June 5, 2009

The Daily Bankruptcy News

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Law:

Clifford Chance Law Firm's Revenue Fell 5% in 2008
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Dentons posts massive drop in PEP
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Kilpatrick Cuts Associate Pay by 10 Percent
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Salary Cut Watch: Kilpatrick Stockton Takes Away Previous Gains
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Morrison & Foerster Incoming First Year Salaries Are Still Up in the Air
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DLA Piper to Keep Only 35% of Incoming Trainees
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Axed by BigLaw? Maybe It's Time to Live the Dream, Kid
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Chicago law firm McDermott Will & Emery lays off more attorneys, staff
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McDermott Will & Emery Drops the Axe . . . Once Again
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More firms named and shamed for dumping trainees
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Landing On Their Feet
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Half-a-Gross Get Revolting News: BigLaw Firm Axes 25 Lawyers, 47 Staffers
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New Sedgwick Policy Offers Lavish Vacation Time, But Some See a Downside
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How Safe Is Your Vacation Time?
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D.C. Law Firms Express Interest in Sending Lawyers to Trapeze School
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America's Best Corporate Law Firms
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Chrysler's Bankruptcy Sale Opinion - Part I: Proving "What Goes Around, Comes Around"
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Numerous NY Firms Score Roles in GM Bankruptcy
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Vinson & Elkins, Shearman Advising on GM's Hummer Sale
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Kramer Levin Snags GM Creditors Committee
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Dealmaker of the Week: Skadden's George Panagakis
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Keeping the Book Closed on Salaries Makes Lateral Hiring Easier
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Whether clients should get used to paying more for a partner's time
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When P3 Deals Go Horribly Wrong
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Hedge Fund Indictment Says Cravath, Bryan Cave Were Duped
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Abramoff claiming poverty
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Stanford Law Prof Is One of Esquire’s Best-Dressed Real Men
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DOJ: More Evidence Withheld in Alaska Corruption Cases
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Expert Explains 3-Step Plan for Lawyers Seeking a Career Change
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Chancery Court Issues Major Decision on Duty to Preserve Electronically Stored Information and Imposes Adverse Inference as Penalty for Spoliation of Evidence
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Bingham secretary in lunatic alien abduction email
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Bingham McCutchen's 'Stepford Secretary' Has Left The Building
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BigLaw Partner Sued for Allegedly Ramming Girl Scouts, Moms After Taking Oxycontin
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"Every disgusting bar bathroom in Katy"
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Tooled up lawyer disciplined
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Litigation partner wins starring role in The Apprentice
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High school student who wouldn't stop using cellphone -- tasered
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More Reasons for Lawyers Not to Use Twitter
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Judges:

Does Sonia Sotomayor Have the Write Stuff?
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Sotomayor App Shows White House Called Days Before Souter Announced Retirement
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Sotomayor Described as Intense, Chain-Smoking, Caffeinated Prosecutor
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Does Judge Sotomayor Need A Visit from Suze Orman?
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Gritty First Job Shaped Supreme Court Nominee
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Sotomayor Favored for Top Court, Quinnipiac Poll Says
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Wall Street:

US Stock Futures Up Ahead of May Unemployment Data
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Bank, energy stocks lift market
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3 Bankruptcies That Actually Helped Investors
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Layoffs:

National and State by State Unemployment Rates
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Unemployment Insurance Buckles After Years of Underfunding
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Upside to the Down Economy
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Jobless benefit rolls fall, initial claims dip
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Bell Equipment to Cut Jobs, Salaries
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Cessna Aircraft warns workers more layoffs coming, no numbers released yet
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Oil/Gas:

Goldman sees new energy crunch; Oil at $85
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Will Oil Follow Goldman Price Target?
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Oil Rises to 7-Month High, Gasoline Surges, on Goldman Forecast
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Dune Energy could restructure, chairman says
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Retailing:

U.S. Retailers Report Sales Declines
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Gap same-store sales down 6% in May
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Children's Place May Comps Decline 9%
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Stage Stores May same-store sales off 7.2 percent
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Target's Same-Store Sales Fell 6.1% in May, Missing Estimate
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Filene's Basement May Close Chicago Stores On State Street
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Developer, Syms join battle for Filene's Basement
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Personal Finance:

Staying Motivated When the Perks Disappear
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Tax:

Indictment: Former CEO of Seattle firm, 2 lawyers helped wealthy clients avoid taxes on $1.3B
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IRS May License Tax Preparers to Help Close 'Tax Gap'
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Microsoft to move jobs overseas if Obama tax plan goes through
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Tax Break for Profits Went Awry
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Luxembourg: Taking the Haven Out of Tax Haven
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Credit Cards:

Credit Card Defaults--Piggybacked Underwriting
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Fitch: US Credit Card Delinquency Rates Improve Slightly
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Complete Disclosure On Credit Card Reform
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The world's worst credit cards
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Ethanol:

Valero pays premium to corn suppliers with VeraSun contracts
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Protecting Shareholder Value Through Strategic Use of Chapter 11
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Resorts:

No Tamarack deal yet; lenders extend deadline one more week
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Building Materials:

Dayton Superior Will Only Have One DIP For Friday's Hearing
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History:

The History of Bankruptcy : Dungeons, Slavery and Executions
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Fashion:

Lacroix goes `POOF'
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Distressed Investing:

How Has The Chrysler Case Impacted Distressed Investing?
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Insurance:

Hartford CEO Steps Down After 'Most Challenging Year'
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Economy:

1 of every 6 dollars of Americans' income is government check or voucher
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US jobless claims fall, productivity rises
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'Why Ben Bernanke is right to be worried'
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The Most Important Economic Indicator You've Never Heard Of
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Dudley's TALF Comments Add Signs of a PPIP Stall
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TARP funds held back as buffer
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Obama's pick to oversee $700B bank bailout says more time is needed for program to work
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Bernanke: links between financial markets and economy need to be better understood
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NYC turns luxury units into shelters for homeless
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"Worst Economy in a Generation," Says Economist
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Economic Stress Map
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Real Estate:

US Mortgage Rates Jump to Highest Since December
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MBA Sees Commercial Delinquencies Jump
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Big-City Skyscraper Burns Ozark Town
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REITS: Why Would Anyone Think They're Attractive Now?
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Got $2,500? Buy a house
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DTZ Rockwood Files for Bankruptcy Reorganization
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Major lender attacks Lauth Group's bankruptcies
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Real estate's happy horror stories
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Lessons From A Personal Credit Crisis
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Countrywide's Mozilo, Two Ex-Executives Accused by SEC of Fraud
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What Does The SEC's Enforcement Action Against Countrywide's Mozilo Signify?
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Ex-Countrywide Execs May Still Face Criminal Charges
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Is Mozillo's Crime the Liar Loans - Or the Lie?
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Sambol statement
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Autos:

Now Departing: GM’s Corporate Jets
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GM CEO pay off government charts
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At G.M., He’s in Charge of Selling What Remains
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Salaried retirees may lose in GM bankruptcy
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Salaried GM retirees seek court input
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GM predicts early exit from bankruptcy
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What Is Obama's Exit Strategy for the GM Bankruptcy?
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Where's Congress on GM bailout?
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GOP Plan Would Give GM, Chrysler Shares To Every US Taxpayer
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GOP falls flat with its auto arguments
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Senate proposal would force GM, Chrysler on dealers
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Government ownership gets thorny, already
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GM Bankruptcy Info Websites
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GM's "Orwellian" Work Rules Gone? Really?
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GM May Depart Bankruptcy in 60 Days, CFO Young Says
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Could Mitt Romney Fix GM?
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The collapse of General Motors into bankruptcy is only the latest chapter in a long story of mismanagement and decline
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Penske could save Saturn
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Road to Hummer Deal Seen as Rocky for Chinese Firm
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The Green Future of the 'New GM'
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GM warranty issues still can be settled via BBB
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GM stock looks like a bargain, but it's a real gamble
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Bush did not want to pull the plug on GM: Cheney
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GMAC spent $410K lobbying government in 1Q
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Five times ugly equals GM's automotive failures
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GM's desperate final days
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Is GM really too big to fail?
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s

Injury lawyers step up in GM after getting shot down in Chrysler
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Thousands Injured By Faulty Car Parts Can't Sue
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Consumers Seek Relief as Chrysler Bankruptcy Derails Lawsuits
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Chrysler, UAW, other supporters say sale to Fiat is fair despite claims from Indiana funds
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Indiana Teachers and Cops vs. Chrysler
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Chrysler Enters Legal Homestretch
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As Deal Nears, Fiat Team Goes to Work at Chrysler
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Indiana Funds, Chrysler File Appeals Briefs Over Sale
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Chrysler Briefs (copies)
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Chrysler attorneys: Fiat pairing outweighs assets
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Judge: Chrysler has good case for franchise cuts
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Chrysler dealers question franchise terminations
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Chrysler Dealers in Long-Shot Bid
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Dealers scramble, deadline nears
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Chrysler dealer weeps in court challenge of closings
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Chrysler dealers ask, Why were we axed?
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No Gloom, Doom at Car-Dealer School
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Chrysler hiding Viper bid?
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Ford to provide $125M to Visteon in Chapter 11
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American Axle sees sales hit from GM, Chrysler
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American dream fades at Axle plant in Hamtramck
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GM to finance private-equity deal for Delphi
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A Silver Lining on the Auto Bankruptcies
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Chrysler & GM: Will there be any Accountability?
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Congress sets out to micro-manage Detroit
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'Cash for Clunkers' stalls in Senate
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Barney Frank, Car Czar
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Italy Keeps Opel Hopes Alive
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Germany: Theoretical Option For GM To OK Different Opel Bid
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Questions Remain On Opel As Magna Pushes To Finalize Deal
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Pensions Could Complicate Opel Takeover
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BAIC hires PwC to advise on Opel takeover
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Government-led carmaker bankruptcies face skeptics
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GM China not to pay debts of US parent
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Newspapers:

Come Together! On Newspapers’ Big Antitrust Hurdle
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Boston Newspaper Guild leader attacks Globe management before vote on major concessions
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Debt Collection:

Creditors Use Loophole to Seize Protected Benefits
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Gambling:

Tony Las Vegas Development Struggles In Downturn
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Failed Trump Marina Deal Said to Draw Interest
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RVs:

American Industrial Partners Buying Fleetwood's Motor Home Biz
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Politics:

Committee seeks greater scrutiny for Fed actions
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Hockey:

NHL players union: Pull the plug on Phoenix Coyotes
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New Bankruptcy Opinions
(2 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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Derivatives:

The big bankruptcy fights begin
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Health Care:

Elizabeth Warren and the Terrible, Horrible, No Good, Very Bad, Utterly Misleading Bankruptcy Study
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Slump Pushing Cost of Drugs Out of Reach
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Medical Bills Driving Most Middle-Class Bankruptcies
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This I Know To Be True
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Corporate Reform:

The SEC Continues to Toughen Up
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Regulators Want Power to Curb Speculation
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Executive Compensation:

White House Set to Appoint a 'Pay Czar'
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Banking:

Fifth Third completes $1B stock offering
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Fifth Third Leads Bank Stocks as Share Sale Fuels TARP Payback
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U.S. Insists That Banks Raise Funds, Report Says
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Eight Banks Join Bailout Ranks
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Could Citi CEO Be Shown the Door?
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Ailing, Banks Still Field Strong Lobby at Capitol
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FDIC Shuts Down Silverton Bank
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Telecoms:

Hawaiian Telcom files reorganization plan
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Bonds:

What is causing the rally in the junk bond market?
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Student Debt:

Grads May Soon Repay Student Loans Based On Income
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Aviation:

Retired bankruptcy judge appointed to mediate Air Canada pension dispute
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Air Canada mediator no stranger to hardball
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IATA calls for more open skies as it sees airlines losing more than $4.7 billion this year
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Airline industry renews complaints about speculators
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Short, Half-Empty Flights Get Federal Subsidies
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Museums:

Tumult Continues For D-Day Memorial
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IP:

Whitehall Liquidation Finalized
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Fraud:

Stanford case's Antiguan receivers seek fee request delay
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Lehman:

Insider Trading at Lehman? Senator Still Wants Answers
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Municipalities:

California Assembly passes curb on local government bankruptcy
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The Problem With California
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US States Poised to Cut Budgets for Second Year
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State Revenues Buffeted by Downturn
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Alabama County Seeks SEC Help in Bond Crisis as Suit Looms
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SEC Fines Bond Underwriter Over New York Entertainment Expenses
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Politics and the Financial Crisis Slow the Drive to Privatize
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Labor:

Blue-collar America -- Down, but not necessarily out
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Concert Venues:

Rumors About Webster Hall Bankruptcy Circulate
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Predatory Lending:

Oregon cracks down on predatory lenders
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Hotels:

Extended Stay Investors Sue BoA, Wells Fargo
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Advertising:

S&P Places Publicis on 'CreditWatch'
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GM: Chapter 1
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Private Equity:

Private-Equity 'Mega-Deals' Are Unlikely to Return, Leech Says
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American Capital: 'Very Good Odds' Of Reaching Pact With Lenders
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UK:

One million people insolvent in the UK
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Barclays Says UK Economic Growth to Resume Soon
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PwC called in after Rock collapses
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Lloyds faces pension demand
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Partial 'amnesty' offered to tax evaders
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EU:

European Central Banks Hold Rates Steady
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Trichet Says ECB Won't Make Losses on Covered Bonds
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Europe must not let Latvia fall
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Latvia faces jitters over possible sharp currency devaluation, Swedish banks seen at risk
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Latvian Spending Cuts Will Enable Loan, Premier Says
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Canada:

Livent sentencing hearing delayed
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Shermag gets approval to auction off its two core businesses
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AbitibiBowater wins approval of US$600-million loan
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Personal bankruptcies soar 36% over last year
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Canada Keeps Rate 0.25%, Says Dollar May Hit Recovery
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CanWest Creditors May Bring in New Senior Executive, Globe Says
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Australia:

ASIC v. James Hardie - the spotlight on company directors and senior management
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China:

China Sees 'Grim' Job Market, Deeper Impact From Global Crisis
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Russia:

Russia's Medvedev says global crisis not over yet
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Russia: More State Ownership in Economy Inevitable
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Sweden:

More bankruptcies to come in Sweden
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