June 19, 2009

The Daily Bankruptcy News

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Law:

Supreme Court Rules for Travelers in 'Worst Advice' Case
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Supreme Court Decides One Case and Hints At Result in Another
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Greenberg Traurig is Hungry for New Partners
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The truth behind the Olswang / Greenberg Traurig split
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Only a Few Bucking the Deferral Trend
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Partner De-Equitization At Paul Hastings
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Pay Freeze Update: Slurpees Still on Ice (or Poured Out)
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The Delphi Bankruptcy Continues to Simmer
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Fates to Be Decided for Clifford Chance Litigation Associates
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Clifford Chance's Kirsch departure heads up month of heavy partner losses in firm's NY arm
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Rumors of 70% retention at Clifford Chance
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Freshfields trainees banned from department party
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Allen & Overy Top UK Firm for Lawyer Satisfaction
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Mayer Brown Partner Takes Stand to Defend His Role as Attorney for Refco
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As Lawyer Takes the Witness Stand, a Jury Looks Confused
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Lawyer to Stanford: Walk Out & Introduce Yourself to Arresting Agents
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Making Young Lawyers Into Strong Leaders
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How some firms are adding morale in a downturn
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MegaFirm Lays Off Another 22
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Scare Tactics
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Pls Hndle Thx: Is it Written in the Stars?
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Notes from the Breadline: Tangled Up in Blue
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Law firm seeks partners with aversion to leg warmers
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Career Alternatives for Attorneys
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How a laid-off Heller Ehrman lawyer used his payoff to fulfil his dream of running his own vineyard
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Stiff Upper Lip and All, Many UK Lawyers Are Smiling, Saying They Love Their Jobs
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Great news for those indebted: new federal loan programs
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What does a fall in the number of lawyers mean for the profession as a whole?
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Norton Rose litigation sees 26% revenue rise
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Brocade's Closely Watched Backdating Suit Ends in the Red
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Mexico: Working With The Mañana Culture
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BigLaw Firms Shudder as Rio Tinto Retains Legal Team in India
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Judge OKs $30M Seizure from Fen-Phen Lawyers
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What Does Your "About" Page Say about You and Your Law Firm
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Filleting the 'Fishing Expedition' Objection
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Computer Containing Attorney-Client E-Mails Ruled Fair Game in Police Probe
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Bankruptcy Is a Darwinian Process
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How to Lose a Career Over $1,000
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How to Use LinkedIn Productively
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Cop Accused Of Pulling Gun At McD's; Order took 'too long'
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Woman Ordered to Pay $1.92M for Illegal Downloading
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Judges:

Judge Agrees with Judge that Judges Need More Money
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Fed judges: We need a bankruptcy bailout too
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Happy Days! Over a Dozen (Good) Lawyer Jobs Could Come Soon
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House hearing on bankruptcy judges
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Texas Judge Indicted on Bizarre Mischief Charges
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Sotomayor Nomination: Today’s News
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Library of Congress to Archive All Sotomayor Confirmation Tweets
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Wall Street:

US stock futures signal gains
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World markets advance as US data boost sentiment
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Financial, Health Care Stocks Pull Market Higher
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Your Bankruptcy Preparedness Kit
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Layoffs:

National and State by State Unemployment Rates
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Layoff Tracker
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Illinois unemployment rate hits 10.1%
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Michigan unemployment rate highest in nearly 26 years, expected to get worse even if economy improves
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Exelon to shed 500 jobs by August
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Finance layoffs
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Los Angeles suggests putting unemployed parents to work -- caring for their own children
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NYC Unemployment Continues to Rise
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Enron:

High court rules in favor of ex-Enron executive
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Banking:

Megabanks Donate $68 Billion to the TARP-o-Meter
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Federal regulator is blamed in bank failures
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So you wanna work for Citigroup?
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Pain ahead for regional banks?
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Private jets still used by shamed bankers
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Private Equity:

PE time bomb to take out firms - 25% to fail
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M&A:

The Debt Commitment Conundrum
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M&A Professionals Head to Court -- Bankruptcy Court
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Sports:

Olympics sponsorships come up short
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Telecoms:

Telecom Metromedia Int'l files for US bankruptcy
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Nortel had no choice when slashing severance, pension payments: CEO
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Nortel CEO says feds refused help for crippled high-tech giant
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Nortel Is Open to Selling Some Units, Zafirovski Says
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Health Care:

Salem hospital files for bankruptcy
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Union at Trumbull Memorial OKs Pact, Says Forum Uses 'Fuzzy Math'
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Rising Medical Bankruptcies to Help Spur Healthcare Reform
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How Much Do Rookie Doctors Make? The Latest Scorecard
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Health Reform: The Reality Show
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Democrats Scramble to Cut Costs From Health Plan
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Company Health-Care Costs to Rise 9% in 2010
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Credit Cards:

Credit card issuers ready to deal
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Weekly Credit Card Rate Report
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US Fed Advisory Committee Splits Over Credit-Card Fees
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Credit Cards Get the Ax -- and Blender
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Hedge Funds:

Hedgie's Gate May Be A Trap
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Hedge Fund Instant IPO Tests the New Complacency
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Hedge Funds' 'Dangerous Opponent' Rasmussen Pushes EU Crackdown
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Chanos: Regulation Will Falter
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Aviation:

S&P predicts 'huge losses' at AirTran
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Why British Airways Is Asking Staff to Work for Free
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US Airways CEO repeats call for industry consolidation
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Small Business:

A Credit Squeeze for Small Business Owners
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NY: Pink Elephant's owners file for bankruptcy
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Oil/Gas:

Crude Oil Trades Near $71, Snapping Four Weeks of Increases
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Crude Oil Rises a Third Day as US Data Shows Recession Ebbing
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Cost of finding oil and natural gas climbs sharply
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Bankruptcy Litigation:

Lyondell's unsecured creditors prepared to sue over Basell deal
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Media:

Charter's shareholders lose in committee ruling
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Economy:

Jobless Numbers Fall, but New Claims Rise
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Consumer Costs Fall Most in Six Decades
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Leading economic indicators up more than expected
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U.S. Leading Indicators, Factory Gauge Climb in Sign Recession Is Easing
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Despite Promising Signs, Many Wary that Recession's Knockout Punch Could Still Come
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The Recession In Historical Context
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Stimulus Numbers: Transparent But Not Intelligible
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Pelosi and the Temple’s Secrets
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Dispute grows over TARP chief's powers
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Treasury to Auction $104 Billion In Debt Next Week, a Record
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Economic Stress Index Map
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Real Estate:

California Foreclosure Sales up 32% in May
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Housing Market in Bay Area Shows Signs of Life
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Mortgage rates slide
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Hurricane Foreclosure
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Anyone Want To Buy a Condo? Anyone?
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AG Targets Servicing Practices at Fannie, Freddie
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Windsor Capital Mortgage CEO Denies Talk of Bankruptcy
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Midtown Manhattan Office Rents Near Low, Broker Says
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Worst in nation: Las Vegas commercial properties in distress
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Fannie Mae, Freddie Mac in Limbo as Geithner Seeks More Time
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FHA loan program at risk as demand soars, watchdog says
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Developer of NY SoHo project declares bankruptcy
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Dallas commercial property in for a bad year, survey says
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Hamptons auction will feature 'must-sell' properties
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Selling Off Disgraced NY Lawyer's Homes in the Hamptons Nets $10 Million
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Senators to hear family tell of abuses by lender
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Corporate Reform:

Geithner Urges Quick Action on Financial Overhaul
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Geithner's little slip and the hullabaloo that followed
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Obama Financial Plan, Round 1
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Obama's Financial Reform Plan: The Condensed Version
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Too Big to Fail? Is Obama Proposing an Implicit Government Guarantee of Goldman Sachs' Liabilities?
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Fed Will Fight Loss of Authority Over Consumer Loans in Obama's Blueprint
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Bankers rally around troubled watchdog
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Band-Aids Won't Fix Bank Ailments Fit for Surgery
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Financial Plan Hits Corporate Lenders
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Eight AGs write Obama about financial regulation overhaul
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Securitization: Skin in the Game
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Securitization: Ignorance Is Not Bliss
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Reform plan poses questions for large firms
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Obama administration backs Office of National Insurance
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Obama Would Leave Most Insurance Regulation To States
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Obama's Sensibly Modest Fin Reg Reform
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He Ain't No Roosevelt
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Is Obama's Financial-Reform Plan Bold Enough?
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Five Ironies Of Obama's Bank Plan
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Grading Obama's plan to regulate banks
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Wall Street Calls Obama's Mortgage-Market Debt Plan a Burden
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Financial-Revamp Plan Flummoxes Punditocracy
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Personal Bankruptcy:

Are people really choosing to suffer rather than declare Bankruptcy?
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Lehman:

Nomura completes post-Lehman in-house revamp
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Lehman: Walsh to run real estate again
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Lehman Bros. Collapse Catapulted In-House Counsel Into Dream Practice
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Lehman creditors, you didn't lose any money
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Fraud:

Madoff liquidators eyeing luxury Antibes pad
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Deal closed for ex-Madoff trading unit
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Madoff's Market-Making Business Is Revived by Surge Trading
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Trader Who Punched Andrew Madoff Still Having Trouble Letting It Go
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The SEC's Report on How It Missed Madoff Is Totally in the Mail
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Madoff Said to Meet With S.E.C. Official
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Demystifying Madoff
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Billionaire Financier Stanford Surrenders to FBI
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Stanford Arrested by FBI Outside Girlfriend's Home
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Eleventh Circuit: HealthSouth Settlement Appropriately Eliminated Scrushy's Indemnification Rights
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Ex-Chief Ordered to Pay $2.8 Billion to HealthSouth
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Feds: Ex-Cendant Chairman's Divorce a Ploy to Dodge $3.2 Billion Payout
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Retailing:

Bauer bankruptcy traces back to Spiegel events
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Eddie Bauer gets creditor protection in Canada
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Eddie Bauer's prepack poises it for turnaround
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Sun Capital and Golden Gate, Here's Your Second Shot at Eddie Bauer
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Judge may rule at end of June on General Growth malls
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Hilo Hattie submits bankruptcy plan
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Petcetera files for bankruptcy
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PBGC takes control of Fortunoff plan
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Executive Compensation:

Germany Backs Curbs on Manager Pay Going Beyond US Proposals
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Shipping:

Loan defaults and ship arrests set to surge
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Deutsche Schiffsbank backs down on ship arrest
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Involuntary Bankruptcy:

Japanese creditors file Stila Corp bankruptcy
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Newspapers:

Tribune Co reopens talks on Cubs sale with rival bidder
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Union ratifies new deal with Star Tribune
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Minneapolis Star Tribune plans Chapter 11 exit
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Star Tribune files plan to exit bankruptcy in fall
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Boston Globe union postpones meeting with NLRB
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Pensions:

Pension Woes May Have Led to 401(k)Cuts, Study Finds
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Corporate Governance:

AIG's Fall Raises Questions About Corporate Monitoring
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Finance:

Corporate Bond Market Broadens as Risk Appetite Stages a Return
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Celebs:

Debbie Reynolds’ Hollywood Museum Enters Chapter 11
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Suge Knight, The Remix
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Vick lawyer withdraws from bankruptcy case
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Ethanol:

Oil companies shop for discounted ethanol plants
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Personal Finance:

Waiting Out the Recession
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Skimping on Summer Camp
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Confronting the High Cost of (Celebrating)Freedom
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Trucking:

YRC has pension fund deal, new credit amendment, shares fall
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Baird says YRC Worldwide bankruptcy increasingly likely
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Printing:

Quebecor World confident restructuring plan will pass despite voting delay
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New Bankruptcy Opinions
(3 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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Mass Torts:

Supreme Court rules for Travelers in asbestos case
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Supreme Court Holds in Travelers v. Bailey That a Bankruptcy Court's Final Order Is Enforceable Even If the Court Lacked Jurisdiction to Enter the Order in the First Place
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Misery in Montana
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Bankruptcy Reform:

Cram Down Provision Has New Life?
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Autos:

Consumer group takes auto bailout anger to the airwaves
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GM, Chrysler Bailouts Trim Obama's Approval Ratings on Economy
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Two small bondholders to contest GM bankruptcy
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Making the GM sale hearing a bit more contentious?
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GM, Ford turnarounds have similarities despite stark differences
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Rescue plans for carmakers under fire
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Henderson's Strategy to Fix GM
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Michigan jobless rate hits 14.1% in May
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Michigan personal income losses among highest in U.S.
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Troubled banks in Michigan double
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U.S. auto lobby's clout flagging
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Health care trust names Girsky as a GM director
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Some say GM, Chrysler should stop lobbying
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Health care trust names Girsky as a GM director
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General Motors Will Keep 60 Dealers Earlier Slated for Closure
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Denny Hecker expected to sue GMAC
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GM in talks with Toyota on California auto plant
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Bankrupt GM Begins Slashing Jobs
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Chrysler dealerships turn to lawmakers for help
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Car crash victims collide with Chrysler bankruptcy
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Chrysler wins extension for asset, debt listings
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What Fiat Could Do for Chrysler (and Vice Versa)
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Is GM's "Reinvention" Ad Campaign Working? Study Says: Maybe!
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Judge approves termination of GM aircraft leases
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Chrysler dealers left without vehicles
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Cummins negotiating new Chrysler deal
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Furlough no longer needed for Chrysler salaried workers
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Delphi Lenders Eyeing More
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New Suitors Could Challenge Platinum Equity's Bid for Delphi
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Auto parts firms forecast to shed 36,500 jobs
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Senate keeps car sales stimulus in war bill
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Porsche May Fail to Avoid Volkswagen's Grip, Even With Qatar
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Porsche global sales slump by 28%
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Accounting:

Jury Finds for BDO International in Audit Case
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Ex-S&C Lawyer Suffers Second BDO Setback In As Many Days
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3,000 jobs lost in top 50 firms as recession hits financial services
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New rules set to bring airlines down to earth
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Crime:

The World's Dumbest Financial Criminals Ever?
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Insurance:

State Farm Florida downgraded over payout concerns
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California appoints watchdog to monitor AIG
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Hank Greenberg Was 'Exaggerating' About Keeping AIG Employees' Retirement Funds in Trust
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Greenberg Says Starr Trust Can Do What It Wants With AIG Shares
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Greenberg on the Stand: Is the Ex-AIG Chief Lying?
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North Korea's Insurance Fraud
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Supreme Court bars new Manville asbestos claims against Travelers
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Obama Financial Services Reform Praised By Rival Insurance Groups
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Municipalities:

California, its municipalities hit the skids
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A Flat Tax for California?
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Hockey:

Coyotes ruling bucks bankruptcy trend
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Bettman not surprised Balsillie intends to forge on
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Fight over Coyotes is far from over
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Balsillie rallies support in Hamilton
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Financial challenges face Buffalo Sabres
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Hotels:

Hotels cut staff, costs to cope with downturn
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Food/Drink:

Recipe For Success Eludes Manhattan Eatery
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Education:

Recession Impacts Schools and Students - Foreclosures Reduce Student Population, Closing Schools
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For Colleges, Small Cutbacks Add Up to Big Savings
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Tourism:

Creditors criticize Superferry plan
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UK:

Loans on a 'knife edge' as owners bid to delay repayments
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Mortgage lending falls again
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KPMG personal insolvency head to leave for Tenon
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Subprime Lenders Pounce as Banks Shun 1 in 7 Britons
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Ex-Chief of R.B.S. Bows to Pressure to Cut Pension
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UK Has Guarantee on EU Bank Regulator, European Official Says
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British Retail Sales Drop in May as King Highlights `Protracted' Recovery
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King Says British Banks May Need More Capital to Finance Economic Recovery
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EU:

Europe ends flat as green shoots wither
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Financial crisis sparks unrest in Europe
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Canada:

Fraser Papers seeks bankruptcy protection
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Canadian pay-TV channel files for bankruptcy protection
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Bank of Canada’s Carney Concerned Over Household Debt
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Germany:

Commerzbank Plans to Repay State Aid Starting in 2011
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Arcandor Administrator Says Quelle Factoring Financing Cut Off
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Balkans:

Bankruptcy doesn't pay in Dubrovnik
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Switzerland:

Swiss Weigh Tougher Rules on Banks
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Mexico:

Carstens Says Mexico Needs 'Urgency' on Economic Laws
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Comercial Mexicana Expects JPMorgan to Accept Deal
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Australia:

Perth Office Rents Seen Falling 50% as Mining Projects Stall
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Japan:

Tokyo Sales of Foreclosed Homes Rise at Fastest Pace in Decade
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Hong Kong:

Bankruptcy petitions up 53.5%
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