June 17, 2009

The Daily Bankruptcy News

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Law:

Jobs Are Scarce, But Stay Positive, Experts Tell Laid-Off NYC Lawyers
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Weil Gotshal bills $54m as GM work pays out to the tune of $80m
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Honigman earns more than $15 million in legal fees in GM
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Unemployed and Struggling Lawyers Seek Solace
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BigLaw is over
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DLA and White & Case hit by Moscow crime raid
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Salary Cut Watch: Firms in the Pacific Northwest Also Feel Gloomy
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Stealth Layoff Watch: Laid Off Cravath Associates Will Not Be Ignored
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Rumor: Cravath Holds Stealth Layoffs, Cuts 25 Associates
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'Black Monday' For Simpson Thacher Staff
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Schwabe, Williamson & Wyatt to Hold Layoffs, Cut Salaries
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Cobbetts records 16% decrease in fee income for financial year
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Journalist Surprised to Learn She Wasn’t Really Getting a Law Firm Job
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Davis Wright Faces $400 Million Suit From Sunwest Work
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Mayer Brown Partner Gets New Judge in Refco Trial
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Back Off Metadata Ethics Complaint, Bankruptcy Judge Tells Lawyer Suing Sexploits Blogger
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Concerns Persist Over Offshoring Legal Services
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Lawyers Reach Out to Aid Colleagues in Need
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Anatomy of an Arbitration Disaster
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My Father, the First-Year Associate
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Prominent N.Y. Lawyers Jab at Each Other in Astor Trial Main Event
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Pearls of Wisdom From the Silver Screen
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How Much Sex Is Too Little for a NY Lawyer's Wife?
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Judges:

US needs more bankruptcy judges: judicial group
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Group Seeks More Bankruptcy Judges
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Will Senators Make Hay out of Soto’s All-Female Networking Club?
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Senate Lawyers Toil Behind the Scenes for Sotomayor Hearings
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Judge Again Orders N.Y. Governor and Lawmakers to Raise Judicial Pay
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Judge Orders Spectator Jailed for Shouting ‘Love You’
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Lawyer seeks ouster of LA judge who accused him of role in false claims against Dole
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SexyLexus Speaks
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Wall Street:

Futures Rise Ahead of CPI Data
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US Stock-Index Futures Fluctuate
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UK Stocks Decline
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Most Asian Stocks Fall
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Stocks sink by close as energy, materials falter
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Ex-Dresdner Kleinwort Bankers Sue Over Bonuses, Severance Pay
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Obama Warns Wall Street Not to Forget US Was Near 'Abyss'
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Stalking A Weaker Wall Street
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Layoffs:

National and State by State Unemployment Rates
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MySpace to cut 30% of workforce
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Michelin to Cut 2,900 Jobs in French Reorganization
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Wash. unemployment rate rises to 9.4 percent
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Retailing:

Best Buy sales and forecast disappoint, shares fall
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Syms to close Filene's deal by about Thursday
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Building Materials:

U.S. Bankruptcy Court approves Stock Building Supply’s Chapter 11 reorganization plan
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Banking:

Bracing for the Next Wave of Bank Write-Downs
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The Bank hires an axeman
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Another bank faces potentially ruinous run
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U.S. banks view regulation plans as just proposals
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Citigroup says TARP hurts ability to keep talent
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The Fed And BofA: Who Coerced Who?
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The Real Problem In Banking
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Bair Cautions Banking Crisis Is Not Over
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US faults OTS in oversight of failed thrift Downey
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Buyout Firms Said to Consider Bid for First Republic
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You Heard Right: Banks Are Now Hiring
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Consulting:

BearingPoint closes business unit sale for $44 mln
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Horse Racing:

Anderson horse track facing money woes
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Celebs:

Michael Vick Deserves Another Chance
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O.J. Simpson’s ‘Lucky Suit’ Is Discovered, Custody of Iconic Apparel Is Sought
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RVs:

Wall Street predicts 3rd-quarter loss for Winnebago Industries
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Telecoms:

$400 million offer for Hawaiian Telcom
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Nortel CEO ordered to explain bonus payments
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Hockey:

Balsillie to Resubmit Request for Coyotes Purchase
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Balsillie facing uphill battle
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Balsillie: Bids to keeps Coyotes in Glendale would need $20 million government subsidy
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League to enforce disclosure of financial deals between teams
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Resorts:

Exclusive club's co-founder must liquidate assets
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Art:

Traditional Art Fetches Strong Prices in Recession
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Downturn Causes Antiques and Collectibles to Drop in Value
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Executive Compensation:

Mega-bonuses could stage a quick comeback
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Corporate Governance:

How shareholders are fighting greed
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Economy:

Housing Starts, US Building Permits Soar, Beating Economists
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Industrial Output Sinks
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US Consumer Prices Probably Rose as Gasoline Costs Climbed
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Obama: Jobless Rate Will Reach 10%
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Roubini: USA risks double-dip recession
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Dr. Doom Has Some Good News
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US Producer Prices Rose Less Than Forecast in May
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The U.S. Financial and Economic Crisis: Where Does It Stand and Where Do We Go From Here?
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Bankers group sees U.S. recession ending in 3rd quarter
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Corporate finance leaders predict economic recovery in two years
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Fed's Warsh warns of false optimism on US economy
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General Motors chief says global markets stabilizing slowly
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Dollar slides as Russia questions reserve status
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Rev. Jesse Jackson leads protests at Detroit business summit
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Companies Signal High Anxiety With Share Sales to Retire Debts
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Obama says he loses sleep over deficit fears
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'Robust' Growth Will Prevent Tax Increases
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Economic Stress Index Map
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Real Estate:

Housing starts ratchet up in May
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US mortgage applications plunge to near 7-month low
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Deutsche Bank Predicts 40% Drop in New York Home Prices
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US Home Prices to Fall 14% More, Deutsche Says
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Opus South Condo Owners Go Back To Basics
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Fitch's CMBS Delinquency Index Hits New Peak
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California’s New Home Tax Credit Running Out
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Record May for foreclosures, says ForeclosureRadar
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California Law Freezes Foreclosures, Burns Servicers
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Two lenders get first exemptions from 90-day CA moratorium
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Treasury provides $3 billion more in incentives for program designed to fight foreclosures
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Helping Families Save Their Homes Act of 2009
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Chicago Title Suit Warns Lawyers About Relying on Title Reports
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Million-dollar homes collect cobwebs
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Autos:

Suppliers say survival tied to more aid
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Auto Suppliers' Aid Request Refused
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Senator Moves to Provide Aid to Auto-Parts Suppliers
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Chrysler v. Indiana Funds: Good Argument, Wrong Court?
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GM targeted over dealer cuts
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Nebraska AG presses GM
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Poll: U.S. should sell stake in GM, Chrysler as soon as possible
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Speculation costs GM investors hefty price
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Linamar near break-even, no interest in deals -CEO
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American Axle sues steel maker to resume shipments
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Cooper-Standard Automotive Inc. seen as Chapter 11 risk
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Judge OKs Delphi's use of $250M credit facility
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Seven steps to reviving Michigan
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GM car warranty confusion leaves consumers and dealers in the dark
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Cash-for-clunkers program funded
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Koenigsegg latest unknown to buy GM asset
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Koenigsegg And Saab: Unlikely Bedfellows
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Swedish Court Expected To Approve Saab Automobile Debt Plan
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Sweden says unclear whether Saab guarantees needed
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New investors face tough road ahead to right Saab
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Saab creditors accept massive write-down
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Bargain basement bid for Pacifica by Bosch
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Hotels:

Fed Takes a Hit in Extended Stay Hotel Chain Bankruptcy
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Early Signs Suggest Lengthy Extended Stay Battle
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Extended Stay gets bankruptcy court OK to use cash collateral
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A Hotel Deal Unravels
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Insurance:

Consumers, companies re-evaluate insurance coverage during recession, needs to lower costs
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Former AIG CEO Greenberg starts court testimony
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Starr Lawyer Boies Denies Hank Greenberg Took $4.3 Billion in AIG Stock
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Greenberg returns to stand Wednesday, has said fund in question not solely for AIG workers
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Lawmakers wrestle with insurance industry oversight; some push for federal regulator
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Former General Re Executive Given Probation
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Hartford, Lincoln Capital Infusions End Insurer 'Fear Trade'
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Municipalities:

Tracking Economic Recession and Recovery in America’s 100 Largest Metropolitan Areas
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California Democrats Seek Tax Increases as Budget Battle Looms
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Lawmakers reject state worker pay cut
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State tries to reassure bondholders after S&P sounds alarm
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California's credit rating may get cut further
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California Schools' Tough Choices
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White House dashes hopes of California budget help
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California Dreamers
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Facing $20M judgment, Pa. town seeks bankruptcy
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Hedge Funds:

Eager hedge funds on hunt as investors take cover
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Hedge fund flows tough for now, uptick eyed
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Gambling:

Union insurance company may be tapped to rescue bankrupt Fontainebleau
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Fontainebleau Seeks Lender Funding
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Trump Wants Back In At The Casino Company That Bears His Name
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Student Debt:

Relief coming for those with low incomes, high student loan debt
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Agriculture:

Global Downturn Dampens Crop Prices, Study Says
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Small Business:

Entrepreneurs Take Second Jobs to Stay Afloat
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New Bankruptcy Opinions
(No new opinions 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:

Large US corporate bankruptcies accelerate
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Corporate Reform :

White House Details Financial Revamp
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Obama seeks to 'give government new powers to seize key companies'
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How Obama's overhaul of the financial regulatory system would affect consumers
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Lawmakers fear turning Fed into regulatory monster
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Is skin in the game (retained risk)the answer?
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Obama to propose new agency to regulate consumer finance
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Obama Sought to Enlist a Wide Consensus on Finance Rules
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A Woman's Work on a Financial Regulation Package Is Never Done
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When is a market too big?
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A further thought on securitization regulation
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Accounting:

Judge Tosses $352 Million Award in Accounting Negligence Suit Against BDO International
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Batteries:

Spectrum lines up $242 million for bankruptcy exit
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Aviation:

IATA: Premium Travel Dropped 22 Percent in April
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Air Canada reaches pension deals with unions
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British Airways asks staff to work for free
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Fraud:

Congressman, Again, Pushes S.E.C. for Madoff Report
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Guilty Madoff settles civil fraud charges with SEC
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Ruth Madoff had own sources of wealth, documents show
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The sons knew!
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Two Ex-Madoff Traders Suing Sons for Collusion
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What's Going on at Chicago Sports Webio?
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Sports Webio investor Hernandez is missing, police say
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Webio spent money like there was no tomorrow
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Judge OKs Banco Santander settlement in Madoff case
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Lake Shore's Baker Indicted in $300 Million Fraud
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Illinois attorney general sues American Escrow for fraud
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Lawyer Reports Twice as Many Calls About Elder Financial Abuse
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DBSI probe: New investors paid earlier obligations
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M&A:

Huntsman Relied on Banks' Buyout Commitment, CEO Tells Jury in Texas Trial
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Huntsman CEO details buyout deal
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Why Most M&A Deals End Up Badly
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Private Equity:

Survey Indicates Broad Slide for Private Equity
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Health Care:

St. Francis, HMC fight over hospital deal
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AMA Responds to Obama Speech
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How Will We Pay For The Health Care Plan?
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Obama's Volunteers Find Health Plan Harder Sell Than Candidate
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Doctors show signs of support for Obama's health plan
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Health Care Rationing Rhetoric Overlooks Reality
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Theme Parks:

Six Flags plan would hurt unsecured creditors
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Newspapers:

Price of Boston Globe difficult to estimate, but Times Co. could get more desperate to sell
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Globe union delays NLRB meeting as talks continue
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Globe all-nighter fails to end dispute
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Philly Newspapers seek bankruptcy plan extension
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UK:

New plans to amend insolvency rules
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Creditors to lose out in proposed insolvency regime
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A Practical Approach to Administering Insolvent Estates
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UK Unemployment Less Than Forecast, BOE Says Slump Easing
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Bank of England Voted 9-0 to Continue Money-Printing Program
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Are Banks Guilty of Predatory Pricing?
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Lawyers For US Firms Charged With Insider Trading by UK's FSA
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EU:

Europe Still In A Rut
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How Moldova Escaped the Crisis
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Latvian minister quits over spending cuts
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Canada:

Ethics and Advising the (Nearly)Insolvent Client
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Mexico:

The Mexican Recession
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Germany:

German Econ Min:Higher Taxes Won't Help To Get Out Of Crisis
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Merkel Challengers Fall to Poll Low After Snub on Arcandor Aid
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Australia:

Brown's bankruptcy claims 'don't add up'
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Russia:

Russia's industrial output drops massive 17 percent in May despite govt reassurances
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South Africa:

South African Retail Sales Decline Most in Almost Nine Years
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Japan:

Japan govt says economy bottomed out, upgrades view
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Japan 'zombie' banks repaid most of lost decade's government bailouts, official says
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China:

China's Economy Is in 'Critical' Phase of Recovery From Slump
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