April 8, 2009

The Daily Bankruptcy News

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Law:

Judge ‘Extremely Troubled’ By Tronox Fees
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Baker & McKenzie Eliminates 124 Legal and Non-Legal Jobs
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Layoff Watch: Baker & McKenzie Ends The Brief Lull in Layoffs
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If you lose your job as a lawyer in your 50s, is it a disaster or an opportunity?
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Rare Partner Layoffs Contemplated at Major Canadian Firm
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A&O, CC postpone promos due to partner culls
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Simpson Thacher signs up White & Case bankruptcy partner
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Stories Behind The Severances - Lawyers, paralegals adjust course after layoffs
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As Some Florida Law Firms Cut Costs, Others See Business Boom
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No More Fun in the Sun? Rethinking Summer-Associate Programs
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Weil Gotshal Incoming First year Follow Up
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It's a Cruel, Cruel Summer: Law Students Left On the Beach as Firms Slash Programs
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How Do You Keep an Associate in Suspense?: Two Top Firms Announce Delay in Partner Promotions
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Dude, Where's My Job? The Future of Recruiting
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Akin Gump: Salary Unfreeze Update
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ATL March Madness for Law Firms: Williams & Connolly is Crowned Biglaw's Safest Firm
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MoFo Chairman Doesn’t Foresee a Fundamental Change in Legal Market
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Building a Better Legal Profession, but for Whom?
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Mergers Up 33% as Well-Funded Law Firms Look for ‘Tasty Morsels’
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28 More WolfBlock Lawyers Join Cozen
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Duane Morris Picks Up 24 WolfBlock Lawyers
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Seemingly endless demand for bankruptcy and securities lawyers
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'Stolen' Sherwin-Williams Document Leads to Battle Royale Between Jones Day and Motley Rice
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Firms Jockey for Position in BofA Lead Counsel Race
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Obama's Lawyer Took Quite a Pay Cut
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BigLaw Partner's Trial for Crafting Bogus Paper Trail to Hide Client's Debt On Hold
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Judge Orders Investigation of Stevens Prosecutors
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Recession hits GCs, especially outside counsel
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Disbarred Lawyers in Fen-Phen Case Ordered to Return $30 Million
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Being White, Male and Hetero Is Still a Good Career Move at BigLaw, But Less So
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Former UBS Banker, Tired of Bonus Politics, Heading to Linklaters
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Linklaters recruits new US co-head with UBS hire
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A Paradox of Productivity
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Hard Times Have GCs Taking a Hard Look at Law Firm Bills
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After Losing Job, Lawyer Keeps Commuting—to Starbucks
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The State Lawsuit Racket
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Lawyer seeks Hot Tub Companion (SF)
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Wall Street:

Asian Stocks Fall Amid Earnings Fears
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Earnings Jitters Hit U.S. Stocks
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Bank Worries Return to Wall Street
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Gloom grips markets braced for earnings season
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Goldman CEO: Pay Standards Are Needed
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Record Number of Firms Cut Dividend in 1Q
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SEC Is Floating Options to Limit Short Sales
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Jim Cramer has another feud on his hands
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`I Want You,' Uncle Sam Says to Wall Street's Jobless Financial Analysts
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A displaced banker guides tourists through the carnage
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EY Report Shows Q1-2009 IPO Activity Completely Stalled - Only 50 Worldwide
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Layoffs:

Sharp to Cut 1,500 Jobs
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Almost half of French approve of locking up bosses
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Royal Bank of Scotland Plans Up to 9,000 Job Cuts
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Informal Employment at Record Levels
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Who's Fibbing About Unemployment?
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Food/Drink:

World wine consumption falls for 1st time in years
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Banking:

Citi Parsons Says: 'Everybody participated in pumping up this balloon'
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Letting the Zombie Banks Fail: A Viable Plan
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Team Financial files Chapter 11 bankruptcy
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FDIC Warns It Will Not Honor Some Letters of Credit
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U.S. to keep lid on bank tests for earnings: source
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Will heads roll after the stress test?
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Tax:

Are Corporate Tax Loopholes Ripe for a Crackdown?
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Crackdown Shackles Swiss Private Bankers
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G-20 nations agree to sanctions for tax havens, call for stronger regulation
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Auto Racing:

NASCAR track owner reports sharp drop in revenue and profit
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Biotech:

Epix says it may file for bankruptcy protection
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Gambling:

Judge adjourns bankruptcy hearing to tour Greektown center
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Dark skies over Greek Isles
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Oil/Gas:

Bond Holders Threaten SSK with Bankruptcy
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3 creditors file petition seeking bankruptcy for BNP Petroleum
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Hallwood Energy wins cash use
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Some CFOs Are Ignoring the Credit Crunch
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Oil Drops a Fourth Day on Forecast US Supplies Rose Last Week
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Oil and Gas May Rise on ‘Slingshot’ Effect as Credit Idles Rigs
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BP, Total Tell Suppliers to Cut Costs Amid $50 Oil
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Creditors file to force BNP into Chapter 7 bankruptcy
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Ethanol:

Aventine Files For Chapter 11 Bankruptcy Protection
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Health Care:

Cap One pulling out of health care financing
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N.Y. hospital checks into Ch. 11
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Student Debt:

Student debt and defaults surge
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Municipalities:

Alabama Schools to Skip Payment on Disputed JPMorgan Swap Deal
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Firm Acted as Tutor in Selling Towns Risky Deals
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Muni Bonds May Face Downgrade
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Accounting:

As If Accounting
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Economy:

Warren: TARP Oversight Panel Suggests Firing Executives, Liquidating Failed Banks
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TARP panel: Financial Crisis 'Far From Over,' Govt. May Spend More than $4 Trillion
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Consumer Borrowing Declined in February
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Fed Said to Weigh Charging Higher Rates for Longer TALF Loans
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Obama's economic dilemma: Spend or save?
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Weak investor demand for second round of TALF
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Don't Confuse Slower Slide in Economy With Rebound
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Fisher Says U.S. Economic Growth Will Be Lower Until Confidence Rebounds
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The G20 moves the world a step closer to a global currency
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Communities print their own currency to keep cash flowing
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Harvard Student Takes On Barney Frank Over Economy
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CEOs predict drops in sales, employment
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CEO confidence hits record low
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Venture Capital Confidence Jumps on Stimulus Plan
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Inventory Cuts Augur Well for Output
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Bailed-Out Firms Save Face by Skipping the Masters
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IMF to warn on spiraling toxic debt
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Real Estate:

Mortgage delinquencies soar
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Mortgage Wipeout
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Fed May Offer Longer-Term Loans for Purchase of Commercial Mortgage Assets
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Wachovia seeks foreclosure on stalled developments in Brunswick
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Tuscany wants its business back
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Multi-Agency Crackdown on Foreclosure Rescue Scams Unveiled
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Fraud is just one of many problems with current loan mod efforts
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Manhattan Office Rents Fall Most in Quarter Century
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US Apartment Rents Decline as Vacancies Hit Five-Year High
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Fate of LandAmerica customers’ funds still in the air
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Autos:

GM in 'intense' bankruptcy preparations
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A Risky GM Bankruptcy Looms
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GM Bankruptcy Plan Developing as Board Seeks Savings
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Managing GM's bankruptcy message
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Court choice for a GM bankruptcy may shape case
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General Motors prepares for bankruptcy -- Was Wagoner lying?
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Big Bondholder in G.M. Sells Most of Its Assets in Company
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GM shares skid on bankruptcy preparation news
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US carmakers at 70 percent risk of bankruptcy : Moody's
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Chrysler bankruptcy risk greater than GM's
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Fiat also has cash worries
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Granholm fights for Chrysler
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US auto bankruptcies could deepen Mexican downturn
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UK jobs under threat as GM prepares for bankruptcy
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Cash-Conscious GM To Auction ‘Runaway Bride’ Car
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What Detroit Owes Wall Street
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Car Dealer Is Upbeat, but Admits Something Has Changed
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White House Presses Plan on Car Swaps
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S&P assigns BorgWarner notes 'BBB' rating
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It's now or never, part suppliers say
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Daimler Foresees Gradual Improvement From Profit Drop
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India Car Sales Grow at Weakest Pace in Seven Years on Slowdown
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Germany Will Increase Car Subsidies to EU5 Billion
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Ottawa braces for auto bankruptcies
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Ottawa jumps into the car warranty business
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Ssangyong Motor announces survival measures
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China auto sales surpass US for 3rd month
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Fraud:

Madoff-Affiliated Firms Sued by Private Investment Fund
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Madoff's Mets baseball tickets may soon go on eBay
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Madoff Firm Trustee Picard Wins Court Approval to Sell Market-Making Unit
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Ruth Madoff's Private World
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Why Men Like Madoff Understand What Women Don't
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Madoff Bankruptcy Trustee Warns Man Seeking Assets of Fraudster's Brother
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Stanford Investors Request to Unfreeze Assets Denied by U.S. Appeals Court
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India Charges 9 After Inquiry of Outsourcing Company
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Satyam Founder Raju Charged With Fraud Amid Sale
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PwC partners charged over Satyam
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$75 Million Ponzi Scheme Collapsed, SEC Says
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Hotels:

As Room Rates Sink, Sleepless Nights for Hotel Investors
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Retailing:

Bed Bath & Beyond profit slips 18%
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Bed Bath & Beyond shares rise as profit tops view
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Sales stay gloomy for U.S. retailers in March
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Nordstrom Beats Saks and Macy's in Recession Race to Clear Clothing Racks
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Pier 1 posts loss as markdowns weigh on margins
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Debtors' Prison:

I Owe, I Owe, It’s Off to Jail I Go
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Celebs:

Sugarloaf’s ‘Mansion Madam’ files for bankruptcy
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Resorts:

W.Va. Resort's Assets Include Shotguns, Horses
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Corporate Reform:

Ex-Qwest CEO Nacchio Ordered to Prison April 14
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Derivatives:

Banks brace for derivatives 'big bang'
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Credit-Default Swap `Big Bang' Loosens Dealers' Grip as Pimco, Primus Gain
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Ex-Wives Need Derivatives Contracts of Their Own
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Shipping:

Plan to Aid Stricken Shipbuilders May Add to Shipping Lines' Pain
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Executive Compensation:

Executive Compensation: The New Front Line in the Litigation Wars?
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Mass Torts:

Business, trial bar at odds over pending Texas asbestos bills
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Oral Argument at the Supreme Court in Travelers Indemnity v. Bailey
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Defaults:

Default Count Rises to Highest Since Great Depression
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New Bankruptcy Opinions
(1 new opinion 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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Insurance:

Treasury to extend TARP to life insurers: report
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Lincoln National Pulls Cash From Money-Losing Unit to Pay Debt
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Inspector to Audit A.I.G.'s Counterparty Payouts
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AIG aircraft unit seeks $5 billion Fed credit line
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Breaking Up AIG - It's Complicated
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US Judge Halts Washington Mutual Fraud Lawsuit
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Insurers Sued for $1 Billion for Allegedly Enabling 'Dumping' of Food Products From China
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NYAG Civil Fraud Action Against Merkin: Some Interesting Insurance Questions
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Corporate Governance:

Fiduciary Duties of Directors Of Distressed Companies
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Aviation:

Despite Bankruptcies, Pay Cuts, Older Airlines Haven’t Closed Cost Gap
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American Airlines freezing hiring, some pay
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Frontier sees 16.3-percent drop in passengers
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Airlines face losses as demand drops
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United Opens Talks With 88% of Workers as Slump Grips Airline
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US Air Traffic Fell Less in March, Signaling Bottom
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Bathroom emergency leads to felony charge
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Cash woes may force Air Canada's hand
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Apparel:

Burberry, Jack Nicklaus Want To Break Common Thread
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Credit Cards:

Nearly every U.S. credit card has at least one feature the Federal Reserve and other regulators would deem "unfair and deceptive"
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Video Rentals:

Blockbuster Gets Going Concern Letter; Holders Flee
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Pensions:

Safe-Harbor 401(k) Plans Force US Companies to Pay to Play
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Celebs:

Federal pen to get Vick back
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Finance:

Peer-to-Peer Lending Pain
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Debt Collection:

District Attorneys Can Keep Cashing In On Debt Collection Fees
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Politics:

Frank's Proposal Will Bring Opposite Effects
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Newspapers:

Can the Web save the Star Tribune?
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'Florida Times-Union' Parent Morris Gets Big Break in Debt Crisis
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The Times of Beacon Hill, Anyone?
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Homer Sun, Sun-Times file for bankruptcy
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Analysts expect AbitibiBowater to shrink further
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Furniture:

Court extends furniture maker Shermag's bankruptcy protection
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UK:

Landlords move to bail out UK retailers from bankruptcy
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Banks cut credit lines to steel firms, consumers
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British Economy Shrinks 1.5% as Recession Resembles 1979
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Furniture industry demands government-backed credit insurance
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Canada:

Court extends bankruptcy protection for Adanac
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Marathon debts staggering
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Canwest strikes deal to extend debt waiver
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Bidders preparing offers for Montreal Canadiens
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Ex-Oiler's owner 'swindled scores of people'
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Contempt motion on hold in Pocklington bankruptcy
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Ireland:

Ireland’s Emergency Budget Includes Help for Banks
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Moody’s Lowers Irish Bank Financial-Strength Ratings
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Ireland Doesn't Need EU Bailout, Will Cut Spending, Finance Minister Says
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Ukraine:

Depression Sweeps Eastern Ukraine
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Iceland:

Wave of Bankruptcy Hits Icelandic Companies
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Iceland’s Central Bank Lowers Benchmark Rate to 15.5%
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Sweden:

Swedish corporate bankruptcies soar 51 pct in Q1
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Germany:

German Exports Fall For Fifth Month, Pushing Economy Deeper Into Recession
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Germany's Karmann files bankruptcy
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German President Signs Hypo Real Estate Seizure Bill Into Law
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Japan:

Japan's Corporate Bankruptcies Soar to a Six-Year High at Fiscal-Year End
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Japan Stimulus to Total 15 Trillion Yen
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Sharp Posts 130 Billion Yen Loss, Wider Than Forecast
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Mizuho’s Credit Rating Cut by Moody’s as Risks Mount
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New Zealand:

New Zealand May Abandon Income-Tax Cuts as Recession Deepens, Key Signals
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Russia:

Party Over for Rich Russians as $230 Billion of Losses Tarnishes `Glamour'
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Russian Overdue Loans Rising 20% a Month
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Some Russian companies are more equal than others
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China:

China's export engine shows signs of life
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Australia:

Australian Home Loans, Confidence Rise on Rate Cuts
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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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