December 12, 2008

The Daily Bankruptcy News

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Law:

Will GM be Harvey Miller’s Teahupo’o? Shred On, Master Harvey . . .
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Seyfarth Bucks Trend, Publicly Announces Layoffs
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Job Advice for 1Ls Who Are 'Scared to Death'
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Law Firms Working on Collapsed M&A Deals May Never Get Paid
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Arent Fox Adds Bankruptcy Partner
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Law Department Budget Cuts Could Lead to Change in Outside Firms
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The Remarkable Inaction of General Counsels in the Face of Crisis and Budget Crunches
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Lawyer Dreier, ‘Houdini of Impersonation,’ US Says
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Feds Now Say Dreier Bilked Investors Of $380 Million
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Dreier Doing Time Alone: “You Could Lose Your Mind in Three Weeks”
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Who's Getting the TARP Advisory Work, Part II
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Skadden’s Pohl Decamps to Lazard
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A large chunk of ex-Heller, Thelen attorneys remain jobless
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London Pay is Falling Down
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Thacher Proffitt Law Firm Puts Headquarters on the Market as Lawyers Leave
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Report: “If the Deal Falls Through, Thacher Proffitt Will Likely Go Under”
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Faced With Closing the Doors, NY Firm Pursues BigLaw Merger
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Merger Mania: Thacher Proffitt To Be Rescued by King & Spalding?
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Blue Over Revenue: MegaFirm Braces for Tough 2009
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BigLaw Is Making Its List, Checking It Twice, But Will Clients Be Naughty or Nice?
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Auto Bailout Unconstitutional?
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Blagojevich's Legal Bills Top $500,000
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Rod Blagojevich: Bills, Bills, Bills
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Strong Law Firms Stress Productivity Above Collegiality, Consultant Says
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Lawyer Disbarred for Failing to Pay Sanctions, Fees in Holocaust Case
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Ouster of Duquesne Law Dean Proves Divisive
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The Weirdest Legal Cases of 2008
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Judges:

Judicial Discipline Weighed for 'Penny Popping' Judge
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Chief Justice Shows Off Knowledge of New Word
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Wall Street:

Auto Stocks Plunge, Dragging Down Markets
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A day to 'dread' on Wall Street
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World markets drop on rejection of US auto bailout
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Emerging-Market Stocks Fall Most in 3 Weeks on Bailout Failure
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Wall Street tumbles Thurs. on auto bailout worries
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Wall St bonuses to fall 50 pct: NYC comptroller
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The People Have spoken: No Wall Street Bonuses This Year
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Financials ETF drops 6 percent on JPMorgan news
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Morgan Stanley seen posting 2nd loss in 5 quarters
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Autos:

Auto bailout collapses in Senate
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Senate: Drop Dead, Big Three
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Failure Is an Option as Senate Kills Auto Bailout
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Pelosi calls for White House to save autos
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Without Union Concessions, Bankruptcy Better Than A Bailout
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GM’s Time Is Short as Senate Debates Rescue, Vendors Seek Cash
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GM Retains Bankruptcy Counsel
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‘Already Bankrupt’ GM Won’t Be Rescued by $10 Billion US Loan
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GM may still have the cash to make it
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Ford family on tenterhooks as Senate rejects bailout
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Fitch: 7 US auto parts suppliers on negative watch
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Let's Hope the Auto Bailout Has Failed for Good
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GM, Chrysler Survival Options Narrow After Vote Fails
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Detroit workers stunned, angered as bailout stalls
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Specter of Collapse for General Motors and Chrysler
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GM trying to survive for a shot at Plan O -- Obama
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America's carmakers Near the end of the road
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Could the Detroit 3 Become the Detroit 1?
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Toyota says US auto bankruptcy undesirable
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Senator Warns of 'Riots' if Automakers Are Bailed Out
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Republicans Float Auto Bailout Alternative
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Auto Suppliers Share Anxiety Over a Bailout
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Auto Bailout Puts Payment to Banks Ahead of Public, Experts Say
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What’s the Point of Bailing Out the Auto Industry?
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Chapter 11 is the right road for carmakers
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Auto Bailout Appears Halted in Senate as GOP Resists
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US Auto Makers: One Small Rescue Loan. One Big Tax Break.
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Mr Detroit
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Bailout Chrysler When Its Parent Company is Flush with Cash?
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Chrysler Execs Say Cash Will Run Short in January
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Chrysler Won’t Consider Wind Down, President Says
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Chrysler Suppliers Said to Ask for Cash on Bankruptcy Concern
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GM, Cerberus work to cut deal on bailout
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White House works to change GOP minds
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Senate opens debate on auto bailout bill
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Senate GOP leader opposes auto bailout
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Republican backs auto loans if debt-cutting, bondholder changes are added
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Senate GOP Leader: Auto Bill 'Isn't Nearly Tough Enough'
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Nagging questions over Detroit bailout
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McConnell puts Bush in a tight spot
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Conspiracy theories: Sen. Shelby busts UAW; Cerberus kills dealers
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Barney Frank On Auto Bailouts
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Ford's Volvo says unaffected by US bailout collapse
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Remember when Detroit 3 came to nation’s rescue, senators?
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Auto Bailout Appears Dead in Senate as GOP Resists
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GOP senators' auto alternative offers distinction without difference
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White House: Nation 'can't withstand' failure of automakers
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Most Economists Say Detroit Can’t Be Allowed to Fail
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Impact of Big Three Automakers on US Job Market Is Grossly Overstated Says Researcher
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Why Detroit -- Like New York -- Shouldn't Be Allowed To Go Bankrupt
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The Remains of Detroit
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While Detroit Slept
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AutoNation shares decline following downgrade
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If GM Was a Canadian Company It Wouldn't Be Asking for Help
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GM Says Canadian Government Aid by Year End Is ‘Not Impossible’
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Toyota Cancels US Dealer Meeting to Pare Costs as Sales Cool
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GM Europe operating as usual, continuing talks with Germany
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Europe Auto Sector Shares Plunge As US Bailout Stalls
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5500 UK jobs at risk after US car rescue fails
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Renault, Daimler, Suppliers Drop as GM Rescue Blocked
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Insurance:

AIG slashing prices, but may burn taxpayers
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Liddy Says Economic Crisis Is Slowing AIG Asset Sales
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Germany's Globale files Ch. 15
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Finance:

With Recession, VCs Are Talking About Burn Rates Again
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Treasury’s Lowest Yields Offer No Help to Corporate Borrowers
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Dimon Says JPMorgan Is Using Federal Money to Increase Lending
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Commercial Paper at Five-week High
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US, European interbank lending rates fall further
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Municipalities:

America's Ten Fastest-Dying Towns
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Illinois Postpones Note Sale as S&P Considers Credit Rating Cut
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California Budget Gap Widens to $42 Billion as Economy Stalls
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S&P Deals California Harsh Hand
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Governor says Tenn. budget cuts reach 20 percent
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Muni Bond Fees Rise at Fastest Pace Since ‘81 as Investors Flee
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Health Care:

Hospital Struggles to Fulfill Mission
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Economy:

What Does $700 Billion Buy Taxpayers?
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Household Net Worth in US Declines Most on Record
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US Producer Prices Fall 2.2% in November; Core Rate Up 0.1%
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Treasury Investments Already $16 Billion in the Red
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Fed Refuses Bloomberg Request to Name Recipients of $2 Trillion in Lending
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Bernanke Talked to Obama Soon After Lehman Failure in September
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No Question We’re in a Financial Pickle. What Do We Call It?
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Blunt Advice for Treasury on Progress of the Bailout
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US Exports Fall More Than Two Percent
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Economists Expect Another Rate Cut
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Fourth-Quarter GDP: Worse and Worse
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Deficit of $57.2 billion is wider than forecasts; oil imports jumped
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Recession seen worsening
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Riding the rollercoaster - Six firms in cyclical industries battle excess debt
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On behalf of the non-rich, let me say, ‘Enough, already’
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How Big Is Bailout? Peel This Onion to Find Out
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Stocks Say Recession, but Bonds Say Depression
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Banks, investment firms borrow less from Fed
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US Economy Faces ‘Very Deep’ Recession, Rogoff Says
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Credit Crisis, the sequel? Analyst says it's coming - if auto rescue fails
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Real Estate:

BlackRock’s Fink Proposes Mortgage Purchases to Obama
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The Many Owners of the Securitized Mortgage
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FDIC Chief Sheila Bair Sees Housing Pain Into 2010
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GMAC On Verge of Bankruptcy?
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Freddie Mac mortgage rates at 4-year low
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Mortgage-Rate Plan Has Precedent
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Housing: the key to economic revival?
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Radical ideas for how to fix the housing market
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Stamping Out Equity Stripping In Texas
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Retailing:

US Retail Sales Drop For Fifth Month
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KB Toys Files Bankruptcy , Citing ‘Sudden’ Sales Drop
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Trouble in Toyland
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Merry Christmas, Have a Used Bicycle
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Mall owner's debt due today
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Fitch downgrades General Growth Properties
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Hedge Funds Step Up Pressure on Dillard's
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Engagement Bling Loses Some Sparkle
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November Spending Drop Bad Even by Recessionary Standards, Neiman Marcus’s 84% Profit Decline, Saks Closes Bridal Salons
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Economy may be hurting True Religion
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Oahu retail outlook dim, report says
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Consumers Shift to Lower-Priced Stores
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Kohl's Department Stores Announces Successful Acquisition of 31 of Mervyns Locations
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Oil/Gas:

Crude on upswing as Saudis make good on output cuts
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Oil falls below $46, Goldman cuts forecast
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Oil, gas industry cools off with rest of economy
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Consumer Products:

Procter & Gamble Says Quarterly Sales Growth May Slow
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Aviation:

Zoom's demise lies in ownership rules
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ACE Aviation Surges on Plan to Shed Assets, Dissolve
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Very light jet prospects recede as forecaster allows for prolonged recession
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Air Canada left exposed, analysts warn
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Consumer Debt:

Americans' debt shrinks - 1st time ever - Household debt falls by 0.8% as Americans' net worth falls by largest amount on record on declining home and stock prices
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Personal Finance:

In Tough Times, Nannies Get the Ax
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Layoffs:

Legacy of Chicago sit-in: empowering laid-off workers
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Bank of America Gives Doormaker Loan After Protests
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Jobless claims are soaring. Household net worth is plummeting
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BofA to Cut Up to 35,000 Jobs
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Irony: CareerBuilder Lays Off 300
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Fairchild Semi cuts 1,100 jobs, lowers sales view
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Elan closing New York, Tokyo offices; cutting jobs
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Alcatel-Lucent to Cut 1000 Manager Jobs, Trim Costs
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Las Vegas Sands cutting 200 Vegas casino workers
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Gildan cuts 400 jobs at Ala., Va. apparel plants
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Furniture Brands cutting 1,400 jobs
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Chemtura to cut 500 jobs as demand falls
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Friction's Indiana plant to close, idling 461
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White-Collar Unemployment Spreads, Study Says
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BofA, Merrill begin research layoffs
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Student Debt:

College Bills Wallop Families
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Television:

Univision: One More Victim of the Auto Makers Troubles
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Advertising:

National titles fall victim to America’s advertising slump
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GM ad budget faces slash after US car industry bailout plan rejected
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Radio:

Unemployed Radio Hosts Inquire About Prospects
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Distressed Investing:

Och-Ziff cuts distressed debt team in Asia
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Tech:

Chartered’s Loss to Widen as Clients Delay Orders
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Derivatives:

Talk, not action behind mystery credit derivatives moves
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Magazines:

Newsweek to Cut Back Staff, Slim Magazine in Makeover
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Credit Cards:

Visa CEO Loses His Credit Cards
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Nevada Leads U.S. In Incidence Of Bankcard Delinquency
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Celebs:

JackO's Neverland Ranch Items up For Sale
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Michael Vick's home back on auction block today
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Mining:

Hidden Resources eyes Dec. 17 exit
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Executive Compensation:

Economy prompts businesses to cut exec bonuses
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Gambling:

Bankrupt Tropicana may wish it was in Tribune's position
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Sands Drops Jobs, Bonuses as Slump Buffets Las Vegas
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Bankruptcy Humor:

Bankruptcy Haiku #6
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Cross-Border:

Durango wins Ch. 15 motion
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Corporate Governance:

Crisis Makes Boards Info-Insatiable
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Resorts:

Ritzy club to open despite money woes
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Recruitment:

Monster Worldwide falls; analyst sees bleak 2009
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Mass Torts:

Ohio Legislature pushing through asbestos bill
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Media:

Debt-laden Redstone eyes theater sales
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New Bankruptcy Opinions
(No new opinions 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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Banking:

National regulators are looking after number one
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Jim Rogers calls most big US banks "bankrupt"
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Are Credit Unions in Trouble?
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Wells Fargo to write down $40 billion in Q4, predicts Ladenburg's Bove
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Citi Doesn’t Live Here Anymore as Name Comes Off NYC Skyscraper
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HBOS Loan Writedowns for 2008 Rise to $7.5 Billion
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Bankruptcy Reform:

Let Bankruptcy Judges Alter Mortgages, Lawmakers Urge
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Lehman:

Lehman Brokerage Trustee Seeks Subpoena Power to Finish Probe of Collapse
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Lehman Brokerage Trustee Seeks to Probe Management
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Catching Up With the Lehman and AIG Asset Sales
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Hong Kong Investors Of Lehman Products Urge Banks For Refunds
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Sports:

Economy Puts Sports on Defensive, Sort Of
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Telecoms:

Ciena posts surprise loss, outlook disappoints
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Nortel Faces NYSE Delisting
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Will It Or Won’t It? Nortel Seeks Bankruptcy Advice
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Nortel urged to file for bankruptcy in advance
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Nortel's 'window for action is closing'
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Group sees telecom equipment market down 8% to 12% in 2009
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Hedge Funds:

Citadel's Blood in the Street
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How Hedge Funds and Private Equity Hurt Us
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M&A:

The M&A Slowdown by the Numbers–The Case of the Missing Fees
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M&A landscape in '09: vultures and stragglers
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Fraud:

Madoff Charged in Fraud of More Than $20 Billion
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Madoff Charged in $50 Billion Fraud at Advisory Firm
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Former Nasdaq Chair Accused of Huge Fraud
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Madoff ‘Big Lie’ Hits Fairfield Sentry, Kingate Funds
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Man pleads guilty in $7.9 million fraud scheme
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Zurich Financial settles SEC charges, fined $25M
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Defaults:

Moody's: Debt Structures Migrate As Firms Approach Default
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Tax:

IRS Has Been Decreasing Corporate Taxes Consistently
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Packaging:

Chesapeake banks grant further refinance extension
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Newspapers:

Moody's Says MediaNews Headed to Default -- With Debt Load Nearly as Big as Tribune's
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The Falling Knife Of Tribune
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Sam Zell's judgment day
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Why Chicago Cubs Are Not "Part" Of Tribune Bankruptcy
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The Tribune Bankruptcy and Breach of Fiduciary Duty Litigation Over its ESOP
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FBI Wants To Chat With Zell
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Tribune Bankruptcy Targets Workers
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Atlanta Journal Constitution to layoff 156 jobs
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Changes expected next week at Detroit papers
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A government bailout for the media?
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Blade newspaper in Ohio to lay off 25 workers
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Bankruptcy Prediction:

Predicting Which Stocks Are Going to Zero
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History:

The Recession of 1958
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Food/Drink:

Krispy Kreme Posts Loss
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As Agriprocessors cracks up, lawmakers speak out
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Pilgrim's Pride loses nearly $1B in fiscal 2008
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The trouble with Starbucks
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Adult Entertainment:

Famed Scores, once a top moneymaker, can't jiggle out of financial troubles
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Music:

Curtain falls on operas, classical music as recession hits
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UK:

UK faces insolvency 'epidemic' in 2009
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Government compensation delay 'betrays' thousands of Equitable Life savers
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Norwich and Edinburgh are the cities outside London most likely to feel repercussions from the credit crunch
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UK consumers adopt Depression-era mentality
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What to do with Britain's banks
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UK Credit-Card Companies Bow to Brown, Curb Borrowing Costs
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JJB Sports Tumbles as Citigroup Cuts Price Estimate to 1 Penny
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Brown Says UK Working on ‘Second Stage’ of Bailout
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EU:

ECB’s Weber Cautions Against Cutting Below 2 Percent
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European Industrial Output Plunges Most in 15 Years
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Iceland:

Cracks in the crust
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Italy:

Italy's Public Debt - The ogre in the attic
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Canada:

It's going to be a long, slow grind for BCE shareholders
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From Daring to Boring at BCE
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As Buyout Fails, Bell Canada Seeks to Bolster a Struggling Business
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Canada Illegally Collected Billions In Worker Taxes, Court Rules
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Bank sounds alarm on household debt
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Bank of Canada Says Easing Credit Flow to ‘Take Time’
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China:

Slowdown In China Gets Worse
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S. Korea:

Bank of Korea sees 2009 economic growth slowing
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Ukraine:

Ukraine passes laws to battle financial crisis
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Germany:

Merckle sets Friday deadline in debt talks
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German MPs say bank bail-out is failing
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Mexico:

Cemex Falls as Santander Predicts ‘Very Weak’ Results
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New Zealand:

New Zealand October Retail Sales Decline 1.3% Amid Job Cuts
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Australia:

Australian 2008 Commercial Property Sales Fall 65%
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Switzerland:

Switzerland may have to print money to stave off deflation
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Japan:

Japan announces new economic stimulus package
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Russia:

Official warns Russia already in recession
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Daily Bankruptcy News is published each business day by BKINFORMATION.COM, L.L.C.  You can reach us at 281-402-3957 or at accounting@bkinformation.com (email inquiries are usually answered substantially more quickly than phone inquiries).