February 19, 2009

The Daily Bankruptcy News

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Law:

Here Come the Stanford Lawsuits
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Proskauer Rose Moves into Expanded Chicago Office
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Dewey Adds Bankruptcy Lateral
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A&O hires restructuring duo for New York
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UBS Taps Wachtell for Tax Case Settlement; Pays $780 Million Fine
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Dewey & LeBoeuf takes the lead on MBIA split
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Shearman & Sterling Joins the List of Decliners
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Shearman PEP down 9% but firm eyes 'opportunity'
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Layoff Watch: Kramer Levin Kuts 39 (18 Lawyers, 21 Staffers)
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Layoff Watch: Deloitte Debits Attorneys
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Be Proactive Instead of Waiting For The Reaper
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Is anyone still busy despite the downturn?
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Pay Freeze Watch: Katten Muchin and Akerman Senterfitt
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Start Date Watch: Hogan & Hartson Is Moving On Back
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Associate Life Survey Results: Fear, Firings and Firm Support
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Nearly Half of Lawyers Surveyed Expect to Earn Less in 2009
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Howard Rice Names New Chairman
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Survival Instincts Kick In for Small Firms, Solos
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Wisconsin is Still a Relatively Hot Hiring Market for Lawyers at All Levels
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Can't Find Work? Move to the Great White North
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Managing the Meltdown
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Peer Pressure
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Retrial Begins in Wacky Fen-Phen Lawyer-Fraud Case
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Lawsuit of the Day: Geronimo v. Yale
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Clock Ticking On Marc Dreier Bankruptcy
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Stanford Financial Scandal and Whistleblowing Rules for Lawyers
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Madoff Attorney Uses Savvy and Likability to Protect a Despised Client
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Fla. Lawyer in $83M Real Estate Fraud: I Didn't Think It Was Criminal
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The Bankruptcy Files: Broadcasters, Defense Contractors, Fisheries
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Hearing More Like Probe as Lawyers Try to Explain Fee-Sharing Pact
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Dallas Lawyer Exchanges Law for Career in 'Hot Yoga'
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Crime Labs in Disarray Nationally; Reform, Independence Needed, Report Says
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Pls Hndle Thx: Get Rich or Die Tryin'
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Judges:

Pregaming the Massey Coal Arguments: A Spotlight on the Lawyers
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Judge of the Day: Joseph R. Wall, You Can Find Me at The Club
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Wall Street:

Stock Decline Hits Depression Levels
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Wall Street Poised for Moderately Higher Opening
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Market Ends About Where It Started
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Wall St dips on housing data, sour results
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New York to Spend $45 Million to Retrain Laid-Off Wall Streeters
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Partners at Goldman facing margin calls
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5 Stocks That Benefit From Others' Losses
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Bonus Cuts Hurting More Than Top Wall Streeters
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Principal May Turn to ‘Strategic’ Investor in Hunt for Capital
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Autos:

Bankruptcy may be good option for GM - analysts
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Bankruptcy Could Be More Costly
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The Auto Dead Zone
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How long will GM keep brainwashing Congress?
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Ford to stay its course: No loans
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Four at Four: $20 Billion Now or $100 Billion Later
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GM's Plan—Subsidize Our 48-Year-Old Retirees
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Carmakers rush to sell their plans
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GM, Chrysler bailout: bankruptcy on the cheap
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G.M. Says New Loan Is Adequate to Save It
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Chrysler calls GM tie-up 'best option'
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Questions About A GM Bankruptcy May Be Academic
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Obama is his own 'czar' in auto crisis
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Looking at Competing Interests in Auto Maker Rescues
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Text of GM, Chrysler Recovery Plans, Related Documents
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Taxpayers face long-term needs from automakers
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Local auto workers frustrated by lack of support from fellow Americans
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GM, Chrysler call aid crucial to existence
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Detroit's Bailout Mania
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Automaker Bailout: Take Two
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Where Will Additional Money for Automakers Come From?
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US automakers eat up much money, the figure may reach $130 billion
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GM's mother of all scare tactics
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Gun put to the heads of auto workers
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As UAW faces hard times, pioneers recall glory days
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GM Expects Talks at ‘Higher Pace’ With Auto Union, Bondholders
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Bondholders Fault GM's Plan
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GM bailout checklist
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Chrysler bailout checklist
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VEBA health care trust major sticking point in UAW negotiations
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UAW rejects stock for VEBA
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With Chrysler on the Brink, Joan Zimmerman Gets Her Retirement Offer
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GM debt mountain looms as key talks heat up
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Survey: Most Americans reject more loans for automakers
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Senator Skeptical About Auto Bailout
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Still no love for Detroit
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GM, Chrysler Downfall Leave No Easy Solutions
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Seeking More Federal Money, GM and Chrysler Promise Greener Vehicles
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Why GM can't repay the money
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GM Plan Success Still Hinges On Reaching Tough UAW Deal
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AP sources: UAW deal cuts bonuses, some raises
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UAW deal limits OT, changes work rules
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The GM and Chrysler Plans: Are They Enough?
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Carmakers make plans, do little
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Detroit: Learning to think small
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The Chrysler Effect?
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Detroit's Disconnect
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GM says it will need to make $18 billion in pension contributions
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Edmunds.com Analyzes Automakers Restructuring Plans
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GM takes some cues from Geithner
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GM: Prepare for the Death of Pontiac and Saturn
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S&P lowers nine Ford-related dealer floorplan ABS ratings
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Parts makers in wrench with auto woes
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New-car dealers look for upside
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Hummer dealership prepared if brand dies
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Sweden Rejects Saab Bailout, Is “Deeply Disappointed” With GM
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Saab Fans Brace for Worst as GM Threatens Disposal
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Saab may be days from bankruptcy
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Saab board meeting to discuss ways to avoid bankruptcy protection
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Saab to request immediate restructuring: Report
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GM Europe: Open to discussing partnerships
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Europe Cool to GM's Aid Push
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GM talking with China's SAIC to raise cash: sources
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GM survival plan jolts Korean unit
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Auto Makers’ Future in Canada Remains Unsettled
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German states open to helping GM's Opel
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GM not planning Opel plant closures -German politician
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GM selling off European brands?
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General Motors Seeks Pension Help in Canada
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Canada Makes C$500 Million Claim Against Chrysler
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Retailing:

OfficeMax Posts 4Q Loss; Sales Woes Persist
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S&K Famous Brands men's chain to close 30 stores
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Retailers face off with name brands in recession
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Consulting:

Lazard Is Criticized for Non-Disclosure in Tribune Case
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BearingPoint Files Chapter 11
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BearingPoint Ch. 11 the tip of the iceberg?
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Trucking:

Consolidation expected as truckload rates continue down
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FDIC to Flying J-owned bank: No more loans to ‘The Hook’
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A Teamster in the making: Frank’s ‘Wake-up Call’
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Hedge Funds:

Hedge-Fund Clients Pulled $74 Billion in January
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Funds hand back cash and face a shrinking future
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Ontario probes hedge funds for 'red flags'
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Madoff distortion makes some hedge funds look good
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Aviation:

Premium Air Travel Slump May Quicken Amid Recession, IATA Says
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Delta execs get stock, employees get buyouts
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Mesa Air Group posts $15.2M quarterly profit
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TSA to require body scan or pat-down
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Foam:

Foamex, Foam-Products Producer, Files for Bankruptcy
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Tech:

HP Reports Sharp Drop in Earnings
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Greeting Cards:

Recycled Paper Greetings Gets Bankruptcy Court Approval of Reorganization
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Media:

CBS posts 52% profit drop, cuts dividend
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CBS Dividend Cuts Whack Redstone
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Equity Media sets auction
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Bankruptcy Won't Affect Charter Clients
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Young Broadcasting wins cash use
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Economy:

Fed's Evans-US economy contracting at disturbing pace
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US economy to shrink up to 1.3% in 2009, Fed says
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New Reports Due on Jobs, Wholesale Prices
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JPMorgan Chief Executive Dimon Says Obama Plan ‘Comprehensive’
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Factory Output, Housing Starts Plunged in January
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Too much optimism at the Fed
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Is the Administration Winging It?
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Obama's 'Hair of the Dog' Stimulus
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Good times gone
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What the stimulus package could buy
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U.S. Import Prices Slide 1.1%, Sixth Straight Decline, on Global Slowdown
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Tax cuts may heighten deflation risks - NY Fed study
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Fed Cuts 2009 Growth Outlook, Sets 2% as Inflation Target Over Longer Term
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Fed to Release Longer-Term Economic Projections, Bernanke Says
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Bernanke Claims Lending Programs Pose Little Risk to Fed
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Ben Bernanke, Fed Chairman and Newly Minted Radical
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Deflation next Obama quagmire
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Bloomberg Proposes Aid Program for New York Financial Industry
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Real Estate:

Housing Starts in U.S. Plunge to Lowest Level on Record Amid Credit Freeze
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Mortgage Loan Applications Jump 45%
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Obama speech on home mortgage crisis
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Obama unveils $275bn plan to help homeowners
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Some Ineligible Americans Are Riled Up
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A Helping Hand for (Some) Homeowners
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The Threat from Underwater Homeowners
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Modifying Mortgages Can Be Tricky
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Re-default rates are 55% after six months
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More Housing Details Are Pending, but First Some Answers
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Obama’s $75 Billion Foreclosure Plan Spells Relief for Bankers
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Homeowner Aid Seen as Risky to Banks
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Housing Plan Reactions: ‘Ambitious,’ ‘Mistake’?
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Can’t pay or won’t pay?
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Obama tells Arizona crowd foreclosure relief coming
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VU professor says mortgage foreclosure plan isn't tough enough
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How the Obama mortgage plan affects borrowers
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California Foreclosure Center Shows Obama Challenge
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Finally paying the piper
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Program would seek to bring mortgage payments down to 31% of income
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Pressure to Rework Mortgages Will Ripple
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Government Doubles Available Aid to Fannie and Freddie
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Building Permits in US Show a ‘Glimmer of Light’ for Housing
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Patterson Park CDC Files for Bankruptcy
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Seven Falls development facing $5 million in liens
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Auction called off at Riverton Houses
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The rise and fall of a homebuilding empire
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Magic Johnson-funded NY condo developer seeks Ch.11
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Developer Kline files for bankruptcy
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Temporary halt to foreclosures urged for NY
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Fannie, Freddie Guidelines Slow Down Sales in Florida
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Wells Fargo extends foreclosure moratorium
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Transition From Homeowner to Renter Can Be Jarring
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Credit-crunched billionaire asks for deposit back -- on world's most expensive house!
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Want a 15-Second Foreclosure Hearing? In Florida, You Can Have One
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Home where California octuplets live faces foreclosure
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Stimulus not likely to stem tide of North Texas foreclosures
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Class Sues Banks Over Option ARM Mortgages
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Fraud:

Allen Stanford’s Location Isn't Known to Regulators
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Stanford fails in bid to leave USA
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Stanford goes on the run in the US
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Hunt for Allen Stanford and his billions
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Bye Bye Bernie: There’s a New Legal Drama in Town
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Accused Financier Under Federal Drug Dealing Investigation
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Financier Stanford owes millions in taxes, records indicate
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Ex-prez of Switzerland reportedly bolts from SFG board
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Dad in Mexia: 'I cannot believe' claims about billionaire
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Israelis may be exposed to Stanford Financial fraud
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US AG sees Madoff and Stanford cases as largest frauds
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Stanford: Boosting FDIC-Backed CDs
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Stanford Presented Hypothetical Performance Data as Actual, Executive Says
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Stanford Lured Clients With ‘No Worry’ Promise, Rates
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Antigua reacts to Stanford charges
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Depositors rush Stanford-owned Caribbean bank
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As Others Fled Venezuela, Stanford Saw a Chance
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Billionaire's Bank Customers Denied Their Deposits
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Latin Americans fret as Stanford crisis spreads
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Stanford Spent $7.2 Million to Lobby and Help US Lawmakers
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Let's Go Get Our Money
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To Sir With Clients' Money
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Stanford Alleged Fraud Threatens $100 Million of Sports Backing
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Stanford scandal: A calamity at the heart of cricket
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Allen Stanford: The Cricket Mad Fraudster
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Chairman questions Stanford payouts
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Stanford a lesson for greedy cricket
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Allen Stanford's Girlfriend Gaffe
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First Stanford Financial Group Securities Lawsuit Already Filed
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Class Action Piles On Stanford Group
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Sir Allen's Powerful Pals
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Venezuelans May Have $3 Billion in Stanford, Regulator Says
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Hundreds line up at Stanford offices in Venezuela
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Panic queues form at Stanford banks
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Alex Dalmady, the internet whistleblower
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Did the Feds Kill the SEC's Stanford Investigation?
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SEC faces fresh storm over Stanford
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Highlights of the SEC Complaint Against Stanford
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S.E.C. Fines Didn't Avert Stanford Group Case
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Too little, too late from SEC in Stanford case
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Stanford: Tell me lies, tell me sweet little lies
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FBI Said to Probe Stanford, Bank in Alleged $8 Billion Fraud
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Clients thank brokers who steered them clear of Stanford
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Signs That Robert Allen Stanford Is Probably Guilty
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Get ready for Stanford: The Movie
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Stanford’s mysterious billions
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Second Stanford investment is under scrutiny
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Web site for Stanford Financial Group Receivership
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Big-hitters stumped by their own ego
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KBL, La Mondiale Lose Bid to Get Madoff-Linked Funds
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Madoff’s trail of BK pillage - Court papers reveal long list of residents who lost their shirts
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Madoff Loss Spawned in ‘Bargain With Devil’ at Cerberus Bank
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Witnesses recount building nest eggs at Carolina Investor's Inc.
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Colorado Man Sued By Regulator for $16.8 Million Ponzi Scheme
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Tennessee Ponzi investor McLean's aunt faces lawsuit
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Small Businesses Face More Fraud
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Tax:

UBS to identify tax haven customers, pay $780 million
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Personal Finance:

Leaving his family behind
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Sellers Find Tough Market For Antiques, Heirlooms
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Talk to your teens about tough economic times
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Parents in Crisis: When Trouble Trickles Down
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Sports:

Vancouver assumes financial control of Olympic Village
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Health Care:

Businessman wants to buy bankrupt Aliquippa Hospital
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Stimulus Makes Cobra Affordable
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Hospital May Have to Close Obstetrics
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Brownsville Health files Chapter 11 bankruptcy
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La. hospital still struggles with hurricane’s effects, lays off 100
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Turning Out The Lights: Elephant Pharmacy
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Medical costs by the numbers
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Baseball:

Baseball battles the slump
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Layoffs:

Eclipse issues furloughs to 800 employees
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Disney cuts jobs at theme park division
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Hewlett-Packard Cuts Employee Pay as Silicon Valley Retrenches
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The Labor Market According to Littler: ‘Like a Light Switch Going Off’
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Outsourcing:

Genpact Sees Promise In Economic Rubble
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Hockey:

Coyotes' Moyes considering outside investors to keep team in Arizona
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Bankruptcy Litigation:

Arrest warrant requested for Y-Stone Club owner
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Theme Parks:

Disney to restructure domestic theme park operations
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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:

Chamber: Housing Plan Could Haunt Recovery
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Bankruptcy Law Changes Part of Obama’s $275 Billion Housing Plan
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Amended bankruptcy law should reduce foreclosures
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Mortgage plan opens bankruptcy option
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Bankruptcy Lawyers Cheer Mortgage Modification
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Consumer Bankruptcy:

U.S. No Longer "Most Liberal" Consumer Bankruptcy System?
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Banking:

Bernanke: Bank nationalizing, if needed, won’t last long
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Too Big to Bail: Lehman Brothers Is the Model for Fixing the Zombie Banks
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Wells Fargo shares fall; fears of payout cut, losses
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Things May Not Be Well at Wells
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Greenspan Finally Gets It Right on Banks
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Sen. Graham says bank nationalization an option
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A Swiss Bank Is Set to Open Its Secret Files
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Gambling:

Donald Trump Is Keeping Former Foe Frank Merola Close
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Trump Entertainment First Day Declaration
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Allen Stanford Fraud Case Could Mar Online Gambling Hub
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Financier Icahn may offer to buy Tropicana casino in A.C.
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The Trouble With Trumponomics
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RP casino faces new legal challenge
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Insurance:

Insurance costs to jump as insolvencies soar
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Mortgage relief plan offers no relief for insurers
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MBIA Splits Off Municipal Bond Insurance Business
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Moody’s joins S&P, downgrades MBIA
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Swiss Re Downgraded by S&P After ‘Capital Depletion’
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Swiss Re Has Record Fourth-Quarter Loss on Writedowns
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Executive Compensation:

Jeff Immelt is no hero
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Constellation Energy CEO Shattuck won't get 2008 bonus
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IRS Questions Pay of Charity Executives
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Religion:

Jesuits’ Oregon Province becomes first order to file for bankruptcy
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Jesuits' Ch. 11 filing in Ore.
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Magazines:

Playboy posts steep loss, will consider company sale
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Playboy: Christie Hefner’s $everance was ju$t right
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Playboy 'would consider' selling
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Food/Drink:

Bruno's wants to close some stores
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Leading Agriprocessors bid falls through
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Trustee named to oversee Peanut Corp liquidation
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Stormy Seas for Peanut Corp. Owner
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Boll Weevil assets being abandoned
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Oil/Gas:

Oil Falls Below $35 on More Bad Economic News
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SemGroup Creditors Sue Former Chief Executive Kivisto
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Nasdaq will delist SGLP
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Gas Stations Running on Empty
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Credit Cards:

Bank of America, Amex May Suffer as Card Defaults Set Record
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Capital One Reports Rise In January Net Charge-Off Rate
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Radio:

Nova M Radio Files for Liquidation
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Newspapers:

5 Big Papers to Share Articles and Photos
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Mass Torts:

Grace Prosecution Over Montana Poisoning May Disrupt Bankruptcy
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Distressed Investing:

As debt becomes due, the vultures gather
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Accounting:

KPMG audit chief: no compromise on going concern warnings
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India Opens High-Level Inquiry in Fraud Case
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Holding the Madoff Accountants Accountable?
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Derivatives:

Hidden agendas on insolvency mean work for lawyers at least
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Banks Agree to EU Demand for Credit-Swaps Clearing
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Fear about 'insolvent' banks jacks up counterparty risk
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Celebs:

Rap mogul Knight admits assault
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Municipalities:

California GOP determined to hold out against tax hikes
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Final GOP Senator Will Back California Budget
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Cost to California Could Grow
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Louisiana May Not Take Stimulus Money
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Cities welcome stimulus funds, but still wary
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Alabama's Jefferson County seeks time over debt
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Jefferson County's Crisis Never Takes a Break
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Town sent into reverse by car crisis
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Lehman:

Santander Said to Study Madoff-Style Deal on Lehman Bond Losses
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Shipping:

Excel Only First To Be Hit By Default Wave
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Bonds:

Default Rates on Corporate Bonds: Next Phase of the Credit Crunch
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Telecoms:

Nortel to present business plan in few weeks
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Nortel holding more than $1B in unused tax credits
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Nortel scraps shareholder meeting; eyes more cuts
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Sprint Nextel Reports $1.6 Billion Loss in 4Q
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Ethanol:

Paladin gets GOE Lima
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Claims Agents:

Lack of Transparency Challenges Corporate Bankruptcy Industry
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Finance:

Bailout cash fails to boost lending to businesses
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UK:

Business confidence hits new low
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Bosses call for insolvency reform
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It's bad - but it's worse for everyone else
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UK January Revenue to Show Slump on Bank Bailouts
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UK Financial Industry Job Openings Fall 64% in a Year
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Zavvi: The day the music died
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RBS 'insolvency' causes court battle
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He can - can we?
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Loss of income or redundancy forces 1 in 5 to ask for help
(DBN Subscription Required)

Shareholders plan Northern Rock appeal
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EU:

“Europe is now the epicenter”
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Growth in E. Europe Now a Dream Deferred
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EU: Stimulus Plans Leaving Big Budget Gaps
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Canada:

Bankruptcies in Canada soar 46.7%
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Canada Slips on Oil's Slide
(WSJ: separate paid subscription required)

N.Y. Livent judgment enforceable in Canada
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Consumer goods CEOs pessimistic on year ahead
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Transcontinental to Cut 1500 Jobs as Sales Dry Up
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Japan:

BOJ May Unveil Debt Program, Extend Commercial Paper Purchase
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BOJ Shirakawa says economic outlook unclear
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Japan opts to leave rates on hold
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South Africa:

South African Retail Sales Decline for Eighth Consecutive Month
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______________

France:

Sarkozy Offers EU2.65 Billion of Tax Cuts, Aid to Households
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France:

Heart of La Defense in Talks With Creditors
(WSJ: separate paid subscription required)

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China:

In Search Of Profits Amid China's Slowdown
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China businesses turn to pawn shops as loans dry up
(DBN Subscription Required)

______________

Russia:

Russia losing jobs fast
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Bank of Russia makes money off crisis
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S. Korea:

South Korea starts a round of belt-tightening
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______________

Germany:

German cabinet backs bank bailouts
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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).