May 10, 2012

The Daily Bankruptcy News

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Law:

Exodus of Dewey attorneys in full effect --- Dewey Have Any WARN Act Liability? --- Who Has Left Dewey & LeBoeuf? --- Dewey Know Where the Firm Leaders Are Going? Head of Litigation Heads for the Exit --- 23 partners head for Winston --- Dewey Co-Chairman Shutran to Join O'Melveny & Myers --- Dewey's Jeffrey Kessler Heading to Winston & Strawn --- More Dewey rainmakers leave for other firms --- Half of Dewey’s Top Leadership To Leave Firm --- O'Melveny, Winston Make Key Hires --- Climan Group Jumps to Weil Gotshal --- Law firms have struck the limits of partnership --- Departure Tracker --- Beating a Dead Dewey Horse --- Displaced Lawyers Maintain upper middle class identity by hanging out at Whole Foods --- Dewey attempts to rehouse trainees in face of uncertain future
(DBN)

McDermott Names Head of International Restructuring Practice
(DBN)

Dewey, McDermott, Patton Boggs, Quinn Emanuel: Business of Law
(DBN)

In-House: Fear Factor
(DBN)

Wide disparities in partner pay are instead destabilizing firms.
(DBN)

"It never, ever occurred to me I'd be deluged with partners as clients. --- It never so much as crossed my mind they'd be so unhappy."
(DBN)

Common Misunderstandings Regarding Fairness Opinions
(DBN)

Changing Times Mean Changing Ethics Issues for Lawyers
(DBN)

Jack Welch Gives Women Advice—and They Don't Like It
(DBN)

Attorney Accused Of Plagiarizing From ABA
(DBN)

FINRA Hires Davis Polk's Robert LD Colby as CLO
(DBN)

Finals Week Ridiculousness: Law Prof Rips Final Exam Straight from Commercial Outline
(DBN)

Exam Screw-up Follow-up: The New And Improved Plan For Administering A Simple Contracts Exam
(DBN)

Should You Drop Out of Law School?
(DBN)

15 Law Schools Whose Underemployed Graduates Exceed Employed
(DBN)

Law School Transparency: Thinking the unthinkable
(DBN)

Man Changes Legal Name to Tyrannosaurus Rex Because it Sounds “Cooler”
(DBN)

Eavesdropping Law Can’t Be Used to Stop Public Recordings of Cops, 7th Circuit Says
(DBN)

Ride ‘Em, Cowgirl! Lawsuit Claims Texas Constable Forced Deputy to ‘Motorboat’
(DBN)

Former Prosecutor Wins Hard- Earned City Hall Graffiti Charges
(DBN)

Charges Dropped in Murder of Lawyer By His Partner
(DBN)

Cops: Teen Tries To Rob Officer At Gunpoint -- Inside Police Station!
(DBN)

Mother makes girl, 12, wear diaper for bad grades
(DBN)

Wife hits husband with SUV over argument over Wisc. recall election
(DBN)

Fired for Leaving Jehovah's Witness Church?
(DBN)

Feds Say ‘Second Chair’ Lawyer Paid $5K Gave OK Murder Defense Though Lead ‘Counsel’ Was a Fake
(DBN)

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Judges:

The Passing of Two Federal Judicial Giants
(DBN)

Judge Ripped Off Disaster Relief Fund, Feds Say
(DBN)

Judges can be tough without getting personal
(DBN)

______________

Wall Street:

Stock index futures signal losses
(DBN)

Stocks close day down; Dow losing streak at 6 days
(DBN)

One Of The Best Predictors Of The Stock Market Is In Freefall
(DBN)

Advice For Overworked Wall Streeters
(DBN)

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Layoffs:

One in Three Young U.S. Workers Are Underemployed
(DBN)

Fed officials at odds on jobs outlook
(DBN)

Desperate 'Hire Me!' Billboard Actually Got This Unemployed 22-Year Old A Job
(DBN)

The unemployment rate would be 7.1% without government job cuts
(DBN)

The Best Cities For Jobs
(DBN)

National and State by State Unemployment Rates
(DBN)

Animated Map of Unemployment
(DBN)

______________

Telecoms:

Nortel Close to Ending Fight With Asian Units, Lawyer Says
(DBN)

Nortel UK pension row may end up in US Supreme Court
(DBN)

RidgeviewTel restructures in bankruptcy
(DBN)

Ergen reportedly buys LightSquared debt
(DBN)

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Student Debt:

Student Loan Show-Down's Dire Economic Fall-Out
(DBN)

______________

Energy:

Fitch Maintains Dynegy on Rating Watch
(DBN)

______________

Municipalities:

West Warwick could be next bankrupt city
(DBN)

Altoona Declared Financially Distressed Under Act 47
(DBN)

