June 11, 2009

The Daily Bankruptcy News

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Prior editions: Click Here

Law:

The Lawyer of the Hour: White & Case's 'Overly Tenacious' Tom Lauria
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What is Thomas Lauria playing at?
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Chrysler Sale Finalized, Issues Remain
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GM Bankruptcy May Come Calling at Supreme Court Next
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Weil GM bill set to surpass Lehman charges with 'more complex matter'
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Low, Low Price - By some of America's top bankruptcy lawyers
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Eversheds moves its cash in fear of future bank collapses
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Why Does Fulbright & Jaworski Care So Much About $57,000?
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O'Melveny Freezes Staff Salaries to July 2010
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Shearman & Sterling Start Date Watch: You Better Hurry
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Layoff Watch: Bass Berry Lays Off 32 Employees
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Tipster: Miller Canfield Lays Off 16 Lawyers, 9 Staff
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White & Case consultation ends with 95 UK job losses
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Deferred Associates Face Many Conditions in Working
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Upbeat in the Downturn
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'Freeconomics' of Free Labor
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Mergers on the agenda as firms size up recession opportunities
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Partners in Crime
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D.C. Lawyer Is Appointed Compensation Czar
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Three Firms Headline Latest AIG Asset Sale
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Another BigLaw Firm Slashes Associate Pay (for Now)
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Ex-BigLaw Associate Loses Law License for 60 Days for Puffing Up Job Title
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As Revenue Evaporates, Firm Axing as Many as 85
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Macfarlanes set to cut 15 jobs in second round of layoffs
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UK top 100 sees Q4 revenue fall but gloom eases
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Reed Smith Partner Who Wanted a Promotion Gives Up the Fight
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Who Will Be the Next CEO of Wilson Sonsini?
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All Parties Agree: This Ruling Stinks! Depublish!
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Dreier's Hamptons Homes
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Now, At Last, You Too Can Live Like Marc Dreier
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What’s next on “bailout” law?
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Country lawyer tops Terry McAuliffe in Virginia primary
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Female GCs Offer Advice to Female In-House Counsel
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Can Offering Work Flexibility Help a Firm’s Bottom Line?
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Has Work-Life Balance Toppled Over Thanks to the Teetering Economy?
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Have modern law firms sacrificed personality?
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Ex-Law School Dean Spins Kosovo Experience Into Rock Opera
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Lawsuit of the Day: Class Action for Those Not Getting Action
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Lawyer of the Day: Former Pillsbury Associate Doesn't Know His Place
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Now Law Schools Are Spawning Colleges
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Judges:

A Recusal Puzzler: Making Sense of the Massey Ruling
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Coping With 'Caperton': A Q&A With Former Texas Chief Justice
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Supreme Court Statistics for This Term
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Well-Wishers Can Virtually Sign Sotomayor’s Cast
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Republicans Call Sotomayor's Answers Incomplete
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Sotomayor Nomination: News Headline Roundup
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Joe Biden’s Sotomayor Comments Criticized as Foolish
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House Judiciary Committee Recommends Judge’s Impeachment
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Lawyer Admits Helping Pa. Judges Hide Income
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Sippy Cups Caused Exploding Court Toilets
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Wall Street:

Stock Index Futures Modestly Higher
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UK Stocks Rise
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Asian Stocks Mixed on Weak Economic Data
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Stocks Trim Losses, Close Modestly Lower
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College grads shun Wall Street for Washington
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How Traders Killed Value Investing
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Is there a " bankruptcy bounce"?
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Layoffs:

National and State by State Unemployment Rates
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Funemployed
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Cadence Design to cut 5 pct jobs, take charge
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Mass Torts:

Asbestos bankruptcy judge pulls plug on lawyers' plot
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Executive Compensation:

Obama to propose new pay legislation
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Obama Administration to Seek New Power for SEC on Executive Pay
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Obama appoints 'pay czar'
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Treasury to Set Executives’ Pay at 7 Ailing Firms
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Overseer of Big Pay Is Seasoned Arbitrator
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Geithner Says Executive Pay Should Be Tied More to `Sound' Risk Management
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Geithner: 'Say on Pay,' No Caps
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Treasury limits bonuses at TARP recipients
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Administration seeks ways to tame corporate pay
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Newspapers:

Costs Slashed, NYT Considers Globe Sale
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Publishing:

Arcade Publishing, With Venerable History of Fighting Censorship, Files for Bankruptcy
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Oil/Gas:

Oil nears $72 -- 8-month high
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Prediction: $250 Oil
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Tech:

Aviza Technology files for bankruptcy protection
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Hotels:

Bradenton Holiday Inn Express owners seek bankruptcy protection
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Distressed Investing:

Kerkorian’s Stakes May Be Down, but He Has Bounced Back Before
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Greenbrier Secures Loan From WL Ross
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Food/Drink:

SunTrust sues SouthEast Waffles owner
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Economy:

Exports Drop to Lowest Level in Three Years
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U.S. Regional Economies Slip and Trade Deficit Grows
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US Foreclosure Filings Top 300,000 as Bank Seizures Loom
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Fed Unveils Details on $1 Trillion in Lending, Doesn't Identify Borrowers
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Mixed Deficit Signals
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Why What U.S. Is Doing Isn't Socialism
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Fed Says Downturn May Be Moderating Amid Weakness
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Those Are Yellow Weeds, Not Green Shoots
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Beige Book Reports Continuing Economic Sluggishness
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US long-term interest rates hit high; Tepid response to Treasury's debt sale
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Russia May Swap U.S. Treasuries for International Monetary Fund bonds
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Global Economic Confidence Improves for Third Month on Signs Worst Is Over
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Crises bring out the best, and worst, in institutions - For many governments, it is the worst that is now appearing
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Anatomy Of A Collapse
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Economic Stress Map
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Real Estate:

May US foreclosures third highest on record
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Mortgage Applications Fall, Signaling Bernanke's Housing Effort Is Stalled
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Crescent Resources files Chapter 11
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Phipps Tower developer files for bankruptcy
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US commercial property bank loan defaults soar
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MetLife's Kandarian Says Worst Is to Come on Commercial Mortgage Defaults
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Commercial Real Estate : A Ticking Time Bomb for Banks?
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Auto:

Fiat Buys Chrysler Assets, Sealing Swift 42-Day Overhaul
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Fiat closes Chrysler deal – with no money down
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At new Chrysler, problems of old Chrysler linger
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Chrysler Excludes Contracts With Mexico, Canada Units
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Stays of Chrysler sale went above and beyond
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State to Re-Examine Bonds After Failing to Stop Chrysler Sale
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Under Obama Secured Position is Not Secured
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Chrysler cleared, but GM bankruptcy may come calling at Supreme Court
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Lawmakers Questioning Fiat/Chrysler Deal
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Consumer group pans Chrysler deal
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Chrysler-Fiat deal brings job promotions for execs
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Lots of CEOs in the new Chrysler
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Fiat-Chrysler CEO confident automaker will succeed
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Chrysler Names Press Deputy CEO, Picks Brand Chiefs
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UAW health trust picks former Michigan governor for Chrysler board
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Nardelli's Farewell Memo: 'There Are No Sunshine Patriots at Chrysler'
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Auto suppliers up as Chrysler sale closes
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Will "Critical" Suppliers Please Step Forward?
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Chrysler factories to reopen as Fiat takes control
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Ind. treasurer stands by fight over Chrysler plan
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Mourdock just wanted the rules to be followed
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What did the Indiana funds want?
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Chrysler Creditors Now Out of Luck
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Chrysler plus Fiat equals what, exactly?
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Take a look at the 'new' Chrysler
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New GM Chairman Whitacre admits: "I don't know anything about cars."
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Whitacre sees role at GM as public service
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U.S. Takes On the Insular G.M. Culture
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GM's Bondholders
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GM dismantling spawns too many rivals
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Ford Seeks Government Aid Elsewhere
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Stimulus Winner Is Ford (Sorry, G.M.)
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Moody's upgrades GMAC, cites less bankruptcy risk
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'Cash for clunkers' will just keep distorting the US car market
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Delphi lenders seek auction to make competing bid
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Speed of Delphi Bankruptcy Deal Draws Scrutiny
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Judge says Delphi asset sale needs to be public
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A Breath of Relief for Creditors: Judge Scuttles Delphi-Sale Plan
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Delphi And The ‘Guys In Suits’
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"Why can't other guys in suits pay more?"
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Filing reveals list of Hecker creditors
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Senate to review work of Obama's auto task force
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Senator Dick Durbin on GM Restructuring
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Bailout will mean small, unsafe cars
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Britain offers financial support for GM Europe rescue efforts
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South African Union Takes GM Unit To Court Over Job Cuts
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How Hyundai Sells More Cars When Everyone Else Is Selling Less
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Convenience Stores:

Uni-Marts ready to exit bankruptcy
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Derivatives:

Investors want speedy payment on GM swaps
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Daring Trade Angers Wall Street
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Health Care:

Towering Medical Bills Leave Many Americans Bankrupt
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Doctors' Group Opposes Obama's Government-Run Health Plan
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Media:

The 11 Words You Can Say On ION Stations
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Tax:

Tax Havens Lobby to Keep Their Names Out of the Law
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Lehman:

Nomura completes in-house revamp in wake of Lehman takeover
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Aviation:

Travel Slump Pushes Delta, American Toward 5% Cut in Seats to Raise Fares
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Trucking:

Trucking giant Gainey files reorganization plan
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Education:

Are MBA Degrees Worth Anything or are They Part of Problem?
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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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Weird News

Banking:

Citigroup finalizes deal to make US largest holder
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Bair Tries to Make Up with Citi
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Bank of America Chief Lewis Says Fed Pushed for Merrill Deal Amid Losses
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E-Mails Show Fed Pressure on Bank of America
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Banks Will Need to Pay Back Warrants to Exit TARP
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Negotiating the TARP Warrant Repurchases
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Sterling Bank hit with regulatory action
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WaMu and JPM accused of squeeze-and-freeze in SoCal suit
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Canadian Banks, Ranked World's Best, Step Up Job Cuts as Profits Drop
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Retailing:

Home Depot raises full-year profit forecasts
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Neiman Marcus posts loss
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Village at Mission Lakes in 'limbo'
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Bidders to Get Second Shot at Filene's
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Municipalities:

Default isn't an option for California
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California's Options Are Down to One
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California and the Argentine Option
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CA Legislature OKs $168 Million Courts Cut
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Insuring bankruptcy
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California near 'meltdown' as revenues fall
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Grand jury: Calif county has risky investments
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Critical Vendors:

Let's Get Critical
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Hockey:

'One step closer' to goal: Balsillie
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Gary Bettman makes appearance at Coyotes Bankruptcy Hearing…But will it ever end?
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Hockey fight goes into overtime
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Price may go up for Coyotes
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NHL Owners, Governors Debate Possible Coyotes Relocation Fee
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Even billionaire Balsillie will bail at $100-million relocation fee
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Judge Considers Ordering NHL To Set Coyotes Relocation Fee
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Relocation fee is a bargain at any price
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Hamilton's hockey future to be determined June 11
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Do the Maple Leafs have a veto?
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Chemicals:

An Excuse To Skip Those Pool Parties
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Celebs:

Vick needs new bankruptcy plan by July 2
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Fraud:

Madoff circumstance worsens
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Madoff Victims Blast Trustee's Valuations of Their Investments
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Bernard Madoff fraud victim committed suicide to avoid bankruptcy
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GT liquidators in US court battle for Madoff assets
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State presses for files of firm tied to Madoff
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UBS Appeals Luxembourg Court Order Over Payment to Oddo for Madoff Loss
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Baptist Foundation fraud convictions upheld
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Debt Collection:

Is Your Newest Facebook Friend a Sleazeball Debt Collector?
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Senate Bill Would Limit Debt Collection on High-Interest Loans
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Personal Finance:

Hard Times: Man turns closet into living space
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Politics:

Market Downturn Hit Lawmakers
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Pelosi's Husband Lost as Much as $1 Million as AIG Stock Fell
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Gambling:

Atlantic City Casino Revenue Takes Another Bath In May
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Atlantic City casinos can't seem to shake slump
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St. Louis casino revenue down less than 2% in May
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Battle Over Abandoned Vegas Resort Project Heads to Bankruptcy Court
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Fontainebleau's Soffer caught by Lehman Bros. bankruptcy
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Las Vegas Construction Faces Hit
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UK:

Bottom falls out of bankruptcy market
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The recession may be over but the pain has just begun
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UK to Curb Bank Trading With New Capital Rules
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Hammonds wraps up advice on $485m Chesapeake sale and restructure deal
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EU:

Weber Says Central Banks May Have to Raise Rates to Reduce Inflation Risks
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ECB's Papademos Sees Funding Squeeze a Bigger Risk Than Excessive Credit
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Banks May Need to Sell Units Under New EU Guidelines
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Brazil:

Brazil economy shrinks, recession seen short-lived
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Hungary:

Bad loans, insolvencies increase
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Germany:

German government approves state bank plan
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Russia:

Russians Outfox U.S. In Latest Great Game
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France:

French Consumers Cut Back on Gambling, Beauty as Slowdown Bites
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