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Tuesday, November 29, 2011

Morning 10: American bankruptcy | Maggie Daley laid to rest | Schools to close









Tuesday, November 29, 2011
BREAKING: American Airlines parent company AMR Corp. filed for bankruptcy protection this morning in an effort to reduce labor costs and its heavy debt load. American says it plans to operate normally through the bankruptcy process. Read more at the New York Times
Chicago Public Schools chief Jean-Claude Brizard is expected to announce the closing and restructuring of 10 public schools, a process that will allow students at the eight grade schools and two high schools to continue attending while the school staffs are completely changed. The underperforming schools, all on the South and West sides, will be eligible for millions of dollars in funding. The teachers union is not happy. Read more in Greg Hinz's blog

--A look at the 10 schools targeted for the overhaul. Read more at the Chicago Tribune
Maggie Daley often said, ''The act of caring was an overlooked virtue,'' said her son, Patrick Daley. Chicago's former first lady, Mrs. Daley, who reminded her children to "love others less fortunate,'' was laid to rest Monday after a funeral Mass at Old Saint Patrick's Church that drew hundreds of mourners, including Vice President Joseph Biden and First Lady Michelle Obama. Read more in Shia Kapos' blog

--Sneed: Who was Maggie Daley, really? Read more in the Sun-Times

--Brown: "She revealed herself to Chicagoans gradually and mostly at moments of her own choosing.'' Read more in the Sun-Times

--Maggie Daley's unfinished legacy: Northerly Island Read more in Greg Hinz's blog

--Watch "Chicago Tonight's'' coverage of the funeral. See more at WTTW
A House panel passed a bill to provide tax relief for the city's exchanges and Sears Holdings that officials say is crucial to keep the headquarters here. A full House vote is expected Tuesday. Read more in Greg Hinz's blog

--Deal struck to save Tinley Park mental health facility. Read more at the Sun-Times
Roughly $200 million in customer funds gone missing from MF Global surfaces in Britain, DealBook reports. Read more here

--Facebook is expected to raise $10 billion in an IPO, valuing the social media giant at roughly $100 billion. Read more at Bloomberg

--Groupon shares continued their decline on Monday even as the broader markets rose. Read more at Crain's
The private group developing the FutureGen 2.0 "clean-coal'' project confirmed that the costs of converting an oil-fired power plant had skyrocketed and at the same time, a St. Louis-based partner is pulling out of the project. Read more at Crain's
Sweeney: "Like Black Friday before it, this year's Cyber Monday is shaping up to be one for the record books.'' Read more in Brigid's blog
Scott DeGraff, who opened hotspots Drink Chicago in 1992 and N9NE Steakhouse in 2000, was found dead in Aspen of an apparent suicide, the Sun-Times reports. Read more here
Tea Party congressman Joe Walsh is considering running for re-election in the Eighth District, heading off a potential battle with congressman Randy Hultgren in the newly redrawn 14th District, the Daily Herald reports. Read more here
Contrary to what is sometimes portrayed, Chicago's startup community is not made up of all white guys. Read more at Crain's
Jim Kirk is chief of editorial operations for Crain's Chicago Business. You can reach him at jkirk@crain.com and follow him on Twitter: @kirkjim12.

CRAIN'S BLOGGERS: THE BEST IN CHICAGO

Greg Hinz on Politics

CPS to overhaul 10 'worst performing' schools; union protests

Shia Kapos Takes Names

Maggie Daley remembered for her caring work and passion

Ann Dwyer on Entrepreneurs

Training employees to think globally

Brigid Sweeney on Retail

Cyber Monday projected to generate a record $1.2 billion

Ed Sherman on Sports

VIDEO: Big Ten's Delany on why the time is right for title game

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