May 4, 2012

The Daily Bankruptcy News

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Law:

Dewey LeBoeuf Near Collapse—Are Other White Shoe Law Firms In Peril? --- "Money by itself is weak glue" --- Fat guarantees helped weaken Dewey & LeBoeuf --- Dewey Have Career Advice for Incoming and Summer Associates? --- Sources Say Dewey to Close Doors May 15 If Not Before --- Decline of Dewey & LeBoeuf Accelerates --- Key partner defects to rival --- Dewey Deal Lawyer Decamps to White & Case --- Breakup Quickens as M&A Chief, London Litigators Leave --- Phila. firm adds more Dewey & LeBoeuf lawyers --- Dewey Still Have the $6 Million Man? Nope: Mort Pierce Is Out the Door --- Dewey's Jettisoned Summer Associates Ask Firms for Jobs They Rejected --- SNR Denton memo confirms talks to take on Dewey partners --- Dewey & LeBoeuf, SNR Denton merger talks collapse --- The Party is Over – Contractors Repossess Copiers, Caterer Asks Employees to Use Credit Cards --- 'Phoenix Rising' Talks Reportedly Collapse as Partners Are Warned to Bill or Give Up Pay --- Tally of 2012 Departed Partners Nears 100 --- Dewey: When Partners Aren’t Really Partners --- London crisis committee turns to BDO --- Dewey faces Euro crisis as Moscow team defects to Morgan Lewis
(DBN)

Dewey, MoFo, Pillsbury, Cleary, Davis Wright: Business of Law
(DBN)

Does Mintz Levin Belong on Those Top Family-Friendly Lists?
(DBN)

Redundancies hit London firms
(DBN)

UK: Pay rises for trainees at Jones Day
(DBN)

From Biglaw to Boutique: Go Fish
(DBN)

General Counsel at the Intersection of Politics and Business
(DBN)

Niall Ferguson: The US Is Beset By The 'Rule Of Lawyers'
(DBN)

Law Student Sues Student Loans for Cheating Him
(DBN)

Accreditation Recommended for UMass Law
(DBN)

Law School Transparency: One million and counting
(DBN)

GW Law School Rocked After Professor Receives Dead Fish and Threatening Note
(DBN)

DLA Piper Announces 58 Partnership Promotions for 2012, 1 in Restructuring
(DBN)

Want to Cross-Sell? Focus on Service
(DBN)

Lawsuit Claims Law Firm Botched Contract, Leading to Baseball League Troubles
(DBN)

Advice for the Class of 2012: Don’t Try to Be Great
(DBN)

Lawyer of the Day (Part Deux): SCOTUS Victor Has Choice Words for Losing Litigant’s Lawyer
(DBN)

Caption Contest Finalists: Biglaw Beach Blanket Bonus Bingo
(DBN)

Allegedly Lusty Legal Ladies: Updates on Reema Bajaj and Madam Justice Lori Douglas
(DBN)

Highway Worker Gets Booted for Javelin Throw
(DBN)

Police: Woman bites dog
(DBN)

3 More Lawyers Are Charged in Las Vegas Homeowner Association Fraud Case
(DBN)

100 more former NFL players sue over head injuries
(DBN)

Judge Blasts Prosecutor for Not Viewing YouTube Video of Claimed Crime in Progress
(DBN)

Student's ordeal in DEA jail sparks outrage
(DBN)

Man who dressed as dead mother guilty of fraud
(DBN)

Witness: John Edwards Mistress Rielle Hunter Wanted To Claim She Was Abducted By Aliens
(DBN)

Say What?!
(DBN)

______________

Judges:

Judge Wilkinson Hints that Overturning Obamacare Would Be a Mistake
(DBN)

A Tangled Tale of Two Judges
(DBN)

iPad Use on the Bench
(DBN)

______________

Wall Street:

Ahead of payrolls, stock futures signal dip
(DBN)

European shares fall before US payrolls, elections
(DBN)

Stocks stumble ahead of April jobs report
(DBN)

______________

Layoffs:

Jobless claims fall --- How US states fared on jobless aid applications
(DBN)

Economists forecast slow but steady US hiring
(DBN)

America's Scariest Employment Chart
(DBN)

Layoff announcements rose in April
(DBN)

Finance Industry Continues to Lay Off
(DBN)

US Unemployment benefits drop
(DBN)

America's 'Shadow' Labor Pool: 86 Million
(DBN)

