May 22, 2009
The Daily Bankruptcy News
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Due to the Memorial Day holiday, The Daily Bankruptcy News will not publish on Monday, May 25, 2009
Law:
Former Heller Trio Cuts Fee Deal With Estate
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Sonnenschein Announces Associate Pay Cuts, Performance-Based Compensation System
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Salary Cut Watch: Sonnenschein Has Had Enough of Lockstep
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Sweeping Sonnenschein Pay Plan Eliminates Lockstep, Offers ‘Flexibility’
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Fish Firm Defers 1/3 of Incoming Class, Tells 1/3 More to Look for Another Job
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Freshfields to reject almost 30% of qualifying trainees
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Morris Manning Axes Fall Interviews—and 2010 Summer Program
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Large-Firm Lawyers Increasingly Striking Out on Their Own
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Where the Work Was
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Which firms offer the best chance of making partner?
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The Millennials: Generation Enlightened or Generation Lazy?
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Billable Hour Hullabaloo is ‘Overblown,’ Drinker Partner Says
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Slashing hourly charges won't automatically translate into a lower bill for clients
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Money Transfer: BigLaw Firm Shuffles Lawyers, Offices in Bank Practice Shakeup
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New Niche Practice: Disputing Other Lawyers' Fees
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Calif. DAs Brace for the Worst After Budget Propositions Fail
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Is a Switch to Law Firm Management a Good Move for Lawyers?
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Lawyer of the Day: Louis Brunoforte
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Mystery Man
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Kiwi Camara: He's Baack
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Notes from the Breadline: Comes a Time
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Judges:
Justice Breyer: Judges Need Voice in the Cabinet
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If Picked, Granholm Would Be 7th Foreign-Born Justice
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The Daily Scotulbutt: A Two-Horse Race?
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How Joe Biden Wrecked the Judicial Confirmation Process
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Bankruptcy Judge: "I'd really like to pay attention to your argument. You don't dress in court as if it's Saturday night and you're going out to a party."
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Illinois Judges to Attorneys: Let’s Spiff it Up a Bit, Shall We?
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Male Judges Advise Women Lawyers to Lose the Distracting ‘Ally McBeal’ Look
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Wall Street:
US stock futures up before long weekend
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Ratings Fears Roil Markets
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Economic Reality Check Sends Markets Lower
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Morgan Stanley Said to Dismiss Head of Brokerage Unit
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Going public? Encouraging signs
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Layoffs:
Jobless Claims Set Record for 16th Straight Week
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LAUSD facing more cuts after statewide election
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National and State by State Unemployment Rates
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Video Games:
GameStop same store sales stumble
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Warner Bros. bids for Midway Games assets
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Retailing:
Recession Turns Malls Into Ghost Towns
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S&K Menswear closes 104 stores
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Temporary leases please US malls and retailers
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Sears extends, reduces credit facility after posting 1Q profit
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RadioShack CEO says it has enough cash to get through recession
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Newspapers:
Fitch cuts McClatchy to 'C' on debt exchange offer
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Pioneer Press Seeks $2M in Savings From Union
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Detroit Free Press Plans to Cut About 25 Jobs
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Tax:
Luxembourg signs tax agreement with US
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Corporate Reform:
SEC Sues Eight in Three States in Penny Stock Ring
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Tech:
Hewlett-Packard Plans Benchmark Sale to Repay Debt
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Lehman:
Justice Department Probes Lehman Execs
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Student Debt:
House Committee Considers Overhaul of Student Loan Programs
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Television:
Ion Media Gets Bankruptcy Court Funding Approval
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Corporate Governance:
Potential Risk in a Move to Give Investors More Say on Boards
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Municipalities:
California Cities Irked by Borrowing
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The Sorry State of Our Sorriest State, California
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California and the Beauty of Bankruptcy
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State government needs RAW deal
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Poor would be hard hit by proposed California budget cuts
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Personal Bankruptcy:
Bankruptcy the 'best option' for more debtors
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Hockey:
Balsille may be out of the game after judge's ruling
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City of Glendale joins courthouse fracas over the future of Coyotes
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NHL needs to know when to fold 'em
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NHL's political clout
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Hamilton's NHL dreams bodychecked into reality
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Economy:
Jobless claims: It's still tough out there
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CBO: Unemployment will keep rising through 2010
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It's Official: Worst Recession in Six Decades
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Geithner Pledges to Cut Deficit as Concern Grows Over U.S. AAA Debt Rating
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Index of Leading Economic Indicators is up in May
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Philadelphia-Area Manufacturing Contracts at Slowest Pace in Eight Months
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Fed's Plosser: Don't prop up banks, homebuilders
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Rhode Island Project Shows Obama Stimulus Has Yet to Dent Job Loss Trend
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Zero jobs created by highway stimulus in Texas so far
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TARP Warrant Sale Shows Banks May Reap `Ruthless Bargain' in Repaying U.S.
