September 26, 2008

The Daily Bankruptcy News

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Law:

Struggling Heller Calls It Quits
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Heller Ehrman Looking at Dissolution
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Dissolution Is In The Cards
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Firms eye Heller talent after firm's collapse
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How Heller's fate mirrors that of other firms
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Bank crisis keeps bankruptcy pros up at night
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Gibson Dunn Forms Team to Counsel Clients on Government's Response to the U.S. Financial Crisis
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Hughes Hubbard Is Ready For Some Action
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How to Look Busy When Billable Hours Are Few
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Freshfields associates nervous at "interim reviews"
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Judge Threatens BigLaw, Ma Bell Lawyers With Sanctions
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It's Not You, It's BigLaw
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In-House Counsel See Slow Growth in Legal Spending Ahead
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Weathering the Financial Storm
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Skadden Rushes To Citi's Defense
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The Blame Game
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Need for In-House Malpractice Insurance Grows
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Attorney Reluctant to 'Front' $20,000 in Fees for Client Can't Withdraw
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Lawyer Accused of Living in Home of Dead Client Gets 15-Year Sentence
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Firm's lawyers asked to stop stealing meals
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Shearman cuts back on catering
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'Vexatious' Blogging?
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How Does A Turkey Write A Vacation Memo?
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The Curious Case Of Randy: Part 3
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Banking:

Government Seizes WaMu and Sells Some Assets
(NYT: separate free registration required)

WaMu seizure leaves TPG with steep loss
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China banks told to halt lending to US banks
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WaMu Said to Approach Blackstone as Bailout Debated
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Paulson Plan Aimed at Helping `Poorly Run' Banks, Allison Says
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Citi could sell up to $80 billion in assets to Uncle Sam
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IndyMac solutions offer a possible glimpse of bailout
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Weak or Strong, Banks Take Ratings Hits
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Fed keeps banks afloat as borrowing hits record levels
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HSBC Cuts 1100 Jobs in Wholesale Banking Division
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Aviation:

Delta shareholders approve Northwest merger
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Union: Northwest-Delta Merger To Hurt Workers
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Frontier posts operating profit
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Alitalia Main Unions Sign Rescue Agreement With CAI
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Air France-KLM aims to buy up to 20% of new Alitalia
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A tense wait for pilot's decisions, Alitalia gets licence back
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Berlusconi plan to save Alitalia gains momentum
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Autos:

US Senate To Consider $25 Billion In Loans For Auto Makers
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Government may delay auto money
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Big 3's fed loans only 1st step
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GM still weighing engine, stamping plant cuts
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Wagoner says GM OK with $25B gov't loan package
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Delphi's creditors approve tentative GM financing deal
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Chrysler to Cut 300 Salaried Jobs
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Money Fund Problems Deflate Goodyear
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Mazda to Use Chase Unit for Car Loans, Drops Ford Lending Arm
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Judge OKs GM deal to help Delphi exit bankruptcy
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Angry customers confront closed auto dealer
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Heard, Gregory still negotiating for dealership
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Bill Heard Chevrolet Customers 'Freaking Out'
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Majesky creditors: End contracts
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Wall Street:

Stocks in Europe, Asia, US Futures Decline on Bailout Delay
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Shares in Europe and Asia Fall
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Big banks delay decisions on bonuses
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Goldman to use funds to buy deposits
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JPMorgan to take over WaMu deposits
(WSJ: separate paid subscription required)

Morgan Stanley Hires Promontory's Ludwig to Advise on Banking
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Debt Market Distress Spreads
(WSJ: separate paid subscription required)

Barclays Says Commodities to Revive After Worst Drop Since 1956
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Raymond James to become a bank holding company
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Derivatives:

Credit derivatives market shrinks 12%
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Cuomo Probes Swaps Trading
(WSJ: separate paid subscription required)

Are You Exposed to Credit Default Swaps?
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Dog Racing:

State to take over Twin River
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Fraud:

Lawsuits filed to recover assets in Rivas case
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Corporate Reform:

Former Medtronic Lawyer Alleges 'Pervasive' Kickbacks at Company
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Petters meets with employees after federal search
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US Financial Crisis Sparks Harsh Criticism of Regulatory Efforts
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Economy:

Bailout deal breaks down; Bernanke back to Capitol
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Talks Implode During a Day of Chaos; Fate of Bailout Plan Remains Unresolved
(NYT: separate free registration required)

White House bailout meeting went badly
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Treasury Secretary down on one knee before Pelosi
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US bailout pressure mounts after WaMu
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Three Men And a Bailout
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House Republicans Undercut Bush on Rescue, Slow Talks
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Who's Winning the High-Stakes Game of Bailout Chicken
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Hundreds of Economists Urge Congress Not to Rush on Rescue Plan
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Economic data point to recession
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Fed's Fisher Says Bank Rescue Plan Would Worsen Fiscal 'Chasm'
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Paulson fears bailout deal falling apart after chaotic White House meeting
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Deal said to be near on big financial bailout plan
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Lawmakers Agree on 'Principles' of Rescue Deal
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The Dummy's Guide to the US Financial Crisis
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Companies Under Pressure
(NYT: separate free registration required)

Hope for Bill to Pass in a Few Days
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Constituents Make Their Bailout Views Known
(NYT: separate free registration required)

Bernanke Moves Closer to Rate Cut as Risks Intensify
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World Economy Needs Emergency Rate Cuts, UBS's Magnus Says
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US bailout bill has $250 bln 1st installment
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Tax on Trades Should Be Part of Rescue Plan, Some Democrats Say
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Bailout Pact Gains Momentum Amid Push for Tough Controls
(WSJ: separate paid subscription required)

Treasury's bailout plan should target bad loans, not burned investors
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A $700bn shot at the wrong financial target
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Durables orders, home sales skid lower
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Ike And Gustav Throw Cold Water On US Jobs
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Oil rises on bailout worries
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Financial Chill May Hit Developing Countries
(NYT: separate free registration required)

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Real Estate:

New-home sales fall to weakest level in 17 years
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Mortgage Applications Decrease During Week of Sept. 15
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California Home Prices Drop Record 41% in August Amid Defaults
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Financial Crisis Hits Tri-State Homes
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Judge tables ICFQ reorganization plan
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Judges hear push-back against Countrywide case consolidation
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More aid is sought to save homes
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DLA Piper 2008 "State of the Market" Real Estate Survey Unveils Grim Outlook
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GMAC's Future May Hinge on Inclusion in US Rescue
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Renaissance files bankruptcy
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Stairway to bankruptcy for Hard Rock Park
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Thornburg Mortgage bailout still up in the air
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Real Estate's Latest Game of Chance
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Fannie, Freddie stock prices surge as shorts take cover
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Lehman:

SecondMarket to Trade Lehman Bros. Bankruptcy Claims
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GE May Bring Good Things To Life But Lehman's Not One Of Them
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Barclays says Lehman NYSE specialists resume trading
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Lehman's Fuld Begged GE, AIG For Help
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Alas, Poor Lehman, We Knew It Well
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Samurai Bond Market Shut by Lehman Bankruptcy Roiling Investors
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County could lose up to $5 million in Lehman bankruptcy
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Lehman Fuels $3 Billion Market in IOUs for Toner, Consulting
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Lehman Won't Return Frozen Prime Broker Assets for 'Some Weeks,' PwC Says
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Despite Lehman's bankruptcy and sale, most of its middle-market auctions grind on
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List Of Companies Reporting Lehman Bros Exposure
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Lehman Litigation Round-Up
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JPMorgan Has $23 Billion Secured Claim in Lehman Bankruptcy
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Politics:

McCain, Obama Jolt Bailout Negotiators
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Obama says more work needed on bailout
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Biden slams McCain's response to fiscal crisis
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John McCain's Unworkable Plan to Deregulate and Insure Our Way Out of the Crisis
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McCain Says There 'Never Was A Deal' On Wall Street Bailout
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McCain: Time is short to get bailout plan
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Bill Clinton: McCain acted on 'good faith' in debate delay
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Obama to DC
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Lobbyists in 'Feeding Frenzy'
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Oil/Gas:

Boom Drilling wins use of cash
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Finance:

Credit Enters a Lockdown
(NYT: separate free registration required)

Cost of commercial paper spikes
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Equipment Financing Hits a Skid
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The Credit Crunch and Small Biz
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Libor Rises Most Since 1999 as Banks Shun Money-Market Lending
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GE to Shrink Credit Unit
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Consumers and companies may be forced to cut back
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Municipalities:

Alabama Gov. Bob Riley not optimistic about Jefferson County debt
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Moody's drops Alabama county's GO and other ratings
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Towns That Could Be Hit Hardest by the Financial Crisis
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New Bankruptcy Opinions
(No new opinions today - link corrected form yesterday) 

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:

Tentative Bailout Agreement Struck: Bankruptcy Changes Still in Play
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Bankruptcy Language Not Likely in Bailout Compromise
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Is Bankruptcy Reform On Its Way Out?
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Insurance:

Greenberg to sell AIG shares for 'liquidity' purposes
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Freddie Mac seeks remediation plan from AIG unit
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Greenberg's AIG Giveaway
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Police arrest 11 for spreading rumors about AIG
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Chapter 13:

Ninth Circuit Qualifies Right to Dismiss in Chapter 13 Bankruptcy
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Theme Parks:

Myrtle Beach Park Declares Bankruptcy, Vows to Reopen in 2009
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Utilities:

Studying Constellation's sale over a Natty Boh and crabs
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Bonds:

Short-Sale Ban Fails to Save Ambac From 50% Plunge
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Short-Sale Ban Wallops Bond Market
(WSJ: separate paid subscription required)

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Mass Torts:

Philips Takes $353 Million Charge for Asbestos-Linked Claims at U.S. Unit
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Food/Drink:

Operator of 10 Sonny's restaurants files for Chapter 11
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Barbecue franchisee files for Chapter 11
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Diet cookie company crumbles into Chapter 11
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RJ Gator's parent files for Chapter 11
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Pilgrim's Pride sees stocks slip into nose-dive
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Newspapers:

Pittsburgh Post-Gazette plans layoffs amid declining revenues
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Hedge Funds:

Hedge Funds Suffer Amid Market Woes
(WSJ: separate paid subscription required)

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Furniture:

Owner of Bassett Furniture Files for Bankruptcy
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DD-OH gets OK to tap cash
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Recruiting:

Financial meltdown to hit headhunters
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Insider Compensation:

Backlash grows over bonuses for culprits of disaster
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Market slashes Fannie, Freddie CEOs' pay
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Bailout Could Hit Exec Pay, Says Former Capitol Hill Lawyer
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Debt Collection:

Debt Prices Fall Heading Into Q4
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Claims Trading:

Claims Trading Set To Explode
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Retailing:

Rite Aid Posts Fifth Straight Loss, Hires Executives
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Hearing on Boscov's bankruptcy sale postponed
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UK:

Extra 600,000 'struggle with debts'
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What would Jesus short?
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Royal dressmaker Hardy Amies faces possible bankruptcy
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Failures could be exposed, says hedge fund chief
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Church accused over short selling
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Australia:

Bankruptcy authorities target mile-high hostie Lisa Robertson
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Property register a boon to administrators
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Germany:

Credit Crisis Schadenfreude
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EU:

Fortis Tumbles Most in 18 Years on Funding Concern
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Fortis to Sell Assets to Bolster Capital
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European Central Banks Offer More Dollars From Fed
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Investment funds target European property
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New Zealand:

New Zealand economy slips into recession
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Japan:

Japan chip testing house GTI files for bankruptcy
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C's Create Files for Bankruptcy in Tokyo Court With $108 Million of Debts
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France:

Sarkozy Stresses Global Financial Overhaul
(NYT: separate free registration required)

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