May 28, 2009

The Daily Bankruptcy News

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Law:

New Chapter for BigLaw Bankruptcy Boss
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Seven Kirkland Bankruptcy Lawyers Switch to Jones Day
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Jones Day Memo Freezes Staff Pay, Asks Troops to Work Harder
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Inside the Black Box: Jones Day Staff Salary Freeze
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Wilmer Lunch Memo
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Bankruptcy law firm calls GM home
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Lawsuit of the Day: Weil Gotshal Loves Puppies!
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The Am Law 200 2009: Where the Work Was
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Elite firms bow to client demand with plans for billing rate freeze
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Beer and Bowling Is the New Wining and Dining
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84 Eighty-Sixed at BigLaw Firm
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Equal Pay for Equal Work? Overrated
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NY Firm Says So Long to Wall Street
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Mayer Brown Elects New Partnership Board
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Ashurst announces 7% drop in revenue for 2008-09
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Litigating in a Downturn
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Rudy Has Senior Citizen Busted Over Sidewalk Spat
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Percentage of older lawyers growing
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What Law Firms Want in New Recruits
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Do Performance Reviews Turn Dubious in a Downturn?
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Mayer Brown Summer Associate May Have Swine Flu
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Lawyer’s Therapy Dog Manages to Calm Most-Stressed Negotiators
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Ex-Sidley Associate Pens Tell-All Memoir
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Appeals Court Stays Malpractice Suit Against Greenberg Traurig
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The Boy Wonder - In March, Adams and Reese's former top-billing partner pled guilty to bilking the firm and its gaming clients of more than $20 million
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West Coast IP Lawyer Puts Out 'Exquisite' Rap Album
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Paralegal Bought Elderly Lawyer’s Law Practice for $20
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A Surprisingly Smutty Motion to Dismiss
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Olson, Boies Unite to Fight Calif. Same-Sex Marriage Ban in Federal Court
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Judges:

The Bankruptcy Opinions of Sonia Sotomayor
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GOP Doesn't See Filibuster of Sotomayor
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Sotomayor’s Opponents and Allies Prepare Strategies
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White House Warns Critics: Should Be 'exceedingly careful'
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Sotomayor reversed 60% by high court
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Legal Realism Informs Judge's Views
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Sotomayor, a Trailblazer and a Dreamer
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Senate Republicans zero in on speech in La Raza journal
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Portrait of the Judge . . . As A First-Year Torts Student
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A Catholic Super-Majority on the Supreme Court
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Economics Prof: My Grandma Would be ‘Appalled’ at Sotomayor’s Low Savings
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Sotomayor Made Shaw Pittman Apologize for Partner’s Questions
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Will Didden v. Port Chester Be Judge Sotomayor’s Kelo Decision?
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Sotomayor's record is pro-insurer, not insured
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Who'll Play Sotomayor on Screen?
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The First 24 Hours: A Sotomayor Roundup
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Sotomayor's Opinions in Business Cases Cut Both Ways
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More, More, More on Sotomayor
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Learning to Love Yourself Not So Great for Ex-Judge Who Wants His License Back
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5th Circuit Urges Impeachment of Federal Judge, Denies Disability Status
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Wall Street:

Stock futures signal rebound on Wall Street
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Shares in Europe, Asia Decline on Concern Over Borrowing Costs
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Worries About U.S. Deficits Sends Shares Lower
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The Wall Street Gridiron
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Layoffs:

National and State by State Unemployment Rates
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Unemployed Now Need to Compete With People Who Will Work for Free
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Jobless rate among African Americans to hit 27.8%
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ESPN Begins Making About 100 Job Cuts
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Government to pick up tab for summer jobs
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Police layoffs leading to gun buying
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Columbus: Police chief warns of deep cuts without tax increase
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Looking for Work? Try the Circus
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Retailing:

Staples profit falls 33 percent in 1st quarter
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American Eagle Outfitters profit falls by half in 1st qtr
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Costco net falls on weak discretionary spending
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N. Texas shopping center occupancy falls
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Zale Corp. will move faster to close underperforming stores after 3Q loss
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Levi Strauss to buy stores from Anchor Blue
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Ex-CEO Conaway testifies he tried to save Kmart
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Banking:

Single-Regulator Plan For Banks Now Close
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Banks earned $7.6B in 1Q after record loss in 4Q
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Trading Revenues Help Bank Profits Improve
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Nearly 17 percent of Illinois banks unprofitable in 1st quarter
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US 'Problem' Banks Rise to 15-Year High, FDIC Says
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Bair Says Banks Can't Buy Own Assets in PPIP Auction
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FDIC Loses $13 Billion in Three Months
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Banks' Credit Problems Persist
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Washington Federal repays $200M in TARP money
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Spurred by multi-million dollar losses, Citizens Bank shareholders turn out in large number for annual meeting
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BofA's $26B Capital Jolt
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PNC raises $600M to bolster its base
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Seized banks' odds and ends can wind up on block
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Insurance:

At The Hartford, 200 Layoffs In '09, And More To Come
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JG Wentworth bankruptcy hearing set for Monday
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Health Care:

Sacramento's main psychiatric hospital closes
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What a Texas town can teach us about health care
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Hockey:

Phoenix Coyotes, NHL Agree Owner Will Operate Team
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Balsillie could get his answer on June 9
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NFL Players' Heart Fitness Resembles Non-Athletes'
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Economy:

Moody's: US Government's 'Aaa' Rating Is Stable
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IRS tax revenue plunges 34%
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Consumers are not necessarily doing better, but they are feeling better
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Geithner Says Economy Stabilizing, at 'Beginning' of Recovery
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China warns Fed over 'printing money'
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Treasury Selloff Spiking Interest Rates
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The Need For Failure - If a firm is "too big to fail," it is ... too big.
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National Sales Tax Gets Fresh Look; Rahm Emanuel's brother advises 10% VAT
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Obama's Proposals Harm US Business, Engler Says
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Economic Stress Map
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Real Estate:

Existing home sales rise in April
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Home Sales in US Stay Sluggish as Supply Soars
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The $4 trillion housing headache
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Home Price Declines Spread to Formerly Stable Markets
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Rise in sales points to US housing bottom
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Northeast Posts 9.6 Pct March Home Sales Decline
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Florida's home sales rise as prices continue to drop
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Is a commercial real estate bust inevitable?
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$1m Mortgage Buybacks Seen
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Foreclosure prevention program rebooted
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Mortgage-Bond Yields Jump, Jeopardizing Fed's Housing Effort
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Mortgage Relief Scams Mushroom as Crisis Winds On
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Lumber futures rise amid optimism on housing
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Embattled former Countrywide CEO still has cards to play
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Autos:

GM bondholders refuse to budge, making bankruptcy likely
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What a post-bankruptcy GM will look like
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GM 'baby bond' rep resigns as bankruptcy looms
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The practical differences between the Unions and GM's bondholders
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GM's 'Main Street' Bondholders Would Be Losers, Lawyer Says
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What GM's Bondholders Are Hoping For
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GM Bondholders Right to Be Leery
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GM bondholders' path to unintended peril
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Concessions vote eyed with resignation by GM workers
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Ford watches GM-UAW deal
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The Tough Road Ahead for GM and Chrysler
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Poll: Obama car involvement gets mixed grade
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Bankruptcy could lead to more General Motors dealership cuts
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GM, UAW in public fight over imports, plant closures as deadline looms
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GM: Government Motors About to Downshift into Bankruptcy
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White House: Eventual bankruptcy possible with GM
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Warren ready to offer perks for GM move
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Don't gut downtown Detroit to save GM
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Bing pleads for GM to not pull out of its RenCen headquarters
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White House: All GM stakeholders must sacrifice
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GM Bankruptcy Will Cost US Government at Least $50 Billion
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How we will wind up bailing out GM's bondholders
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GM, Chrysler bankruptcies: horses of different colors
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More than 300 objections filed on proposed sale of Chrysler assets to Italy's Fiat Group
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State Attorneys General File Objections to Sale of Chrysler Assets
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Chrysler heads to court for key hearing, submits EV plan
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Chrysler's Nardelli Tells Judge Fiat Sale Is Best Deal for All
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Fiat CEO flies to US to discuss Chrysler: source
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Can Fiat Pull It Off?
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Chrysler faces more hearings to get Fiat deal OK'd
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Chrysler Cures a Bankruptcy, but Tests Loom
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Chrysler agrees to lemon law, tax changes to bankruptcy plan
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Blumenthal Seeks Liability Assurances Over Chrysler Bankruptcy
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Fiat lists members on Chrysler board
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Chrysler CEO Tells Employees the Sale to Fiat Has Begun
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Detroit's move to cut dealers is long overdue
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AutoZone 3Q Profit Climbs on Brisk Parts Sales
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Chrysler's Viper price got no takers
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Suppliers feel the heat from GM's impending bankruptcy
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Visteon Files for Chapter 11 Bankruptcy Protection
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Two US auto parts makers file for Chapter 11
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Dana names fourth CEO in 16 months: Eaton Corp. exec to take post
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Delphi retirees plan first group meeting
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Furor grows over partisan car dealer closings
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Is Obama closing GOP car dealers?
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Dealer: Forget Bankruptcy - We've Got a Deal for You!
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Attorney General Says GM Should Disclose Dealerships It Intends To Close
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Auto Aide Rattner Worth at Least $188 Million, Disclosures Show
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Automaker bankruptcies spur needed reinvention
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Spitzer CEO Says Auto Group Most Affected in US by Chrysler Bankruptcy
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Ford, BMW, Nissan Lead Companies Selling TALF Debt
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Car Czar May Face Conflict
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Germany Races to Secure Future of Opel
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Concerns grow over GM Europe jobs
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Belgian Complaint Sparks EU Debate of GM's European Operations
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Anger over German role
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GM talks with Europe break down in anger
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Germany holds off decision on Opel bidder
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German Econ Min: US Must Be More Cooperative On Opel
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Merkel urged to choose Magna as Opel buyer
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Magna boosted capital on offer for Opel-Stronach
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Opel race narrows to two but still no funding deal
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Germany Seeks to Wean Opel From GM After 80 Years
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Berlin Considers a Buyer for G.M. European Unit
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Germany's plans to create trustee for Opel
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Japanese automakers' vehicle production in April slides amid slump
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Accounting:

PCAOB Rips E&Y on Reviews of Revenue
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Financial Literacy:

Contest teaches teens about economy, stock market
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Disney Hops on Financial Literacy Train
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New Bankruptcy Opinions
(1 new opinion 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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Sports:

Team Owners Eye Coyotes’ Chapter 11
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Sports leagues of a feather stick together
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Superstar Executives Are Not The Answer
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Bankruptcy Statistics:

Record Bankruptcies Despite De-Leveraging
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Aviation:

April International Air Traffic Dropped 3.1 Pct
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EADS Predicts Slide in Earnings as Airbus Orders Slow
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JetAmerica Airlines: The Ultra-Cheap `Virtual’ Airline
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For Some Airlines, Recession Doubts Are Taking a Back Seat
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Food/Drink:

Bob's Steak & Chop House owner files bankruptcy
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Tate Profit Falls 66% on Weaker Demand in Americas
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Recession not slowing down McDonald's
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Fraud:

Madoff Trustee Approved to End Worker Benefits Plan
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Dutch pension funds hit by Madoff scam
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Paintball And Ponzi Schemes
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Stanford-tied golf firm's assets purchased
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Luxembourg backs UBS unit revamp after Madoff scam
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Victim's son to front Madoff doc
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Suit filed over Central Valley Ponzi scheme
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Petters investors may face 'clawback'
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Lehman:

Lehman's case a study for Chrysler
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Finance:

Financial Careers Come at a Cost to Families
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Oil/Gas:

Oil hits 6-month high, Saudi Arabia says world can cope - $80 oil
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OPEC banks on end of recession to drive oil prices
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Hedge Funds:

Samberg to Shut Pequot Capital Amid SEC Insider-Trading Probe
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Mark Bloom goes from jet setter to pauper
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Newspapers:

Ariz. AG Drops Suit Opposing Citizen Closure
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Comics:

The economics in comics, or Superman vs. the unions
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Tourism:

South Florida tourism slump may be easing
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Hawaii Visitor Arrivals Down a Bit, Spending Sinks
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Rating Agencies:

Freddie Mac Attack
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Management:

Six Ways to Emerge Victorious from the Recession
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Debt Collection:

Supportkids transfers 20,000 of child-support collection cases after loan default
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Steel:

As automakers go, so do steel mills
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Telecoms:

Nortel Stiffs Pensioners, Except for CEO
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Lawsuit alleges Nortel covered up problems
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Nortel's painful pension plans
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Municipalities:

California wants federal government to back its loans
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Cities Face Bankruptcy Curbs
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Horse Racing:

Hollywood Park racetrack faces bleak odds of survival
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Fashion:

Lacroix fashion house declares insolvency
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Christian Lacroix Files for Bankruptcy Protection
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Hotels:

Trump Hotel's Margaritaville Deal Not Imminent
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Credit Reporting:

Americans' credit scores fall as they struggle to pay bills
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Pensions:

U.S. takes over Circuit City pensions
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UK:

UK Retail Sales Deteriorated During 'Tough' May, CBI Says
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FSA Arrests Six in Latest Insider-Trading Raid
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Watts Water unit seeks protection in UK
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EU:

Europe Confidence Rises to 6-Month High on Signs Worst Is Over
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Canada:

Canada Stocks Fall on Speculation of Increased Borrowing Costs
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Canada's Opposition Calls on Harper to Fire Finance Minister
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Japan:

Japanese Exports Show Modest Signs of Recovery
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Japanese retail sales fall for eighth month
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Malaysia:

Malaysia's economy shrinks sharper-than-expected by 6.2 percent in first quarter
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India:

India Ratings Face Pressure on Widening Deficit, Moody's Says
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