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Economic Stress Map
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Real Estate:
Mortgage Rates Fall in US for 30-Year Fixed Loans
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Why Record Low Mortgage Rates Are Not Low Enough
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Obama signs mortgage bill into law
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Can You Get an Obama Loan Modification?
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Home Price Free-Fall Slows, But Not in California, D.C.
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San Francisco Home Prices Fall 41% on Foreclosures
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Calif. home sales, prices in April vs. year ago
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Blast From the Past: Lennar Advertising No-Money Down Homes
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The Faux Demand For Foreclosed Homes
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Man charged in WCI fax hoax
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Autos:
US auto sales seen down 35 percent in May: JD Power
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Sub Rosa Plans
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UAW agrees to new GM deal
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GM-UAW deal puts pressure on Canadian counterparts
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GM's Future Rests With Bondholders After UAW Deal
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Bondholders would rather take their chances in court
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Why a GM Bankruptcy Would Be a Disaster
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Will GM Be Forced Into Bankruptcy ?
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Lawmakers posture on Chapter 11
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US to work with GM ahead of June 1 deadline
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US Reportedly Steering GM to Bankruptcy
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Soon the Government Could Own Both GM and GMAC
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Criticism grows against Obama auto rescue plan
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'Speculators' Are Starting to Avoid Companies with Legacy Costs
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Small GM Investors Look At Hard Choices
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GM Reorganization 'Blatantly Unfair,' Bondholder Says
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Bondholders' ripped off' by US in car maker restructuring
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GM Bondholders Rally To Oppose Debt-For-Equity Offer
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Faith in GM has hurt small investors
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GM's Lutz sells all shares under compensation plan
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Delphi still seeking deal to exit bankruptcy protection
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Feds give $50M in aid to towns hit by auto layoffs
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Iacocca and Other Former Chrysler Executives to Turn in Company Cars
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The Skilled Hand Inside the Fiat-Opel-Chrysler Deal
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Bankruptcy Battle: Chrysler Plaintiffs Say They Deserve Their Day in Court
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Lawmakers seek flexibility for US auto dealers
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Chrysler Marketing Chief Warns That All 3,181 Dealers May Face Elimination
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Chrysler Dealer Closings Mean Deals for Buyers
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Chrysler dealer: 'They're making it impossible'
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LaTourette bill demands all information on closing Chrysler plants, dealerships
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5 things GM and Chrysler customers need to know
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Head of Cadillac, Hummer, Saab stepping down
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Battery maker Cobasys on edge of bankruptcy
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Fuel Rules May Complicate Car Rescue
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Light Cars Are Dangerous Cars
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Auto sales forecast for 2009 falls to 10 million
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Detroit Three's survival report card
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German leaders plan meeting to discuss Opel
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Fiat Wants Opel On Board
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3 financial institutions back Fiat's ambitions
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Magna's Opel Bid Includes Fewer Job Cuts Than Fiat's, Bild Says
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GM's Opel Will Get 750 Million-Euro Bridge Loan From Germany
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GM May Get Fourth Bid for Opel From Chinese Bidder
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German governor suggests Magna best for Opel
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Fiat's Marchionne- capacity must be cut by 20 pct
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What Downturn? Rolls-Royce Is Hiring
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Ssangyong Motor workers strike against job cuts
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Fraud:
Stanford suspect must wear monitor
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Recession proof Stanford scandal legal fees?
