June 4, 2009

The Daily Bankruptcy News

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Law:

White & Case Gets One Last Gasp in Chrysler Case
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Kramer Levin Can't Get Enough Big Auto Bankruptcy Work
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GM, RIP
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GM Bondholders Decide To Go It Alone
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Shearman in top gear on GM's Hummer sell-off
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In Defense Of Bankruptcy Attorneys Fees
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Spilling the Beans on Bingham's All-Nighter Secret
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It Really Is Who You Know
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What Can a Pop Culture Guru Do for You?
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Another BigLaw Firm Slashes Associate Pay
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Salary Cut Watch: Dorsey & Whitney Cuts Salaries by 10%
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Get Ready for the Summer of Seriousness
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Tips for Laid-Off Lawyers Seeking Work: Focus, Network, Stay Positive
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Career Alternatives for (Laid-Off) Lawyers: Interior Designer
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Paging Deferred Associates -- and the Organizations Who Love Them
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Did BigLaw Firm's Gaffe Kill Rival?
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IP Suit Against Marvell Dismissed for Lack of Standing
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What is legal basis for automaker bailout?
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Mercury-Tainted Vanilla Beans Prompt Client's Suit Against Day Pitney
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N.Y. City Attorney Arrested for Mortgage Fraud, Forgery
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Littler Mendelson Tops Ranking for Female Lawyers
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Ensuring that the cure for the billable hour isn't worse than the ailment itself
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The Mysterious Murder of Robert Wone: An Update
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Sweeping Accreditation Review May Prompt ‘Sea Change’ in Law School Evals
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UNC Law Abruptly Ends Loan Repayment Assistance Program
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Sleep Where Marc Dreier Slept!
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Dreier trustee widens effort to seize assets
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2 Calif. Lawyers Scale Everest in Possible Record-Setting Climbs
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Judges:

Go to Jail. Draw $174,000 Salary
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House Panel Holds Hearing on Federal Judge's Crimes
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Judge Kent Doffs Robe for Good . . . In 2010
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Sotomayor, a District Judge and the Ricci Case: Shades of Vonnegut?
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2nd Circuit Judge Calabresi on Former Student and Current Colleague Sotomayor
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Sotomayor's Talk Made No Waves in '01
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The Hip Phrase of the Summer? ‘Ultimately and Completely’
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Penny-Popping Judge Disciplined for DWI
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N.Y. Appeals Court Orders Pay Raise for Judges
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Lifetime Bench Ban for Ex-N.J. Judge; Go-Go Bar Ruckus One Reason Why
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How To Curse Out A Judge in New Orleans
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Wall Street:

US Stock-Index Futures Advance
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World markets mixed after disappointing US data
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Stocks decline on frail results
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Job Woes, Bernanke Speech Rattle Stocks
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Investors fearful of diving back in
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Layoffs:

National and State by State Unemployment Rates
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Jobless rates rise in all 372 metro areas in April
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U.S. planned layoffs fall to lowest in 8 months
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More making the most forced job furloughs
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ArcelorMittal Gets Madrid’s Approval to Cut Up to 12,000 Jobs
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Bobcat suspending work for part of June, July at plants in Bismarck and Gwinner, ND
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Wal-Mart says it will create 22,000 jobs in 2009
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Wal-Mart workers attend union rally
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The Lament of the Laid-Off Trader
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Corporate Reform:

SEC, NY AG Office Finalize ARS Settlements With Firms
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Regulators: UBS unit misled investors
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U.S. to unveil regulatory reform plan June 17: source
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SEC member: SEC, CFTC functions should be combined
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Oil/Gas:

Crude falls on surprise stock build, dollar
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JPMorgan Hires Supertanker for Storage, Brokers Say
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Will Quest go bankrupt?
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Firm unable to sell interests in Piceance Basin
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Insurance:

Aetna shares keep sliding after outlook lowered
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Worst may not be over at Aetna
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AIG reported selling its Wall Street headquarters
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AIG's Aircraft Leasing Not Clear For Takeoff
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Retailing:

Williams-Sonoma's forecast disappoints investors
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Higher-end shoppers frequent Wal-Mart ... but don't tell anyone
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Retailers survive by emulating Wal-Mart's focus on the basics
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Health Care:

Medical bills play a role in 62% of bankruptcies, study says
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More Medical Bankruptcy - Have Insurance, Go Bankrupt
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Health Insurance and Bankruptcies : Partners in Fiscal Crime
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Michigan hospitals confront financial crisis
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Mass. company lists cadavers among its assets
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Aerospace:

Are U.S. Aerospace Companies Following in Detroit’s Footsteps?
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Telecoms:

Lawsuit against Citigroup over WorldCom kept alive
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VoIP Inc. hit with involuntary bankruptcy petition
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Nortel in US Loses $6M in One Month
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Consortium of angry ex-managers seeking to buy Nortel
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Mining:

Grupo Mexico sweetens offer for Asarco
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Labor:

The Future of the American Worker
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Resorts:

Tamarack Resort due in court again
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Directories:

Let Fingers Do the Walking Into Bankruptcy
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Accounting:

CFOs Hoping for the Best, Planning for the Worst
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Guilty Plea for Tax Shelter Fraud in BDO Seidman Case
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Steel:

US Auto Bankruptcies May Cost Steel Cos Nearly $69 Million
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Economy:

Bernanke: Recovery will be slow
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Fed Chief Calls for Plan to Curb Budget Deficits
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ADP reports 532,000 May job cuts
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Factory Orders Rise Slightly in April
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Service sector pullback slows
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Are We in a Recovery or Aren't We?
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Fed must heed markets on inflation, Hoenig says
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Hoenig Says Fed Will Face Resistance When Raising Rates
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The US plan to rid toxic loans from banks' balance sheets has been put on hold
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On Main Street, little hope and hiring
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Boom Times Are Back, Just Not Here
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Rising Interest on Nations’ Debts May Sap World Growth
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U.S. recovery hopes face doubts on jobs, mortgages
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Economic Stress Map
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Real Estate:

Partnership developing Pacific Building in downtown Dallas files for bankruptcy
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Fire-sale prices for luxury Center City condos
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Coming: A 3rd wave of foreclosures
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Banks Troubled CRE Assets Double to $34 Billion
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Private Equity's Lifeblood Running Thin
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FEMA may put Fla. storm victims in foreclosed homes
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Toll Bros. 2Q sees narrowed loss, missed view
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Homebuilders seeing stronger pulse in ailing housing market, but more pain likely ahead
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Triton Homes halts new construction, lays off employees
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Red Lodge developer files Chapter 11
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Bank of America's offers to modify Countrywide home loans top 100,000
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Bankruptcy judge approves auction of Statler Towers
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Lease Cancellations (May 31-June 6)
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Watch List of Distressed Properties & Loans of Concern
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As High-End Stalls, Geithner Stuck Renting Out His Westchester Home
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Immigrants Blamed for Mortgage Crisis
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Realtor Raps FAP Short Sales
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Freddie Outsources REO Disposition Services
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Autos:

Senators call for Congress to vote on GM, Chrysler bankruptcy
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Let the Canadians Run It
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Resistance To GM Chapter 11 Plans Taking Shape
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U.S. Trustee Names Committee of GM's Unsecured Creditors
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G.M.’s Chief Promises Full Details of Restructuring
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What would DeLorean say?
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GM gives tough love to its dealers
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Does closing GM, Chrysler dealerships make sense?
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For Car Dealers, the Hardest Sell Is on the Hill
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GM Dealers Seek Representation In Chapter 11 Proceedings
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GM Offers Up To $1 Million For Some Dealerships To Close
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Automakers Defend Plans to Trim Dealerships
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GM, Chrysler Wrong to Shut Dealers, Rockefeller Says
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Chrysler dealers' future still not certain
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GM retirees want voice in bankruptcy
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In Overhaul, G.M. May Look to Its Far-Flung Arms
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Meet the Men Who Are Being Handed the Keys
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Will Consumers Miss the Old GM? Not Likely
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What was the point of bailing out GM?
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The cost of saving a good job at GM hits $1.3 million
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Other companies won't find bankruptcy to be the savior it is for GM
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GM's Bankruptcy -- The Last Foolish Act
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Getting the GM Bankruptcy All Wrong
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Inside GM's bankruptcy filing
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Commerce chief: Government doesn't want to run GM
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How Long Will US Taxpayers Own GM? Amtrak Is A Sobering Clue
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Government's Role In GM Examined
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U.S. won't help GM sell cars, Locke says
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Other Agendas in the GM Bankruptcy?
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GM studying more temporary shutdowns
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Eating words in Detroit
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Auto execs likely to have pensions cut
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"Mr. Fritz, Your Company Is Selling Snake Oil"
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GM To Keep Lobbyists: Government to Influence Itself
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Bankrupt GM fires its outside lobbyists
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GM Bankruptcy Isn't an Existential Challenge for the US
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What Is the Chinese Symbol for the Hummer Brand?
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Hummer's new owner makes cement mixers
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GM sees no snag in closing Hummer deal
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Now that China can claim the title as the world's industrial heavyweight, it's getting the keys to the car company that best illustrates the point
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Modernista braces as Hummer deal advances
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What China Gets From Bailing Out Hummer
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GM taps M&M, Tatas for sale of Saturn
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GM's Saab/Saturn sale details
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Debt And Decision-Making At General Motors
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Towns, Businesses Reel From GM Bankruptcy
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US cabinet officials head to hard-hit auto states
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2nd Circuit Takes Chrysler Appeal
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Appeal of Chrysler sale set for Friday
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Chrysler June 5 Sale Put on Hold by Appeals Court
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Cerberus, the Feds and Indiana
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Hearing on Chrysler franchise cull postponed
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Chrysler drivers still covered by state Lemon Laws
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Chrysler asks court to OK pension accord
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A Ruling May Speed New Plans for Chrysler
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Bankruptcy gives Ford's rivals a leg up
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General Motors Bonds Signal Market Value Topping Ford's on Federal Bailout
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Why Save General Motors If You Can Buy Ford?
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Germany 'still open' to other Opel bids
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GM Europe chief eyes Opel profit before 2013
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GM & Opel
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Porsche Struggling, Asks German Government for $2.5 Billion Loan
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Government-led carmaker bankruptcies face skeptics
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Sports:

Financing woes continue to dog Olympic village
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Gambling:

New owners raise hopes at Atlantic City’s Tropicana
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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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Bankruptcy Statistics:

Bankruptcy filings rise among US consumers
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Bankruptcy filings rise to 6000 a day as job losses take toll
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Banking:

Banks keeping bad loans to prevent overnight insolvency?
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US senator seeks rules for all banks to repay TARP
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Pity Citi As TARP Orphan
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Banks Try to Stiff-Arm New Accounting Rule
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GMAC Financial Services prices $4.5 billion debt offering
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Bank credit risk falls to pre-Lehman bankruptcy levels
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Aviation:

Southwest Airlines reports sharp drop in May revenues
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Southwest Airlines pilots turn down new deal
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US Airways, others report steep drop in May revenue
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American Airlines May traffic falls 11.7 percent
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United asking rivals Boeing, Airbus to vie for big jet deal
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Budget Airline to Charge for Toilet Use
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Emirates rejects blame for Air Canada woes
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Airlines at It Again: Less Legroom
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Valuation:

A Perfect "Comparable" for Determining Value
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Fraud:

Vanity Fair does the Stanford story... with errors
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N.J. bill aimed at helping Madoff victims get taxes
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Federal government halts sale of Colorado Ponzi schemer's safari prizes
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Politics:

Congress vows scrutiny of GM, Chrysler bankruptcies
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Horse Racing:

Rosecroft Files For Bankruptcy
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Credit Cards:

Worst Cities For Credit Card Debt
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Capital One CFO: Industry Facing Dramatic Changes
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AmEx sees less pain than rivals from new law
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Visa sees credit card industry restructuring
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Tourism:

Aloha Means Goodbye
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Tech:

Psystar's legal costs in Apple fight push it into bankruptcy
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Pensions:

Lehman to pay PBGC $127.6 million
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Religion:

Church hands out cash in 'faith stimulus'
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Detroit archbishop praying for those affected by GM bankruptcy
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Newspapers:

GM Bankruptcy Punches Newspapers, But How Much Will It Hurt?
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Brinksmanship at the Strib: Union threatens shutdown
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Fashion:

Designers sell luxury for less in recession
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Christian Lacroix Has Been Designing for Free for Months
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Advertising:

GM bankruptcy will be felt by sports teams, media as ad spending diminishes
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Elder Debt:

Senior citizens' financial security erodes
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Student Debt:

Sallie Mae CEO Sees Loan Losses Peaking in 2009
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Municipalities:

Local govs would need oversight before bankruptcy
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Calif. governor proposes fire sale of state landmarks to cut deficits
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California lawmakers move to slash state agencies
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Is New Jersey following California's nightmare?
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Derivatives:

Regulator to Detail Plan for Derivatives
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UK:

BOE Keeps Benchmark Rate Unchanged, Refrains From Expanding Stimulus Plan
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UK house prices 'up 2.6% in May'
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London Is a Bust
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30 firms going bust every day
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UK Pound Advances Against Euro as Consumer Confidence Jumps
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EU:

Euro zone April retail sales up m/m after long fall
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European Retail Sales Rise for First Time in Seven Months on Food, Drinks
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Latvia Fails to Sell Debt, Sending Tremor Around Baltic
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Iceland:

Iceland Lowers Key Interest Rate to 12%, Defying IMF
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Russia:

Russian central bank cuts interest rates by 1/2 percentage point
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Brazil:

Brazil to Cut Rate to 8.25% by September
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Mexico:

Mexico's Carstens Sees Recession Easing Through 2009
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Germany:

German Firm Arcandor Running Out of Time, and Money
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Japan:

Japanese Companies Slash Spending 25% as Exports Collapse, Profits Plunge
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France:

Madoff Yacht Maker Shielded From Slump as French Bankruptcy Rules Draw Ire
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