June 8, 2009

The Daily Bankruptcy News

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Law:

A Study in Why Major Law Firms Are Shrinking
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Midsize Maneuvers Multiply as Laterals Forsake Large Firms
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Covington Partner Adds GM to Bailout Resume
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Chrysler Sale Order Appeal -- Supreme Court Edition
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Penske Flags Fried Frank for Saturn Acquisition
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Katten Muchin Picks Up Bankruptcy Partner
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Looper Reed Adds Bankruptcy Partner
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Squire Sanders Mulls Possible Merger With Denton Wilde Sapte
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Has Legal Sector Seen Worst of Job Cuts?
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Partner Profit Falls as Much as 36 Percent at U.K. Law Firms as Deals Slow
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Last Week in Layoffs
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Texas law firms cut back on grads
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BigLaw Firm Decimates Associate Pay
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Investment banks hike salaries for in-house lawyers
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Can Clerks Come Home Again? It Depends at WilmerHale.
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Stretched too far - the pressures faced by individuals in the legal profession
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Pensions time bomb threatens A&O, Eversheds
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Hedge Funds?: BigLaw Firm Hemming and Hawing on Associate Pay
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Conn. Firms Follow National Trends With Deferrals, Smaller Associate Classes
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Recession sparks stress epidemic in profession
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Goodbye Economy, Hello Balance
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The Accidental Altruists
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GCs Want Firms to Change With the Times
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Queasy Over Quellos: Were Cravath and Bryan Cave Lied To?
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2nd Circuit Ruling in Chrysler Bankruptcy Upholds Sale of Assets to Fiat
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Canadian Lawyers on the Biggest Bankruptcies
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Odd Woman Out
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BigLaw Meets Girl?: Rumors Say US Player Has Its Eye on UK Law Firm
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German Aviation Company Files $10 Million Negligence Suit Against Mayer Brown
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Lawyers Agreed on the Legality of Brutal Tactic
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‘Indignant’ Ex-S&C Lawyer Shouts Testimony in Trial of Brooke Astor’s Son
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The Best Dressed Male Lawyers
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Respect the Ring?
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Lawyer’s Cheap Ways Emblematic of Change in ‘American Psyche’
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A Morbid Bankruptcy Filing
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Economy Complicates Plans for New Lawyer Factories
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Public Defender Offices Face Crisis Across US
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Michigan Law Offers Employment Help to 2009 and 2010 Grads
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Judges:

Paths of Thomas and Sotomayor Fork at Race
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Sotomayor's Bid for High Court on Track
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Is Sotomayor a Judicial Activist? New Studies May Shed Some Light
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Anita Hill Talks About Sotomayor and Her Own Clarence Thomas Testimony
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Justices Thomas, Scalia Report Big Book Earnings for 2008
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5 Justices Quit Private Clubs; ‘Very Cool Graphic’ Shows Their Political Leanings
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Federal Judge Lets Puns Fly in Keeping Suit Against Bon Jovi Alive
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Congress Appalled by Antics of Judge Kent
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Ex-Judge, Court Clerk Indicted in FBI Corruption Probe
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Wall Street:

Wall Street Futures Point to Lower Open
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Markets end mixed on jobless data
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Market rally hits 3 months, raising questions
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Poking Holes in a Theory on Markets
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Wall Street M&A Winners Led by Morgan Prove Model Not Dead Yet
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Layoffs:

National and State by State Unemployment Rates
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Unemployment Rate Gallops Ahead of Expectations
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Job Front Remains Grim
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For Many Workers, Fear of Layoff Is Big Motivator
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Shaken economy stirs up interest in bartender classes
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Trapped: It's hard to get a job if your credit is bad
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How to Flee an Ailing Industry
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Finance:

Jobs Report Unnerves Credit Markets; Yields Climb
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Small Business:

Bankruptcy's hidden toll: The little victims
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Religion:

Churches work harder in recession
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Municipalities:

Alabama County Preparing to Halt Services, Shut Buildings Over Budget Gap
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Factory towns no more: Michigan communities lose their lifeblood and identities, as GM shrinks
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Threat of layoffs puts public employee unions on the spot
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Schwarzenegger: Don't blame state budget deficit on illegal immigrants
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Pensions:

Bankruptcy Can Lower Pension Benefit
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Debt Collection:

New law tightens rules for debt firms
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Hotels:

Sunstone prepared to turn over W San Diego to bank
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Profit vs. luxury in hotel biz
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Personal Finance:

Divorce in a Recession: Families With Extra Stress
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I Do…for Less
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Economy:

Joblessness Hits 9.4%, but Slowing Losses Raise Hopes
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Spending Drops, and the Savings Rate Marches Higher
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Consumer borrowing plunges by $15.7B in April
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Jobs Report Fuels Attacks on Obama
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U.S. Bailout Repayment Could Surprise
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'Stagflation Scenario' Stalks US as Commodity Prices Jump
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Treasuries Fall for 3rd Day on Signs Worst of Recession Is Over
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Big government spending programs -- having opposite desired effect
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Amid recession, small-business owners rethink vacation
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NYT: Tensions Grip Obama Economic Team
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Stimulus Funds Spent to Keep Sun Belt Cool
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Economic Stress Map
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Real Estate:

Bernanke Conundrum Threatens Housing on Rising Mortgage Rates
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Why Home Prices May Keep Falling
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Home buyers' tax credit can be turned into cash at closing
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Firm's home-wrap system offers one way to seal the deal on a foreclosure
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More than 30% of Dallas-area home sellers have to cut price
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N.J. retail vacancies soar due to slumping economy
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Housing: A Long Plateau?
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Lawmakers get personal looks at foreclosure
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Recession Giving Tenants The Upper Hand In Rental Market
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Autos:

Appeals Court Refuses to Block Chrysler’s Sale
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2d Circuit OKs Chrysler Sale; Deal Stays on Hold
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Why Indiana Funds Can't Yet Accept Chrysler Bankruptcy
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Federalist 44
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What's going on?
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Shocked, Shocked
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High court asked to block Chrysler sale to Fiat
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Imagining a G.M. Fire Sale
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GM Bankruptcy May Turn on $13 Million in Donations
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White House economic adviser defends GM bankruptcy
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Hidden costs in deal to keep GM in Detroit
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Obama saving GM needed dealmaker team to break it
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GM : 3 Decades To Bankruptcy
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Kicking Wagoner out caused outrage and shock at GM
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The always provocative Bob Lutz
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Lawmakers have questions for Henderson
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Dems express 'growing concern'
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Auto Dealers Parlay Gifts, Grassroots to Win Allies in Congress
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Closings are sad part of bankruptcy realities
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Political Economy: Driving GM Crazy
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Uncle Sam's GM Follies
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More details about Obama's underhanded Chrysler bankruptcy deal
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Interpublic says GM exposure is $50 million
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Penske 'a Good Home' for Saturn as GM Shrinks in Bankruptcy
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Chrysler dealers scramble to unload vehicles
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Chrysler, GM should reimburse auto dealers
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Headlong rush to close car dealerships not good for industry
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Targeted Chrysler dealers in a race to the end
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More Americans are buying Fords
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A summer of automotive supply chain bankruptcies is possible
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Two-time victims in Chrysler's bankruptcy
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Probe clouds star turn for auto negotiator Rattner
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Obama's man called shots on bankruptcy
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Retired autoworkers scramble to use last of benefits
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DJ taps into national frustration over car industry
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Bailouts plainly not constitutional
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Longtime GM investor: Media is ignoring plight of stockholders in bankrupt company
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Auto bailouts aren't new fad
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US sales of Prius fall 45% so far in '09
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Hummer deal a sizable head-scratcher
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Detroit Big 3 to see more foreign brand competition
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The Failure of General Motors Is a Failure of Government Policy
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As industry fades, the unknown awaits
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Flint mayor says GM job losses mean big city needs
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Detroit Suburbs Beckon Fiat Executives With $1595 Sandals
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Commerce Secretary Locke: Rail can revive auto industry
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GM, Chrysler could learn from Apple's resurgence
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Russia wants Opel know-how for "leap into future"
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Sberbank to buy GM Russia plant-RIA quotes source
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Opel denies report German state aid heading abroad
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Derivatives:

GM Bankruptcy : The Swaps Disaster That Wasn't
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Environmental:

Judge approves MT ASARCO cleanup money
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Sovereigns:

Ireland's Debt Rating Cut by One Level to AA by S&P
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Video Games:

Midway Games Creditors Settle Suit With Shareholder Mark Thomas
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Transport:

GM, Chrysler Bankruptcies May Weaken Freight Volumes
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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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Walker Wilcox Matousek

Banking:

Regulators Push for Change at Two Troubled Big Banks
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Bank Chiefs Await Report Cards
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Citigroup's Pandit: On the Way Out?
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Bank of America Names 4 Outside Directors
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Seeking Reality in Bank Balance Sheets
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FDIC Closes Seized Silverton Bank After Failing to Sell Assets
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Illinois Bank Fails
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Shakeup under way at RBC's US bank operations
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Barclays Considers Selling Asset Unit to BlackRock
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Mass Torts:

Plaintiffs’ Lawyers, Here’s Your New Asbestos: Denture Cream!
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GM Asbestos Claimants Seek Formal Bankruptcy Panel, Saying Deal Omits Them
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Fraud:

SEC to Janvey: Cut the fees
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Inside the desk drawers of Jim Davis and Laura Holt
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Victims of Madoff Seek Claims Overhaul
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Alleged anti-Ponzi vigilante is enigmatic
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Jewelry:

Heart-Shaped Lawsuit
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Resorts:

More Bad News For Ex-Yellowstone Owner
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Aviation:

Global Airline Industry Nearly Doubles Loss Estimate to $9 Billion
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Tax on international air travel could fund 'climate change' fight
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Continental pilots’ pension cases speak to a larger crisis
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United Airlines won't be a big-plane buyer
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Hearing into Buffalo crash exposes commuter pilot pay, scheduling issues to traveling public
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Pilots in crashes had failed multiple tests
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Air Canada parent says airline will survive
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Newspapers:

Boston Globe staff may vote to reject new compromise; Could result in unilateral 23% pay cut
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Tax:

Billionaire Tax Felon Says UBS Lied in Pledge to Report to IRS
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M&A:

Company Seeks $4.65 Billion From Banks It Alleges Backed Out of Merger Deal
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Tech:

Spansion finds bankruptcy helps focus its plans
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Corporate Governance:

A Seat at the Table
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Advertising:

Internet ad revenue posts first drop since dot-com bust
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Retailing:

Houston-based Men's Wearhouse wins bid to buy Filene's Basement chain at auction
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Chrysler's Sale Order & Filene's Basement
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Executive Compensation:

LA judge approves $4.1 billion award for California company's former executive
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U.S. to Propose Wider Oversight of Compensation
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An executive compensation plan that works
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Movies:

Hollywood workers moving out of Calif.
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Weinstein Company Takes Step to Ease Debt
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Risk:

Liquidity, Crime Woes Shake Up Chief Risk Officers
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Credit Cards:

Credit Card Line Reductions and Eliminations
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Music:

Recession Blues Spurs Classical Music
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Oil/Gas:

Shell says more global refining capacity than needed
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Health Care:

The latest Consumer Bankruptcy Project publication: Medical Bankruptcies
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Radio:

Clear Channel confident of agreeing debt deal
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UK:

Lloyds to Pay UK 2.56 Billion Pounds Following Sale
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E&Y paid £33m for Metronet administration
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Challenge Finance collapses after suspected client fraud
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Bank of England to Extend Asset Purchases to Commercial Paper
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Germany:

Arcandor shares tumble 30% as bankruptcy looms
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Japan:

Japan May bankruptcies log first fall in a year
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