May 6, 2009
The Daily Bankruptcy News
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Law:
Big Law’s Future: Profit Forecasts, More Layoffs, and Going Big in BRIC?
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Fenwick & West Lays Off 15 Associates, 7 Staff
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MoFo (Finally)Announces Associate Deferrals
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Milbank Confirms Layoffs of 49 Associates, 40 Staff
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Eckert Seamans to Cut 119 Lawyers
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Contract Lawyers Get Paid Less, But May See More Job Opportunities
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Tragic News From Simpson Thacher
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ABA Puts Lawyers On Suicide Watch
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Dewey & LeBoeuf: Latest Firm to Offer a Year-Long Deferral to All Associates
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Shearman & Sterling Offers Voluntary Year-Long Deferral to All Associates
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Berwin Leighton Paisner to Lay Off London Staff With 85 Under Threat
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End of the Bloodshed?: Looking for Signs the Worst Is Over for Legal Job Market
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Some Law Firms Prepaid 2009 Expenses in Anticipation of a Down Year
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Orrick Tightens Its Grip on Capital
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WARNing Shot: Filings Tell Tale of How Firm Died
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Emotions Run High In Chrysler Case
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In Down Times, Depression Taking Hold Among More Lawyers
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Diversity Scorecard 2009: A New View of Success
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Cost-Cutting Clients Put the Squeeze on Law Firms
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Administration May Seek Professional Sanctions Against Bush Lawyers
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What's a Celebrity Lawyer?
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Vice Chair of Howrey Dies at 53
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SEC Charges Lawyers in Pump-and-Dump Scheme
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Lawyer Tells Police She Was Assaulted While Working as an Escort
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Lawyer Accused of Running Client’s Call-Girl Ring Enters Misdemeanor Plea
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New York Law School: 2 Girls 1 Dress
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Attorney Can’t Ask 3rd Party to ‘Friend’ Witness on Facebook, Opinion Says
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Two Legal Websites Win Webby Awards
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Judges:
McConnell to Leave Tenth Circuit, Join Stanford Law Faculty
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Amid Some Tears, Souter Bids Adieu to 3rd Circuit
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Souter's Retirement Timing: Was It Age or Politics?
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Wall Street:
US Stock Futures Drop
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World Markets Rise Ahead of US Bank Test Results
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Wall Street suffers largest broker exodus in seven years
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'Wall Street North' Seeks New Identity
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Wall Street's Faustian Bargain with Washington
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Wall Street's middle class taking a beating
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Layoffs:
National and State by State Unemployment Rates
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Bright Spot in Downturn: New Hiring Is Robust
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3,000 Microsoft employees get pink slips
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Linde to Eliminate 3,000 Jobs, Backs Off From 2009 Profit Goal
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Banking:
US May Set a Debt Test for Banks
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Worst Is Yet To Come
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Independent Analyst Numbers Far Uglier Than Official Stress Test
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Private Investors Circle Ailing Banks
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Banks Need Fewer Carrots, More Sticks
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Citi may need $5-$10 billion in new capital
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Bank of America's $35 Billion Headache
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Why are BofA and Citi stocks still climbing?
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Bernanke Denies Asking Kenneth Lewis to Stay Quiet
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Banks returning bailouts will face conditions
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BankUnited likely low-balled
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Banks May Be Asked to Bolster Capital Under Basel Plan, ECB's Wellink Says
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BNP Paribas 1Q profit drops 21 percent
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Fraud:
Trustee: Madoff used funds as family 'piggy bank'
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SEC charges money market fund with fraud
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Reserve Primary directors charged with fraud
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Bonuses:
AIG reveals $454 million in 2008 performance bonuses
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Average AIG Bonus: $8,831.72
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Money Managers:
Legg Mason Falls After Investors Withdraw $44 Billion
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Food/Drink:
Affiliated Foods Files Chapter 11 Bankruptcy
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Deals and distress for Mexican restaurants
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Oil/Gas:
Total First-Quarter Profit Declines 35% on Lower Crude Prices
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Pensions:
Changes Coming for the 401(k)Plan
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Sovereigns:
Ecuador Could Pay More Than 30 Cents in Debt Auction
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Economy:
Fed Says Investor Requests for TALF Loans Rise to $10.6 Billion
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As Unemployment Growth Slows, a Recovery Could Stir
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Negotiating the Freelance Economy
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Governor: Americans need to 'scale back their consumerism'
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Bernanke Sees Hopeful Signs but No Quick Recovery
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Fed's Stern: U.S. must tackle too-big-to-fail firms
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Trouble with TALF?
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TALF Update
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Roubini Says Excess Capacity May Lead to Global Deflation in Next 3 Years
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'Blue Dog' Democrats Ask Billions in Spending, Urge Budget Cuts
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Is company cost-cutting company throat-slitting?
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Real Estate:
More Homeowners Underwater
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Freddie Pressured Over Accounting Disclosure
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Freddie's CFO Suicide Remains A Mystery
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Filings Heard Round the Industry
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Pulte Homes' first-quarter loss narrows
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Hill Country Galleria files for bankruptcy
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Duke: Bankruptcy is possible for Crescent
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Donald Trump Name Sells Condos, But Is He Liable for Failed Project?
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SC Supreme Court halts foreclosures
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Bank Wrecks Houses
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Rich Americans Default on Luxury Homes as Losses Emulate Subprime Victims
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Want to Sell Your Home? Lower Your Price
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Autos:
Chrysler Dissidents Must Reveal Identity, Judge Says
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For Now, Judge Gonzalez Siding With Chrysler Creditors
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Buffett warns of Chrysler cramdown ramifications
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Chrysler gets the OK to launch sale plan for partnership with Fiat
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Chrysler bankruptcy could be protracted - Moody's
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Chrysler Asks Workers To Share ‘Positive Story’
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Chrysler HQ to become a mall?
