February 13, 2009

The Daily Bankruptcy News

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The Daily Bankruptcy News will not publish on Monday, February 16, 2009

Law:

800 Law Firm Jobs Lost in One Day
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2.12.09: The Darkest Day Ever for Big Law Firms?
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Bloody Thursday Layoffs Also Hit Cozen and Epstein Becker; ‘Big Ones’ Still to Come
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Clifford Chance in talks on voluntary layoffs
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Holland & Knight Confirms 243 Layoffs
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DLA Piper Lays Off 180
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DLA Piper slashes staff. Again. And pays them bugger all
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Epstein Becker Adds 53 to the Body Count
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Good News! Cadwalader Only Lays Off 16 in London
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Cozen O'Connor Lays Off 61 Staffers
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Bryan Cave adds to woes with 134 layoffs
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Bryan Cave's Official Statement
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Faegre & Benson Proves We're Talking About Layoffs All Across the Nation
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Goodwin Procter announces 38 lawyer layoffs
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Linklaters layoff package
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Associate Laid Off Twice in Four Months Looks at the Bright Side
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More Partner Bloodletting Predicted for 2009
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Day Pitney Names New Bankruptcy Partner
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Clifford Chance Discusses Voluntary Redundancies With Associates
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Wolf Block Cuts Associate Salaries
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Notes from the Breadline: And You May Ask Yourself - Well... How Did I Get Here?
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Luce Forward Pink-Slips 2Ls and 3Ls
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Work on Tribune Deal Contributes to an Up Year for Sidley Austin
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You Won’t Get A Raise With These Robes
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Law Firms with Deep Wall Street Connections are Suffering — Sort Of
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Rolling the Dice
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Chapter 11 no longer haven for US firms
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Does Anyone Have Any Deals to Report?
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Dealmaker of the Week: Cravath's Ronald Cami
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Irell & Manella Settles Malpractice Suit over Two Deleted Paragraphs
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HayBoo Moves Into California, Akin Gump Undecided on Raises
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Have a Client into "Swap Agreements" and "Commodity Forward Agreements?" Read On
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Law firms to add in certain areas in 2009
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Make a Successful Lateral Jump Instead of Falling Into a Hole
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Standing . . . in the Way of the Constitution?
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Tenn. Sup. Court may require lawyers to donate time and money
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Large-Firm Lawyer Rocks Out on Weekly Radio Show
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Judges:

Court is 466 years behind schedule
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Judges Plead Guilty in Payoffs for Jailing Youths
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Miss. Judge is Federally Indicted in Scruggs-Related Corruption Case
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Wall Street:

US Stock Futures Rise, Indicate S&P 500 Will Trim Weekly Loss
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Obama mortgage plan news spurs late rally
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US corporate earnings continue to fall
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U.S. Agents Scrutinize Texas Firm
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Allen Stanford Vows ‘Fight With Every Breath’ Amid US Probes
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Stanford Blames ‘Former Disgruntled Employees’ for US Probes
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Banking:

Ailing Banks May Require More Aid to Keep Solvent
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Pros Say: Let Banks Fail
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Wells Fargo’s Loss Widens on Securities Holdings
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Insurance:

USAA closing 625-person Sacramento campus
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Aetna Profit Slides on Heavy Capital Losses
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SFO launches investigation into AIG’s British financial arm
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State looking for federal insurance bailout
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Hartford Got $1 Billion Relief From Ex-Manager Turned Regulator
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AIG Plans to Sell Japan Office, May Get $1 Billion
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Motorcycles:

Harley cuts dividend 70 percent to preserve cash
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Radio:

The clock ticks for Sirius' Karmazin
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Why EchoStar May Need Sirius
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Report: Sirius seeks investment from Liberty Media
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Is a Sirius Bidding War in the Offing?
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Local News Could Save Satellite Radio
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MLB and NFL protected themselves against expected Sirius-XM bankruptcy
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Blame Uncle Sam for the demise of Sirius
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Dish Network CEO tries to one-up Sirius XM
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Bankruptcy Litigation:

Y'stone Club creditors seek to sue Credit Suisse
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Judge's rulings send lawsuit over former brewery to trial
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Fraud:

Does Ruth Madoff Need Her Own Lawyer?
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Madoff’s Wife Could Face Legal Trouble
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Madoff's Web Stretches as Far as Philadelphia
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On the hunt for $1B in Madoff assets in Ireland
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2 Madoff Employees Questioned
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Man kills himself over Madoff losses
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Madoff victim faces starting over at 91
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Former Student Finance Corp CEO Gets 5 Years in Prison for Loan Fraud
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Judge OKs investor request in NY Ponzi scheme case
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Ex-Broker From Canada Indicted in $26 Million Fraud
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Fraud suspect caught with $70,000 in boots
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North Dakota cattle buyer convicted in $7.8M scheme
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Trustee to help recoup losses in alleged Ponzi case
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Arts:

Connecticut Opera closes down, citing bad economy
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Arts organizations offer solace to Connecticut Opera ticket holders
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Concert Association of Florida expected to go under
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Sotheby’s Sales Drop to $5.3 Billion Amid Art Slump
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The Art World's Last Hurrah?
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Oil/Gas:

Bankrupt Oil Supplier Causes Gas Outages At Some Stations
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Tax:

Stimulus bill a mixed bag for corporate tax departments
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Debt Buyback Tax Break Wins Inclusion
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Income Jumps, Mortgage Deductions May Trigger IRS Tax Scrutiny
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Theme Parks:

Another Hard Rock Park bid brewing
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A red flag is hoisted for Six Flags
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Prognostication:

10 Most Pessimistic Prognosticators
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Management:

Why Good Managers Make Bad Decisions
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Economy:

Details of a Trimmer Stimulus Emerge
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Even After the Deal, Tinkering Goes On
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Stimulus Challenge: Spending the Money
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How Geithner’s vulture funds might just work
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Obama Must Ease Fear
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The Math for 3.5 Million Jobs - The recession will put twice that many people out of work
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Is 'Octomom' America's Future? - What's more depressing than the economic slowdown
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That Was Fast…
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Retail Sales Unexpectedly Halt Slide
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Study Shows Big Drop in Households’ Net Worth
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Fed Calls Gain in Family Wealth a Mirage
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US Michigan Consumer Sentiment Index Likely Fell in February
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Economists' Recovery Hopes Recede
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Stimulus? Economists say no
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Banks, investment firms borrow less from Fed
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Question of Control Over Banks Awaits Treasury Secretary at Group of 7 Meeting
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Will Bailout 2.0 pack a bigger punch?
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Major Funding for Unemployed, Poor
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Workers Who Quit Jobs May Get Unemployment Aid Through Stimulus
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Apollo Comments on Bailout: ‘Investment Is Not a Dirty Word’
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Consumers Cut Food Spending
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Greenspan’s Subprime Surprise
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Global Economy Top Threat to U.S., Spy Chief Says
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Adding Up the Government’s Total Bailout Tab
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25 People to Blame for the Financial Crisis
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Real Estate:

Home Prices Slide 12%, Most on Record, as Foreclosures Drain Value
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A Better Bank Fix: Cut Every Mortgage's Principal
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Fed's Duke Addresses 'Unavoidable' Foreclosures
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Obama eyes mortgage subsidies: sources
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New numbers offset positive foreclosure data
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Fannie And Freddie Redux
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S&P: CMBS Delinquency Rate Jumped 224 Percent in '08
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Landlords Call Circuit City Bid Procedures Unfair
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Half-built sites cast shadow over NY economy
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Gearhart files bankruptcy
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Why Thomas Properties Will Probably File for Bankruptcy in 2009
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Luxury Rentals Take a Big Hit
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Time-share developers are no more immune to the financial crisis than any other business.
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Lone Star, Oaktree and Goldman Sachs vie for J-REIT
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Media:

Charter to File Bankruptcy as Part of Restructuring
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Charter Communications bonds soar on recovery bet
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Viacom nears $1.6bn debt deal
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Autos:

Winning Over Bondholders: Key to GM's Survival
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GM Bondholders Should Get 50 Cents on the Dollar, JPMorgan Says
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GM bondholders could push too far
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In Toyota cuts, another sign of GM bankruptcy
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UAW Retiree Health Care Looms as Obstacle in Bailout Talks
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Ex-G.M. Workers Try to Reboot Their Lives
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The Other Underwater Loans: Negative Equity in Auto Finance
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Ford Will Need to Seek Bailout, Credit Swaps Suggest
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Chrysler Plans for 10 Million Sales Rate for 4 Years
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Chrysler faces radical shake-up
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Chrysler faces equity carve-up
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Hyundai’s safety net appeals to shoppers
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Next in the bailout line: Auto parts suppliers
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Customers Caught In Prebul Chaos
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32 Million Dollar Suit Filed, Mechanics And Others Leave
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Motions Approved To Keep Prebul Dealerships Open
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Two Delphi white-collar retirees seek others to protest benefits cut
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Delphi's survival tied to GM
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GM officials meet German Chancellor Merkel to discuss Opel's future
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Games:

Midway files Chapter 11 protection for US operations
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What Chapter 11 means for Midway Games
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Municipalities:

County jail may charge for toilet paper
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Should JeffCo charge non-users to pay off sewer debt?
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NYC Workers May Go To 4-Day Week
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States Recruit Worried Californians
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Police bankrupting cities they protect
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Elevator Music:

Muzak wins early bankruptcy rulings
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Bankruptcy Statistics:

Personal bankruptcies ballooned in Mass. last year
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Cape Cod bankruptcies jump 66% in 2008
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More Americans turning to bankruptcy
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One in Nine Contemplate Bankruptcy
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Mid-Hudson bankruptcy cases increase 41 percent in 2008
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Toys:

Toys 'R' Us buys eToys.com, other sites
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Rating Agencies:

US, UK ratings "being tested" by crisis: Moody's
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Layoffs:

Caterpillar CEO contradicts Obama: 'We're going to have more layoffs before we start hiring again'
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More co-worker couples losing both incomes at once
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Google to Shut Down Radio Business, Cut up to 40 Jobs
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Politics:

What Made Judd Gregg Jump?
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After Gregg Jilts Obama, Washington Assesses the Damage
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Dems Break Promise To Post Stimulus Bill Online For 48-Hour Public Airing
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Obama’s bipartisan economic policy myth in tatters
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Environmental:

Supreme Court Justices to Weigh Superfund Cleanup Liability
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Gambling:

The Depression Hits Las Vegas
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Regulators keep tabs on Station, proposed restructuring
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Corporate Reform:

Mary Schapiro Moves Quickly to Shake Up the SEC
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Senators Seek Obama Meeting to Discuss Changing Rules
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Accounting:

Goodwill counts for nearly half of deal value, says E&Y
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Derivatives:

Wipe the slate clean
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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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Weird News

Bankruptcy Jobs:

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

Todd J. Zywicki: Don't Let Judges Tear Up Mortgage Contracts
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Cambridge lawyer heads to DC to urge changes in bankruptcy law
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Retailing:

Retail sales rise unexpectedly in January
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NPR follows a retailer's struggles
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Linens N Things: Mistakes Were Made
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Microsoft to move into retail
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Shoppers Showing No Valentine's Love for Retailers
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Chemicals:

Dow Chemical cuts dividend to 15 cents from 42 cents, first cut in 97 years
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Fitch Withdraws All Ratings for Tronox
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Metals:

Aleris files for bankruptcy as aluminum mart slides
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Student Debt:

Students struggle to pay bills amid recession
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Hedge Funds:

Hedge firm GLG assets fall
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Aviation:

Falcon Airlink Goes Bankrupt
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Alitalia workers sit-in forces passengers to walk
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Air France-KLM swings to loss
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Telecoms:

Telecom industry faces moment of truth
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Fightin’ talk
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Housewares:

Private equity firm wins auction for Lenox assets
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Nonprofits:

Raising Money For Nonprofits In Terrible Times
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Health Care:

Board Votes To Close Bankrupt Hospital
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Brownsville Tri-County Hospital Closes
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Two hospitals file plans to close
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Proposed reopening of hospital sets off complex legal battle
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Financial Crisis Has an Upside: “The Joy of Schadenfreude”
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At Wal-Mart, a Health-Care Turnaround
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Jewelry:

Christian Bernard Begins Liquidation
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Executive Compensation:

How to fight greedy CEOs
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Newspapers:

More layoffs at Tribune
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Save the News, Not the Newspaper
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Newspaper angst
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Southern Voice in financial trouble
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Religion:

Bishop says losing your job is good for you
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Priest Abuse Secrets to Be Made Public
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Finance:

Fear & loaning in the suburbs
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Hollywood:

Banking on Bad Banks in the Movies
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Shopaholic: On the verge of bankruptcy
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Tech:

Spansion weighs options amid crisis
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Personal Finance:

What’s in the Stimulus Bill for You
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Monopoly, Candy Land May Offer Refuge to Families in Recession
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Valentine’s Day on a Budget Is Eating In, Walking on the Beach
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UK:

Brown’s Government Signals Bonus Crackdown as Voter Anger Grows
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BOE Sets Rates on First Commercial Paper Purchases
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UK Treasury Gains New Powers to Take Control of Failed Banks
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Britain's fallen star
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Tax Complications Of Bankruptcies In Difficult Economic Times
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Northern Rock Investors Lose Bid to Increase Payouts
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Signs of slowing in UK house price falls
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Barratts creditors knock back CVA says Deloitte
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Barclays drops case that broke Links' JPMorgan relationship
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EU:

Euro zone in record Q4 GDP fall, deep ECB cut seen
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Recessionary Europe, intensifying
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Canada:

Canwest creaks under debtload, may seek protection
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Investors get third allocation of funds from Portus bankruptcy
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Australia:

Rudd Battles to Revive $28 Billion Stimulus After Senate Defeat
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Australia’s stimulus redux, this time it’s for real
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New Zealand:

New Zealand’s House Sales Drop 28.5% in January
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Japan:

In Japan’s Stagnant Decade, Cautionary Tales for America
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BOJ to Discuss Steps for Corporate Funding Next Week
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China:

China Economy Shows Signs of Recovery on Stimulus
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Mexico:

Priciest Mexico Stocks in Decade Signal Losses as Economy Sinks
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Germany:

Merkel May Nationalize Hypo; Talks With Flowers on Sale Resume
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German Lawmakers Back $65 Billion Stimulus Bill in Lower House
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Germany contracts at faster pace than UK
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Asia:

Rio’s Bond Risk Jumps as Asia Credit-Default Swap Index Climbs
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Middle East:

Egypt Cuts Interest Rate for First Time Since 2006
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