October 7, 2008

The Daily Bankruptcy News

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Law:

Bankruptcy work still in short supply
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Baker & McKenzie Aims for Global Elite
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Merger Mania: Allen & Overy + Shearman & Sterling = A&S&S??
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"I don't want to look like I am celebrating"
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Work Load Survey Results
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Prepare for an Economic Downshift With Your Salary
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LeClairRyan Forms Financial Institutions Restructuring Strategy Team
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Gardere Financial Crisis Recovery Team Responds
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Firms Scramble to Create 'Crisis' Groups
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After Weekend of Lawyering, New Lines Drawn in Battle for Wachovia
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Judge Holds Weekend Court at Home Over Wachovia Buyout Tussle
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O'Melveny on Groundbreaking Countrywide Settlement
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Crowell Opens in L.A.
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Bailout Bill Allows Lawsuits Against Treasury, Banks
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Upstreaming Subprime Losses
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Cleary Gottlieb wins role in Fortis bank sale
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Covington, Cooley Hire 65 from Heller, Open New Offices
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L'Affaire Wachovia: Lawyers Wage Three-Front War
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Stephen "Smooth as Butter" Neal Wins Acquittal for Former McAfee GC
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Pictures Of Our Times
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Paid Plaintiff Gets 3 Months for Kickback Scheme
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Cooley Hires 15 Heller Ehrman Partners
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Supreme Court Argument Report: Pre-emption, Arbitration and Litigation
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What Michelle Obama Didn't Like About Working at Sidley Austin
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Lessons for Working With Support Staff
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Princeton Review Ranks Law Schools Too
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Lawyers challenge Texas legal advertising rules
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Russia is a no-show in its suit against the Bank of New York
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Judges:

Legal and Business Communities Honor Memory of Tina Brozman
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Federal Judge Rejoins Law Firm for 'Financial Reasons'
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Judge Reprimanded for Autographed Baseball Request
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Experts Predict Supreme Court Retirements and Likely Replacements
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US Appeals Judge William Wilkins Won't "Coast" in New Law Firm Job
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Corporate Reform:

Prosecutors Expected To Spare Wall St. Firms
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Impartiality of S.E.C. Is Questioned
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Wall Street:

US stock futures higher after Monday's hammering
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Europe Stocks, US Index Futures Rise on Rate Cut Speculation
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Asia Down But Europe Stable On Wacky New Fed Rescue Plan
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Is that all there is? Bailout in hand, markets want more
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U.S. Lawmaker Suggests Special Counsel Probe of Wall Street Operations
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S&P 500's Decline Makes Decade Worst Ever, Granville Sees Crash
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Dow plunges, then rebounds, as nerves rattle global markets
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The world takes fright
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Global Stocks Retreat, Led by Banks, as Credit Crisis Widens
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New Panic is proof of big league crisis
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Dow Drops Below 10,000 for First Time Since 2004
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London suffers sharpest fall since '87
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Now What?
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Is there really a chance for G.E. to go bankrupt?
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The Street's Emergency Responders
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Emerging Markets Find They Aren't Insulated From the Tumult
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Cramer warns investments could lose 20% of value
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"Women Of Wall Street"
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Bringing Goldman to Heel Makes Options Traders Rich
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Cox's SEC Censored Paper Showing It Ignored Bear Stearns Plunge
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Banking:

Citigroup, Wells Fargo Halt Battle for Wachovia as Fed Steps In
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Will the Fed decide who gets Wachovia?
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Even as Wells and Citi squabble, a hedge fund manager emerges as a winner.
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Citi's Lawsuit Could Hurt Image
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Wells Fargo vs. Citigroup: A Legal Analysis
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Citigroup Sues Wachovia, Wells Fargo for Snubbing Takeover Bid
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The "Unenforceability" Clause Was In The Rejected Bailout Bill
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The Duplicitous Sheila Bair
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Citi wants US guarantee for Wachovia
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Citi, Wells Fargo: Why the Wachovia Fight?
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Suit: FDIC was ready to seize Wachovia
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National Banks tumble
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Bank of America Offers Stock, Cuts Payout; Net Falls
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BofA to raise $10bn in capital
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The Battle for Wachovia
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WaMu job losses to be set by Dec. 1
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WaMu debt holders stake claim in bankruptcy court
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If banks fail, the sky will not fall
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Lehman:

Fuld blames Lehman's fall on lack of confidence
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Waxman Says Lehman Brothers CEO Failed To Take Responsibility
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A Fallen Titan's Carefully Chosen Words
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Lehman's Fuld Says He Was Wrong
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Your company is bankrupt. You keep $480M. Is that fair?
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Liability for Lehman? - "Our Capital Position at the Moment is Strong"
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Lehman Being Probed by Three U.S. Attorneys
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Three U.S. Attorneys Probe if Lehman Misled Investors At least three U.S. attorneys offices are probing whether Lehman Brothers misled investors before its bankruptcy filing
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Lehman Managers Portrayed as Irresponsible
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Fuld: Where was our bailout?
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Fuld breaks cover to defend his actions
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Fuld Targeted by Lawmakers as Surrogate for Wall Street Excess
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Ex-Lehman CEO faces grilling
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House panel fault's Lehman's leadership
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Lehman's Last Days: Bonuses and Blame
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Looting, Wall Street Style
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Lehman E-Mail: Execs Mock Idea of Bonus Cut
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Lehman Said to Cancel Ex-Employees' Severance After Bankruptcy
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Lehman 'Key' Money Managers May Get $400 Million in Bonuses
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Lehman documents show efforts to give executives bonuses while seeking federal help
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Lehman sought deals with Koreans, GE
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Executives secured bonuses days before Lehman bankruptcy
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Lehman CEO Punched at Gym
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US SEC, Fed aware of everything at Lehman-Fuld
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Waxman slams Lehman Brothers on executive pay
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What were they thinking?
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Creditors: JP Morgan Caused The Lehman Cash Crunch
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Lehman judge to hear creditors' JP Morgan discovery motion
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Lehman exposes credit default swaps faults
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Swedbank says no provision for secured Lehman loan
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Municipalities:

JeffCo committee votes to file bankruptcy
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Creditors offer concessions
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Town faces tough times, can't pay bills
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California bankruptcy?
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Travel:

Travel Industry Shaken by Economic Downturn
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Hawaii hotels hit hard by tourism slowdown
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Bonds:

Long-Term Bond Markets Dry Up
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Advertising:

Ads That Soothe When Banks Are Failing
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M&A:

Creatures of the Credit Crisis
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Oil/Gas:

Oil prices fall as financial turmoil goes global
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Catalyst Energy gets bidder
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Bankruptcy Statistics:

Bankruptcy filings soar in South Florida
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Bankruptcy filings increase in MT
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Orange County bankruptcies soar 93%
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Alternative Fuels:

Pratt, Kan., Ethanol Company Seeks Chapter 11 Bankruptcy Designation
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UN agency calls for rethink on biofuels
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Economy:

Paulson Talking to Bernanke, Working on TARP Program
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US financial bailout: It is rocket science
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Treasury Sets Timetable to Pick Managers
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Firms to Apply for Work on Bailout
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Fed to "Backstop" Commercial Paper
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Fed's first foray into unsecured loans
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Fed's Unsecured Lending Plan Won't Work
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The Government as a Business Lender
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Fed to loan nearly $1 trillion to cash-squeezed banks
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Global Fears of a Recession Grow Stronger
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Talk about Great Depression surges
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We're Not Headed for a Depression
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Fed Doubles Cash Sales to $900 Billion
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How to Borrow $700 Billion
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Fed's 'Radical Action' Balloons Balance Sheet
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US Plan Still Leaves Room for Failures
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Australia Rate Cut Stuns, Markets Thirst For More
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Fed Takes Steps Given Under Bailout Bill
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Credit Crisis to Deepen US Recession, Business Economists Say
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Economy is worst in nearly 30 years
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Meltdown highlights our own failings
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September U.S. Payrolls Fall as Economy Worsens
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US to recover in spring, economists' group says
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Bush: 'It's going to take awhile'
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'We risk a disintegration of global finance within days'
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Fed Sets Floor Below Rate Target, Engineering `Stealth' Cut
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Bill Gross: US Fed should cut interest rates to 1%
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Fed Should Buy Commercial Paper, Pimco's Gross Says
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Fed Mulls Plan to Buy Commercial Paper
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Trying to Ease Credit, I.R.S. Eases Loan Regulations
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A '29 Veteran Gives '08 Prognosis
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Gunman kills self, five kin over financial woes in L.A.
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Economists agree U.S. skidding into recession
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Sovereign funds investing big in U.S. companies - but government doesn't know where
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Keeping Customers in a Crummy Economy
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The Tent City Trend
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43% of Florida voters feel their economic situation is worse
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Real Estate:

Fannie, Freddie Debt Valued as Low as 91.51 Percent
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Judge Rules Trustee Lacks Authority to Sue Countrywide for Abuses
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Bank of America blows billions on Countrywide litigation
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AGs hail Countrywide settlement as model for future
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Boise Tower bankruptcy proceedings underway
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WCI looks to sell Fort Myers property as firm moves through bankruptcy
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Will PE firms, REITS join the foreclosure lists?
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Florida homeowners to get $1B under Bank of America settlement
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Bailout skips strapped homeowners, advocates say
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CCCS of Greater Atlanta survey: 65% qualify for housing bill relief
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FHA Will Take on Subprime Loans Shunned by Lenders
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Housing Agencies Forced to Curtail Lending
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Bush Administration announces $50 million in housing counseling
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NJ Assembly advances emergency foreclosure aid
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Three Plead Guilty in Multimillion-Dollar Subprime Scheme
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Layoffs:

eBay to slash workforce by 1,000
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Hedge Funds:

Hedge fund slump changes the game
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Utilities:

Reliant Energy seeks a buyer as credit crisis deepens
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Reliant to Review Options After Losing Half Its Value
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Politics:

The Dismal Questions
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Planting Seeds of Disaster
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Congress opens hearings on financial meltdown
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Top McCain Aide: "If We Talk About The Economy, We'll Lose"
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Obama Hits McCain on Keating Five as Attacks Heat Up
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Barney Frank says GOP housing attacks racially motivated
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Did Sarah Palin Pay All Tax Due?
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Retailing:

Forever 21 submits bid to buy nearly 150 stores from bankrupt Mervyns
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Full of Doubts, U.S. Shoppers Cut Spending
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Thrift shops thrive amid economic downturn
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Steep Decline in September Spending
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US Retailers May Record Slowest Sales Increase Since March
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Tight credit forces stores, restaurants to be flexible
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Consumer Reports Offers Tips To Deal With Bankrupt Retailers
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Aviation:

Goodbye Northwest: And then there were five
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Pilots differ on seniority terms
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Sun Country files for bankruptcy
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Frontier now focuses on strategy, hopes to unroll new fare structure
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Airlines brace for credit-card processor demands
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Forecast for Business Jets Eases Off on Exuberance
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Alitalia seeks bankruptcy measure
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Hotels:

Wyndham cuts back to weather storm
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Insurance:

AIG's asset sell-off sets the pulses racing
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AIG Life fund suffers £105 million loss through credit writedowns
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AIG's complexity blamed for fall
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Insurance Chief Says AIG Bailout Was Unavoidable
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Insurance giant AIG's role in market crisis probed
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Health Care:

Are Bad Times Healthy?
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Sunrise Senior Living shares plunge to 7-year low
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Assisted-living retirement communities need help themselves
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AtheroGenics Files for Chapter 11 Bankruptcy
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Waverly wins use of cash
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Tech:

Silicon Valley's financiers batten down the hatches
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Accounting:

Q3 earnings may surprise due to mark-to-model accounting
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The Global Fair-Value Fight
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Fair value suspension branded 'stupid'
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PwC Zapped in $97.5-million Settlement
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Most CFOs see little relief ahead
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E&Y records 16.2% jump in revenue
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Student Debt:

It's Tough Times For Prospective College Kids, Too
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Meltdown Strategies for the College-Strapped Parent
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Bankruptcy Research:

What Discount Rate Should Bankruptcy Judges Use? Estimates from Canadian Reorganization Data
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Does it Matter How Bankruptcy Judges Evaluate the Creditors' Best-Interests Test?
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Derivatives:

RBS singled out
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Banks prepare for CDS pay-outs
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Insider Compensation:

Just How Fat Are Wall Street's Fat Cats?
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If This Won't Kill the Bonus, What Will?
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Telecoms:

USA Datanet service goes on
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Finance:

Libor for Overnight Dollar Loans Jumps as Credit Freeze Deepens
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Tax:

LLB Agreed to Pay to Protect Clients' Tax Information, Court Told
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Credit Cards:

Credit Card Delinquencies Rise Slightly In Q2
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Distressed Investing:

Warren Buffett is no J.P. Morgan, and vice versa
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Predatory Lending:

Payday loan companies face vote
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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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Autos:

Fitch Downgrades Ford & Ford Credit to 'CCC'; Outlook Negative
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Can GM and Ford Scrape By?
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GM tumbles to 54-year low as overall market drops
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GM seeks deal for RenCen
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Auto suppliers fight to survive
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TRW Automotive Withdraws Full-Year 2008 Guidance
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Delphi offers less for unsecured creditors
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Will Detroit's Big 3 survive chaos?
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Opel, Daimler, Ford Curb Production
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Ford to cut nearly 800 jobs at its Chicago factory
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Bankruptcy court OKs sale of Baugher
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No buyers yet for Bill Heard Chevrolet dealerships
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Horse Racing:

Guild bankruptcy case moves forward
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Sports:

Economic Downturn Isn't Slowing Luxury Box Sales
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Scac gets liquidator nod
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Food/Drink:

Twinkie maker files new plan to get out of bankruptcy
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Archway files for bankruptcy
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Bankruptcy Reform:

The House unanimously passed (411-0) the National Guard and Reservists Debt Relief Act of 2008 (S. 3197) on October 3rd
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Derivatives:

New York Fed, Dealers to Meet on Default Swaps Clearinghouse
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Equities wake up to credit's reality
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Question marks surround auctions of Fannie, Freddie default swaps
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Fraud:

Democratic Fundraiser Accused of Ponzi Scheme
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Rivas pleads 'not guilty' in securities scam
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Coral Springs bankruptcy has ties to 2007 fraud convictions
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Petters due in federal court to face charges
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Gambling:

Tropicana's Former Owners Willing to Gamble on Casino Ownership
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Credit Crunch Hits Vegas Hard
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Celebs:

Michael Vick lawyers ask for bankruptcy help
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Too many athletes, not enough prisons, it seems
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Pistons' Hunter allegedly FBI target
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Construction:

Hickman seeks cash use
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Newspapers:

Philadelphia papers miss an interest payment again
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Private Equity:

PE-backed bankruptcies
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Religion:

Check to diocesan bankruptcy claimants to come in November
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Pope says world financial system is 'built on sand'
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Golf:

Game over for golf club?
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LPGA in desperate need of tournament sponsor
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Software:

Was SAP's warning more than a blip?
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UK:

UK Needs Rate Cut to 4.5% After `Alarming' Quarter, BCC Says
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Darling weighs boost for banks
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FSA takes a long, hard look at Securitization
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Twelfth Night could be no party for retailing chiefs
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UK Banks In Government Funding Talks as Crisis Grips
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RBS plunges on funding fears
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Grim warning over City jobs
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Chill wind from Iceland blows across high street
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Entrepreneurs look offshore in 'mad state of panic'
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EU:

Europe Tested by Financial Crisis
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EU resists plan for bail-out fund
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EU eyes hike in bank deposit cover as crisis rages
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EU raises banking guarantee to Euro 50,000
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European Stocks Tumble, Stoxx 600 Has Biggest Slump Since '87
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Vienna Hotels See 20% Drop in US Visitors as Markets Collapse
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Euro Falls Most Since 1999 as Credit Crisis Deepens in Europe
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Will the Euro's Survival Be at Risk?
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How to save Europe's banks
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Italy:

Prison Term Sought for Ex-Parmalat Chief
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Jail requests in Parmalat trial
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Germany:

Germany considers national financial "shield"
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Berlin Preparing Safeguard for Banks
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SinnLeffers to cut 1000 jobs
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Hypo Real Estate Says Chief Executive Funke Will Leave Company
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Iceland:

Iceland adopts sweeping powers in banking overhaul
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Iceland's Credit Ratings Lowered by S&P After Bank Guarantees
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Iceland fears national bankruptcy
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Iceland takes over 2nd biggest bank, Russia hovers
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Iceland Says It Received EU4 Billion Loan From Russia
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Iceland Says It `Overstated' Agreement on Russian Loan
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Iceland Scrambles to Shore Up Its Finances
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Savers' frustration over Icesave freeze
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Icelandic companies begin retreat
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Brazil:

Brazil Assets Plunge Amid Crisis
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Asia:

Asian shipyards face prospect of bankruptcy
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Japan:

Morgan Stanley Cuts Japan Growth Forecast on Credit Shortage
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Japanese shares drop to 5-year low
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Australia:

Australia Corporate Bond Risk Rises, Default Swaps Show
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Australian Stocks Drop to Three-Year Low
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Australia Slashes Rates, Central Banks Inject Cash
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Canada:

Canada Stocks Drop to 3-Year Low
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Africa:

World Bank sees risk of Africa investment slump
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Middle East:

Gulf markets suffer heavy losses
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Credit crunch hitting Saudi Arabia
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Saudi Arabia admits liquidity difficulty
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Mexico:

Mexican Paper Maker Durango Seeks Bankruptcy After Missing Debt Payment
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Pakistan:

Pakistan facing bankruptcy
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Sweden:

Swedish bankruptcies skyrocket
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Egypt:

Egypt's CASE 30 Index Slumps Most in Ten Years
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Russia:

Russia to Lend Banks $36 Billion to Spur Lending
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Please note that the Daily Bankruptcy News is primarily a news link gathering service.   This means that most of the headlines contained in the publication are a collection of links to stories posted on the Internet by various third party publications.  Such content is owned by third party sources, not the Daily Bankruptcy News, and in some cases, these links change or expire, which means you may not be able to view some news stories in prior editions of the Daily Bankruptcy News. The DBN subscription fee for access to certain links is not a fee for access to the content of the links, but is a charge for the considerable work involved in gathering, organizing and presenting the links. Use of this site and The Daily Bankruptcy News is subject to our Terms of Use.If you received the Daily Bankruptcy News via email (and you have a paid subscription account), to view a news story, click on the headline, and the story should open in your web browser. To view additional stories, click back to the email and click on additional headlines, which will cause new stories to open in your web browser.  You can view the Daily Bankruptcy News on the web by clicking here, or by going to BKINFORMATION.COM and clicking on the Bankruptcy News button.  Note that the Daily Bankruptcy News is distributed via "HTML email" in which the links to the news stories are embedded in the headlines.  The email you receive should look like a 3-column newspaper, with headlines for each story. If you receive the Daily Bankruptcy News by email and the copy you receive is not formatted like a 3-column newspaper, or does not seem to contain links to the news stories, you may have an email client that is not capable of receiving HTML email, or is not configured to display such email.  You can however, receive a daily email notifying you when the Daily Bankruptcy News is updated on the web site. If you would like to receive such an email, please let us know at admin@bkinformation.com.You can search the headlines from prior editions of the Daily Bankruptcy News by clicking here.

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Passwords
Access to certain links in the Daily Bankruptcy News is available only to readers holding a paid subscription.  These links are currently marked with a "DBN Subscription Required" notation. The cost of a subscription is $50/year, payable annually.  Volume discounts are available for sites with multiple users. Click here to see a schedule of discounts. Complimentary subscriptions are available for full-time educational and governmental employees and for full time students. For information about discounts or educational/governmental subscriptions, contact us by clicking here. A separate password is required for each member of a firm wishing access to restricted links. New readers can receive a free password good for 30 days by going to http://bkinformation.com/RegistrationForm.cfm. Readers who wish to change their passwords should go to http://bkinformation.com/ChangePasswordForm.cfm. Readers who have forgotten their password should go to http://bkinformation.com/GetPassword.cfm

Adding Your Email Address To The Distribution List
If you would like to start receiving the Daily Bankruptcy News by email each day, go to http://bkinformation.com/SubscribeDBNForm.cfm  and fill in the information requested.  There is no charge to be placed on the distribution list to receive the headlines, although access to many of the links behind the headlines requires a paid subscription (see above, under Passwords). If, after adding your email address to the distribution list, you do not receive an email confirming the addition, please contact us by clicking here for help.  

Removing Your Email Address From The Distribution List
If you already receive Daily Bankruptcy News by email and you wish to remove your email address from the distribution list, click here and send the email that should appear.  Note that the email must be sent from the same email address at which you are receiving the Daily Bankruptcy News. You do not need to type anything in the body of the email message.   If you do not receive an email confirming deletion of your email address from the distribution list  for the publication, contact us by clicking here for help.

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