Capital One throws welcome party day before mass layoffs announced
(DBN)

National and State by State Unemployment Rates
(DBN)

Animated Map of Unemployment
(DBN)

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Shipping:

General Maritime Plan to Be Approved by Bankruptcy Judge
(DBN)

Shipping crisis sinks Italy's Deiulemar
(DBN)

China's shipyards founder as building boom ends
(DBN)

______________

Food/Beverage:

Adams Produce has ceased operations, wants 401(k)money disbursed
(DBN)

______________

Pensions:

Reveal your identities, Fund's lawyers ask anonymous retirees
(DBN)

Advisor for collapsed Pacific pension fund missing off Hawaii
(DBN)

The Next Pension Funding Battle: Retired Americans Versus The US Military
(DBN)

______________

Debt Collection:

Accretive CEO counters claims in Minnesota AG's report --- Accretive Health to answer questions on Capitol Hill --- Utah's largest hospital chain sticking with embattled debt collector
(DBN)

______________

Autos:

General Motors forecasts grim outlook --- A Tax Free First Quarter Profit of $1 Billion for G.M. --- GM rakes in big profits, avoids US income tax --- General Motors Default Swaps Decline as Earnings Beat Estimates
(DBN)

GM longs to say goodbye to its biggest shareholder
(DBN)

Detroit Big Three Profits Surge While Shares Decline
(DBN)

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Corporate Reform:

Republicans demand details on consumer bureau budget
(DBN)

Plugging the leaks on Wall Street
(DBN)

______________

Financial Literacy:

Bringing Innovation to Financial Literacy and College Affordability
(DBN)

______________

Fraud:

Recovery Comes Slowly for Madoff Victims
(DBN)

Appeals court: Merkin must pay former investor
(DBN)

Dwek scandal casts doubt on bank proxy vote
(DBN)

More bad news for TD Bank in Scott Rothstein litigation
(DBN)

Fla. Ponzi associate seeks lenient sentence
(DBN)

New Ripples For Gupta Case
(DBN)

Wall Street’s ‘Bad Boy’ gets 12 years in slammer for cheating investors
(DBN)

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Student Debt:

The New Politics of Student Debt
(DBN)

______________

Turnarounds:

Culligan details restructuring/Centerbridge takeover, recoveries
(DBN)

______________

Accounting:

Quality the casualty in "brutal" audit price war
(DBN)

______________

Economy:

US business startups rate at record low
(DBN)

U.S. Payrolls Probably Picked Up --- Why US Jobless Rate May be a Head Fake
(DBN)

More Americans Say Their Spending Is Up
(DBN)

Jobless claims tumble, service sector slows
(DBN)

America: From Equality to Disparity
(DBN)

Treasury: The True State of the Economy
(DBN)

Federal Reserve officials at odds on jobs view
(DBN)

US worker output fell in Q1 by most in a year
(DBN)

Americans flee banks for home safes
(DBN)

Please Make Room for the Stateless Superrich
(DBN)

US Corporate Credit Swaps Climb by Most in Three Weeks
(DBN)

The Most Important Economic Story Nobody is Talking About
(DBN)

AIG inches closer to paying back bailout funds
(DBN)

The troubling, complicated logistics of how the Fed could create more inflation
(DBN)

The reporter who saw the financial crisis coming
(DBN)

What Do You Mean By The U.S. Tax System Isn't 'Fair?'
(DBN)

US Debt Clock
(DBN)

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Real Estate:

Two GOP congressmen argue against principal reductions
(DBN)

The Tax Change That Threatens Homeownership
(DBN)

Ally has DIP deal
(DBN)

Mortgage rates fall to new record lows
(DBN)

Lockhart Joins Debate On FHFA Write-Downs
(DBN)

Freddie Mac To Treasury: $19 Million More, Please
(DBN)

Is the pace of home sales still too low?
(DBN)

Fort Myers, Miami, Phoenix house prices surge past other markets
(DBN)

The Fax Of Shame: How It Really Feels To Lose Your Home
(DBN)

Freddie Mac mortgage modifications down as fewer loans go delinquent
(DBN)

That New Foreclosure Tsunami? Still Waiting
(DBN)

These 10 Cities have Best Foreclosure Deals: RealtyTrac
(DBN)

Couple accused of renting out foreclosed homes
(DBN)

Sheriff Attempts To Avoid Occupy Protests By Evicting Atlanta Family Fighting Foreclosure At 3 AM
(DBN)