St. Clair officials oppose Jefferson County bill
(DBN)

SEC sues ex-Detroit mayor, adviser on 'gifts'
(DBN)

Official: Buying county a yacht was wrong
(DBN)

Cash-Strapped Town Cancels Memorial Day, July 4, Thanksgiving
(DBN)

Jefferson County Creditors Need Committee, Official Says
(DBN)

Public pension fixes face stout legal challenges
(DBN)

A Heady Time for Muni Bonds
(DBN)

______________

Fraud:

Rothstein RICO claims versus TD Bank: Dueling judges?
(DBN)

In Gupta case, new filings crystallize prosecution's challenge
(DBN)

Nadel's victims get first payback
(DBN)

Xanadu, meet Bernie
(DBN)

Certified Fraud Examiners Release 2012 Report
(DBN)

______________

Religion:

US bankruptcy judge continues Charles Street hearings
(DBN)

New charge sought against KC bishop, diocese
(DBN)

______________

Alternative Energy:

Trony to Negotiate for Uni-Solar After Auction Scrapped
(DBN)

______________

Mass Torts:

Extent of Non-Debtor Parent Exposure Under Channeling Injunctions
(DBN)

______________

Distressed Investing:

Falcone: Investors Pass Up Illiquid Investments
(DBN)

New Jersey Allocates Over $1bn to Debt and Special Situations in Last Year
(DBN)

______________

Tax:

Talk Abounds Of Millionaire Flight --- U.S. Millionaires Shunned by Private Banks Abroad
(DBN)

JK Harris’ founder improperly paid self millions, won’t cooperate with bankruptcy case, trustee alleges
(DBN)

______________

Retailing:

Here's How The Big 'No More Commission' Announcement At JCPenney Went Down --- Why Ron Johnson Is Eliminating Commission At JCPenney
(DBN)

______________

Education:

Fort Worth medical institute files for bankruptcy
(DBN)

"It depends on the effort I invest and I can succeed if I study hard"
(DBN)

______________

Environmental:

'It absolutely smells. I can't even describe it'
(DBN)

______________

Economy:

Wholesale inventory growth slows in March
(DBN)

10-year Treasury Note Sold At Record Low Yield
(DBN)

Wholesale inventories data points to Q1 GDP downgrade
(DBN)

Read between the lines of rising consumer credit
(DBN)

Wilbur Ross: Looming 'Freak Show' May Threaten US Recovery
(DBN)

Global Economy Faces 'Perfect Storm' in 2013: Roubini --- Europe, US, Middle East, You Name It, It's Only Going To Get Worse
(DBN)

Consumer Strength Isn't All It's Cracked Up To Be
(DBN)

Food stamps may soon support more families than unemployment insurance
(DBN - NY Times - Paywall Limit Possible)

2/3 of job creation in the past 50 years have come under Democratic presidents: study
(DBN)

Jobs, not fiscal cliff, is real danger to U.S.: Krugman
(DBN)

Want to Join the 1%? Move to the Northeast
(DBN)

US Debt Clock
(DBN)

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Real Estate:

Fannie Mae had first-quarter profit, needs no new taxpayer funds
(DBN)

Reports say home price declines are slowing
(DBN)

Will R-I-C-O Spell 'Relief' for B of A Mortgage Borrowers?
(DBN)

Objectors to $8.5 bln BofA settlement to get more info
(DBN)

Damned if you do, damned if you don't: MBS trustees and put-backs
(DBN)

CFPB Deputy Director Raj Date says mortgage reform a priority for agency
(DBN)

CFPB proposes rules simplifying mortgage points, fees
(DBN)

Mixed Q1 Picture On Existing Single-Family Home Sales
(DBN)

MBA: Mortgage Applications Up 1.7%
(DBN)

Half the mortgages FHA has modified were in default a year later
(DBN)

Investors cheer reports Ally will dump mortgage unit
(DBN)

Towns Hit Hardest By Foreclosures Are Leading Housing Market Recovery
(DBN)

Mortgage delinquency rate declines, but is still high --- Lowest Level Since 2009 --- TransUnion predicts low mortgage delinquencies here to stay
(DBN)

Zandi: Foreclosure crisis biggest threat to full U.S. employment
(DBN)

MBA housing forecast: Some stability amid continued uncertainty
(DBN)

Florida Supreme Court to hear landmark foreclosure case --- Florida foreclosure case could slam banks
(DBN)

South Florida tops nation in distressed mortgages
(DBN)

Short sales, foreclosures hinder housing recovery
(DBN)

Are Liar Loans Going to Get Principal Reductions?
(DBN)

House Flipping Isn't All It's Cracked Up To Be On TV
(DBN)

The 15 Worst Housing Markets For The Next Five Years
(DBN)

