April 9, 2009

The Daily Bankruptcy News

Also available on the Web (with links to the news stories) Click Here
Prior editions: Click Here
Search prior headlines: Click Here
Search prior New Opinions: Click Here

Due to Good Friday, The Daily Bankruptcy News Will Not Publish on Friday April 10, 2009

Law:

Townsend Cuts Attorneys, Staffers
(DBN Subscription Required)

Layoff Watch: Townsend and Townsend and (a Smaller) Crew
(DBN Subscription Required)

V&E Pushes Back First-Year Associates' Start Date
(DBN Subscription Required)

Vinson & Elkins: Another 'No Layoff" Promise
(DBN Subscription Required)

Dreams of Biglaw Deferred (Or, The Scene at New Jersey's First Deferred Associates Public Interest Job Fair)
(DBN Subscription Required)

Newark Mayor: Challenges of the Economy Mean Opportunities for Law Grads
(DBN Subscription Required)

The Latest and Greatest Nationwide Start Date Round-up
(DBN Subscription Required)

How Low Could Associate Salaries Go?
(DBN Subscription Required)

Sure We’ll Cut Associate Salaries, As Long As Someone Else Does First
(DBN Subscription Required)

Schiff Axes Parties, Cuts Other Costs, But Avoids Layoffs
(DBN Subscription Required)

For All The Jobless Lawyers
(DBN Subscription Required)

Notes from the Breadline: Troubled Times Had Come to My Hometown (Or: Should Roxana leave New York?)
(DBN Subscription Required)

DLA Piper restructures Dubai arm amid late payment claims
(DBN Subscription Required)

A difficult year at Dewey
(DBN Subscription Required)

Law Firms to Get $26 Million to Advise Treasury on Auto Industry Plan
(DBN Subscription Required)

Did Ed Rendell Sell a "Pay to Play" Contingent Fee Contract?
(DBN Subscription Required)

Simpson Thacher Adds Bankruptcy Partner From White & Case
(DBN Subscription Required)

Baker & Daniels Adds To Bankruptcy Section
(DBN Subscription Required)

Australian Law Firm of the Year 2009
(DBN Subscription Required)

The Balance Sheet Recession
(DBN Subscription Required)

Did Wachtell Botch the Hexion/Huntsman Litigation? Yep, Says AmLaw
(DBN Subscription Required)

Attorney's Imagination Prompts Reversal
(DBN Subscription Required)

Axing Diversity?
(DBN Subscription Required)

The Shape of BigLaw to Come: Cylinders
(DBN Subscription Required)

Non-Equity Partner Has Fiduciary Duty to Old Firm, Appeals Court Rules
(DBN Subscription Required)

Stanford GC's Resignation Offers Lessons
(DBN Subscription Required)

Fleetwood Mac Drummer Sues Attorney, Firm Over $4.5 Million in Fees
(DBN Subscription Required)

Firm Faces Disciplinary Action for Disclosures
(DBN Subscription Required)

Two More Firms Get Off the Bus in Hollywood Hoping for Their Big Break
(DBN Subscription Required)

Boutique With Foot in Manhattan's Door Says Business Is Booming, Thanks for Asking
(DBN Subscription Required)

When You're Job Hunting, Sometimes Drastic Times Call For ...
(DBN Subscription Required)

Pls Hndle Thx: A Tale of Two Cities, Literally
(DBN Subscription Required)

Counting Lawyers Per Billions in Revenue
(DBN Subscription Required)

Bar Staffer Stole $675,000 Over 8 Years, Says State AG
(DBN Subscription Required)

New Scrutiny at Justice Department
(DBN Subscription Required)

Best and worst law firm freebies
(DBN Subscription Required)

Firm overrun with vermin
(DBN Subscription Required)

Firm trainee crowned April Fool 2009
(DBN Subscription Required)

Alaska Seeks Hatch Act Probe in Stevens Case, Supports Possible Tort Claim
(DBN Subscription Required)

Yale Law Student’s Recession-Proof Game Plan: Professional Poker
(DBN Subscription Required)

______________

Judges:

Sandra Day O'Connor Touts Civics Lessons via Games
(DBN Subscription Required)

______________

Wall Street:

US Stock Futures Advance
(DBN Subscription Required)

Asia Markets Rally on Japan Stimulus; Europe Gains
(DBN Subscription Required)

Shares Rebound, but Investors Are Edgy
(DBN Subscription Required)

