February 25, 2009

The Daily Bankruptcy News

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Law:

Heller's Last Laterals Took $7 Million
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GM Bankruptcy Advisers’ Fees Might Be ‘Bonanza’ $1.2 Billion
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Government Should Cap Huge Banker And Legal Fees For GM
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Law Firm Consultant: ‘I've Never Seen It This Bad’
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Layoffs at Sheppard Mullin: 25 Lawyers Let Go Since January
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Layoff Watch: Sheppard Mullin Is Finishing Up Rolling Layoffs
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Layoff Watch: Paul Hastings Takes Layoffs to L.A.
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McKee Nelson's Creative Approach to the Financial Crisis
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Lawyer Layoffs at Neal, Gerber & Eisenberg Include Partners
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Revenue Up Slightly at Dykema, Flat at Miller Canfield
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Weil, Debevoise, Cooley Help Spin off Lehman Venture Capital Unit
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Notes from the Breadline: You Can't Go Back, and You Can't Stand Still
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Helping out clients in tough times
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Pillsbury Layoff Update
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Pillsbury's 'Voluntary Departure' Plan
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Dreier unsecureds seek info. protocol
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Managing During a Death Spiral
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Can corporate entertainment on a credit crunch budget still impress clients?
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Are Female Lawyers at Risk in a Recession?
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Law Firm Forms Stanford Financial Fraud Task Force
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Marbury v. Madison: 206 Years Old and Still Going Strong
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Eight is Enough: Introducing the (Very) Busy Deal Lawyers at Treasury
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Gen Y Is Coming! Don't Panic!
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Formula for a Successful '08: Close Your Books in September Before the Bottom Falls Out
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Progress Comes With Higher Rent, Tougher Terms for Many NYC Lawyers
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The Fine Art of Overbilling
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Fish & Richardson Sued Over 'Hot Potato' Move
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U.S. Supreme Court Won't Review 'Rocket Docket' Ruling
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Yale Imposes Pay Freeze on Faculty Earning Above $75,000
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Law Applications Surge at Some Schools, But National Increase Is Less Than 1%
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8-year sentence for faked court papers
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Judges:

Ginsburg Was First Questioner in Two Supreme Court Arguments Yesterday
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Investigator Alleges 'Spanking Judge' Used Power for Sexual Liaisons with Prisoners, Drug Trafficking
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Brotherly Shove: Sibling Judges Face Ouster From the Bench Over Financial Dealings
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Judge Who Ruled in Milberg Fee Case Gets Job with Firm
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Another Federal Judge Allows Twitter Coverage of Trial
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Glass Ceiling Shatters in Palestine: 2 Women Become Islamic Court Judges
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Wall Street:

Stocks in Europe and Asia Advance; US Index Futures Decline
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No momentum for Wall Street
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Bernanke comments comfort Wall Street
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Europe exodus widens at Merrill
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Thain Arrives at Cuomo's Office to Testify on Bonuses for Merrill Staff
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Fidelity operating income drops 18 percent
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Fidelity's fund assets fell 23% in 2008
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Fidelity Investments sees $351B drop in total assets under management
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Banking:

Bernanke: 19 banks eligible for common infusion
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Bernanke Rejects Idea U.S. Will Employ Stress Tests to Nationalize Banks
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US to Get Bank Ownership Stakes Only as Losses Rise
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There are no zombie banks, Bernanke says
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S&P to kill banks?
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Top Democrat Eyes Bank Takeover
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Bank of America CEO: No talks on larger U.S. stake
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U.S. regulators brace for jump in bank failures
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Northern Trust defends spending on PGA event, parties
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Why Even Bernie Madoff Can't Match Marcel Ospel as Man Swiss Love to Hate
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Aviation:

Bankruptcy looms for some airlines in 2010, analysts say
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Eclipse seeking Chapter 7 bankruptcy
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Ten trends affecting business travel in 2009
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Sully becomes a hero again: "Pay Cut, Pension Gone"
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Airline Finances May Hurt Safety, Sullenberger Says
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Craiova Airplanes request money from AVAS to avoid bankruptcy
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Retailing:

Target Q4 profit drops 41%
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Target Is Planning To Take Greater Aim At Wal-Mart's Success
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Macy's Reports 59 Percent Drop in 4Q Profit
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Home Depot, Nordstrom, Macy’s Earnings Beat Estimates
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Fortunoff liquidation could begin this week
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Gottschalks bonus plan draws fire
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Cupertino Square could be sold, emerge from bankruptcy
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Cupertino goes back to drawing board
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Retailers Report Dismal 4th Qtr, Gird for Future
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Foam:

Foamex wins bankruptcy court approval for funding
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Bankruptcy Services:

Epiq profits from bankruptcy boom
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Telecoms:

Nortel asks court to hire Mercer pay consultants
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Nortel sells Alteon technology for a fraction of its original value
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Nortel pensioners fear the worst
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Jewelry:

Finlay Negotiating Terms with Vendors
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Economy:

Consumer Confidence, Home Prices Slump
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US Data Stay Dim
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Retail Earnings Reflect Slowing Spending
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Watchdog: TARP Fraud to Be Costly
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Northern Trust Spending Rekindles Criticism of Bailout ‘Abuse’
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Obama to focus on economy in high-profile speech
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Bernanke fears recession could extend to 2010
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Jindal calls plan irresponsible
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Obama's Head Of Econ Council Falls Asleep At Summit
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How long will recession last?
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The gravity-defying debt problem
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PIMCO: Nationalization bad approach
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Real Estate:

U.S. home prices fall at record pace, consumers fret
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US MBA’s Mortgage Applications Index Fell 15.1% Last Week
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Hardest Hit Markets Unlikely to Get Relief From Obama Rescue
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Fannie, Freddie Should Relax Loan-Modification Rules, FHFA Says
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A Look at Case-Shiller Numbers, by Metro Area
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Houston mayor drops plan to pay homebuyers' credit card bills
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Real Estate Slump Hits Manassas, Va., Hard - $250K-$300K Houses Going For $40K-$60K
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Village Homes reports negative cash flow in January
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WL Homes gets interim cash OK
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Young partygoers arrested for trashing a foreclosed Florida home
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Some Techniques May Not Work To Delay Foreclosures
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Bankruptcy Music:

"Bankruptcy Lover" - The new song by Bankruptcy Bill and The Fresh Starts
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Autos:

Delphi wins right to cut retirees' benefits
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Delphi could cut healthcare for 15,000
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Delphi symbol of our despair
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Visteon 4Q Loss Widens, Heightening Bankruptcy Risk
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Federal-Mogul Corp. sees big loss
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Car parts makers face a 2009 of bankruptcies
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Leaders want help for auto suppliers
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Washington gets serious about saving GM, Chrysler
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Detroit's Bankruptcy Event Horizon
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Auto task force meets with lawmakers
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Goal of U.S. autos task force not bankruptcy: senator
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Obama Team Planning for GM, Chrysler Bankruptcies
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GM asks Saturn dealers for more time
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Is Ford Different From GM and Chrysler?
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UAW: A Seat on Ford's Board?
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Top Ford Execs Take Pay Cuts, More Buyouts Offered
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Ford, Mulally Cut Pay; Salaried Workers Forgo Bonuses
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GM, Chrysler Finds More Corners to Cut to Save Money
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Car Dealer Closings Accelerate in 2009
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CAW ready to deal
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GM Europe Workers Urged to Rally for Jobs
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Tech:

Microsoft sees weak market continuing
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Chemicals:

Lyondell Creditors Object to Use of Bankruptcy Loan
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Lyondell CFO unsure about payment on 2027 notes
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Newspapers:

Philly news execs skip raises in bankruptcy case
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Hearst says it may close or sell SF Chronicle
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Hearst Threat to Close Chronicle Underscores ‘Terrible’ Climate
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San Francisco: A no-newspaper town?
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Tierney’s Troubles
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Municipalities:

Stockton Weighs Bankruptcy
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Vallejo Looks at Cutting Police, Raising Taxes
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Food/Drink:

Pilgrim's Pride, fired chicken growers to face off
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Lehman:

Lehman VC to spin-out, RE decision expected soon
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Goodbye Lehman Brothers, Hello Tenaya
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Credit Cards:

8 myths about settling credit card debt
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Environmental:

Cleantech faces bankruptcy without quick aid
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Health Care:

Medicare for All Would Create 2.6 Million Jobs
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Cuts likely at Temple Health
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Katzenberg Aims to Shut Nursing Home of ‘Star Trek’s’ Dr. McCoy
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Celebs:

Calif. Appeals Court to Michael Jackson: Pay Legal Bill
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Tax:

Obama signals end of tax loopholes
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Corporate Governance:

Chancery Court Dismisses Shareholder Claims Against Citigroup for Failure to Monitor Subprime Risks But Allows Waste Claim for CEO Pay
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Layoffs:

Googling "Unemployment"
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Thousands line at New York job fair
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The Legal Minefield of Cutting Workers' Health Care Benefits
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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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Bankruptcy Jobs:

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

Bankruptcy Bill May Spur Jump in Personal Filings, CBO Says
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GOP lawmakers take issue with loan modifications
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US House to take up housing bill on Thursday
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Fraud:

Stanford workers have ties to regulator FINRA
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Stanford Clients Sending Out an SOS
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Hetherington: I told you so on Sir Allen Stanford... in 1991
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Madoff investors may be able to trade their claims
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Madoff Investors Lose Bid for Exemption From Deadline
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Madoff Must Have Had Help, Lawyers Say, Citing Trustee Report
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Leave The Fraud, Take The Cannoli
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Alleged $3.5B Petters Ponzi Scheme Racks Up Another $1.6M in Legal Bills
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Insurance:

Allstate Halves Quarterly Dividend
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Ambac Posts $2.34 Billion Net Loss on Mortgage Debt
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AIG’s Liddy May Shift Strategy as Asset Sales Stall
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AIG Will Have to Sell Big Insurance Units
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AIG Preparing for Possible Bankruptcy
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Will AIG go down in flames?
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Why AIG Had to be Nationalized
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AIG may still be too big for government to let it fail
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AIG looks like Geithner’s next big headache
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Black Holes May Test Government's Limits
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‘Dead Peasant’ Policies: The Next Big Thing in Insurance Litigation
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Bizarre Claim Against Amegy Bank
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Gambling:

Wynn Resorts Swings To 4Q Loss On Lower Revenue
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Boyd bids $950M for chunk of distressed Station Casinos
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Mass Torts:

Trial Starts in Libby, ‘A Great Place to Grow Up'
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W.R. Grace Faces Prosecution Testimony From Former Little League Players
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Pharma:

Dynogen files for bankruptcy protection
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Comedy:

Could bailout include money for Dave Chappelle's tour?
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UK:

Darling in tense talks with banks
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Iceland scraps legal threat to UK over asset freeze
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Signs of turnaround in fragile housing market
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Recession 'not yet clearly worse' than others
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UK Homebuilders May Write Down 1.63 Billion Pounds
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EU:

Data Show Deepening of Slump in Europe
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European banks boosted by Bernanke
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BDO says emerging economies following Europe downhill
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Germany Only Euro-Area Economy to Shrink in 2010, EEAG Says
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Latvia:

Latvia junked
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Estonia:

The number of bankruptcies might triple in Estonia
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Hungary:

Bankruptcies rise 16% in Hungary in 2008, topping regional average
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Canada:

Obama in Canada Finds Best Financial System Without Bad Banks
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Germany:

Sliding Exports Trouble Germany
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Schleswig-Holstein Faces Bankruptcy on HSH Nordbank, Bild Says
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German CDS debt spreads hit record as economy crumbles
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China:

Jailed Billionaires Become New Face of China as Markets Worldwide Unravel
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As job losses bite unrest grows in China province
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S. Korea:

Bad Loans Are Biggest Threat to South Korean Banks, Fitch Says
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Argentina:

Kirchner Allies Leave Amid Farm Crisis
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Ireland:

Anti-fraud officers raid Anglo Irish Dublin HQ
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Japan:

Japan's Exports Plummet Record 45.7%, Signaling Job Cuts as Slump Worsens
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Yen Off to Worst Start Since 2000 as Economy, Exports Shrink
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Japan's recession worsens as exports collapse
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UBS Erroneously Places 3 Trillion Yen Order After System Error
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Asia:

Asia Needs Own Monetary Fund to Stem Crisis, Development Bank's Kawai Says
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Thailand:

Thailand's central bank lowers interest rates to 1.5%
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