May 16, 2012

The Daily Bankruptcy News

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Law:

Dewey Have the Ability To Keep Paying Severance? Apparently Not --- Regulators Sue Dewey Over Underfunded Pensions --- Avoiding the fate of Dewey partners --- As More Lawyers Head for Exit, Dewey Faces Several Lawsuits --- Dewey Makes New York Headquarters Closing Official With Notice to State --- A (Don’t Be)Dewey Dozen: Use This Checklist to Make Sure Your Firm Isn’t Dewey --- SJB, Paul Hastings, Jones Day and Simmons sign up Dewey departees --- Dewey’s Demise Is Bad News for Job-Hunting Lawyers --- Dewey & LeBoeuf: Lawyers who won't land on their feet easily or maybe never --- Dewey Have Cause for Rejoicing? Some Strange and Humorous Reactions to a Law Firm’s Fall
(DBN)

K&L Gates Must Face Lawsuit Over Le-Nature's Demise
(DBN)

Morris, Kirkland, Mayer Brown, Vinson --- K&L Gates, Cleary Gottlieb, Cravath, Dewey: Business of Law
(DBN)

More Firms Stand Up For Marriage Equality
(DBN)

Do Not Cry At Work And Other No-Nos
(DBN)

Sheppard Mullin Adds Corporate Restructuring, Litigation Partner
(DBN)

Online Comments Lead to Suit By Bankruptcy Lawyer Against Two Former Clients
(DBN)

Best Legal Departments 2012
(DBN)

Why Do General Counsel Fire Law Firms?
(DBN)

GC on the Hot Seat - Shredded Docs
(DBN)

Alsup to Boies: I Can Code -- Can You?
(DBN)

Frank Barron to Rejoin Cravath
(DBN)

Big Law Salaries: Let's Talk About Value
(DBN)

Federal judge upholds fines against bigoted SIST duo
(DBN)

Lawyer Sends a Passive-Aggressive Break-Up Brief Via Text
(DBN)

Ex-Wilmer Lawyer Pens Novel About Financial Meltdown
(DBN)

Lawyer Couple Wins Settlement For Allegedly Getting Punched By NYPD
(DBN)

Bid to Evade Legal Fees Through Bankruptcy Filing Rebounds on Debtor
(DBN)

Ethics Prof Shares Law Student Malapropisms
(DBN)

The next solo incubator will be in San Diego
(DBN)

Law School Transparency: Stop making sense
(DBN)

Church Lawyer Testifies Everyone Lied to Him About Secret List of Priest Abuse Suspects
(DBN)

The “Corzine-Dimon Syndrome”
(DBN)

A Pastor Is Suing A Woman For $500,000 For Posting Bad Online Reviews Of His Church
(DBN)

Prom Chaperones Sprayed Lysol On Dirty Dancers
(DBN)

Latin Scholar, 32, Arrested For Stabbing Girlfriend After Catching Her Cheating On Him At Motel
(DBN)

Federal Judge OKs Plan to Release Defendant in ATF Robbery Case If He Writes Book Reports
(DBN)

Cops: NY man shoots friend in leg at his request
(DBN)

‘Death to Meth’ DA Accused of Taking $6K Loan from Defense Attorney to Pay for Hair Transplants
(DBN)

Mug Shots
(DBN)

Say What?!
(DBN)

______________

Judges:

America Executed This Man For A Crime He Did Not Commit
(DBN)

Virginia House of Delegates Rejects Gay Judicial Nominee --- Top Va. Attorney Calls Vote an ‘Embarrassment’
(DBN)

Benchslap of the Day: Rude, Crude, and a Bad Attitude
(DBN)

______________

Wall Street:

US stock index futures point to more losses
(DBN)

S&P at 3-month low
(DBN)

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Layoffs:

Help Wanted (Unless You're Over 50)
(DBN)

Troubling Facts About the Youth Unemployment Crisis
(DBN)

