Stakes to Be Sold Over His Objection
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A "blood oath" to keep the Stanford secrets
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Former Stanford employee talks about sales pressure
(DBN)
Madoff account netted J.P. Morgan $483M
(DBN)
Add 'Believers in a Mystical Form of Islam' to the List of Madoff Victims
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SEC Busts Alleged Ponzi Scheme in Texas
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Is the Size of the CEO's Ego the Most Reliable Indicator of Fraud?
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Pensions:
Second Circuit Ruling Makes Pension Plan Termination in Bankruptcy More Expensive
(DBN)
Investing scandal at CalPERS
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ARS:
Wall Street Betrayal Seen in $4.8 Billion Company Debt Losses
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(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:
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This Week's Poll:
Are bankruptcy lawyers compensated at market rates as the Bankruptcy Code intends? |
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Last Week's Poll Results (Have Sales Replaced Reorgs)
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Committees:
Exploring the Role of Creditors' Committees in Directing the Affairs of a Chapter 11 Debtor
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Bankruptcy Statistics:
Alamo City bankruptcies pile up
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Lehman:
Giants Look To Recover $300M Lehman Fumble
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Mining:
Grupo Mexico is Confident Its Reorganization Plan for ASARCO Will Be Confirmed
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Municipalities:
Detroit Mayor: Union concessions, or 1,000 layoffs
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JP Morgan Chase buys $1.5B in California IOUs
(DBN)
We Can't Afford To Keep The Streetlights On
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Museums:
Feds May Take Over D-Day Memorial
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Compensation:
Limiting the Role of Business Judgment in Authorizing KERP Payments
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Oil/Gas:
Awash in Natural Gas, Prices Hit New 7-Year Lows
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Ethanol:
Biofuels boom said to be going bust
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Trucking:
Bankruptcy judge sends plan to sell Gainey trucking firm back to drawing board
(DBN)
July figures show trucking slump may have bottomed out
(DBN)
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Derivatives:
CFTC's Gensler Sees 'Clear Consensus' on Derivatives Regulation
(DBN)
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Distressed Investing:
Distressed investing: surprises at every turn
(DBN)
Wilbur Ross looks at banks, calls commercial real estate a "time bomb"
(DBN)
Billionaire Ross Invests in Satyam After Losing Bid for Control
(DBN)
'Golden days' are over
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Tax:
IRS May Target More Swiss Banks, Seek Names Over Tax Evasion
(DBN)
Connecticut to scrutinize UBS clients on taxes
(DBN)
Deductions Gone Wild
(DBN)
Taxman Turns to Social-Network Sites
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Newspapers:
Newspaper slump deepens as ad sales fall 29%
(DBN)
Request Seeks Details of Tribune’s Buyout
(DBN)
Who Is Looking Out for Tribune's Bondholders?
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Subordination:
Commercial Loan Driven by "Naked Greed" Warrants Equitable Subordination of Claim
(DBN)
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Corporate Governance:
Fiduciary Duties and Preferred Stockholders
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Accounting:
Accountancy fees comparison site launched
(DBN)
More KPMGers Have Their Labor Day Plans Put in Jeopardy
(DBN)
Rumor: Deloitte Motor City Edition
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UK:
UK Economy Shrank 0.7% in Second Quarter
(DBN)
In Britain, Fear That a Tax Would Drive Banks Abroad
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EU:
European Business, Consumer Confidence Up Again
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Canada:
Home sales predicted to boom in 2009
(DBN)
Royal Bank profit surges 24 per cent
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TD Bank reports decline in profits
(DBN)
National Bank reports rise in 3Q profits
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Japan:
Japan's unemployment rate hits record high in July
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Russia:
Amendments to Russian Insolvency Law Enacted
(DBN)
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