December 4, 2008

The Daily Bankruptcy News

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Law:

Name Those Lawyers
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Andrews Kurth Names New Bankruptcy Partner
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May Brown Names New Bankruptcy Partner
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Weil Gotshal announces new partners, no bankruptcy
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The Evolving Credit Crisis Litigation Wave
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Reed Smith Lays Off 115 Staff in United States
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Layoff Watch: Reed Smith Cans Staff, Associates, 'And Your Little Dog Too'
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Reed Smith Managing Partner On Layoffs: Capacity Didn't Meet Demand
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Leaders of Philly Law Firms Warn of Tough Performance Reviews
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Firm Axes 10 Percent of Associates, Staffers
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Bonus Watch: Milbank Tweed
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Bonus Watch: Dewey & LeBoeuf Pulls a Half-Skadden Too
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Bonus Watch: Cleary Matches Cravath Et Al.
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Firm hands handed $24m of its profits back to partners early because of concerns that it may not be safe leaving the money in the bank
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Fee income slows at UK's biggest firms
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UK law firms are feeling the squeeze, with some better prepared than others
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Survey results: Associate morale
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Sorry, But Everybody Hates You
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A tale of two associates
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Declining Pound, Pay Disputes Spur Lawyer Exits at Clifford Chance
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Class Action Fraud Is Alive and Well
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Prudent Practices in a Bad Economy
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Would more diversity help firms weather the economic crisis?
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Earning a Living in Public Interest in an Uncertain Economy
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Elite Firms' Woes Have Small Fry Poaching in BigLaw's Talent Pool
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Law Firms Consider Overhaul of Associate Bonus Structures
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Judge Dismisses Cheney, Gonzales Indictments and Chides Prosecutor
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Cohen Milstein Law Firm Reunited. Sort of. Does it Feel So Good?
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Court May Decide What Size Award Violates Rights At Issue: Punitive Damages, Due Process
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In Big Punitives Case, Has Court Painted Itself into a Corner?
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Annual Survey Shows Law Firm Leaders Wary but Confident
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2009 Looking up for Large Law Firms
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Baker Donelson's Lower Rates Attract White & Case Partner
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Law Grad with LLM Lands Just One Job Interview from 300 Resumes
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Harriet Miers Named in New York Times Editorial
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Things You Should Never Put in an E-Mail
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Judges:

Texas Supreme Court justice faces ethics hearing
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Biker Rally Plea for Cash Violated Judicial Ethics Rules, Board Finds
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Wall Street:

Asian Stocks, US Futures Decline on GM Bankruptcy Concern
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UK Stocks Rally
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Congress set to save Christmas for markets with auto deal
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Bulls Re-emerge in Late-Hour Stock Rally
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US Stocks Rise
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Harvard's Endowment Falls $8 Billion
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Three years of pain for equity traders
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Another Goldman unit hit by decline
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Rush for deposits won't solve Wall Street's problems
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Volatility Only Constant for Stocks
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Wall Street and Detroit's messy divorce
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Autos:

Detroit trio hits the road to the Hill
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Hurdles remain in Congress
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Senate auto bailout views run cold
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Who Might Benefit From Detroit's Failings
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Bankers Smoke Auto CEOs in Bailout Grand Prix
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Bernanke Should Buy Buicks Instead of Bonds
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No agreement on details of Big Three bailout
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Bush, Pelosi Deadlocked Over How to Fund Bailout for Automakers
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Can automakers use finance subs to tap TARP?
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Ahead of Hearings, Some Lawmakers Back Bankruptcy for Big Three
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The case for Chapter 11
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Fictions And Colored Facts From The Big Three
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GM, Chrysler considering bankruptcy to get bailout
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Possible GM bankruptcy has officials, suppliers on edge
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When Factions Collide at GM - Three Reasons Why U.S. Auto Makers Won't Be Filing for Bankruptcy
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Congress' choice: Hope or disaster
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Big Three automakers deserve bankruptcy, not bailouts
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Detroit's Delusion
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Is This Detroit's Last Winter?
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Ford, GM Bonds Rise on Optimism US Will Bail Out Industry
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General Motors and the Bankruptcy Epidemic
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Bill Gates questions bailout for Big Three automakers
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Not just another car ride for GM CEO Wagoner
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Obama Says Congress Right to Demand Automakers Plan
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The Latest Song of Detroit
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What's In The Automakers' Pitches?
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Lead Director Pins GM's Hopes on Federal Rescue
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Ford's Mulally: GM Would Drag Entire Industry Into Bankruptcy
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Ford Chief Worries Rivals Won't Survive
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Ripple effect seen if GM, Chrysler or Ford go bankrupt
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Colo. would feel Detroit quake
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Mexican economy in the balance of carmakers rescue
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Senators Kyl, Corker, Warm to Detroit Bankruptcy Plan
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Prevent a GM Bankruptcy? It May Already Be Here
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Why GM Should File For Bankruptcy with a DIP-Twist Help From Its Friend: The US Government
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Even With a Bailout, GM's Profit Prospects Look Bleak
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GM's Restructuring Plan, Giving Off a Whiff of... Lemon
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Chrysler exec: Failure could spark depression
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The Big Three Master Fearmongering
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Wake-up call as Detroit paints an increasingly bleak picture
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Fear of bankruptcy scares off GM customers
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Poll: 61% oppose auto bailout
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Auto CEOs Aren't Making Their Case
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Carmakers on a road to nowhere
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Analyst: GM plan likely to win converts in Congress
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It's UAW Concession Time
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UAW to suspend maligned jobs bank
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2nd reopening of UAW contract is 'what has to be done'
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Cutting wages won't solve Detroit 3's crisis
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Chrysler warns it is running low on cash, asks for $7B
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Chrysler exec warns of repercussions from car company failure
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UAW agrees to help automakers

Auto Workers Give Up Featherbed
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Just Give Them the Money, Already
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Auto suppliers should brace for more cuts
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Leveraging Hurt Detroit
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Toledo Tries to Shake Detroit's Shadow
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Promises Promises, Enough of Auto Industry Promises
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Memo to the Big Three: First, Fire Your PR Departments
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Fixing Detroit: Experts have wide range of ideas
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Rider Auto files for bankruptcy
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Ford Said to Seek as Much as $6 Billion for Volvo
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Eating Big Oil's dust
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Sweden: Bring On The Auto Bailouts
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As Sales Fall, German Carmakers Cut Production and Hope to Avoid Layoffs
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UK new car sales down 37 percent in November
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Retailing:

Retail Insolvencies Expected to Rise in New Year
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Sixty percent off is the new black
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Samsung: Hey Circuit City, Where the Hell Is Our $US74 Million?
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Circuit City Disputes Samsung Reports
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Tweeter to liquidate on Schultze's terms
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Cyber Monday spending up 15 percent
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An Online Sales Boom That May Not Last
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B. Moss Files Bankruptcy, Gift Cards Refused
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The Great Gift Card Scare of 2008
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Discounters Face Fight on Minimum Pricing
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Cupertino mall must start payments
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Founder Says Mervyn's 'Raped' By Corporate Greed
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Hotels:

Nokomis Real Estate Ventures LLC files bankruptcy petition
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Celebs:

Suge Knight's Mansion Sold In Bankruptcy Court
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A Look at Suge Knight's Malibu Mansion
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Is Trump in Trouble Again?
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O.J. Simpson's Final Chapter: a Prison Sentence
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Software:

Entellium's Miller responds to critics: 'We are being victimized'
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Economy:

Obama says reviewing TARP, eyeing homeowner relief
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Obama Keeps His Distance on TARP
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Calls for $1 Trillion Stimulus Package Grow Louder as U.S. Economy Tumbles
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Fed's Lacker Says Setting Limits to Federal Safety Net is 'Critical' Issue
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Frank, Obama Want Closer Look At Treasury's Accounting for Bailout
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Treasury close to 'breach of faith' in handling TARP funds: Barney Frank
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Top CEOs on the Recession
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Economy weaker coast-to-coast, with bankruptcy services one of the few sectors expanding
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House Republicans Demand More Transparency From Fed, Treasury
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Record number of Americans using food stamps
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Private jobs, services slump show recession toll
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The Wholesale Destruction of the American Economy
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US employment levels continue to drop
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Job losses were bad in September and October, but November is shaping up to be the worst month for workers in more than 30 years
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US economy weakens in all regions, Fed says
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Service Companies Shrink at Record Pace
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US Nov. ISM services falls to all-time-low 37.3%
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An Alternative to Bailout Nation
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Paulson Considers New Plan to Lower Mortgage Rates
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Lower US mortgage rates help but jobs, prices key
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Economy Shakes Wealthy's Confidence
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Financial doomsayer Schiff still grim on future
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When a Government Loses Its Principles
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Economic Stimulus Plan Tied to Energy Savings
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Stop approving the bailouts
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America Needs Its Frontier Spirit - 'Traits of the frontier' still shape America, even if the left doesn't like it
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China biggest foreign holder of U.S. Treasuries
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China, US join forces as world recession looms
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Real Estate:

Home Foreclosures Continue, Despite Bank's 'Freeze'
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Economists: Stabilize Home Prices By Cutting Them Drastically
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A Rush Into Refinancing as Mortgage Rates Fall
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Where Do Those Laid Off Bankers End Up?
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3 Housing Markets Poised for a Crash
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It's Time to Buy That House?
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Sector turns up as mortgage applications surge
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Commercial real estate - the next shoe to drop
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LPS Sees Fee-Splitting Lawsuit Dismissed
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Realogy's Creditor Wars
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Toll Brothers 4Q loss narrows, no 2009 forecast
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Sheila Bair's Mortgage Miracle
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Foreclosures Harming Middle-Income Areas
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The Role of Recourse in Foreclosures
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Industry Insiders: Foreclosure Moratoriums Won't Work
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Loss Mitigation Outsourcing is Officially "Hot"
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Adare Homes Johnstown Farms files Chapter 11
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Food/Drink:

Pilgrim's Pride gets $365 mln in bankruptcy funds
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Court approval assures Pilgrim's operations continue uninterrupted
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Pilgrim's Pride Files Chapter 11: Not a Bailout in Sight
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Bankruptcy judge approves sale of Archway
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Interstate Bakeries doubles monthly loss
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Agriprocessors venue change OK'd
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Layoffs:

Corporate layoffs surge to nearly 7-year high
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Jobs: The Worst Month in 28 Years?
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Confessions of a Man Who Does the Layoffs
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Closures & Layoffs (Nov.30-Dec. 6)
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US Steel to lay off 3,500 employees
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Carlyle Group Cuts 10% of Workforce, Including US Buyout Jobs
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Macquarie Group Fires 100 Investment Bankers
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Behrman Capital reportedly lays off most S.F. staff
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Jefferies Group Said to Eliminate 10 Percent of Staff
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Adobe Plans to Cut 600 Jobs
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Constellation to lay off more than 800 workers
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State Street to Cut 1,700 Jobs By Early 2009
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Atlantic City casinos cut 1,000 jobs in November
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Cessna Issues Layoff Notices To Hundreds Of Workers
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Credit Suisse to cut 5,300 jobs after $2.5 billion loss
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Freeport to Cut 20% of US Staff Amid Metals Rout
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Vale Fires 1,300, Sends 5,500 on Leave Amid 'Crisis'
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United Air to Lay Off 1,190 Workers as Part of Job-Cut Plan
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Huntsman cutting 470 jobs in textile dye unit
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Will Move Almost Anywhere For Work
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Rating Agencies:

SEC Curtails Conflicts of Interest at Moody's and S&P
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Rating Agencies Blamed (Again) for Subprime Meltdown
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Municipal Upgrades in Recession by S&P Show Inappropriate Scale
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Aviation:

American Eagle Nov. traffic drops 21.5 percent
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Mesa's attempt to buy Aloha name blocked
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Judge blasts effort to sell Aloha Airlines name to Mesa
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Petters air firm to lend cash to Sun Country
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Corporate America, humbled by taxpayer bailouts, is ditching the company jet
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GM's jet sale could run into turbulence
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UAL plans 1,100 more furloughs on its way to 7,000
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Okay Airways:Flight Suspension May Lead To Bankruptcy
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Argentine lower house OK's bid to seize Aerolineas
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Health Care:

Artes Medical may liquidate after filing for bankruptcy
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State Bans New Patients From W. Pa. Hospital
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Wrinkles Disappear, as Does a Company
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Surprise Health Bills Make People See Red
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Fitch changes not-for-profit hospital outlook to negative
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Municipalities:

JeffCo to consider ending sewer rate hike mandate
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Corporate Reform:

Ex-WorldCom chief Ebbers seeks clemency from Bush
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Bonds:

Corporate Bonds to Return 10% Next Year, Pimco's Kiesel Says
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Commodities:

Sugar Falls as Recession Drives Commodities to Six-Year Low
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Commodities Collapse: Fast, Big and Still Going
(WSJ: separate paid subscription required)

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Publishing:

Random House Eliminates Groups in Restructuring
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Mass Torts:

W.R. Grace to Pay up to $140 Million in Asbestos Case
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Credit Cards:

Billions for giants, 31.99% interest for the little guy
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Alternative Energy:

Current ethanol policy becomes economic drain
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Student Debt:

A Bankrupt Policy
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Accounting:

Party spirit is in short supply at the Big Four
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Ex-PwC clients sue firm for £2m
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Sears confirms it was client of accused Deloitte partner
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Furniture:

Mattress Discounters sales OK'd
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Newspapers:

New layoffs announced at Chicago Tribune
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Oil/Gas:

Oil falls to 3-year low below $46 on weak economy
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Oil hits near 4-year low on weak economic news
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Obama ditches oil company tax
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Credit crisis finally shows up in oil patch, say energy company CFOs
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Oil/Gas:

Oil falls to 3-year low below $46 on weak economy
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Oil hits near 4-year low on weak economic news
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Obama ditches oil company tax
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Credit crisis finally shows up in oil patch, say energy company CFOs
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Art:

Financial crunch weakens Christie's bidding
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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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Bankruptcy Reform:

Bankruptcy in the Senate, December 4
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A foreclosure fix: More bankruptcies
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Bankruptcy Statistics:

Consumer bankruptcy filings jump vs year ago
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Businesses go bust at breakneck pace
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OC bankruptcy filings double from Nov. ý07
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Bankruptcy Humor:

Bankruptcy Bill
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Health Care:

Introgen Files Voluntary Chapter 11 Petition
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Steel:

Steel shares drop amid continuing market weakness
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Lehman:

Linklaters set for £1m-plus weekly Lehman earnings
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Lehman Gets More Bids for Investment-Management Unit
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Management Wins Neuberger Berman Auction
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Lehman Brothers gets approval to sell $8m art collection
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Alleviating "Armageddon": A Play-by-Play of the Lehman Bankruptcy
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Barclays: Profiles of the New Deal Makers
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Nomura to Cut 1000 London Jobs as Lehman Costs Mount
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Insurance:

AIG to shed stake in financial products joint ventures
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AIG In Bnus Bungle
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AIG's Suit Against Ex-CEO Greenberg Over Stock Goes Forward, Judge Rules
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Struggling Insurer Casts Off Long-Term-Care Policies
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Media:

Steep economic decline poses a huge threat
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Radio ad revenue declines
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Banking:

An S&L's Path To The Cliff
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FDIC cancels desist order on nonexistent OC bank
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Geithner May Seek to Push Bair Out After Clashes During Crisis
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Bair, Busy Bussing Barack's Behind, Berates Bush's Boyz
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Investors sue Citi insiders for 'suspicious' trades
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Lawsuit claims Citigroup was running a "quasi-Ponzi scheme"
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Citigroup Needs to Confess Its Writedowns Now
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Western banks face snub by China fund
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Pigeons:

Pigeon King's interim receivership order stands, bankruptcy on hold
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Personal Finance:

Couples staying together because of poor economy
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We Owe $2,000 on Your Credit Card?
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Labor:

Unions' euphoria gives way to worry - Financial crisis has labor on the defensive
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Fitness:

Bally Fitness Files Bankruptcy After Emerging in 2007
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Telecoms:

Hawaiian Telcom filing highlights private equity dilemma
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Hawaiian Telcom Vendor Faces Unpaid Bills
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Defaults:

Commercial Loan Delinquencies to Rise
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Corporate default risk soars
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PE:

Private Equity's Year from Hell
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M&A:

Big firms face shrinking M&A market
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Gambling:

Advice to casino firm bondholders: Dump Trump
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RP casino's backer in financial trouble
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Utilities:

Consumers want out of fuel oil contracts
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Hedge Funds:

Fortress Halts Withdrawals at Macro Fund
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Fortress, the Hedge Fund, Is Crumbling
(NYT: separate free registration required)

Hedge Fund Ramius Is Retooling
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Buyout Titan Weighs Hedge-Fund Revamp
(WSJ: separate paid subscription required)

J.P. Morgan Seizes Fund's Collateral
(WSJ: separate paid subscription required)

Investors reject Centaurus restructure
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Fortress, DE Shaw, Farallon suspend redemptions
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EU poised to regulate Hedge Funds
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UK:

UK house prices fall 2.6% in November
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Mortgage holiday plan leaves confusion
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Bank of England May Cut Rate to Lowest Since 1951
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IP focus on personal insolvency
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Companies must ensure they are prepared for an insolvency of a trading partner
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Record number of companies at risk of default
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Expectations grow for dramatic UK cut
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Sterling sinks as UK house prices tumble
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Nomura Holdings to reportedly eliminate 1000 jobs in the UK
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UK's biggest indie label distributor goes bankrupt
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Hundreds face the axe as economic crisis begins to bite
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New Star agrees £240m bank rescue
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Strong interest in Woolworths leases
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Insolvency trade body reacts to Woolworths and MFI administrations
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EU:

Europe set to slash rates as economy reels
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Falling investment shrank euro economy in 3Q
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Canada:

Lights out for Black's once-mighty Ravelston
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Ballet BC still hoping to be back on its toes
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Italy:

Telecom Italia to Cut 4,000 Jobs
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Australia:

Babcock Staves Off Collapse With A$150 Million Loan
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New Zealand:

New Zealand Cuts Key Interest Rate by Record to 5%
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Sweden:

Swedish Riksbank cuts interest rate by 1.75 points
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Indonesia:

Indonesia Unexpectedly Lowers Key Rate to Boost Economic Growth
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France:

France to unveil economic stimulus package
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Mexico:

Mexico IMEF Manufacturing Data 'Suggest a Recession'
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Middle East:

The Downturn Hits Dubai
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Dubai Speculators Quit as Lending Drought Bursts Desert Bubble
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Outlook dims for glittering malls
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Japan:

Japan moves to fill finance void
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India:

Recession Trickles to India
(NYT: separate free registration required)

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Switzerland:

Swiss regulator, big banks agree new capital rules
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Germany:

Merkel Says EU Must Act Quickly on German Bank Rescue
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Spain:

Spanish Banks to Take 65% Stake in Metrovacesa to Settle Debt
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Asia:

Asia Bond Default Risk Rises
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Iceland:

Iceland Ratings Lowered by Moody's; Outlook Negative
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Iceland's PM Geir Haarde Defiant In Face Of Mounting Protests
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