April 2, 2009

The Daily Bankruptcy News

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Law:

Thelen, Heller Face Huge Wage Claims
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Sonnenschein, Wolf Block On Icahn Casino Bid
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Ex-Thelen Lawyers Granted Class Certification
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MoFo Watch: Incoming First Years Wait (almost) Patiently For Answers and Money
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Layoff Tracker
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With the Downturn, It's Time to Rethink the Legal Profession
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Are Salary Cuts Coming?
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Clifford Chance partnership restructuring capped at 15%
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Firms push alternative litigation billing
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Chapter 11 Isn't Ready ‘For The Trash Heap’
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Bankruptcy Is Vital to Capitalism
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LA Firm Cuts Associate Pay, an Indication of Cracks in Lockstep Pay Model?
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Lack of Mergers Idling Lawyers
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Law Opens Up 'Encore' Careers
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Looking for Alternative Work? Expect a Pay Cut, Experts Say
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$100 million in swindled assets found, but where is the art?
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Fortress Claims $125.7 Million Loss in Dreier Fraud
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The Seven Habits of Highly Effective Partners
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Former Law Firm Partner Draws Prison Term in KPMG Tax Shelter Scandal
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Giving New Meaning to Fee Fight, Client Says Award Is Owed Him, Not Lawyer
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'Ghost' Twitterers Bash Holland & Knight Online
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How to Handle Awkward Moments With Laid-Off Colleagues
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Adorno & Yoss and Deily, Mooney & Glastetter Forge Strategic Alliance in Response to Surge in Demand for Bankruptcy, Workout and Litigation Services
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Bar Association Sued Over Ban on Client Testimonials
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April is the Cruelest Month for Lawyers Behind on Their Taxes
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Stroock Lawyers Win Legal Business Award Without Billing a Cent
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A no-debt strategy may be the tonic for the times
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MoFo cancels retreat
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Do Lawyers Face a New, Higher Duty of Care from the ABA Ethics of Outsourcing Opinion?
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The UVA Libel Show: UVA Law Sends Hot Bodies
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Recent Layoffs Decimate Fried Frank’s Softball Team
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More April Fool's Fun
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Kirkland & Ellis: Playing Host to Movie 'Morgans'
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Firm pulls plug on art installation
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Judges:

The Justice Souter Bobblehead, With Bling
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Lawyers demand controversial judge disclose history of funds entrusted to him
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Wall Street:

Stocks Rise Around the World on Economy
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European Stocks Surge Ahead Of ECB Decision
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Asian Stocks Soar on U.S. Homes Data
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Indian Stocks Rise to Five-Month High
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Second Quarter Commences With a Rally
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GM, Citigroup Exit From World Gauge Puts Focus on Dow
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Health Care:

HMC Unveils Bankruptcy Reorganization Plan
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9 people visit ER 2678 times over 6 years!
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Health Critic Brings a Past and a Wallet
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Study Finds Many on Medicare Return to Hospital
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Small Medical Companies, a Font of Innovation, Are Feeling Recession’s Pinch
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Health group rebuts US uninsured data
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Something Is Rotten At PBS
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Autos:

U.S. Hopes to Ease G.M. to Bankruptcy
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White House optimistic GM can avoid bankruptcy
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GM's new CEO vows to beat the 'B-word'
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US Urges GM to Consider Bankruptcy
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McCain blasts Obama for delay on GM bankruptcy view
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GM Said to Be Warned Government Won’t Make June 1 Debt Payment
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Bankruptcy would make GM healthier
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Good GM, Bad GM: Examining the Auto Bankruptcy Option
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GM, Chrysler and the Bankruptcy Option
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How Fortune foresaw a GM bankruptcy
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Reconsidering An Auto Solution
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Clearer than ever that the financial industry holds much more sway in the halls of power than do grease monkeys, even ones cleaned up at Harvard
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GM Director Bowles Said to Have Offered to Leave as U.S. Seeks New Board
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GM Use of Bankruptcy to Survive Will Encounter Surprise, Delay
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Bankruptcy for autos might not be easy or quick
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The Bankrupt Future of the Auto Industry
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Federal government in the driver's seat
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Did Obama overreach with GM and Chrysler?
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GM Bonds Fall on Concern Obama Will Allow Bankruptcy
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GM’s Bonds Add To Bankruptcy Anxieties
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GM bondholders brace for 'pennies on the dollar' offer in revised plan
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GM asks gov't for $2.6B to build hybrids
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China Vies to Be World’s Leader in Electric Cars
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What if the Obama Administration Treated Detroit like Wall Street?
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Closing an auto factory is almost as complicated as building cars
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Ford’s March US Sales Fell 41% as Job Losses Rose
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Chrysler March U.S. sales down 39 percent
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Struggling GM says March sales fall 45 percent
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Have U.S. Auto Sales Bottomed Out?
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Silver lining amid dismal auto sales
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Nissan, Honda, Toyota Surge on Better-Than-Expected US Sales
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For Carmakers, March Was Another Bleak Month
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GM, Toyota, Ford Post US Sales Declines Less Than Estimates
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More might go, if they could -- Region's depressed housing values mean that some can find work elsewhere, but can't afford to leave
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5 Reasons To Shun American Cars
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5 Reasons To Buy an American Car
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Wagoner has financial stake in GM's future
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How Good Are GM and Chrysler Warranties?
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Obama Orders Chevrolet and Dodge Out Of NASCAR :)
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Fiat tapped as Chrysler's unlikely savior
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Which Automaker Has the Best Payment Protection Plan?
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Chrysler Financial Is Troubled Consolation Prize for Cerberus
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GMAC to resume car loans to subprime borrowers
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Hertz Outbids Enterprise For Advantage Rent-A-Car Assets
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Delphi to get $90 mln for sale of brake business
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Visteon gets waiver after 'going concern' notice
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Deuce McAllister Nissan Closes
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Vacant Car Lots Piling Up
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Marina Pontiac Closes
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Hubbard Automotive files Chapter 11
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Honda dealer files for bankruptcy protection
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Daimler Plans to Cut Hours, Pay to Save EU2 Billion
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Sweden Government Official: 3 To 5 Serious Bidders For GM's Saab
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Foreign automakers should be forced to build cars here: CAW
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Space:

Hard Times Draw Some Toward the Stars
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Distressed Investing:

GCI Plans New Hedge Fund to Snap Up Hybrid-Security Bargains
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Distress M&A not for faint of heart
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CDOs:

CDOs Becoming ‘Unmanageable’ as Trading Costs Surge, Fitch Says
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Sovereigns:

Ivory Coast Granted $3 Billion Debt Relief From IMF
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Ethanol:

Pacific Ethanol could run out of cash by April 30
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Bill Jones' Pacific Ethanol nears bankruptcy
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VeraSun Closes Sale of 5 Ethanol Plants to Valero
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Resorts:

Luxury resorts struggle as opulence falls out of favor
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Grenelefe, once a thriving golf and tennis resort, struggles as a sale fails to materialize
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Economy:

742,000 jobs axed in March
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More Than 600,000 US Workers Probably Filed Jobless Claims
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Economic Reports Paint Bleak Picture
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Gloom on Jobs, Hope on Manufacturing
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US ISM Manufacturing Index Contracts for 14th Month
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U.S. Manufacturing Shrinks at Slower Pace in Sign Recession May Be Easing
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U.S. could face second recession next year
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Geithner On Ousting CEOs, Reviving Economy
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Obama tax pledge up in smoke
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Eyes of the World
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Obama: U.S. needs to account for its role in world crisis
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Merkel, Sarkozy Step Up Calls for Tighter Market Regulation
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Obama sees G20 consensus, France unhappy
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European demands threaten to wreck deal
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Obama Hits Resistance at G-20
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Global Economic Slide May Be Easing as G-20 Gathers
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At Summit, Obama Faces Calls for Rules on Finances
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Geithner Sees ‘Encouraging Signs’ in Markets, G-20 Cooperation
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Loopholes in Geithner's Plan
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G20 protests turn violent at bank in City of London
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For London's Poor, G-20 Is World Away
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City staff wave £10 notes from their office windows and shout insults
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The Quiet Coup - The finance industry has effectively captured our government
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How song, dance and movies bailed us out of the Depression
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UN Chief: Crisis could result in growing social unrest, weakened governments
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Is This the End of Capitalism?
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Wall Street Swaps Zegna for Denim, Tool Belts
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FDR Economist Says Obama Should Heed Keynes, Spend More to Help End Slump
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Real Estate:

Mortgage rates hit new lows
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Home Prices in US to Decline Through 2010, PMI Says
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Mortgage Bonds Rally on Optimism for Geithner Toxic-Asset Plan
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US Feb. pending home sales up 2.1%, trade group says
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Thornburg Mortgage to file bankruptcy
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Credit Suisse Said to Seek Bids on $1.7 Billion Thornburg Bonds
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Cedar trustee asks to merge assets
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Several Rhodes homebuilding-affiliated companies file for Chapter 11
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Rhodes bankruptcy shows struggles faced by local homebuilders
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Countywide Loses Bid for Suit Settlement Approval
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New Century assets find buyer
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Commercial Real Estate Market in Limbo as Lenders Ignore Defaults
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What Hancock Tower Sale Means for Commercial Real Estate
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The CRE Time Bomb
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Manhattan Real-Estate Market Skids as Sales Slump
(WSJ: separate paid subscription required)

