July 15, 2009

The Daily Bankruptcy News

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Law:

Davis Polk Helping Frontier Depart From Bankruptcy
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Baker & McKenzie Names New Bankruptcy Partner
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Morgan Lewis Kills 2010 Summer Associate Program
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Morgan Lewis Axes 2010 Summer Program, Plans to Eliminate Lockstep
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Good News & Bad for Hogan Summers: You Have an Offer for 2011
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2010 table of doom: start date deferrals, summer program cancellations, other perks of biglaw
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Why Midlevel Associates May Prosper, Despite Likelihood of More Layoffs
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Departures from WilmerHale: An Interesting Internal Memo
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Rumor: WilmerHale Cutting Up to 15% of Associates Firmwide
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Bird & Bird Reports a 29 Percent Revenue Rise and 6.5% PEP
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Collins resigns from Mayer Brown
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Dreier's Law Firm and Personal Bankruptcy Woes Continue
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Clients Tell Law Firms to 'Show Me the Money'
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Governor in Hot Water Over Hogan & Hartson Hire
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Governor Bill Ritter And The Hogan Connection
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Wrangling over Michael Jackson estate could revive sales of online wills
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$8.4M Sex, Lies & Texts Settlement Puts Detroit Lawyers on Hot Seat
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Dirge for Urge to Merge: Law Firm Hookups Slump
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How Two Lawyers Embraced Their Right Brains
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Summer Associate Event Contest of 2009: Fish & Richardson Roller Derby vs. Carlton Fields Fishing Trip
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Story on Motion to Compel Appropriate Shoes Caused Mistrial
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Say What?!
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Judges:

A Story of Two Judges Named Robert
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Sotomayor Says Identity Won't Distort Her Decisions
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Calls abortion rights 'settled law'
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Respecting Settled Law, Unless It's Not Settled
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What some star legal commentators are saying about the Sotomayor confirmation hearing
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'Sotomayor and the "Wise Latina" Vanguard
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Democrat Gives Sotomayor An A++; Republicans? Not So Much
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Sotomayor: Wise Latina Comment Was “Bad”; Friends Who Hunt
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Sotomayor Responds to Charges that She Bullies Lawyers
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Is Sotomayor Overly Aggressive on the Bench or Just One of the Guys?
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Sotomayor Confirmation Hearings: Day 2
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Sotomayor Day 2: The Afternoon Session
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Sotomayor Surprises Sessions
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Day 2, Confirmation Hearings: Do You ‘Have a Temperament Problem?’ Sen. Graham Asks
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Sotomayor Says She Followed Precedent on Firefighters
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Justice Breyer and the "Stress" of Confirmation
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Federal Judge Resigns to Join Law Firm
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Ex-Judge Accused of Filing False Immigration Forms, Bilking Clients
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Wall Street:

Stock futures point to Wall Street rising
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Wall St advances as earnings offset retail data
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Goldman profit rises 65% on strong underwriting
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Audacious money grab pays for banks' mistakes
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Goldman Sachs First-Half Compensation Rises to Record
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How Did Goldman Do It?
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Goldman profit and pay surge in blowout quarter
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Goldman compensation: $1 mln per employee in sight
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Goldman Sachs Has Had an Excellent Financial Crisis
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Goldman Decision to Boost Salaries Raises Concerns
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Sizing Up Goldman's Bonus Pool
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Investor complaints against advisers soar
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Layoffs:

National and State by State Unemployment Rates
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Part-Time Workers Mask Unemployment Woes
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2,000 Jobs To Go at Cisco
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Lockheed Owego site lays off 600
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Daley: 431 city workers cut if no deal by midnight
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US Airways to Cut 600 Airport Positions
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Forum Health To Cut Jobs
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Who's getting hit hardest by layoffs
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Manufacturing Output Will Recover. Jobs? Not So Much
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You've Got the Job! See You in Six Months
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Michigan factory jobs shrink
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Downturn Hits Family Businesses
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Shipping:

Idle boxship capacity could hit 2m teu by year end
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Television:

Lenders to control NV Broadcasting
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Auction for KWQC parent company called off
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New Vision Files For Chapter 11
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LA operator of three Youngstown TV stations files for bankruptcy
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Sinclair Broadcast warns of possible Ch. 11 filing
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Gambling:

More mediation ahead for Fontainebleau Vegas
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$7.6M later, Tropicana fees still coming
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Ben Novack Jr., son of Fontainebleau founder, slain in NY
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Finance:

Why the Fate of CIT All Comes Down to Politics
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CIT Fallout on Small Firms May Force U.S. Rescue Plan
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FDIC resisting calls to aid lender CIT Group
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The Case for Letting CIT Fail
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CIT Gains as Investors Speculate U.S. Will Offer Rescue Plan
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CIT: Too Many Customers to Fail?
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CIT would be the fourth-largest bankruptcy in US history
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S&P says 1,881 synthetic CDOs exposed to CIT Group
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US mulls temporary loan for CIT: source
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R.I.P., CIT?
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How Jeff Peek Destroyed CIT
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Peek Battles for CIT's Life in `Financial Storm' Pummeling Bonds, Shares
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Liz Peek May Not Be a TARP Wife Much Longer
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CIT Spells Trouble for Retailers
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What CIT's Troubles Really Mean
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CIT Bondholders Not 'Out of the Woods' With Aid, Hendler Says
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Historic lows for Libor raise lending hopes
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Retailing:

Potential Suitors Said to Mull Eddie Bauer Bids
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Private Equity Firms Among Eddie Bauer Bidders
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2 More Potential Bidders Said to Eye Eddie Bauer
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Toys 'R' Us does Christmas in July
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June retail sales rise more than expected
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U.S. economy leveling, but shoppers not buying: poll
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Kmart's Christmas in July: Inspiration or Desperation?
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Ritz Camera apparently disputes talk that it will liquidate
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After 105 years, lights go out for good at Gottschalks
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Levi Strauss acquires assets of Anchor Blue Retail
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Vacancies, Concessions Rise in Retail
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Fitness:

Peak Fitness files for bankruptcy
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Health Care:

St. Francis gets green light to submit bankruptcy plan
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Nurses Union Tells How Events Unfolded
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Northside Hospital at the Tipping Point
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Judge Seeks to Manage Forum Tensions
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Minnesota's Public Hospitals Preparing To Cut
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Wal-Mart leading health-care reform?
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Target, Kelly Services Say They May Back Mandated Health Care
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1,000+ page bill would make health care a right in USA
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Health Bill Would Hit Small Business
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FHA To Begin Insuring Hospital Refi Loans
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Cancer and the Fear of Losing Health Insurance
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House Health Plan Seeks 5.4 Percent Millionaire Tax
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Accounting:

Keep It Simple
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Fair value 'intact' despite GM collapse
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Small Business:

Small businesses brace for slow recovery: survey
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Economy:

Obama: Unemployment will keep ticking up for 'several months'
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Obama takes possession of economy
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Economists Warn Obama's Economic Predictions Optimistic
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Wholesale prices, retail sales rise in June
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US Industrial Production Probably Fell at Slower Pace in June
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SF Fed economist- US recovery to be painfully slow
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U.S. companies shy about outlook, sowing doubts
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Business inventories fell 1 percent in May
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Obama's Stimulus Plan: Failing by Its Own Measure
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Forget a 'Second' Stimulus. Stop the First One!
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Obama Has Community-College Plan
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The looming case for a second stimulus
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Weeds start to sprout among green shoots
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American's Debt Stress is Easing
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Economy Tracker Map
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Recovery Index
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Real Estate:

Fitch: Hotel, Retail Defaults Drive CMBS Delinquencies
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California Foreclosure Sales Jump Again in June
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Obama mulls rental option for some homeowners
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Goldman Loses $700m on Commercial Mortgages
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Minority Mortgage Loans Rejected Twice as Often as Whites
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States With The Highest Commercial Real Estate Delinquencies
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Austin-area commercial foreclosures rise
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Struggling Landlords Leaving Repairs Undone
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FBI's Miami office flooded with mortgage scam complaints
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Freddie Posts Appraisal Bulletin
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New Home Appraisal Rules Stir Industry Backlash
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Jacksonville: American Homebuilders in bankruptcy
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National Price Reductions Total $27.1B
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Condo Associations Forced into Bankruptcy As Bills Mount and Fees Dry Up
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Ginnie Mae mortgage bonds enjoy a boom
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Where Are the Loan Modifications?
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Home Swapping for a Quick Sale
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Fighting Recession One House at a Time
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Home Prices Play Big Role in Americans’ Decision to Move
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No Farewell to ‘ARMs’ at Toll Brothers
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A peek at the Troubled Assets Radar
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New City REIT Creditors Reject Lone Star Plan
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Who's Going to Be at That Treasury Meeting, Anyway?
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Has the government given up on mortgage servicers?
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Holding big banks accountable for mortgage woes
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Baltimore Lives To Fight Its Oppressors Another Day
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Developer Harry Macklowe Is Pretty Funny
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M&A:

Bankruptcy is Not Just for Restructurings Anymore
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Private Equity:

Amid the ruins, Apollo gets busy
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Earnings pressure hits private equity portfolios
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Sports:

The most at-risk sports teams
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Autos:

The Precedential Value of an Unprecedented Sale - Lessons from Chrysler
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NY Probe May Have Stalled Rattner
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Cuomo, Rattner Eyeing Settlement
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GM Lawyer Says Auto Panel to Be Gone by September
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Obama says lost auto jobs are gone
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Obama to note Michigan's 'hard truth'
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Obama Faces Test, and Scrutiny, in Michigan
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Ex-GM CEO Wagoner Retires with $8.6 Million
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Ex-GM chief Rick Wagoner to get millions less
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Chrysler dealer Tarbox lobbies Congress
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Bill to stop dealer closings gets boost
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GM can shed sponsorships, judge rules
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Chrysler Financial pays back TARP with TALF
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Complaint: Hecker failed to turn over jewelry
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Low expectations for empty car dealerships
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Ford, GM object to Visteon's $80 million bonus plan
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Light seen at end of tunnel for automotive electronics
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Congress meddling in auto companies
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Hoyer Promises to Fight for Threatened Auto Dealers
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Help autoworkers? Socialism! Help auto dealers? Patriotism!
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Auto Dealer Economic Rights Restoration Act: GM Dealers' Last Hope?
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GM's Cultural Change: Alliances temper Detroit control
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GM Bankruptcy Frees Up Millions for Buick Marketing
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Airwaves Feature Pawn Shops, Plastic Surgeons as Auto Dealer Ads Decline
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GM CEO says July sales appear weaker than year ago
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Remember that whole 'bankruptcy will kill GM and Chrysler residuals?' Not so much.
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"Cash for Clunker" Has Cars Zooming Off Lots
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Objections grow to Visteon’s proposed employee incentive program
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Federal funds sought for Mich. auto suppliers
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BMW: Out Of The Woods?
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European Car Sales Rise for First Time in 14 Months
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RHJ says Opel talks are at advanced stage
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EU car makers say output likely to fall 25 percent this year
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Fiat Will Bid for Bertone’s Industrial Operations
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Sovereigns:

Argentine Plaintiffs Aim to Seize Control of State's Aerolineas Argentinas
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Fraud:

Madoff Trustee Sues HSBC and Hedge Fund Client for $578 Million
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Madoff's client list is released, and lots of people are on it
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Who's Next To Be Nabbed In Petters Fraud?
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Petters, the forgotten Ponzi
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Couple charged in $14M fraud scheme
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Class Demands $8 Billion, Claiming Antigua Officials Took Bribes From Stanford
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Lehman:

PwC seeks court approval for Lehman plan
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Lehman administrators reveal asset return plan
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Dutch pension funds sue over Lehman bankruptcy
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Resorts:

Blixseth back in bankruptcy court in MT Tuesday
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Blixseth's MT bankruptcy lawyer says he's staying
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Municipalities:

Detroit Council tells Bing to move on cuts or risk receivership
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Bing proposing 10% pay cut for city employees, union officials say
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America's Thriftiest Cities
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Filmmakers see Detroit as test case for ideas on urban revival
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It's time to close a big tax loophole for CA businesses
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Moody's drops California's credit grade below A, may cut more
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Market for California IOUs set to launch this week
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California: The Trouble With Kicking the Can Down the Road
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Telecoms:

Vermont regulators call for probe of FairPoint
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Vermont gets tough on FairPoint problems
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Nortel workers threaten to blow up facility
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Fashion:

Sitting Pretty In Bankruptcy
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Barbie clothing designer goes bankrupt
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Escada on brink of insolvency
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Bicycles:

Pacific Cycle Buys Iron Horse
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Rating Agencies:

SEC mulls ways to rely less on credit ratings
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Calpers Sues Agencies Over Ratings of Securities
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Calpers Sues Over Losses
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Oil/Gas:

SemGroup amends its plan
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Aurora Oil & Gas Corporation Files Ch. 11Voluntary Bankruptcy Petitions
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Oil Falls on Forecast of Increase in US Fuel Inventories
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Oil Rises for First Day in Four on Forecast of US Supply Drop
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Oil Industry Profits Expected to Fall Sharply
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New Bankruptcy Opinions
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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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Baseball:

Things Get Clearer in Cubs Land
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Cubs Nation Laments One More Curse If Team Files for Bankruptcy
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Tax:

UBS data transfer to U.S. possible: Swiss judge
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Taxmen Hit Bigtime in UBS Case; Foreign Banks Drop U.S. Clients
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Offshore Tax Evaders Deserve No Sympathy
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The Scandal of Secret Swiss Bank Accounts
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Adelphia's Rigases Seek Dismissal of US Tax Case
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The 0% Tax Rate Solution
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Banking:

Bring Back Bob the Banker
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Citigroup's Lacerda Quits Bank to Pursue 'Personal' Interests
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Blank-check firm says in record U.S. bank purchase
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Wachovia Loses Bid to Dismiss Claim It Cheated Fund
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Time to stand up to the banking lobby
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Miller Buckfire Hires S.E.C. Official to Start New Practice
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Interbank lending revival won't take root till 2010
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Trucking:

YRC bankruptcy fears overstated: source
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Teamsters consider extra 5 percent YRC Worldwide pay cut
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May Get Seat on YRC Board
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Pilot Travel, Flying J announce truck stop merger
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Pilot Travel to provide $100M financing; framework for Flying J to exit bankruptcy protection
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Rail:

CSX CEO says U.S. economy seems to be bottoming out
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History:

The Mother of All Bailouts
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Video Games:

The Studio Warner Brothers Left Behind
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Food/Drink:

Bashas' bankruptcy will hit Phoenix area hardest
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Union Defends Role In Bashas' Bankruptcy
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In latest twist, New Vine Logistics’ auction delayed until July 27
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Wine Loft Pittsburgh files for Chapter 11
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Dog Racing:

RI racetrack seeks to end contract with dog owners
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Tech:

Asyst says stock is worthless
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Dell Is Reviewing Alternative Sources of Capital
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Advertising:

Forecaster says worst is over for U.S. advertising
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Ad slump continues to batter magazines
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Credit Cards:

Lawsuit claims national arbitration forum misled consumers
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Derivatives:

US Justice Dept investigates CDS pricing
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Hearing Held on Over-The-Counter Derivatives
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IASB proposes simpler fair value rule
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DoJ demands CDS trading data from dealers
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Hotels:

Hotel Foreclosures Spreading Across Calif.
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Mining:

Grupo Mexico, Asarco unions talking
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Aviation:

UAL, Continental Air May Lead US Carriers to $1 Billion Loss
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US Airways to lay off 600 workers
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New US Airways job cuts point up industry's stall
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Tiny Airports Take Off With Stimulus
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AMR expected to post second-quarter loss on drop in traffic from last year
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Budget carrier SkyEurope undergoes drastic capital reduction
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Iberia June passenger traffic down 5.1 pct
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Corporate Reform:

SEC chair says agency cracking down
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Derivatives Are Focus of Antitrust Investigators
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Feds Just Getting Started Probing Derivative Markets
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Derivative Players Form New Coalition
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Financial consumers need new watchdog-Obama admin
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Consumer agency won't cause bank fee hikes
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Obama’s Financial Rules May Force More Fee Disclosure
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SEC Bars Ex-Tyco Executives Kozlowski, Swartz, Ending 2002 Case
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Art:

New Charges Vs NYC Art Gallery Owner
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Hockey:

Glendale, Gretzky working toward deal on financial disclosure regarding Coyotes
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Glendale spending a fortune to prevent Phoenix Coyotes loss
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Religion:

Judge orders release of Portland diocese priest abuse papers
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Crime:

Forced Stimulus: Armed bank robber cites economy during holdup
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Corporate Governance:

The Race for the Bottom in Corporate Governance
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Insurance:

State takes over Hialeah insurance company
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Most bond insurers not viable long term
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Hedge Funds:

A Hedge Fund Adviser Who Saw Failure Up Close
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Manufacturing:

Wilmington Trust Clarifies Role in RathGibson Inc. Bankruptcy
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Pensions:

PBGC Seizes Cookie Maker's DB Plan
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UK:

UK commercial property values fall 44 pct from peak
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UK Unemployment Claims Increase the Least in a Year
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Suitor's pledge for Vauxhall plants
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House prices 'will stay in doldrums for years'
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Recession, what recession?
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U.K. Housing Market Improves as London Realtor Survey Shows Price Increase
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Tycoon's money troubles
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131% increase year-on-year in property services firms with 'critical' problems
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In London, Financial Job Market Opens Up
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Canada:

Three directors resign from Adaltis board
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Canada June Home Sales Rise 8.7%
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Missing Quebec man suspected of stealing $50M
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Ireland:

Irish RMBS Losses Remain Low, Despite Delinquencies
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Spain:

Rojo Says Spanish Provisions Won't Stop Banks From Doing `Crazy Things'
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Gamesa in talks with banks to extend loan
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Japan:

Japan economic outlook downgraded
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Poland:

Shipbuilding Collapse Transforms Polish Economy
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China:

The Long March towards China's New Bankruptcy Law
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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 clicking here. 30-day passwords are not available to readers who have previously had a password, even if the password was associated with a different email address used by the reader. Refunds are not available after purchase. Readers who wish to change their passwords should click here. Readers who have forgotten their password should click here.

Adding Your Email Address To The Distribution List
If you would like to start receiving The Daily Bankruptcy News by email each day, click here, 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 The 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 which is on our distribution list (if receive the publication forwarded from an older email address, you will need to contact us as described below for help removing that older address from our distribution list). 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, contact us by clicking here for help.

The 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).