November 3, 2008

The Daily Bankruptcy News

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Law:

BigLaw Bonus Buzz: You Should Lower Your Expectations
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But One Firm Announces Bonuses at 10 Percent of Salary
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Powell Goldstein to Merge with Bryan Cave and Give up its Name
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Trouble Ahead for East Coast Law Firms; One Expert Expects Dissolutions
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Thelen Hires Expert who Advised Brobeck on Dissolution
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A Discussion With Out Lawyers
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Holiday Cheer from Shearman & Sterling
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Dewey puts monthly partner drawings on hold
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BigLaw Canceling Holiday Parties
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Law Firm Life: The Costumes We Wear
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Woes that felled SF law firms shake industry
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Olson Wins! Olson Wins! Former SG Picked to Argue Indian Land Case
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Supreme Court considers whether states can enhance federal rules
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Survivor: Wall Street
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Musical Chairs: David Otunga to... WWE?
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Bonus Watch: Orrick Stands Behind Bonus Structure
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Powell Goldstein's Internal Response to Bryan Cave Acquisition
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How To Get Fired (or Asked To Resign) from Sullivan & Cromwell
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After Wall St. Layoffs, Lawyers Are Busy
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And Now, the Winner of the 2008 Election . . . . Ohio Lawyers?
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Economic crisis boom time for lawyers
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Paralegal's Defense Team Admits That Beheading a Guy Is "Not Something Normal"
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Torching Wife's Messy House Sends Legal Career Up in Smoke
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Judges:

Judge's Remarks Cause Stir Over Goal of Pro Bono Work
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DA Offers Blistering Retort to Judge
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Judge's Abusive Conduct Evokes Dickens, Discipline Court Says
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Federal Judge May Have Made False Statements in Probe, Order Says
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A Different Kind of Judicial Diva
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Wall Street:

Asian Stocks Gain, Led by Financials, as Credit Concerns Ease
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European Stocks Post Biggest Weekly Rally Since 2001
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VIX Has Biggest Weekly Decline in 14 Months as Stocks Rally
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Investors hope the 'worst October' signals the worst is past
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U.S. Stocks Finish With Solid Weekly Gains, But Slide On Month
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KKR initial public offering delayed until next year
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US crisis effort may have further roiled markets: Lacker
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Insurance:

Hartford Has 'Few Options' for Capital, Berg Says
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Insurers morph into money managers
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Effectiveness of AIG's $143 Billion Rescue Questioned
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Did a computer flaw nearly wreck AIG?
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Individual insurance policies risky for families
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Brooke Corp. lays off much of staff
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Brooke Corp.'s Two Perspective Buyers Say No to Deal
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Autos:

Talks Between Chrysler And Renault-Nissan End
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GM, Chrysler merger talks on hold after aid hopes fade
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Can Chrysler Survive without GM?
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Taking Chrysler Through A Chapter 11
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A failed Big Two deal would slam suppliers
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Auto aid in hands of new leader
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GM needs bankruptcy, not a bailout
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No big sellers in sight to save troubled Chrysler
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The dilemma facing Detroit auto giants
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Big 3 woes imperil US economy
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Ex-Polaroid worker has no sympathy for autoworkers
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Merger Talks Puts Chrysler Workers on Edge
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Chrysler, RIP
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GM and Wagoner face uncertain future if boss can't secure aid
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B of A, Citi Put GM, Ford On Distressed Trading Docs
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Detroit's Hail Mary: Saving the Automakers
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The wheels come off
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American Axle posts $440.9 loss
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LI car dealers hurting as slowdown continues
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Alternative Fuels:

Ethanol maker VeraSun declares bankruptcy
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VeraSun Doomed as Botched Trades Overwhelm Aid, Gates, Khosla
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A Splash of Green for the Rust Belt
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Ag loan guarantees sought
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'BioTown' ethanol firm files for bankruptcy
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Tax:

IRS, Justice Target Undisclosed Assets In Swiss Accounts
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Retailing:

Sears, Home Depot May Lose 8% of Holiday Sales on Credit Limits
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Recession will hit retailers first
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Owner to raze Meadville Mall
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Mervyns ready to liquidate
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Troubled Dollar Thrifty lays off 400 employees
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Sony Stops a Shipment to Circuit City
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Circuit City Short Circuiting 155 Stores
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So, anybody out there in the market for a mall?
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Liquidation sales ring in the bittersweet holidays
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Finance:

Emerging markets face financing crunch
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'Angels' get tough over fund pitches
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Libor for Dollar Declines to Lowest Since Lehman's Bankruptcy
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Construction:

Work to save Kensington Windows may be fruitless
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Economy:

Consumer Spending Tumbled in September
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From Midwest to M.T.A., Pain From Global Gamble
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Holiday Hiring Forecast Hardly Looks Promising
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Corporate big spenders may have to fold as the credit crisis exposes their debt.
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Frank Says Bonuses, Acquisitions Violate Bailout Plan
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How panels of economic experts can make colossal mistakes
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Why economics is useless
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Debt Linked to Buyouts Tightens the Economic Vise
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Recession: Are you ready?
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Fear of Deflation Lurks as Global Demand Drops
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State offers minimal economic relief to hard hit New Jersey residents
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In a Wealthy Town, 'It's Not Like It Was'
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Real Estate:

Banks Alter Loan Terms to Head Off Foreclosures
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Massive Effort to Save Mortgages
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Mortgage modification nation: Gentlemen, start your engines
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Dimon a gem
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FDIC Plan Tests Limits of Leniency
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One in five owe more than their houses are worth
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Bernanke Says the US Needs to Maintain a Role in Mortgage Securities, Urges 'Backstop'
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Foreclosures hit tenants, too
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Land Resources files for bankruptcy
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Bankrupt Renaissance is nearing profitability
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IN: Real estate firms file bankruptcy
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Judge OKs sale of The Park for $19M
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The Reserve in limbo
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Food/Drink:

Iowa Meatpacker Defaulted on Loan, Bank Says
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As Agriprocessors sinks deeper, elected officials react to Rubashkin arrest
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Feds Arrest Meat Packing Exec, Allege Labor Practices Aren't Kosher
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Budgets Squeezed, Some Families Bypass Organics
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Creditors fight Archway bid for speedy sale
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Twinkies get slimmed down
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Falling prices leave palm oil producers struggling to survive
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Pilgrim's Pride denies bankruptcy rumors
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Aviation:

Delta gets its chance to dominate aviation
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Delta Air Lines names CFO and COO
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Negligence suit details Great Plains' demise
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Judge Says Frontier Can Outsource Aircraft Maintenance Only As 'Last Resort'
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'New' Alitalia ready by December
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Licences of two Russian air carriers suspended
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Banking:

Wachovia had sought FDIC help, was told no
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Florida's Freedom Bank Is 17th in US to Be Closed This Year
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SocGen's net profit down 84 percent in Q3
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When the Model Fails
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Bankruptcy Statistics:

Personal bankruptcies soar in financial crisis
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Bankruptcy Crimes:

Origin of various fires hover over bankruptcy fraud case
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Reinhard out on bond
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Obits:

Remembering Fred Baron, Pioneering Lawyer
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Pensions:

Delay pension even in face of a bankruptcy
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Commodities:

Commodities Post Biggest Monthly Drop in 52 Years
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Lehman:

Lehman's bankruptcy could be the tip of an iceberg of big-company Chapter 11 filings
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Without Lehman funds, developers' projects founder; unanswered queries
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Administrators poised to reveal size of Lehman assets warn of delays for creditors
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Ex-Lehman President Plans to Leave Barclays
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Oil/Gas:

SemGroup assets face tough sell
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Oil Falls as Asian Import Cuts Heighten Demand Slowdown Concern
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Credit Cards:

Easy credit no more
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Credit card relief?
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Next big worry: Credit cards
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Banks starting to worry about credit card debt
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Theme Parks:

Hard Times for Hard Rock Park
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Accounting:

CFOs are enjoying larger pay gains than other C-level executives, for good reason.
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E&Y women told what not to wear
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Fraud:

Former CEO convicted in $1.9B fraud case
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Ex-lawyer's fraud schemes warrant prison, feds say
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Telecoms:

XO Communications Another Round of Tough Times on the Horizon
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Bankruptcy Litigation:

LeNature's trustee files suits seeking $46M
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Fashion:

Credit crunch chic: how to save pots of money
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Credit Counseling:

Judge freezes company's assets
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Education:

Even at Costliest College, Unease Over Downturn
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Wall Street's Blues Leave Law Schools Short on Green
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Debt-Financing Option May Increase Bankruptcy Risk for Some Colleges
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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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Personal Bankruptcy:

In bankruptcy court, lives are turned upside down in minutes
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Politics:

Murdoch says Obama win could worsen financial crisis
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'Governator' Schwarzenegger mocks 'skinny' Obama
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As Detroit Teeters Near Bankruptcy, John McCain Says Automakers Should Wait for Additional Government Help
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Palin Tricked Into Chat With Canadian Comic Posing as Sarkozy
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US Chamber Focuses on Congress, Bows Out of Presidential Race
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UK urges leadership from new US president
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UK:

London Luxury-Home Values Declined Most Since 1976 in October
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Pound Posts Biggest Monthly Drop Since 1992 as Recession Looms
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Canary Wharf Event Celebrates 'Death of Capitalism'
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Banks still chasing families for mortgage debts after repossession
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A second bid for HBOS?
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Virgin Media: lenders OK amending agreement
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Commercial practices forced to shed jobs
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Tories critical of recession policy
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Volatile FTSE ends grim October on high
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Director jailed for breaking bankruptcy bar
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Economic crisis wipes £10bn from Scottish private pension schemes
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EU:

ECB May Follow as Fed, BOJ, India `Shocked' Into Cuts
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Cold wind of recession blows into east Europe
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EU Says Europe Economy Probably Already in Recession
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Canada:

Canada Rejects Global Financial Overhaul, Currency Intervention
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Canada May Act Further to Aid Banks, Pensions
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Canada Stocks Cap Worst Month Since 1998
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Canada Entering Recession, Toronto-Dominion Bank Says
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IGM Net Falls 9% as Markets, Withdrawals Cut Assets
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Tahera's restructuring deal caves in
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Hungary:

Hungary saved from bankruptcy by international aid
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Iceland:

Iceland, Mired in Debt, Blames Britain for Woes
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In England, ruing the decision to put money in Iceland banks
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Why is Iceland now the "Sunken Land"?
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Iceland protestors seek government resignation over crisis
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Iceland Airwaves: The bands played on
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Iceland Bank Swap Sellers Face 97% Payout at Settlement Auction
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Germany:

Germany Plans $64 Billion Boost to Economy Via Stimulus Program
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Commerzbank taps Berlin for 8.2 bln euros capital
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Brazil:

Brazilian Real Drops For Third Month On Global Economic Slump
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Argentina:

Argentine Debt Rating Cut by S&P Amid Default Concern
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India:

India Unexpectedly Cut Interest Rates
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Nordic Nations:

Prosperous Nordic nations no longer immune to financial crisis
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S. Korea:

Financial crisis, global slump to rock S. Korean economy
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Seoul's $11 Billion Fiscal Package Unlikely To Be The Last
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Korea Unveils Steps to Buffer From Builders' Bankruptcies
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Financial Crisis Spills Into Real Economy
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Russia:

Russian capitalism is built not on oil money, but foreign bank debt
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Australia:

Debt agencies feel rush as borrowers can't manage
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Japan:

Japanese Notes Post Biggest Monthly Gain in a Year on Rate Cut
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Two Japan Condo Developers Collapse
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Sri Lanka:

IMF sees slower growth for Sri Lanka, warns on debt
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Middle East:

Brown Seeks IMF Cash From Saudis
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Seychelles:

Seychelles Floats Rupee in Move to Avoid Bankruptcy
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Indonesia:

Indonesian Government Urged To Save Oil Palm Growers From Bankruptcy
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Indonesia Supreme Court Overturns Asia Pulp & Paper Debt Ruling
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China:

China Manufacturing Contracts as Crisis Trims Exports
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China's PMI Drops To Lows Not Previously Seen
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