The future of the Detroit’s Big Three is looking grim, as Congress has turned tight-fisted in response to the automakers’ request for $34 billion to stay alive. Chrysler is getting ready to throw in the towel, and has chosen Jones Day to do the throwing.
From the Wall Street Journal (subscription):
Chrysler LLC has hired the prominent law firm Jones Day as bankruptcy counsel, according to several people familiar with the matter. The firm was hired several weeks ago to help the ailing auto maker prepare for a possible Chapter 11 bankruptcy filing.
Jones Day bankruptcy maven Corinne Ball, a partner in the New York office, will lead the effort should Chrysler fail to secure a $7 billion capital infusion by the end of the year.
Jones Day co-head of restructuring Corinne Ball is handling the case, said the people familiar with the matter. She has worked on other automotive bankruptcies, such as that of auto-parts supplier Dana Corp., and many cases involving the United Auto Workers union. She represented GM in its acquisition of Korean auto maker Daewoo.
AmLaw noted the possibility for this major coup for the Jones Day team. This will be a massive deal. Sad for Detroit and the general economy. But what’s not these days?
Chrysler Hires Law Firm Jones Day as Bankruptcy Counsel [WSJ]
To Handle Potential Bankruptcy, Chrysler Taps Jones Day [WSJ Law Blog]
No Way! Jones Day Retained as Bankruptcy Counsel for Chrysler, Say Reports [AmLaw Daily]
Chrysler Hires Jones Day As Bankruptcy Counsel [Dealbreaker]
First!!! MILBANK ROCKS!!!!
Corny Ball!!! ahahahahahah
jones day is full of gunner FRAT STUDs…
milbank= TTT
FIRST to say jones day is having its best year ever.
Where’s CWT in all of this?
JD surely is coming close to paying market for bonuses this year…$0. Good job JD, you keep at it.
CWT is all up in my apartment this weekend getting her freak nasty on my down low.
SWEEEEEEEEET.
Im at Jones Day (IP) and have been billing at a good pace recently.
Have been afraid of getting screwed on bonuses down the road anyway should the rest of the firm be slow, but hey, maybe not!
Whilst I love Kash, is she stealing topics that Elie should be fumbling?
where the hell is D&L in all this big bankruptcy stuff?
I called it! JD is having a monster year and it will continue into 2009. Very strong counter-cyclical practices and good international breadth.
GW Law grad baby! Suck it GULC.
I got a good bonus from JD last year and am in line to get a better one this year.
I’d hit that.
Last year JD got solid bonuses. Rumor is that this will be a great compensation year for associates, given that Jd is having a killer year in a bad economy.
Where’s CWT in all of this?
FIRST to say that corinne is on the BALL
Chrysler is small potatoes. It’s GM that’s the big prize, and look for it to go to Kirkland and Sprayregan.
Stay Classy Jones Day……..
Strange what a bad market does. Once TTT’s, like JD, Skadden, and even Weil to a certain extent, can come out looking very strong.
How is Jones Day still around? I thought they had been cannibalizing themselves for years.
V&E 4th yr
Is that a Star Trek outfit?
maybe elie is too busy working on that story about the 1L job hunt to post this, that’s why he had kash do it.
*crosses fingers*
-nervous T-10 1L
email congrats to nervoust101l@yahoo.com
3 interviews :):):)
17 dings :(:(:(:(:(:(:(:(:(:(:(:(:(:(:(:(:(
159 pending…
1 “wait until january” :/
20 = TTT
What does this mean for Schulte Roth & Zabel? Weren’t they banking on some significant Chrysler bailout work to keep their heads above water?
Good line about the fun up in Canada:
“To many Canadians, the Bloc Quebecois is like the pervy uncle at the family Christmas dinner—he’s full of strange ideas, but he keeps getting gifts and a return invitation.
Thank you, Slate.
Last year JD got solid bonuses. Rumor is that this will be a great compensation year for associates, given that Jd is having a killer year in a bad economy.
IT’S A MAAAAN BABY!!!
“It’s GM that’s the big prize, and look for it to go to Kirkland and Sprayregan.”
Jeebus, pull your head out. Weil was retained by GM in ‘05. The Spraybaby is getting either (a) Ford or (b) a CC.
“What does this mean for Schulte Roth & Zabel? Weren’t they banking on some significant Chrysler bailout work to keep their heads above water?”
You, too. Schulte will continue to rep Cerberus thru the BK. They’ll get significant $$ out of it, not be subject to BK court approval and (most importantly) didn’t have enough BK bodies to staff a Chrysler chapter filing.
I thought JD didn’t do bonuses?
well said 29
Is that a picture of the leprechaun from the hit movie “Leprechaun?”
Looks like Ms. Ball is wearing some sort of nascar pit crew jumper, might have gotten her the gig. Stay classy!
