October 10, 2008
Lehman Bros. Attorneys File Employment Application
The Employment Application of Weil, Gotschal & Manges, LLP can be accessed here. The rates don't seem too out of whack - $650 to $950 for partners. What jumped out at me is the disclosure that Lehman paid the firm $51 million in fees in the last year to handle various problems. They also received a $5 million retainer which seems reasonable. They also seem to have about 50 conflicts. Usually that is a big deal but it's probably impossible to find a firm with the wherewithal to do the bankruptcy work who does not also have conflicts.
October 9, 2008
National Consumer Law Center to Hold its Consumer Rights Litigation Conference on October 24 to 27, 2008 in Portland
This looks like a good program for consumer bankruptcy attorneys. The brochure can be accessed here. Speakers include Prof. Katie Porter and Tara Twomey. There are about 50 separate topics you can attend which cover mortgage problems, debt collection, debt reporting, auto loan problems, class action litigation.
October 8, 2008
Iceland to File Bankruptcy?
October 5, 2008
Federal Bailout Bill and the Pork
I was wondering how the Federal Bailout Bill grew from 2 1/2 pages to 451 pages. Here are a few items in the EMERGENCY Senate bill.
SEC. 309. EXTENSION OF ECONOMIC DEVELOPMENT CREDIT FOR AMERICAN SAMOA.
SEC. 310. EXTENSION OF MINE RESCUE TEAM TRAINING CREDIT.
SEC. 311. EXTENSION OF ELECTION TO EXPENSE ADVANCED MINE SAFETY EQUIPMENT.
SEC. 312. DEDUCTION ALLOWABLE WITH RESPECT TO INCOME ATTRIBUTABLE TO DOMESTIC PRODUCTION ACTIVITIES IN PUERTO RICO.
SEC. 313. QUALIFIED ZONE ACADEMY BONDS.
(my favorite - this will clearly help the bailout)
SEC. 503. EXEMPTION FROM EXCISE TAX FOR CERTAIN WOODEN ARROWS DESIGNED FOR USE BY CHILDREN.
(B) EXEMPTION FOR CERTAIN WOODEN ARROW SHAFTS.
—Subparagraph (A) shall not apply to any shaft consisting of all natural wood with no laminations or artificial means of enhancing the spine of such shaft (whether sold separately or incorporated as part of a finished or unfinished product) of a type used in the manufacture of any arrow which after its assembly—
‘‘(i) measures 5⁄of an inch or less in diameter, and . . .
SEC. 504. INCOME AVERAGING FOR AMOUNTS RECEIVED IN CONNECTION WITH THE EXXON VALDEZ LITIGATION.
Subtitle B—Paul Wellstone and Pete Domenici Mental Health Parity and Addiction Equity Act of 2008
SEC. 601. SECURE RURAL SCHOOLS AND COMMUNITY SELF DETERMINATION PROGRAM.
TITLE VII—DISASTER RELIEF
Subtitle A—Heartland and Hurricane Ike Disaster Relief