July 20, 2009

The Daily Bankruptcy News

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Law:

Weil Gotshal Asks Summer Hires to Defer Start Dates Until 2012
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Weil Gotshal Defers Current Summer Associates to 2011 or 2012
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Most N.Y. Summers Will Get Offers, Says White & Case ... For 2011
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Morgan Lewis cuts 2010 summer program
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Did Gender Play A Role In Layoffs At Squire Sanders?
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Last Week in Layoffs
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Aram Ordubegian
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The Bankruptcy Files: The Calm Before The Storm?
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Heller's Bank Just Wants Someone It Can Really Talk To
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Bingham McCutchen Hires Bush's SEC Chairman Christopher Cox
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A Matter of Opinion?
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Law Students Lost In Vegas
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The New BigLaw and Its Impact on Support Services
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Upside of the Downturn? You Tell Me
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Tick . . . Tick . . . Tick . . . : Is Your Career About to Explode?
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The Minor Leagues?
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Why gender politics still fascinates the profession like nothing else
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Why Minn. Firms Are Laying People Off, Despite Respectable Partner Profits
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Winner: Best summer associate event of 2009
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Covington & Burling Owns the Summer
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Employment Woes Fuel Uptick in Lawyer Depression
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BigLaw Says Bye-Bye to Big Salaries, Yearly Raises
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Corporate Counsel Are Reducing Ranks of Secondary Outside Firms, Survey Reports
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Losing Score: As Partner Profits Plummet, 20 Get the Ax
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Firm lengthens road to lockstep after PEP fall
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Cadwalader to reduce City London space by up to half
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Battle to become Freshfields' global corporate head begins in earnest
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Lawyer Who Gave Up Law Practice Ready to Help Others Do the Same
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Much Better Than Document Review: Bingham Associate Testifies Before Congress
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UK lawyer wins key sex-bias ruling
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Goldman Backs Off Its Threat To Sue Watchdog; “YES, we WON” Blog Brags
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SEC Declines To Investigate Law Firm Pay-To-Play
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Trauner Cohen Used $1.3M ‘Filing Fees’ for Firm Expenses, Client Suit Contends
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Working With Foreclosure Consultants Can Get a Lawyer Burned
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Were Prime Big Law Names 'Twitterjacked?'
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A Dean’s Warning for Optimistic Law Students: Big Pay Goes to Small Number
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Say What?!
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Judges:

The Supreme Court Kabuki Dance
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Senate Confirmation Hearing Portrays 3 Versions of Sotomayor
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Sotomayor Stumped Only Once
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Sotomayor’s Nomination: Today’s News
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Is Judge Sotomayor a bully on the bench? Let's go to the (audio)tape
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Judge's Wife Sits on Jury in His Court, But Not for Long
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Brits Leap Ahead of U.S. Supreme Court on Camera Access
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Judge Allowed to Sue N.Y. Daily News, But Not a Lawyer Thought to Be a Source
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Obituaries:

Craig Rankin
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Wall Street:

US Stock-Index Futures Climb
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Stocks could get CIT lift
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World stocks rally on earnings, CIT news
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Asian Stocks Climb on Commodity Prices, US Housing Starts
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US Stocks Post Biggest Gain Since March, End Four-Week Slump
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Windfalls for Bankers, Resentments for the Rest
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Roasted vampire squid turns out to be dish of the day on Wall Street
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Resist The Urge To Punish Success
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Krugman: Good for Goldman, bad for us
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Financial Analyst succinctly nails Goldman Sachs
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Goldman Sachs: hero or villain?
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When Goldman Sachs wins – You lose
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Goldman Sachs Unbound
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Goldman saga not so rosy
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The Billions in Govt. Cash Behind Goldman's "Profits"
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Keeping Up with the Goldmans
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Goldman's Atlas shrug
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Morgan Stanley to Get Top Underwriting Role on AIG Share Sales
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Layoffs:

National and State by State Unemployment Rates
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Unemployment tops 10% in 16 states
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Georgia, Alabama Top 10% Unemployment as Firings Gain
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Big wave of Pa. jobless exhausts benefits checks
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Texas job cuts increase in June as state unemployment rate hits 16-year high
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Job losses mount among California government workers
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Jobless rate jumps in Las Vegas, state
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McGraw-Hill May Need to Look to Media Unit for Cuts
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Meyer Sees No Return to 'Full' Employment Until 2015
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French Workers Use Explosive Tactics
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When, Oh When, Will HELP Be WANTED?
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Recession Sunny-Side Up: MTV Survey Says 18- to 24-Year-Olds Often Out of Work, OK With That
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Banking:

Regulators shut banks in CA, GA and SD
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Corus Bankshares May Be Seized as FDIC Weighs Potential Bidders
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Failure of John Warner Bank makes descendants of former owner fume
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Happy Days Are Here Again…If You're a Big Bank
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Lewis' future in doubt despite Bank of America earnings
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Bank of America Profit Drops as Credit Losses Climb
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BofA Bailout Exit Miles Off
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BofA Expects Quick Resolve to Fees Spat
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Citi: Consumer Credit Woes Moderating
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Citigroup Posts $4.28 Billion Profit on Smith Barney
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Good news, bad news at Citigroup
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Bank profits not as impressive as they seem
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Deconstructing Banks’ ‘Ray of Hope’ in Those 2Q Earnings Reports
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JPMorgan, US Lenders Lean on Investment Banking for Profits
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In Washington, One Bank Chief Still Holds Sway
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Bank fails, family adjusts
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CenTrust cited for 'unsound banking' practices
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Marine Bank parent seeks investors' OK for bankruptcy plan
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Furniture:

Office furniture sales stall
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Credit Cards:

Big Arbitration Firm Pulls Out of Credit Card Business
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Franchises:

Franchise owners deal with the fallout from bankruptcies
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Mining:

Asarco bid won't be raised in 'any circumstances'
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Accounting:

Biggest Accounting Firms Shed 7% of Workers as SOX, IPO Work Wanes; CPAs Down 7%
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Rules Dig Deep into Financing Receivables
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Tech:

VisionTek Responds to Rumors of Bankruptcy
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Oil/Gas:

SemGroup cash too tied up with Goldman: oil makers
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Crude oil extends gains as stocks rally
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Economy:

Home Resales, Leading Index Probably Rose
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Larry Summers cites Google search as progress
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Looking Back in Anger at the Crisis
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US recession easing but likely not over: survey
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TARP Inspector Urges Treasury to Track Banks' Aid More Closely
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Tracking The TARP Cash
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Fed Reveals Consultants, Fees in Emergency Programs
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Has anyone seen the American Dream?
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Bernanke May Hold Rates Down by Showing He Can Reverse Course
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States Hit Hardest by Recession Get Least Stimulus Money
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The Swan is still Black
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Economy Tracker Map
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Recovery Index
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Real Estate:

Cashing In, Again, on Risky Mortgages
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June housing construction rises to highest level in 7 months
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June home construction rises surprisingly
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Commercial brokers are swimming in empty space
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Commercial real estate slumps hard in CA Southland
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Failure Of Obama's Foreclosure Plan Imperils Democrats
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Housing hope builds across much of nation
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High-priced homes languish on the market
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After the Foreclosure: Downsizing and Doubling Up
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Banks press for Seattle developer's bankruptcy
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Murfreesboro's Three Rivers development files bankruptcy
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Court OK clears a hurdle for WCI
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Lauth's lawyers raking in big fees
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Governor's office gets subpoenas on EnCap project
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Corporate Reform:

Warren: Consumers Need a Credit Watchdog
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Financial Invention vs. Consumer Protection
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Municipalities:

California state offices shut down on Friday to save cash
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Moody's may downgrade Calif. pension funds' rating
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Novellus CEO Says California too Pricey for Factories
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In Philadelphia, no money for vendors -- and no IOUs, either
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Michigan Jobless Rate Tops 15%, California Sees Record Level
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Long-term credit rating for Illinois in jeopardy
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DPS board fights Bobb
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Jefferson County, Alabama special masters fail to resolve sewer debt fracas
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Fraud:

Madoff Trustee Hires Law Firm to Liquidate Assets
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Madoff auditor pleads not guilty, but talking deal
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2nd Circuit Decision May Be Harbinger For Madoff Feeder Fund Suits
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Police Uncover Bernie Madoff-Style Scheme in UK
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Swindle HQ
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Stanford Receiver Janvey Seeks Clawbacks, Insurance Proceeds
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US Prosecutors Ask Court to Delay SEC Stanford Suit
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Double jeopardy: Pearlman bankruptcy trustee sues Ponzi scheme victims
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Newspapers:

Sun-Times chief optimistic about sale of company
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Boston's only black-owned newspaper will accept $200K loan from city to avert shutdown
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Retailing:

Golden Gate Capital wins Eddie Bauer bankruptcy auction
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Non-stop season of sales for shoppers
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Urban Outfitters Says It May Mull Lending to Vendors
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Celebs:

You Probably Think This Post Is About You
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Cut! Camera controversy in Dick Tracey trial
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Vin Diesel safe in Midway Games' Mortal Kombat bankruptcy sale
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Michael Vick just looking for second chance
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After sentence is over Vick will still have juries to face
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Ex-Brown Kosar runs out of money, time, luck
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Building a Defense for Michael Jackson's Doctor
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Probe of Michael Jackson’s Death Zeros In On Prescription Drug Issues
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Jackson Assets Draw the Gaze of Wall Street
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Pensions:

Pension Agency Taking Nortel Networks Retirement Fund
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Nortel's Canadian pensioners fear US asset-grab
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Telecoms:

Outside help seen needed for FairPoint
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Parsing Words in the Tussle Over Nortel
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Health Care:

Their Own Medicine - Senators prefer the insurance they have
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Hedge Funds:

Pickens Said to Seek Investors for Hedge Funds After 79% Gain
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Book Reviews:

Dr. Bernanke’s Emergency Room
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Aviation:

United Set To Cause Turbulence
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JetAmerica won't be flying, at least any time soon
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Mamas don't let your babies grow up to be airline bosses
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Financial Literacy:

Employers helping workers get a financial education
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Agriculture:

Dairy cows sold to slaughter as milk prices fall
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Desperate hog farmers staging rally
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Television:

Syndicators Weigh Another 11
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Charter's reorganization plan goes under microscope Monday
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Video Games:

Midway Games sale yields nearly $5 million for investor
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Crafts:

Creditors seek bankruptcy for US craft firm Wilton
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Securitization:

A tale of multiple CDOs
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Personal Bankruptcy:

Fifth Circuit Holds That Projected Disposable Income Should Reflect Reality
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Environmental:

Bankruptcy buyer beware
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Personal Finance:

The human side of bankruptcy
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Food/Drink:

Santa Fe Holding files for bankruptcy protection
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USA Springs creditors launch financing probe
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Insurmountable Debt Spoils Milk Company's Business
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Agriprocessors buyer says old owners will be kept out
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Spurned union yapping at heels of Bashas' chain
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Hockey:

Group plans to bid on Coyotes
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Coyotes' Moyes picks a number: US$265-million
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Predators aren't worried by delay over investor
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Gambling:

Stalled Fontainebleau resort canceling 2010 events
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Fontainebleau owner suing ... err, himself?
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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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Bankruptcy Reform:

Cramdown Hearings Thursday July 23, 2009
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Autos:

Will Small Be Beautiful for GM?
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Report: Chrysler, General Motors market shares will decline
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Panel seeks auto task force bankruptcy information
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Car dealers at odds with decisions
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Congress should stay out of auto dealers' dispute
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US Sen Reid Signals He Is Open To Auto-Dealer Bill
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Defying President Obama, House Takes What Critic Calls "Hardcore Bipartisan NIMBY" Action on Chrysler and GM Auto Dealers
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Ford Motors in growing debt cycle
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Delphi Auction Postponed, Gives Lenders More Time for Offer
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Delphi Prepares To Auction Its Assets
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Mich. agency worried over Delphi bankruptcy plan
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Lear seeks permission for executive bonuses during bankruptcy
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Judge denies Visteon severance, retention plans
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US Auto-Parts Earnings Slip as Vehicle Sales Tumble
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Recession woes continue to hit home
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Tight credit still drags car sales
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Chrysler cuts workforce by 8.7% in '09
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Obama auto task force shifting to role as automaker owner
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Congress puts microscope on GM, Chrysler
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VW to Buy Porsche for $11.28 Billion: Report
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Porsche Workers Will Fight Takeover by VW
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Porsche boss to get 100-million-euro payoff: report
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General Motors Sets July 20 Deadline for Opel Bids in Germany
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German EconMin rules out GM buyback of Opel
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'Question marks' over Opel bids
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Derivatives:

$47 Trillion Toxic Derivatives the Banks/FED Are Hiding
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Finance:

CIT clinches deal to stave off bankruptcy: source
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CIT Said to Weigh $3 Billion Bondholder Funding Offer
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CIT in talks with bondholders, as bankruptcy looms
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How CIT Tried To Buy Itself A Bailout
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CIT lost in gamble to pressure FDIC
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Stop Pointing the Finger at CIT - It's the Economy, Stupid!
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CIT Staked All On Government Aid
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CIT in talks with JP Morgan, Goldman for short-term funds: report
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CIT Group's Banks Said to Weigh Bankruptcy Financing
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CIT's Customers Issue an Urgent Request
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CIT's troubles deepen over past two years
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CIT Collapse May Force Clients to Find Financing or Cut Orders
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Competitors eager to pick off CIT's business
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CIT's Peek May Be Paid Ahead of Treasury in Case of Bankruptcy
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Where CIT's CEO Went Wrong
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32 trade associations urge Govt to reconsider its decision on CIT
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Why CIT should not be bailed out
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Alabama Hardware Distributor Blames CIT Woes for Its Bankruptcy
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CIT's Impact on the Tech Sector
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Troubled CIT is part of the garment industry's fabric
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What CIT failure may mean in the suburbs
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Retail already feeling effects of CIT's faltering
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CIT crisis may put NHL on thin ice
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GE's Earnings Fall 47%, Led by Finance Unit
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GE Committed to Keeping Finance Division Intact
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Peer-to-peer lending sites offer attractive returns -- but at a risk
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Small companies dig deep for credit
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ARC Loans' Weak First Month
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Resorts:

Yellowstone Club fetches $115m from Hub firm
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The Dog Ate My Court Papers
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Insurance:

Another cost of bankruptcy
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Biotech:

Luna Innovations files for Chapter 11
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Tax:

Examples of how tax increases could hit the rich
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Swiss Bank Accounts
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Report: Swiss FM to visit US for talks on UBS case
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UK:

UK Economy Will Shrink 4.4% This Year, Ernst & Young to Say
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UK Accountancy Industry Booms as Insolvency Numbers Soar
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Young Hit Worst by British Joblessness
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UK June mortgage lending falls annual 48 pct -CML
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Mortgage lending up 17% in June
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UK Banking Regulators Get 100% Pass Rate on FSA Stress Test
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Carroll's empire may be torn down
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EU:

Corporate Bond Risk Falls in Europe, Credit-Default Swaps Show
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Germany:

Hypo Real Estate May Need More State Aid
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Arcandor Insolvency Adviser Cites Lack of Support in Quitting
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Arcandor Drops to Record Low as Some Analysts Doubt Rescue Plan
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Germany mulling US-style bank recapitalization
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Germany Won't Force Banks to Raise Capital, Ministry Says
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Canada:

Consumer prices record biggest slide since 1955
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Canwest wins reprieve
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Bankruptcy spurs flight to find child
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MP's firm linked to adoption group
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Debts forcing top Vancouver filmmaker out of business
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Japan:

Japan Assets of Overseas Banks Fall to 12-Year Low
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Australia:

Tax tough line 'ruining' firms
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Argentina:

Argentine Economy Stalled for First Time Since 2002
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Mexico:

Comercial Mexicana, JPMorgan Holding Debt Restructuring Talks
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Hong Kong:

Hong Kong June bankruptcies surge 89 pct yr/yr
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Hong Kong Jobless Rate Rises to Highest Since 2005
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S. Korea:

Corporate Bankruptcies Fall to All-Time Low
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Iceland:

Iceland Pays $2.1 Bln to Capitalize Banks, Reach Creditor Deal
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