T-Mobile to cut 900 jobs in latest restructuring
(DBN)

SocGen redundancy plan heavily oversubscribed
(DBN)

National and State by State Unemployment Rates
(DBN)

Animated Map of Unemployment
(DBN)

______________

Retailing:

Retail Sales Cool in U.S. After Warm-Weather Spree
(DBN)

JC Penney Ends Quarterly Dividend, Reports Losses, Shares Tumble --- JC Penney Drops a Tape Bomb --- JCPenney Didn't Realize How Much Customers Were Into Coupons --- 5 Hedge Funds Getting Creamed On JCPenney
(DBN)

______________

Autos:

Ally not looking to sell US auto lending: CEO
(DBN)

GM To Reunite With Ex? Automaker Could Buy Ally Pieces After ResCap Bankruptcy
(DBN)

Warren Buffett buys 10 million shares of GM
(DBN)

Mitt Romney Auto Industry Bailout Credit
(DBN)

______________

Food/Beverage:

Bankruptcy Judge Denies Hostess' Motion To Reject Teamster Contracts --- Teamsters win one round
(DBN)

Hostess nearly out of options
(DBN)

Illinois company offers to buy Cagle's --- Cagle's Wins Court Approval to Sell Assets to Koch Affiliate
(DBN

Saga of almost-bankrupt USA Springs stumbles along
(DBN)

______________

Aviation:

Two AMR union groups reject contract revisions --- AMR wins labor deals with five union work groups --- American Airlines 'pleased' about five approvals, 'disappointed' about two rejections from TWU
(DBN)

Pilots tell court American asks for too much in bankruptcy plan
(DBN)

CWA urges NMB to go ahead with American Airlines vote
(DBN)

AA-mechanics stalemate rooted in 2003 deal
(DBN)

TWU details contract agreements and disagreements with American --- TWU members divided on new contracts --- TWU as a group is in favor of American Airlines' 'last, best' offer --- TWU election has 73 percent turnout
(DBN)

Those Scofflaws At American Airlines
(DBN)

Flight 3407 families upset with Pinnacle Airlines
(DBN)

Bankruptcy trustee digs deeper into where Direct Air money went
(DBN)

The Worst Airline In America
(DBN)

Things You Can't Do on a Plane: Vol. 18
(DBN)

Managers to buy bankrupt Danish airline Cimber
(DBN)

______________

Tax:

John Harris due in court for JK Harris bankruptcy hearing --- JK Harris bankruptcy trustee seeks fines and sanctions against John Harris, seizes his cellphone
(DBN)

______________

Accounting:

Presenting: The 16 Confusing Accounting Principles That Have Gotten Companies In Big Trouble
(DBN)

Why Bankruptcy Should Matter in Lease Accounting
(DBN)

______________

Debt Collection:

Debt Collectors Confess To Defrauding Bank That Receives TARP Funds
(DBN)

Debt Collectors Settle With The FTC, Say They Won't Pose As Ed McMahon Anymore
(DBN)

Seventh Circuit: Bill collector can be sued for calls to wrong numbers
(DBN)

______________

Video Games:

Curt Schilling's 38 Studios struggling to keep solvent
(DBN)

THQ slips into the red in Q4, more pain ahead
(DBN)

______________

Student Debt:

Student-Loan Guarantors Profit From Borrowers' Pain, Report Says
(DBN)

______________

Environmental:

Lawyer says Anadarko spinoff an environmental ploy
(DBN)

______________

Religion:

Multiple parties worked together to track fake monk
(DBN)

______________

Economy:

Boehner: No debt ceiling increase without cuts
(DBN)

Boehner: US House To Vote in Fall for Process To Enact Tax Reform in 2013
(DBN)

Consumer credit defaults stay on post-recession lows
(DBN)

The Explosion Of America's Foreign-Born Population
(DBN)

Bill Gross: Euroland Is Just A Tumor, And The Cancer is Going Global
(DBN)