First-Quarter 2012 Shadow Inventory Update: National Liquidation Rates Moderate, While Regional Differences Widen
(DBN)

Subprime Firm Owned by US, Fortress May File for Bankruptcy
(DBN)

Hooper Property seeks Ch. 11 bankruptcy protection
(DBN)

Firm to buy bankrupt HearthStone's houses
(DBN)

Maui Land & Pineapple doubts ability to continue 'as a going concern'
(DBN)

The Most Expensive Home You Can Buy In Every State
(DBN)

McClung, Spangler partnerships seek bankruptcy protection
(DBN)

In the wake of the mortgage collapse, rents are hitting historic highs
(DBN)

_____________

Protests:

Bank of America Meets Shareholders as Protests Swirl --- 4 people arrested at Bank of America demonstration
(DBN)

______________

Mail:

Rural post offices won't close, but hours will be cut --- Congress Seeks Postal Overhaul While Making It Impossible
(DBN)

______________

Radio:

Nassau Broadcasting Asset Sale Gets Bankruptcy -Court Approval
(DBN)

______________

MF Global:

House GOP calls for independent counsel in MF Global investigation --- Grimm Expects More Than 100 Signatures on MF Global Probe Request
(DBN)

Where They've Landed: MF Global Employees Six Months Later
(DBN)

MF Global UK special administration update: $1bn non-segregated assets recovered
(DBN)

______________

Shipping:

Ship finance: banks taken hostage through Chapter 11
(DBN)

______________

Photography:

Kodak creditor committee amended, retiree committee appointed
(DBN)

______________

Politics:

Warren Doesn't Know How Harvard Came To List Her As Native American --- Matt Damon, Ben Affleck & John Krasinski to Host Fundraiser for Elizabeth Warren in California --- Mass. Senate Race Revs Up On TV --- Poll: Scott Brown's Desperate Attacks Aren't Working
(DBN)

______________

Compensation:

Bank Shareholders Unite ... in Support of Executive Pay Packages
(DBN)

The SEC continues to file compensation clawback lawsuits – even against executives “not at fault”
(DBN)

______________

Banking:

Do insolvent banks need positive book equity levels to make loans?
(DBN)

House Dems Introduce Bill to Curb Overdraft Fees --- Now We Know How Banks Plan To Make Up For All That Lost Overdraft Fee Revenue
(DBN)

Moody's Sews Bank Mayhem With Downgrade Threats --- Moody's 'set to downgrade over 100 banks'
(DBN)

Morgan Stanley Joins Citi, Bank of America in the Doghouse --- Morgan Stanley Will Have To Throw Down A Staggering Amount Of Money As Collateral In Every Downgrade Scenario
(DBN)

______________

Debt Collection:

Accretive Health Posts Major 1Q Profit Amid Collections Accusations
(DBN)

Collection Agencies: Under the Gun From CFPB?
(DBN)

______________

Glass:

Bankruptcy case threatens cross-border partnership
(DBN)

______________

Corporate Reform:

Paul Volcker Testifies on Capitol Hill
(DBN)

______________

Opera:

San Antonio Opera files for bankruptcy
(DBN)

______________

Celebs:

Tom Martino's wife loses bid to keep property out of his bankruptcy
(DBN)

Is Lenny Dykstra Entertaining The Fellas In Jail By Showing Off His W-----?
(DBN)

______________

Hotels:

Two Roberts Cos.' hotels file for bankruptcy
(DBN)

______________

Mass Transit:

Las Vegas Monorail gets OK to exit bankruptcy
(DBN)

______________

Golf:

Trinitas owners now bank employees
(DBN)

______________

Forest Products:

Sino-Forest credit event auction yields CDS price --- Debt Insurance Set to Pay Out 71 Cents per Dollar
(DBN)

______________

New Bankruptcy Opinions
(3 new opinions today - DBN)

Bankruptcy Court Web/Pacer Site Directory

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

Recent Ch. 11 Filings (60 new filings today)
(DBN)

Recent Ch. 11 Adversary Proceeding Filings (45 new filings today)
(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:

Rochelle on Mariana Fund, Reddy Ice, HearUSA, ECD (audio)
(DBN)

______________

Bankruptcy Statistics:

Bankruptcies decline 13% year-over-year
(DBN)

Tampa: Regional bankruptcy filings drop 13.3 percent
(DBN)

Interactive Bankruptcy Statistics Map
(DBN)

______________

Jurisdiction:

US Bankruptcy Courts' Powers Clarified by Federal Judge
(DBN)

______________

Professional Compensation:

New Opinion Makes Sense of "Identifiable, Tangible and Material Benefit" Language From Pro-Snax
(DBN)

______________

Examiners:

Dynegy Says Parts Of Examiner's Report Should Stay Private
(DBN)

