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A New Bid for Barneys

FASHION • Jones Apparel is entertaining an unsolicited $900 million bid for Barneys New York. The department store was promised to the government of Dubai last month for $825 million. [Reuters via NYT] • Cathy Horyn's next grand feature will be on LVMH's Sidney Toledano. [Fashion Week Daily] • Claudia Schiffer is Karl Lagerfeld's muse in the new Dom Pérignon ads. [British Vogue]

Scarborough Takes Imus's Slot

MEDIA • Joe Scarborough picks up Don Imus's coveted MSNBC morning slot. [Radar] • The Dow Jones editorial-independence agreement with News Corp. stipulates that disputes will be aired on the Journal's editorial page. [WSJ] • News Corp. bought two Bronx weeklies, expanding its weekly neighborhood newspaper holdings. But how well will Murdoch papers go over in Greenpoint and Williamsburg? [NYT]

The Return of Imus?

MEDIA • CBS Radio employees are hinting that Don Imus may be back in the fall. [NYP] • Former Intermix head Brad Greenspan, who once owned MySpace, has made his own bid for Dow Jones. [NYT] • Universal Music has canceled its contract with iTunes and will now sell music through Apple at will. [NYT]

Liz Claiborne, 78

FASHION • Sportswear pioneer Liz Claiborne died yesterday of abdominal cancer at age 78. [WWD] • VH1 plans a new reality series called America the Ugly in which normal people get berated by the Wilhelmina executive from The Agency. [Flypaper] • The new face of Versace is a 16-year-old boy. [French Vogue via Fashionista]

Murdoch Waits on Bancrofts

MEDIA • Rupert Murdoch reaches a deal with Dow Jones and gives the Bancrofts three weeks to take it or leave it. [Reuters] • Jeffrey Goldberg, The New Yorker's Washington correspondent, defected for a top role at The Atlantic. [WWD] • Secret passageway from Sardi's to the Times building no longer a secret, or useful. [NYO]

Rent!

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• The Rent Guidelines Board last night split the difference between a tenants' proposal and one from landlords and settled on renewal increases of 3 and 5 percent for one- and two-year leases, respectively, in rent-stabilized apartments. Both sides, predictably enough, railed against the decision. [NYP]

Bedbugs Infest Cadwalader, Wickersham & Taft

LAW • Bedbugs infest Cadwalader, Wickersham & Taft's New York office, but the person who "brought the insects into the firm … is no longer associated with the firm." [Above the Law] • Wannabe law students are looking to blogs and independent rankings for information about prospective schools. [WSJ] • Two partners at Chadbourne & Parke are drafting a lawsuit to force the New York State Legislature to raise judicial pay. [New York Law Journal]

Only Larry King Will Have Paris

MEDIA • Larry King will get the Paris Hilton interview. No money changed hands, but neither will any significant questions. [TMZ via Mediabistro.com] • News Corp. and Dow Jones are close to terms for maintaining the Journal's newsroom independence in the event of a takeover. [NYT] • Jason Binn will merge Niche Media (Gotham) with Greenspun Media Group (Vegas). New company has sixteen titles and expected revenues of over $300 million. [NYT]

Hedge Funds Open to Petty Commoners

FINANCE • Steve Schwarzman's company may be public, but the Blackstone head retreated and declined to ring the opening bell at the NYSE this morning. [NYP] • The Supreme Court made it harder for investors to sue companies and executives for suspected fraud. [NYT] • The Wharton School hired a marketing guy as its next dean. Rich alums, hold on to your wallets. [DealBook/NYT]

GE Wants In on the Dow Jones Action

MEDIA • GE and Pearson, the parents of NBC and the Financial Times, are considering a rival bid for Dow Jones. [NYT] • Quadrangle Group bought Dennis Publishing for $240 million and is courting editorial talent. [WWD] • Demand for ad space pushes Page Six up to three pages. [NYT]

Charney’s Lawyers Toss Around Casual Nazi References

LAW • One of Aaron Charney's lawyers accuses Sullivan & Cromwell of having "adopted Dr. Mengele's techniques to torture the facts and law of this case." [Above the Law] • More than twenty lawyers filed an objection against the $125-apiece BAR/BRI settlement. [National Law Journal] • Summer associates at Pillsbury Winthrop practiced researching things in books this week. Next week: writing briefs by hand. [Law Blog/WSJ]

The Hatfields and McCoys of East Hampton

FINANCE • Squabbling neighbors Jim Chanos of Kynikos Associates and Marc Spilker of Goldman Sachs are providing this summer's drama in East Hampton. [Portfolio] • HBO is planning a new series about hedge-fund managers. Sounds more Entourage than Sopranos. [DealBreaker] • Australia leads in the world in paid time off, while the United States bests only Vietnam. [CNNMoney]

When $160,000 Isn't Enough

LAW • With the rest of the country matching the $160,000 mark, do New York's first-years deserve another raise? [National Law Journal] • Some lucky law students win the lottery to take the New York Bar on a laptop. But most are stuck writing longhand. [Above the Law] • Disgusted Yale Law students have sued the director of AutoAdmit.com for unflattering message-board postings about them. [Law Blog/WSJ]

You Know, For Kids

MEDIASeventeen will introduce an online game for teen girls called "Editor's Assistant." Well-heeled parents not required for play. [WWD] • Daniel Menaker, the editor who signed Ben Kunkel and Gary Shteyngart, will step down as executive editor-in-chief at Random House. [NYT] • First they came for the book reviewers. Now it's the classical music critics. [NYT]

Shamed Analyst Sues Fox Over ‘Borat’

FINANCE • A former JPMorgan analyst is suing Twentieth Century Fox for Borat-related "public ridicule, degradation, and humiliation." [DealBreaker] • Wachtell, Lipton sent around a memo to clients explaining a tax loophole that makes CFO salaries over $1 million tax deductible. Thus was the first rule of the tax-loophole club broken. [DealBook/NYT] • In a study of hours worked in developed nations, the U.S. only ranks sixth. Somehow, we got beat by Australia and New Zealand. [CNNMoney]

Another Buyer Interested in Dow Jones

MEDIA • Brian Tierney, the ad executive who bought the Philadelphia Inquirer, is interested in bidding on Dow Jones. [DealBook/NYT] • Women's Wear Daily is the latest paper to sell ads on its front page; the crass commercialism doesn't seem to bother anyone these days. [NYT] • The Newspaper Guild of New York (representing Time, Fortune, Fortune Small Business, Money, People, and Sports Illustrated) accuses Time Inc. of bargaining in bad faith. [Romenesko]

H&M: The Game

FASHION • When shopping at H&M isn't stimulating enough, play The Sims 2: H&M Fashion Runway. [Pro-G] • The Olsens do menswear. [Fashionista] • Ralph Lauren claims American fashion is just starting. [British Vogue]

Wall Street Suffering Butler Shortage

FINANCE • The Dutch-based International Butler Academy may open a New York training center to supply hedge-fund managers with personal valets. [NYP] • A Cerberus managing director admits the firm has a horrible name but says it's too late to change it. [NYT] • Activist fund managers are known on the Street to be bullies. But who's the meanest of them all? Vote now. [DealBreaker]