And, please, talk of JD having a great year, etc., would be a lot more convincing if not for all the stealth layoffs and pitiful PPP.
“This is probably a media stunt to pressure Congress into a bigger bailout sooner. Even if its not, SRZ will get a lot of work representing Cerberus in any bankruptcy.”
Hey, half right isn’t bad for a Friday. Chrysler is toally f’d, and Cerberus wants to stop trowing good money after bad at some point. You can’t adequately prep a company the size of Chrysler over a weekend, using SRZ’s 8 (or whatever) BK lawyers, so hiring JD is no bluff.
If Congress has any sense, they’ll offer the “bailout” funding as quasi-DIP financing in a non-title 11 process similar to chapter 11, specially approved for the Big 3.
Chrysler is the baby bear of this family of incompetent car companies.
31 – urban myth (at least for the past few years)
Yeah Kash. No more Elsie.
“And, please, talk of JD having a great year, etc., would be a lot more convincing if not for all the stealth layoffs”
Requiring underperforming associates to leave teh firm is not “stealth layoffs”, it’s SOP for any succesful law firm.
“and pitiful PPP.”
I’d bet you’d be happier with their PPP that that half-Skadden bonus you’re going to get.
Does everyone else hate this nervous 1L tool as much as I do?
(1) stupid comments
(2) stupid asterisks describing thoughts and actions
(3) stupid for thinking we care about his job search
Does everyone else hate this nervous 1L tool as much as I do?
(1) stupid comments
(2) stupid asterisks describing thoughts and actions
(3) stupid for thinking we care about his job search
Yeah, you know it all, 29. Weil has done work for GM, and so has Kirkland. Believe me, GM has not committed to Weil, and it’s doubtful Weil could even handle the assignment right now.
I’m the LEPRECHAUN! I”M THE LEPRECHAUN!!!!!
“The Kirkland trolls insisting that they’ll get GM are hilarious.”
Just like the K&E trolls who were surprised when Sidley got GGP. Altho I heard that Spraybaby was advising GGP while still at GS, so he (and, by extension, K&E) would have been conflicted out, anyway.
She’s scary!
Any more pockets on that outfit and she could be a pool table.
WILDMAN HARROLD will certainly get a piece of this hot action.
MysTTTal
I, for one, think NT101L is funny.
-Not NT101L
Is 18 an ignoramus? Doesn’t everyone know that Sprayregen left K&E more than 18 months ago?
Nervous T-10 1L the 1L job hunt is easy… go intern for a district court judge (for free). You’re not getting a paying 1L job in this market.
40, yeah man, he is absolutely insufferable.
No one cares about your job search.
You are never, and I repeat never, funny.
Your attempts to get Elie / commenters to acknowledge you are retarded. This is the last time I will ever address you or even pretend that you exist.
You are pathetic.
Goodbye.
“Yeah, you know it all, 29. Weil has done work for GM, and so has Kirkland. ”
Yeah, and so have half the firms in the country. Your point? Next you’ll be touting Jenner, based on their tight relationship with GM.
The one realistic firm I think we can agree to exclude is Skadden, based on their Delphi rep.
“it’s doubtful Weil could even handle the assignment right now”
Yeah, sure, b/c their corporate folks are sooo busy, none of them could possibly be pressed into service.
51 – more likely, you are the ignoramus. as has been widely reported, including on atl, sprayregen is back at ke.
Does everyone else hate this nervous 1L tool as much as I do?
(1) stupid comments
(2) stupid asterisks describing thoughts and actions
(3) stupid for thinking we care about his job search
NT101L = not funny
#47 = funny
52: Nervous T-10 already has three firm interviews (or so he claims).
@51: Sprayregen returned to Kirland just this week, from Goldman Sachs. Coincidence? Probably not.
Does everyone else hate this nervous 1L tool as much as I do?
(1) stupid comments
(2) stupid asterisks describing thoughts and actions
(3) stupid for thinking we care about his job search
Nervous T10 1L is the Butters of Above the Law.
He’s a retard, but amusing to have around.
51 – Are you an ignoramus? Didn’t ATL post this week that Sprayregen is coming back to K&E?
Picture is giving me daymares. I bet she has pointy teeth and eats the flesh of lost children.
Schulte will have plenty of work to do next year once Congress gets around to regulating the crap out of all of their hedge fund clients. Might be bad though if Congress sticks it to the hedge funds so bad that many of them walk away and find some other way to invest their money.
Mmmmm…. Redheads.
Mmmmm…. Redheads.
Can anyone boast having several firsts in their curriculum? Can you provide insights as how to achieve a first in this site. I can only honestly say I’ve been fourth.
Does everyone else hate this nervous 1L tool as much as I do?
