April 15, 2011

The Daily Bankruptcy News

Law:

Associate Bonus Watch: Orrick Springs Forward

Saul Ewing's Revenue Up 5.2 Percent, PPP Up 18.2 Percent
(DBN)

NY State Bar Recommends Firms Restructure, Change Practices

Weil Gotshal tops maternity leave survey
(DBN)

Baby Boomer to Gen Y: We never lived through this kind of glut

Watchdog: Treasury risks overpaying law firms

Death of a BigLaw Salesman? Don't Exaggerate

Venable Under Fire for TARP Billing Practices

Getting Schooled By The Dean Of Solo Practice University

Bad, Firm, Bad!: Banks Pledge to Keep Outside Lawyers on Tighter Leash in Foreclosures

Lawyer Questions the Value of an iPad in Legal Practice

Evaluating the Counteroffer — Should You Stay or Should You Go? (Part 4)

Aiding the desperate brings too-rich payday
(DBN)

Study: In-House Minority Women Face Obstacles, but Feel Empowered
(DBN)

Big Law Incivility

Clifford Chance cashier jailed for nicking £60k
(DBN)

Law firm wants to hire magician
(DBN)

Boost Your Web Site with Stock Images :))

FLDS Lawyer Compares Polygamy to Homosexuality in Constitutional Case

Law Firm Loses $78K in Massive Malware Scheme That Was Disabled by Feds

Ultimatum Withdrawn, Judge Tells Defamed Profs

Reality TV Contestants Sued for Revealing Show's Outcome in Court Documents

Killer Who Murdered for Gag Million Dollar Bill Gets Life

______________

Judges:

Judge to Attorneys in Fannie Mae Lawsuit: 'Sit Down and Take Deep Breaths'

Judge on Administrative Leave Over Travel Expenditures

Breyer, Kennedy Testify on Budget, Tweeting, and the Supreme Court's Front Door

"It’s always been a dream of mine to interrupt a Supreme Court justice"
(DBN)

Fifth Circuit judge achieves rare appellate trifecta
(DBN)

Judge's plagiarism results in $5-million judgment thrown out
(DBN)

______________

Wall Street:

Stock index futures slip
(DBN)

Did Lloyd Blankfein Misunderstand Goldman's Mortgage Bets?

The absurdity of Wall Street analysts

50% Of Wall Street Professionals Lie

______________

Layoffs:

Unemployment Claims Back over 400,000
(DBN)

NYC unemployment rate slips to 8.7 pct in March

N.J. unemployment rate climbs to 9.3 percent

National and State by State Unemployment Rates
(DBN)

Animated Map of Unemployment
(DBN)

______________

Autos:

GM Will Work Through Part Shortage, CEO Says
(DBN)

Denying the facts just puts off fate
(DBN)

Only a miracle will save Saab from bankruptcy

The Last Days of Saab
(DBN)

Saab Story: A Bailout — and Russian Moolah — Looms for the Quirky Automaker

Cash-strapped Saab files request to alter financing

Saab Auto Supplier Axes 55 Workers

Motors Liquidation Company Expected to Distribute more than 75% of the Stock and Warrants that it owns in General Motors Company

Toyota to Continue at Half-Volume in Japan
(DBN)

Mass. auto lender, executives charged with fraud

______________

Retailing:

Borders Has Lost 47 Corporate Employees Since Bankruptcy

Judge to Borders: Rethink bankruptcy bonus plan
(DBN)

Borders to Amend Bonus Plan for Executives, Seek Sale or Reorganization

Borders requests 'immediate action' on executive bonus plan

Borders Expects Post-Bankruptcy Revenue To Drop By 28%

______________

Resorts:

Viceroy Anguilla Creditors Seek Trustee to Run Bankruptcy Case

______________

Brands:

Orchard Brands Unit Wins Approval of Reorganization Plan

______________

Trucking:

Late wage claims holding up Arrow Trucking payout

______________

Baseball:

Judge issues temporary order barring immediate changes in parking at Rangers Ballpark

______________

Environmental:

Calling All PRPS With Contribution Claims: Pay Up, Or Steer Clear Of Bankruptcy Court

______________

Ratings Agencies:

Credit ratings agencies a 'key cause' of the financial crisis: Senate report

Ratings Analysts Still Bullied by Bankers
(DBN)

______________

Tax:

2,400 wealthy Californians pay no state income tax

President Signs Repeal of Expanded 1099 Requirements

The Truth About GE's Tax Bill
(DBN)

______________

Failure:

Fail often, fail well

______________

Finance:

Risky Short-Term Debt Is Creeping Back

______________

Banking:

JPMorgan's bad-loan baggage

Deutsche Bank CEO Ackermann Slammed
(DBN)

______________

Symphonies:

Musicians stage job action amid threat of orchestra bankruptcy filing
(DBN)

______________

Fashion:

American Apparel Gets Adult Supervision
(DBN)

______________

Food/Beverage:

Restaurant Sells Tickets. Scalpers Jump In. Economists Go Wild.
(DBN)

______________

Economy:

US Economy — GOP to Blame if US Defaults

Jamie Dimon: Here's What Will Happen If The Debt Ceiling Isn't Raised And The U.S. Defaults

Jobless Claims Unexpectedly Rise; PPI Climbs

Consumer Confidence in U.S. Rises Third Straight Week on Job-Market Gains

China, India prices point to mounting global inflation pressure
(DBN)

U.S. wholesale prices rise 0.7% in March
(DBN)

Fed officials signal policy to stay on course

World Bank chief warns on food threat

Prices can rise in weak job market: Fed's Lacker

Obama $1 Trillion Tax Proposal Slams Into Republican Wall

Geithner Says U.S. Has More Room to Increase Taxes Without Harming Economy

Obama Plan: Endorsed by Alan Simpson and Erskine Bowles

Obama’s Deficit Plan May Mark Turning Point, Moody’s Says

Obama’s Debt Plan Sets Stage for Long Battle Over Spending

The Ryan plan’s mysterious house boom

Tax Plans: Big Promises, Few Painful Details
(DBN)

Both Parties Ran up US $14 Trillion Debt
(DBN)

IMF says world banks not out of danger zone yet

Efforts on 'Systemic' Risk Criticized

Not Your Grandfather's Economy

Global Capitalism Leaving Middle Class Behind
(DBN)

9 Reasons the Rich Get Richer
(DBN)

Economic Stress Map
(DBN)

Economy Tracker Map
(DBN)

US Debt Clock
(DBN)

Bailout Recipients
(DBN)

______________

Real Estate:

Judge sanctions LPS over "shoddy practices" in handling foreclosure

Regulator: Banks Face Costly Foreclosure Fixes

OCC couldn't wait for state AG settlement

Why Foreclosures Could Rise Again
(DBN)

New York shadow inventory extends past ten years

California home sales continue slump in March

10 US Housing Markets At Risk Of A Major Collapse

Bank of America to cut 1,500 jobs at mortgage arm
(DBN)

Allen Plaza dreams meet harsh reality
(DBN)

Improving economy translates to California housing in March

Lawmakers to consider reducing QRM down payment to 10%

Ohio Senator introduces bill to up foreclosure mitigation

Foreclosure filings up 7% in March

The Right Foreclosure Fix

Foreclosure Levels Rise In Western States

Banks Near Deal With SEC
(DBN)

Mastro trustee halts effort to take insurance benefits
(DBN)

Renting vs. Buying at the High End
(DBN)

_____________

Mass Torts:

Scuffles, protests mar BP shareholder meeting

Gulf Residents Trash BP at Annual Meeting
(DBN)

______________

Lehman:

Giants Stadium Seeks Information on Lehman Swaps Hedging
(DBN)

______________

Health Care:

St. Vincent’s sale is O.K.’d; Alternative plan too vague

Suicide and economy: Rates rise during downturns

______________

Compensation:

Morgan Stanley’s Gorman Gets $14 Million 2010 Pay Package

______________

Labor Unions:

Hawaii Unity House labor organization files for bankruptcy protection

______________

Municipalities:

Mass. Governor Calls Municipal Bankruptcy A ‘Dumb’ Idea

Bottom Line — tiny Hermosa Beach city school district weighs dire options as Sacramento’s net gets too gross

California Schools Face Devastating Cuts

California Begs Texas for Job Recipe as Growth Trades Places

Illinois Wants School Districts To Pick Up Teacher Pension Tab

______________

Banking:

BankUnited Financial creditors request bankruptcy liquidation

_____________

Oil/Gas:

NuStar Energy gets nod to buy AGE Refining

Rising gasoline prices could crimp consumers

______________

Aviation:

Bids sought on Emivest leases

Emivest sold in bankruptcy court
(DBN)

Southlake Aviation Seeks to Eject Bankruptcy Case

______________

Trucking:

YRC Worldwide Misses Restructuring Milestone, In Danger of Bankruptcy

______________

Non-Profits:

Unity House files Chapter 11

______________

Accounting:

After Chapter 11, Fresh Start Can Skew Comparability

Court revives backdating lawsuit against Ernst

______________

Glass:

Vitro Files Petition in US Bankruptcy Court Citing Mexico Reorganization
(DBN)

______________

Consumer Finance:

Get Bad Loan Terms? Now You'll Get Some Clues Why
(DBN)

______________

Hotels:

Occupancy Rate improves in Latest Survey
(DBN)

______________

Gas Stations:

Judge allows sale of Gas City properties

______________

Celebs:

Toni Braxton Considers Retirement

______________

New Bankruptcy Opinions
(No new opinions)

Bankruptcy Court Web/Pacer Site Directory

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

Recent Ch. 11 Filings
(DBN)

Bankruptcy Code - Prior BK Codes - Bankruptcy Rules
(large downloads)

UCLA-LoPucki Bankruptcy Research Database
(DBN)

Bankruptcy Jobs:

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

Seminars - (Contact us to list your seminar)

______________

Miscellaneous:

A&P, Old GM, Viceroy Resort, Madoff, MP-Tech, Howrey: Bankruptcy
(DBN)

______________

Bankruptcy Statistics:

Interactive Bankruptcy Statistics Map
(DBN)

______________

Corporate Reform:

Financial Crisis: Lack of Legal Action Contrasts 1980s' S&L Scandal
(DBN)

Roots of Crisis Buried Deep After Inquiry
(DBN)

Time's Nearly Up for Elizabeth Warren
(DBN)

Senator Calls Goldman Sachs “a Financial Snake Pit"

Goldman Sachs Chief Blankfein Could Face Criminal Prosecution For Role In Financial Crisis

Goldman Sachs responds to senator's perjury allegations

Lawsuits vs banks win ammunition from Senate

Barry Bonds Faces Jail Time While Wall Street Execs Sit Pretty

US financial crisis investigation – the proposals in full

Eager Consumers Reach Out To New US Watchdog Agency

Nobody Wants to Take CFPB Job Over Elizabeth Warren

Congress Quietly Charts A Path For The Consumer Financial Protection Bureau

Attacks on the Consumer Financial Protection Bureau are Attacks on the Middle Class

______________

Fraud:

Madoff Trustee's Filing Alleges JPMorgan ‘Thoroughly Complicit’ in Fraud

Many JP Morgan Departments Did Business With Madoff Without Proper Due Diligence

JPMorgan execs ID'd in Madoff suit
(DBN)

Vultures Circle Madoff Clients To Buy Their Claims

Bankers Named Who Doubted Madoff

It Sounds Like The Raj Defense Team Committed A Huge Blunder Today

The Raj Prosecution Ripped The Roof Off Defense Witness Rick Schutte

Rajaratnam Family Invested With Defense Witness Before Trial

Galleon Exec Spares No Expense on Witnesses

Raj keeps chin up

Chip's out of luck

Lawsuit holds up deal for Petters' victims
(DBN)

______________

UK:

British Path: Rocky Result

Appointment of Administrators - 14 April 2011

Winding Up Petitions - 14 April 2011

Francis Coulson takes R3 presidency
(DBN)

______________

EU:

Resentment Is Rising In Euro Zone

Euro Zone Posts Record Monthly Inflation
(DBN)

______________

Canada:

Huge roadblock emerges in Nortel bankruptcy case

Nortel's Billions Headed Nowhere

Ontario Court of Appeal grants retirees priority over secured creditors

Ponzi scheme suspect’s explanation of origin of cheque ‘incredible’

Swiss Cheese D&O Insurance

______________

New Zealand:

McKenna cans creditors' meeting in surprise move - bankruptcy looms

______________

India:

India Growth Threatened by Credit Drought

______________

PIIGS:

Greek Debt Pressured by Restructuring Speculation

Greek goal of return to market in doubt
(DBN)

Greece Will Cut Spending, Sell Assets to Meet Debt Goal; Won't Restructure
(DBN)

Greek PM: austerity cuts are just the beginning
(DBN)

EU's Rehn Says Euro-Area a Debt Restructuring Would Cause ‘Chain Reaction’

Moody's Downgrades Ireland
(DBN)

Seán Quinn considers legal action over Anglo deal as he faces bankruptcy
(DBN)

Anglo seizes control of Quinn Group as tycoon faces battle to save home
(DBN)

Ireland's former richest man has £4.4bn fortune wiped out
(DBN)

IE: Moving North offers the best route through bankruptcy
(DBN)

Strong Currency Threatens Ireland, Portugal
(DBN)

Spain and the EU's 'creditor-debtor conflict'
(DBN)

