June 3, 2009

The Daily Bankruptcy News

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Law:

Greenberg Traurig in Hot Water Over Representation of Heller
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Lawyers Seek $1.8 Million in Heller Fees
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Start Looking, WilmerHale Tells Lawyers
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Zen and the Art of Zombie Firm Maintenance
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WilmerHale Tells Some Lawyers to Start Looking for Work Elsewhere
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Layoff Watch: Getting the Message Across to WilmerHale Associates
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MoFo’s NYC Office Tells Troops: Be Here By 9:30 a.m., Jumping Jacks Optional
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Dorsey & Whitney Cuts 55 Staff Members
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Bingham McCutchen Staffer Doesn't Want to be a 'Stepford' Secretary
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Gibson Dunn, Paul Weiss Pick Up Key GM Assignments
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The GM Bankruptcy, The First Day Legal Edition
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GM RIP? GM A-OK? RSVP NYC
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Firms line up for roles on GM bankruptcy
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Davis Polk, Simpson Get Additional Work on TARP Paybacks
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King & Spaulding Adds Restructuring Partner
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BigLaw Firm Fills Delaware Gap, Snatching Seven From Rival
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What history says will happen to law firms' financial results in 2009
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What Time Is It, MoFo? It's Face Time
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BigLaw Pairing Up With Consultancies at Grab Share of Stimulus Work
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NY BigLaw Partner Gets Appellate Court Building Named for Him
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Investing in Lawsuits, for a Share of the Awards
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Don't count on those loan forgiveness programs
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Lawyer Reprimanded for Alleged 'Cut You Up' Remark to Adversary's Client
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Former "Top" Young Lawyer Admits $9.3 Million Theft
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The Cauley Conversation, Part 2: After The Fall
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Lawyer of the Day: Larry Wood
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Prosecutor Punches Pizza Delivery Lady
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Ex-Lawyer is Accused of Shoplifting Michael Kors Handbag from Nordstrom
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Practical Advice: Don't Let Your Client Pay You in Guns
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Lawyer Accused of Forging Judge's Signature
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Does Intolerance Abound at Virginia Law Schools?
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Judges:

GM Judge, Fan of Midnight Oil, Gets Off to Fast Start
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‘All Business’ GM Bankruptcy Judge Snaps at Joking Lawyer
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Judge Robert Gerber Testy in GM Hearings
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Critics Pounce on Sotomayor's Reversal Rate
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Sotomayor Makes Senate Rounds
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Sotomayor Tests Out a Catch Phrase on Capitol Hill
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Longer Time-Outs for N.J. Judges Charged With DWI, Domestic Violence
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N.Y. Appeals Court Backs Judicial Pay Raise
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Nearing Impeachment, Judge Kent Reveals He Will Resign—But Not Now
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Judge Samuel Kent Hangs Up His Robe
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Wall Street:

US stock futures signal dip
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Asian markets climb but caution limits gains
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Stocks extend gains as pending home sales rise
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From Ordering Steak, to Serving It
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How Wall St. Almost Killed Detroit
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Layoffs:

National and State by State Unemployment Rates
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Few U.S. employers see hiring recovery in '09
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Deere to furlough most workers at Iowa plant due to weak demand amid economic downturn
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Business Cards of the Unemployed
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Accounting:

Fla. jury to decide if BDO International liable for $521 million accounting judgment
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US audit fees rise despite recession
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Personal Finance:

Down economy forces some families to cut back, stay home _ and get to know each other again
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Dial B for bankruptcy
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Health Care:

Innovative Spinal Technologies Goes Bust
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Northfield Laboratories files for bankruptcy
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Obama said to be open to taxing health benefits
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Wages frozen at St. Joseph, Redwood Memorial hospitals
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Agriculture:

More farmers losing hope
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Lotteries:

Lottery a loser in current economy
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Fraud:

Pendergest-Holt loses the ankle bracelet
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FBI targets fraud in TARP, stimulus fund
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Ponzi schemes, fraud and other misdeeds
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3rd Lawyer to Plead Guilty in Federal Mortgage Fraud Conspiracy Case
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Aviation:

Tulsa aircraft repair company announces 27 percent cut in jobs
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Food/Drink:

Eurofresh wins order to keep operating
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Monell's restaurant files for bankruptcy
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Hotels:

Phoenix Bears Brunt of Hotel Market's Downturn
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Executive Compensation:

SEC to require more pay disclosures
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Derivatives:

Regulators, Derivatives Indus Sets Safety Measure Deadlines
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Big battle: Clearinghouses or exchanges for CDSs
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BlueMountain Set to Earn $817 Million on Credit Swaps
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The CDO fall-out begins
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Furniture:

Maker of Spring Air mattresses in bankruptcy
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Mass Torts:

Skinner Asbestos Bankruptcy Rejected As Collusive
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Faces of Lawsuit Abuse
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Chrysler: Selling Free and Clear of Tort Claimants
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Building Materials:

Bankrupt Hendricks selling businesses
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Resorts:

CrossHarbor Can Buy Bankrupt Yellowstone Club, Judge Says
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Sovereigns:

Argentina-Venezuela Default Risk Head to 'Parity'
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Economy:

April rise in home deals biggest since 2001
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Pros Cast a Wary Eye on Rising Stocks, Rates
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Despite higher consumer confidence, analysts predict May sales dip as recession drags on
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Economy Could Grow In Second Quarter
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Worst Seen Past For World Economy
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Shiller Says Rise in US Confidence a 'Puzzle,' Credits Obama
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Worse Than 1982?
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Warren "ralfing?"
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Obama Stimulus Fails to Buoy `Real Economy'
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Meet the stimulus hires
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Investors request $11.5 billion worth of loans from Fed consumer lending program
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GM latest in string of US company takeovers
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Connecticut One Of 12 States Recording Drop In Economic Output In 2008
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Has Rising Inequality Destroyed The Middle Class?
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Russian President may push 'new world currency'
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Germany Blasts 'Powers of the Fed'
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Real Estate:

Pending Home Sales Rise for Third Straight Month
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Mortgage Delinquencies Seen Rising Through 2009
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Promised Help Is Elusive for Some Homeowners
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Insured Defaults up 10%
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A foreclosure milestone
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Making deals on distressed condo projects not easy
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Foreclosure rescue firms under scrutiny
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GM Bankruptcy Does Not Impact RMBS
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Treasury secretary grapples with sluggish market _ for his own suburban NY home
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Bankruptcy judge OK's vote on Lennar's California project
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Schumer, Paterson eye loan modification rules
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Renters can stay longer after the bank forecloses
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Autos:

Bankruptcy gives GM a fighting chance
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GM set to become a more discreet company
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GM Bankruptcy May Say 'No Reason to Stay' to Detroit Residents
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Americans `Don't Care' About GM, Bankruptcy-Stunned Detroit Residents Say
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Hear GM and Chrysler Bankruptcy Hearings Online
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GM to keep its in-house lobbying staff
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For Chief, Little Time and a Full Plate
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America's Car Company
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GM & Investor Rights
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GM strikes Hummer deal with China machinery maker
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China Comes to the Rescue for Corporate America
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Doubts Over GM's Hummer Sale To China
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Hummer a rocky deal for Sichuan Tengzhong?
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The Fall of GM in Pictures
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GM says Asian operations unaffected by bankruptcy; new China, Thailand, India plants planned
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GM Argentina Says It Is Solid, Unaffected By Bankruptcy In US
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The Not So Global General Motors
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What's Good for GM isn't What's Good For America
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G.M.’s Road From Prosperity to Crisis
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GM faces high stakes, high costs and high hopes
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Why Bankers Love General Motors
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We're all GM families now
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GM & Our Socialist Angst
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GM pushes new ad strategy amid bankruptcy
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The new boss at Old GM
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GM claims it has potential buyers for three brands
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GM says it has 16 potential buyers for Saturn brand as automaker refocuses on promising assets
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Saturn dealers antsy as GM talks to suitors
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Experts hope for quick GM turnaround
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No Reason GM Can't Make Comeback
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For New GM, Final Challenge to Please Drivers
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Questions remain for potential car buyers
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Remnants of 'Old GM' to Linger
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Government has 35.4 percent equity stake in GMAC after exercising right under loan to GM
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Even Under a Cloud, G.M. Is Predicting Sunshine
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As GM co-owners, should we buy GM cars?
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How GM Lost Its Way
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Busy Not Running GM
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How Should Obama Run GM?
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General Motors bankruptcy: in their own words
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Filings Reveal Depth of Problems
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The Decline of G.M.
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The Best Possible Outcome For GM
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Value: Worthless. Market Price: $458 Million.
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GM Collapses Into Government's Arms
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What Happens to People Who Had Lawsuits Against GM?
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The Costs of Paying the Workers
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Is forcing GM into a shrink-wrapped box really best for it?
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How bankruptcy filing affects GM pensions, benefits
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Chrysler Sale Faces Challenge in Appeals Court
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Chrysler Sale Appeal to Skip a Court to Save Time, Bankruptcy Judge Rules
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Chrysler Sale Order Appeals -- growing by the minute
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Chrysler Bankruptcy Sale Halted
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Chrysler's Italian Job Foiled
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Top auto figures may take a pension hit
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Judge to rule on Chrysler franchise terminations
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Why the Chrysler Sale Was Almost Certainly Lawful
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Fiat Agrees To Honor State's Lemon Law With Chrysler
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Chrysler plants to resume production by late June
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Judge Sides With Chrysler on Liability Issue
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Ford Making Inroads Despite Slump
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3 Things Ford Can Teach the Rest of Detroit
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Senate reviews closing of GM, Chrysler dealerships
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More GM dealers set to close
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How to market cars amid bankruptcy
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Key Obama auto task force official defends work so far
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Amid gloom, a glimmer for US automakers
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Discounts, not efficiency, drive US auto sales up
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Senate may vote today on cash for clunker plan
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New Delphi bankruptcy plan welcomed by UAW official
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Delphi intends to end salaried employees' pension plan
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Detroit’s Woes Wound an Army of Suppliers
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Angry Car Dealers to Fight Closings
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Auto parts maker Contech cuts back
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Michigan communities await fallout
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Toyota Leads Asia Automakers' US Market-Share Dip
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India's Wipro says GM bankruptcy not to hurt
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Auto bailout pushes Ontario $4-billion deeper into the red
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Canada Will Give GM $9.5B
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Suzuki, Isuzu warn of loan losses to GM
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GM in Israel: Bye-Bye American Pie
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Defense:

Contractors owe $2.8 bln for A-12 plane -court
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Corporate Reform:

Public policy, corporate roles could blur
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New Bankruptcy Opinions
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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:

US business bankruptcies rise 40 percent in May
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The coming bankruptcy waves
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Oil/Gas:

Lenders OK SemGroup's $2.7B plan to reorganize
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Oil slides below $68 as investors eye inflation
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OPEC: Oil Could Reach $90
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Mining:

Asarco Draws $2.9 Billion Offer
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Americas Mining Amends Reorganization Plan to Retain Equity
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Litigation:

More Bankruptcy-Related Securities Suits Outside the Financial Sector
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Distressed Investing:

PE firms holding $400B in dry powder
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Banking:

Bank stocks feel pressure of capital raises; Moody's confirms negative outlook on sector
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Big Banks Eagerly Await US Approval to Repay Aid
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Fed Is Said to Raise Capital Standards for Banks Seeking to Pay Back TARP
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A strange new twist for TARP rules
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Former GMAC Bank under attack
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Congress Helped Banks Defang Rule
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Thrifts narrow losses considerably in first quarter, but more placed on feds' 'problem' list
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Bank of America wins appeal on overdraft fees
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Not so fast: Big banks can do U.S. one more favor
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MUFG, China fund buying big Morgan Stanley stakes
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Why China's Banks Are Stronger Than America's
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Tax:

Evasion crackdown singles out investment banks
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Hedge Funds:

Raptor Hedge Fund to Close After Losses
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Insurance:

MetLife Says US Aid May Create 'Zombie' Insurers
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Prudential Financial Prices $1.2 Billion Share Sale
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AIG Now Taking Money From Charities to Pay Bonuses
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AIG Seeks to Bar Evidence From Starr Trial About Bonuses Paid in 2008-2009
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JG Wentworth bankruptcy plan OK'd
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Apparel:

Sale to save Hartmarx moves a step closer
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Retailing:

Are Shoppers Fed Up with the Recession?
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South Coast Plaza store owner seeks bankruptcy protection
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Retailers and bankruptcy
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Newspapers:

Teamsters threaten to strike, shut down Star Tribune if newspaper allowed to scrap contract
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Publisher says Philadelphia newspaper founded in 2004, The Bulletin, suspending publication
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Rating Agencies:

S&P's commercial real estate revolt
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Credit Cards:

Recession likely to change U.S. credit card use
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Couple win credit risk ruling against Chase
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How will cards look in the new world?
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What's Up With This?
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Advanta Customers Have Few Business Card Options
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Hockey:

Balsillie Says He Can Afford Coyotes, But Phoenix Can’t
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Balsillie avoids rush
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Balsillie files application for relocation
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RVs:

Monaco deal still hanging
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Municipalities:

States' Budget Woes May Get Worse
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Obama officials rush aid to Metro Detroit
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California muni bond yields jump as budget crisis sinks in
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California Faces Budget Deadline
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Schwarzenegger: 'Our wallet is empty'
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Auto Racing:

Nascar Hits Speed Bump With GM Bankruptcy
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UK:

UK construction activity shrinks again, mortgage approvals rise
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Vanmaker LDV in administration as backer pulls out
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Thousands of jobs at risk ...
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U.K. Service Industries Unexpectedly Grew in May for First Time in a Year
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EU:

Jobless Rate in Europe Rises Further
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European Consumer Spending, Exports Fell Most in 14 Years in First Quarter
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Japan:

BOJ Kamezaki Says Must Watch Econ Upside Risks
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Middle East:

Saudi conglomerate Saad Group restructure debt amid mounting credit woes
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Russia:

Hungry Russians block motorway to demand help
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Canada:

Is Canada – not the US - the world’s safe haven?
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Portugal:

Customers occupy troubled Portuguese bank
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Fashion:

Christian Lacroix Gets Creditor Protection, 6-Month Reprieve
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Australia:

Australia's Economy Unexpectedly Expanded 0.4%, Defying Global Recession
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Spain:

`Catch 22' Wage Deflation Threatens Debt-Laden Spain as Unemployment Soars
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