(1) stupid comments
(2) stupid asterisks describing thoughts and actions
(3) stupid for thinking we care about his job search
Corinne is a fantastic lawyer, difficult as hell to work with (by far the most intense person I have ever encountered), but I’d say an excellent choice by Chrysler.
BTW 51, assuming you aren’t trolling, Jamie came back to Kirkland this week.
Employers are impresseed by “FIRSTS” on a resume. They like to see that not only are you on ATL regularly, but you are on so often that you are FIRST.
Because MPRE results are not out yet.
She’s a Weil alum
These are strange days.
Jones Day, Nights, and Weekends is thriving and people are associates are grateful for the soul crushing hours.
If she’d dye her hair more red and get rid of that awful gardenia perfume she uses, I’d hit that like a ton of bricks.
66
Texas bar results are up and they are huge!
I don’t hate the nervous 1L tool. I just think he’s stupid.
People who dont pass the MPRE are either too dumb to be a lawyer or too lazy to go on breathing.
81 – That “joke” is ancient.
70 – I’m guessing it has something to do with the fact the results haven’t been released yet. Just a hunch.
82 Do you know what sarcasm is?
34 & 47 both made me laugh — N1L blows goats [although I find 62's analogy to Butters strangely persuasive].
81, 82 – This is no joking matter. These are strange days.
87 Go eat cowdung. Everything is a joking matter to the lively spirit.
88, does this include your mother’s bedroom prowess?
84 – Sarcasm dosn’t come across consistently in text.
Guys in my high school were often FIRST.
Later they were all castrated.
52, NT101L might actually have a chance if he really DOES have 3 interviews. I had 4 1L SA interviews, 2 of which turned into offers.
91,
Please tell us your experience in the Vienna Boy’s Choir as a castrato.
Do you miss pissing standing up?
Any ATL editor who fails to make any reference whatsoever to the fabulous green thing that the litigatrix is wearing is not worthy of carrying Lat’s jock, let alone succeeding him.
htfh.
Have any other firms sent their 3Ls a final exam care package?
94
Just a bit gay, aren’t we?
Have any other firms sent their 3Ls a final exam care package?
95- yes!
Any word on Larry H. Parker and Associates?
90 – you must be used to reading very crappy stuff. No wonder.
Wait a minute… wasn’t that lady the evil woman in 101 dalmatians?
Morris Bart to 190K!!!!!!!!!!
Jones Dizzle ’til I DIE, MFer!!!!!
Jones Dizzle ’til I DIE, MFer!!!!!
http://www.kirkland.com/sitecontent.cfm?contentID=220&itemID=9025
Jones Dizzle ’til I DIE, MFer!!!!!
Even if she was hit with the ugly stick and supposedly has a gardenia smell, I’d stll hit it like a ton of bricks and then some.
Milbank really lost out here, especially because that Chrysler is such a big client for them (in their finance group).
Jones Day to 190!
JD DC office to more random office location!
JD DC office to more random office location!
JD to Vault T10!
62 -
Butters is not a retard. He is bi-curious.
The dubbing of Nervous T-10 1L as “The Butters of ATL” is spot-on.
Now we just need a few Cartmens of ATL to trick this jerk into hiding in an underground bomb shelter for a few weeks so we don’t have to read his/her pathetic posts.
NT101L: Just study for exams like everyone else at your school. Don’t go on ATL until BigLaw starts corrupting your soul.
The dubbing of Nervous T-10 1L as “The Butters of ATL” is spot-on.
Now we just need a few Cartmens of ATL to trick this jerk into hiding in an underground bomb shelter for a few weeks so we don’t have to read his/her pathetic posts.
NT101L: Just study for exams like everyone else at your school. Don’t go on ATL until BigLaw starts corrupting your soul.
Fact: GM has already retained Kirkland, suckas!
116 – prove it.
116: desperate K&E troll. sorry, buddy.. not happening.
It will be interesting to see if Paul Hastings gets any sort of roll in the auto bankruptcies. They just hired the former head of the bankruptcy practice from Milbank who led the creditors committee on Enron and many others. PHJW used to be a nobody in the bankruptcy world but Luc instantly makes them a player.
http://www.paulhastings.com/professionalDetail.aspx?ProfessionalId=4415
that woman looks like a mad cocmuncher
Nothing like a photo of a woman to bring out the misogyny. Have some respect.
I bet she usually provides that photo in B&W.
119:
Paul Hastings was trying their hand at the lucrative debtor side of restructuring. It was not going well, so they brought in Luc as an attempt to now focus on committee work. He certainly will bolster the committee side of their practice, but big debtor work is a non-starter for them.
I am a 1L at UM. I’ve made it my mission to track down NT101L and out him to the ATL community. Stay tuned guys. This loser is going down.