September 29, 2008

The Daily Bankruptcy News

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Law:

Heller Associate: "People Are Generally Pretty Sad"
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Heller Starts Dissolution Process
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"This Totally Sucks!": A-List Firm DOA
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Heller Ehrman: Anatomy of a Dissolution
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Heller Ehrman (1890-2008)
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Crisis on Wall Street
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Verdict for bankruptcy attorney: Pay ex $35K a month
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Practicing Law and Having a Life
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Who Owns the Law? Arguments May Ensue
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Welcome to the Future: Law After the Boom
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'Class, Please Turn to . . . Chapter 11'; Ky School Files for Bankruptcy
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Likely Bailout Beneficiaries: Lawyers
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Finance fiasco slows business at law firms
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Firm Names New El Jefe in LA
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Ropes & Gray Expands Chicago Foothold
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Kannon Shanmugam to Williams & Connolly W&C's first lateral partner in 22 years
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Mukasey Reportedly Set to Appoint Prosecutor in U.S. Attorney Firing Probe
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'Frequent Flyer Dan Fischel' at Center of Nacchio Appeal
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The Survivor Premiere Party
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Charles Moore - 40 Under 40
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Pre-emption Looms Large in Supreme Court's Upcoming Business Cases
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Getting Your First BigLaw Job
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Firm to ConnectU: PayUs
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Juror Questions, Limits on Lawyer Presentations Enhance Jury Trial Process
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Hard Times Mean Whiter Juries
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Attorney Gets Probation, Suspended for Contempt
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Erin Brockovich Working for Small N.Y. Law Firm
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SEC Lawyer by Day, --- ------ by Night
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Ups and Downs of Discovering Online Data
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Stanford Adopts 'Retroactive' Honors Policy: Students Complain In Real Time
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Judges:

Judge Somma Finds a Home
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Justice Alito Changes Mind, Gets Out of the Pool
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Court Worker Says Judge Groped Her
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Politics:

Bailout Plan in Hand, House Braces for Tough Vote
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Dems seek Wall Street tax
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Party Leaders Back Revised Plan for Bailout
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After a year of meltdowns and bailouts, it's testing time for Congress and the administration
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On Bailout, Candidates Were Surely Themselves
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President Bush Calls It a 'Rescue,' but Others Are Sticking With 'Bailout'
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Opening Step on Long Road
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Spreading the Blame
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The Rich Are Staging a Coup This Morning
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Congress Pushes to End Impasse on Bailout
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Will House Republicans Get What They Want?
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GOP Leaders Try to Secure Rank-and-File Vote
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Compromise at top of bail-out's agenda
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The 'Compromises' in the Bailout Bill
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McCain, Obama Bystanders Working Phones as Bailout Bill Written
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Gingrich: Paulson Should Resign
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Crumbling Financial Giants Gave Generously To Dodd
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Sen. Dodd's Shot at Redemption
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Latta laments bailouts of lenders
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Bait and Switch, and Switch, and Switch - Not one big bailout, but many little ones
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Unlikely allies oppose bailout plan: Harkin, King
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Kucinich calls bailout 'casino socialism'
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Candidates Lay Claim to Middle Class
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Autos:

Congress passes $25 Billion loan guarantees to automakers
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Volvo to Expand Job Cuts
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Workers Sue U.S.'s Biggest Chevy Dealer
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Soft economy drags on car sales
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Big 3 aid may take time
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Derivatives:

Sudden Calls to Shed Light on the Shadowy Swaps Market
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Swaps market could be steamrolled by regs
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Insurance:

Behind Insurer's Crisis, Blind Eye to a Web of Risk
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Goldman, Merrill Collect Billions After Fed's AIG Bailout Loans
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Goldman Sachs Faults NY Times Story on AIG Risk
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AIG won't seek shareholder OK of federal stake
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Why Wasn't AIG Hedged?
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A rival gets aggressive while AIG flounders
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AIG Board Met to Discuss Asset Selloff
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AIG may sell over 15 businesses to repay $85 billion Fed loan
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Aegon shares down after details WaMu exposure
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Non-Profits:

Fannie, Freddie and Charities
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Wall Street:

US Mon. stock index futures fall
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London shares fall back below 5000
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Markets Retreat in Europe and Asia
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Hong Kong Stocks Plunge Most in 2 Weeks
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Oil, Metals, Crops Fall on Concern US Bailout Plan May Fail
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Bank Woes Amplify, Sinking Global Stocks
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Fears of more bailouts drive down shares
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Stocks Slip Fri. as Investors Wait for a Plan
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SEC Faulted for Missing Red Flags at Bear
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Reserve Investors Feel Pinch
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ICAP Slumps by 21 Percent as It Hedges Guidance on 2009 Profit
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Stocks could lose 1/3
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Wall Street, R.I.P.: The End of an Era, Even at Goldman
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Goldman Trust
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Wall Street firms cut recruitment
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Talent Flight Feared by City Firms
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Lean years ahead for survivors of endangered species
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What Have You Done, Jamie Dimon?
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Money market funds continue to bleed
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Maybe Short-Selling Isn't So Bad, After All
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Credit Cards:

Credit Cards: Finally a Little Good News for The Little Guy
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Municipalities:

Jefferson County likely to default, but not file bankruptcy
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Jefferson County's problem far-reaching
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Jefferson County debt mess emblematic of national crisis
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Municipal Assistance Corp., New York's 1975 savior, says 'see ya'
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Is bankruptcy an option for Gary?
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Financial Crisis Shock Waves Reach Municipalities
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Celebs:

Star witness: O.J. asked me to bring gun to hotel
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OJ Victim Says Didn't Want To Press Charges
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Bankruptcy Statistics:

Bankruptcy filings surge in Georgia
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More corporate bankruptcies to come
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Hedge Funds:

Hedge funds grudgingly to reveal short positions
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Private investors stay sitting on the hedge
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Hedge Funds Brace for Investors to Cash Out
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Man Earnings to Drop 5%; Assets Fall to $70 Billion
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Gambling:

Rhode Island Racino Sees Licence In Peril
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Retailing:

Attention, NYC shoppers: big recession sales!
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Economic woes portend consumer shift
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Walgreen Net Income Rises
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Forest Products:

OK Lumber waits for OK to hold auction
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Distressed Investing:

Goldman seeks to buy up to $50bn in assets
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Lehman, WaMu Fire Sales Show Buyers Wait for Banks to Fail
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Assets Sought Ahead of Bailout
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Dimon Inherits JP Morgan's Mantle as Buyer of Final Resort
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Finance:

Credit Crunch on Main Street
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Corporate borrowers are paying significantly more for debt than they were prior to September, when credit woes deepened
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Economy:

Breakthrough Reached in Negotiations on Bailout
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The $700 Billion Bailout Plan: How it Really Works :)
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Full Text of the Draft Bill
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The Portrait of a Bailout
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The Bailout Bill That Nobody Likes
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Congress to Homeowners: Drop Dead
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Paulson Plan Is Still a Pig, Even With Lipstick
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Warren: Is the Crisis Real?
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The Bailout Compromise
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Bailout's limits on exec pay: Less than meets the eye
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Savings and Loan Crisis May Be Guide for Bank Bailout
(NYT: separate free registration required)

Let Risk-Taking Financial Institutions Fail!
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Rescue Depends on China, Mideast Lending
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Bailout plan could aid firms that buy troubled banks
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Flood of bad debt still on the rise
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Payrolls Probably Fell, Factories Shrank: US Economy Preview
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Job cuts soar over 120,000
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Bailout not aimed at reform, relieving unemployment
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A Main Street Rescue - Congress passed this 'bailout' a long time ago
(WSJ: separate paid subscription required)

Real Costs of the Bailouts
(WSJ: separate paid subscription required)