SEC OKs effort to limit short sales
(DBN Subscription Required)

Scapegoating short sellers feels so good
(DBN Subscription Required)

Nail the Shorts?
(DBN Subscription Required)

SEC regains control of market ship
(DBN Subscription Required)

Hedge Fund Lobby Defends ‘Vital’ Short-Selling
(DBN Subscription Required)

US finance pundit Cramer a 'buffoon' says leading economist
(DBN Subscription Required)

Buy ‘Cyclical’ Stocks as Worst Is Past, Goldman Sachs Advises
(DBN Subscription Required)

______________

Trucking:

Ryder slashes outlook; shares tank
(DBN Subscription Required)

______________

Retailing:

Family Dollar Profit Jumps 33%; Outlook Beats Street View
(DBN Subscription Required)

Joe's Sports & Outdoor likely to learn its fate Thursday
(DBN Subscription Required)

Joe's sporting goods can't find buyer, may liquidate
(DBN Subscription Required)

Retailers Offer a Nice Surprise
(WSJ: separate paid subscription required)

US Online Sales Grew 11% in First Quarter
(DBN Subscription Required)

______________

Fraud:

SEC Seeks to Block Bid to Force Madoff Bankruptcy
(DBN Subscription Required)

With Dueling Letters, A Squabble Over Madoff Funds Begins
(DBN Subscription Required)

Regulators Resist a Move on Madoff
(DBN Subscription Required)

Madoff Trustee Stakes Claim to Any Funds From Brother
(DBN Subscription Required)

SEC: US government won't take Madoff money
(DBN Subscription Required)

Ruth Madoff to contest home seizures
(DBN Subscription Required)

Madoff’s Legitimate Business to be Sold
(DBN Subscription Required)

Madoff’s See-No-Evil Advice Didn't Spook Insiders
(DBN Subscription Required)

Brooklyn Law Student Who Sued Peter Madoff Starts to Look Less Heroic
(DBN Subscription Required)

Colorado investment manager accused in Ponzi case
(DBN Subscription Required)

Denver Ponzi-Scam Manager Bought Rembrandts, SEC Says
(DBN Subscription Required)

Ponzi victims rarely get much back
(DBN Subscription Required)

______________

Credit Cards:

Rep. Cleaver Co-Sponsors Credit Cardholders’ Bill Of Right
(DBN Subscription Required)

BofA to Boost Credit-Card Rates
(DBN Subscription Required)

American Express drops debt-free customer
(DBN Subscription Required)

______________

Municipalities:

Sacramento County sought bankruptcy advice in February
(DBN Subscription Required)

Complex Bond Deals Haunt Tenn. Cities, Counties
(DBN Subscription Required)

Vallejo unions open to mediation
(DBN Subscription Required)

Big Jumps in Taxes Loom in 10 States
(DBN Subscription Required)

______________

Banking:

Stress fractures for big banks
(DBN Subscription Required)

Banks Holding Up in Tests, but May Still Need Aid
(DBN Subscription Required)

Bank of America Needs $36.6 Billion, Oppenheimer Says
(DBN Subscription Required)

Capital punishment for Capital One?
(DBN Subscription Required)

Treasury Won't Say If It Has Refused to Allow Banks to Give Back Money
(DBN Subscription Required)

Fed Task Force Seeks Ways to Improve Response to Bank Distress
(DBN Subscription Required)

Banker of the year goes bye bye?
(DBN Subscription Required)

The U.S. Banking System's Terrifying Balance Sheet
(DBN Subscription Required)

FDIC chair: Bank saver by day, children's writer by night
(DBN Subscription Required)

______________

Derivatives:

Credit-Default Swaps Fall as US Says Insurers May Get Bailout
(DBN Subscription Required)

______________

Financial Advisors:

Iowa Nuns Sue State Street Bank on Investment Loss
(DBN Subscription Required)

______________

Theme Parks:

Six Flags' wild ride faces key financial hurdle
(DBN Subscription Required)

______________

 

 

Economy:

Wholesale Inventories Fall by Record as Sales Rise
(DBN Subscription Required)

U.S. Consumer Spending to Falter After First-Quarter Spurt, Survey Shows
(DBN Subscription Required)

Just 53% Say Capitalism Better Than Socialism
(DBN Subscription Required)

Recession to rage on
(DBN Subscription Required)

U.S. Imagines the Bailout as an Investment Tool
(DBN Subscription Required)

Treasury Extends CPP To Life Insurers
(DBN Subscription Required)