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Madoff figure Stanley Chais' request for funds is rebuffed
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Financier in Madoff Case Quits Synagogue Position
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Mark Seal and Eleanor Squillari on Bernie Madoff
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Florida man accused in $44 million forex fraud
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On stand, Scrushy attacks former HealthSouth CFOs
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Richard Scrushy Goes on the Attack
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Scrushy Says HealthSouth Paid for Woman's Implants
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Health Care:
Neediest kids suffer in recession
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Finance:
Libor Set for Biggest Weekly Drop This Year on Recovery Signs
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(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:
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(2)-
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(5)-
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(10)
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Banking:
Banks to Geithner: It's Payback Time
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Feds close Florida thrift in biggest failure this year
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BankUnited Sale May Signal Shift by FDIC in Bank Buyout Rules
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Buyout firms win BankUnited auction
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Guaranty misses deadline with federal regulators
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GMAC Receives More Aid as Treasury Gets Board Seats
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US Faults OTS, Thrifts for 'Inappropriate' Reports
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The world's best banks
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Greenspan Says Banks Still Need More Capital
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Perella Weinberg Hires 2 for Restructuring Group
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Oil/Gas:
US natural gas demand unlikely to recover until 2012
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Appco Nears Auction
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Food/Drink:
Bruno’s Helps Itself To Charity Proceeds
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Hormel profit up 4% as Spam demand rises
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Giant Eagle sued in ex-LeNature's Latrobe plant dispute
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Book Reviews:
The Road to Bankruptcy
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Pre-emption:
Obama Breaks With Bush-Era Pre-emption Policy
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On Preemption, the Left and the Right Enter Bizarro World
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Celebs:
Vick needs money, but does the NFL need Vick?
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Ex-Bull's NBA championship rings net $53K
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Ethanol:
Green Plains To Buy 2 VeraSun Plants For $123.5M
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Valero in South Dakota for farmer meetings
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Credit Cards:
American Express, Discover May Face Downgrades on New Card Law
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Does Credit Card Bill Pave Way for Litigation?
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Analysts say variety of credit-card fees likely to increase
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Aviation:
Foggy Skies For British Airways
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Emirates Profit Dives 72 Percent
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Treating Travelers Like an ATM Seems Like A Popular Idea
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Southwest Airlines’ Rapping Flight Attendant Takes On GAAP
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Distressed Investing:
Chrysler, GMAC Exposure Can't Stop Versa From Raising Fund II
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Insurance:
A.I.G. Chief, Brought In During Bailout, to Leave
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S&P cuts Ram Re's counterparty rating by five notches
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Moody's Eyes the Chopping Block for Monolines
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Apparel:
Emerisque renews interest in bankrupt Hartmarx
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Wells Fargo Said to Be Squeezing Clothier Hartmarx, Raising Liquidation Fears
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Defaults:
S&P: 11 More Issuers Default This Week; YTD Total Tops '08
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Executive Compensation:
Banking on dead workers to overpay living executives
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Magazines:
CFO: No bankruptcy for Reader's Digest
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Playboy Shopped for $300 Million, Report Says
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UK:
Britain Warned On Credit Rating
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UK debt problem is underestimated
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U.K. Property Firms Struggle With Debt
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UK Inventories Drop at Record Pace in First Quarter Slump
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U.K. Refuses to Release RBS, Lloyds Stress-Test Results, Citing Stability
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Politicians in UK at breaking point over expenses exposé; Suicide fears
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Canada:
Credit Suisse Downgrades Canadian Banks on Credit Conditions
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Japan:
Bank of Japan Upgrades Assessment of Economy
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Taiwan:
Taiwan's Jobless Rate Climbed to Record High of 5.77% in April
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China:
Chinese Industrial Production Yet to Have `Solid' Recovery, Ministry Says
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Russia:
Dilemma for bondholders as Russia earnings slide
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