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Holdout Chrysler lenders ordered to reveal themselves
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Non-TARP Lenders Not Backing Down
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About that "loan": Chrysler won't repay bailout money
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Bankruptcy and 'Obama bounce' bolsters Chrysler's 'purchase intent?'
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Taxpayers shell out $300K per Chrysler job
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Chrysler Accidentally Files For Chapter 17 :)
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Chrysler Profitable By 2012? Pardon Me If I disagree
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ArvinMeritor posts loss, sees impact from Chrysler
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GM CEO: ‘Everything Should Be on the Table’ in Talks With UAW
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UAW raises objections to GM's latest plan
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GM plans 1-for-100 reverse stock split
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Ford chair: Chrysler bankruptcy could affect Ford suppliers
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Ford worries about suppliers
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Fiat joyriding on American taxpayers
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Chrysler's bondholders are whining about Obama's deal. Don't listen to them.
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Chrysler seeks approval to pay Fiat $35M break-up fee
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You Dealers, You Go To Hell And You Die... Ok, Come Back Now.
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Chrysler Dealerships "on the Verge of Collapse"
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A nervous day for area Chrysler dealers
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Fast Track Bankruptcy? Chrysler Looking To Fly
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Creditors May Have Pushed For Chrysler Bankruptcy To Rake In Bailout Cash
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Chrysler LLC Receives Interim Approval for $4.1 Billion DIP
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Pending Bankruptcy, Chrysler Canada Plants To Idle For 4-6 Weeks
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Chrysler wants to spend $668 million to get workers to leave
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Next Chrysler CEO faces pay cap
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Jeep Wrangler Could be a Victim of Chrysler Bankruptcy
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UAW Readies Opposition To GM Recovery Plan Ahead Of Talks
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GM bond exchange offer 'abusive', creditsights says
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Justice for all, except bondholders
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Supplier Federal Mogul reports $101M net loss
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Auto Parts Maker Federal-Mogul Q1 Loss Widens
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General Motors' European plants in peril over Fiat bid
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Bankruptcy not automatic, GMAC says
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GMAC posts wider earnings loss
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'Cash for guzzlers' compromise praised
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Fiat deal could cost 10,000 jobs -Opel labor chief
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BMW Has Narrower-Than-Estimated Loss on Job Cutbacks
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GM's Saab says would welcome talks with Fiat
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Distressed Investing:
Prepping for distressed sale
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Insurance:
Liberty Mutual Net Falls 92% on Private Equity Loss
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Bonds:
Bonds dip on supply as services outlook less grim
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(1 new opinion 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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(4)-
(5)-
(6)-
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(8)-
(9)-
(10)
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Bankruptcy Reform:
As foreclosures grow ...
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A break from the bankrupt norm
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Hill bankruptcy activity
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Bankruptcy Humor:
Bankruptcy Bill
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Gambling:
Disney, Las Vegas Sands Beat Street After Bell
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U.S. casino shares soar on hints of industry upturn
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Bankruptcy court OKs Tropicana reorganization plan
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Theme Parks:
Disney reports 46% drop in profit
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Newspapers:
Agreement Reached at Boston Globe
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Guild agrees to major concessions
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The Great Newspaper Meltdown, and What It Means For Our Pricing
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Auctions:
S&P Cuts Sotheby's Bonds to Junk Status
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Modern Masters Suffer at Auction
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Tax:
Obama's Global Tax Raid
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Mr. President, Cut Corporate Taxes Instead
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Obama’s Plan on Corporate Taxes Unnerves the Indian Outsourcing Industry
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Credit Cards:
Fed rejects request to help credit card holders
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Stay Wary of 'Friendly' New Credit Card Contracts
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Hockey:
Phoenix Coyotes file Chapter 11
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NHL to Investigate Phoenix Coyotes' Bankruptcy -Court Filing
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Offer to buy Coyotes contingent on relocating team
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Now bankrupt, Coyotes could end up in Canada
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The Hamilton Coyotes?
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Credit Counseling:
Debt-management firms to face limits
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Retailing:
Same-Store Sales: Drugstores, Supermarkets, Fast Food Weathering Recession
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Wal-Mart Supplier Li & Fung Plans Acquisitions, Sees U.S. `Bottoming Out'
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Barneys aiming to close 2 stores
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Hedge Funds:
Hedge Funds Lose In Chrysler Bankruptcy
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Finance:
Small-Business Credit Sees Thaw
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Has the Credit Freeze Begun to Thaw?
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Lehman:
Lehman's demise leaves losses at local level
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Local governments that suffered Lehman losses ask Congress for help
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US lacked tools to prevent Lehman bust: Yellen
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Bicycles:
Bankrupt Iron Horse May See Quick End
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Derivatives:
CDS Moral Hazard: Insuring the House You Burn Down
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Fed Planning to End Wall Street's Hammerlock Over OTC Derivatives Market
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Aviation:
Private aviation service JetChoice files for bankruptcy
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Airlines: Where Capital Dies
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Airbus Cuts A380 Deliveries as Airlines Resist Taking Planes
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UK:
MPs demand more transparency for pre-packs
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Free Mortgages Relieve Lucky U.K. Homeowners' Pain as Rates Drop to Zero
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Creditors Force Leo Noe's Pinton Estates Into Receivership
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UK Services Index Jumps Most Since 1999, Confidence Improves
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U.K. Home Prices Dropped 1.7%, More Than Estimated, in April, Halifax Says
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China:
China Pledges Ample Supply of Money to Spur Recovery
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Asia:
Asia faces weak recovery from slowdown, IMF says
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Spain:
Spain Output Falls by Record; Bankruptcies Quadruple as Recession Deepens
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