While small business struggles, Goldman Sachs was protected from its AIG mistakes
(DBN Subscription Required)

Fed Officials Saw Downside Risks Predominating at Last Meeting
(DBN Subscription Required)

Are We Solving the Financial Crisis the Same Way We Got Into It?
(DBN Subscription Required)

State-by-State Job Creation Due to Stimulus Plan
(DBN Subscription Required)

Author who predicted crisis sees inflation ahead
(DBN Subscription Required)

Bank Set to Keep Rates At Record Low
(DBN Subscription Required)

Inside the Fed's Trillion-Dollar Decision
(DBN Subscription Required)

______________

Real Estate:

US mortgage applications up; rates tip higher
(DBN Subscription Required)

Pulte, Centex Deal Not Seen Sparking Home Builder M&A Spree
(DBN Subscription Required)

San Francisco Office Rents Fall Most Since 2001
(DBN Subscription Required)

More skyscraper auctions ahead
(DBN Subscription Required)

Housing Slump Hits Manhattan
(DBN Subscription Required)

CMBS Outlook Finds Conditions Are Bad and Getting Worse for Office, Retail and Hotel Sectors
(DBN Subscription Required)

'One-Stop Shops' Fuel Foreclosures, Fraud Allegations
(DBN Subscription Required)

"Straw buyer" indictment hits Southern District
(DBN Subscription Required)

Stop paying rent for the poor. Buy them homes instead.
(DBN Subscription Required)

______________

Autos:

Administration sends auto advisers to Detroit
(DBN Subscription Required)

GM's Possible Bankruptcy : Shopping for a Venue
(DBN Subscription Required)

When Ford Went Its Own Way
(DBN Subscription Required)

$6-billion loan may not cut it for Chrysler
(DBN Subscription Required)

Chrysler Exec Says Automaker Could Survive Bankruptcy
(DBN Subscription Required)

Chrysler and Its Bankers in a Standoff
(DBN Subscription Required)

Chrysler working around the clock on Fiat alliance
(DBN Subscription Required)

Chrysler president: 30 days enough for Fiat deal
(DBN Subscription Required)

Fiat CEO again in U.S. for Chrysler talks
(DBN Subscription Required)

Fiat may take empty Chrysler plant
(DBN Subscription Required)

Fiat Faces $500M Bill To Retool Chrysler Plant - Consultant
(WSJ: separate paid subscription required)

Why Hand Chrysler To Fiat?
(DBN Subscription Required)

Chrysler-UAW Negotiations on Retiree Health Fund Gain Urgency
(DBN Subscription Required)

Ford: Automaker has no interest in Chrysler brands
(DBN Subscription Required)

Having A Wake At The Car Show
(DBN Subscription Required)

Three bidders left in Hummer auction
(DBN Subscription Required)

US Treasury Begins Aid Programs for Auto Suppliers
(DBN Subscription Required)

Ford Plans Supplier Aid to Curb GM, Chrysler Bankruptcy Fallout
(DBN Subscription Required)

GM, Chrysler Source $3.5 Billion From Supplier Aid Program
(DBN Subscription Required)

Judge clears Contech asset sale
(DBN Subscription Required)

GM Pension Vow May Be ‘Garbage’ as $16 Billion Is Threatened
(DBN Subscription Required)

How to get auto sales in gear again
(DBN Subscription Required)

Apartheid Claims Against Ford, GM, Others, to Go Forward
(DBN Subscription Required)

Exec says Toyota prepared for GM bankruptcy
(DBN Subscription Required)

No direct aid for auto parts makers, says Ontario
(DBN Subscription Required)

Ottawa expected to backstop auto warranties.
(DBN Subscription Required)

Karmann, Maker of Mercedes Models, Files Bankruptcy
(DBN Subscription Required)

GM's European sites under the gun
(DBN Subscription Required)

______________

Bankruptcy Settlements:

Pre-Plan Settlements May Reorder Priorities
(DBN Subscription Required)

______________

Layoffs:

Deere Lays Off 160 Workers in Iowa as Demand Declines
(DBN Subscription Required)

A New Livelihood Selling Frankfurters
(DBN Subscription Required)

Fox to Make Layoffs A Reality TV Show
(DBN Subscription Required)

On the Job, but on the Lookout for Work
(DBN Subscription Required)

Salary Cuts: Ugly, But Could Be Worse
(DBN Subscription Required)

People Are Resorting to Cosmetic Surgery to Find Work
(DBN Subscription Required)

