May 4, 2009

The Daily Bankruptcy News

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Law:

The Jones Day Bankruptcy Billing Machine
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Jones Day Billing $18.5 Million So Far in Chrysler Bankruptcy
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Jones Day's rates in the Chrysler case
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Five Canadian Firms Land Chrysler Assignments
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Jones Day, Cads win key roles on Chrysler bankruptcy
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Chrysler Hearing Takes Toll on Dewey Associate, But Not Athletic Judge
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The Am Law 100: Cahill's Long Goodbye
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Mounting Bankruptcies Spread Securities Litigation Risk
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Law Firm Salary Cuts Keep on Coming
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BigLaw Firm Axes Cuts 32 Lawyers, Slashes Surviving Associates' Pay
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Stroock Deferral Options for New Grads: $50K to Delay, $75K to Go Away
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Firm Fattens Up Severance Package for Associates and Staff Facing the Ax
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Ex-Associate Hit with ‘Wave of Negativity’ at Session for Jobless
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Last Week in Layoffs
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Layoff Watch: Seyfarth Shaw Cuts 50, Cuts Salaries, Cuts Back on Summer Program
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More On the Mark Levy Tragedy
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Mark Levy's Battle for Success
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Spurned Associate’s Suit Against Orrick Still Alive
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Could Structural Changes to Law Firms Crack the 'Glass Ceiling' for Women?
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An Open Letter to GCs in Tough Economic Times
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Former IP client goes after Heller for $50m
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A Sentence, A New Probe and a Very Strange Disbarment
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Judge Jails Lawyer Overnight; Attorney Says Draft Order Set Him Off
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For Sale: Marc Dreier’s Manhattan Apartment
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Movie Trailers From U.S. Chamber Institute Warn of Frivolous Lawsuits
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Associate Says He Was Fired for Refusing to Destroy Evidence of Kiddie P--- on Client's Computer
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Zombie Firm Hit With $50 Million Suit by Ex-Client Whose Lawyers' Defections Helped Kill Firm
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John Edwards faces federal investigation
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Lawyer Who Survived Hudson River Plane Landing Changes Careers
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Wake Forest Law Student: The Latest Meltdown
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Five Dollar Advice Guy Posts a Retraction
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Bring On That Client Contact
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Judges:

Souter's Retirement Sets Stage for Nomination Fight
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Souter Replacement Watch: Master List
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Obama Says He'll Seek Jurist With an `Independent Mind' to Replace Souter
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How Will Justice Souter’s Departure Affect Big Business?
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Justice Souter’s Friends Aren't Surprised by His Retirement Plans
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Chrysler Judge Arthur Gonzalez: No Stranger to Big Cases
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No Judicial Pay Raise Until Economy Improves, N.Y. Governor Says
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"Sinner" in the Hands of an Angry Judge
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Appeal Over Judge-Prosecutor Affair Should Be Heard, Court Finds
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Delaware Chief Justice Defends Racy E-Mail Video
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The judicial mind
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Wall Street:

US Stock-Index Futures Climb
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Wall Street looks to extend recent gains
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US Stocks Close Slightly Up
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Obama: Wall Street will play less dominant role
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Buffett admits investment mistakes but shareholders keep the faith
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Big Bored: Traders Look for Diversions
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Layoffs:

National and State by State Unemployment Rates
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Layoff Tracker
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‘Great Recession' Will Redefine Full Employment as Jobs Vanish
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Rebooting a Career, at a Technical School
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Sovereign Bank Laying Off 950 Workers
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Banking:

Buffett Dismisses Government Stress Tests, Praises Wells Fargo
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Trust in Banks at a Low Ebb, Surveys Show
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Tests of Banks May Bring Hope More Than Fear
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Stress-Test Results Due on Thursday
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Will Bank Stress Tests Soothe Public Fears?
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Citi Is Said to Require New Capital
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Any Citi capital need seen as manageable
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Citigroup to Get $2.5 Billion Boost Off Japanese Sale
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Markets expect more bailouts after bank stress tests
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Three more banks fail
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Entrepreneurial Banker Uses Crisis to Consolidate
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Finance:

Credit crunch for small businesses may be easing
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SBA relaxes RV, auto loans
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Banks Get Tough on Credit Lines
(WSJ: separate paid subscription required)

The Chrysler bankruptcy kicks off speculation about the implications for future access to credit by large industrial companies
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Executive Compensation:

Buffett: Limit CEO pay through embarrassment
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Tax:

Obama Targets Offshore Tax Havens
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Obama Wants to End Tax Rules That Save Companies $190 Billion
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Switzerland No Pushover On Taxes
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Swiss Government Backs UBS In US Court Case
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PR:

Spin Industry Suffering in Slowdown
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Economy:

Manufacturing, Confidence Increase
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Jobless Rate in U.S. Probably Climbed to 25-Year High as Firings Persisted
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The Odds on Another Depression?
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Depression Scares Are Hardly New
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Easy Credit and Depression
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Buffett endorses moves to restore economy
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Buffett Lambastes Bankers, Insurers for ‘Greed,' ‘Stupidity'
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Stimulus Rejection Splits Town
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U.S. Helps Bailed-Out Firms Pick Executives
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Worries Rise on the Size of U.S. Debt
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China 'cutting down purchases of US Treasury bonds'
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Americans struggle through a day in the recession
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Real Estate:

How Big Banks Want to Game the Mortgage Mess
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CMBS Delinquencies Soar in Q1
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CRE Eyes Chrysler Deal Closely
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Pending US Home Resales Probably Steadied as Market Settled
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US Home Prices May Be Lost for a Generation
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Debt Collection:

Facing Tight Budgets, Courts Go Into Collections Business
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Autos:

US auto sales fall 34% in April
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Chapter 11 talk a shadow on industry
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Chrysler leads declines in sales
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White House Denies Charge By Attorney that Administration Threatened to Destroy Investment Firm's Reputation
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Chrysler Begins Voyage Down Bankruptcy Route
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Chrysler Bankruptcy Case Web Site
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Chrysler First Day Declarations
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Chrysler's Speedy Bankruptcy Case Gets Started
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Chrysler Goes to Court
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Chrysler Bankruptcy Caught Yale, Halliburton, Gates Foundation, Oaktree
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Chrysler: The Long Con
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Goldman Sachs Foreshadowed UAW's Chrysler Coup
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Chrysler seen as shot over bow for GM creditors
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GM Bankruptcy Probable as Obama Favors UAW Against Bondholders
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Cerberus's Chrysler Bankruptcy Sets Record in US LBO Industry
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Bankruptcy reality sets in for Chrysler, workers
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Chrysler Bankruptcy Staggers Affiliates
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Chrysler bankruptcy's effect on the city of Warren
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Fallout hits New York
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Chrysler May Seek Approval to Sell Assets by May 22
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Chrysler Must Complete Sale by June 27 to Avoid Default, Treasury Says
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Chrysler: A 30-Day Bankruptcy? Yeah, Right.
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Five More Chrysler Plants to Close By End of 2010
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A word of advice for the people at Chrysler
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A Government That Honors Contracts -- and Doesn't
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Aftermath of Chrysler Bankruptcy
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Chrysler Bankruptcy Won't Interrupt Warranties, Treasury Says
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Some sticking with Chrysler, others skeptical
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Why Chrysler Doesn't Matter Anymore
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Will Ford benefit from bankruptcies?Fs
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Statement by Ford on Chrysler's Chapter 11 filing
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Ford outsells Toyota as auto sales drops go on
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Ford US sales fall 31.6 percent in April
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GM: The Government Is in Charge
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American Axle Posts Wider 1Q Loss on Industry Woes
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Penske: Chrysler support will continue
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New loans for car dealers - but will they help?
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Pontiac fans share their memories as brand takes final lap
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Hecker lawyer quits case
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Toyota Leads Japan Sales to Worst April Since 1968
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Fiat confirms talks for GM's Opel, with eye to creating single car
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Fiat May Spin Off Auto Division If It Adds GM Europe Assets
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Chrysler in Hand, Fiat Turns to Opel
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Fiat move for GM would create $100B giant
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Europe auto shake-up looms; Porsche sale debated
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Jaguar set to claw its way out of recession
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Newspapers:

Eastern Pennsylvania Newspaper Cuts 52 Jobs
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Washington Post Co. Posts Loss as Ad Sales Plunge
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Street Papers Thrive as Industry Falters
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Globe negotiations continue as new deadline approaches
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Boston Globe could file shutdown notice Monday
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Guild: We've Made Enough Sacrifices To Save Globe
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Star Tribune journalists OK concessionary contract
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Columbian seeks Chapter 11 bankruptcy protection
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Buffett: US newspapers will keep losing money
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Mass Torts:

He Fought the Tort Bar -- and the Rule of Law Won
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Manville Asbestos Trust Reducing Transparency on its Asbestos Claims Data
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Suit charging docs with bogus diagnoses could hit some of biggest plaintiff's firms
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What's New in Asbestos Litigation?
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New Bankruptcy Opinions
(3 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 Reform:

Dick Durbin Derailed--Again
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Religion:

Does God Want You to Be Bankrupt?
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Trustees:

How Much Do Long Island Trustees Earn?
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Bankruptcy Poetry:

Chrysler
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Oil/Gas:

Big oil profits fall by 66%, cash holdings at $50 billion
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Fraud:

Trustee puts claim on cash from Madoff investors
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Trustee sues Madoff feeder fund manager for $1 billion
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Madoff's Victims Getting Put Through The Wringer Again
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Money manager at top of Madoff speed dial is sued
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Auto Racing:

Dodge teams still hopeful in wake of Chrysler filing
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Health Care:

Battles continue over Bayonne bankruptcy
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Sunwest investors angered by $24 million in legal bills
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Pensions:

Cuomo Helps Form Multistate Task Force, Widens Pension Probe
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Horse Racing:

Magna Bankruptcy Hearing Today
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Lehman:

How Lehman Brothers Got Its Real Estate Fix
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Bonds Show Lehman Fades in History as Spreads Narrow
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Gambling:

Casino bankruptcies nothing new for Gordon Silver
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Retailing:

In a Recession, the Dollar Store Seizes the Moment
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Tiffany’s Purchase Adds Bags To Bling
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Museums:

Bra-gate comes to end
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Aviation:

Swine Flu and Travel: Q&A on Infectious Diseases in Airline Cabins
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International Demand, Capacity, Load Factors Still Falling
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Not cleared for takeoff
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Heathrow Cargo Falls 14.6 Percent
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Hedge Funds:

Casting the Hedge Funds as Villains
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Nardelli familiar with hedge fund fire
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Advertising:

WPP to Reportedly Cut 7,200 Jobs
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Defaults:

Global corporate defaults highest since 2002 in April-S&P
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Private Equity:

Sun Capital-Backed Mark IV Industries Files for Bankruptcy
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Student Debt:

Fair Game: Students’ First Lesson: Beware Loans’ Fine Print
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UK:

Personal insolvencies up 23%
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KPMG predicts record bankruptcies
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EU:

E.U. Says Europe Faces Deep Recession
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Euro-Region to Shrink 4%, Deficit to Top Limit
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Australia:

Macquarie Bank Profits Collapses 52 Percent
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Germany:

German Retail Sales Unexpectedly Declined in March
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Weber Says German Economy Won't Grow Before Second Half of 2010
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Iceland:

It's all bad news for Iceland
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Canada:

Consumer insolvencies to skyrocket
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Japan:

Japan's Views on Poverty Shifts
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Armenia:

Economic Slump Hits Armenia
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South Africa:

South African Manufacturing Contracts for 12th Month
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