Federal employee salaries exposed; 1 Ag Dept worker made $241,895 in 2011
(DBN)

US Debt Clock
(DBN)

______________

Real Estate:

Bankruptcy Court Holds that a Mortgage is Avoidable in Bankruptcy if the Mortgage as Recorded Does Not State the Maturity Date and Interest Rate of the Underlying Debt
(DBN)

Homebuilder confidence reaches highest level in 5 years
(DBN)

Newest housing data highlights improvements
(DBN)

Foreclosed Americans find way back to homeownership
(DBN)

Duke: Put-back fear stifles mortgage lending
(DBN)

Needy States Use Housing Aid Cash to Plug Budgets
(DBN)

Regulator balks at California foreclosure fixes
(DBN)

Groups push to expand foreclosure pilot program
(DBN)

Ally Pays $750 Million in ResCap Bankruptcy to 'Avoid the Noise'
(DBN)

Ally to shed a quarter of its assets after ResCap bankruptcy, emerge 'much leaner'
(DBN)

Fitch cuts ResCap long-term issuer default rating
(DBN)

Hedge Funds Stand to Profit on ResCap Debt
(DBN)

The Challenges in ResCap's Bankruptcy
(DBN)

ResCap to Stop Funding $1.7 Billion in Home Equity Loans
(DBN)

Ally Financial's ResCap: A Smart Bankruptcy
(DBN)

MERS to require third-party compliance in quality assurance
(DBN)

Multifamily lending accelerates 45% in 1Q
(DBN)

Park Avenue co-op sells for record $52.5 million
(DBN)

___________

Awards:

C. Edward Dobbs 2012 Recipient of the David W. Pollard Award
(DBN)

______________

Banking:

What the Outsource case means for banks
(DBN)

JP Morgan loss: Did US regulators know what CEO Jamie Dimon apparently didn't? --- Geithner Says Regulators to Take Close Look at JPMorgan --- JPMorgan Specific Trades Leading to Loss Weren’t Monitored, Regulator Says --- Regulators Snooze While JPMorgan Lights the Fuse
(DBN)

Pressure rises on JPMorgan over risk, clawbacks
(DBN)

California Governor Tries To Divert Settlement Funds From Housing
(DBN)

JPMorgan's Dimon keeps his chairman job in shareholder vote --- FBI launches probe --- Losing Money Is a Shame, But Not Necessarily a Crime --- Reports: DOJ Has Joined SEC in Looking at JPMorgan Chase After $2B Trading Loss
(DBN)

Jamie Dimon Might Clawback Whale Team's Bonuses Or He Might Not
(DBN)

Giving banks a ride risks being stung
(DBN)

Geithner: Bank rules will be heavily influenced by JPMorgan
(DBN)

Forget The $2B Loss, Foreclosures Are JPMorgan's Real Problem
(DBN)

Ally Financial Mortgage Unit's Bankruptcy and Its Impact to Ally Bank
(DBN)

______________

Telecoms:

LightSquared Isn't Flaming Out, Investor Says
(DBN)

Judge says LightSquared can use bank accounts, pay employees
(DBN)

______________

Agriculture:

Grassley seeks clarity on farm bankruptcy law
(DBN)

______________

Utilities:

Bankruptcy judge denies co-op's request to leave Southern
(DBN)

______________

Pensions:

The shifting sands of bankruptcy
(DBN)

Recent case highlights split of authority on whether corporate agreements can amend employee benefit plans
(DBN)

______________

Health Care:

Cheboygan hospital reopens after 6-week shutdown
(DBN)

Hospital seeking initial bidder
(DBN)

Healthcare costs for family of four with insurance exceed $20,000 per year
(DBN)

______________

Celebs:

Report: J.R. Smith Was 'Broke' After Making $25 Million During His NBA Career
(DBN)

Octomom Can't Even Go Bankrupt Right! ---- 'Octomom' bankruptcy case thrown out of court
(DBN)

______________

Bankruptcy Crimes:

South Texas couple that lied to feds together -- well, they're going to jail
(DBN)

Till Bankruptcy Fraud Do Us Part
(DBN)

______________

Resorts:

Wintergreen Resort, hires Alvarez, searching for new owners following difficult winter
(DBN)

Mountain Shadows resort owner defaults on loan
(DBN)

______________

Prisons:

The Prison Capital Of The World
(DBN)

______________

Hotels:

Hoteliers disconnected from shaky reality
(DBN)

______________

Fraud:

US Supreme Court won't review Petters Ponzi scheme case
(DBN)

ABN Amro, Feeder Funds Win Review of Madoff Trustee Suits
(DBN)

Rajat Gupta and the hearsay rule
(DBN)

Gupta Stake in Fund Increased After Tip, US Says
(DBN)

______________

Auto Racing:

Bad economy 'wrecking' NASCAR
(DBN)

______________

Photography:

Kodak accuses Apple of trying to derail its patent sale
(DBN)

______________

Museums:

US Slavery Museum seeks 3-week delay in key Virginia bankruptcy hearing
(DBN)

______________

Financial Privacy:

Plaintiffs Lawyers Eye Data Breach Niche
(DBN)

______________

Brokers:

Penson in talks about strategic transactions; losses mount
(DBN)

______________

Gambling:

Hollywood's poker Ponzi scheme victims settle out of court
(DBN)

______________

Alternative Energy:

A123 Systems Adds "Going Concern" Warnings --- Hires Adviser to Explore Its Alternatives
(DBN)

______________

New Bankruptcy Opinions
(5 new opinions today - DBN)

Bankruptcy Court Web/Pacer Site Directory

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

Recent Ch. 11 Filings (25 new filings today)
(DBN)

Recent Ch. 11 Adversary Proceeding Filings (22 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 Supreme Court, Paulson Resorts, Judgeships: Audio
(DBN)

______________

Bankruptcy Statistics:

Interactive Bankruptcy Statistics Map
(DBN)

_____________

Avoidance Actions:

TOUSA Appeal: 11th Circuit Reinstates Bankruptcy Court’s Fraudulent Transfer Opinion as Against All Defendants
(DBN)

Chapter 7 Trustee Starts Tana Seybert LLC Bankruptcy Preference Adversary Proceedings
(DBN)

______________

Statutory Liens:

Storage Wars and the Credit Practices Rule
(DBN)

______________

Appeals:

The Ninth Circuit Affirms Inflexible Standard of Finality for Purposes of District Court Appeals
(DBN)

______________

Sales:

RadLAX: Further Insight on How the Supreme Court May Approach Credit Bidding
(DBN)

______________

Insurance:

BofA tells judge MBIA split must be annulled
(DBN)

______________

Municipalities:

With ban on bankruptcy set to expire July 1, state still holds Harrisburg's reins
(DBN)

Harrisburg City Council Loses Bid to Reinstate Bankruptcy
(DBN)

New Jersey Tax Revenue Coming Up Way Short Of Expectations
(DBN)

Stockton Weighs Bankruptcy Option in Confronting Deficit --- City faces $26M gap
(DBN)

Munis: Cash Abounds, Defaults Do Not
(DBN)

Making it harder still for cities to go bankrupt
(DBN)

______________

Mass Torts:

Asbestos trusts say they have nothing to hide, but act like they do
(DBN)

New Bill Would Require Asbestos Bankruptcy Settlement Trusts To Disclose Information
(DBN)

______________

Bankruptcy Rules:

U.S. Supreme Court Endorses Federal Rules of Bankruptcy Procedure Amendments
(DBN)

______________

Litigation:

In Support of Flat Fee Pricing for Complex Litigation Matters
(DBN)

______________

Oil/Gas:

Tips On How To Protect Yourself In The Event Your Oil And Gas Operator Goes Bankrupt
(DBN)

Chesapeake Credit Rating Cut On Concerns Over Liquidity Risks
(DBN)

