February 17, 2009

The Daily Bankruptcy News

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Law:

Brutal Week May Not Be the End of Law Firm Layoffs
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The coming law firm hiring crisis
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K&L Gates Battens Down the Hatches: Salary Freezes, Delayed Start Dates (But good news: no layoffs. For now.)
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DLA Piper U.S. in Positive Territory for 2008
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Lawyers Stunned By Lack of Jobs
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Linklaters associates to discover details of layoffs
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Mercedes panel review forces firms to explain bills
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Blank Rome to Counsel Midway Games, Charter To File Soon
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Layoff Watch: Stealth Layoffs at Kelley Drye?
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What Did I Do Wrong?
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Mayer Brown names insolvency head
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The Coming Law Firm Hiring Crisis
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Will Laid-Off Lawyers Abandon Their Manicures?
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Ex-Heller and Cooley Godward Associate Braces for Tough Market
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Associate Leaves Am Law for Beer Pong
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Times Have Changed, ABA President Says
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ABA Pushes for 1,000-Lawyer Legal Corps
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Atlas Is Shrugging: Lawyers Dropping Like Flies
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Dealing With the Downturn: Simpson Thacher's Public Service Program
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In-house Shuffle at Wal-Mart
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Foley Hoag Forms a 'Stimulus Plan' Practice Group
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Hammonds Scores Victory in Partnership Dispute
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State's top law firms report growth amid recession
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No Recession Here
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Large Texas Firms Made Fewer Lateral Hires in 2008
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Federal Judge Rules Against Lawyer Who Alleged Congress Restricted His Fees
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Lawyers Face High Learning Curve During Real Estate Crisis
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DOJ Prosecutors Held in Contempt in Stevens Case
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Three Offices of Attorney Declared 'Vexatious Litigant' Shut Down
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Dreier Released From Jail, Begins Home Detention
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Disbarred Lawyer, Former Miss. Auditor Get 2 Years in Scruggs-Related Case
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Are law firms are missing a trick by not giving women an equal footing?
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ABA House OKs Lateral Lawyer Ethics Rule Change
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Valentine's Day for Lawyers
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Kirkland & Ellis: 15 Married Couples and Counting
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76% of Young Lawyers Glad They’re Attorneys, Study Finds
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Tanking Economy Begins to Affect E-Discovery Firms
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Law Professors Begin Feeling Economic Pinch
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Free PACER Sites Shut Down After Mass Download by Open Records Advocate
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Judges:

Roberts Sets Off Debate on Judicial Experience
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Plaintiffs Question Judge's Son's Law Firm Link in Medtronic Case
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New Massachusetts Bankruptcy Judge Begins Work
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Judge Kaye Joins Corporate Firm
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Economy & Politics Threaten State Courts, ABA House Told
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What’s on the Federal Judiciary’s Wish List for the New President and Congress?
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2 Pa. Judges, 2 Lawyers and Others Sued in $2.6M Jail-for-Pay Case
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Justice Ginsburg Released from Hospital; Spleen Was Removed
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Wall Street:

US stock futures signal drop
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Stocks Slide in Europe and Asia
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World markets fall as Japan's recession deepens
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Stocks in Europe, Asia, Brazil Retreat
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Cash concerns rippling lakes of even bluest of blue chips
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US Stocks Drop Most in Three Months Last Week on Bank-Rescue Skepticism
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Wall Street? New MBAs say they can't get there from here
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Fear Rises Again for U.S. Investors
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Q4 corporate earnings set to be worst in a decade
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Radio:

Sirius XM Creditors Would Seek to Oust Karmazin in Bankruptcy
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Sirius XM: What Price Bankruptcy?
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Sirius: Firing The CEO Does Nothing
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Karmazin's Miscalculation
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Liberty to the rescue?
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Sirius could file bankruptcy as early as Tuesday
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Ergen Could Be Serious About Sirius
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Personal Bankruptcy:

New faces seen in bankruptcy court
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Municipalities:

CA On The Brink
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California Struggles to Close a Projected $41 Billion Deficit
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Cal Budget Deal: Final Death Blow for Middle Class
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States Recruit Worried Californians
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Kansas suspending Income Tax Refunds
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Obama Gains Backing of G.O.P. Governors
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Bankruptcy looming for US States?
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1900% Beer Tax Hike Proposed in Oregon
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Paterson's P--- Tax Sparks Criticism, Hilarity
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Staffers Get Secret Raises Amid 'Freeze'
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States and Cities Angle for Stimulus Cash
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In Economic Vise, Pontiac Struggles
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Tale of two cities in battle for jobs
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Liquidation:

Bankruptcy protection is expected to prove lethal for more companies than usual in this downturn
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Layoffs:

Nearly 800 jobs axed at Delphi's steering division
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Delphi Steering in Buena Vista Township cuts 1 in 5 workers
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BMW to shed 850 jobs
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US Steel Shuts 2 Plants, Lays Off More Than 1,200
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Smithfield Foods to Cut 1,800 Jobs, Close 6 Plants
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GKN announces hundreds of job cuts
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Global companies reduce headcount
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Record high mass layoffs
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There's a Better Way to Lay Off Employees
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Here, Over There, Job Cuts Everywhere
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It Isn't Always a Job Behind a Posting
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Idled employees see workers comp as income spinner
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Fraud:

Madoff Trustee Picard Subpoenas Jefferies in Liquidation Case
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Madoff Watch
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Santander May Sweeten Madoff Compensation Deal
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Madoff Key Aide Bongiorno Recruited Her Neighbors as Investors
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ERISA Class Action Filed Against Fund That Invested With Madoff
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Tax Troubles for Madoff Investors
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Ponzi suspect Piccoli had earlier run-in
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Satyam Begins to Weigh Offers
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Bankruptcy Statistics:

Conn. bankruptcy filings up 66 percent
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Bankruptcy Litigation:

4th Circuit Overrules Judge Small And Holds That Ordinary Commodity Supply Contracts Fall Within BAPCPA's "Swap Agreement" Amendments
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Theme Parks:

Potential buyers plan Hard Rock Park overhaul
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Health Care:

Hospital sued over $1.5 million debt
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Orchards Village files bankruptcy
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Credit crisis could crunch men's testosterone
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COBRA subsidy survives political wrangling, remains in stimulus package
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Workers for defunct hospital stiffed on final pay?
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Not-for-profit hospital CEOs average $490,431 per year
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Media:

Young Broadcasting Files Chapter 11
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Aviation:

A Smile at the End of Every Flight
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Airline Files for Bankruptcy
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That Perk in the Sky Has Defenders on Land
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Environmental:

TCEQ says money to clear Asarco smelter site secured
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Personal Finance:

Tough Times Call for New Ideas
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Economic Crisis, Unemployment Take Emotional Toll
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8 Lessons From the Meltdown
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Education:

Bankruptcies throw state's school laptop program into disarray
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For Education Chief, Stimulus Means Power and Risk
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Celebs:

Michael Jackson Auction Update: Need Some Scissorhands or a Peter Pan Golf Cart?
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Ex-Rezko partner bankrupt
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Michael Phelps Won’t Be Prosecuted After Bong Photo
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Mining:

Asarco, Sterlite deal close to being done
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Asset Management:

Assets evaporate at Legg Mason’s high net worth division
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Cosmetics:

L’Oreal Earnings Growth Slows, Profitability Erodes
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Economy:

Steinbrueck Says US Stimulus Plan May Recreate Global Bubble
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Inflation falls less than expected in January
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Data Hints at Slowing of Decline
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Don't Believe the Stimulus Scaremongers
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What's The Rush? Stimulus On Hold For Obama's Weekend Off?
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Can the financial industry rise to the opportunity?
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Home and car buyers get tax breaks in stimulus package
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Car crisis clouds Obama's new deal
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More Billions for GM, Chrysler? Auto Beggars to DC
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Economists’ Forecast: Chance of Change 100%
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Stimulus Bill Bites Losing Companies
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One Bank policymaker may have wanted bigger Feb cut
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Federal obligations exceed world GDP
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Arts Ban in Stimulus Is Stupid Economics
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Who Trusts Washington?
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Clinton calls for coordinated economic response
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Treasury Pads Coffers in Bailout
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Plan Tries Slow Stimulus to Revive Spending
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Committee on Doubt and Uncertainty
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If You Have Money, Spend Some Now
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Barter Fits Bill for Strapped Firms
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Household Income and Debt Trends since 1980: quick picks
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Real Estate:

Obama Plan on Housing Said to Push on Lenders
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Tougher supervision needed for mortgage lenders: Fed's Duke
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Carrots, sticks and money for homeowners
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How Stimulus Package Would Help Homeowners
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How business unraveled for Hertel & Sons
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Workout time in Tennessee?
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Banif Inmobiliario Fund Faces EU2.62 Billion in Redemptions
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Banking:

Anxiety high as US bank rescue plan in limbo
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CEO at bailed-out PNC gets $3 million bonus
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TARP recipients Citi, Morgan Stanley to pay $3 billion to keep rainmakers
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Administration pushing ahead with bank rescue
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Potential buyers seek only Citi's good parts
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Stanford Depositors Seek Redemptions
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Regulators to Banks: We Want You To Lend, But...
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Miami banker gives $60 million of his own to employees
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Should US take over weak banks?
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Wells Fargo sees pain for small banks
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Wells takes fair-value hit on mysterious 'credit events'
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Citigroup’s Banamex Profit Falls 28% on Loan Reserves
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Four US Banks Seized, Bringing Total for Year to 13
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Could little-known banking law fix this mess?
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Bank Failures Accelerate: Where Will It Lead?
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Bank Stocks Pace Losses in Europe
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Autos:

Rep Levin:Obama Administration Asked GM To 'Address' Bankruptcy Option
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Auto panel to exert broad clout
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Auto firms oversight also requires insight
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Obama faces tough choices on auto industry
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Auto Maker Bankruptcy Looms
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General Motors' High-Wire Bankruptcy Act
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New model to emerge if GM goes the bankruptcy route
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G.M. Presses Union for Cuts in Health Care
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Dead End in Detroit for White-Collar Workers
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Report: GM to say, 'more aid or bankruptcy '
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Would a G.M. Bankruptcy Save Taxpayer Money?
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Auto bailout D-Day
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GM, Chrysler To Submit Viability Plans Electronically
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General Motors, Chrysler getting $7B Tuesday
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GM, Chrysler Push for More US Aid After Legacy of Mistakes
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Automakers Push to Wrap Up Restructuring Plans
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GM talks progress as board reviews plan
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GM, UAW talks progress, race toward deadline
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All options on the table for GM; automaker to resume UAW talks
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A Likely Auto Adviser Is Strong in Union Ways
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A Road Map for Obama's Auto Task Force
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US Auto-Parts Suppliers Seek $18.5 Billion in Aid
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4 questions for GM and Chrysler
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GM bankruptcy would have ripple effect
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The ever-shifting auto landscape
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GM and Chrysler to speed up restructuring
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A few things for Obama's auto task force
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Chrysler, GM plans due Tuesday
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Obama Rejects ‘Car Czar’; Geithner, Summers Head Team
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Detroit looks to revive used-car market
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What defines the American car
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B of A, Citi Put GM, Ford On Distressed Trading Docs
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Bill Heard Employees Sue Alleging WARN Act Violations
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Delphi retirees prepare to fight request to cut health benefits
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Prebul’s assets temporarily frozen
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Lutz's exit shuts door on car history
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Luxury-Car Makers Face Steep Declines
(WSJ: separate paid subscription required)

Daimler Slumps to Loss, Says Worse to Come as Recession Deepens
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Tiny Chinese auto co to bid for GM’s beastly Hummer
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GM Europe: Further restructuring measures needed
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Daimler, Continental Face Losses in German Auto Slump
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Daimler Cut to ‘Sell’ From ‘Neutral’ at UBS on Truck Demand
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Daimler Planning EU1.6 Billion in Cost Cuts
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Spain unveils €4bn aid for motor industry
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Germany, Four States Consider Buying Stake in GM’s Opel Unit
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Maker of Iconic British Car Cuts Production and Jobs
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Nissan to Close Plants, Cut Wages 20% for 5 Days
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Toyota's U.S. workers avoid layoff threat for now
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Russia auto output down 80 pct in January
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Oil/Gas:

Crude Oil Trades Below $37 on Slowing Global Demand for Fuel
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Cheap gas is history, again
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Pump Prices Rise While Crude Costs Crash
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Chemicals:

S&P cuts LyondellBasell Industries AF SCA rating to 'D'
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LyondellBasell misses Europe interest payment
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Lyondell aims for bankruptcy exit by year-end
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Downturn fears hit European chemicals makers
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Packaging:

County Attorney Investigates Smurfit Stone Bankruptcy
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Religion:

Priest Sex Abuse Files Released
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Islamic Bankruptcy?
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Shipping:

Two more Asian liners cease operations
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NYK affiliate hit by Samsun bankruptcy
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Baltic Dry Index Has Third Straight Drop on Iron-Ore Haulers
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Retailing:

Wal-Mart quarterly profit falls
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Wal-Mart profit beats Wall Street view
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When retailers go bust, buyers must beware
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What to do with troubled Lincoln Mall?
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Circuit City demise goes beyond vacancies
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Circuit City name might survive
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Boscov's estate seeks plan approval
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Laura Ashley warns to miss FY profit expectations
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Travel:

Tough times for destination clubs
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Conventions:

As the Recession Waxes, Business Meetings Wane
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Festivals:

Festivals Put on Hold Amid the Downturn
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Executive Compensation:

Congress Set to Curb Exec Pay
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White House Wants to Revise Compensation Part of Stimulus
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New Pay Limits May Hurt Donations
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Mandelson Says Countries Mustn’t Rush to Curb Bonuses
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Details of stimulus bill's compensation caps
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Stimulus bill would eighty-six Obama's salary cap for execs
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Down and out in NYC on $500,000 a year
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Corporate Reform:

SEC Should Adopt CIA Methods, Lawyers Say
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Hotels:

InterContinental Hotels gloomy on year ahead
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Insurance:

Corporate Defaults, Bankruptcies and D&O Claims
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Sports:

UFC’s Owners In Bankruptcy; White In Jeopardy?
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Bonds:

What Sells in a Recession: Junk
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Bond Advice Leaves Pain in Its Wake
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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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Food/Drink:

Peanut Company Files for Bankruptcy Protection
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Former Manager Says Peanut Plant Complaints Ignored
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Secrets Behind Peanut Corporation of America
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Nation's peanut growers reeling from outbreak
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Merisant wins final DIP, cash use
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Bankruptcy Reform:

Congress likely to favor debtors in Chapter 11 rewrite, says analyst
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Bankruptcy Mortgage Bill to be part of Obama's Housing Plan?
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Why Are the Mortgage Industry's Objections to the "Helping Families Save Their Homes in Bankruptcy Act of 2009" Wrong?
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Gambling:

Station Casinos Facing Lawsuit
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Showdown looms between Trump and casino bondholders
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Trump Company "Worthless"
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Trump Entertainment, Affiliates File for Bankruptcy
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Tapped Out in AC
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Trump resigns from troubled casino business' board
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Resorts Atlantic City Casino Faces Foreclosure
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Newspapers:

Newspapers can survive, but they can't do it alone
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This Just in: The Market Is Still Dead
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More 'Chicago Trib' Cuts As Jerusalem, Rome Bureaus Closed
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More Cuts Coming, 'Chicago Tribune' CEO Says
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'Baltimore Sun' Closes Suburban Offices, More Cuts Coming
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S&P Predicts McClatchy Loan Default by Year's End
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A Reporter Faces the Naked Truth
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Hedge Funds:

Brokerages Tighten Hedge Fund Financing
(WSJ: separate paid subscription required)

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Tax:

Tax Relief For Investment, Restructuring, Refinancing And Other Business Activity
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Games:

Midway's creditors looking for answers
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Bondholders Cry Foul Over Mystery Midway Investor
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Telecoms:

Nortel to present new business plan in few wks
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Alternative Energy:

Alternative Energy Still Facing Headwinds
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Payment Systems:

Cyphermint Saga Continues In Court
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Exemptions:

Pre-Bankruptcy Planning: Court Allows Large Cash Investment in Homestead Same Month Bankruptcy Filed
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8th Circuit Bankruptcy Appellate Panel Upholds Pre-Bankruptcy Planning Decision
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Rating Agencies:

Disillusioned advisers eye smaller ratings firms
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Credit Reporting:

Credit-Score Pitfalls of the Wealthy
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Resorts:

Three Bears Resort to Re-Open May 1
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Tech:

Recession Starts to Worry Silicon Valley
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Employment Falls in Silicon Valley
(WSJ: separate paid subscription required)

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DIP Finance:

Bayside's Kosch on DIP priming fights
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Finance:

Fitch Sees Challenges to Global ABCP Market
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In hunt for cash, companies suddenly mothers of invention
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Steel:

Will Russian Kremlin bailout Oregon steel plant?
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Research:

Free Online Bankruptcy Research Tool Now Updated
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Luggage:

Innovation hopes to pack DIP
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Credit Cards:

Stimulants and credit cards
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Credit Cards in the 2007 Survey of Consumer Finances
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UK:

Wealthiest Brit Has A Debt Problem
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Bank of England counters gloom with recovery hint
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Lloyds Leads Bank-Bond Drop on State Rescue Concern
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Lloyds' HBOS deal backlash builds
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'UK Has No Plans to Nationalize Lloyds Banking Group
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Brown Trails Conservatives By Most In Five Months
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31% of companies cancel contracts with suppliers, E&Y poll finds
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Lord Turner: FSA failed to spot looming crisis
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Top bankers are in no position to hold taxpayers ransom
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Businesses keep cutting back, says ICAEW
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Deloitte gains new insolvency partner
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Strong interest in Baugur-backed Principles
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Smelne Yachts files for bankruptcy
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Credit insurer ends cover to Topps Tiles suppliers
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Euro Credit Insurers Face Challenges
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Recession hits IT
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Landlords boot out shoe plan
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Nationalization of privately funded hospitals called for
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CBI Says Economy Set for Worst Slump Since 1980
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EU:

Trichet Says Must Not Lay Ground for Future Crises
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Euro Falls to 10-Week Low on Concern Europe’s Turmoil to Worsen
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Japan:

Japan's economy slumps as global crisis widens
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Japan Powerless as Economy Plunges
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Japan’s economy shrinks by an alarming 12.7 percent
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Japan’s Finance Minister to Quit After G-7 Blunder
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Bank of Japan under pressure to come up with creative steps
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Japan’s Economy May Shrink 20% This Quarter, Institute Says
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Japanese economy shrinks at fastest rate in 35 years
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Japan to Cut Economic Assessment for Fifth Month
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Tokyo Condo Sales Fall 24 Percent in January on Slowing Economy
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Japanese Structured Finance Broadly Negative
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Bank of Tokyo Mitsubishi UFJ Plans Record Bond Sale
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Japan's economy Veiled in darkness
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Russia:

Russian Industry Sees ‘Unprecedented’ Drop in January
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Russian Billionaires an Endangered Species
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Khodorkovsky Faces New Charges
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Canada:

Ending the myth of the frugal Canadian
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All eyes face south of the border for auto deadline
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S. Korea:

Korea, Mexico offer the US bailout lessons
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24-Hour Burger Joints Draw New Breed of 'Homeless'
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South Korean Department-Store Sales Rebound on Holiday Spending
(DBN Subscription Required)

______________

New Zealand:

Unemployment soars as roof caves in on building boom
(DBN Subscription Required)

______________

Eastern Europe:

Failure to save East Europe will lead to 'worldwide meltdown'
(DBN Subscription Required)

______________

Mexico:

Mexico to lose up to 300,000 jobs, minister says
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Mexico’s Soriana Falls on Pessimism for Fourth-Quarter Sales
(DBN Subscription Required)

______________

Ireland:

Irish Banks Face 27.7 Billion Euros of Loan Losses
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Ireland faces growing fears of debt default
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______________

France:

France May Take 20% Stake in Caisse d’Epargne, Banque Populaire
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______________

Germany:

Germany’s Steinbrueck Says Nationalizing Hypo Still on Cards
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German Investor Confidence Rises Most in 15 Years
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Merckles Said to Be Ready to Name Klaus Hubert Goerg Trustee
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German homes as good as gold
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______________

Australia:

Households to be charged tax for each flush of toilet
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Credit card applications 'down by 15pc'
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______________

South Africa:

Rand Drops to 2 1/2-Week Low on Bets Financial Crisis Worsening
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______________

 

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