May 12, 2009

The Daily Bankruptcy News

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Law:

Chrysler lawyers to judge: Pay us first
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White & Case's Tom Lauria Reflects on Non-TARP Lenders Crazy Chrysler Week
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Cap on Hourly Rates in IndyMac
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Foley & Lardner Bankruptcy Team Leaves to Found New Firm
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Diamonds Are a Firm's Best Friend
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Debevoise & Plimpton Names New Bankruptcy Partner
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Simpson Thacher Joins AIG Divestiture Party
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Dreier Pleads Guilty to Fraud Scheme, Remains Free on Bail
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Dreier Pleads, Prosecutors Say He Asked Other Lawyers for Clients to Cheat
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Companies Spent 7% Less on Legal in Q1
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Salary Cut Watch: Drinker Biddle Cuts Salaries AND Rates
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Milbank Layoffs Follow-Up
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Deferrals Could Create Pile-Up of Available Associates
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Disappointments Preceded Suicides by Lawyers at Three Major Law Firms
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ABA Offers Free Program on Preventing Suicide
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Career Option for Struggling Lawyers: Get a Nursing Degree
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The True Toll of Unemployment
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Laying Someone Off? Better Check That Laptop
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Greenberg Traurig Expands Los Angeles Office With Strategic Additions
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Musical Chairs: O'Melveny Litigation Rainmaker Moving to Skadden
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Roundup: Scotus and Biden, a Big Dig Plea, and Party Law Schools
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Law Schools Applauding Drinker Biddle Plan to Emphasize Training Over Salaries for First-Years
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What’s the Point of the Socratic Method, Anyway?
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Berkeley Law comes out with its list of helpful whatnots for students and alums in a financial pickle this year
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Court upholds GPS tracking by police without warrant
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BigLaw Brother-Sister Team Wins CBS’s ‘Amazing Race’
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Occupation: Law Student
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Retired Lawyer Returns Library Book 31 Years Late
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Disbarred Stanford Grad Trades Counsel for Coitus And is now trying to set up shop in South Carolina?
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Judges:

On a Somewhat Colorless Court, Scalia Stands Out
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Souter's Tribe: Justice's Legacy Tied to His Clerks
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9th Circuit Judge to Replace Souter?
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Betting Website Lists Sotomayor as Favorite for Supreme Court Seat
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Potential Justice Offers a Counterpoint in Chicago
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A Layman for the Supreme Court?
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The "Ideal/Idol" Supreme Court Justice
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9th Circuit Backs Cameras in Trial Courts
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Disgraced Federal District Judge Sentenced to 3 Years
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House Members Pressure Judge to Step Down
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Disgraced federal judge could face impeachment
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Judge says it's OK for men to beat wives
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Wall Street:

Stock futures point to rebound on Wall Street
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Shares Fall Along With Confidence
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Dow off 156 as financials take a dive
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Layoffs:

National and State by State Unemployment Rates
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US Jobs Index Decreased Less in April, Signaling Fewer Cuts
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Many Companies Hire as They Fire
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Finance Layoffs: Principal Financial and Citizens
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A Mess of State Aid for the Jobless
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Banking:

Banks Moan The TARP Payback Blues
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Capital One, US Bancorp, BB&T to Repay US Aid
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Behind the Bank Equity Blitz
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We’re Dull, Small Banks Say, but Have Profits
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Bank of America Said to Sell $7.3 Billion CCB Stake
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Bernanke Says US Banks Must Test More to Identify Other Risks
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Stress tests provide sort-of blueprint for US reform
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FDIC Sold $470 Million Commercial Loans In March At 46.4 Cents On The Dollar
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Magazines:

Playboy loss widens, search continues for CEO
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Playboy considers 'radical changes' to flagship magazine
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Fraud:

Baron Rothschild Difference With Bernie Madoff Becomes Geneva's Obsession
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Peter Madoff Seeks Dismissal of Student's Fraud Suit
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Fraud suspect 'was US drugs spy'
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Stanford's Cowboy Lawyer DeGuerin Shows `No Mercy' in Offense-as-Defense
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Oil/Gas:

Purchase of SemGroup's asphalt assets approved
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Oil Above $59 on Signs US Recession Is Easing
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Oil Companies May Wait for Hedges to Expire Before Going Bargain Shopping
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Ethanol:

Ethanol bankruptcy filing a blow to biofuels industry
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Newspapers:

Gannett's Largest Investor AXA Sells Bulk of Shares
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Geffen sets sights on NY Times
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Who will control the New York Times?
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'Inky' Revises Cash Flow Forecast
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Adviser fees approved in Sun-Times bankruptcy case
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Enron:

Skilling Takes Appeal to High Court
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Credit Cards:

The Real Problem with Credit Cards: The Cardholders
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Marginal Credit Card Borrowers Come Back to Haunt Banks
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Ready for big credit card losses?
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Credit-Card Bill Makes Headway
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Dodd, Shelby Reach Agreement on Credit-Card Measure
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Rates Jump on Small Business Credit Cards
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Banks ahead against credit card reform
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Advanta Shuts Down Credit-Card Lending Amid Surging Charge-Offs
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Municipalities:

Schwarzenegger Tells Lawmakers Deficit May Swell to $21 Billion
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The Simple, Unthinkable Cure to California's Budget Disaster
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Despite Stimulus Funds, States to Cut More Jobs
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Economy:

US Recovery May Start, Then Sputter as Zarnowitz Rule Is Bent
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US Recession May Be Over, Barclays' Knapp Says
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Paul Krugman Says Rapid Recovery 'Extremely Unlikely'
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This Is Not Another Great Depression
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Estimate of Budget Deficit Now Tops $1.84 Trillion
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Government borrowing 50 cents for every dollar it spends
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Weak tax receipts
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Economists Downgrade US Recovery Outlook, Survey Indicates
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BlackRock Becomes Government's Go-To Firm for Divining Wall Street Assets
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White House Economists Predict 3.5% Growth by Year-End
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Stimulus: Early road aid leaves out neediest
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Quick fix today, crisis tomorrow in Obama's White House
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Is America Turning Into a Banana Republic During this Zombie Economy?
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Real Estate:

April Drop in Listings for Homes
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A Bad Economy's Silver Lining
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Delinquency, Loss-Severity Rates Rise In February
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Options for Fannie, Freddie May Include 'Wind-Down'
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Fannie and Freddie still the biggest zombies
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Feds may derail a housing recovery
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Goldman To Pay $60 Million In Subprime Fines, Cut Mtge Principals - Mass AG
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Bankruptcy judge OKs payments to MLN workers
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Home buyers feel fallout of Monarch Homes bankruptcy
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LV: Master-planned community developer files for bankruptcy
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Fla. Lawyer Now Admits ‘I Did It,’ Gets 5 Years for Role in $83M Real Estate Fraud
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Ex-Ameriquest Employees Describe Subprime Lending Fraud
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New Troubles For A Troubled Washington Mortgage Plan
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Autos:

Adding Up the Auto Bailout: $80 Billion and Growing
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General Motors Says Not Planning to Modify Bond Swap
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Bankruptcy Depends on Bondholders, GM Chief Says
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GM Bondholders: Don't Blame Us for a Bankruptcy
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Middle-class General Motors bondholders get a chance to vent
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GM Must Give Up The Dream Of Evading Bankruptcy
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Setting up the Bondholders
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US interventions may usher in bond chill effect
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GM's Henderson: 'We Need to Move Fast'
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General Motors chief Fritz Henderson ready to ‘resort to bankruptcy’ as global sell-off talks continue
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Lessons For GM From Chrysler
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GM exit from the Dow looking more likely
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GM compiles dealership closing list
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GM to begin notifying dealerships tapped for closing
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Ford Reduces Urban Dealers, Lincoln-Mercury Outlets
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Ford Motor Files to Offer 300 Million Shares
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GM may exit Detroit? CEO won't say no
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Detroit can't afford to lose GM
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GM chief mum on which plants will close
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UAW fights closing of US plants
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GM executives dump stock as trading window opens
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Rating Agency Cuts Opinion on GM to "Strong Sell"
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GM Says It's 'More Probable' to File for Bankruptcy
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Credit insurance hampers GM restructuring
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Chrysler nonunion retirees begin benefits fight
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Dealers Will Drag Out Chrysler's Bankruptcy
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The Deadly Sins Of The Chrysler Bankruptcy
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Who profited from Chrysler's bankruptcy
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Chrysler workers seek answers
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Obama-UAW theft, payoff
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Car dealers wait—and wonder
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Honda May Pass Chrysler in North America Production
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GM to tell dealers of plan this week
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Dodge Dealer Plans His Survival
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Visteon posts a $2 million profit
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Visteon says may have to seek bankruptcy protection
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GM courting 2 potential Hummer brand buyers
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GM set to send terms of sale sheets to potential Saturn buyers
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GM bankruptcy in US not automatic in Canada
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General Motors needs Vauxhall and Opel deal before end of month
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Germans Turn Doubtful on Fiat’s Plans for Opel
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GM seeks urgent help from German government
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Bumpy Road for Fiat CEO
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Nissan posts $2.4 billion loss
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Nissan to set dividend once cash flow positive-Ghosn
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Mazda Slumps to Full-Year Loss
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Chrysler says its China operations unaffected
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Corporate Governance:

Judgment against William Aldinger raises issues about board seats
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Health Care:

How they'll save $2 trillion on health care
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Obama’s Push for Health Care Cuts Faces Daunting Odds
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Effects of ObamaCare
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Health Care Reform: What's in It for Patients?
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Hospitals Begin to Move Into Supermarkets
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HealthSouth Civil Lawsuit Seeks $2.6B From Scrushy
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Tourism:

Fewer Americans Vacationing This Summer
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As the recession blows a gale, the world's most expensive cruise ship nears completion
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Pensions:

Pay to Play' Probe Ensnares Another
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Cuomo's pension probe gaining steam nationwide
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Labor:

Bankrupt Hartmarx faces a sit-in
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Resorts:

Greenbrier seeks to halt bankruptcy filing
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Video Rentals:

Zombie Loans Breathe Life Into Blockbuster as JPMorgan Helps Delay Default
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New Bankruptcy Opinions
(No new opinions 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 helps the undeserving - and that's the way it should be
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Business Bankruptcies Increase in San Jose
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PR:

Spin Doctors On Steroids
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Telecoms:

Nortel First-Quarter Loss Widens to $507 Million
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Nortel Inches Closer to Unit Sales
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Nortel has future on hold
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Nortel confirms fire sale
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Nortel top gun's spin job tough to swallow
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Gambling

Bondholder drops lawsuit against Station Casinos
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AC casino revenues fell 14.2 percent in April
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As AC casinos keep losing, they face new competition
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Riviera Holdings Trims Losses, Bankruptcy Possible
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Fitch affirms junk rating on MGM Mirage debt
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Tax:

Obama Proposes New Taxes on Securities Dealers, Life Insurance
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White House Gives Offshore-Tax Details
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Quiet Disclosure Risky on Offshore Accounts
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Proposal would eliminate tax deduction for punitives
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Corporate Reform:

Obama Takes Tougher Antitrust Line
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Retailing:

Lenders Battle It Out Over General Growth
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Boscov Gets Bronzed
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Waterworks files for Chapter 11
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Media:

Advertising Losses Put Squeeze on TV News
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Insurance:

Conseco Soars After Posting First Profit Since 2006
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NAIC Knows How To Catch A Madoff, Says Vaughan
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AIG's Secret Plan Has Quiet Fed Help, Rep. Towns Finds
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AIG Trustees Should Answer to U.S. Taxpayers, Not New York Fed, Towns Says
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A.I.G. Sells Tokyo Building for $1.2 Billion
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AIG's Liddy Says Insurer Doesn't Need More Government Funds Now
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AIG blames the media
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AIG prepares for long recovery
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Interpleader: AIG, Greenberg and D&O Policy Proceeds
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M&A:

Credit Suisse, Deutsche Bank Win Dismissal of Two Claims in Huntsman Case
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Auto Racing:

Kern River Raceway developer seeks buyer as it files for bankruptcy
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Awards:

Harvey Miller to Be Honored by the American Jewish Committee
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Personal Finance:

Kids learn lessons from the recession
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Bankrupt vendors spoil weddings
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The lifestyle of the rich and needy
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Mass Torts:

New appreciation for burdens of mass litigation
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Executive Compensation:

The real reason CEO compensation got out of hand
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Private Equity:

Next Covenant Tripper Could Be GS Capital's Hawker Beechcraft
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Hockey:

Gretzky Stabs Bettman in the Back
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NHL dreams for Hamilton: the story so far
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Do NHL's governors have soft spot for Steel City?
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Lease essential for Balsillie's court bid
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Canadians skeptical about Balsillie bid
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Hockey's bonfire of the bankruptcies
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NHL should follow the money
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Coyotes battle could set precedent
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Balsillie faces uphill battle
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No stopping what Balsillie has set in motion
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Horse Racing:

134th Preakness Maryland's last?
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Art:

Art makes poor hedge against inflation
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UK:

MP's urged to produce hard evidence of pre-pack abuses
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UK Housing Slump Eases, Manufacturing Drops Least in a Year
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Enterprise Inns Declines as Profit Plummets, Dividend Scrapped
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Darling to shake up asset recovery rules after Lehmans
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Germany:

Merkel Spars With Rivals on 'Toxic' Bank Asset Plan
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Mexico:

Mexican Companies Face Downgrades
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Australia:

Australia May Face Debt Crisis as Grants Boost Home Loans to Young Buyers
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Australia Budget Deficit Grows to Record on Recession
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Wealthy to Be Targeted in Robin Hood Budget as Australia Enters Recession
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Ecuador:

Ecuador Bank Lending Falls as Default Sparks Outflows
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China:

Chinese Exports Fall 22.6% in April
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