July 2, 2009

The Daily Bankruptcy News

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The Daily Bankruptcy News will not publish on July 3, 2009 in observance of the Independence Day holiday

Law:

Orrick Gives the Boot to Lockstep-Associate Model
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Orrick Ends Lockstep
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Orrick Breaks Lockstep in Response to Clients' Cost Concerns
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Biglaw: The new law school. Vocational training in exchange for pay cuts hits Orrick.
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Alston & Bird Cuts Associate Pay
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Salary Cut Watch: Blank Rome Loves America
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In Praise of Law Firm Layoffs
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Finding Debt a Bigger Hurdle Than Bar Exam
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Maintain a Web Presence to Help Your Job Search
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Clifford Chance Partner Profits Decline 37 Percent
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Partner Profits Plummet 37% at Clifford Chance; Skadden Now #1 Firm By Revenue
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Mayer Brown Taps Litigation Co-Head as Partner-in-Charge of N.Y. Office
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In Texas, Morgan Lewis Just Keeps Growing
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GCs Say BigLaw Is Bluffing When It Comes to Service, Cost . . .
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. . . While Some Firms Try to Talk It Out
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Live Blogging the GM Sales Hearing: "There is no Alternative"
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Live Blogging the GM Sales Hearing: The Labor Issue
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Live Blogging the GM Sales Hearing: Are Consumers Getting a Raw Deal?
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Four NY Firms Fall Off the AmLaw A-List
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M&A lawyers weather slowest deal market for six years in tough H1
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Reed Smith calls in consultant to shape bank group for post-crunch world
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Slowed Rate of Law Firm Mergers Reflects Overall Caution
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Has Pro Bono Become Recession-Proof?
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Law firms under pressure from banks for 'cheap resource'
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Hiring Partners: What's So Bad About Spring Recruitment?
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The current malaise affecting the recruitment sector
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Layoffs a ‘Blessing’ for Now-Liberated Former BigLaw Attorneys, Writer Says
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West, Lexis Offering Help to Laid-Off Lawyers
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The Bankruptcy Files: The Pre-Fireworks 'N Franks Edition
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BigLaw, B-I-G-L-A-W, BigLaw
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U of Illinois Formalized 'Clout' System in 2002
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U of Miami Urges 1st-Years to Defer; Legal Job Market Is Uncertain, Dean Says
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Memo to the New York Times: NY Law School is not NYU Law School
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Duke Law Bedeviled by Swine Flu
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(Future)Law Student of the Day: Miss Georgia
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On the Burned Man at Burning Man
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Marco
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Say What?!
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Judges:

It’s a Wrap: Sizing Up the 2008-2009 Supreme Court Term
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Sotomayor "Highly Qualified," New York City Bar Concludes
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Judge Accused of Altering Her Grandson's Court File, Calling Cop an "A$#@!="
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Federal Judge's Ruling Rejects Attempt to Use Recent High Court Recusal Decision
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Witnesses Tie Reputed Mobster to Pa. Judge
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Wall Street:

Stock futures signal lower open
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Asian and European Shares Mostly Lower Ahead of U.S. Jobs Data
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US Stocks Rise Following S&P 500's Best Quarter Since 1998
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Is The Market Up 29 Percent or Down 40 Percent?
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Economic Reports Cheer Investors
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Are Big Payouts Set for Revival on Wall Street?
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Layoffs:

National and State by State Unemployment Rates
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Private sector sheds another 473,000 jobs in June
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Dow closing 3 La. production units
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Student Debt:

Can Your Student Loan Get a Bailout?
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A gentler option arrives for repaying student loans
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Corporate Governance:

SEC proposes stricter corporate governance rules
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SEC to scrutinize companies that recruit celebrity directors
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Private Equity:

Apollo Management Wins Right to Reorganize Bankrupt Pliant
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Nearly 75% of UK private equity exits end with receiver
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Private Equity Firms Explore I.P.O.'s for Exits
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Fragrances:

Fragrance firm Crabtree & Evelyn seeks bankruptcy protection in US
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Derivatives:

NYSE's Liffe Puts Credit-Default Clearing Project Under Review
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Credit Cards:

Citigroup Hikes Credit Card Rates
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What to make of Citi's credit card moves?
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US credit card losses hit record, Fitch says
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Fed Should Stop Card Rate Increases, Schumer Says
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Advanta Faces Deposit Halt, $35 Million Restitution
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Oil/Gas:

Gasoline Futures Tumble as Stockpiles Increase, Demand Slides
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Oil slips below $69 ahead of US jobs report
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U.S. Diesel Supply Reaches 16-Year High as Goods Orders Slip
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Defaults:

More small business loans in arrears
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Shipbuilding:

Bender Shipbuilding Files For Chapter 11 Bankruptcy Protection
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Newspapers:

Gannett to cut 1,400 jobs
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Star Tribune wants out of machinists union's pension plan
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Pioneer Press owner: No bankruptcy
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MediaNews denies plan for lenders' control
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Smaller Newspapers Feel the Squeeze
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Pensions:

US agency taking over Sencorp pensions
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Food/Drink:

Cici's Pizza franchises file for Chapter 11
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Trustee: Restaurant king has no assets
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Financial Literacy:

Bankruptcy expert says education is key to responsible credit use
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Theme Parks:

Plans for DeKalb amusement park end in foreclosure
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Video Games:

Court OKs Midway Games $33M asset sale to Warner Bros.
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Midway Games creditors win court's OK to settle shareholder suit
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Economy:

Manufacturing index up for 6th straight month
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Construction spending falls more than expected
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U.S. jobless rate in June seen highest since 1983
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Employers in U.S. Probably Cut More Jobs as Stimulus Failed to Spur Hiring
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The Jobless Decade
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Poll: Few Americans say recovery under way
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PIMCO: "Greed will come again"
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General Mills Raises Forecast, Says Profit Jumped 94%
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Bullard of St. Louis Fed on 'exit strategies' from financial rescue programs
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The Bailout Halftime Report
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It’s The Second Half — So Where’s The Recovery?
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Midwest Economy: A State-By-State Glance
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Depression Then And Now: Three Eye-Opening Charts
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Recession's aftershocks may last for years
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Economy Tracker Map
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Recovery Index
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Real Estate:

US Mortgage Applications Fall 19%, Defying Obama
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Manhattan Apartment Prices Drop as Lehman Effect Hits Home
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Pending Sales of Existing Homes in US Increased 0.1% in May
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Three Reasons Pending Sales Isn't a Reliable Indicator
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Lawyers Tell Clients to Stay in Foreclosed Homes
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5% of US Mortgages Seriously Delinquent: OCC, OTC Report
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Freddie Mac Gets Another $6.1B From Gov't
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Gov't foreclosure help will reach more homeowners
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Fannie, Freddie to Refinance Larger Underwater Loans
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Moody's May Downgrade Triple-A IndyMac Subprime RMBS
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Creditors to vote on Commercial Mortgage & Finance liquidation
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Founder of Sheldon Good Severs Ties
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Opus East, West to file for bankruptcy
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Make it 3: Opus divisions landing in bankruptcy
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NY City apartment sales down over 50 percent
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Banks are now going to help you - as long as you come alone to the negotiation
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Health Care:

Health Insurance to Go Broke With
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Caregivers now in need of care
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Too Few Doctors?
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Insured, but Bankrupted by Health Crises
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Wal-Mart Backs Drive For Insurance 'Mandate'
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Medicare could cut physician rates by 21.5 percent in 2010
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Banking:

Banks Jack Up Fees
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US TARP Warrant Plan Favors Banks, Professor Says
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After Call From Senator's Office, Small Hawaii Bank Got U.S. Aid
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Bank profits were due to 'luck, not skill'
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F.D.I.C. to Issue Rules for Private Equity Deals
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Pension Funds to Lead Suit Against Bank
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Fitch Downgrades Comerica Debt on Credit Costs
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Corporate Reform:

Obama’s ant scratch police
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The Case for a Consumer Financial Protection Agency
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SEC urged to reward whistleblowers
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Fraud:

Trustee’s Total of Madoff Losses Nears $3 Billion
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SEC lawyer raised alarm about Madoff: report
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Funds Set Aside for Madoff Claims
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Judge Names Receiver in Madoff Feeder Fund Suit
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Nipping The Next Madoff In the Bud
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Ruth the Truth? Feds Find No Evidence on Bernie's Wife
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We Are All Ruth Madoff
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Madoff's Celebrity Marks: Where Are They Now?
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SIPC secures funds for Madoff victims
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Stanford CFO to plead guilty, cooperate
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Gov't Seeks to Crack Down on Get-Rich-Quick Scams
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How Banks, Marketers Aid Scams
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Madoff Lacks What Skilling, Ebbers, Fastow Had
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Beazer to Settle Fraud Case for Up to $53 Million
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Federal Trade Commission Goes After Recession Scam Artists
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Insurance:

Unwinding AIG Prompts Pasciucco to Ponder Trades Risking Systemic Failure
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Retailing:

Eddie Bauer creditors win a round in court
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Life After Debt: Inside Sears
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Venue:

Creditors back Superferry bid to keep bankruptcy case on Mainland
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Boating:

Genmar update: Ranger motion
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Telecoms:

New FairPoint CEO seeks to avoid bankruptcy filing
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Primus Telecommunications Group Successfully Emerges From Chapter 11
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Sandwich Isles' bid for Hawaiian Telcom stays alive
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Municipalities:

No Bailout for the Governator: California's 'Fiscal Emergency'
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Schwarzenegger Orders More Unpaid Leave as Budget Deficit Grows
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State IOUs loom as foes' battle lines harden
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California ready to send out IOUs
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Feds could seize Calif. parks if closed by budget
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Number of school districts on brink of financial trouble
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Strapped States Play for Time
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Facing Deficits, Some States Cut Summer School
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More Headaches for Jefferson County
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Jefferson County braces for layoffs
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El Monte avoids bankruptcy
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Losing hope
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Media:

Report: Young Stations to be Auctioned July 14
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CanWest sells two TV stations
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Trucking:

YRC Buys Time
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Awards:

Weil Tax Partners Recognized as Bankruptcy Tax Specialists
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New Bankruptcy Opinions
(No new opinions 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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Celebs:

Custody Of Jackson Children May Be Marred By Bankruptcy Filing
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Jackson will names executors outside his family
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Jackson’s Will Could Set Off Legal Struggle
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Jackson's Electric Glove May Fetch $80000, Auction House Says
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Insurers Could Question Jackson Pre-Concert Physical Results
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The Michael Jackson last will and testament
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Bankruptcy Statistics:

Bankruptcies keep rising
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LV: Number of bankruptcy cases up by 131% y/y in H1/09.
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Distressed Investing:

U.S. Set to Name Bank-Plan Managers
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Autos:

In the Home Stretch
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GM asset sale key to further government funding
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Live from Day 2 of G.M.’s Sales Hearing
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General Motors May Have IPO in 2010
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GM bankruptcy wrangling in 2nd day
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US Sets July 10 as Its Deadline for a New GM
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GM to Hold a 'Garage Sale' for Hazardous Plants, Golf Course
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GM warns about bankruptcy implications on stock
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GM and Chrysler Liability Differences
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David v. Goliath at the GM Bankruptcy Hearing
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New GM, old faces
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Toyota and GM's Long, Costly Marriage Ends
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GM monthly sales down 34 pct after bankruptcy
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GM will not give production estimate in bankruptcy
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Ford’s Sales in June Decline 11%
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Ford Sales Fall; Chrysler Tumbles
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Ford, Nissan Top US Estimate as Industry Stabilizes
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Ford's big day not enough
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June auto sales fall short as buyers await 'clunkers' cash
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Judge blocks Platinum topping fee in Delphi deal
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Lear to File Bankruptcy After Lenders Agree to Terms
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Bankrupt Big 10 Tire sells operations to 'New Big 10'
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Visteon continues work on bankruptcy financing
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Volkswagen of America Says June Sales Fall 18 Pct
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EU reluctant to approve full Opel state aid
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Beijing Automotive Said to Plan Bid for Opel
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Accounting:

SEC Sues Ex-Chief Accountant of Beazer Homes in Earnings Scheme
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Ernst & Young's Error 'Shattered' Bank, Official Says
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Auditors face charges in Satyam fraud
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Hockey:

NHL backs Reinsdorf bid for bankrupt Phoenix team
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Cash-strapped Phoenix Coyotes won't splurge on free agents
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Coyotes relocation '50-50,' says Moyes
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Golf:

Palm Desert Country club files bankruptcy
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Hotels:

Monument defaults on $69.8M Watergate loan
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Hotel foreclosures on track to set new records
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Hotel Loan Defaults Double as Recession Cuts Travel
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Small Business:

Small businesses vital to economic recovery go bankrupt
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Resorts:

Sale of Double JJ Resort finalized
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When You Wish Upon A Star
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Vineyards claims court victory
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Elder Debt:

GAO: Reverse Mortgages Leave Seniors at Risk
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Education:

The Sad, Suffering Ivy League
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Aviation:

United credit card policy could foul corporate travel
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Finance:

Dissecting Distressed Exchanges: The Financing Tool of Near-Last Resort
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Banks Take Aim at Revolvers
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Do peer-to-peer lending sites like Prosper and Lending Club work?
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GMAC Becomes Corporation, Gets Ability to Sell Shares
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Carveout Consequences
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UK:

Corporate fraud losses soar to £960m
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Northern Rock covered
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Money laundering and tax evasion hits football
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EU:

European Central Bank Leaves Rate Unchanged
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Euro Zone Unemployment Hits 10-Year High in May
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Europe Tests Its Banks but Might Guard the Results
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Bondholder's dilemma
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Japan:

In Japan, a Generation Clamors for Work
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Mexico:

Mexican Remittances Declined Most on Record in May
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NAFTA'S Serfs: From Wage Slavery to Debt Slavery
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Sweden:

Sweden's Central Bank Cuts Key Rate to Record 0.25%
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Canada:

Union sets up blockade at auto parts plant
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National and Regional Trends in Business Bankruptcies, 1980 to 2005
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Ireland:

Irish Government Bond Rating Lowered to Aa1 at Moody's; Outlook Negative
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