Spain Backtracks On China Investment Claim
(DBN)

______________

Iceland:

Why Iceland Voted ‘No’

Iceland President Defends Pre-Crisis Tours Promoting Bank Model

______________

MENA:

U.S., allies see Libyan rebels in hopeless disarray

Libya Rebels Seek $2 Billion Loan, Allies Ponder Next Steps

Where Has Libya's Oil Gone?
(DBN)

World Bank, IMF Discuss Mideast Inequality
(DBN - NY Times - Paywall Limit Possible)

Nakheel’s $11b deal favours lenders

______________

China:

China Grows 9.7%, Inflation Sparks Tightening Concerns
(DBN)

Is China's Economy Overheating?
(DBN)

______________

Hong Kong:

HK bankruptcy petitions rise 59.5 pct in March vs Feb
(DBN)

______________

India:

Indian inflation accelerates to 9% in March
(DBN)

______________

Japan:

Tokyo Power to Compensate 50,000 Evacuees
(DBN)

______________

Please note that The Daily Bankruptcy News is primarily a news link gathering service.   This means that most of the headlines contained in the publication are a collection of links to stories posted on the Internet by various third party publications.  Such content is owned by third party sources, not The Daily Bankruptcy News, and in some cases, these links change or expire, which means you may not be able to view some news stories in prior editions of the Daily Bankruptcy News. The DBN subscription fee is not a fee for access to the content of the links, but is a charge for the considerable work involved in gathering, organizing and presenting the links. Use of this site and The Daily Bankruptcy News is subject to our Terms of Use. If you received The Daily Bankruptcy News via email (and you have a paid subscription account), to view a news story, click on the headline, and the story should open in your web browser. To view additional stories, click back to the email and click on additional headlines, which will cause new stories to open in your web browser.  You can view the Daily Bankruptcy News on the web by clicking here, or by going to BKINFORMATION.COM and clicking on the Bankruptcy News button.  Note that The Daily Bankruptcy News is distributed via "HTML email" in which the links to the news stories are embedded in the headlines.  The email you receive should look like a 3-column newspaper, with headlines for each story. If you receive The Daily Bankruptcy News by email and the copy you receive is not formatted like a 3-column newspaper, or does not seem to contain links to the news stories, you may have an email client that is not capable of receiving HTML email, or is not configured to display such email.  You can however, receive a daily email notifying you when The Daily Bankruptcy News is updated on the web site. If you would like to receive such an email, please let us know at admin@bkinformation.com.

Advertising
Advertising is available in The Daily Bankruptcy News. Click here for details  Feel free to contact us with any questions.

Passwords/Subscriptions
Access to certain links in The Daily Bankruptcy News is available only to readers holding a paid service subscription.  These links are currently marked with a "DBN Subscription Required" notation. The cost of a subscription is $55/year, payable annually.  Volume discounts are available for sites with multiple users. Click here to see a schedule of discounts. Complimentary subscriptions are available for full-time educational and governmental employees and for full time students. For information about discounts or educational/governmental subscriptions, contact us by clicking here. A separate password is required for each member of a firm wishing access to restricted links. New readers can receive a free password good for 30 days by clicking here. 30-day passwords are not available to readers who have previously had a password, even if the password was associated with a different email address used by the reader. Refunds are not available after purchase. Readers who wish to change their passwords should click here. Readers who have forgotten their password should click here.

Adding Your Email Address To The Distribution List
If you would like to start receiving The Daily Bankruptcy News by email each day, click here, and fill in the information requested.  There is no charge to be placed on the distribution list to receive the headlines, although access to many of the links behind the headlines requires a paid subscription (see above, under Passwords). If, after adding your email address to the distribution list, you do not receive an email confirming the addition, please contact us by clicking here for help.  

Removing Your Email Address From The Distribution List
If you already receive The Daily Bankruptcy News by email and you wish to remove your email address from the distribution list, click here and send the email that should appear.  Note that the email must be sent from the same email address which is on our distribution list (if receive the publication forwarded from an older email address, you will need to contact us as described below for help removing that older address from our distribution list). You do not need to type anything in the body of the email message.   If you do not receive an email confirming deletion of your email address from the distribution list, contact us by clicking here for help.

Press Releases/News Tips
Please send press releases and news tips to admin@bkinformation.com

The Daily Bankruptcy News is published each business day by BKINFORMATION.COM, L.L.C.  You can reach us at 281-402-3957 or at accounting@bkinformation.com (email inquiries are usually answered substantially more quickly than phone inquiries).

 

Copyright 2011