Chesapeake hikes loan as credit rating fades
(DBN)

______________

Derivatives:

Swaps Committee Set to Rule on $1.2 Billion of ResCap Contracts --- Could Result In $858 Million Payout
(DBN)

______________

Education:

Prepare for a huge wave of college bankruptcies
(DBN)

$11 Billion Whistleblower Suit Gets Green Light From Federal Judge
(DBN)

______________

Protests:

Morgan Stanley CEO grilled by Occupy
(DBN)

_____________

Corporate Reform:

The battle for Wall Street reform continues
(DBN)

Can Corporate America Ever Be Cured?
(DBN)

______________

Politics:

Elizabeth Warren's Native American Story Won't Go Away --- Elizabeth Warren is getting destroyed for calling herself a Native American --- 1997 Fordham Law article: Elizabeth Warren is Harvard’s “first woman of color” --- Genealogical society: No proof of Warren's Cherokee heritage found
(DBN)

Warren releases radio ad focused on Wall Street
(DBN)

What Mitt Romney Is Really Worth
(DBN)

Obama worth up to $10 million
(DBN)

______________

Risk:

Sovereign, Corporate Bond Risk Rises, Credit- Default Swaps Show
(DBN)

Is JPMorgan the tip of the risk-control iceberg?
(DBN)

______________

UK:

Litigation Win in English High Court Sets New Guidance for Interpretation of EC Insolvency Regulation
(DBN)

Jefferies hires Norley to head European Restructuring Group
(DBN)

George Osborne wins battle for tougher rules on UK banks
(DBN)

32 Signs That The London Olympics Will Be A Complete Disaster
(DBN)

Britain Is Firing Every Lazy Government Worker
(DBN)

Supreme Court shines a light on Cross-border insolvency
(DBN)

The Journal Online : Bankruptcy changes threaten the poorest, say insolvency specialists
(DBN)

______________

EU:

European Union breaks deadlock on bank rules
(DBN)

The Head Of The Bank Of England Just Made Some Scary Predictions About 'Major Problems Ahead' In The Eurozone
(DBN)

A Complete Color-Coded Guide To Elections, Growth And Unemployment In Europe
(DBN)

Euro Slides to Four-Month Low
(DBN)

Bond Risk Falls as German Growth Offsets Peripheral Concerns
(DBN)

Over A Thousand Years Of European History
(DBN)

Pimco sees eurozone’s present form not lasting
(DBN)

______________

PIIGS:

Greece calls new elections after talks collapse --- Now The Greek Far Right Party Is Denying The Holocaust --- Assessing the Odds of a Greek Euro Exit --- Greek Turmoil: Here's What Happens Next --- Beware of Greeks who can't bear to govern themselves --- Athens Stock Exchange in 'Free Fall' --- Closing firms outnumber new ones --- Greece on brink of collapse as Europe prepares for 'messy' exit --- The Pandora's Box of a Grexit --- IMF: Exit from euro could be orderly --- Orderly exit would be "extremely expensive" --- 'Greece in unchartered territory' --- Greek president warned of "fatal consequences" of instability --- In about-face, Greece pays bond swap holdouts --- Greeks Withdraw Nearly $1 Billion From Local Banks --- Greek Shipper: You'll Be Surprised By What Happens In The Next Election
(DBN)

Spain says bank audit ready in 2 months --- Fears over Spain linger despite banking plan
(DBN)

Recession deepens in Italy
(DBN)

______________

Australia:

ASIC bid to sin-bin liquidator
(DBN)

______________

Latin America:

Doe Run Peru makes final bid to avoid liquidation
(DBN)

______________

MENA:

Kuwait's Global seeks further delay on debt repayment
(DBN)

"If you want your money, then take it in blood" - Knife Brawl Over $8 Food Debt Reveals Egyptian Risks
(DBN)

______________

China:

The Chinese Real Estate Sector Is Unraveling
(DBN)

______________

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Copyright 2012