June 16, 2009

The Daily Bankruptcy News

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Law:

Weil Math: Two Cases + Seven Months = $109 Million
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GM Paid Weil $54M Before Bankruptcy
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Kirkland Goes Alternative
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Few Large Firms Answer FMC's Calls for Help
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Patton Boggs Lawyer Takes Turn For Dissident GM Bondholders
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An International Perspective
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Think Local, Practice Local: The New Model?
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10,000 UK Lawyers Could Lose Jobs Within 2 Years; ‘09 is ‘Worst Year Ever,’ Recruiter Says
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Kennedys set to break into UK top 50 with 30% revenue rise
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BigLaw Voice Mail to Young Attorneys: ‘It’s Not Good News, But Give Us a Call’
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SCOTUS to determine if student loan bankruptcy hearing needed
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NY BigLaw Partner Hit With $372,000 Sanction, Five Year Suspension For trying To Recuse Bankruptcy Judge
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Less Buck for Their Bang: Will the Bust Deflate Supreme Court Clerks' Signing Bonuses?
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In Opening Arguments at $4.65 Billion Trial, Gibbs & Bruns Tells Jury that Banks Betrayed Huntsman
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Courtroom Attire Comes Under Fire
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The Bankruptcy Files: Riding the Six Flags Roller Coaster
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Staff Layoff Watch: Paul Hastings Re-Centers 25 Staffers
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Tipster: Miller Canfield Lays Off 16 Lawyers, 9 Staff [Update]
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Stepford Secretary Lawyers Up
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The Ballers at Venable
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Plaintiff in Mayer Brown Title VII Case Departed With Flair
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Greenberg Traurig London Launch Will Push Some Boundaries, Paul Maher Says
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For NY Lawyers, Foreclosure Intervention Training Resumes
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Delaware Chancery Homes In on EDD
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Claims of Improper Metadata Use Rejected in Sex Blogger's Bankruptcy
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Movies That Hold Lessons for Lawyers
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Getting Laid Watch
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Office Romance
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Rejected by the NYT Weddings Editors? Fake Law Firm Fights for YOU!
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Lawyer Charged with Assault for Alleged Courthouse Bear Hug
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India's `Not-for-Sale' Legal Market Draws U.S., U.K. Law Firm Investments
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Say What?!
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Judges:

He’s a Juuudge; With a Stee-eel Pen He Writes . . .
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Welcome to the Bay State, Judge Kent
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Sotomayor Nomination: Today’s News
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Wall Street:

US Stock Index Futures Fluctuate Before Manufacturing Reports
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US stock index futures point flat to lower start
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European Markets Edge Up After a Down Day in Asia
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Asian Markets Fall as Pessimism About Global Economy Spreads
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US stocks end down sharply, hit by economic data
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Europe's Markets End Sharply Lower
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Wall Street’s Toxic Message
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Layoffs:

National and State by State Unemployment Rates
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Fed's Evans - US jobless rate could peak at 10 pct
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How hard is it to find a job these days?
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Saving Jobs, German Style
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'Blue' Monday for Southern California state workers?
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MBA Tales: Job-Hunting in a Recession
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Lehman:

Lehman Adviser Fees Have Reached $171 Million, Alvarez & Marsal Paid Most
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Hotels:

Extended Stay Hotels Chain Files for Bankruptcy
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Operations To Stay on Course
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Hotel Bankruptcy Spares Investor
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Extended Stay's Woes Don't Hit P.E. Owner, Report Says
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Starwood Capital purchases Golden Tulip
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Distressed Investing:

Toxic asset program is not dead: report
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Theme Parks:

Dan Snyder stays at Six Flags under reorganization
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Six Flags Won't Sell Parks, Chief Says
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Dubai firm says partner bankruptcy won't halt park
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Debt loads spoil the fun for theme parks
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Six Flags Seeks $750 Million Post-Bankruptcy Credit Facility
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Six Flags loan jumps on recovery prospects after bankruptcy
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Six Things to Know About the Six Flags Bankruptcy
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Lo-Q major customer files for Chapter 11
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Big Investors Get Sick on Six Flags Bankruptcy
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Six Flags bankruptcy could take four to six months
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Fitch Downgrades Six Flags' IDR to 'D'
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Metro Theme Parks Thrive in Roller Coaster Economy
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Oil/Gas:

TXCO gets $32M bankruptcy financing approval
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Natural gas producers idle rigs amid price slump
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Gasoline price surge comes at bad time
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Gas tops $3 in California...who's next?
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Oil falls for 3rd day towards $70, as equities slump
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Oil Back Above $71 as Dollar Slumps Against Euro
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Bill Ford Says US Needs to Stabilize 'Gyrating' Fuel Prices
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Executive Compensation:

Blame high executive pay on corporate boards
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Awards:

Harvey Miller Honored with "Lifetime Achievement" Award
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Klee, Tuchin, Bogdanoff & Stern Recognized by Chambers USA with Top Ratings for Bankruptcy and Restructuring Attorneys
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Caplin & Drysdale Named Top Bankruptcy Firm In D.C.
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Poyner Spruill Bankruptcy Partner Recognized with Top Honors by Chambers USA
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Gardere Lawyers Named Top Bankruptcy Pros In Houston, Dallas
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Credit Cards:

Credit bailout: Issuers voluntarily slashing card balances
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US credit card defaults rise to record in May
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Credit cards, bankruptcy reform and blowback
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Capital One Sees Charge-Offs Climb
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American Express Posts Card Write-Offs at 10 Percent
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Visa Faces Antitrust Complaint From Retailers
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The Effect of Legislation of Credit Card Interest Rates
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Hope for a Credit Card Flunky
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Aviation:

Air Canada seeking $600-million loan
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Air Canada, pilots reach tentative deal
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Air Canada close to bailout deal
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Price of jet fuel jumps 22 percent
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Boeing shut out of orders race at Paris Air Show
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Europe Airlines' Freight Plunges 22.9 Percent
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Resorts:

Yellowstone Club Founder Tim Blixseth Speaks Out
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Blixseth vs. Blixseth
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Gambling:

Construction halted on Fontainebleau Las Vegas
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Finance:

Citigroup CEO: Accept New World of Tighter Credit
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Newspapers:

Boston Globe, union discuss concessions
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Analysis: Times Wants 'Clean' Globe For Sale
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Credit Counseling:

Credit counseling: It's not easy to separate wheat from chaff
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Biotech:

Isolagen files for bankruptcy protection
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Economy:

IMF Raises Forecast for US Economy, Risk of Debt
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NY state factory slump deepens in June
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Production in U.S. Probably Dropped on Auto Shutdowns, Housing Recovered
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Geithner Says Risks of Deeper Recession Are 'Dramatically' Lower
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Fed's Evans: policies unwound when growth sustainable
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Chicago Fed's Evans Indicates Policy Remains on Hold
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Foreign demand for US financial assets falls
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Senator cashed out during big stock collapse -- after meeting with Fed, Treasury chiefs
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Some Projects Raise Question: Where's the Stimulus?
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Detroit steals scene at economic summit
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The Forgotten Poor
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Emerging Economic Powers Meet in Russia
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Economic Stress Map
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Real Estate:

By one measure, U.S. home equity is down to about 20%
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U.S. homebuilder sentiment lower in June
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CMBS Posts Record Delinquency Rate
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Fed's Aid to Commercial Real-Estate Market May Attract Few Initial Deals
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Hit and miss on housing: Low interest rates, high unemployment
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June NAHB Housing index falls one point to 15
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Reject Commercial Leases Quickly, Says 8th Circuit BAP
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Newmark Homes rises from ashes of bankrupt parent
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The New Normal: Mortgage Meltdown
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California Congresswoman’s Vacant Home Draws Ire
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California puts 90-day hold on foreclosures
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Beaches and Freeways: How Coastal Values Have Fallen
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Fitch: Multifamily & Retail Defaults Drive U.S. CMBS Delinquencies Past 2%
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As moratoriums expire, home ejectments climb
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Freddie's Accidental CEO Tries to Shed Job
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Accounting:

New Rule Cites Lawsuit and Bankruptcy Disclosures
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KPMG Settles Options Backdating Gatekeeper Claim for $22.5 Million
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PricewaterhouseCoopers Completes Acquisition of the Majority of BearingPoint's North American Commercial Services Business
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Autos:

Auto Loan Delinquencies Jump in 1st Quarter
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Secured Lenders Will Be Fine at GM
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GM Dissident Bondholders Pick Patton Boggs over White & Case
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Why the General Motors and Chrysler bankruptcies may be creative but illegal.
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Government, Automaker Aid Keeps Parts Makers Alive
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GM doesn't need name change
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Ford chairman calls for government transparency in helping run GM
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Ford nimble without government oversight: chairman
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Could Bill Ford Jr. be the new U.S. auto genius? Is he a match for President Obama? Here's Bankruptcy Watch with no Rush Limbaugh
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Car dealers take fall for errors of others
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GM courts dealers in fight with Congress over cuts
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G.M. Insider Wants to Show He’s Tough Enough
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Teams deal with loss of GM support
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Orion aggressively tries to get GM to stay
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GM considers expanding truck-building operations in Fort Wayne amid bankruptcy restructuring
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Bruning: GM circumventing state laws
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Chrysler restarts first plant
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Rattner praises Chrysler exit
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So maybe Chrysler was only worth $2 billion after all
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Will GM, Chrysler leave injury lawsuits behind?
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Delphi Deal Undone by Bankruptcy Judge
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DIPping Into Delphi
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More auto-supplier bankruptcies seen soon
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Chrysler, Ford dealers join Mahindra group
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Dealers Say They Were Led Astray in Chrysler's Final Days
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GM targets bill to block auto dealership closings
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Iacocca to chair Chrysler retirees
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Lear Corp shares slide on Barclays' downgrade
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Cash-for-Clunkers Measure Nears Approval as Part of U.S. War-Spending Bill
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Is your car officially a clunker? Search the database
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Germany's 'cash-for-clunkers' scheme fuels sales of foreign-made cars
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Porsche Looks To Qatar to Ease Crippling Debt
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European car sales sink 4.9 pct in May
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Bosch Expects Worldwide Car Production to Shrink by 20 Percent
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Bosch makes full takeover offer for Pacifica
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GM Picks Swedish Sports-Car Maker Koenigsegg as Saab Buyer
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Fiat Chairman Says No Plan B In Europe After Opel
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Photography:

Detroit
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Insurance:

Insurance Giant Seeks Return of Stock Sold by Its Former CEO
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Talk of bailout, bonuses barred from AIG trial
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Greenberg's Speeches to Be Heard, Judge Says as AIG Trial Opens
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AIG says former top exec plundered retirement plan
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Federal Judge Throws Out Securities Fraud Suit Against Aetna
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JPMorgan, 17 More Banks Petition to Block MBIA Split
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Few Commercial Insurance Price Cuts, Hard Market Seen Dawning
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Sun Life buys Lincoln Financial's UK business
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Dispute Over Failed Fremont's Assets Settled
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Corporate Reform:

Obama to present sweeping market overhaul
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Obama to Remake the Powers of the Fed
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Obama Stamp Is On Finance Rules
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A new role as 'risk regulator' could reshape Fed
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Obama financial reforms detailed in op-ed piece
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Geithner Says US Goal Will Be 'More Boring' Financial System
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Obama's Regulatory Overhaul to Expand Asset-Backed Disclosure
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US Congress sets many hearings on financial reform
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Financial Overhaul May Stall Into 2010 as Congress Focuses on Health Care
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Building Materials:

Smitty's Building Supply to emerge from bankruptcy
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Building Materials files for Chapter 11 protection
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BMHC Reaches Agreement With Secured Lender Group on Plan to Restructure Balance Sheet
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Retailing:

Retail Bankruptcies Expected To Increase
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Filene's Basement bankruptcy hearing delayed as auction continues
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Syms-Vornado win Filene's with $62.4 million bid
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General Growth Properties: Shareholders Waiting for Saga to End
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Retailers Head for Exits in Detroit
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Elevator Music:

Cracks in Muzak Monolith as a Young Rival Grows
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Wine:

Bankruptcy filing reveals $2M wine collection
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Crime:

How The Recession is Impacting Crime
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Municipalities:

Calif won't resume growth till late 2010 -forecast
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California and default
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No Bailout for California
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Schism widens in California budget review
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UCLA forecast says state worker layoffs could top 60,000
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Bulldozing America's Shrinking Cities
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Hockey:

Judge Rejects Sale of Coyotes, Move to Canada
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Deadline may be Balsillie's undoing
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Hamilton looks at bright side
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With the NHL, it's always bad news for Hamilton
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Balsillie refuses to concede defeat
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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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Student Debt:

Supreme Court to look at student loans, bankruptcy
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Three Years Too Late for United Student Aid Fund
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The Student Loan Catastrophe
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Rates on Stafford, PLUS loans for college students are falling
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How Much Student Debt Is Too Much?
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Bankruptcy Statistics:

The growing, unseen chapter 11 wave
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Bankruptcies to rise in US through 2010
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Bankruptcy Reform:

Jim Hightower: Senate scuttles bankruptcy bill
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Update: Sen. Judiciary Bankruptcy Bill
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Sales:

In bankruptcy auctions, do-overs pay off
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Personal Finance:

Recession means the art of haggling makes a comeback
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Hard Times Even Hit TV's 'Bridezillas'
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'Econocides' Become More Common In Tough Economic Times
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Health Care:

Obama Tells AMA Health System Not Working for Patients, Doctors
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Votes seen lacking for healthcare program
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Will Obama Buck Dems on Medical Liability?
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Trial Lawyers 'Can Support' Medical Malpractice Ideas
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Obama Tries to Assure Doctors
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Obama Warns US Faces Bankruptcy Without Health Care Reform
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Texas Town At Center Of Healthcare Debate
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Banking:

Obama to require lenders to keep 5 pct of credit risk
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BofA's 'Horrific' Loan Losses: Is Robo-Banking to Blame?
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Town's Friendly Bank Left Nasty Mess
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UBS's Ratings Put on Review for Downgrade by Moody's
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Lloyds Bank hit by Obama tax purge; Banking group drops American customers
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More Evidence That Failed Bank Directors Are In FDIC's Crosshairs
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Media:

US Trustee objects to Charter bankruptcy plan
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Fraud:

Truckloads of Stanford's belongings for sale
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Congressman Demands Update on Madoff Inquiry
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Madoff Victims Describe Pain of Fraud to Judge
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Investors: Return Madoff fees
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'Monster' Madoff Deserves 'No Hope,' Victims Say
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Bernie Madoff victims sound off in letters to judge, now made public
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David Margolick on Madoff's sons
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SEC charges founder of Chicago Sports Webio in fraud
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Countrywide's founder sued for fraud
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SEC Says It's Stopped $11M Ponzi Scam
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M&A:

Huntsman lawyers seek $13B in damages
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Huntsman and banks tangle in Conroe court
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In Day of Beginnings, New Trial Opens Over Huntsman/Apollo Mess
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Furniture:

Plunkett Furniture going out of business
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Boating:

Boat maker calls for industry access to bailout funding
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Software:

SCO Group strikes deal just before bankruptcy hearing
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Bicycles:

Pacific Cycle Increases Bid for Iron Horse
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Food/Drink:

Claims seek $311M for peanut losses from salmonella outbreak
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Hedge Funds:

Hedge fund turnarounds
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Marketing:

SendTec files for Chapter 11 bankruptcy protection
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RVs:

Glimmers of hope in America's RV capital
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Car Rental:

Avis Budget Sees 2Q Rental Days Down 20-22 Percent
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Sovereigns:

America's AAA downgrade danger
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UK:

UK government seeks comment on insolvency rules
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UK Inflation Slows by Less Than Economists Forecast
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Further slowdown in UK inflation
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Independent News & Media hires debt adviser
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Investors Back in Market for British Real Estate
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EU:

ECB Says Euro-Area Banks May Lose $283 Billion More
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Crisis clouds summer season for European tourism
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Roubini Says ECB 'Underestimates' Crisis
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Germany:

German Business Aid Requests May Multiply, Deputy Minister Says
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German Investor Confidence Surges More Than Forecast
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German Business Outlook Improves on Exports
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Canada:

Canada April Factory Sales Fall Less Than Expected
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Gandi to apply for extension to CCAA scheme
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Canwest given more time to sort out debt
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Spain:

Spanish banks' bad loans to rise in 2010 - Minister
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Moody's cut senior ratings on 25 Spanish banks
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Spain govt may take stakes in savings banks
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Croatia:

Croatian economy to shrink 1st time in decade -IMF
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France:

France's Thomson SA has until July 24 to reach debt deal with creditors
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China:

Soaring “retail sales” in China demonstrate economic shift
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Wang Shulian's $146 Microloan Provides Impetus for Growth in Rural China
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Italy:

UBS, Deutsche Bank Say Milan Knew of Fees in Derivatives Suit
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Asia:

China, Russia Woo Central Asian Countries With Bailout Cash
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Japan:

Japan central bank upgrades economic assessment, leaves key interest rate unchanged
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Hong Kong:

Hong Kong exports to drop 10-12 pct this year
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Middle East:

Saad, AHAB to seek $10 bln debt restructuring
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Defaults Challenge Islamic-Bond Market
(WSJ: separate paid subscription required)

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The Daily Bankruptcy News is published each business day by BKINFORMATION.COM, L.L.C.  You can reach us at 281-402-3957 or at accounting@bkinformation.com (email inquiries are usually answered substantially more quickly than phone inquiries).