The $700 Billion Question: Which Firm Will Manage the Bailout Money?
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Bailout Gives Fed, Bernanke Key Roles
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Treasury Would Emerge With Vast New Power
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Treasury Says Banks Would Pay To Join Asset-Purchase Plan
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Paulson Says Confident Plan Can 'Unclog' US Markets
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Big bail-outs unlikely to stop the rot
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US Rescue Bill Is Said to Expand Fed Power on Rates
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GDP Revision Raises Recession Risk
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It is far from clear that a functioning financial system will emerge even if the White House and Congress can reach an agreement on a bailout plan
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Hoping Paulson's Plan Works Is Not a Plan
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Making a Deal With the Devil
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The decline of American (financial) power
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In Financial Food Chains, Little Guys Can't Win
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As the crisis unfolded, the Web sites of troubled financial institutions seemed oblivious
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Small-business optimism low even before upheaval
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Bailouts are bad, and failure can be good
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What's Free About Free Enterprise?
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Flailing firms need backup, but no bailout
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Those Responsible for Meltdown are Vultures and Vipers, Not Victims
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Bracing for Trickle-Down as Wall Street Flounders
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List of government bailouts over the past century
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US can learn from financial bailouts other nations have tried
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Wall Street wreckage washes up on west coast
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Treasuries Are Dead Money With Yields Below Inflation
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Oil below $104, financial troubles spread to Europe
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Some companies actually thrive on tough times
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Real Estate:

Fannie and Freddie Get Flatter
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Bailout: What's in it for homeowners
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First Words From New Fannie, Freddie Chiefs
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Fannie Mae and Freddie Mac - The Odd Couple?
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Taking On the Mortgage Giants
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'Hurting' Homebuilders Seek $15,000 Tax Credit to Rescue Battered Market
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Partners at the Destruction Fannie, Freddie and just about everybody
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Report: Freddie Mac Was Shedding Mortgages When Seized
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Groups Push Tax Relief for Homeowners
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Desperate Straits of Fannie, Freddie Triggered Their Seizure
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Congress Pushed Fannie, Freddie In Wrong Direction During 1990s
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Freddie mortgage portfolio drops at record pace
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Speedier Bank Transfers Sought by Fannie
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Success Seen in Program to Save Homes From Foreclosure
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A Bill Encouraging to Distressed Homeowners, but Its Reach Is Unclear
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Bad bonds root cause of financial meltdown
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Scaling Back in Suburbia
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Real estate impact to be 'massive'
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Feds grant $20 million to buy, refurbish foreclosed homes
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Getting Inventive to Seduce Buyers
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Wall Street's Woes Hit Luxury Homes
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Corporate Reform:

Power Shifts From N.Y. to D.C.
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After the Deal, the Focus Will Shift to Regulation
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Lehman:

$2 for Lehman European unit
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Nomura pulls out of Lehman talks
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In Lehman Bankruptcy, Judge Peck Packs a Punch
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A Drexel-trained doctor
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Law Firms May Gain From Wall Street Pain
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Lehman's eight-hour fire sale
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Lehman's '100% Principal Protection' Means Pennies for Notes
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Lehman Triggered Global Cash Crunch
(WSJ: separate paid subscription required)

Lehman bonus row will fuel Wall Street backlash
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Lehman structure could take years to unravel
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Hotline opens for Lehman bondholders
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Fallen Tycoon to Auction Prized Works
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Lehman staff unhappy over carve-up
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Crazy scramble to hire architects of a toxic industry
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Harbinger Asks Probe of Lehman Cash Transfers Before Bankruptcy
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Bain and Hellman Close to Deal for Lehman Unit
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KfW managers fired
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How Lehman Brothers Took Out Washington Mutual
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Fuld to get taste of office life with lawyers
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'During This Difficult Conversation With Me, He Cried'
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Merrill Hires Chapman, Five Lehman Bankers For Power
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Lehman Brothers' Minibonds Teach Hong Kong Investors a Big Lesson
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Telecoms:

NextWave Wireless to seek bankruptcy protection for GO Networks
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Sovereign Debt:

Think $700 billion is a lot? Check out U.S. debt
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Hastening the ultimate bailout
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Oil/Gas:

Torrent Energy Corp. for sale
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Pensions:

Many pension plans keep funding to a minimum
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Wall Street Lays Egg With Its Nest Eggs
(WSJ: separate paid subscription required)

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Insider Compensation:

Oh, no, Mr. CEO! They're Coming for Your Dough!
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CEOs Share Economic Pain
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CEOs can't walk away scot-free
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Throwing Executive Salaries to the Mob
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Bank bailout may lead to broader pay curb
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The running dogs of compensation
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Franchises:

Credit Crunch Squeezes Franchisees
(WSJ: separate paid subscription required)

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Accounting:

Magic Ring to Save Us May Be Accounting Overhaul
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Financial job losses set to increase
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Big Four Take Leadership Role in World Economic Forum
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Photography:

Vivitar staff axed
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Credit Counseling:

Some Debt Settlement Agencies Can Lead to Bankruptcy
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Food/Drink:

Auction of USASprings' unfinished facility a go
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Student Debt:

Freshmen beware: credit card vendors are not your friends
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Mining:

Copper Goes From First to Worst as Economies Slow
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Trustees:

New Chapter 7 Trustee Due Diligence Documents: Southern District Of California
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How to "Fire" an Annoying Chapter 7 Trustee
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Education:

Law School Teaches Bankruptcy, Then Files Bankruptcy
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New Bankruptcy Opinions
(No new opinions today) 

Bankruptcy Court Web/Pacer Site Directory

Chapter 7, 12 & 13 Private Trustee Locator
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Recent Ch. 11 Filings
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Bankruptcy Jobs:

(1), (2), (3), (4), (5), (6), (7), (8), (9), (10)
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Bankruptcy Reform:

No bailout for bankruptcy
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Bailout includes no bankruptcy aid for homeowners
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Democrats drop bankruptcy aid provision
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Bailout court
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Working for the cramdown
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Bankruptcy 2005 Applied to Wall Street
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Banking:

Wachovia Begins Early Deal Talks with Citi
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Warren: Colonel Ken
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WaMu Failure Shakes Seattle, From Shareholder to Job Seeker
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WaMu files bankruptcy petition in Delaware
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WaMu lists debt of $8B in bankruptcy filing
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Seizing banks isn't always such a bad job
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WaMu Bondholders are 'Stranded' in Thrift Seizure, Hendler Says
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JPMorgan's takeover of WaMu does little to ease investor jitters
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WaMu's Demise Shows System Is Working
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WaMu: A Thrift Falls in the Forest
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Did the FDIC Sabotage WaMu's Management and Erode Investor Confidence?
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Crisis reveals cracks
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Citigroup and Wells Fargo Bid for Wachovia
(NYT: separate free registration required)

Citi to acquire Wachovia
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Wachovia Option-ARM Mortgage Losses May Force Merger
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US regulators push sale of Wachovia
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Wachovia bank failure imminent
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A successful bailout? Watch lending between banks
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Small Banks Are Hobbled
(WSJ: separate paid subscription required)

Forecasts for banks remain pessimistic
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FBOP foiled by Fannie, Freddie
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Banks love bailout, hate credit card curbs
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Fortis Struggles to Restore Investor Confidence
(NYT: separate free registration required)

Shiny Happy Bankers
(NYT: separate free registration required)

FDIC Issues Cease And Desist Order To Chestatee State Bank
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Bank giant HSBC axes 1100 jobs
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PE:

WaMu's Lesson for Private Equity
(NYT: separate free registration required)

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M&A:

Buyout Deals Plummet as Leverage Seen Elusive
(NYT: separate free registration required)

Credit Crunch to Blunt M&A Despite Bank Rescues
(NYT: separate free registration required)

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Aviation:

Embraer Says Aircraft Financing 'Difficult' for Some Customers
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Alitalia rescue shifts focus to finding partners
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Alitalia investor deal nears total union support
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Berlusconi rules out foreign takeover for Alitalia
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Malev gives wings to one-third of its pilots
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British Airways Pension Hole Threatens Iberia Deal
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Newspapers:

McClatchy Dodges Default
(WSJ: separate paid subscription required)

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Health Care:

Hawaii Medical Center To Lay Off 150 Staff
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Texas Hematology wins final cash use
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Bankruptcy Litigation:

Shareholder Suits Face Uncertainty, Higher Hurdles
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Bonds:

Corporate Bonds Are New Favorite
(WSJ: separate paid subscription required)

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Personal Bankruptcy:

Debtors That Pass The Bankruptcy Means Test One Month, Might Fail The Next!
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Theme Parks:

Hard Rock theme park in SC falls on hard times
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Intellectual Property:

Ninth Circuit Rules In N.C.P. Marketing Trademark License Case
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Book Reviews:

From Free Markets to $4 Gas
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Buffett Craves Love, Makes Mistakes, Billions in Authorized Bio
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Corporate Governance:

Chancery Court Reforms Terms of a Control Transaction Based on Breach of Fiduciary Duties
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Bankruptcy Court in Delaware Rejects Claim for Advancement Under Delaware Law After Claim Removed to Federal Court
(DBN Subscription Required)

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Financial Literacy:

Make financial literacy mandatory in schools
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UK:

The pallor of money
(DBN Subscription Required)

Britain Close to Takeover of Another Lender
(NYT: separate free registration required)

EU To Probe Bradford & Bingley Bailout
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Fortis and B&B bailouts unnerve markets
(DBN Subscription Required)

Credit crunch banker leaps to his death in front of train
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Close CEO Keogh to Quit; Full-Year Profit Drops 32%
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UK House Prices Fall the Most Since at Least 2001
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UK Mortgage Approvals Fell to Lowest Since 1999
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Are protected products going to be the next mis-selling scandal?
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Insolvency figures hide true scale of personal debt
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Cameron Blames Brown for 'Failure' of UK Bank Regulation
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Bowls star files for bankruptcy
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Anger of last-minute victim of XL collapse
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Punch Taverns Drops to Record Low
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EU:

Banks Deposit Record EU28 Billion With ECB on Crisis
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European Lenders Get Bailouts as US Crisis Spreads
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Pound, Euro Tumble Against Dollar as Governments Bail Out Banks
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Governments rescue Fortis but bank woes spread
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Fortis Gets EU11.2 Billion Rescue From Governments
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European banks hit by global crisis
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Europe Sees Three Bank Bailouts in Two Days
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European Retail Sales Fell Fourth Month in September
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Europe Sentiment Drops to Lowest Since Wake of Sept. 11 Attacks
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Germany:

German mortgage bank near bankruptcy
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Hypo Real Estate to Get EU35 Billion Bailout From State, Banks
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Canada:

Ultimately, the piper must be paid
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Japan:

US, Japanese crises share factors from Great Depression
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BOJ's Nishimura Sees 'Uncertainty' for Japan Recovery
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Japan's Retail Sales Growth Slows as Consumers Pare Spending
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Foreign study company Gateway21 to file for bankruptcy
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Japanese real estate firm Landcom fails
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Hong Kong:

Hong Kong man arrested over bank run rumors
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Bank of East Asia Credit Rating Outlook Cut at Fitch
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Hong Kong bank reveals exposure to WaMu
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India:

Indian outsourcers feel credit squeeze
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Australia:

Centro set for debt reprieve
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Australia's Mortgage Plan May Push Lenders to Pass On Rate Cuts
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China:

China takes steps to prevent stock markets crashing
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Serbia:

"Bankruptcy Mafia" suspects released from custody
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Spain:

Spanish mortgage lending falls
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Iceland:

Iceland takes over Glitnir
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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 281-242-6208 or at accounting@bkinformation.com (email inquiries are usually answered substantially more quickly than phone inquiries).