______________

Litigation:

Litigation-funding firm counsel indicted in $1 mln kickback scheme
(DBN)

______________

Bankruptcy Crimes:

County board chair, wife, plead not guilty to bankruptcy fraud
(DBN)

______________

Food/Beverage:

Twinkie maker says unions have to shed benefits to keep company intact
(DBN)

______________

Health Care:

Tenet earnings fall, bad debt expense weighs --- 1Q earnings fall 20.5 pct
(DBN)

Savient's loss widens, shares fall
(DBN)

Receiver: Caution on Medical Park Hospital, still learning facts after hospital change
(DBN)

Fitch Downgrades Citrus Memorial Hospital's Bonds
(DBN)

Concierge model amplifies financial risks
(DBN)

Hospital agrees to repay insurer
(DBN)

Retired Couples Need $240K for Health Care
(DBN)

______________

Private Equity:

Private Equity's Tax Trouble?
(DBN)

______________

Hedge Funds:

At Hedge Fund Conference, Spotlight on Falcone
(DBN - NY Times - Paywall Limit Possible)

______________

Defaults:

Corporate Default Rate Edges up to 2.6% in April
(DBN)

______________

Aviation:

Union officials at Tulsa base urge members to vote on American Airlines contract
(DBN)

AMR reports decline in passenger traffic
(DBN)

World’s Biggest Airlines Shaping up with the Merger of US Airways and American Airlines
(DBN)

American Airlines Pilots and Fellow Employees to Hold “No Confidence” Rallies
(DBN)

Tulsa leaders urge "yes" vote on AA contract
(DBN)

Despite Bankruptcy AA Making Luxurious Plane Upgrades
(DBN)

Pinnacle Airlines closes PinnPro division, cutting 900 employees --- Union blames Delta Air Lines for Pinnacle's woes
(DBN)

The World's Fastest Executive Jet
(DBN)

Southwest Passenger's Lawsuit Demands Clear Definition of Who Is a 'Customer of Size'
(DBN)

______________

Autos:

Opel labour chief sees revamp deal in two to three months
(DBN)

______________

Student Debt:

Much Ado About Double or Nothing
(DBN)

______________

UK:

Thanks a Trillium! English High Court holds that a run off of liabilities in England does not comprise “economic activity,” a necessary component of the definition of “establishment” required to provide the English courts with jurisdiction to open secondary insolvency proceedings.

Clinton Cards collapse puts 8,000 jobs at risk --- Zolfo Cooper administrators called to Clinton Cards --- The demise of Clinton cards
(DBN)

Turning the tide of debtors heading to UK
(DBN)

Rangers in crisis: Administrators expect to know on Thursday if deal can be done to save Ibrox club
(DBN)

Lehman administrators bring payment to creditors forward
(DBN)

Insolvency's 'disciplined' future will benefit stakeholders
(DBN)

______________

EU:

Euro hits 3-month low as fears rise on Greece, Spain
(DBN)

Moody's Bank- Downgrade Threat Risks Choking Europe Recovery
(DBN)

'The eurozone bail-out had three aims. It has failed on all of them'
(DBN)

______________

PIIGS:

New Greek Poll Looms as Government Efforts Founder --- Greek politicians, don't destroy your nation's future --- Defiant Greeks have no regret for anti-austerity vote
(DBN)

Greek right attacks plan to scrap bailout
(DBN)

Greek Euro-Exit Talk Goes Public as Officials Air Doubts
(DBN)

Meet the Greek Leader Who Sent Global Markets Reeling
(DBN)

Greek unemployment hits record amid political turmoil
(DBN)

Greece will muddle though
(DBN)

Germany warns Greece it will halt aid unless it commits to bailout --- Greece gets more bailout cash --- Greek Elections Force Germany to Weigh Austerity Endgame
(DBN)

Spanish Stocks Plunge to Eight-Year Low on Europe Crisis
(DBN)

Spain nationalizes No. 4 bank as crisis deepens
(DBN)

Spanish Banks Erode Creditors With ECB Loans
(DBN)

Spain Underplaying Bank Losses Faces Ireland's Fate
(DBN)

Spain considers opt-out for large banks
(DBN)

Roubini: 'There Can Only Be One Roll Of The Dice For A Country As Large As Spain'
(DBN)

Vulture funds circle over Ireland and Spain
(DBN)

______________

Japan:

Japan to Take Control of Fukushima Operator --- Details of Tepco's business turnaround plan
(DBN)
(DBN)

______________

Jamaica:

Jamaica's Debt Problem Would Even Embarrass The Eurozone
(DBN)

______________

Poland:

Hydrobudowa Falls as Creditor Files for Its Bankruptcy
(DBN)

______________

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Copyright 2012