June 30, 2009

The Daily Bankruptcy News

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Law:

Ruden McClosky Cuts Pay by 9 Percent
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Say BigLaw Is Broken, How Do We Fix It?
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Katten and the King of Pop
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Haynes and Boone gets new Austin leader
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AIG Bankruptcy Contemplated in Feds Emails To Davis Polk
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Law Firm Apprentice Programs Add Extra Step for New Associates
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Pillsbury Incoming Associates Still Waiting to Hear When They Can Start
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Barlow Lyde & Gilbert Targets 49 Lawyers & Staff
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Firm reports 30% partner profit falls for 2008-09
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DiscoverReady Hiring 100 Lawyers
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Last Week in Layoffs
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Laid-Off Attorneys Go It Alone
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One Sentence
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Goodwin Leader Is Latest Lateral Lured to Growing Linklaters Office in NYC
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Screening 'BigLaw Apprentice' at Law Firms
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High Court Rules for White Firefighters in Discrimination Suit
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A Wacky End to the Supreme Court Term
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National banks face state fair-lending laws: Supreme Court
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Ruling Adds Teeth to State Oversight of Banks
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Judge Says Frivolous Suits Against Attorneys Is a "Disturbing Trend"
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Jury Awards $1.67B to Drugmaker in Record-Breaking Patent Verdict
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Top court lets stand Saudi immunity in 9/11 case
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The Horror of the Astor Trial
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Help Yourself to a Double Helping of Ridiculous Lawsuits
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My Life as a Politician
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DePaul College of Law: Dean v. Provost Heats Up, ABA Stays Quiet
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Say What?!
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Judges:

Souter bids goodbye to Supreme Court colleagues
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McConnell: Time Needed to Review New Sotomayor Material; 300 More Boxes Found
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Chief Justice Advocates for Shorter Briefs, Fewer Questions
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Roberts Court Veers From Pro-Business Tack
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Scalia Airs Pet Peeves at Bar Meeting
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Sotomayor’s Nomination: Today’s News
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Court Nixes Mandatory Judicial Retirement Age
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Wall Street:

US Futures Gain as S&P 500 Heads for Best Quarter Since 1998
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Stock futures point to a higher start
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Stocks bounce back
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Asian Junk Bonds' 50% Return Tops Stocks, US, European Debt
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State Street Says SEC May Sue Over Bond Investments
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S.&P. 500 Stays on Track for a Strong Quarter
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VIX Below Lehman Bankruptcy Level Leaves 'Wall of Worry' Intact
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Layoffs:

National and State by State Unemployment Rates
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DPS cuts to total nearly 2,500 staff
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Dear Abby Weighs In
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Class I Rails Cut Jobs to Decade Low
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Banking:

Court: AG must go to court to probe nat'l banks
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Paulson to tell his side of Merrill deal
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Can Citi hold it together?
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A sound funeral plan can prolong a bank's life
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Private Banker Moved Funds Undetected
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Accounting:

Ernst & Young Sued for Allegedly Covering Up Bad Audits
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Personal Bankruptcy:

Judicial review of debtor's attorneys fees
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Oil/Gas:

Agency Forecasts Little Growth in Oil Demand
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Oil jumps above $73, eight month high, on dollar fall, Nigeria attack
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States Consider Gas and Oil Levies
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QuikTrip Plans to Buy SemGroup Assets
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Two Tulsa firms to buy SemGroup unit
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Sports:

Season Tickets Harder to Resell As Recession Hits
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Corporate Reform:

Hope Still Alive For Joe Nacchio
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Judge freezes Pang's assets during US probe
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Credit Cards:

Credit Card Cutbacks to Pinch Small Firms
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Radio:

Will Clear Channel Sell More Stations?
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Gambling:

MGM Catching Breath, Station Still Gasping
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Greek Isles lender wants to sell, says owner has no equity left
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Pensions:

Cost of public-sector pensions 'equal to 85% of GDP'
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Student Debt:

New Plan Ties Reduced College Loan Payments to Income
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Apparel:

Hickey Freeman workers return to work
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Workers at Des Plaines suitmaker jubilant for victory over liquidation
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Hartmarx to lose three execs
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Aviation:

Department of Justice denies Continental-United ATI request
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UAL debt pricing may indicate liquidity fears
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UAL's $175 Million Debt Is Most Expensive Since at Least 2000
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Republic Airways marks a change in course
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Air Canada needs retirees' nod on pensions
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Aeroplan makes C$100 mln loan to Air Canada
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Cutting Those Carry-Ons Down to Size
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Airline Has Nothing to Hide. Really.
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Insurance:

AIG Investors Gather Amid Search for Fifth Chief Since 2005
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Telecoms:

Court approves auction for Nortel carrier business
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State hires advisor in case FairPoint files for bankruptcy
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RVs:

As RV firms struggle, economist sees upturn
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Sovereigns:

Japan Banks Sue Argentina, Claim 10.7 Billion Yen Bond Debt
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Health Care:

Valley Health System struggles to survive
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How Other Countries Judge Malpractice
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Delta Dental paring 10% of workers
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Religion:

Dorchester church files for bankruptcy
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Economy:

World Bankers: Financial products should be treated as drugs!
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BIS Sees Risk Central Banks Will Raise Interest Rates Too Late
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Central Bankers Urge Move From Stimulus to Reform
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We'll Need to Raise Taxes Soon
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Loophole Benefits GE in Bank Rescue; Industrial Giant Becomes Top Recipient in Debt-Guarantee Program
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TARP: What It's Costing Us
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Banks reject toxic - asset plan
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"The Greatest Program That Never Occurred"
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Treasuries Head for Steepest First-Half Loss in Three Decades
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White House Moving The Stimulus Goalposts
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A chill breeze of recession in the Windy City
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Up, down, out and doomed
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Congress Eyes Market Impact Of Speculators
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Economy Tracker Map
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Recovery Index
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Real Estate:

Paper Avalanche Buries Plan to Stem Foreclosures
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Home Prices in Major US Cities Probably Fell on Foreclosures
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California's Real Estate May Be Near a Bottom
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Fannie Sees Jump in Late Mortgages
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California Bills Seek to Lift Home Sales
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Houses on Market for Years Have Unwanted Upkeep
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Timeshare developer Consolidated Resorts Chapter 11 aftermath
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Some banks slow to foreclose
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The Landlord As the Detective
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S&P CMBS Downgrades A-Coming
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McMansions Out of Favor, For Now
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HFI’s Jay Miller forced into bankruptcy
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Dues deadline hits for Bonita Bay clubs
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Closings, cutbacks, defaults, or bankruptcy news
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Aviv sets up $100m US real estate venture
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What Were Subprime Loans Modeled On?
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Florida's Property Taxes Go Wacky in Housing Slump
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I Want My Money Back!
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Autos:

General Motors to seek approval to sell itself
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Uncertainty Clouds Recovery of US Investment in GM
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GM May Put Obama Auto-Rescue Plan a Month Ahead of Schedule
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GM Chapter 7?
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Deal reached on GM dealer claims
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Behind the GM Product-Liability Talks
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GM saw little choice on liability
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New Chrysler sheltered from product liability
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Chrysler's Better, Smarter, Faster Bankruptcy
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GM learns from Chrysler bankruptcy
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Some Chrysler Dealers Run Out of Hot Cars
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GM cuts ties with Toyota in US joint-venture
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Toyota Said to Consider Offering Prius Hybrid to GM
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GM offered $779 million tax credit for Orion Twp. plant
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Court Authorizes GM to Pay Pre-Petition Claims of Essential Suppliers, along with Continued Assistance for Suppliers from U.S. Treasury
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Pontiac, Michigan feels brunt of GM's pain
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Geithner's help sought in Delphi pension battle
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Can a billionaire car mogul save Saturn ?
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Saturn Is Split Over Penske Name
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Ford sees continued market share gains
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Ford Boosts 3Q Production In US For A Second Time
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Ford offers $100 to test drive vehicles
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Ford's Turnaround Doublespeak
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Lear on the brink of bankruptcy
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Lear bank, bondholder deadline is today
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Delphi: Salaried retirees gain support of 22 congressmen
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US June Auto-Sales Rate May Top 10 Million in First for 2009
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Car dealer sues Chrysler execs
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Porsche Rejects Volkswagen’s Offer
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GM seeks alternative Opel bids
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General Motors close to Opel deal with RHJ
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GM speculation about Opel, Toyota continues
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Fraud:

Madoff Sentenced to 150 Years in Prison
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Madoff’s 150-Year Sentence: Long But Not Longest
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Victims Lash Out at Madoff Sentencing
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‘Nobody . . . Is Ever Going to Plead Guilty Again’
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Madoff Cursed by Victims Who Scavenge Food, Bottles
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Should a Victim’s Tale of Woe Move a Judge? The Impact of a Letter
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Madoff Victims, Lawyer Lash Out at Government, Trustee
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Boom Times for Asset Hunters
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Investors Compete for a Piece of the Madoff Pie
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'I dug myself deeper into a hole'
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Waiting to See Madoff, an Angry Crowd Is Disappointed
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Madoff Faces Harder Time Than Former WorldCom, Enron Executives
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What Happens to Bernie Now?
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He stole from the rich. He stole from the poor. He stole from the in between
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Should Charities Repay Their Madoff Money?
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Bernie's Gang: Who's Next To Go Down?
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10 More Could Be Charged in Madoff Scam
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"Extraordinarily evil"
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Tips for Surviving Prison: Bernie Madoff Edition
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Bernie Madoff’s Secretary Talks (and Talks and Talks)
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Ruth Faces Living Off a Scant $2.5 Million
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Ruth Madoff 'Feels Betrayed'
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Madoff Clan May Still Face Microscope
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Stanford awaits bond decision
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Ruling on Stanford bail request delayed
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Stanford Investors' Accounts Must Be Unfrozen, US Judge Rules
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Tax:

