February 23, 2010

The Daily Bankruptcy News

Also available on the Web (with links to the news stories) Click Here

Law:

Winston & Strawn Kills Lockstep and Adopts a ‘Black Box’ Compensation System
(DBN)

High Court May Favor Clients Over Lawyers in Fee Shift Dispute
(DBN)

Cravath Fires Back in Conflict Case, Says Ex-Client is Doing Battle in Wrong Court
(DBN)

Pa. Federal Judge Defers to Delaware Chancery in Cravath-Airgas Dispute
(DBN)

The Lehman Brothers Bill: $641.9 Million and Counting
(DBN)

Weil Gotshal Has Billed Lehman $296,631 Per Day Since Bankruptcy
(DBN)

Arnold & Porter Sees Uptick In Revenue and Profits
(DBN)

Howrey's Revenue, Profits Plummet in 2009
(DBN)

Holland & Knight Revenue Down 10 Percent
(DBN)

Mayer Brown posts double-digit drop in revenues with London arm down 16%
(DBN)

Kirkland unveils healthy financials as partner profits approach $2.5m
(DBN)

Curtis Mallet Stays Counter-Cyclical
(DBN)

A Mixed Picture at Three Big Texas Firms
(DBN)

At Patton Boggs, Revenue Falls, Profits Rise
(DBN)

Detroit Firms Dodge Doomsday
(DBN)

L.A. Firms Continue to Report Revenue Losses (This Time: Munger Tolles)
(DBN)

Baker & Hostetler Gets Bankruptcy Partner From Arent Fox
(DBN)

BigLaw Firm Sued for Poaching Clients
(DBN)

Imputed Conflicts And Contract Attorneys
(DBN)

Law Firms Swindled Out of $500K in E-Mail Scam
(DBN)

Astor Case Focuses On One Threatened Juror
(DBN)

Internal Toyota Document Could Become Smoking Gun
(DBN)

The Toyota Plot Thickens
(DBN)

Wells Fargo You Never Knew What Hit You
(DBN)

Northwestern University Tops Law-School Ranking
(DBN)

Is a Maryland Law School Dean Worth $800,000?
(DBN)

The Best Law Schools For Wannabe Big Shots
(DBN)

Those Great Grades: Fool's Gold?
(DBN)

Prosecutor Removes Ash from Forehead at Request of Judge
(DBN)

Christopher Austin, The Two-Week Partner
(DBN)

These Four Lawyers Embody the Legal Profession’s ‘Work-Until-Death Ethic’
(DBN)

Cheap ‘Buns of Steal’ Law Student Blogs About Her One-Year Quest for Free Workouts
(DBN)

The Class of the Damned
(DBN)

An Inside Look at the Life of a 1L Spouse
(DBN)

One-time College Dropout Credits Big Breaks for Success as Partner
(DBN)

Say What?!
(DBN)

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Judges:

Rakoff on BofA: "While Better Than Nothing, This is Half-Baked Justice"
(DBN)

Justice Thomas Says Critics Shouldn't Assign ‘Ulterior Motives’ to Judges
(DBN)

Questions of an Affair and a Fair Trial
(DBN)

Parties in Case Pending More Than 4 Years Sue Texas High Court Justices Over Delay
(DBN)

Two Arguments Plus Another Cert. Grant for Lawyering Cases on the Court's Docket
(DBN)

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Wall Street:

Stocks set to stumble
(DBN)

Downbeat economic news knocks European markets
(DBN)

Wall Street Exchanges Turn Lower in Closing Minutes
(DBN)

Goldman Sachs grapples with headline risk
(DBN)

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Layoffs:

Continental Airlines to Cut 600 More Reservation Jobs
(DBN)

Jobless Finding Little to Smile About
(DBN)

Job Bill Clears Hurdle in U.S. Senate With Republican Support
(DBN)

National and State by State Unemployment Rates
(DBN)

Animated Map of Unemployment
(DBN)

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Celebs:

The IRS Wants a Piece of Eve
(DBN)

Bidders Snatch Up Suge Knight's Assets
(DBN)

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Corporate Reform:

While Quoting Yogi, Rakoff 'Reluctantly' OKs BofA Settlement
(DBN)

