May 15, 2009
The Daily Bankruptcy News
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Law:
The Year of Living Dangerously
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Networking Is Key to Navigating Recession
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Zywicki on the Chrysler Bankruptcy: Whither the Rule of Law?
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Chrysler & 363 Sales, Again
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Cap on Legal Fees in Bankruptcy Alarms Firms
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In Sign of Industry Shift, a Legal Giant Loses 2 Top Partners
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BigLaw Firm Axes 23 Attorneys, 64 Staffers
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Layoff Watch: Hunting 87 Employees at Hunton & Williams
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For Zombie Firm Staffers, Reality Hits Home, Blame Game Begins (Hint: It's the Partners Fault)
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Firm freezes pay and cancels bonuses - despite announcing record results
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NY BigLaw Partner's Defense Claims Only Clients' Lies Landed Him in Court
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Legal life after WolfBlock for Lesser brothers
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Lawyers by Day, Celtic Musicians With a Heart by Night
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Reports of the Billable Hour's Death Are Greatly Exaggerated
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Which firms are generating the greatest buzz?
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Midway Creditors Sue Sumner Redstone in Bounty for Am Law
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More Law Schools + More Lawyers + Recession = FUBAR
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Anna Nicole Smith's Lawyer/Boyfriend and Two Sawbones Plead Not Guilty on Drugs
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2 SEC attorneys face probe of insider trading
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Karl Rove to be Questioned in Probe of US Attorney Firings
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Miller Canfield Lawyer, 73 Others Charged in Biker Club Racketeering Indictment
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Mistrial Declared Over Executive's Texting From Witness Stand
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Why Women Lawyers Leave: A Quest for Flexible Work and Supportive Environments
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The Bankruptcy Files
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Microsoft co-founder's dad, lawyer, Bill Gates Sr., reflects on his life
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Microsoft Drops K&L Gates as Preferred Provider
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Pls Hndle Thx: Don't Stand So Close to Me
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Judges:
Six Names Surface for High Court Slot
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Sotomayor, Baseball’s Savior, May Be Possibility for High Court
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Judging Supreme Court Contenders by the Numbers
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Give judge credit for debt smarts
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Swine and Pigs' Ears: Justice Scalia Insults a School Full of Law Students
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Court Denies Defense Fees to Supreme Court Justice in Ethics Case
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Another Charge of Insensitivity for Judge Sanctioned for Wearing Blackface
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Wall Street:
US stock futures lean higher before data wave
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Stock market brushes off poor jobs claims numbers
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Layoffs:
National and State by State Unemployment Rates
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New jobless claims rise more than expected to 637,000
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State to lay off 5,000 workers
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Many are nearing end of jobless benefits
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Nike Plans to Eliminate About 5% of Global Workforce
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Fraud:
Madoff sentencing postponed to June 29
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Crush of Madoff Victims May Limit Comments at Sentencing
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Madoff Clients Will Get Advances
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Indictment Cranks Up Heat on Proskauer’s Sjoblom
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Trustee: Nearly 9000 claims in Madoff scam
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Antiguan receiver's latest conclusion: Ponzi scheme
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Mississippi Pension Fund Takes Lead in U.S. Crackdown on Corporate Fraud
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Pensions:
Carlyle Group to pay $20M in NY pension probe
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Former Pension Agency Official Under Investigation
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Cuomo Treads Where SEC Failed With 'Pay-to-Play' Pension Rules
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Banking:
Fed Clashes With FDIC on Scrutiny of Bank Chiefs, Creating `Special Class'
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Credit Suisse Deemed 'Predatory' Lender: This Won't Help Recovery
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Mining:
Grupo Mexico units appeal Asarco court decision
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Municipalities:
Half Moon Bay bailout bill in jeopardy
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California Faces More Budget Cuts
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Schwarzenegger Seeks $6 Billion Loan, Orders Cuts
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Hockey:
Balsillie fires back at league over Coyotes
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Bankruptcy Litigation:
Civil trial under way in Michigan for ex-Kmart CEO
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Retailing:
General Growth Cash Plan Is Backed
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Wal-Mart Says Its Market Share Is Rising
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Neiman Marcus, battered by a collapse in luxury spending, is angling to renegotiate a $600 million credit line
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Economy:
Jobless Claims Increase on Impact From Chrysler
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US Producer Prices Rose in April, Led by Food
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Production in U.S. Probably Fell at Slower Pace as Manufacturing Steadied
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Jump in Food Costs Drives Up Prices
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Obama Says Debt Load 'Unsustainable'; Warns of skyrocketing interest rates
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Beware of a premature return to “normal”
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Economists See Slow Recovery
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Did a ‘National Crisis of Character’ Get Us Into This Mess?
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Obama's barbed words worry corporate world
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Real Estate:
Obama administration expands housing plan
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Would Banks Sabotage One Development to Save Others?
