June 25, 2009

The Daily Bankruptcy News

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Law:

DLA Piper Plans to Keep Reducing Associate Classes, Discard Lockstep System
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Megafirm DLA Piper Poised to Overhaul ‘Lockstep’ Model
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As Law Practice Paradigm Shifts, Proactive Lawyers Consider Career Changes
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Economy Better, But More Partner Layoffs to Come, Survey Says
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Weil's AIG Fees Could Exceed $25 Million, Filing Shows
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What's the Damage? Lawyers Line Up for Payment in Chrysler Case
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Chrysler's Law Firm Jones Day Bills Automaker for $12.7 Million
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Miami lawyer in middle of Chrysler bankruptcy case
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Dykema cuts, Miller Canfield cuts again
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Layoff Watch: How Can Things Keep Getting Worse in Detroit?
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Gray Plant Mooty Temporarily Cuts Associate Pay By 10 Percent
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Snell & Wilmer Cuts Associate Pay by 10%
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Camerons cuts 73 jobs
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Dentons scores Deloitte role on Setanta collapse
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The Return of Hope During the Recession: Adventures at The Ashram (Part III)
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Should White & Case Have 'Gotten In Front' of the Miami White Situation?
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File Under ‘Not Too Surprising’: Detroit’s Biggest Firms Cut Lawyers
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The BigLaw Band Plays On, But Will You Be Alone When the Music Stops?
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BigLaw Firm Getting Reputation for Soliciting
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‘Lawyer’s Lawyer’ Bill Gates Sr. to Receive ABA’s Highest Honor
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The bidding war is over . . .
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U.K. Firm Ince Bucks Trend, Records 23.5 Percent Revenue Growth
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On Legal Fees and Dead Frogs
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Woman pleads guilty in drunken breast-feeding case
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Felony Conviction Reversed due to Lawyer Who Slept During Trial
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Client Dumps Divorce Lawyer on Twitter
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'Trashed' Lawyer Larry Wilder Resigns
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‘Ballistic’ Over Bail Ruling, Lawyer Takes Anger Out on Courtroom Chair
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The Art of Procrastination for Lawyers
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The Myth of the Cool Partner
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Harvard Law School Axes 12 Staff
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Pls Hndle Thx: And Now You Do What They Told Ya
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Judges:

Court Nominees: Skip the Hill Testimony
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Sotomayor Ruling Exposes Racial Split in Firehouses Across US
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Blogger Charged With Threatening to Kill Three Federal Judges
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Senate Appoints Panel to Investigate Impeached Judge
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Justice O'Connor Dings Gibson, Dunn on Letterman Show
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Wall Street:

US Stock-Index Futures Pare Gains
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German Bonds Advance; European Stock Declines Spur Haven Demand
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European Stocks Retreat
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Short Selling of S&P 500 Increases for First Time Since March
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Is it time for Wall Street to become Tarp Street?
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Layoffs:

National and State by State Unemployment Rates
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500 Lose Jobs with new Tax on Cigars; Tampa plant closes
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California forecast sees 200,000 more lost jobs
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Workers holding out for severance blockade plant
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Despite Recession, High Demand for Skilled Labor
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Unemployed Hit the Road to Find Jobs
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Expanded unemployment benefits stall in Michigan
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Personal Finance:

Wealthiest Americans are changing their spending, investing habits
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The Economic Crisis Rocks 10021
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Recession's Emotional Toll
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Recession Generation
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Bankruptcy Crimes:

UST Report on Criminal Referrals in FY 2008
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Media:

Subscribers face confusion at Setanta
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Tech:

PC Shipments Decline by 6 Million
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Municipalities:

Why Obama Has to Bail Out California, But Won't
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California doomsday: State could run out of cash
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CA Democrats' budget-balancing plan crashes and burns
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California set to issue IOUs as fiscal crisis weighs
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Chicago Turns to Workers to Plug Deficit
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Jefferson County teeters closer to bankruptcy
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Vallejo OKs tweaked budget
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Boom to Bust in El Dorado
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Retailing:

Hard times have thrown the going-out-of-business model into doubt
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Wal-Mart aims to retain new recession shoppers
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Bankrupt pet food retailer begins liquidation
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Gottschalks gradually selling inventory to ready for store closure
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Credit Cards:

Living without the plastic cushion
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Anna:

The Anna Nicole Smith circus is coming to town
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Mining:

Grupo ups offer for Asarco to $3.1 billion
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Credit Cards:

JPMorgan Chase hikes fees on balance transfers
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Non-Profits:

Charitable foundations average 26 percent endowment drop in 2008, but continue to give
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Mass Torts:

DuPont sued over asbestos in Argentina
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Economy:

Buffett Tells CNBC US Economy Shows 'No Bounce'
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Warren Buffett: U.S. Economy In "Shambles" .. No Signs of Recovery Yet
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Buffett Says China Growth to Trump US's
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Buffett Says US May Need a Second Stimulus Package
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Fed: Recession is easing and inflation not a threat
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Fed keeps interest rates unchanged
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Fed's rate decision disappoints investors
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Fed Douses Purchases Talk, Urges Investors to 'Relax'
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Bernanke, a Machiavellian Schemer?
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G.O.P. to Paint Bernanke as Big Government Ally
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Orders of Manufactured Goods Rise for 2nd Month
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Should We Save Dying Companies?
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Fading of the Dollar's Dominance
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Massachusetts housing homeless in motels; Costs $2 million per month
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Poor countries want greater role in world economy
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Global Downturn Scattering Immigrant Workers
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Recession Etiquette
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Economy Tracker Map
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Real Estate:

New home sales fall unexpectedly
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US MBA Mortgage Applications Index Rose 6.6 Percent Last Week
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What’s With All the Moaning About Home Appraisals?
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First American CoreLogic: Housing Prices Off 10.2%
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Buyers hold key in home builder's bankruptcy
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Modifications up 57% at GSEs
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Barney the Underwriter
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Lennar Posts Slightly Larger 2nd-Quarter Loss
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PwC Survey Sees No Turnaround 'til 2011, Steep Value Declines
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LV: Condo developer files for bankruptcy protection
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Feds allege mortgage fraud in 5 Chicago schemes
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Texas hit hard in commercial real estate spiral
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Housing Slump Continues ... But Not At 'Extreme Makeover' Site
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Hurdles to resolving the foreclosure crisis
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Banking:

Congressman: Fed Engaged In A "Coverup" Over BofA/Merrill
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Bernanke to face hostile questioning on BofA deal
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The lore of the mom 'n pop shop: antidote to "too big to fail" pain?
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Citi intends to raise salaries up to 50%; Halt exodus of talent
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Regions Financial Executives' Pay Temporarily Frozen by Judge
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NYC Subway Stations Renamed for Banks
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Who Owns the Banks?
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Standard Chartered bank reports record income, profit through May 2009, cautious on outlook
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Pensions:

20% of companies eliminate 401(k)matching programs
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Hedge Funds:

Hedge Funds Under Fire (Again)For Redemption Restrictions
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Turnarounds:

Economic Turmoil and the Federal Response: Changing Landscapes for Turnaround Pros
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Hotels:

Cerberus Was Part of Extended Stay Takeover Scheme, Lenders Say
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Red Roof Inn defaults on loan
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Hilton Hotel's money problems
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Jewelry:

High-end jewelers suffering
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David Webb Goes Chapter 11
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More Jewelers File For Bankruptcy
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Newspapers:

Boston Globe Reaches Union Pact, May Repay Some Wages
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Boston Globe deal includes $10 million in concessions
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The Future of Newspapers--Posner
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Food/Drink:

Discounts Have Restaurants Eating Own Lunch
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Aviation:

Airline Traffic Decline of 9.3% May Represent 'Floor'
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American Airlines seeking a break on terms of $435 million loan
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Lufthansa Capacity Cuts to Total 25 Planes Grounded, Chief Says
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Walsh to staff: British Airways on the brink
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Student Debt:

Scrutiny Grows Over Student Loan Perk
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Sovereigns:

Sudden Debt Overtime
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Accounting:

Two accountants charged over Stanford
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Confusion threat to global fair value
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Cross-Border:

Transnational Bankruptcy
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Religion:

Fall Of Cornerstone Ministries
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Boating:

Boat industry analysts map recovery efforts
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Gambling:

Site first fight for LV resort
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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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Litigation:

Study Finds Shift in Plaintiffs and Defendants in Credit Crisis Suits
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Global disputes: Still waiting for the train to leave
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Global disputes: The unknown truth
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Global disputes: On the up
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Global disputes: Responding to crisis
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Autos:

GM creditors want new firm to share claims
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PA Joins 36 States With Objections in GM Bankruptcy Case
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Ford drives supplier consolidation, says many are in distress
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Chrysler to close Dodge Ram plant ahead of schedule
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Shreveport GM assembly and stamping plants to shut no later than June 2012
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Ford: Playing Its Last Hand?
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Too early for Ford to celebrate success
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Ford's hourly workers face buyout deadline
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Hecker accused of moving money
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Delphi lenders object to Obama-brokered sale
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Delphi Defends Its Platinum Deal
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Delphi DIP Lenders Threaten Foreclosure
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Debt holders brace for Lear Chapter 11
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Bridgestone Cuts Net Forecast to Breakeven as Tire Sales Fall
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Joe Biden gets his auto facts crossed
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GM's Bankruptcy Could Affect Fire, Police
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Toyota to Face 'Two More Difficult Years' Toyoda Says
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Japan auto production tumbles in May on slumping global demand
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Fraud:

Cost of fraud in global stimulus spending estimated at $500 billion
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N.Y. Federal Judge Delays Restitution Order in Madoff Case
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Austin Capital sued by union over losses, link to Madoff
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Study Ties Madoff Loss to Charity’s Board Size
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Good News For Bernie: He Won’t Serve Eight Centuries
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‘Enemy of Investors’ Canned by Home Country
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Trustee Claims Bank Abetted Ponzi Scam
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No Bail For NY Ponzi Scheme Suspect
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Art at ground zero in SEC fraud case
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HealthSouth founder's assets frozen after fraud judgment
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Payroll company accused of running scam with clients' money
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Medicare fraud probe targets 53 suspects in Miami, elsewhere
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Bankruptcy Litigation:

Del. judge won't relinquish WaMu-JPMorgan dispute
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Lehman:

Lehman Wins Approval to Investigate Barclays Share Sale
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Corporate Reform:

Posner: Financial Regulatory Reform: II
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Insurance:

AIG to Contribute Equity of Alico to SVP for Stakes in SPV
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AIG to Cut Debt to Federal Reserve of New York by $25 Billion
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Executive Compensation:

Obama administration pledges to strike proper balance with executive compensation
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Citi increases salaries after bonus limits
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Golf:

Golf Course Left In The Rough
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Palm Desert Country Club Files for Bankruptcy
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UK:

UK firms in credit rating crisis
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DSG to Reformat More Currys Stores in Effort to Halt Losses
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Brown Backs Down on British Lawmaker Pensions
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Woolworths brand is resurrected in Britain as online store
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City Banker Missing - With His Shotguns
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EU:

European recovery will be a long haul, says TMA
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Canada:

When bankruptcy trustees 'run amok'
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Ireland:

IMF: Ireland's economy suffering unprecedented fall, worst recession in developed world
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OECD Says Ireland Needs Tax Increases, Spending Cuts
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Ireland's Banks Face EU35 Billion of Losses, IMF Says
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Germany:

Germany and Austria: Muddied restructuring waters
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Argentina:

Argentine Crisis Arbitration Awards Pile Up, but Investors Still Wait for a Payout
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India:

India's Deficit May Widen to 19-Year High
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S. Korea:

Bankruptcy fears amid icy inter-Korean ties
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Russia:

Russia Facing Long Recession, World Bank Says
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Middle East:

Bankruptcy law shake-up call after Bluebanana boss flees
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