US' Geithner: independent consumer agency needed
(DBN)

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Hotels:

Extended Stay Files Plan Amid $450 Million Investment
(DBN)

Artisan files plan to reorganize
(DBN)

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Newspapers:

A Year Later, at $2 Million a Month, Philly Newspaper Bankruptcy No Nearer to Conclusion
(DBN)

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Gambling:

OTB Will Shut in March If Law Isn't Fixed, Chair Says
(DBN)

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Economy:

Fed's Yellen:May not need more discount rate hikes
(DBN)

Yellen Says US Economy Will Perform Below Potential
(DBN)

A parable about how one nation came to financial ruin
(DBN)

McCain: I was misled on bank bailout
(DBN)

New NABE Report Sees Expansion Continuing
(DBN)

Economic Stress Index
(DBN)

Economy Tracker Map
(DBN)

US Debt Clock
(DBN)

Recovery Index
(DBN)

Bailout Tracker
(DBN)

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Real Estate:

Obama's Small Step Toward Principal Reduction
(DBN)

Dodd Urges Action on Commercial Real Estate
(DBN)

Commercial Real Estate Had Worst Capital Return On Record, IPD Says
(DBN)

Commercial Real Estate Prices Up as Foreclosures Threaten Recovery
(DBN)

Already Glacial, Foreclosure Process May Get Even Slower
(DBN)

Investor Uncertainty Looms in Proposed FDIC Securitization Rule
(DBN)

The boy who cried housing recovery!
(DBN)

Homebuilders Expect FHA Changes to Hurt Sales
(DBN)

U.S. Weighs Changes to Mortgage-Relief Program
(DBN)

Survey Finds Short Sales Outnumber REO in January Purchases
(DBN)

How Big a Threat from Option ARMs?
(DBN)

Banks go beyond HAMP
(DBN)

Two More Subprime-Related Securities Suits Dismissed
(DBN)

Erroneous foreclosures a big problem?
(DBN)

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Health Care:

Obama’s Plan for Health Bill Largely Follows Senate Version
(DBN)

Half of Infection Deaths Linked Directly to Hospital Care
(DBN)

Health Insurance: Costs Soar, Benefits Shrink
(DBN)

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Accounting:

Crowe Horwath Files Creditor Claim Against Michael Jackson Estate
(DBN)

Arguments Heard in BDO Appeal of $521 Million Verdict
(DBN)

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Credit Cards:

Lawmakers herald US credit card rules
(DBN)

How the new credit card reforms affect you
(DBN)

Warren: CARD Act needs enforcement
(DBN)

Credit-Card Fees: the New Traps
(DBN)

Tagging along with Credit Card Reform: More Fees, Higher Interest Rates, and Less Credit Period
(DBN)

Reflections on Credit CARD Act Day
(DBN)

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Autos:

US subpoenas Toyota recall papers
(DBN)

House Panel Says Toyota Misled Public on Safety
(DBN)

Hecker comes up with $125,000 to avoid county jail
(DBN)

Hecker Claims He Found Money To Pay Back 401(k)
(DBN)

Reticent Toyota president typical for Japan Inc.
(DBN)

GM’s Sale of Saab to Spyker Likely to Close This Week
(DBN)

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Gambling:

Will MGM Mirage File for Bankruptcy in 2010?
(DBN)

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Retailing:

Simon Prop: General Growth agreement too secretive
(DBN)

Home Depot Profit Exceeds Estimates; Quarterly Dividend Raised
(DBN)

Sears profit more than doubles, revenue slips
(DBN)

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Debt Collection:

Bills Introduced in State Legislature Target Debt Buyers
(DBN)

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Non-Profits:

Empty On Funding, ACORN Shutters Around the Country
(DBN)

Phone lines disconnected nationwide, reconstitutes in Brooklyn office as New York Communities for Change
(DBN)

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Cross Border:

Chapter 15 Spreads its Wings
(DBN)

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Corporate Governance:

Examining the Flexibility of Delaware Law
(DBN)

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Corporate Governance:

How Flexible Is Delaware Law?
(DBN)

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Trucking:

Former Arrow Trucking CEO responds to allegations
(DBN)

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Horse Racing:

Bank pulls back on trustee for Zayat Stables
(DBN)

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Avoidance Actions:

Leveraged Buyouts and Fraudulent Transfers: How Susceptible Are You to Avoidance?
(DBN)

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Compensation:

Wall Street bonuses up 17 percent
(DBN)

Lloyds Chief Becomes Latest to Waive Bonus
(DBN)

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New Bankruptcy Opinions
(No new opinions today)

Bankruptcy Court Web/Pacer Site Directory

Chapter 7, 12 & 13 Private Trustee Locator
(DBN)

Recent Ch. 11 Filings
(DBN)

Bankruptcy Jobs:

(1)- (2)- (3)- (4)- (5)- (6)- (7)- (8)- (9)- (10)
(DBN)

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AIG:

Secret AIG Document Shows Goldman Sachs Minted Most Toxic CDOs
(DBN)

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Banking:

Pondering "Bail-Ins" Instead Of "Bail-Outs"
(DBN)

The Flounder Defense
(DBN)

Investors in Failed Georgia Bank File Suit
(DBN)

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Bankruptcy Humor:

The Credit CARD Act of 2009….animated!
(DBN)

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Plans:

Combined and Streamlined Disclosure Statement and Chapter 11 Plan
(DBN)

Southern District of New York Bankruptcy Court Reaffirms Validity of Gifting Plans
(DBN)

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Fraud:

Former Enron CEO Seeks Reversal and Remand From on High
(DBN)

Tension Flares Over Distribution of Seized Rothstein Assets
(DBN)

What Does Rakoff Ruling Mean for Cuomo's BofA Case?
(DBN)

Convicted Boca Raton fraudster hit with bankruptcy
(DBN)

Stanford receiver sues political groups
(DBN)

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Consultants:

Bankruptcy Court grudgingly permits financial advisor’s tail fee provision
(DBN)

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Municipalities:

'Doomsday' tax increases could come to Illinois
(DBN)

Governors: Bad economies in states to worsen
(DBN)

Will some muni bonds go bust?
(DBN)

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Food/Drink:

Bids made for bankrupt franchisee's Jack in the Box stores
(DBN)

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Finance:

Leveraged loans on fire
(DBN)

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Sales:

Third Circuit Expected To Rule on Secured Creditors' Right to Credit Bid
(DBN)

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Magazines:

Reader's Digest Exits Bankruptcy With Less Debt
(DBN)

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Theme Parks:

State officials suing Six Flags to keep rides at closed amusement park
(DBN)

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Tax:

Daughter of IRS Pilot: He Was a Hero
(DBN)

Ohio Man Bulldozes His Own House
(DBN)

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UK:

BOE's King: U.K., global recovery 'fragile'
(DBN)

PwC administrators to help pub chain
(DBN)

Mortgage approvals fall sharply in January, says BBA
(DBN)

More QE Possible if Economic Outlook Darkens - King
(DBN)

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EU:

Can the Euro Zone Cope with a National Bankruptcy ?
(DBN)

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Canada:

Mega Brands takes pre-emptive step in U.S.
(DBN)

MEGA Brands corrects inaccurate reports
(DBN)

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Greece:

Goldman Says 'Nothing Inappropriate' in Greek Swaps
(DBN)

Memo to Greece: It's Time To Declare War On Goldman Sachs
(DBN)

Soros: Save Greece? Euro Still Doomed
(DBN)

Greece: Is EU's Bitter Medicine Enough to Revive Ailing Nation?
(DBN)

Ifo's Sinn Says Greece 'Blackmailing' Europe Neighbors Via Euro
(DBN)

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Hungary:

Hungary Cuts Benchmark Interest Rate to Record Low
(DBN)

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China:

Bankruptcy Comes to China
(DBN)

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Iceland:

Iceland Asks U.S. to Help Ensure International Loans
(DBN)

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Germany:

Germany's Ifo business climate gauge falls in Feb.
(DBN)

Commerzbank Net Loss Exceeds Estimates on Writedowns
(DBN)

Commerzbank warns of tough 2010
(DBN)

What if Germany exited the euro area?
(DBN)

Continental 2009 Loss Widens 50 Pct to $2.2B
(DBN)

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