Protesters target foreclosure auction
(DBN)

REO to rental: a new paradigm for the U.S. housing sector?
(DBN)

Grubb NYC office implodes after BGC purchase
(DBN)

_____________

Retailing:

Retail's same-store sales a lonely number
(DBN)

Mixed bag for retailers
(DBN)

______________

Oil/Gas:

Oil Tumbles 2.5% Amid Economic Worries
(DBN)

Petroplus: rapid rise and fall of a refiner
(DBN)

Chesapeake Energy on Damage Control
(DBN)

Chesapeake Energy, McClendon under U.S. SEC probe
(DBN)

______________

Photography:

Kodak cutting another 140 jobs
(DBN)

Kodak's consumer business president resigning
(DBN)

Kodak wants to restart patent infringement suit against Shutterfly
(DBN)

______________

MF Global:

Independent counsel sought for MF Global probe
(DBN)

Republican congressman wants independent counsel to take over MF Global investigation
(DBN)

Congressman Grimm Sends a Message
(DBN)

MF Global Trustee Begins Litigation In UK Over Customer Assets
(DBN)

______________

Religion:

Bankruptcy judge orders archdiocese, victims into 'meaningful' settlement talks
(DBN)

______________

Celebs:

Sonya Dakar Follows Her Clinic Into Bankruptcy
(DBN)

______________

Telecoms:

Evil Incarnate Thinks LightSquared Is Great
(DBN)

______________

Politics:

Warren explains Native American listing was to meet people --- Elizabeth Warren struggles with response --- Scott Brown Is Destroying Elizabeth Warren In Massachusetts --- Scott Brown's sexist slime against Elizabeth Warren --- Most Ridiculous Campaign Issue. Evah. --- What's Next For Elizabeth Warren ? --- Absurd attacks on Warren over minority status --- Elizabeth Warren's Birther Moment --- Harvard won't say if Liz Warren listed as minority
(DBN)

______________

Health Care:

Cheboygan Memorial Emergency Room Expected to Open: May 14
(DBN)

2 laid-off Saint Catherine employees sue hospital's former presidents
(DBN)

______________

Personal Finance:

No place like home: Cave in the Utah desert where man who has given up money lives
(DBN)

______________

Defaults:

Default Rate Climbs A Bit in April --- S&P report:Global corp default tally still at 29 issuers
(DBN)

______________

Gambling:

Deadline for Silver Legacy debt restructuring agreement extended again
(DBN)

______________

Accounting:

Grant Thornton Gets Latest Rebuke from PCAOB
(DBN)

______________

Coal:

Moody's downgrades Arch Coal's corporate family and unsecured debt
(DBN)

______________

Basketball:

Sacramento Kings Ownership Stake Questioned
(DBN)

______________

Lehman:

Investors in Lehman-linked gas bonds get 49 cts per $1
(DBN)

No rubber stamp for Lehman executives' settlement
(DBN)

______________

Bankruptcy Crimes:

Texas Man Sentenced to 61 Months in Federal Prison for Bankruptcy Fraud and Identity Theft in Connection with Nationwide Foreclosure Rescue Scheme
(DBN)

______________

Hotels:

Sleeping With The Fishes
(DBN)

______________

Banking:

The 20 Strongest Banks In The World
(DBN)

______________

Alternative Energy:

First Solar Posts Big Loss As Revenue Collapses
(DBN)

______________

New Bankruptcy Opinions
(No new opinions today - DBN)

Bankruptcy Court Web/Pacer Site Directory

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

Recent Ch. 11 Filings (40 new filings today)
(DBN)

Recent Ch. 11 Adversary Proceeding Filings (10 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 Vitro Bondholders Loss, Arcapita-(audio)
(DBN)

______________

Bankruptcy Statistics:

WNY bankruptcy filings drop 20%
(DBN)

Rocket Science: Statistical analysis could predict bankrupt stocks
(DBN)

Interactive Bankruptcy Statistics Map
(DBN)

______________

Professionals:

Professional Troubles: Payment of Retainers by Third Parties May Be Permitted, But Nondisclosure Is Costly
(DBN)

______________

Safe Harbors:

SDNY Bankruptcy Court Interprets Section 546(e)’s Safe Harbors in Lehman-JPMorgan Dispute
(DBN)

______________

Litigation:

Defendants in 'Da Silva Moore' Oppose Motion to Recuse Judge
(DBN)

Wall Street’s Legal Magic Ends an American Right
(DBN)

