July 7, 2009

The Daily Bankruptcy News

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Law:

Bingham McCutchen Acquires McKee Nelson
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Elite Specialty Firm Becomes Elite Acquisition
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The Rise of Midlaw
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The Layoff List
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Wachtell Doubles Merger Work, Leads Skadden, Clifford Chance as Deals Slow
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Heller May Sue Covington Over IP Group's Departure
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Thelen Staff Sue Ex-Partners for $18 Million
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Mayer Brown Loses Top Finance Lawyer to Dewey
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Grim Reaper As Optimist-in-Chief
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Pro se bankruptcies drain court resources
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Appointment of counsel is not the answer
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Loan-Modification Work May Flout Ethics Rules
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Consider Yourselves WARNed: On the New Hot Practice Area
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Does WARN Work?
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Dreier: Going Once, Going Twice...Sold!
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Even Lawyers Find Few Breaks In This Economy
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Layoff Watch: Cahill Gordon, Round 2
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Halfway Through the Year in Law Firm Layoffs
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Keddies Lays Off 40 Lawyers & Staff
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Taylor Wessing's UK PEP hit with 30% fall for 2008-09
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Shoosmiths 2008-09 partner profits plummet by 54%
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Charles Russell sees PEP fall by 30%
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Florida Firm Cuts 8 More in Continuing Cost-Reduction Efforts
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Fewer Employers Will Hold On-Campus Interviews
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Salary Gap Widens Between Have and Have-Not Law Grads
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Hires from Ropes & Gray Summer Class to Start in 2011
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Weil Gotshal cuts UK associate starting salary
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As BigLaw Stumbles, SmallerLaw Picks up the Pace
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GCs Look for Creative Ways to Save on Legal Costs
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Are Legal Fees at the Root of Palin’s Decision to Step Down?
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Who Is the Prominent Plaintiffs Lawyer Helping Sarah Palin?
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Jenner & Block Ranked Top Pro Bono Law Firm
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Quinn Emanuel's Susan Estrich Redefines Multitasking
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The Best Lawyers in Hawaii
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Another View of the Illinois Admissions Situation
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Law Profs on Clout-Influenced Admissions: Everybody Does It
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Questions Arise After Law School Dean's Resignation in Wake of Prostitution Investigation
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Watch What You Say to New Media
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Law Firm Sued Over Client’s Use of Spyware
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Doesn't anyone find nerds/geeks sexy?
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Say What?!
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Judges:

Roberts Court Takes Narrow Road to Right
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SCOTUS Practitioners: This Year Was All About Kennedy
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Sotomayor’s Nomination: Today’s News
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Wall Street:

US Stock-Index Futures Are Little Changed
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Stocks look to step back
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Japanese Stocks Fall for Fifth-Straight Day as Recovery Hopes Diminish
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HK stocks drop 0.7 pct; China stocks snap four day rally
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US Stocks Gain on Speculation Credit Conditions Are Improving
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Earnings Drop Worldwide as Job Losses Hurt Consumers
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CFTC Floats Rules Aimed at Speculation
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Layoffs:

National and State by State Unemployment Rates
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BASF to Cut 3,700 Jobs
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Oracle to cut 1,000 jobs
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Cable network plans layoffs
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Caraco Pharmaceutical to lay off 350 employees
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Finance Layoffs: Wells Fargo, Stanford and more
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The New Labor Market
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With their hours cut, some workers struggle to make ends meet
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More workers but fewer jobs than 9 years ago
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1 in 4 must fight for jobless pay
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Another 'jobless recovery' possible
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University of Michigan forecasts 15.8% MI jobless rate in 2010
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The scariest jobs chart ever
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Oil/Gas:

Oil Falls to 5-Week Low, Gasoline Drops on Economic Concern
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Oil falls below $64, extending past week's plunge
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The backwards Robin Hood effect in the trading of crude oil
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Regulators aim to curb speculators' influence on oil prices
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Aviation:

Cash squeeze may put United Airlines in a bind
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Frontier's future up in the air
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Travel by Air, Ground Linked to a Tripled Risk of Blood Clots
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Budget airline 'to make passengers stand'
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Ryanair achieves record passenger numbers
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Russian air carrier KrasAir declared bankrupt
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Education:

Harvard Pres.: School Has Tough Choices in Decline
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Fraud:

SEC's Madoff tale will continue to unfold
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Madoff Trustee Seeks $1 Billion Harley Default Award
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US, Britain join Austria in Madoff -related probes
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French police probe possible Madoff hit to CIC bank
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Madoff victim lawyers say Baer broke Spanish rules
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British Study Madoff Payments to Austrian Banker
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Why Can't Ruth Madoff Get Out of Her Own Way?
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Do You Hate Ruth Madoff Because She's A Lady?
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Madoff victims explore tax refunds on 'phantom' profits
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How Florida officials helped Stanford set up Ponzi scheme
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For dozens, Webio dream deals become nightmares
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Health Care:

SEC pursues a possible Sunwest settlement
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Hospitals More Often Seek Upfront Payments
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The Fraser Institute: US Medical Bankruptcies a Myth
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Medical Bankruptcy in the United States, 2007: Results of a National Study
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US House May Include Surtax on Wealthy in Health-Care Package
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Jewelry:

A Recession in the Wallet and on the Finger
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Economy:

US Service Economy Contracts at Slowest Pace in Nine Months
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USA lurching towards 'debt explosion'
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Lower wages for employees come as job losses increase
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Experts Weigh Jobs Fallout, Service Sector, Earnings
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Lean times continue for startups, as sales, IPOs wither
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Puzzling Fed Funds rate spike: Sign of hard times to come?
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Why Barack Obama Is Like Vladimir Lenin
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Deficits: America Is Still A Financial Train Wreck
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A Question For Fans Of A Second Stimulus
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Did Homeowners Cause The Great Recession?
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Summertime Surge in Homeless Families
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Global Poverty Rises
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Economic stress up in much of nation
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Economy Tracker Map
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Recovery Index
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Real Estate:

Former Ohio AG Marc Dann Reprising Mortgage Cop Role
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Buyer's Remorse Hits Vegas Project
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Home Vacancies Still At All-Time Highs
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Get ready for another big wave of foreclosures arriving as soon as this summer
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Mortgage Defaults: Many Are Intentional, Study Finds
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No Money Down Or Negative Equity Top Source of Foreclosures
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Mortgage holders seeing the value of their homes slump are debating whether to voluntarily default
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Sky Arrow builder struggling to revive
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BankAtlantic Corp's real estate subsidiary to be acquired
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Opus West scales back
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Expectations For Mortgage Losses Grows
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State Of The Real Estate Market? Plenty More Downside
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Magazines:

279 magazine closures in first half
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Autos:

Automakers' Swift Cases in Bankruptcy Shock Experts
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Deal on New GM could close this week
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Although GM is vastly larger and more significant than Chrysler, its "sale" has received far less attention
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Assessing the Chrysler Bankruptcy
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AGs hail GM bankruptcy agreement
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GM Creditors Who Appealed Asset-Sale Ruling Won't Seek to Block Closing
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Bondholders Give Up GM Fight, Citing Lack of Resources
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GM Appeals (update)
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GM's bankruptcy exit could meet with appeals
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Single appeal filed in sale of GM's assets
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The Opinion
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US auto task force gives GM a bump start
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GM to get final $20 billion in U.S. funding this year
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GM's roadmap out of bankruptcy
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Is "New GM" Really the Best We Can Do?
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Let's see what they're made of
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Are GM, Chrysler seaworthy?
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GM CEO Fritz Henderson Blogs on the Bankruptcy
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GM's action hero lauded for driving reforms
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I Was Wrong About GM Bankruptcy
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Q+A on judge's decision
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GM Management to Be 'Leaner,' Treasury's Rattner Says
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US task force to shed its GM stake
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White House says it won't 'micromanage' GM
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Taxpayers: Beware GM's Decision to Build Compact in Michigan
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GM expects appeals to end this week
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GMAC Statement on Bankruptcy Court Approval of Sale of Assets by GM
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Ford the big winner in GM, Chrysler bankruptcies ?
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Chrysler board boasts turnaround veterans
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Lawmakers: Reinstate Dealerships
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GM bankruptcy plan approved, dealer disputes up to states
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General Motors' brands on the chopping block
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Lear Corp details post- bankruptcy balance sheet
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Lear seeking more support for bankruptcy
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Lear Files for Bankruptcy, Aiming for Quick Exit
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Lear Corp.'s board of directors could be replaced after Chapter 11 filing, company says
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Schumer urges GM to absorb Delphi pension obligations
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American Axle Declines 13% on Bankruptcy Worry
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Did Obama Pick The New GM's New Small-Car Plant?
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GM Said to Meet German Officials Tomorrow to Discuss Opel Bids
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Russian power play stalls Opel talks
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Magna delays meeting on Opel to July 14
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Porsche Denies Report on Bidders for VW Package
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Banking:

Wells Fargo says to expand in investment banking
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Bank Bears Pile Into Wells Fargo Puts
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With a Rush of Bank Failures, Is Illinois the "New Georgia"?
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Why lenders are extending maturities
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Bank of America Writeoffs May Rise 10%
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Bank of America to Pay $713 Million in Taxpayer Dividends
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Will Ken Lewis Cave To Big Labor To Save His Job?
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Wachovia takes Wells Fargo's name
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SocGen sees small Q2 net profit after CDS hit
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Regions Investors Ask to Extend Executive Bonus Pay Freeze; Bank Appeals
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Investors Prepare Legal Action Against KBC Over CDOs
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Newspapers:

Tribune Co., Ricketts reach deal for Cubs sale
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Tribune sells the Cubs for $900 million - but is it too late for Zell?
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New York Times Cannot Afford Text Messaging
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Celebs:

Clarity Coming on Jackson Estate
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Michael Jackson Lawyer, Friend Win Control of Assets
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Singer's Luxe Lifestyle Aided by Wall Street Firms
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Jackson Probe Hones In on Doctors, Drugs
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Private Equity:

Reducing LBO Fees Means 2% Becomes Defunct as Pensions Lament Their Losses
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Ross sees less PE firms buying banks
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Corporate Reform:

Can derivatives regulation work?
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Consultants:

Mesirow Financial Consulting's Stephen B. Darr Named President-Elect, Association of Insolvency and Restructuring Advisors
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New Bankruptcy Opinions
(2 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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Bankruptcy Statistics:

Surge In Business Bankruptcies , Mass Fraud Cases
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NC consumer bankruptcies lower
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Corporate bankruptcies in America: The boom in busts
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Insurance:

Texas Firms File $1 Billion Suit Against Insurers of Stanford
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Chubb D&O loss reserves may be insufficient: Analyst
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A.I.G. Lawyer Says Greenberg Lied to Rewrite History
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Hank Greenberg Thought He Could 'Walk Through Raindrops,' Says Lawyer
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Michael Lewis on A.I.G.
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The man taking apart AIG
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AIG, Hartford Stk Futures fell Before the Bell
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Airline Insurers Have Most Losses in Eight Years
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Municipalities:

Wanted on Craigslist: California IOUs
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I'm Confused (California Edition)
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BofA puts 7-day hold on California IOUs
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Broke California prints its own money to pay its debts
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California's Nightmare Will Kill Obamanomics
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California's crises foreshadows much for the rest of us
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California : One notch above junk
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Why Stop at 'BBB' for California Debt?
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California - and the U.S. - Headed for Permanently Smaller Economy
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California dreams spreading deficit nightmares
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Politics:

Palin speaks of 'personal bankruptcy '
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Fashion:

Lacroix Needs a Buyer - and Fast - to Survive
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Poetry:

Recession Poetry
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Telecoms:

Citadel to ring up Hawaii, pushes Pacific expansion
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Justice Dept. reviewing big telecom
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Are Telecoms the Next Government Antitrust Target?
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Hawaiian Telcom lenders face threat from Sandwich Isles
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Tax:

U.S. Says It Still Lacks Many UBS Account Names
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Pa. lawyer to plead in $5 million tax fraud case
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Credit Cards:

How Credit Card Companies Are Changing the Fine Print
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Finance:

Microsoft Prepares for Worst as New U.S. Company Bonds Show No End to Fear
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Hotels:

Number of Hotel Foreclosures, Defaults Increasing
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Nanotech:

Evident Technologies files Chapter 11 bankruptcy petition
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Horse Racing:

Judge hears examiner arguments in Magna bankruptcy
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Retailing:

Luxe Kids’ Clothing Store Bids Adieu To Greenwich
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Sportsman's Warehouse to close at end of month
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Food/Drink:

Dunkin' Donuts franchisee files for bankruptcy
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Oceanaire Seafood files for bankruptcy protection
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¡Vive Tortillas!
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Company bids $8.5 million for Iowa slaughterhouse
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Conventions:

Event Planners Lose Commissions as Meetings Shrink
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Hockey:

Watchdogs Say Glendale Is Throwing Public Money at Bankrupt NHL Team
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UK:

UK Regulator Proposes Tripling Market Abuse Fines
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Britain to Delay Key Finance Rules
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Britain's sleepy accounting watchdogs
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Osborne Clarke to advise on Coffee Republic's potential collapse
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British Manufacturing Output Dropped in May
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EU:

EU plans new push on bank reform
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Fink warns on EU hedge fund rules
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Canada:

Canada Budget Office Sees C$156 Billion in Deficits Over 5 Years
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Drabinsky deserves 8 to 10 years in jail, Crown tells judge
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Go easy on Drabinsky, arts luminaries urge judge
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Drabinsky's lawyer asks for 'house arrest'
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Japan:

Yen Rises as Economic Outlook Encourages Demand for Safety
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Germany:

New German Statutory D&O Insurance Requirements
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Australia:

Australia Facing `Full Brunt' of Global Recession as Exports, Lending Drop
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France:

France’s Stimulus Projects, Unlike in U.S., Were ‘Shovel Ready’
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Russia:

Russian sharks are feeding on their own blood
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S. Korea:

Daewoo Logistics files for bankruptcy
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Sweden:

Bankruptcies swell in Sweden
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China:

China Warns on Loan Quality
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