December 16, 2008

The Daily Bankruptcy News

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Law:

Associate Bonus Memos Hint at Firms' Past-Year Finances
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Hollywood private eye Pellicano sentenced to 15 years
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GCs Reveal How Outside Counsel Can Stay on Their Good Side
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Holder will get $3M payoff to leave firm for AG job
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Attorney General Nominee Reports More Than $2 Million in 2008 Income
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Layoff Reports Swirl Around Wolf Block and Drinker Biddle
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Layoff Watch: Drinker Biddle Could Be Letting People Go
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Bonus Watch: Ropes & Gray Goes for a Half-Skadden, With a Twist
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A Mystery Memo from Squire Sanders (Or: The hot new trend of associate pay freezes.)
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Nationwide Dissolution Watch: Is TPW Finally Done?
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Law Firms Will Likely ‘Take a Hard Look’ at Nonequity Partners
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Lawyers Summoned to Salvage Fortunes for Madoff's Investors
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Law Dean Among Madoff Victims
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Poor Market Has Not Fully Hit Law Firms, Says Altman Weil Survey
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Proskauer Loses Appeal in Tax Dispute Over Partner Retirement Payments
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Courts Are No Places For Lawyers
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Prominent La. Lawyer Jailed After Courthouse Altercation
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Cravath Branches Into Celebrity Representation
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Judges:

Despite Discipline Panel's Harsh Words, Federal Judge Beats the Rap
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High Court Eyes Suspension for Indicted NY Judge-Elect
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Supreme Court Litigators’ Ties to Justices Create ‘Insider Atmosphere’
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Wall Street:

US Index Futures, European Stocks Gain; Shares Drop in Asia
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Wall Street set for pre-Fed boost
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Stocks fall as firms detail exposure to Madoff
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Analyst predicts more losses for J.P. Morgan
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Goldman Sachs reports $2.12 billion loss in fourth quarter
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Autos:

Moody's sees 70% chance of auto bankruptcy
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White House Assures Automakers
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Feds weigh $10B in emergency auto aid
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Bailing out Detroit: It boils down to $70 vs. $45 an hour
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Bankruptcy Is the Perfect Remedy for Detroit
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US May Give Car Czar Power to Force Bankruptcies
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Rasmussen survey finds shoppers wouldn't buy cars from bankrupt auto makers
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Bankruptcy wouldn't stop shoppers from buying US cars
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Don't fall for the Big 3's doomsday predictions
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Q3 Auto Loan Delinquency Rates Increase Nearly 16%
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Special Devices, Auto-Parts Maker, Files Bankruptcy
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Senator: UAW 'Solely' to Blame for Auto Bailout's Failure
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Backlash brews in wake of Big 3 bashing
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Senate snubs middle class on auto loans
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Will Toyota Sue if Treasury Bails Out GM?
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Pelosi: Auto Rescue Could Trigger Need For 2nd $350 Billion
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GM may need $30 billion government loan to survive: BofA
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GM and GMAC amend financing agreement
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Chrysler and GM hold onto hope for avoiding bankruptcy
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Detroit bailout: Will the White House blink?
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NYU's 'Dr. Doom' Roubini: GM, Chrysler bankruptcies would extend recession well into 2010
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Cheney says grave worries about autos failure...
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Would You Buy a Car From These Guys?
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Big Three, Meet the "Little Eight" - How foreign car factories have transformed the American South
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Why Toyota wants GM to be saved
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Toyota to Delay Mississippi Prius Plant Construction
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Canadian auto industry could lose up to 20,000 jobs even with aid
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Why Washington Should Stay OUT of the Auto Business
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Toyota Puts Prius Plant On Hold
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582,000 Canadians could lose jobs if Detroit automakers fail
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European car sales down 26 percent
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Hedge Funds:

Hedge funds batten down hatches
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Besieged Citadel freezes redemptions at flagship funds
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Madoff Ponzi scheme sends ripples through battered hedge funds
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Bankruptcy Statistics:

Business Bankruptcies Surge by 61 Percent
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Rise of Bankruptcy Rate in NY Region Outpaces Rest of Nation
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Bankruptcy Lawyer Sees More Middle-Class Clients as Filings Jump 34%
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Bankruptcy filings rise 30% this year
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Bankruptcies up, Tennessee tops personal filings
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Colorado filings for bankruptcy accelerate
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Retailers:

Analysts say KB Toys bankruptcy not a surprise
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US Retail Credit Card Chargeoffs to Surge
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The fall of the mall is upon us
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As Wal-Mart rises, Target falls
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Best Buy 3Q Net Plunges 77%, To Slash New-Store Openings
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Best Buy: Downgraded to "Deteriorating"
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Lehman:

L&G warns on funds hit by Lehman collapse
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Kathleen Fuld: Shopping in Secret
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Economy:

Industrial outputs continue their slump
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Consumer prices fall by record 1.7%
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Pelosi threatens hold on bailout funds
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Pelosi Says Financial Rescue Must Aid Homeowners
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Unemployment: Worse Than it Looks
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US Treasury 30-Year Bond Yields Fall to Record Low Before Fed
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The swimming naked awards - A year of embarrassment when the financial tide went out
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Congress urged to grant payroll tax holiday
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12 Unusual Things Affected by the Financial Crisis
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Real Estate:

Fitch: Alt-A Mortgages Deteriorating More Rapidly than Expected
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Housing permits, starts hit record lows
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Housing Starts in US Fell 18.9% to 625,000 Pace
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Live Historic aka Pioneer Property Declares Bankruptcy
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Delta liquidation plan confirmed
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Fidelity National alters purchase plan
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Trump faces tower of troubles
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Hope Mill to seek DIP
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The 'Top 5′ Foreclosure Myths
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NJ lawmakers approve mortgage foreclosure aid
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Ohio settles with bankrupt subprime lender
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Fraud:

SIPC liquidating Bernard L. Madoff Investment Securities LLC
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Madoff’s ‘Lie’ Ensnares Victims From Paris to Tokyo
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Judge signs order to protect Madoff investors
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Madoff Said to Use Unregistered Side-Unit for Clients
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Inquiry Finds No Signs Family Aided Madoff
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Madoff feeder funds levied high fees
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The Madoff Crisis Hits Europe Hard
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Extent Of Losses From Madoff Unclear
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Madoff Investors May Be Protected By Government
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British banks losing billions to ‘one big lie’ in biggest ever fraud
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Ascot Fund Suffers 'Major Losses' in Madoff Scandal
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Tremont Invested More Than Half Its Assets With Bernard Madoff
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The Madoff Dilemma
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Madoff case seen fueling attacks on the SEC
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Madoff advised the SEC, while duping it
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Wealthy fought for chance to join Bernie Madoff’s club
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Firm Touted Its Family Connections to Reassure Clients
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Can Madoff's victims recover their losses?
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Tax man may ease pain of Madoff's alleged victims
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The Enduring Appeal of Ponzi Schemes
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How to Make a Madoff
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What Does Madoff Auditor Say? No Answer
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Did the banks perpetrate a Ponzi scheme?
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Madoff and the Global Economy
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Madoff’s Investors Needed a Blagojevich Moment
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What price glory? The Madoff Ponzi saga
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Sprawling Network Sold Madoff to Europeans
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Swiss insurer Baloise to take $13M Madoff hit
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Santander, RBS, and BNP Paribas singed in Madoff flameout
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Top banks admit huge losses in Wall Street 'pyramid'
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Football:

Arena Football to cancel 2009 season
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Newspapers:

The writing's on the wall for old-style American newspaper
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Tribune's downfall is industry warning
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Zell to Chicago Tribune: Employee Owners Could be "Wiped Out"
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Bad Day at the LA Times
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Gambling:

Casinos rolling snake eyes in bad economy
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MGM Mirage pares down as peers may fold
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Television:

'Crash' Producer Follows Intellectual Bankruptcy With Chapter 11 Variety
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Food/Drink:

Boll Weevil Steers Into Chapter 7
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Agriprocessors continues search for buyer
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USDA to meet with Agriprocessors suppliers
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Celebs:

Fans shocked as over-sized Mike Tyson makes awards show appearance
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Telecoms:

Nortel’s Probability of Default Rating Cut by Moody’s
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Nortel unit gets 30-day waiver on support facility
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Hawaiian Telcom venue shifts
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Alternative Energy:

Hearing set for bankrupt Gateway Ethanol
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Dougherty should win Gateway assets
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Personal Finance:

Hard times mean more abuse
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Theme Parks:

Hard Rock Park auction “on-going”; winner to be announced this week
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Hard Rock Park unlikely to open in 2009
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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:

GMAC Holders Agree to Revised Swap Terms, Lawyer Says
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Bank of America Said to Fire Executives Before Merrill Closing
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Bank of America lays off 20 senior execs
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Oil/Gas:

CDX Gas LLC files for Chapter 11 bankruptcy
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CDX to seek use of cash
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OPEC supply cut could be its deepest
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Crude Oil Rises as OPEC Members Prepare to Reduce Production
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Red Apple chairman aims to revive SemGroup
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Supertankers used to store 50m barrels of oil
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Judge thwarts East Cameron Partners
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Dog Racing:

Hinsdale Greyhound closes down
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Religion:

Belief in bankruptcy
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Municipalities:

Three Decades After Cleveland Defaulted on Its Debts, Cities Face Recession Budget Woes
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Ohio downgraded to negative rating outlook
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Four Years of Pain Ahead
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Insurance:

AIG sells residential mortgage-backed securities portfolio
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S&P downgrades XL Capital's core units
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Resorts:

Yellowstone wins DIP approval
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Aviation:

American Airlines and union seek federal mediation
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Frontier reports $9M loss in Q3
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Health Care:

Jury begins deliberating fate of last of 11 National Century execs
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Hospital creditor seeks stay relief
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Tech:

Chip Makers Face Longest Decline in History
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Report: Mac sales hit a slowdown
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Layoffs:

Goldman Sachs Cuts Jobs, Slashes Average Pay 45% to $363654
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Republic Windows and Doors files for bankruptcy
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Chicago 'sit-in' factory files for bankruptcy
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More layoffs in publishing: This time at Macmillan
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UTex Sued Over Mass Firings at Galveston
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Air Products cuts jobs, lowers quarterly outlook
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Executive Compensation:

Bush added loophole to Wall Street bailout provision - Change removed ways to review executives' pay
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Golf:

KiS Golf to liquidate assets
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UK:

Fears for the future as phone companies run out of credit
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EU:

Big company buying binge expected in Europe
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Trichet Sees Rate-Cut Limit, Signals ECB May Pause
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European Bonds Rise as Bank Woes Boost Demand for Safest Assets
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Japan:

Supply concerns over Tsuji bankruptcy
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Japanese homebuilder Matsumoto Kenko files for bankruptcy
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S.Korea:

Gov't to Support Bankrupt Homes
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Italy:

The big cheese bailout
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Canada:

Tahera fires staff, govt takes over diamond mine
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U.S. retail pain jumps border
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Canada Factory Sales Fall for Third Month on Lower Fuel Prices
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Norway:

Norway electric carmaker seeks aid, halts production
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Germany:

Merkel Says More Stimulus Needed to Help Economy
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Australia:

Centro Gives Banks Control as A$5.1 Billion Debt Gamble Fails
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