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Subleasing booms as tenants dump offices
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Treasury Offers Incentives for Mortgage Modifications
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Fidelity National to buy another LandAmerica unit
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Dallas-Fort Worth home foreclosure filings jump nearly 33%
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A Bank Is Survived by Its Loans
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Autos:
GM Now Sees Bankruptcy as 'Probable,' Henderson Says
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GM early payments: Another bankruptcy signal
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GM says Chrysler-like deal best bankruptcy option
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GM says it could sell assets to new co. in Ch. 11
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Don Obama's Message to GM Lenders
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GM dealers to learn today if they are on list
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Ax To Fall On About 1,100 GM Dealerships
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GM near deal with UAW
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It's Official: Chrysler To Close 789 Dealers
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Chrysler Dealers Grope for Answers After Shutdown News Is Delivered by UPS
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Chrysler Dealers Lay Into Automaker: 'They Turned Their Back On Us'
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Chrysler Dealers Prepare to Sue Over Requested Dealer Closures
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Unloading vehicles Chrysler dealers may contest criteria
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Chrysler Dealerships Closing: The Complete List
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Chrysler to shut 40 dealers in Michigan
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Double trouble: Dropped Chrysler dealer has GM
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Some Chrysler dealers to try other ways to stay in business
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Is cutting car dealerships a wise move?
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Suburbs take heavy tax revenue hit when dealership closes
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Rural Customers To Face Brunt Of Chrysler Closures
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Is It a Good Day or a Bad Day To Be a Chrysler Dealer?
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Nardelli: A Need to 'Rightsize' Dealers
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Chrysler president says dealerships must close because there isn't 'enough industry'
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Chrysler Dealers React To Closure News
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Judge denies Chrysler retirees' committee motion
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Fiat to retain benefits for Chrysler's retirees
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Chrysler's bankruptcy experience unsettles observers
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GM: Before any bankruptcy , the backlash
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Should GM Import from China?
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GM's small bondholders hope for better future in bankruptcy
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Wrenching period in U.S. auto industry will test Michigan's resolve
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Michigan 'isn't too big to fail'?
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Dana Cutting 115 Jobs
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Hayes Lemmerz International, Inc. Receives Court Approval of First Day Motions
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Lear Swings to Loss, Sees More Restructuring Moves
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Ford to weather 15% global sales slump with cuts, Mulally says
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A Jeep in the White House?
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VW sees no US auto market recovery before year end
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'Massive cuts' in pensions being sought: CAW
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Opel - The Ugly Bride
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Opel dealers to vote on taking stake in carmaker
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Hesse's Koch Says Opel Trust Solution 'Not Easy' to Reach
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Health Care:
Free Lipitor, Viagra, 70 Other Drugs for Jobless
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Health Care Leaders Say Obama Overstated Their Promise to Control Costs
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Video Rentals:
Blockbuster Profit and Revenue Sag; Stock Dives
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Rating Agencies:
Bernanke Says Fed May Revise Rules on Debt Ratings by Fitch, Moody's, S&P
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Consumer Credit:
US Consumer Credit at Risk of Default Exceeds $33 Billion
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Theme Parks:
New Orleans to Six Flags: Don't Collect Insurance Funds, Take Equipment
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M&A:
Dying Companies Keeping M&A Alive
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Fitness:
Crunch Fitness's Bankruptcy Shows the Limits of Pole-Dancing
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(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:
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(10)
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Prognostication:
Corporate bankruptcies will not be nearly the problem that some would like us to think
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DIP Finance:
Eaton Vance Plans $1 Billion Fund to Invest in Bankruptcy Loans
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Mass Torts:
Asbestos lawyers in the Chrysler bankruptcy
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Credit Cards:
Card companies help those buried in debt
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Paying With Cash Could Soon Pay Off
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Capital One US credit card defaults fall in April
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Congress' Credit Card Bill: Playing Fair, Not Foul
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Resorts:
If They Could Turn Back Time
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Private auction for bankrupt resort begins
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Lehman:
Want Some Legacy Assets? Lehman Has a Deal for You
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Gambling:
Station Casinos posts narrower 1st-quarter loss
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Station Casinos to extend debt plan deadline
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Greektown Casino to seek $15-million tax rollback
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Packaging:
Pliant's reorganization hits roadblock
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Insurance:
Hartford Gets Preliminary Approval for $3.4 Billion From US
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Six Insurers Named to Get US Taxpayer Aid
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Some insurers may not accept TARP funding
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Little Oversight of AIG Before Its $180 Billion Bailout
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Advertising:
Angry Ads Seek to Channel Consumer Outrage
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Horse Racing:
Preakness may run off to different track
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Jewelry:
Shane Co. Granted Extension to File Turnaround Plan
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Newspapers:
Inside GOOGLE's Plans To Save Old Gray Lady
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Ex-Rocky Staffers Plan to Launch Online Magazine
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Dear Mr. Buffett: About Those Newspapers . . .
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Movies:
MGM Hires an Adviser to Help Cut Borrowing
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UK:
U.K. Repossessions Jumped 51% on Year in First Quarter as Slump Worsened
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EU:
Euro-Zone Economy Shrinks 2.5% in Quarter
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Euro Weakens After German Economy Contracts Most in 40 Years
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Canada:
Outrage in Canada as U.S. Firms Sever Ties To Obey Stimulus Rules
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Personal bankruptcies soar in BC
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Thow ordered to disclose source of money while bankrupt
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Canadian Charge-Offs Hit Record Levels
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Germany:
Commerzbank Chief Doesn't See Need for More Government Aid
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Spain:
Spain’s Leader Offers New Measures to Boost Economy
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Japan:
Japan's Machinery Orders Resume Falling as Factories Sit Idle
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Panasonic Slumps to $4 Billion Annual Loss
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New Zealand:
New Zealand Retail Sales Fall for a Sixth Quarter
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Middle East:
Default by Aston Martin owner tests Islamic finance
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Hong Kong:
Hong Kong April bankruptcies up 56 pct yr/yr
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