February 18, 2009

The Daily Bankruptcy News

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Law:

Weil Trumps rivals for lead bankruptcy role
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Layoff Lawyer Sees Ominous Signs
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Stanford Attorney’s Withdrawal ‘Screams Fraud,” Spurred SEC
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Simpson Thacher Helps Sirius XM Stave Off Chapter 11
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2008 Flat for Paul Hastings
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Wow, Even Heller Wants to Cut Jobs
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It's Worse Than You Can Imagine
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What's Good Headhunter Protocol?
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Burned-Out Lawyer Plans to Opt Out, One Among Many on 'Dark Side' of Law
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Laid-Off Lawyer Competes with Other Attorneys for Paralegal Jobs
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Last Week’s Layoffs Saved Law Firms an Estimated $100M
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Notes from the Breadline: Strike Another Match, Go Start Anew
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Are There Tons of Depressed, Substance-Abusing Lawyers Out There?
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For Magic Circle Partners Shown the Exit, Where Are the Jobs?
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Linklaters Asia managing partner quits for in-house role with client
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Pay Freeze Watch: Lexis Parties Like It's 2008
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What the Hell Happened on "Black Thursday"?
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Brutal Week May Not Be the End of BigLaw Layoffs
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Life Lessons Learned By the Laid Off
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Out of Work and Out of Luck: Many From Defunct NY Firm Still Looking for Jobs
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69 Face the Ax
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Prophet Richard Susskind Predicts the Future of Law; Internet is Key
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DLA Piper's Califano on busted deals
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Attorney Pleads, Cooperates In Tax Shelter Investigation That Doomed Jenkens Law Firm
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Dreier Bankruptcy Papers Reveal Surplus of Assets
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A year later, Scruggs singing instead of fighting
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Should a Severe Recession Void Legal Obligations?
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Clients, Law Firms Get ‘Savage’ As Legal Malpractice Claims Increase
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Court Allows Qui Tam Action Against Sheppard Mullin to Proceed
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Q&A With Former Attorney General Michael Mukasey
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Former Attorney General Michael Mukasey to Join Debevoise & Plimpton Firm
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Former Wells Fargo Senior Counsel Joins Sheppard Mullin
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Robert Half Legal Identifies Practice Areas and Jobs in Demand for 2009
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The Credit Crisis & Law School Loans, Take Two: Financing Bar Prep
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Laid-Off Lawyer Asks Advice Columnist About Nanny Worries
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Nearly Half of Nation’s Largest Law Firms Bar Gender Identity Discrimination
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Marry a Lawyer? Are You Crazy?
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Law Firm Lay Offs - Are E-Discovery Specialists Being Hit?
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Say What?!
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Judges:

Texas’s Top Criminal Judge Faces Possible Impeachment Inquiry
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Judge Conflict Case Tests High Court Veteran
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Chief Justice Roberts on Rehnquist and on Achieving Consensus
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Federal Judge Kent Lied About Affair to Protect Lady, His Lawyer Says
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Judges Strike To Demand More Resources For System
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Wall Street:

US Stock-Index Futures Rise
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World Stocks Down as Dow Hovers Round Nov. Lows
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Russian stocks tumble, trading suspended
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UK Stocks Fall for Fifth Day
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Asian Markets Close Mostly Lower Following Wall Street Sell-off
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Dow nears 10-year low
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Stocks Drop Tues. on Worries About Economy, Automakers
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Why the Stock Market Keeps Plummeting
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Stocks Tumble to November Levels
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Dow nears 10-year low
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Why Are Stocks Flirting With a Decade Low?
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Municipalities:

CA Lawmakers Face Lockdown in Capitol
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Opinion: The Decline of California
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What If California Goes Bust?
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State of Insolvency: California Can't Go For Broke
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Still No Vote From Maldonado On Budget
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California Senator Feels Heat on Budget
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California to halt 275 state-funded public projects due to budget crisis
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Tax disaster about to rock California
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Economists see pain for LA county
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CA Layoff proceedings begin
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SEIU employees exempt from Schwarzenegger layoffs
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Whitman Promises 2 Million Calif. Jobs by 2015
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Kansas Government on Verge of Shutdown
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States in a financial pinch looking at drastic cost-cutting measures
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For Chief Epperson, Slowing Economy Creates More Work, With Fewer Resources
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Municipal leaders oppose additional sewer fees
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Lawmakers must forget secession and assist Jefferson County
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JeffCo Sewer Debt: Commissioners discuss bankruptcy vs. receivership
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Small Town Takes Big Economic Hit
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Autos:

Obama Aide Says Bankruptcy Can’t Be Ruled Out for Automakers
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Automakers Dismiss Bankruptcy as Obama Aide Won’t Rule It Out
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GM: Unrealistic Expectations
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Bankruptcy word won't go away
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Force them into bankruptcy
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GM plan should hush bankruptcy hawks
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GM bondholders offer framework to cut debt
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White House: All Parties Must Do More To Ensure Auto Cos' Viability
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Jittery employees wait to see just how deep cuts will go
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Bankruptcy Threat Is Necessary: Auto Nation CEO
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Viable auto industry crucial: White House
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The legal minefield of GM's attempt to cut health care benefits
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The Big Three’s Big Steel Precedent
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Automakers Reveal Just How Bad It Is
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GM, Chrysler seek more govt aid, to cut more jobs
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GM, Chrysler workers worry about futures
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GM says it needs billions more by next month to stay afloat
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GM may need up to $30 bln in additional federal funding
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GM to cut 47,000 jobs, begs for cash
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Highlights of GM's restructuring plan
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Chrysler Releases Viability Plan
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Chrysler asks for $2 billion more in loans
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Chrysler Increases US Aid Request to $9 Billion
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Sen. Gregg: No More Taxpayer Cash for Chrysler
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Granholm, Corker, others react to auto plans
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Carmakers say no bankruptcy after bail-out
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Ford and UAW reach deal to trim labor costs
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The shadow of bankruptcy persists for automakers
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GM and Chrysler: Would a European Bailout Help?
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GM Targets $6 Billion Financial Support From 5 Foreign Govts
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New US aide can bridge gaps in auto restructuring
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Delphi retirees fight proposed benefit cuts
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Modine announces new credit terms, suspends dividend
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Big 3 struggles filter down to auto parts
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Nothing Is Ever Cut and Dry
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Don't call them the Big Three; they're the Detroit Three - for now.
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Saturn probably won't survive
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Saab Looks to European Investment Bank for Additional Funding
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Saab unit could file for bankruptcy this month: GM
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Sweden Says Saab Needs SK8-10 Billion to Survive Until 2010
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Auto parts maker Key Plastics exits bankruptcy
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GM to make decision on Hummer brand next month
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Hummer, Saab and Saturn at risk
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Saying No to a Car Czar: Obama's Smart First Step on Detroit
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US automakers’ future tied to the global economy
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Daimler swings to hefty loss on Chrysler exposure
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Auto funds will hinge on restructuring plans: Harper
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Harper says he's confident GM will stay in Canada
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Chrysler and GM: Dead end or road to recovery?
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South Korea: Ssangyong Kicks Off Its Restructuring Program
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Insurers cut cover for suppliers to Jaguar
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GM job cuts may hit UK workers
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Mazda feels buyers' pain
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Magazines:

Publishers See Red, Mag Ad Pages Down 22%
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Gambling:

The Donald Flees, and Chapter 33 Arrives
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Trump Decries ‘Horrible’ Fees, And He Should Know
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Trump bankruptcy could augur others in gaming
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Trump defiant over golf course project
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Trump's 'golden' image on trial after bankruptcy
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Anti-Trump Mobs Are Not Rioting in the Streets
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Will The Greatest Depression Be the End of Donald Trump?
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Who says the house always wins?
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Trump Casinos Tumble Into Chapter 11
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Trump seeks to keep casino company distant
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Harrah's move might preclude bankruptcy
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Station Casinos misses second debt payment this month
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N.J. resort in trouble
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Casinos crap out
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Atlantic City Sports Gambling: A Deal With The Devil?
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Las Vegas Sands, Wynn Slam ‘Anti-Stimulus’ of Travel
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Texas legislation would allow tribal gambling
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Chapter 33:

Companies that have filed 3 times for bankruptcy
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Convenience Stores:

After weeks of uncertainty, Appco files for bankruptcy
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Personal Finance:

Shattered market forces seniors back to work
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How Growing Up in a Recession Can Shape a Child's Future
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Welcome to the age of empathy
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Elderly New Yorkers angry as crisis hits poorest
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Pensions:

U.S. pension agency eyes swelling loss
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Media:

Media Chiefs Ask CFOs Where to Wield the Axe
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Executive Compensation:

Bailout Exec Pay Limits Get Panned
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Immelt waives $12m GE bonus
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New Law Leaves Pay Limits Unclear
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Obama Aide Says ‘Process’ Needed to Deal With Executive Pay
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Dodd’s Pay Limit Makes Wall Street Face ‘New Reality’
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Revised Executive Compensation Requirements for Participants Under the Troubled Assets Relief Program
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Can Wall St. Dodge Government Pay Limits?
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Defaults:

S&P warns on CLO defaults
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Television:

The Financial Crisis Becomes a TV Show
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Economy:

Obama Signs Stimulus Bill
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Recovery Measure Becomes Law and Partisan Fight Endures
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What's in the Stimulus for You
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State-by-State Breakdown of the Economic Stimulus Plan?
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For something Obama said is so important, why did he take so long
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A subsidy by any other name
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We think: Government owes taxpayers strict oversight of stimulus
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Moody's: Stimulus Gives Short-Term Relief
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FOMC minutes may show new inflation target steps
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New York's Empire State factory gauge at record low
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The Case for Nationalizing the Entire Economy
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The Bailout Has Good Points
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The White House's Latest-Iffy-Stimulus Jobs Estimates
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Arizona senators criticize Obama's stimulus law
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Jobs and Protectionism in the Stimulus Package
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Global, Public-Backed Debt Tops $317B
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White House Launches Recovery.gov to Track Stimulus Spending
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Greenspan Says US May Not Be Doing Enough to Promote Recovery
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Recession will be worst since 1930s, Greenspan says
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Opinion: Democracy Ruined Bailout
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Foreign money continues to pour into US
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Trader Panzner Foresees Wealth Destruction, Rising Crime, Guns
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Why a 9/11-style panel should examine the financial crisis
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No Whistleblower Protections for Fed Workers in Stimulus Bill
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Too Much Money to Go Around?
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As the government bails out one industry after another, America's affluent are doing the same for their friends and family
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OECD Economies Shrank 1.5% in Fourth Quarter, Most on Record, Amid Crisis
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Real Estate:

Obama to Unveil Mortgage Mitigation Plan
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A Bailout Aimed at the Most Afflicted Homeowners
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California Epicenter of Foreclosures Shows Steep Challenge Facing Obama
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White House: Need To Help Borrowers With Foreclosures
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Obama's Housing Plan to Subsidize Cut in Loan Payments, Stem Foreclosures
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Making Modified Loans Attractive Is Challenge
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Will more banks freeze foreclosures?
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Why Obama's plan to ease troubled mortgages will be harder than it sounds
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Home-Builder Index Edges Higher; First Rise in Five Months
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Court Blasts Through Foreclosure Cases
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Obama faces massive scope of foreclosure crisis
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New Slump Reality: Taking Landlords to Task
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After Manhattan’s Office Boom, a Hard Fall
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Late payments on commercial mortgage-backed securities to skyrocket: Fitch
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"Silver Bullets" for Toxic Mortgages?
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Resisting Home Evictions Becomes a Group Effort
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Homeowners demand paperwork
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A foreclosure fueled by forgery?
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1031 exchange fraud costs homeowners hundreds of millions
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Promontory could emerge from bankruptcy
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Village on the Creeks Developer Files Chapter 11
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East Texas Housing Finance Corp. Cut 11 notches to CC
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Stalking horse snags Tarragon
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JR Eaton homebuilder close to bankruptcy
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Manhattan’s Riverton Apartments Set for Auction Block
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Countrywide: don't believe our "mere commercial puffery"
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South Florida at forefront of foreclosure crisis
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Orlando 7th on most vacant list
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Metro Atlanta area 3rd worst in empty homes
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Detroit second on 'emptiest cities' list
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Forbes Calls Las Vegas 'America's Emptiest City'
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Ex-Employee: I Warned of Loan Fraud at World Savings
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Barclays shuts Equifirst US mortgage lender
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Ex-HomeGold attorney says he never saw Sterling engage in illegal acts
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Fraud:

U.S. Accuses Texas Financial Firm of $8 Billion Fraud
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Too little, too late from SEC in Stanford case
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US Marshalls Seen Entering Houston Office Of Stanford Financial Group
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Clients go to Stanford Financial's offices for answers
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The Manhunt Begins
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SEC Charges Stanford
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U.S. Moves Reverberate in Antigua
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In Antigua, R. Allen Stanford kept low profile
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Panama bank regulators seize local Stanford affiliate
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Hints of Madoff: SEC Charges Stanford With ‘Massive Fraud’
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R. Allen Stanford illustrates Peter Crane's theory of smart caribous
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Marland says Stanford deal a "fiasco"
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Stanford Wielded Jets, Junkets and Cricket to Woo Clients
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Stanford International Thanked CD Investors With Flowers, Gifts
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It's an uncertain time for Stanford-backed charities
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Texas company has title sponsorship on two tours
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They staked a claim to Klondike and ended with fool's gold
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Clarke admits deal with Stanford was a mistake
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Stanford was looking for Washington's embrace
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Cricket Dreams Crash With Stanford's Fall
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England, Wales dump Stanford
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Questions over Sir Allen from Ball 1
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Stanford, the man who hit cricket for six
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Allen Stanford, Ponzi Operator
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Anatomy of the Stanford investigation
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Antigua in shock as Stanford charged with fraud
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Caribbean's Millennium Bank is like Stanford: report
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Alleged Stanford scam could cost Canadians
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Where in the world is Sir Allen?
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Stanford Clients in Venezuela Close Accounts Amid US Probe
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Stanford had been on SEC's radar for some time
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Stanford and aides failed to appear for testimony
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Stanford’s Curious–and Fraudulent–Claims
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Multi-Billion CD Fraud is the Latest in a Rash of Ponzi Busts
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Stanford Group, a Madoff investor, accused in fraud
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Bank’s Madoff Settlement Doesn’t Impress Investors
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His foundation plundered, Elie Wiesel again rebuilds on ruins
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Safra Group customers fall victim to Madoff
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With Spate of Filings, Madoff Trustee Kicks off ‘Clawback’ Party
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Madoff Brokerage Liquidator Subpoenas 13 Financial Institutions
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Start Up The Madoff Subpoena Machine
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Bernie bashing
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Madoff Victims Turn to IRS to Get Relief
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Accounting Firms May Be Liable in Madoff Case
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Madoff Victims' New York State Law Claims
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Imprisoned Felon Was Adviser to Madoff Investor
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Madoff Lawyer May Have Conflict over Parents' Investment
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Santander sweetens offer to Madoff victims, but few accept
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Merkin warned that ‘Madoff returns smelled’
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International alliance to defend Madoff victims
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SEC Charges 4 From BlackBerry Maker Over Options
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Prosecutors Look Into Pequot Insider Trading
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Oil/Gas:

Oil slips below $35
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Transocean Net Falls After Oil Slump Cuts Rig Values
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Foothills wins DIP loan access
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SGLP apparently misses another Nasdaq deadline
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Wildcatter bucks trend in hunt for projects
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Pickens Reduces Energy Investments, Holdings Fall 97%
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Appalachian Oil can use cash
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Ethanol:

Major player in ethanol network in bankruptcy
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Ethanol industry professionals are optimistic about the future
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Radio:

Liberty deal staves off SiriusXM bankruptcy
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How Liberty Media Got Sirius
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Liberty's Plans for Sirius Still Unclear
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Liberty sees Sirius marketing, mobile video deals
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Sirius throws itself on the mercy of Malone
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Aviation:

Air Canada could be forced into bankruptcy - UBS
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JetBlue to Customers: If You Get Fired, We’ll Refund Your Fare
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Demand shrinks for private jets
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Finance:

Treasury Says Bank Lending Rose in December After November Drop
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Lending By Bailout Recipients Is Down
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Telecoms:

Suppliers left `in limbo' over Nortel bankruptcy
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Metals:

Aleris International says weak steel market caused US bankruptcy
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Layoffs:

Stimulus Infrastructure Funding Short-Changes States with High Unemployment
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Bringing Unemployment Insurance Up to Date
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Goodyear Cutting Nearly 5,000 Jobs After 4Q Loss
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Salaried Corning workers the latest to get pink slips
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Agilent will cut 600 jobs
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Report: Ingram Micro Lops 8 Percent
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Showbiz employment outlook troubling
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Lessons learned in life after layoffs
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Man seeks job at roadside
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Theme Parks:

Extreme Makeover: Bankruptcy Edition
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Bankruptcy Court Judge Approves Sale of Hard Rock Park Assets to FPI MB Entertainment LLC for $25 Million
(DBN Subscription Required)

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Shipping:

Ship financier posts $3.6 billion loss
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Turnarounds:

Turnaround Pro James F. Martin Launches ACM Capital Partners
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Academia:

Teaching Selected Ethical Issues in Bankruptcy
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Access to Credit after Bankruptcy
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Mining:

Sterlite to buy Asarco at half the offer rate
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Hedge Funds:

Hedge-Fund Firms Pressed to Consolidate After Losses Erode Fees
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Endeavour Flagship Shuttered
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Citadel Lets Investors Out. Maybe.
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So, What Did You Do Today, John Paulson?
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A simple solution would bring transparency to the hedge fund industry
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Distressed Investing:

Lampert Doubles CIT Stake, Adds Genworth Shares
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Vulture funds circle as debt fears bite
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Wilbur Ross interested in U.S. toxic fund
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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

Financial Humor

Bankruptcy Jobs:

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

‘Distressed’ Call For Bankruptcy Reform
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Mortgage Cramdown: Key to Unwinding the Banking Crisis?
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Obama's housing fix: help banks modify loans- or allow judges to
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Judges on Judicial Mortgage Modification Bill
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Scandinavian Home Mortgage Lien Stripping
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Banking lobby ignores current mortgage law
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Food/Drink:

Forward Foods, Detour Energy-Bar Maker, Files for Bankruptcy
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IBC relocating headquarters to Dallas
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Creditors force Neptune Industries into bankruptcy
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Peanut Corp. seeks liquidation
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Pilgrim's Pride wins approval to sell JV stake
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Kraft tells analysts it expects continuing weakness in the 1st quarter
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Jack in the Box Q1 earnings miss estimates
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Celebs:

Rap mogul injured in hotel fight
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Michael Vick to Lose His House at Auction
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TV’s Robin Leach Sues Deutsche Bank Over Las Vegas Condo Delay
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Politics:

Congress Gets Highest Approval Rating in Two Years
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GOP to hound Blue Dogs who support stimulus
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Cornyn spokesman says Stanford paid for 4-day trip to Caribbean
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Health Care:

Aliquippa Hospital To Have Bankruptcy Hearing
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Aliquippa Hospital Workers Still Waiting For Wages
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Bankruptcy seems like double speak
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For Uninsured Young Adults, Do-It-Yourself Health Care
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Good Samaritan Hospice files for bankruptcy
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Cancer Survivors Struggle to Find Jobs, Study Finds
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Half of hospital staff laid off
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Banking:

400 banks in 47 states have received government aid
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Put Banks Out of Their Misery
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Is It Time To Declare Some Big Banks Dead?
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Nouriel Roubini: Time to nationalize insolvent banks
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America's Insolvent Banks
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Bank nationalization gains ground with Republicans
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Greenspan backs nationalization
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There's no ARP in TARP
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Wall St. woe claims jobs on LaSalle St.
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Deadbeats Devastate Capital One
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Bank Watch: Goldman Sachs shares dive
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Bailed-Out Banks Charge Highest Fees in FDIC Sales
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Citigroup's Cost-Cutters Turn Blind Eye to Offices, Staff for Prince, Reed
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ING Reports Second Quarterly Loss After Writedowns
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Bonus squeeze at RBS, Lloyds
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Limiting Banker Bonuses Could Backfire
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Credit Cards:

Credit card reform gets another look
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Another U.S. Lawmaker Assails Universal Default
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Tax:

Bank Asks Offshore Clients to Sign Tax Forms
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Committees:

Upcoming DE Organizational Meetings
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Upcoming NJ Organizational Meetings
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Football:

Panthers Layoff Nearly Two Dozen Employees
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Retailing:

Wal-Mart Outpaces a Weak Economy
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Economy Adjusts Store Relations on Madison Avenue
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Gottschalks wins final cash use
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Games:

Court OKs Midway operations, NYSE delists stock
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Lehman:

Lehman gets court OK to boost capital at bank units
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London Chefs Mourn Lehman; 50 Eateries May Fail
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Corporate Reform:

Signs of change at the S.E.C.
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______________

Newspapers:

Tribune Co. freezes non-union salaries
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'Sun-Times': Scoops Show Worth of For-Profit Newspaper Ownership Model
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Photography:

Creditors Balk at Polaroid Asset Sale
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Credit Reporting:

A Friendlier Approach to Credit Scores
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Mass Torts:

Fla. Smoker Widow Seeks $130 Million Damages
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Arts:

The Arts Need Better Arguments
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Education:

Recession 101: Courses for a Crisis
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Accounting:

No jobs on graduating, KPMG tells trainees
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Barron's Is Way Off Base Regarding Mark to Market
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Sporting Goods:

Puma Reports 79% Profit Drop and Declines to Provide Forecast
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Auto Racing:

NASCAR Tries to Outrace the Recession
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RVs:

Country Coach judge denies stay relief
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Motorcycles:

Harley Davidson Faces Recession - and Aging Riders
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Insurance:

Five months into its bailout, insurer AIG selling units, paying back government
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Seagate Sues Over Unpaid Legal Costs
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Religion:

Oregon Jesuit province files for bankruptcy
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Christians are regarded as ‘mad’ by society
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Computer Security:

IdentiPHI seeks stalking-horse nod
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______________

Want to Be Rich? It's About Being Rude to People
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UK:

BOE Unanimously Agrees to Seek More Authority to Create Money
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U.K. Home Prices Continue to Drop
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Manufacturers Call For Bank-Style Bail-Outs
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Pre-packs: So you think it's a TOGC?
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Pensions before dividends, says regulator
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Property shares slide on fear of rights issue failures
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Topps Tiles attacks withdrawal of cover
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KPMG sees hope on the UK high street
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Suppliers must guard against "Retailer Dominoes" - warns national retail legal adviser
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Deloitte gives company cars to all staff
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Extra £650m as L&G tries to reassure shareholders
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HSBC needs to raise more than $15bn
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Businesses feel the pain of white-collar blues
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UK authorities cracking down on misleading debt adverts
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EU:

Insolvent Euro States May Need Bailout From Richer Ones, Steinbrueck Says
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Eastern Europe Fears Take Toll on Euro
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Eastern Europe showing new vulnerability
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Eastern Europe Shakes Banks
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Downgrades Loom for Hungary, Poland, Czech Bonds, Yields Show
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Germany, France May Face Bailout of Nations, Not Just Banks
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Zero-Rate World Puts Trichet Behind Bund Curve as Europe Recession Deepens
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Euro Trades Near 10-Week Low on Bets Europe’s Turmoil to Worsen
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Euro Gains as European Banks Post Better-Than-Expected Results
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European Construction Output Declined Last Year by the Most Since 1995
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Canada:

More auto job cuts coming: PM
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Ian Thow arrested in Portland, Oregon
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Household debt a growing concern
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Japan:

Japanese Finance Minister quits over drunken ramble at G7
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Five Reasons for Japan’s Leaders to Get Drunk
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Minister Quits at Bad Time for Japan’s Economy
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Japan Finance Chief May Consider No-Interest Bonds
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Japan Stocks Drop on Recession Fear; Topix Falls to 25-Year Low
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Goldman Cuts Japan’s Earnings Forecast, Predicts Stocks to Fall
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Osaka Pref. needs 1.37 trillion yen by 2018 to avoid insolvency fears
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The yen is heading for a fall
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Poland:

Polish group Sfinks seeks bankruptcy protection
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Taiwan:

Taiwan’s Economy Probably Posted Record Contraction on Exports
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Taiwan Cuts Interest Rates as Economy Posts Record Contraction
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Germany:

Germany to Extend Bank Bond Guarantees to Five Years
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Germany Adopts Plan to Seize Hypo Real Estate as Last Resort
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German Bank Group Offers Details on Bad Bank Proposal
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Hong Kong:

White & Case Joins Laracy Gall for `Perfect Storm' of Hong Kong Insolvency
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Brazil:

Brazil January Jobless Rate May Have Jumped Most Since 2002 on Slow Growth
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Ukraine:

Ukraine's Credit Ratings May Be Cut by S&P Over Risks to IMF Bailout Loan
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Sweden:

Toymaker Brio facing financial train wreck
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Ireland:

Moody's cuts IL&P long-term debt rating
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Is Ireland the next Iceland?
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France:

Sarkozy Meets Unions to Discuss Consumer Aid as Slump Deepens
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Asia:

Asia's jobless may hit 23.3m in 2009
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______________

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