May 14, 2009

The Daily Bankruptcy News

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Law:

Frayed Nerves and Finger-Pointing as Reality of Wolf Block's Closure Hits Home
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The Forecast for Rising 2Ls: Pain
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Fish & Richardson Lays Off 120
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Day Pitney Lays Off 20 Attorneys
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Ax Redux: Second Layoff Claims 24 MegaFirm Lawyers, 100 Staffers
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DLA Piper Axes 124 in UK Offices
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Dechert Chairman’s Pay Cut Is Not $1M, Spokeswoman Says
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Update Potpourri on Sullivan & Cromwell
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Harvard Prof's Advice on Being Fired: Be Positive, Tell Your Side of Story Quickly
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Kramer Levin, Skadden Re-Boot Circuit City
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Gender Gap Disappears If You Just Keep Working
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Bank challenges litigation panel to embrace flexi-billing
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Why reports of partnership's death have been greatly exaggerated
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Last year was the worst for America's top law firms in 17 years
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Suit: 950% Profit Suggests Fla. Lawyer Was Rewarded for Madoff Investments
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Mortgage Originators Owe Big Bucks to Am Law Firms
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Defense Claims Refco Officials Lied to Mayer Brown Partner About Fraud
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Are Law Firms Reducing Commitment to Diversity, Leadership Training?
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Two Firms Score New Manhattan Digs, and Another Gives Up Some Offices
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Ninth Circuit Grills Prosecutors in Reyes Backdating Hearing
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Recession Sends Lawyers Into the Clouds
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Judge slams plaintiffs lawyers' torts-for-import game
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Lawyer says departure "like a divorce"
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Is this the end for Legal Professionals?
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Judges:

Emotion of the Day: Empathy
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Judge Joins National Firm, But There's This Other Job in DC She Might Want
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Wiseacre Judge Says He's Suffered Enough for His Barbs From the Bench
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New Restrictions on Club Memberships for Federal Judges
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Judge Posner Blames 'People Like Me' for the Economic Crisis
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Wall Street:

Futures point to cautious start
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Asian Stocks Get Hammered, On US Retail Sales
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Stocks take a thumping
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The rich get richer on Wall Street
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Layoffs:

National and State by State Unemployment Rates
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Seagate to fire another 1,100 workers in cost-cutting move
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8,000 in Northeast Ohio could lose jobs as Chrysler, GM shut dealers
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Autos:

Obama's 60-Day Goal for Chrysler Bankruptcy Covers Only Best Assets Sale
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Haven't we been over this already?
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GM fears U.S. control could hurt in long run
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Casualties in the Chrysler bankruptcy include rule of law, principle
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Creditors Overplayed Their Hand
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Detroit Bankruptcy Quiz: Do We Hate Car Dealers as Much as Hedge Funds?
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GM, Chrysler to cut up to 3,000 dealers
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Auto dealers wait for the ax to fall
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GM, Chrysler Urban Dealers Likely to See Bulk of Cuts
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Minority Dealers Hit Hard by Auto Crisis
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Final Frontier: Below Dealer Cost
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Website developed for Dealers impacted by Chrysler's Bankruptcy
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Auto dealer cuts: Painful surgery
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Cities brace for shutdown of auto dealerships
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Dealers lobby Congress for help with GM, Chrysler
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G.M. Could Sell Chinese Cars in the U. S.
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Chinese imports could bring GM political troubles
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Congress under pressure as GM bankruptcy possible
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Ford Gain Eases Holders' Concerns as Losses Persist
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Chrysler Salaried Retirees Ask for Committee
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Treasury Aid Not Reaching Auto Suppliers, Panel Told
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GM speeds up cash for suppliers
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Delphi May Be Forced To Liquidate
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Chrysler seeks to end leases on corporate planes
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UAW5 OKs Chrysler-Fiat labor peace
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UAW faces painful transformation
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Congress set to OK cash-for-clunkers bill
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The Auto Industry: Why Seven Must Become Three
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Fiat's Italian Workers Seek German Solidarity After Snub by CEO Marchionne
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Ottawa won't bail out GM pension plan
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European new car sales fall 12.3 percent
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Hyundai denies reported approach by GM on brand
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Opel employee chief fears job cuts in GM/Fiat deal
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Insurance:

Congress to AIG: We don't trust you
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Congress grills AIG's Liddy on repayment
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Partners in Lobbying Firm Stay Close as AIG's CEO Testifies
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AIG payback? Don't hold your breath
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AIG CEO sees bailout repayment if economy holds
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Exploring AIG's Secrets
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AIG's Trustees Shun 'Shadow Board,' Seek Directors
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Solvency concerns swirl around bond insurers
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Banks sue MBIA over $5 billion restructuring
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Tech:

Spansion loses $89M in Q1
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M&A:

Survey: M&A Deals Aren't Dead
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Shipping:

The Ocean's Parking Lot
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Trucking:

As Trucking Goes, So Goes the Economy
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How Much More Capacity Needs to Exit the Trucking Industry?
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Trucking fleets are cutting back
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Movies:

Yachts Land at Cannes Sans Buyers as Filmmakers Court Scarce Distribution
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Celebs:

Victoria Gotti in Brooklyn court to save LI mansion
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Radio:

Clear Channel Eyes Restructuring
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Pensions:

Pension Inquiry Reveals a Power Broker’s Web
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Economy:

US Business Inventories Fall for Seventh Month
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Data belie Biden stimulus anecdotes
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Stocks in Emerging Markets Slump; Oil Retreats, Treasuries Gain
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Small-business optimism index rises in April
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Krugman Says World Faces Japanese-Style 'Lost Decade'
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Geithner proposes 'systemic risk fund' to insure big firms
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Mich. jobless rate may rise to 20 percent
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'Good Bad' Economy Inspires Consumers as Slump Eases
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If Consumers Won't Kick-Start the Economy, What Will?
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The Recession's Effect on American Households
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Let's Avoid Other New Deal Policy Blunders
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Tincture of Lawlessness - Obama's Overreaching Economic Policies
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Real Estate:

California Home Prices to Fall 36% More, Fitch Says
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A Market-Based Fix for Mortgages
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75% in survey think worst is over in housing slump
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Latest Housing Recovery Prediction: 2015
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Downpayment help from the FHA?
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MI lawmakers agree on 90-day foreclosure bill
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Slow Start to Federal Plan for Modifying Mortgages
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South Florida foreclosures continue to soar
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Realtors' median incomes fall by 13% in 2008
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Commercial Real Estate Investors Face Pivotal Q4
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Credit in deep freeze in commercial real estate
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What the Bank 'Stress Tests' Tell Us About Commercial Real Estate
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Corus Has Buyers for Its Condos: Vultures
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Developer Kirk Corp. files bankruptcy
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Pass-Through Certificates Wrongly Certified; Lawsuit
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Homeowner losses bigger for minorities
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Retail Landlords Face Difficulties, but Resist Rent Concessions
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SEC may charge Countrywide's Mozilo
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Mr. Mozilo, Meet Mr. Wells, More
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Trump the Tenant Misses Rent, Trump the Co-op Sues the Gent
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Retail Vacancy Glut Could Spell Opportunity
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Banking:

US moving ahead on bank oversight
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Geithner Says Small Banks Given More Access to TARP
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Inside Citi's Stress Test: More like an F than a B+
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Bankers boo US Treasury's plan for new bank bailout
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Miller Wrestles Whitney in Showdown Over Bank Stocks
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Geithner lauds Bank of Commerce
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Records Show Full-Court Press Behind Banking Bailout
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Goldman “if only we had some Tipp-ex” Sachs
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Barclays to Expand Into Asian, European M&A, Equities
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Natixis Tumbles After Posting $2.5 Billion Loss on Writedowns
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Credit Agricole quarterly profit slumps 77%
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European Banks Struggling With Bad Debts
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Aviation:

Continental cutting 500 jobs, shutting Florida call center
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Singapore Air Profit Falls 92% on Global Travel Slump
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Spain's Iberia Loses $127 Million
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Retailing:

Wal-Mart Stores Q1 profit flat with last year
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Kohl's 1st-Quarter Profit Drops 11 Percent
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Retail Sales Unexpectedly Fall for Second Month
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Liz Claiborne loss widens on charges, sales drop
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Macy's Has Wider Quarterly Loss After Marking Down Merchandise
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General Growth loans valued at 44.25 cents
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Gambling:

JPMorgan, Citigroup Paid in Junk Bonds by Harrah's
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MGM Mirage looks to raise $2.5B in capital
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Newspapers:

Billionaires circle for share of paper
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New York Times Should Get a Major Mogul Bailout
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Report: David Geffen wants stake in NYT to take it nonprofit
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What David Geffen Sees In The New York Times
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Reports: IRS auditing Tribune ESOP
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APME Survey: Newspapers Fear Effects of Cutbacks
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Journal Register seeks to void union contracts
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Who is the Union-Tribune's new owner?
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State OKs tax cut for newspapers
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Finance:

Real Rate Shock Hits CEOs With Bond Borrowing Obstacles Impeding Recovery
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Modify:

DirecTV told to modify Charter bankruptcy ads
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Oil/Gas:

No SemGroup peace seen
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SemGroup fights to maintain control
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IEA predicts sharpest fall in oil demand since 1981
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Oil Falls for a Second Day After IEA Cuts 2009 Demand Forecast
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SemGroup expected to file reorganization plan Friday
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Lehman:

Lehman plans to spin off remaining assets
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Fee Committee Appointed in Lehman
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BAPCPA:

Lawyers Speak Out Against Bankruptcy Act's Limits
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Personal Finance:

American Families Return to Eating At Home
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Economy Brings Generations Together Under One Roof
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Distressed Assets:

Joint venture buys 'toxic' loans at deep discount
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Exemptions:

Lawyers, Guns and Money
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Private Equity:

PE woes detailed in new study
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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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Reorganization:

Why the bankruptcy system is broken
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Student Debt:

Student Loan Bailout: The Choice of a New Generation
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Student lender Sallie Mae reverses stand on subsidies
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Fraud:

Madoff Case Overload Imposes Travel Restrictions on Lawyers
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Lawsuit claims Picower profits from Madoff $5 billion
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Some Madoff Investors Made Off Better Than Others
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Madoff Trustee Waiting On SEC
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Madoff Trustee Seeks $150 Million From Vizcaya After Dropping One Case
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Madoff train of carnage picking up speed
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NY trustee sues philanthropy in Madoff case
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Stanford examiner: Let the Antiguans file for bankruptcy
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Printing:

RR Donnelley Offers to Buy Quebecor Assets for $1.35 Billion
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Prepacks:

Prepackaged bankruptcies hit 8-yr high in Q1-S&P
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Executive Compensation:

US Regulation of Bank Executives' Pay 'Overkill,' Levitt Says
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Taking the Long View on Pay at Banks
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Obama Wants Shareholders to Have Bigger Say on Pay
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'Fed hid AIG bonuses from Obama'
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What Geithner Knew
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Banks' Addiction to Executive Pay
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Resorts:

LeMond, Yellowstone Club Square Off
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Derivatives:

US regulators to seek OTC derivatives clearing
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Obama Administration Plans New Regulations for Derivatives
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US Regulators Seek Trace-like Reporting for OTC Derivatives
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Elliott's Singer Targets Credit-Default Swaps Payday in Failing Companies
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Chemicals:

Tronox Files Fraudulent Conveyance Lawsuit Against Anadarko
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RVs:

Company buys Oregon plant owned by Fleetwood
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Winnebago CEO sees brighter days ahead
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Bonuses:

Officials Knew of AIG Bonuses Months Before Firestorm
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Hockey:

Coyotes Call For Probe Into NHL-Reinsdorf Deal
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A Friend of the Hockey Court
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Leases restrict movement of most clubs
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The NHL dream for Hamilton
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Coyotes can't be sold to Balsillie, Arizona city says
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Hamilton opens doors of Copps to Balsillie
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Printing:

Quebecor World reviewing US bid
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Health Care:

Oakwood hospitals post $76M '08 loss
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Organ donations decline with economy
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Municipalities:

TARP program needed for muni debt-California treasurer
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Schwarzenegger proposes selling L.A. Coliseum
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Schwarzenegger to propose selling San Quentin
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Credit Cards:

Senate Rejects a 15% Ceiling on Credit Card Interest Rates
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Obama continues push for credit card bill
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Carper helps banks kill credit card rate cap
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What Does Your Credit-Card Company Know About You?
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Furniture:

Office furniture index shows more declines with a bottoming out
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Fashion:

The Death of the Power Suit
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Unstyling the Rich
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UK:

Downturn Not Over Yet, U.K. Central Bank Warns
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UK mortgage lending picks up in March
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BT Posts Huge 4Q Loss, to Cut 15,000 More Jobs
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Rents Crash in City of London to 1991 Prices Le Gavroche Proves Long Gone
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EU:

A Bankrupt Insolvency System
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Canada:

Creditors file $3.5-million in claims against Conquest
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Japan:

Japan's Merchant Sentiment Climbs to 12-Month High
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Japan's Economy Probably Shrank at a Record Pace, Hit Bottom Last Quarter
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Sony Suffers First Annual Loss in 14 Years
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India:

India Moves to `Claw Back' Funds Hidden in Swiss Banks as Elections End
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France:

Hard times, hard choices: The French pawn their wines
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Norway:

Thriving Norway Provides an Economics Lesson
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Spain:

Spanish Economy Shrinks Most in 40 Years as Unemployment Rate Nears 20%
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