June 15, 2009

The Daily Bankruptcy News

Also available on the Web (with links to the news stories) Click Here
Prior editions: Click Here

Law:

The Mighty Are Humbled: Cravath Also Offers Associate Deferrals
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Cravath Will Pay New Associates $80K to Stay Away for a Year
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Cravath Offers Voluntary Deferral to Class of 2009 -- and Delays Class of 2010 a Full Year
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Cravath Announcement Causes Immediate Reaction At Harvard Law School
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Last Week in Layoffs
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Layoff Tracker
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Greenberg secures trophy hire of Maher for London launch
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Pillsbury Salary Cut Follow-Up
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Former Big Law Attorney Dishes on Cravath
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Ex-Associate Claims Mayer Brown Used Her as ‘Marketing Tool’
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A Matchup Made in Heaven: David Boies v. Ted Wells
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Clerks: Deferred Associates Get Go-Ahead to Work for Judges
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Law Firms After the Recovery: How They'll Hire and Whom They'll Serve
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Firm Launches Apprentice Program
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Kirkland Expands Use of Special Fee Structures
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Law Firm of the Day: Bradley Arant Boult Cummings
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Norton Rose Sees Revenues Increase, Profits Fall
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Bankruptcy Beat Snapshot: H. Jeffrey Schwartz
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Skadden, S&C, Clifford Chance, Linklaters on $13.5 Billion BlackRock Deal
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Long and winding road for law firms as GM creates legal production line
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GM Retention Applications
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Short on Time and Options, Lawyers Remade Chrysler
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Former Shareholder's Lawsuit Adds New Wrinkle to Heller Bankruptcy
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Firm stockpiles Tamiflu as firms review swine flu response
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Summer Associates Go "First Class"
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Summer Associates Can Stand Out by Balancing Fear With Enthusiasm
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Lawyers Get the Message: 1-800-U-R-Fired
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Press Slams Freshfields for Trainee Layoffs
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Alameda County, California to Cut 29 Attorneys
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Some Chicago Law Firms Are Hiring Lawyers, Including Associates
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Plaintiff Suits Against Automakers Stall Out
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Despite law firm's efforts, Chrysler claimants barred from suing
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Sanctions Sustained Against Crowell & Moring Partner
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Has Corporate Bankruptcy Become a Competitive Advantage?
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Obama Recruits More BigLaw Partners as Ambassador
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Jury's Out on Recession's Effect on Plaintiffs Practice
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How to Keep Clients Feeling Valued
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Will Robert Post Be the Next Yale Law Dean?
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Yoo, Bush Administration Lawyer, Must Face Torture Lawsuit
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Say What?!
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Judges:

Kent to Do Time in Wilds of Massachusetts
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Go Directly to . . . Authorship? More on Judge Urbina’s Odd Sentence
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Will: More judicial activism, please
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Sotomayor Nomination: Today’s News Headlines
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Forget Collegiality. Some of the Best Justices Were ‘Downright Mean’
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William Lipkin, ex- bankruptcy court judge, dies
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Wall Street:

US Stock Futures Drop
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UK Stocks Fall
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Dow Average Erases 2009 Loss
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Without signs of economic growth, stocks to drift
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Executive Compensation:

$0 salary, millions in stock deals
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Attracting top talent while avoiding public backlash
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The End of Comp as We Know It?
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Top executives' pay edges up amid downturn
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Layoffs:

National and State by State Unemployment Rates
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Daley threatens 1,500 city layoffs
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Laid-off employees say Bonita Bay stiffed them on their severance
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U.S. job rebound may be slow in coming
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Avon, Mary Kay ranks swell as a second-job option
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Franchises expand as jobless look for options
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Credit history trips job seekers
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Unemployed men struggle in dating
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Finance:

Obama's handling of bankruptcies may make more lenders 'gun shy'
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Commercial paper decline belies economic recovery
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Credit Cards:

Capital One Monthly Credit-Card Write-Offs Rise to 9.4 Percent
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Credit crunch trims junk mail
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Have credit-card companies lost their juice?
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Capital One claims flood court
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Banking:

Citigroup Investment Pays Taxpayers Triple Return of Standard & Poor's 500
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Banks Begin Repaying TARP
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Treasury faces pressure on price of TARP exit
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U.S. drafting rules to spur PE bank buyouts: report
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Debts Coming Due at Just the Wrong Time
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A Scrappier Citi to Emerge From Financial Crisis?
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Bank chairman derides TARP program as 'huge rip-off'
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Banks Repaying TARP Still Enjoy Vast Government Debt Aid
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S&P downgrades CIT Group to junk
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BankUnited Told by OTS to Backdate, Document Shows
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Insurance:

D&O Insurance: Cost vs. Value
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Allstate Is Set for Recovery
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AIG Playing Hardball on Flight 1549 Payouts
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Hartford Financial plans $750-million stock offering
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Hartford to get as much as $3.4b in TARP funds
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Chief Investment Strategist Leaves The Hartford
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Lincoln Accepts US Rescue Funds, Plans Share Sale on Market
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Greenberg to face AIG over $4.3bn lawsuit
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AIG to use any winnings in trial to repay taxpayers
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AIG vs. Hank Greenberg: A Battle Over Who's More Deserving
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Retailing:

Auction for bankrupt Filene's heats up
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Retailers detect signs of a halting recovery
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Retailers step up anti-crime efforts as recession fuels shoplifting, organized theft rings
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Big-business bankruptcies swamp smaller companies
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Repurpose-Driven Life
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Gottschalks' name all that remains
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Dollar General is the retail store that figured out how to beat the recession
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Agriculture:

A Small Town Under Siege
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Iowa Town Teeters On Edge Of Ruin
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Smithfield may post first yearly loss since 1975
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Bad Loan Growth Tightens Farm Credit
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Building Materials:

Knight-Celotex LLC moves to Chapter 7 after CEO resigns
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Boating:

Marinas staying afloat in rough economy
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Mass Torts:

Asbestos Claimants Forgotten in GM Bankruptcy
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Accounting:

Accountant Mentality Killed GM
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Politics and accountancy don't mix, Obama adviser warns
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Resorts:

Moral Of Yellowstone Club Bankruptcy : Fail Huge
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The Yellowstone Club: The Passing of a Gilded Era
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Checkmate at the Yellowstone Club
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Tamarack's receiver kept in charge of running the resort
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Media:

Media giants fight to survive
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Access Industries bids for stake in Setanta Sports
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Lehman:

Lehman-Barclays 'furniture' fight intensifies
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Utilities:

Utility can't bill Lear weekly
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Museums:

D-Day Memorial struggles to stay open
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Book Reviews:

'Street Fighters,' by Kate Kelly; and 'House of Cards'
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Henry Fairlie: The Gentleman Delinquent
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Derivatives:

The magical world of credit default swaps once again
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Soros On Derivatives
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Soros Takes Aim at Credit Swaps
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Telecoms:

Primus Telecommunications Wins Court Approval of Plan to Exit Bankruptcy
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Labor:

On a Furlough, but Never Leaving the Cubicle
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Economy:

Manufacturing, Housing in U.S. May Signal Economy Close to Hitting Bottom
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Consumers Outlook Dims
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Summers Defends US Interventions
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Have the Feds Gone Too Far?
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Is Obama Flubbing the Financial Fix?
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U.S. Intervention Pits 'Gets' vs. 'Get-Nots'
(WSJ: separate paid subscription required)

National Summit arrives amid economic trouble
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Protesters set up tents in downtown Detroit in advance of economic summit
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Summit puts Detroit's economic woes in spotlight
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Consumer confidence inches higher
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Global Finance Chiefs Cite Signs of Stability
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G-8 Weighs End to Stimulus
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Geithner-Too soon to withdraw economic stimulus
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Worst of global crisis may be yet to come-IMF chief
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Bernanke's Success With Crisis May Come at Cost of Congress Curbing Power
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Stimulus Apologies: Biden says 'everyone guessed wrong'
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How Bad Would America Be Without the Stimulus?
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Stimulus? $50 million for fish feed?
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CPI may feed recovery hopes
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A cultural shift in spending
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Treasuries Gain as Debt Auctions Attract Most Demand This Year
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Stimulus Threatens to Cause 'Full-Blown Trade War'
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The 13 New Rules of Government Capitalism
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Bright Sides of the Recession
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Food stamp use spreads to more affluent areas
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The Flipside Of Failure
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A look at the hardest hit counties
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Economic Stress Map
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Real Estate:

Study: Homeowners Less Happy Than Renters. They Weigh More, Too
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Is the housing bust about to take Manhattan?
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New Jersey: Luxury Condos, All Bids Considered
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IndyMac borrowers battling to get modifications on home loans
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Penetrating the Maze of Mortgage Relief
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Homeowner associations filing more foreclosures
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Foreclosure fraud target of task force
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Prices fall for homes on lakes, rivers and canals
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Unsold MI home glut thins
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New CA foreclosure rules to start Monday
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Builder Tara-Sun files for bankruptcy
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Creditor MetLife seeks to pluck Providence Place from bankruptcy case
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A tale of two markets divided by the conforming-loan limit
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'Rooms for Rent' Abound as Economy Drags
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Sales:

Claim or Interest -- part 1
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Claim or Interest -- part 2
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Autos:

Creditors Cry Foul at Chrysler Precedent
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Chrysler Bankruptcy Abuses More Than Chrysler's Investors
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Lubben: A final thought on the Chrysler sale
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Another View on Chrysler
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GM's deal erased many average Americans' savings
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GM slashes pensions at the top
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GM brand is tainted with bailouts, bankruptcy
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Texas Attorney General files objection to GM bankruptcy plan
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Deadline To Oppose GM Sale Approaches
(WSJ: separate paid subscription required)

As its shares jump, GM again tries to warn investors away
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Betting on the Equity in Bankrupt Companies Generally it's a bad idea, but right now many companies in Chapter 11 are not insolvent.
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Chrysler drama paves way for GM bankruptcy
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GM may end up having the last laugh at critics
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US Treasury revises amount of loan to Chrysler
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Two Bankruptcies . Now What?
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Bankruptcies turn aside lawsuits over safety issues
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Showdown over auto dealer cuts
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Dealer decisions questioned
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Nearly all dealers agree to work with new GM
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4 generations of selling Chryslers, surviving tough times -- until now
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GM, Chrysler execs defend closing stores
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New Chrysler sale ends era
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The Chrysler Bankruptcy Sale: An Assessment
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Car Dealers Shouldn't Be Kicked To The Curb
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Car dealers brought it on themselves
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Why pick on dealers in this auto slump?
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Shuttered Car Dealers Voice Rage, Anguish
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Bollinger Motors bitter about pullout after 95 years
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Viewing the auto collapse from the inside
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Congressional Motors
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Cash-for-Clunkers Clears Hurdle
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'Cash for clunkers' plan to be put to test
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The stimulus winner turns out to be - Ford
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Next Up, Ford
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Ford execs, CAW brass meet on contract
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Chrysler retirees get pension aid
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Delphi's salaried retirees protest plan to cap pensions
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Carl Icahn gets a second chance to acquire Delphi
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Chrysler retirees' ad welcomes CEO
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Metro Cars debt may lead to liquidation
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Fallen Minnesota auto magnate has 95 creditors
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Tengzhong says Hummer deal on track
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Hummer Buyer Targets Fuel-Efficient SUVs, US Sales
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GM's Strange Saturn Deal
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Money led GM to woo Chrysler for merger
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Jobs -- Numbers, faces help tell the tale of Southwest Michigan's unemployment
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States face big price to nab General Motors small car s
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Orion bids $44M for GM jobs
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Bailout won't save autoworker jobs
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GM's woes likely to hurt suppliers worldwide
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Koenigsegg ready to take over GM's Saab
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Volvo Sales Still Stuck
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Distressed Investing:

U.S. investors eye toxic debt buy
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Private equity can't get back to business until it figures out what to do with $430 billion in loans
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Theme Parks:

Theme park firm Six Flags files for bankruptcy
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Deep in Debt, Six Flags Is Bankrupt
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Six Flags and the Redskins
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Amusement parks wade the economic storm
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Food/Drink:

Utility seeks $600,000 from departing brewery
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Unsettled debts, unfilled promises taint Iron City
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'Wine Shrine' Saga Has Downs & Ups
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Personal Finance:

More Used Wedding Gowns Go on Sale
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The Recession Wrecks Friendships
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Municipalities:

For industrial towns where the recession arrived long ago, the road to recovery looks longer
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The best and worst cities for recession recovery
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Detroit gives loan break to ailing downtown businesses
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Golden State losing folks as old Dust Bowl beckons
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Without a budget, California could issue IOUs
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Schwarzenegger: State employee health care on the table?
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Oversight panel in Springfield to hand back power
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Vallejo braces for cuts
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Sports:

National Lacrosse League team folds, leaves some fans out hundreds of dollars
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Minor-League Teams Perfect Their Pitch
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Balsillie Says Dream Of NHL In Hamilton "One Step Closer"
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Bettman busy puttin' out fires
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Coyotes decision on hold
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Penguins Notebook: Owner Lemieux revels in victory after hard times
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Tax:

UBS's Tax Deals Shredded US Patience With Gall
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The IRS Phones Home
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Corporate Governance:

Skirting the boards
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Mozilo case sparks new scrutiny of CEO trading plans
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In his ruling in Amylin, Delaware's Lamb stripped away a key protection from debtholders
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Taking aim at Delaware?
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Mail:

Post Office Looks to Scale Back
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Personal Bankruptcy:

Means Test Vehicle Ownership Expense: Another Appeals Court Says "Yes" Even When There's No Car Payment
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Fitness:

Bally reaches deal with lenders to exit Chapter 11
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Tech:

Apple accuses Psystar of hiding behind bankruptcy
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Student Debt:

Options abound for graduates unable to make student-loan payments
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Tuition costs dash dreams
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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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Bankruptcy Statistics:

Business bankruptcy continues increase
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Alabama sees rise in bankruptcies
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Bankruptcy Music:

Boogying Down, Bankruptcy Style
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Health Care:

Obama to Propose Health Cost Cuts
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AMA wary of Obama health plans
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Hospitals oppose Obama's Medicare, Medicaid cuts
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Hospital Industry Bristles at Cuts
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Something’s Got to Give in Medicare Spending
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Obama Outlines $313 Billion in Health-Care Savings
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Grassley Says Consensus Possible on Health Insurance
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Co-op compromise gives White House a health option
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Obama Open to Reining in Medical Suits
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Many in Congress Hold Stakes in Health Industry
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Medicare for all may be the best cure for the US
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Nursing Shortage Eases With Recession
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Are you one big illness away from bankruptcy ?
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One-third of doctors don't accept credit cards
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Mental health officials seeing more cases due to stress from economy
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Union leader forced BMC to lock her workers out
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Haven Health Care facing investigation by Connecticut
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Palm Drive ends 2-year bankruptcy
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Celebs:

His Fortune Gone, Riddick Bowe Tries to Stay Optimistic
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For Vick, justice is not blind
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Madonna and Gwyneth Paltrow's personal trainer has secret cash troubles
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Battle Over Country Music's Crown Jewels Continues
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Magazines:

Even Forbes Is Pinching Pennies
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RiseUp Files For Chapter 7
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Mining:

Vedanta to up note portion of Asarco offer
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Vedanta Set to Increase Asarco Bid
(WSJ: separate paid subscription required)

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Gambling:

Icahn's Bid for Tropicana Casino Approved by Court
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Bankruptcy court approves Fontainebleau motions
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Trucking:

YRC decides not to apply for federal bailout funds
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Newspapers:

Three suitors emerge for Boston Globe: report
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What Price Would You Put On The Boston Globe?
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Boston Globe, union to meet on 23 percent pay cut
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Union says it has an offer to resolve dispute with Globe
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Union, Minneapolis Paper Have Tentative Agreement
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Crain's to skip printing some weeks
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Beatty seeks to renew Dick Tracy fight
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Corporate Reform:

Obama eyes tighter controls on banks, Wall Street
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Regulators Feud as Banking System Overhauled
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Obama seeks remake of Fed's powers
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Lobbyists ready for battle over financial reform
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Test awaits Obama this week on financial reforms
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Enron sizzle missing in U.S. financial reform effort
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Aviation:

Airline woes lead to more flight, job cuts
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Growth of regional airlines raises alarm on safety
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Recession buffets Paris Air Show
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Delta Air, American Watch Revenue Vanish as New York Business Fares Tumble
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Will airlines go bankrupt?
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So far, airlines not following automakers into bankruptcy
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US Air Seeks 400 Flight Attendants for Leave
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Airbus Warns Output Could Drop as Much as 25% in 2010 and 2011
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Airbus Could Cope With As many As 1,000 Order Cancellations
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Worst Food And Seats? Fly A U.S. Airline
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Flight from first class puts airlines into a nosedive
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Auto Racing:

GM to make "NASCAR-wide" funding cuts
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NASCAR would be open to more foreign involvement
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Tough times have arrived at the race track
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Face to face with recession in a beleaguered Motor City
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Fraud:

Madoff mess should make us more wary
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Ruth Madoff's Sister & Brother-In-Law File $11.4 Million Claim
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Sad Ruth Madoff Can't Afford Her Luxuries Anymore
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Madoff Victims In Suit
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The Bernie Madoff Tchotchke Economy
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$161M approved to pay Madoff victims
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Stanford Liquidators Feud Over $198 Million in UK Assets
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Oil/Gas:

What You Should Fear Most Right Now
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Senator: Blame Wall St. for oil prices
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Oil Falls to Near $71 as US Dollar Strengthens
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Oil Expected to Fall Back to $50
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Mexico May `Go Naked' on Oil Hedges for Budget Next Year as Crude Rebounds
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Bonds:

US Corporate Bond Issuance Tumbles
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UK:

UK Economy Won't Resume Growth Until 2010, CBI Says
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Bank of England May Need to Print More Money as Economy Stalls
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In London, Barclays shares hit by investment unit sale
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Half of UK Voters Say Brown Is Harming Britain, Poll Shows
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It's a wicked world for pubs that offer a quiet pint
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Punch Slumps as Pub Owner Sells Stock to Reduce Debt
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Lessons for Britain from California's crisis
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EU:

Europe Payrolls Shrink by Record 1.22 Million Jobs
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Germany's Steinbrueck Signals He's Concerned on European Sovereign Ratings
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Bank Rescue Costs EU Governments $5.3 Trillion, Surpassing Germany's GDP
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Latvia slashes pensions to stave off bankruptcy
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Canada:

Coppley seeks bankruptcy protection
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Canwest asks unions for pay cuts; what about Asper and Skulsky?
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Canada decries "rising tide" of U.S. protectionism
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Germany:

Arcandor's bankruptcy worries exporters
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Arcandor Ex-Chief Middelhoff Investigated in Germany
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German Companies Face Tighter Lending Conditions
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Japan:

Japanese Bank Plans $9.4 Billion Share Sale
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Pakistan:

Pakistan May Need Extra Bailouts as War Costs Threaten Economy
(DBN Subscription Required)

______________

India:

IT cos in a bind as foreign clients delay payments
(DBN Subscription Required)

______________

Russia:

'Putin's Oligarch' Juggles Loyalty to Moscow With Foreign Banks
(DBN Subscription Required)

______________

Nordic:

Nordic Economic Slumps May Drag On
(DBN Subscription Required)

______________

S. Africa:

Liquidator to Be Named Over $1.9 Bln S. African Fraud
(DBN Subscription Required)

______________

Czech Republic:

Czechs face painful spending cuts
(DBN Subscription Required)

Czech far-right party faces dissolution over debts
(DBN Subscription Required)

______________

Israel:

Israeli Inflation Rate Probably Fell to 18-Month Low as Economy Contracted
(DBN Subscription Required)

______________

Romania:

Romanian GDP Is Falling Faster Than Central Bank Forecasts
(DBN Subscription Required)

______________

Australia:

Concerns raised over changes to bankruptcy law
(DBN Subscription Required)

Legal fees, lawyers threaten Senator
(DBN Subscription Required)

______________

China:

China plays down hopes for quick recovery
(DBN Subscription Required)

______________

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