______________

Municipalities:

Improvident - Desperate measures for desperate times
(DBN)

Stockton outlines city's financial options
(DBN)

Altoona declared distressed by state --- Joins Ranks of Distressed Municipalities in Pennsylvania
(DBN)

Challenge to takeover to Pa. capital thrown out
(DBN)

Jefferson County sewer hearing ends with no ruling on rate increase
(DBN)

Alabama Senate passes tax for bankrupt county
(DBN)

Lack of Bond Debt Not a Bar to Chapter 9 in Alabama
(DBN)

State Bonds in Jeopardy as Tobacco Cash Fades
(DBN)

______________

Insurance:

C.M. Meiers Legal Battle Goes On, Allegations Heat Up
(DBN)

______________

Aviation:

American Airlines Sues Mediation Board Over Union Election
(DBN)

Unions ask AMR board to seek US Airways merger
(DBN)

American Airlines responds to unions' comments with studied non-concern
(DBN)

Goldman Sachs May Play Pivotal Role in American's Fate
(DBN)

CWA: American Airlines Tries an End Run Around the Law --- Says American is trying to stop workers from having a fair vote
(DBN)

Eagle ALPA looks at the US Airways situation
(DBN)

Pilots march downtown
(DBN)

Airport hires cheerleaders to soothe passengers
(DBN)

Hawker Beechcraft Reaches Agreement with Lenders --- Hawker Beechcraft files for bankruptcy --- Says customers will be served and employees will be paid --- Goldman Sachs's Hawker to Cut Debt by $2.5 Billion in Bankruptcy --- A look at Hawker Beechcraft through the years
(DBN)

Wichita leaders assure taxpayers they're closely watching Hawker proceedings
(DBN)

Pension plan may be terminated in bankruptcy , Hawker officials warn
(DBN)

'Too Fat To Fly' Passenger Sues Southwest Airlines For 'Discriminatory Actions'
(DBN)

______________

Cross-Border:

International Intrigue, Bankruptcy-Style
(DBN)

______________

Sovereigns:

Sovereign Restructuring after NML v. Argentina: CACs Don't Make Pari Passu Go Away
(DBN)

______________

UK:

Drop in bankruptcies 'set to halt' --- Bankruptcies rise by 5.5% --- UK company insolvencies highest since Q4 2009 --- Company insolvencies rise by 10%
(DBN)

SMEs advised to tread with caution as corporate insolvencies escalate
(DBN)

Rangers’ Administrators Say Miller Granted Preferred Status --- The Blue Knights surprised by Rangers choosing Bill Miller --- Rangers administrators cannot give '100% guarantee' over liquidation
(DBN)

BOE’s King Says U.K. Premier League Needs to Reassess Finances
(DBN)

MG Workers Get £3 Each from Trust Fund
(DBN)

Hacker Young's Andronikou severely reprimanded
(DBN)

______________

EU:

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

Springsteen’s tour likely to resonate in Europe, where hard times mirror angst in songs
(DBN)

Europe: The Rise of the New Far Right
(DBN)

Banks May Have to Disclose Profits From ECB Emergency Loans
(DBN)

Euro Area Economy Deteriorating At A Disastrous Pace
(DBN)

______________

France:

French court upholds layoffs by healthy firms
(DBN)

______________

PIIGS:

Greek leftist party leader promotes anti-bailout left coalition gov't
(DBN)

3 Scenarios for the Greek Elections and the Euro
(DBN)

Will Greece's Elections Inflame Europe's Debt Crisis?
(DBN)

Greece Must Renegotiate Bailout: Business Lobbyist
(DBN)

Greek euro exit increasingly likely, warns Fitch
(DBN)

S&P upgrades Greece, cites concern
(DBN)

Greece: Tax avalanche to follow elections
(DBN)

Greek crisis: economic misery forces workers from cities and a return to a barter economy
(DBN)

Young Farmers Union of Imathia: ‘Greeks Are Not Willing to Work in Agriculture’
(DBN)

Young Italians flock to become shepherds
(DBN)

Tears and fears as EU austerity takes Spanish unemployment to 25% --- Poorest region suffers 32% unemployment
(DBN)

______________

Japan:

Japan Turns Off Last Nuclear Reactor
(DBN)

______________

Argentina:

How Cristina Fernandez Is Destroying Argentina's Economy
(DBN)

______________

West Bengal:

West Bengal facing Greece-like tragedy
(DBN)

______________

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Copyright 2012