July 1, 2009

The Daily Bankruptcy News

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Law:

The Supreme Court and What Attorneys Can Say
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For New Lawyers, Huge Gap Separates Lowest and Highest Salaries
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More Firms Slashing Associate Pay
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Another Firm Slashes Associate Pay (See, We Told You It Was Happening More)
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The A-List 2009
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A-List Rankings Show Power Shift Among Top Law Firms
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The Am Law A-List Isn't Kind to Laid Off Associates
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Weil Gotshal Closes Its Austin Office
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Debevoise, Linklaters Get More Work from AIG
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The Dawning of the End of the Bi-Modal Era?
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In-House Counsel Vote ‘No Confidence’ in Firms, Shrug Off Talk of New Legal Model
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Law firm pay cuts spread to Schnader
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Whether being attractive is a curse or a blessing for a female lawyer
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We Know What You Did Harvard Summer (Or: A summer associate fired, and it's not even July.)
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We Know Where the HLS 2L Worked This Summer Ex-summer associate cites visa dispute.
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Two-thirds of partners expect the UK market to see more mergers
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UT Law Provides More Evidence That Rising 3Ls are in Trouble
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A Law Firm Clearly Tuned To Its Clients' Radar
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Even If Billable Hour is Banned, Some Lawyers Still Want to Account for Time
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A Stripped-Down Summer Associate Event at Cadwalader
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Law Firm Apprenticeships Could Cause Recruiting Problems, Critics Say
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GM Honcho Takes the Stand in Bankruptcy Case
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In bankruptcy court, long line of lawyers wait to grill GM CEO
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Second Circuit: experts say Chrysler bankruptcy could be a terrible precedent
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Anatomy of a $1.67 Billion IP Verdict
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Alternative Billing Increasingly Important for Texas Firms, Survey Shows
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I'm suffering from a bad case of sticker shock. The sticker on me, that is. A firm is offering me a salary that is nearly half what others pay for a required 2,400 billable hours.
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Former Bingham Associate Files Date Rape Suit Against Firm
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Womble Carlyle Faces Malpractice Suit
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Attorneys Unite to Support Government Watchdog Dismissed by Obama Administration
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Untangling Stimulus Strings
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FTC Rule on Identity Theft Draws Strong Criticism From Bar Groups
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Farewell, Dean Sargent 'Peanut Girl' dean resigns at Villanova.
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Franken's Court Ruling a Victory for Perkins Coie Lawyer
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Man charged for spraying wife with garden hose for smoking
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Judges:

GM bankruptcy hearing judge vows to keep his cool
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White House Accepts Convicted Federal Judge's Resignation
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Court Makes ‘Patient & Steady’ Turn to Right, Kennedy the Decider
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The Environment Goes 0 for 5 in the 2008-2009 Supreme Court Term
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Sotomayor’s Nomination: Today’s News
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Roberts and Souter Trade Robert Frost Quotes in Farewell Letters
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Awards:

Munger Tolles Tops AmLaw’s A-List, Once Again
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Wall Street:

ADP Report Slows Futures
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Stocks ready to advance
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US Stocks Decline, Trimming S&P 500's Best Quarter Since '03
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Consumer Behavior Disappoints Street
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Layoffs:

National and State by State Unemployment Rates
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Deere says 800 employees take buyout offer
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Only the Employed Need Apply
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Small Firms Lure Big-Company Exiles
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Group Says Online Job Ads Decreased in June
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The recession is creating a 'blank check' for office bullies
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Now Hiring: Contract Workers?
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The Best-Paid Contract Jobs
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Lloyds Plans More Jobs Cuts as It Consolidates
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Paramount Said to Plan Cost-Cutting in Video Unit
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Steel:

WVa steel magnate's former mansion sold
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Celebs:

Surge in Jackson sales allays debt fears
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Jackson Said Net Worth $236M in 2007
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Refunds Offered for Michael Jackson Concerts
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Freestyle Music Park Keeps Faith With Jackson Tribute
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Michael Jackson's Mother Gets Control of His Estate
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Joe & Katherine Jackson's Multimillion Dollar Bankruptcy
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Second autopsy stuns family
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Former NFL star Vick changes job to work with kids
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Bankrupt Vick's lawyers pitch new payment plan
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Vick bankruptcy plan offers more to creditors
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Ex-Athletes Feeling Effects of Recession
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Furniture:

Simmons Bedding Company Obtains Extensions of Current Forbearance Periods to August 14, 2009
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Magazines:

Vibe Magazine To Close Down Immediately
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Vibe mag likely to be bought back by Quincy Jones
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Apparel:

New Ownership Saves Hundreds of Jobs at a Rock Island Company
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Fraud:

Madoff's accomplices investigated
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Joe Nocera Would Appreciate It If Madoff Victims Quit Their Bitching
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The Ordinary Evil of Bernie Madoff
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Commentary on Madoff's 150-Year Sentence
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Madoff 'Feeder' Merkin Parts With Art Trove
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Who Is Buying Merkin's Art?
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Michael Imperioli to play Bernie Madoff?
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Ruth Madoff faces fresh fight for her fortune
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Madoff Insiders' Claims of Ignorance Said to Be a Focus of US
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A tale of two Bernies
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Judge denies bail for Allen Stanford
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Britain freezes $100 million linked to Allen Stanford
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S. Jersey man gets 30 years in Ponzi scheme
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$103m suspected fraud uncovered at Keydata
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Two Former Execs Of Bankrupt Company Plead Guilty to $70M Fraud
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Metals:

Schnitzer posts surprise 3rd-quarter loss;
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Economy:

Home Prices Fall at Slower Rate in April
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372 metro areas see unemployment rise
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Job Losses Lessen, but Recovery Remains Far Off
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Consumer confidence falls in June
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'Unexpected'...
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Debt is capitalism's dirty little secret
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Crisis far from over: World Bank chief
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Soros predicts "stop-go" economy and higher rates
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Reflections on the beleaguered middle-class
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The Great Recession In Suburbia
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Economy Tracker Map
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Recovery Index
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Real Estate:

Home prices drop, but at a slower rate
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Shiller Sees 'Improvement' in Rate of Home-Price Drop
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Beware of a ‘Double Dip’ Case-Shiller Decline
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A Look at Case-Shiller Numbers, by Metro Area (June 2009 update)
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Delinquencies Double on Least-Risky Loans, US Says
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Freddie Set To Name CEO
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San Diego Home Sales Were Overstated
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LV: Troubled real estate projects prompt lawsuits
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FBI takes a close look at failed Albany developer
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Creditors Push Bankruptcy for Apartment Investor's Properties
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Builder Zaring declares Chapter 11 bankruptcy
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HI: Developer files for 2nd bankruptcy
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Retail Landlords Grant Temporary Deferments, Come Up with Barter System to Set Off Rent Declines
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Office Vacancy May Be Decelerating
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Room to Let: Finance Firms Need Tenants
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What the Boom Built
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Autos:

GM CEO makes case for bankruptcy asset sale
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General Motors' sale hearing set to continue
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The going gets tough as GM makes its case
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GM Outlines Extent Of US Involvement
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Henderson admits health care to lapse
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Unions Dig in to Save GM Retirees' Benefits
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Has G.M. Overextended Its Pension Fund?
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GM Wind-Down May Top $950 Million, Henderson Says
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General Motors Executives Put Wind-Down Costs at $1.25 Billion
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Henderson: GM faces July 10 liquidation if asset sale is denied
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GM reinvented
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GM goes to bankruptcy court; retirees, motorists protest
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GM Makes Further Concessions on Liabilities to Smooth Sale Path
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A Crucial Hearing in the Creation of a New GM
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GM sale hearing restarts after technical glitch
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Just How Much Will the GM Bailout Cost Taxpayers?
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Marchionne Says Chrysler Slows 'Bleeding,' Cash Loss
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Carson wants automakers held accountable
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Visteon seeks to cut retiree health care, award exec bonuses
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Lear fate uncertain as deadline passes
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Lear ready to slip into bankruptcy
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Good News For Some Dana Workers
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Personal bankruptcy for Prebul?
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Chrysler Financial to cut about 350 jobs
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Fitch Downgrades TRW's IDR to 'B-'; Remains on Watch Negative
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General Motors says China sales up 38 percent
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Toyota Camry: The Most American Car in America
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Hyundai to woo uncertain buyers over next 2 months by guaranteeing $1.49 gas for 1 year
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CAW blockades auto parts company
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Fitch Affirms Nissan at 'BBB-'; Outlook Negative
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Fitch Downgrades Toyota to 'A+' on Long term Industry Concerns
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Opel keeps hope alive: Jeffrey Cane
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Magna sees Opel deal in September, Berlin cautious
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Timeline: Opel's partnership talks
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Banking:

Psst! Wanna own a bit of a failed bank?
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Who Loses in Cuomo v. Clearing House?
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Southern Community issues earnings warning
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Bank of America accused of anti-consumer practices
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Buying That Bank to Get Tougher
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Buyout Fees: An Endangered Species
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Valuing TARP warrants a tricky science
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Tech:

Tegal may seek buyer or liquidate
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Mining:

In Asarco, the M&A battle rolls on
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Insurance:

AIG To Sell Taiwan Credit Card Business
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AIG Has 'Excellent Chance' To Repay US, Liddy Says
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AIG Offers Shareholders Little Hope for Recovery
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AIG More Stable and Rebuilding, Liddy Tells Shareholders
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Finance:

Consumer Loan-Backed Bond Sales Rise as 'Armageddon' Fear Fades
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Oil/Gas:

Oil Rises After Industry Report Shows Drop in Crude Inventories
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Golf:

Falls Village Golf files for bankruptcy protection
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Municipalities:

Bankruptcy may be best option for reviving Detroit Public Schools
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Bankruptcy not only option for DPS
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CA schools struggling financially
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Pay-Cut Cities
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States brace for shutdowns
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Detroit joblessness worst among big cities
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Communities Axing July Fourth Fireworks
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Vallejo closes another fire station; more job, service cuts ahead
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Politics:

Wall Street Cut Lobbying at Key Time
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Electronics:

Laird sees revenues fall by a third
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RVs:

Owners watch hard-won RV empires drive off the cliff
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New Bankruptcy Opinions
(1 new opinion 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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Executive Compensation:

Lyondell’s CEO-To-Be Set To Rake In Millions
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Gambling:

Creditors begin meeting in Twin River bankruptcy
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Harrah's meets with Murphy, signals interest in Twin River
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Building Materials:

Bison Building Materials Files For Ch. 11 Bankruptcy Protection
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Corporate Reform:

Obama plan: New agency for protection on finances
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Consumer Financial Product Safety?
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New Consumer Financial Protection Agency A Mixed-Bag
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Banks Balk at Agency Meant to Aid Consumers
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Major US financial regulation initiatives
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Food/Drink:

Tortilla company hopes social media campaign sways creditors
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Gruma Says Auditors Have `Substantial Doubt' Tortilla Maker Will Survive
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Newspapers:

Sun-Times and the Burn Rate
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Pioneer Press layoffs
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Another Big Round of Layoffs is Imminent at Gannett
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Judge to creditors in DN, Inky bankruptcy probe: Share info ASAP
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Why the Bank May Soon Be Your New Newsroom Boss
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Aviation:

Frequent Flyers Demand 'Clear' Pass Refund
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United’s sky-high debt
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United Passing Credit Card Fees to Some Agents
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Air Canada Seeks Retirees Approval Of Proposed Pension Fund Moratorium
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Union rejects Air Canada tentative agreement
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BA calls in mediator for union talks
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Hotels:

Airport Hotel Auction Looms
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Hockey:

NHL exec Daly: Coyotes can survive in desert
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Judge assigned in Glendale records case
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Support for Reinsdorf's Coyotes bid
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Balsillie, Moyes blast Reinsdorf bid
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Health Care:

Wal-Mart backs employer health insurance mandate
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Wal-Mart's Health Scare for Big Business
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Many With Insurance Still Bankrupted by Health Crises
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Parsing Health Reform Arguments
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Jewelry:

Friedman's unsecured creditors receive distributions
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Credit Cards:

JPMorgan Raises Credit Card Monthly Minimum Payments
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Foundries:

Grede Foundries files for bankruptcy protection
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Tax:

UBS Must Disclose US Account Holders, Justice Department Says
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Defense:

Phoenix Worldwide files for Chapter 11
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Accounting:

'Special interests' undermining standard setting
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PwC most recognized professional services brand
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UK:

Economy shrunk 'far more than expected'
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UK manufacturing PMI hits 13-month high
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Sterling Crisis Looms as U.K. Unraveling Points to Punishing Spending Cuts
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Judge upholds Golden Key ruling
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UK launches Medici inquiry
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Football clubs to suffer from loss of Setanta
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EU:

IMF pressures emerging Europe as turmoil eases
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Bank Woes Deepening in Europe
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Germany:

German jobless total up in June, Most Since 2007
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Germany to Loan Arcandor Unit $71 Million
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German Woolworth chain on verge of bankruptcy
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Canada:

Recession continues to grip Canada but deterioration slows in April
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Montreal-based Adaltis fails to attract investors, on verge of bankruptcy
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Quebecor World restructuring hits snag
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Canadian court OKs Quebecor World reorg plan
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Canadian Mint Plans Review to Find C$15 Million in Lost Gold
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Argentina:

Argentine Defaulted Bonds Rise as Fernandez Will Resume Talks
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Russia:

Russian gambling ban closes casinos
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Honduras:

World Bank 'pauses' lending to country
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UN General Assembly condemns 'coup'
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WSJ/Opinion: No Coup, Honduras Defends Its Democracy
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Mexico:

Gruma Says It May File for Bankruptcy on Peso Bets
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Gruma Expects to Reach Bank Agreement in July, Avert Bankruptcy
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India:

India's Exports Plunge 29% In May
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Asia:

Muted Recovery Seen in Asia, With a Long Way to Go
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Please note that The Daily Bankruptcy News is primarily a news link gathering service.   This means that most of the headlines contained in the publication are a collection of links to stories posted on the Internet by various third party publications.  Such content is owned by third party sources, not The Daily Bankruptcy News, and in some cases, these links change or expire, which means you may not be able to view some news stories in prior editions of the Daily Bankruptcy News. The DBN subscription fee for access to certain links is not a fee for access to the content of the links, but is a charge for the considerable work involved in gathering, organizing and presenting the links. Use of this site and The Daily Bankruptcy News is subject to our Terms of Use.If you received The Daily Bankruptcy News via email (and you have a paid subscription account), to view a news story, click on the headline, and the story should open in your web browser. To view additional stories, click back to the email and click on additional headlines, which will cause new stories to open in your web browser.  You can view the Daily Bankruptcy News on the web by clicking here, or by going to BKINFORMATION.COM and clicking on the Bankruptcy News button.  Note that The Daily Bankruptcy News is distributed via "HTML email" in which the links to the news stories are embedded in the headlines.  The email you receive should look like a 3-column newspaper, with headlines for each story. If you receive The Daily Bankruptcy News by email and the copy you receive is not formatted like a 3-column newspaper, or does not seem to contain links to the news stories, you may have an email client that is not capable of receiving HTML email, or is not configured to display such email.  You can however, receive a daily email notifying you when The Daily Bankruptcy News is updated on the web site. If you would like to receive such an email, please let us know at admin@bkinformation.com.You can search the headlines from prior editions of The Daily Bankruptcy News by clicking here.

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