______________

Executive Compensation:

How much it costs a company to provide its senior executives with a car and driver
(DBN Subscription Required)

Executive Compensation Chart for 2008
(DBN Subscription Required)

______________

Personal Finance:

Coping With Financial Stress
(DBN Subscription Required)

______________

Gambling:

Vegas trophy project becomes symbol of trouble
(DBN Subscription Required)

State regulators gear up for casino bankruptcies
(DBN Subscription Required)

______________

Tourism:

Hawaii, suffering steep tourism drop, appeals to Obama
(DBN Subscription Required)

______________

Insurance:

Questions Over Bailout for Insurers
(DBN Subscription Required)

Insurers Banking On Help From Federal TARP Lifeline
(DBN Subscription Required)

Does AIG Need to Pay Its Counterparties in Full?
(DBN Subscription Required)

______________

Finance:

Jump-Starting Securitization
(DBN Subscription Required)

______________

Accounting:

FDIC and the magical accountant
(DBN Subscription Required)

KPMG US denies $1bn lawsuit claim
(DBN Subscription Required)

______________

RVs:

Fleetwood to sell trailer units
(DBN Subscription Required)

Country Coach to lay off 460, slim down business model
(DBN Subscription Required)

______________

Aviation:

U.S. airlines may cancel more aircraft orders
(DBN Subscription Required)

'Stronger Air Canada' - without plans for bankruptcy
(DBN Subscription Required)

Japan Airlines close to deal on Y200bn rescue
(DBN Subscription Required)

Goldman: Civil aerospace downturn may be "more severe"
(DBN Subscription Required)

______________

Distressed Investing:

Vulture investors are looking for prey
(DBN Subscription Required)

Patriarch rules distressed deals
(DBN Subscription Required)

______________

Food/Drink:

Fatburger units look to shed leases
(DBN Subscription Required)

______________

Pensions:

Should Public Pension Plans Go Toxic?
(DBN Subscription Required)

______________

Politics:

Firms Reap Seeds of Lobbying
(DBN Subscription Required)

______________

 

New Bankruptcy Opinions
(1 new opinion today)

Bankruptcy Court Web/Pacer Site Directory

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

Recent Ch. 11 Filings
(DBN Subscription Required)

Bankruptcy Jobs:

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

____________

Bankruptcy Reform:

Text Of Legislation To Repeal Certain Of BAPCPA's Business Bankruptcy Changes Affecting Retailers Now Available
(DBN Subscription Required)

______________

Newspapers:

Boston Globe loses $85,000,000 a year
(DBN Subscription Required)

Boston Globe Surprised by Size of Demand for Cuts
(DBN Subscription Required)

Newspaper Publishers Skirt Pay Questions
(DBN Subscription Required)

Philadelphia 'Inquirer' Advanced Lawyers $700K
(DBN Subscription Required)

______________

Oil/Gas:

Biz partner wants Crusader bankruptcy moved to Oklahoma
(DBN Subscription Required)

SemGroup foes spar in court
(DBN Subscription Required)

SGLP wins waiver on banking agreement
(DBN Subscription Required)

Natural gas is a mess and North American drillers are getting hammered
(DBN Subscription Required)

Crude Oil at $50 Is a ‘Good Thing,’ Algeria’s Khelil Tells APS
(DBN Subscription Required)

Oil Rises Above $50 on Signs US Consumption Up
(DBN Subscription Required)

Oil tanker companies may be in trouble if OPEC raises cuts
(DBN Subscription Required)

______________

Ethanol:

Aventine to refuel with $30M DIP
(DBN Subscription Required)

______________

Alternative Energy:

LBNL Biofuel Partner Warns of Bankruptcy
(DBN Subscription Required)

______________

Telecoms:

Nortel Did Seek Federal Bailout Funds in Fall ‘08
(DBN Subscription Required)

Bidders 'plot Nortel break up'
(DBN Subscription Required)

______________

Metals:

Mobile auto shredding plant files for bankruptcy
(DBN Subscription Required)

______________

Bankruptcy Statistics:

Higher Bankruptcy Filings Foreshadow Deeper Pain For Lenders
(WSJ: separate paid subscription required)

Utah bankruptcies soar 56% from a year ago
(DBN Subscription Required)

Bankruptcies jump 118 percent in states hardest hit by housing debacle
(DBN Subscription Required)

______________

Photography:

Polaroid Asks Bankruptcy Court to Approve Hilco-Gordon Offer
(DBN Subscription Required)

______________

Tax:

UBS Client Charged in Tax Probe Gets $12 Million Bail Package
(DBN Subscription Required)

Average Man's Taxes
(DBN Subscription Required)

Taxes trip Al Capone
(DBN Subscription Required)

If you require medical equipment such as a clarinet, you should read this article
(DBN Subscription Required)

______________

Credit Counseling:

Credit Repair Customers Can't Waive Right to Sue
(DBN Subscription Required)

______________

Resorts:

Yellowstone Creditors Are Wishin’ And Hopin’
(DBN Subscription Required)

______________

Ratings:

Moody’s Downgrades Berkshire
(DBN Subscription Required)

______________

Celebs:

Spector's Legal Troubles Have His Finances at an Ebb Tide
(DBN Subscription Required)

______________

Hedge Funds:

Hedge Fund Managers With Largest Portfolios Face EU Regulation
(DBN Subscription Required)

______________

UK:

Bank of England Holds Key Rate Steady
(DBN Subscription Required)

HSBC to Lend 1 Billion Pounds to Homebuyers With 10% Deposit
(DBN Subscription Required)

UK Conservatives Consider Breaking Up ‘Very Large’ Banks
(DBN Subscription Required)

King Pressured to Fulfill Bank of England $110 Billion Bond-Buying Pledge
(DBN Subscription Required)

UK Producer-Price Gains Slow as Recession Persists
(DBN Subscription Required)

Aon's pension decision will impact across corporate Britain
(DBN Subscription Required)

JJB Sports rescue plan could help other struggling retailers
(DBN Subscription Required)

Corporate fundamentals are historically awful
(DBN Subscription Required)

______________

EU:

Nowotny Says Reducing ECB Benchmark Rate Below 1% Is Open for Discussion
(DBN Subscription Required)

______________

Canada:

Quebecor World makes deal to emerge from creditor protection
(DBN Subscription Required)

Former Harmac workers want pension regulation
(DBN Subscription Required)

Auto fears prompt tightening of pension rules
(DBN Subscription Required)

Canadian Banks Push to Adopt US Mark-to-Market Rules
(DBN Subscription Required)

______________

Australia:

Australian Unemployment Jumps to 5-Year High
(DBN Subscription Required)

Coast is the state's insolvency capital
(DBN Subscription Required)

Bankruptcy is more than going for broke
(DBN Subscription Required)

_____________

Ireland:

Bankruptcy in England could be attractive option
(DBN Subscription Required)

______________

Latin America:

South Florida Braces as Recession Hits Latin America
(DBN Subscription Required)

_____________

Japan:

Japan's current-account surplus cut in half
(DBN Subscription Required)

Japan PM: plan to create 1.4-2 million jobs in 3 years
(DBN Subscription Required)

Japan Drafts $154.4 Billion Stimulus
(DBN Subscription Required)

‘Pink Slip Party’ Comes to Tokyo Bankers’ Hangout
(DBN Subscription Required)

‘Lehman Shock’ Fuels New Wave of Homeless in Osaka
(DBN Subscription Required)

Japan Machinery Orders Unexpectedly Up in February
(DBN Subscription Required)

_____________

Germany:

Germany Launches Hypo Bid
(DBN Subscription Required)

Shareholder Flowers says must study German HRE offer
(DBN Subscription Required)

German Industrial Output Fell for a Sixth Month in February
(DBN Subscription Required)

_____________

Switzerland:

Swiss Unemployment Rises to Two-Year High as Recession Deepens
(DBN Subscription Required)

_____________

Russia:

Russia Bad Loans May Reach $70 Billion, Deepen Crisis
(DBN Subscription Required)

______________

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 for access to certain links 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.You can search the headlines from prior editions of the Daily Bankruptcy News by clicking here.

Advertising
Advertising is available in the Daily Bankruptcy News in a variety of places, formats and prices. Go to http://bkinformation.com/DBN_ADs.htm  for a list of choices.  Feel free to contact us with any questions.

Passwords
Access to certain links in the Daily Bankruptcy News is available only to readers holding a paid 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 going to http://bkinformation.com/RegistrationForm.cfm. Refunds are not available after purchase. Readers who wish to change their passwords should go to http://bkinformation.com/ChangePasswordForm.cfm. Readers who have forgotten their password should go to http://bkinformation.com/GetPassword.cfm

Adding Your Email Address To The Distribution List
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).