November 13, 2008

The Daily Bankruptcy News

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Law:

Skadden Sues Thelen To Shift Bankruptcy Litigation Liability
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Mayer Brown and Weil were both tied closely to Refco. Why is Mayer the only one on the hook for $2B?
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Despite Mass Layoffs, Will Lawyers Party Like It's 1999?
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Staff Layoffs at K&L Gates
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Should You Stay or Should You Go?
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Big Firm Bust = More Solos?
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Bonus Survey Results
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Sidley Austin Shows Firms How to Deal With Associates During the End Days
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Ousted Name Partner Retains Venable for Possible Claims Against Cohen Milstein
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Law professor sees exciting time for bankruptcy lawyers
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Top Law Firms Emerging as Winners in Financial Meltdown
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Allen & Overy Reports 11 Percent Jump in Revenues
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GCs Prepare for Rate Battles
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Greenberg Continues Unique Billing Arrangement
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Sweet deal for new top Calpine lawyer
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Breakfast at Howrey's Sealed Moves of Thelen Construction Lawyers
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Attorney Wardrobe Malfunctions: Experts Offer Tips on Debugging the Dress Code
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Obama Team Expected to Broker Deal on Subpoenas Over U.S. Attorney Firings
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Report Criticizes Office That Allocates Resources to U.S. Attorneys
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DOJ Accuses UBS Exec of Helping Conceal Billions From IRS
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Will Latham & Watkins Lose San Diego Legal Work?
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Remorseless Prosecutor Says Bar Should Back Off
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Judges:

Lawyers Who Made Job Offer to the Judge on Their Case Sued by Opposing Party
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Retired federal judge honored with his portrait in courtroom
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Wall Street:

Recession fears grip world markets
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Asian Stocks Tumble, Extend Global Rout, on US Treasury Shift
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Street Smacked; TARP Transformed
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Morgan Stanley Plans Broad Job Cuts
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Bear Stearns pays $27 million to settle lawsuit
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J.P. Morgan to set aside another $2.4 billion in loan loss reserves
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Hard Times, But Big Wall Street Bonuses
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Intel's Sales Shocker Caps Tough Day for Stocks
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I-bankers say good-bye to Ferraris, free sodas
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Insurance:

AIG's Lender to Close 178 US Branches, Cut 380 Jobs
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Greenberg: AIG toast if not stabilized
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Zurich Financial halts buyback as profit drops 90%
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Moody's drops outlook for health insurers
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Financial crisis hits some European insurers
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Autos:

House Democrats Eye TARP Funds for Detroit
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Bailing Out Detroit: How Much Is Enough?
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Why GM can't survive bankruptcy
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GM blames everyone but itself
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Obama may name auto czar
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Detroit auto mess turns toxic
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Is General Motors Worth Saving?
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GM Disposals Said to Be Hampered by Survival Concerns
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No UAW Bailout
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Granholm pleads for fast action on assistance for automakers
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Delay in aid to GM could panic suppliers
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GM's Troubles Stir Question of Bankruptcy vs. a Bailout
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Bankruptcy Could Help Fix Carmakers Problems
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GM: People Will Not Buy Cars From A Bankrupt Company
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Will Dems save old GM or insist on a new one?
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Radical Change Is Only Hope for Detroit's Big Three
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Auto bailout needs repair
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Obama Appoints Georgetown Law Prof to Lead Auto-Industry Transition
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GM shares slide to 65-year-low
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With bailout a possibility, auto dealers struggle
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Bailout May Affect Wagoner's Future
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GM shares rally on bailout hopes, ignore bankruptcy advocates
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GM: Congress confronts the perils of bankruptcy
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GM Bankruptcy May Mean Liquidation for Former Parts Unit Delphi
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Failure of auto industry could set off catastrophe
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Bet on the US and buy GM stock, spokesman tells retirees
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Detroit tries to fool them again
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Paulson: Rescue package not for automakers
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Auto leaders will make case to Congress for aid
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Bankruptcy looms
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Congress mulls several options to bail out Detroit
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Gov. Daniels not seeking auto industry bailout
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Ford's plan for survival
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How about some tough love for Detroit?
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GM, Ford notes carry more risk
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Economist optimistic governments will bail out GM
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Toyota, Honda "very concerned" about Detroit sounds
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Toyota Emergency Committee Review Includes Labor, Capital Costs
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Banking:

Treasury Secretary Henry Paulson says banks are priority in bailout
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WaMu can't complete Q3 filing, citing bankruptcy
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Regulators to Banks: Start Lending Now!
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Some Citi directors eye replacing chairman
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Natixis reports steep 3Q loss
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Remains of Franklin Bank file for bankruptcy
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Bernanke Refusal to Buy Genworth Commercial Paper Burdens Banks
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Downey Financial shares fall below $1 on warning of possible seizure
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Finance:

GE says gets FDIC backing for $139 bln in debt
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Corporate refinancing could be next domino
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Libor for Dollars Climbs; Three-Month Rate Snaps 23-Day Decline
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As credit lines dry up, small businesses turn to plastic to keep afloat
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Economy:

OECD Forecasts Recessions in the US, Europe, Japan
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Paulson says troubled assets will not be purchased
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Troubled assets? On second thought, no thanks.
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More rabbits from the hat
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Want Some Government Money? Apply Now!
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This just in: Nail salons get nod for bailout
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Washington's $5 Trillion Tab - Fighting the financial crisis has put the U.S. on the hook for some $5 trillion a report says. So far.
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Boehner Demands Fed Identify Recipients of Loans
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Paulson Shifts Focus of Rescue to Consumer Lending
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Paulson backs off asset plan; crisis deals at risk
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'Where Do You Stop?'
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Treasury's Waffling Rattles Confidence
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TARP Goes CARP Fishing
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Bailout funds being spent in ways Congress never foresaw
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Making it up as we go along
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Who Reigns in Succession Crisis? Confusion, Perhaps.
(WSJ: separate paid subscription required)

Bailout Bunk: We've Been Had
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Is Paulson Running Out of Gas?
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Paulson Unplugged
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Either some bonds are good buys or economic disaster is approaching
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Fed's Kohn Wary of Industry Aid
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How Bad Could The Crisis Get? Lessons From Iceland
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Credit losses could exceed 10% of U.S. GDP, analyst claims
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Jack Welch blunt on bailouts
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UN official denounces West's 'greed'
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Real Estate:

Foreclosure rates up 25 percent year-over-year
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85,000 homes lost to foreclosure in October
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Lawmakers Debate Pitfalls of Loan Modification
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Commercial real estate outlook darkens for 2009
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Retail REITs Feeling Effects of Tenant Fallout & Leasing Slowdown
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Mortgage Situation 'Requires Legislation,' Frank Says
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New federal mortgage plan offers relief to only a few
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SunCal bankruptcies spread, $2.5 billion at stake
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One year after Neumann Homes bankruptcy
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HI foreclosures tripled in year
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Mission Lakes may sink or swim in weeks
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ResCap Debt Sinks on Scrapped Plan to Buy Bad Assets
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What if You Don't Qualify?
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Retailing:

Consumer electronics chains slump
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Best Buy Gets Hit By Spending Slump
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Electronics retailers first to suffer lack of trust
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Stores see 'seismic' shift as consumers clamp down
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Two US retailers see sales slump
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Harold's rolls out sales to liquidate
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Tim Hortons to close 15 shops in Southeastern New England
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Seasonal Retail Jobs Might Be Hard To Get
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Confidence In Gift Cards Decline With Economy
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Circuit City Gift Cards
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GE Capital Gives Dark Ultimatum to Bankrupt National Wholesale
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Central Fla. Malls Could Face Bankruptcy
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Regional Malls Consider Filing Chapter 11
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Ward contractor sues General Growth for $16M
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Mall condo buyers eye developer's money woes
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Dollar stores booming despite downturn
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Lampert Buyback, Sales Drop Drain Sears Holiday Cash
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Five Key Quotes from Macy's on Retailing and Debt
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Employees say Value City is to close by Nov. 25
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Personal Bankruptcy:

For those mulling bankruptcy, 6 questions to ask
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Credit Cards:

A New Way To Avoid Bankruptcy
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US regulators reject credit card forgiveness proposal
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Credit Card Losses Could Worsen in 2009
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Latest bailout beneficiary: Treasury wants to jump-start stalled credit card securities market
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Gambling:

Deadline looms for Herbst Gaming to avoid bankruptcy court
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Herbst faces tough choice
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Tropicana wants to sell Aztar
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Freight:

Freight outlook darkens
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Oil/Gas:

IEA Cuts Oil Demand Forecast Most in 12 Years as Economies Slow
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Movie Industry:

Hollywood holding breath on holiday DVD sales
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Relativity files suit against Citigroup
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Accounting:

Accountancy Age Awards 2008 - The winners
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Printing:

DPI gets interim OK to tap cash
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Corporate Reform:

Amerindo Co-Founders Vilar, Tanaka Stole Millions From Clients, U.S. Says
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Radio:

Worldspace gets final DIP approval
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Executive Compensation:

Executive bonuses to fall 20% next year
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Lehman:

Deutsche's Lehman accident proves costly
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Many who did business with Lehman Brothers thought they were more protected than they really were
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$13.5M for art
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Wachtell to Clients: Lessons Learned from Lehman Brothers Bankruptcy
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Railroads:

Amtrak's Northeast Ridership Falls as Business Travel Declines
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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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Tax:

UBS executive charged with helping 20,000 Americans avoid taxes
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The Swiss Banker and 'Toxic Waste'
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US probe no threat to Swiss bank secrecy-FinMin
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Layoffs:

Cutting Jobs Instead of Pay
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QVC to Cut 5.8 Percent of US Workforce
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Applied Materials to cut jobs
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National Semiconductor Cuts Forecast, Trims 330 Jobs
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BT to cut 6,000 more jobs
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Personal Finance:

Tough times may provide silver lining
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Golf:

Judge OKs Oneidas' plan to buy golf course
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Sun City Center board ponders future of golf courses
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Paper Products:

Chesapeake Corp may seek bankruptcy protection
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Resorts:

Billionaire Club Files For Bankruptcy
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Derivatives:

Time To Lift The Veil
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Tech:

Intel Cuts $1 Billion From Sales Forecast Amid Slump
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Chicken Little's Tech Call
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Motorcycles:

Harley-Davidson feels economy's pinch
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Aviation:

Air Canada's wings clipped
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Air Kauai gets its helicopters back
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Theme Parks:

Don't Pity the Theme Parks
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Financial Literacy:

Program aims to educate children about finances
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Pensions:

Calpers Confronts Huge Housing Losses
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Municipalities:

Pension Deficit: $2.78 Billion
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Alabama county panel sidelines debt-deal opponents
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Treasury Secretary: No TARP for Munis
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Defaults:

Default Rates To Triple In Next Year, Moody's Says
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Music:

Analyst: Trans World "headed, sooner or later, for bankruptcy'
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Hedge Funds:

Hedge Fund Managers To Testify in Washington
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Global Hedge Funds Lost $100 Billion in October on Withdrawals
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Hedge funds pursue capital
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UK:

Bank of England: We'll slash interest rates to ZERO
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Recession will hit Scotland the hardest
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Worse than expected insolvency figures point to collapse in commercial property market
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UK loses jobs and foreign investors as debt soars
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Woolies' feels the squeeze on credit
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Coldly efficient predators of loan market
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U.K. Retailers Try 'Credit Crunch' Sell
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Keep your home or celebrate Christmas
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U.K. Banks Shouldn't Sell Payment Insurance With Loan, Regulator Says
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EU:

Trichet Says Must Find Ways to Bolster Global System
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Banks' Overnight Deposits With ECB Drop a Fourth Day to Lowest in a Month
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Canada:

Jenkins Says Canada Bank May Cut Interest Rate Again
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Iceland:

Icesave and the bankruptcy of a country
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S. Korea:

Top 50 Builder Files for Bankruptcy Protection
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Korea to Inject W10 Trillion in Bond Market
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Pakistan:

IMF: a bitter pill
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Japan:

Japan to Provide Up to $105 Billion to Help IMF
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Bank of Japan's Nakamura Says Economy May Deteriorate Further
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Australia:

Australian Doctors Warn Public Hospitals May Collapse
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Germany:

German Economy Enters Worst Recession in 12 Years
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Siemens Profit Misses Estimates
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Hong Kong:

Citic Pac jumps on bailout, but profit outlook bleak
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Latvia:

18 hard months ahead for Latvia
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China:

China's Industrial-Output Growth Slumps, Adding to Risk of Deeper Slowdown
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