March 25, 2009

The Daily Bankruptcy News

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Law:

Law Firms Cut Partner Pay as Recession Erodes Fees
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Law Firms, Once Solid as a Rock, Show Cracks in Downturn
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No Easy Answers in Wolf Block's Demise
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Why WolfBlock Didn't Merge to Survive
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What is Texas Afraid Of?
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Start Date Watch: Dewey Pushes Back to 2010, Debevoise Stages an Amazing Race
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Layoff Watch: Closing the Loop on Chicago
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Why NY's Thacher Proffitt survived 9/11 but couldn't survive the crunch
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Firm bucks industry trend by raising salaries
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Bankruptcy league tables
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What to Do When Vendors Start Falling
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Law Grads Waiting for Jobs Worry About Insurance, Job Competition
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Defunct Small Firm's Suit Proceeds Against Poacher Firm
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A hot summer awaits Marc Dreier
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Dreier bankruptcy trustee probes Wachovia over cash collateral
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Disgraced Personal Injury Attorney Is Also a Madoff Victim
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Fraud Claim Can Proceed Against Firm in Refco Case
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The In-House Job: A Good Gig if You Can Get (And Keep) It
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Appeals Court Rejects Recruiter's Suit Seeking Fee From Law Firm
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Now is the Time for ‘Life Without Lawyers,’ Says Covington & Burling Partner
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Notes from the Breadline: And So Begins the Task
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Study Finds ABA Ratings Biased
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A Cost-Benefit Analysis of Law School
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No Shortage of Anxiety Among Law Students at Job Fair
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NALP's Numbers on 2009 Summer Programs
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Bankruptcy attorney crafts timely "Mary Peepins" diorama
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Judges:

Judicial bribery probe expands
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Former Judge Convicted of Indecent Exposure Seeking Benefit Reinstatement
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Top Judge Blames Inmate’s Lawyers for Alleged Execution-Eve Appeal Snafu
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Prosecutor, Judge & 2 Cops Charged By Mich. AG in Detroit Perjury Case
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Wall Street:

US Stock-Index Futures Advance
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UK Stocks Slide
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World Markets Mixed After Weakness on Wall Street
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US Stocks Retreat Following Rally
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Stock Exchanges Push for Uptick Rule
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More Firms Disclose Possibility of Bankruptcy
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The 'Populists' Are Right About Wall Street
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On Wall Street, Talk of Trust and Civil War
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Fired Doctor of Derivatives Waiting to Cry as 282,000 Finance Jobs Vanish
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Eat-What-You-Kill Bond Traders Flee Banks to Return Wall Street to Roots
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Bonuses:

Bernanke tried to stop AIG bonuses to no avail
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Bernanke: I Wanted to Sue AIG to Halt Bonus Payments
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Bernanke, AIG Use Connecticut Law As Bonus Scapegoat, Lawyers Say
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The Real AIG Disgrace
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Obama defends delay in response to AIG bonuses
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Tax May Not Be Needed If Bonuses Returned, Hoyer Says
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Drive to Tax AIG Bonuses Is Slowing
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AIG Bonus Boneheads Do Need to Visit Paris
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Moral suasion on bonuses works better than revenge
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Why Bank Rage Is Not Populism
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AIG Must Provide Someone to Testify to Legislature, Connecticut Tells Firm
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Autos:

US judge delays decision on Delphi steering sale
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GM begins white-collar layoffs with 160 pink slips
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Thousands Of GM Workers Get Company Cars, Gas
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GM could miss deal deadline
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Now for the Car-Parts Bailout
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Lexington OK'd to extend DIP maturity
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Renault Official: Might Sell Assets If Liquidity Squeeze
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Newspapers:

Houston Chronicle Cutting 12 Pct of Staff
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New York Times Sells Asset
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New York Times Co. Makes Boston Globe Cuts as Newspaper Drags Down Revenue
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Ten Major Newspapers That Will Fold Or Go Digital, An Update
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Chicago Tribune, LA Times Combine Internationally
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US Sen Cardin: US Newspapers Should Operate As Nonprofits
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Editors Give Cardin Nonprofit Newspaper Proposal Mixed Reviews
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U.S. bill seeks to rescue faltering newspapers
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Obama skips major papers at press conference
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Fraud:

Madoff-Linked Firm Says It Met MA Information Rule
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Bernie Madoff and the Congo Letter
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Madoff Trustee Irving Picard Wins Power of Attorney Over U.K.-Based Unit
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Bernie’s Prison Number Comes up Big for Queens Man
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Stanford's Finance Chief Cooperating With Feds
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Retailing:

As US retailers fail, focus on bankruptcy law
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Williams-Sonoma net tumbles on slack demand
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Owner of Mark Shale stores files for bankruptcy
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Sleepy's to Acquire 1800mattress.com Through Chapter 11 Process
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It's 1-800-Bankrupt
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Will Gottschalks be Saved?
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Boater's World shutting down 130 stores
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Developers Scale Back Luxury Projects
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Layoffs:

Hospira to cut 10 pct., 1,400 jobs
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Over 50, Out of Work, Open to Change
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Media:

Charter’s Bondholders Said to Seek Swap for Stakes
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Economy:

Obama Links Budget Plan to Recovery
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In a Volatile Time, Obama Strikes a New Tone for Crisis
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Obama having it both ways on economy?
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Geithner, Bernanke Testifying Before Congress
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Geithner, Bernanke Defend AIG Bailout
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US Treasury, Fed Stress Need To Be Able To Wind Down Non Bks
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Toxic Asset Plan May Involve Purchases From Hedge Funds, Rosner Says
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The new Geithner plan is a flop
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Dissecting Bank Plan for a Way to Profit
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Toxic-Asset Plan: Tricky Times Ahead
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Private Clients Raise Questions About Bailout Contractors
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Government Releases Personal Income and Outlay Report
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The Hard Sell
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"Legacy assets"
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Toxic Asset Plan: Perception vs. Reality
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Geithner nonbank plan a power grab: House's Boehner
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Somebody Stop The "Bailout Party"
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Geithner, Bernanke reject new global currency idea
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IMF Plans to Double Credit Lines, Relax Conditions on Loans
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Sen. McConnell: Budget makes USA worse than Cuba
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UN’s ILO Says 90 Million Jobs Needed to Avert Employment Crisis
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Real Estate:

Home-Price Index Shows Rise
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US MBA’s Mortgage Applications Index Jumped 32% Last Week
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Mortgage Lending to Jump to $2.78 Trillion in 2009
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Legislation offers military foreclosure relief
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Miami 'condo king' hit by boom-to-bust downturn
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Wilbur Ross Defies Bruce Rose in Tranche Warfare Between Housing Villains
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Banking:

Obama to meet with top bank CEOs
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One Small Problem With Geithner's Plan: It Will Bankrupt The Banks
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In the Market for a Better Banking Plan
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Goldman Sachs Said to Be in Talks to Return TARP
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If Goldman Returns Aid, Will Others?
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Whitney: Regional Banks Are the Future
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BofA-Merrill Economist, Strategist Plan To Leave
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US, Canadian Banks Underestimating Loan Losses, Dodge Says
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The Obama administration is preparing an overhaul of US banking rules that would force financial companies to keep more cash on hand in case their trading bets go wrong
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Municipalities:

Alabama County Weighs Bankruptcy
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Bankruptcy For Jefferson County?
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Alabama Governor Bob Riley seeks federal help for Jefferson
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Big Muni Default Could Rock The Credit Markets
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To Cut Costs, States Relax Prison Policies
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California seen struggling through this year
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Agriculture:

Ill. hog cooperative files for bankruptcy
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Ethanol:

Auction set for Volney ethanol plant
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Pensions:

Andrews Says 401(k) Rules Should Be Rolled Back
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Gambling:

Tropicana may regain control of AC casino
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Tropicana Entertainment May Soon Emerge From Ch 11
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Las Vegas Sands Discussing Debt Buyback as Option
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Is Harrah's in a Hurry to Exchange Debt?
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Distressed Investing:

Corporate buyers hunting for distressed deals
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Food/Drink:

Bruno's could close stores in Alabama, Florida
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RVs:

Lazydays RV Center Struggles With Economic Challenges
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Theme Parks:

Ghost Town's Unpaid Debt
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Consultants:

Deloitte grabs BearingPoint unit
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BearingPoint Selling Units To Its Rivals
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Personal Finance:

Mom and Dad, You're Broke
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Telling Kids About Financial Woes
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Signs of Stress, Fraud on Roadside
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Jousting for Jobs
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Shipping:

DP World: Trade Down Broadly, No Sign of Recovery
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Oil/Gas:

Premier Offers $505 Million for Oilexco North Sea
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Transmeridian to seek joint administration
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Exxon, Chevron Count $40 Billion Nightly to Protect Cash From Bank Crisis
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Dog Racing:

Hinsdale raceway to auction off items
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Resorts:

Ex-Palmetto Dunes official named trustee of bankrupt Daufuskie resort
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Greenbrier pushes sale to Marriott
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Marriott deal includes labor concessions
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Arts:

Bankrupting the Arts
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Screwdrivers:

Pratt-Read wins use of cash
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Insurance:

Insurance Rates to Rise in 2009 as Yields Fall, Lloyd’s Says
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Why Bankruptcy Would've Been Better for AIG
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New Bankruptcy Opinions
(No new opinions today)
(Outlook, but not other email programs, has been blocking the New Opinions link when the link is accessed through Outlook. We (hopefully) have this corrected, effective with the 3/24/09 edition, but please let us know by email if it is not. The New Opinions link in all prior editions can also be viewed with your web browser here.)

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 Reform:

US bill offers bankruptcy relief from card lenders
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Mass Torts:

Motley Rice: Pry not into those bogus x-rays
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Grace Executives Got Asbestos Warnings 30 Years Ago, Jury Told
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Los Angeles County Popular Place for Plaintiffs' Lawyers to File Asbestos Cases
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Health Care:

Insurers Offer to Stop Charging Sick People More
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A Health Plan for All and the Concerns It Raises
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Accounting:

Ernst & Young Settles With HealthSouth Shareholders for $109 Million
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Executive Compensation:

Ford Paid Mulally $13.6 Million Amid Worst-Ever Loss
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Nova Chemicals CEO will get $36.8 million upon retirement
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Google's Top Execs Keep $1 Salaries Amid Turmoil
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Hedge Funds:

Brown, Fillon Seek Tougher Oversight of Hedge Funds Before G-20
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Top Hedge Fund Managers Do Well in a Down Year
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Aviation:

FedEx May Delay Plane Purchases
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Frontier Air to revamp DIP
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Route cuts, cash accumulation put U.S. airlines in position to weather latest round of turbulence
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Airlines' Dangerous Cure
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Airlines Lose Fewer Bags as People Seek to Avoid Fees
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Bankruptcy Statistics:

Bankruptcy becoming 'middle class phenomenon'
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Bankruptcy filings in WA State rise more than 50% in February
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Corporate Reform:

George Soros: All This New Regulation Is Just ‘Tinkering’
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Treasury and Fed Chiefs Want Authority to Seize Failing Non-Bank Financial Firms -- and Impose Rules on Risk
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Fed and Treasury Want More Authority - To Do What Exactly?
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Officials seek new power over financial companies
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Lehman:

Lehman Grapples With Its Own Problem Banks
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Credit Cards:

Senators Examine Credit-Card Rules
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Carpet:

Minnesota firm buys bankrupt Propex
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Sovereigns:

On sovereign defaults
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UK:

HSBC Said to Plan 1,000 UK Job Cuts, Consider Closing Offices
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BOE Warns PM: Stop the spending!
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We've run out of money, no more stimulus
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Modernization& Consolidation of Secondary Insolvency Legislation - Update March 2009
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RAB Capital profit sinks 93 percent; keeps div
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Home of ex-Royal Bank of Scotland Chief Vandalized
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Geneva Bankers Have a Word for Gordon Brown's Tax Haven Attacks: Hypocrisy
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EU:

EU Presidency: US Economic Plans 'a Way to Hell'
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European Central Bank resists rush to print more money
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I.M.F. Approves Romanian Rescue
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New Zealand:

New Zealand’s Economy Probably Contracted By Most in 18 Years
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Australia:

Debt levels swell as credit crisis deepens
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Wesfarmers’ Coles Turnaround ‘Unlikely,’ Merrill Says
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Germany:

Qimonda Transfer Company Would Give Extra Months to Find Buyer
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German Business Sentiment Falls to 26-Year Low
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Canada:

Employment Insurance Recipients, Bankruptcies In Canada Rise
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Tembec curtails newsprint and lumber operations
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Bankruptcies Up In BC
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Ireland:

Bankruptcy law may be set for major overhaul
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Hungary:

Pension Glut Fuels Crisis in Hungary
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Japan:

Japan's Exports Fall by Half in February
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Japan's Trade Picture Gets Murkier, Despite Surplus
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China:

Chinese Economy Set to ‘Recover Strongly,’ Fan Says
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S. Korea:

Korean Corporations Court Bankruptcy With Suicidal KIKO Options
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