May 5, 2009

The Daily Bankruptcy News

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Law:

Chrysler Lawyers May Get $200 Million From Bankruptcy Case Work
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Chrysler Bankruptcy Analysis - Part III: Will The "Absolute Priority Rule" Kill The Sale?
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Davis Polk's Huebner: A Revival Expert in More Ways Than One
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Trustee Objects to Weil Hire in Trump Casino Bankruptcy
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Now Arriving: The Long-Awaited Correction in Associate Pay
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MoFo Further Delays Start Date, Will Pay $5K Per Month + Medical Insurance Cost
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Start Date Watch: MoFo Comes Up With an Interesting Package
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Layoff Watch: 89 Down at Milbank
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Schulte Salary Cuts are In the System
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Stealth Layoff Watch: Sullivan & Cromwell Has A Very Special Spring Bonus
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Nixon Peabody: Salary Cut Follow Up
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Seyfarth Cuts Pay for Some Partners and Associates, Lays Off 50 People
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Firm set to cut 80 jobs and roll out flexi-working program
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Norton Rose triggers reduced hours scheme
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Rewards of BigLaw Getting Smaller as Salary Cuts Just Keep Coming (East Coast Edition)
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Rewards of BigLaw Getting Smaller as Salary Cuts Just Keep Coming (West Coast Edition)
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Judicial Clerkships Becoming More Scarce and More Difficult to Attain
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'Employed at Graduation' Statistic Needs Some Work
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Where are we going and when is this interregnum going to end?
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Bankruptcy Sleuths Trace Missing Cash to Traders' Receipts for Lap Dancers
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Don't Bet Against Boies Schiller
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Business-Building Struggles for Lawyer Who Died in Apparent Suicide
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Interviewing in a Depressed Job Market
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Is Law Firm Downsizing Impacting Corporate Clients?
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Downturn May Have an Upside for Contract Attorneys
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Making Rain In A Drought
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Have You Looked at Your Balance Sheet Lately?
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Depression Among Attorneys Rises as Economy Sinks
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Top Bankruptcy Lawyer Adam Rogoff Joins Kramer Levin
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FDIC Taps Bradfield as General Counsel
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Attorney General Promises Judges a New Day at DOJ
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Court Says Provision to Split Arbitration Fees Violates Public Policy
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Spector sues former lawyer for $1 million
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Lawyer Couple Shot and Killed; Brother of One is Suspect
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Arrested at 13, Freed 16 Years Later After Witnesses Recant
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High Court to Rule on ‘Freakishly Rare’ Life Sentence for 13-Year-Old
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Adventures in Lawyer Advertising: "The Dopest Attorney"
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Judges:

Judge's Wild West Shootout Recounted in Recent Decision
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A not-so-quiet legacy for the 'stealth justice'
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Odd Details of Souter’s Life Chronicled, Including Apple Appetite
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Obama Calling Senators for Input on Souter's Seat
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Obama to announce court nominee 'by end of week'
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Spotlight On Sonia Sotomayor and Elena Kagan
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Frontrunner for Supreme Court Believes Constitution Grows
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Senators: Pick next justice from outside judiciary
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Why Is Souter Leaving the Court?
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His English Teacher Would Be Proud
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Juror: Judge and jury pressured me to convict
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Judge of the Day: Myron T. Steele
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Wall Street:

US Stock Futures Fluctuate Before Data on Service Industries
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S.&P. 500 Erases 2009 Losses as Stocks Jump
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Wall Street Firms Will Revert to Pre-Crisis Model, Cohen Says
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Layoffs:

National and State by State Unemployment Rates
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Should Over-50 Job Hunters Join Facebook?
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Retailing:

Filene's Basement in bankruptcy court
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A Final Bargain at Filene’s: The Stores, in Bankruptcy
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Filene's Basement Enters Chapter 11
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Bidder has big plans for bankrupt Filene's Basement
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General Growth Overreached in Bankruptcy Case, Lenders Say
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Sears looks to Web for future growth
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Lampert confident Sears will keep credit lines
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U.S. retailers likely regained strength in April
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Corporate Reform:

Fed's Rosengren: Systemic regulator needs global reach
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Aviation:

US airlines running a little low on cash: experts
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Passenger 'drank liquid soap and scuffled with staff in air rage attack'
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Property of the Estate:

When Bankruptcy and Equity Collide: Has the Bankruptcy Code De-Fanged the Constructive Trust?
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Fraud:

SEC, investors try to keep $10 million from Stanford
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Stanford asks lawyers fees
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Magazine Touted Ponzi Scam, Investors Say in $178M Claim
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Connecticut Dismisses Pension Adviser Accused of Fraud
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Avoidance Actions:

Creditor That Used Debtor as Mere Instrumentality Qualifies As Non-Statutory Insider in Preference Litigation
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Resorts:

Owner of club for rich says she opposed $375M loan
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Economy:

Construction spending up slightly in March
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Fed's Hoenig sees slow economic recovery in 2010
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Fed's Lacker says recession to end later this year
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House Dems seek $94.2 billion in 'emergency funds'
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The government's new definition of rich
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Former GE CEO: Economic bottom is near
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A Failure of Capitalism
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Taxpayers Lose $299 Million in Build America Bondholders' Instant Profits
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Manufacturing: Which Companies Will Recover First?
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Real Estate:

NAR: Pending home sales on the rise
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Where Home Prices Crashed Early, Signs of a Rebound
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Mortgage demand up, 1st time since '07-Fed survey
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D.R. Horton's Fiscal 2Q Loss Narrows
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Fed says more banks tighten home loan standards
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Once ‘Very Good Rent Payers’ Now Facing Eviction
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Home Buyers' Suit Seeks to Bar Overcharges by Title Insurers
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Rural Communities Face Foreclosures
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Trump Baja project is turning into a legal battle of Trump proportions
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Debate on Trump Project Takes the Low Road
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Tax:

Companies Face New Tax Curbs
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Changing Corporate Tax Rules
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White House to crack down on overseas tax havens
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Coca-Cola, Oracle, Intel Use Cayman Island Addresses to Avoid U.S. Taxes
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Curbing Tax Havens
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Corporate tax crackdown just a start
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Obama's Pitch Taxes Credulity
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Section 1146 Redux: Piccadilly Cafeterias Not the Last Word After All on Chapter 11 Transfer Tax Exemption
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Obama's Bid to End Offshore Tax Havens Faces Hurdle in Congress
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Obama Plan Leaves One Path to Lower Taxes Wide Open
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Banking:

Fed Stress Test Results May Show 10 US Banks Need Capital
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Major Banks Get Stress Test Results Today
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Short Selling of Banks Accelerates as New Stress Test for Financial Firms
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Richardson and Roubini: We Can't Subsidize the Banks Forever
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Critics: Upbeat stress tests ignore bad bank assets
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Regulators urge Wells Fargo to raise capital
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Fed Says US Banks Expect Deepening of Loan Losses
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BofA disputes report on equity raising
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IndyMac: The Inside Story of a Bank Failure and Rebirth
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Citigroup eyes new ways to pay employees
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Banks Face Hits on Real Estate
(WSJ: separate paid subscription required)

UBS loss narrows to $1.75 billion after write-downs
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Standard Chartered Posts Record Profit
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Newspapers:

Boston Globe Off the Hook as Unions Cave to New York Times
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Boston Globe backs off threat to shut paper down
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NY Times union OK's 5% pay cut
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Buffett will hang on to Buffalo News
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Newspapers’ Essential Strengths
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E.W. Scripps Posts 1Q Loss
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White House: No bailout for newspapers
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Investment Bank Chief Eyes Purchase of Sun-Times
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Food/Drink:

Bankruptcy judge approves Bruno's sale
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Oil/Gas:

Fourth Circuit Restores Bankruptcy Safe Harbor Protections for Natural Gas Supply Contracts That Are "Commodity Forward Agreements"
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Pensions:

401(k)s Hit by Withdrawal Freezes
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As Goes GM’s Pension, So Goes Yours?
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Radio:

Chrysler’s Impact On Sirius XM
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Apparel:

Save The President’s Wardrobe!
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Executive Compensation:

Shell at risk of investor pay revolt
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Discharge:

9th Circuit Rules that Reliance of Original Creditor Sufficient to Finding in Favor of Assignee that Debt Is Non-Dischargeable
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Credit Cards:

More March credit card payments late
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Photography:

Fremont Settles Suit Over Ansel Adams Prints
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Finance:

Banks ease a bit on business loans; consumer debt still tight
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10 Straight Quarters of Tightening Credit for Small Business
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Libor Falls Below 1% for First Time as Credit Markets Thaw
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Accounting:

Study: Cash-Flow Margins Declining
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Horse Racing:

Santa Anita included in planned Magna auction
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Insurance:

AIG to post first-quarter loss, no new bailout: source
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Buffett says life insurers took "crazy" bets
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Hotels:

Tampa hotel owner files for bankruptcy after Best Western sues
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Hotels Roll Back Frills of Room Service
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New Bankruptcy Opinions
(2 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:

Who really killed bankruptcy reform?
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Bankruptcy Poetry:

Chrysler 2
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Bankruptcy Statistics:

Bankruptcy Filings Dip Slightly in April
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Autos:

Chrysler to lose $4.7B this year
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Plan for Chrysler Undercuts Creditor Rights, U.S. Law
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Chrysler Bankruptcy May Not Dent Economy as Cutbacks Were Set
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Is Chrysler's bankruptcy cloud becoming GM's silver lining?
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GM CEO Says Bankruptcy Avoidable
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As Tide Turned Against Chrysler, Auto Maker Sought Deals
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Chrysler gets OK to access $1.8B in loans
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Judge lets Chrysler pay suppliers, dealers
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Chrysler government loan payback iffy
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Chrysler Non-TARP Lenders Object to Auction Plan
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What If Chrysler Holdouts Overhedged with CDS?
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Chrysler's Lenders Claim Death Threats, Allowed Delay
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Court hears arguments on Chrysler payments
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Judge delays decision on Chrysler asset transfer
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The Ins and Outs of the Chrysler Sale
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The elephant in the room
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Chrysler Salaried Retirees Prepare to Defend Their Benefits
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Laugh-Out-Loud Silliness from the Chrysler Bankruptcy
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Chrysler: An Anti-Union Backlash in Financings?
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UAW will sell its Chrysler stock
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Chrysler Union Taking Big Risk, Its Chief Says
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Chrysler retirees to lose some benefits: UAW
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Chrysler and Fiat Have Hopes for Happy Relationship
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Governments ready cash for Chrysler bankruptcy
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Chrysler Makes a GM Bankruptcy Harder
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Chrysler's New Models Threatened by Plant Shutdowns
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Chrysler's New Financial Partner: GMAC
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GM to proceed with sale of Saturn
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Penske may make play for Saturn
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Saturn's charms eclipsed by its dealerships
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Chrysler bankruptcy has dealers on "razor's edge"
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GM, Chrysler Dealers Face Deadline
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Chrysler workers and sellers to feel pinch
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KCK-based claims administrator to handle Chrysler bankruptcy
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Michigan at center of Obama agenda
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Ralph Nader: Obama "Indecisiveness" in Chrysler Bankruptcy Leaves "Everything up in the Air"
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Delphi is facing week-long shutdown
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Union warns of Vauxhall 'giveaway'
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GM's China sales surge 50 pct to monthly record
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Fiat's Opel Bid More Advanced Than Rival, German Officials Say
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Fiat seen cutting German Opel staff
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Fiat Wants GM Europe, Too
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Germany May Help Fiat With Opel Bid
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Fiat Move on Opel to Create Auto Giant Skids on Job Fears
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Magna talks with Germany, GM about Opel minority stake
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Fiat boss tries to transform auto industry
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Is Fiat Nuts??
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Fears for British workers as Fiat line up deal to buy Vauxhall
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Fiat boldly goes where no one else has succeeded
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Marchionne's jumbo carmaker project is fraught with risks
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Troubled carmaker Saab says it's not in talks with Fiat
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Gambling:

MGM Mirage Profit Falls 11% Amid Biggest Las Vegas Gaming Slump on Record
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UK:

Lenders push for profits from insolvency
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Signs of hope emerge in construction industry
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Fiat's GM takeover plan raises UK job loss fears
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Company liquidation numbers soar
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EU:

EU Finance Chiefs Plan No New Stimulus Package Even Amid `Social Crisis'
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Canada:

AbitibiBowater can't deny pensions: judge
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Cayman Islands:

New Cayman Islands Corporate Insolvency Law
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Indonesia:

Indonesia cuts key rate to spur growth
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Australia:

Australia Keeps Interest Rates Unchanged
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India:

India, Suddenly Starved for Investment
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Japan:

Japan's Streets Still Gloomy
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