Historic Drop for Manhattan Housing Market
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Defaults Rise as Worst Is Yet to Come for Commercial Property
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Babcock & Brown's Troubles Down Under Hit U.S. Apt. Market
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One Nonprofit's Fix for Foreclosures
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State gets tough on foreclosure-rescue scams
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Minorities Didn't Pay Higher Subprime Rates, Fed Study Shows
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Layoffs:

Economy lost 742,000 jobs in March
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US Payrolls in (historical) perspective
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BP Cuts 620 Jobs From Solar Business
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IBM stands for 'I've Been Moved' - Amid thousands of U.S. layoffs, a plan to relocate some workers abroad has some questioning the company's motives
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Swiss Re Plans to Slash 10% of Jobs After Record Loss
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More Employers Help Layoff Victims
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Standoff Ends at Caterpillar Plant in France
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Fraud:

Madoff Clients Make Push for Involuntary Bankruptcy
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Insurers So Far Not Resisting Madoff-Linked D&O Claims
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Madoff's Yacht Seized In Florida
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Funds Tied to Madoff in Legal Vise
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Madoff Scandal Spotlights the Securities Investor Protection Corp.
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Madoff-Linked Funds Are Dissolved by Luxembourg Court
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King scammer Bernie Madoff's scheme analyzed on History, April 5
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Bernie Madoff Bio-Pic In Production
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Geneva Whispers About New Money From Mumbai as Madoff Scandal Hits Locals
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Mass. regulator charges Madoff feeder fund
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Big Payouts Were Planned for Fairfield Executives
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Receiver, Stanford figure in talks to settle dispute
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More brazen than Madoff?
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SEC Claims Edward T. Stein Engaged in ‘Classic Ponzi Scheme’
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OC Ponzi Schemer Faces Long Term
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Fraud takes many forms. Count on all of them to increase
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Plan Confirmation:

BAPCPA Eliminates the Absolute Priority Rule for Individual Chapter 11 Debtors
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Newspapers:

San Francisco Chronicle Union Says 120 Take Voluntary Severance
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Tribune’s April Fools’ Joke Falls Flat
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Early motions approved in Sun-Times bankruptcy
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Sun-Times misses annual report deadline
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Despite Having No Funded Debt, Sun-Times Media Files for Bankruptcy Hoping to Sell Assets Under Section 363
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Bankrupt 'Sun-Times' Parent Says Losses Doubled in '08
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Las Cruces Sun-News eliminates more jobs
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Judge: Creative Loafing Owner Can Keep His Alt-Weeklies
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Creditors ask to probe Journal Register and JPMorgan Chase Bank
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State of Newspapers Priority For Senate Commerce Committee
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Newspapers aren't assets to be flipped, leveraged, and stripped.
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Bonuses:

Investors seek ouster of AIG compensation chief
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Calif. Lawsuit Accuses AIG of Inflating Bonuses
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Derivatives:

NY Fed Examines Slow Progress In CDS Clearing
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Food/Drink:

New indictment filed in Agriprocessors case
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Theme Parks:

Ghost Town faces huge challenges as it tries to restructure debt
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Debts mount at theme park
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Fiscal roller coaster marks Six Flags opening
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Retailing:

Gottschalks maintains hope of reviving company
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Moody's cuts Macy's debt rating to junk status
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Costco to close home stores due to slowdown
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Celebs:

More than $20 million in debt, Michael Jackson is selling almost everything to raise cash
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Payback: Vick's bankruptcy plan open for court scrutiny
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Publishing:

AbitibiBowater terminates exchange offer
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Municipalities:

Take Your Money and Shove It, Governors Tell Obama
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Tourism:

Hawaii's tourism industry in 'crisis mode'
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Credit Cards:

Credit Card BIll Passes Banking Committee
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Building Supplies:

Feds: Scrap G-I plan
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Photography:

Picturing the Recession
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New Bankruptcy Opinions
(1 new opinion today)

Bankruptcy Court Web/Pacer Site Directory

Chapter 7, 12 & 13 Private Trustee Locator
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Recent Ch. 11 Filings
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Bankruptcy Jobs:

(1)- (2)- (3)- (4)- (5)- (6)- (7)- (8)- (9)- (10)
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Bankruptcy Reform:

U.S. Lawmakers to Consider Nadler's Bill Proposing Bankruptcy Law Changes
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Will the Senate Approve Cram-Down Legislation to Enable Mortgage Modification in Chapter 13 Bankruptcy Cases?
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Turnarounds:

CEOs wait too long before filing bankruptcy
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Bankruptcy Statistics:

South Florida bankruptcies highest since October 2005
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Financial Literacy:

8 Questions to Test Your Kid's Financial Savvy
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Allowance 101: How to Make Your Kids Money Savvy
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Tax:

U.S. Said to Start UBS Tax Fraud Cases
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2 Ex-KPMG Managers Sentenced Over Tax Shelters
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Tax havens defend deals ahead of G20
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Trouble in tax paradise
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Why tax havens should not shoulder the blame for banking collapses
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Tech:

Silicon Graphics Files Bankruptcy With Plans for Sale
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Chapter 11, in Which SGI Sells Itself to Rackable
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Telecoms:

Nortel's Carve-Up May Continue
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Accounting:

Suits Allege 'Negligent' KPMG Audits
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KPMG hit with lawsuit over New Century collapse
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Audit Checks Uncover Weakness in Lender Loss Reserves
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Accounting rule that bankers hate is set for an overhaul
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New FASB Rules: Back to Square One?
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Profession calls for global financial regulator
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Executive Compensation:

To Chagrin of Republicans, Compensation Bill Passes
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Fixing Excessive Executive Compensation
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Student Debt:

Should the U.S. Government Bailout Student Loan Holders to Stimulate the Economy?
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Aviation:

Debt Threatens Takeover of Midway Airport
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American Airlines union goes viral against execs
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Insurance:

Greenberg: AIG Debacle Not My Fault
(WSJ: separate paid subscription required)

Washington Looks to AIG's Greenberg For Help
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Swiss Re to cut 10 pct of headcount
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Hartford, Protective Left Hanging as Treasury Stalls on TARP
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Banking:

Angry Investors Take Aim at US Bank Board Members
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Honest Man Emerges From Muck of Banking Crisis
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FDIC’s Bair urges higher capital for banks
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Repaying the Government: A Lawyer's Perspective
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Zombie banks wait for their day of reckoning, but more often than not, the FDIC acts on its own schedule.
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Non-Bankruptcy Humor:

Joe Translated - Woodstock
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Education:

Williams Stuffs Students Into Dorms as Economy Pares Endowments
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Harvard Begins Case Study as Tainted MBAs Reveal Damaged Brand
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Harvard Plans to Cut Capital Spending on Expansion After Losses
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Personal Finance:

People in Need Are Filling and Taxing Libraries
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A family's tale: From middle class to unemployed
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Media:

Lawsuit could derail Charter bankruptcy
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Boating:

A slice of the good life - at bargain prices
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Trucking:

F.T. Silfies can use its cash
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Recession turns US trucker shortage to surplus
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History:

Washington's Turnaround Artists
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Awards:

Weil Bankruptcy Partners Named Dealmakers of the Year
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Pegasus Capital Advisors Wins 'Turnaround of the Year' Award for Cannondale Bicycle
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Paul, Weiss Corporate Partner Paul D. Ginsberg Named “Dealmaker of the Year”
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Hollywood:

Hollywood Squeezes Stars' Pay
(WSJ: separate paid subscription required)

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Hedge Funds:

G-20 Leaders Spar Over Hedge Fund Rules, Pay as Summit Starts
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Gambling:

Colony Weighs Las Vegas Investment
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Music:

Seeqpod bankruptcy will affect other sites
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Shipping:

Shippers boycott box lines over risk of failure
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UK:

Royal Bank’s Nixon Says Worst of Crisis Is Over
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Bank of England Says UK Credit Supply May Increase
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UK House Prices Unexpectedly Increased in March
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Half of businesses refused bank credit
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UK Retail Stocks Rise on Speculation Short Sales Are Unwound
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Changing Goodwin Pension Is Wishful Thinking for RBS Investors
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JJB plan could be blueprint for other struggling retailers
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EU:

Safety Nets Not Enough to Allay Fears in Europe
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Brazil:

Brazilian Production Fell 17% in February vs Year Ago
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Brazil Stocks Slide on Falling Oil, Industrial Output Decline
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Sweden:

Sweden’s Economy Will Shrink 4.2% in 2009, Borg Says
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Finland:

Finnish Builders Brace for Long Slump, Mass Unemployment
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Japan:

Japan gives cash to jobless foreigners to go home
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Japan’s Suicides Exceeded 32,000 in 2008, Agency Says
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Poland:

Over 80 Warsaw-listed companies might be in trouble
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S. Korea:

South Koreans Band Together to Save Jobs
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Hong Kong:

Hong Kong’s Retail Sales Fall as Companies Cut Jobs
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Australia:

Rudd Plans Third Stimulus to Help Australia Economy
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Canada:

Besieged Abitibi struggles for a lifeline
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If you would like to start receiving the Daily Bankruptcy News by email each day, go to http://bkinformation.com/SubscribeDBNForm.cfm  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 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 at which you are receiving the Daily Bankruptcy News. 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  for the publication, contact us by clicking here for help.

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).