Swiss Banks Shun Americans as US Compels Disclosure
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US Companies Want New Tax Havens
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Awards:

Jones Walker Top-Ranked in Chambers USA
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Football:

78% of ex-NFL players go bankrupt within two years of retirement
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Basketball:

Laettner Trying To Beat the Clock Again
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Baseball:

Lender Sues Over Stalled Spring Training Park
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Hockey:

Phoenix attorney Kaites, former Expos, Nationals president part of Reinsdorf bid for Coyotes
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Moyes blasts latest bid for Coyotes
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New Bankruptcy Opinions
(2 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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Insiders:

Coercive Creditor Treated as Insider in Bankruptcy Case
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Aerospace:

Sea Launch Bankruptcy Stokes Fears of Rising Launch Prices
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Retailing:

Frugal Shoppers Are Here to Stay
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Sport Chalet hoping for turnaround
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Best & Co. shuts its doors
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Bankruptcy Judge Gives Hilo Hattie More Time
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Pumpkin Patch to Shut 20 US Stores to Reduce Losses
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Education:

Some families are pulling their children out of private schools to save money
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One College Sidesteps the Crisis
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Celebs:

The King of Litigation
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Promoters owe Jackson doctor money
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Doctor Says No Drugs From Him Killed Jackson
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What Happened to Michael Jackson's Millions?
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Michael Jackson's estate: The fallout will be monumental
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Not Just Michael! The Jackson Family In Financial Disarray
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Michael Jackson’s Mom Gets Temporary Custody of His Children
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The Legal Mess MJ Left Behind
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Grieving Jackson Fans 'Commit Suicide'
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'Michael Jackson is still alive'
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Jackson's friend: I was father of Michael's children
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Inside Bernie Kosar's Florida Mansion — Now For Sale
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Recession hurts even the savvy ex-athletes like Willie Davis
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Another update due on Vick bankruptcy
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Plastics:

Bankruptcy court OKs Milacron sale
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Trucking:

Bankruptcy judge rules Harvey Gainey, employees must fly coach
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Hotels:

Extended Stay wins US court OK to use $86 mln
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Derivatives:

Toys "R" Us new propco bond could feature 'basis buster' strategy
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AIG Signals More Losses on Derivatives Portfolio
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Tech:

Spansion names fourth CFO in less than five months
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Golf:

Judge approves bankruptcy for Lake Las Vegas golf course
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Municipalities:

Deficit forces California to issue IOUs
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California: Put It On The Tab
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Is California's Economy 'Too Big to Fail'?
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L.A. Court Announces Closures & Cutbacks
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Michigan offers to take California prisoners
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Detroit schools may go broke, state overseer says
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Detroit Public Schools' financial boss considers bankruptcy
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DPS manager calls for layoffs, cuts, bigger classes
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City of Prichard could be dissolving
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El Monte considers bankruptcy
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Governments Grab Unused Gift Cards
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Food/Drink:

USA Springs creditors launch financing probe
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At Chicken Plant, a Recession Battle
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Advertising:

Arvisu Advertising owes nearly $3M to largest creditors
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Newspapers:

Sun-Times seeks more time to pursue sale, reorganization
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Last to Enter Bankruptcy , ACN is First to Emerge
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Jewelry:

All that glitters is not gold
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Theater:

Studio Arena heads toward liquidation
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UK:

UK Consumer Confidence Increased to 14-Month High in June
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UK First-Quarter GDP Drops 2.4%, Most Since 1958
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Regulation Plans Omit Mention Of BoE
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Mortgages hit 13-month high
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“Losses on UK commercial real estate could equal subprime”
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Setanta's losses at least £450m
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Widening losses put Globe Pub in jeopardy
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Darkstar in Administration
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EU:

ECB to Keep Rates Unchanged After Massive Auction
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European Economic Confidence Climbs
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European Consumer Prices Record First Annual Decline
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Canada:

Help possible for worst-hit Nortel employees
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Germany:

German government grants bridge loan to Quelle
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Hungary:

Tax Cuts: In Hungary
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China:

China's banks veering out of control
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Slow deposit growth to hit China bank profits
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Japan:

Japan's Wages Fall, Extending Longest Losing Streak Since 2003
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Japan's Jobless Rate Rises to Five-Year High
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Young Japanese Raise Their Voices Over Economy
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Japan Bails Out Struggling Chipmaker With $1.7 Billion
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Why does Japan, the world's most efficient economy, have so many elevator operators and gas station attendants?
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S. Korea:

KB Financial drops four foreign advisers after row over fees
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Russia:

No holidays until you raise lending, Putin tells banks
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