February 26, 2009

The Daily Bankruptcy News

Also available on the Web (with links to the news stories) Click Here
Prior editions: Click Here
Search prior headlines: Click Here
Search prior New Opinions: Click Here

Law:

Bankruptcy Lawyers Shredding Bigtime . . . And Getting Paid, Too
(DBN Subscription Required)

Bankruptcy Lawyers Regain Glory, Demand
(WSJ: separate paid subscription required)

Greenberg Traurig Bulks Up Bankruptcy
(DBN Subscription Required)

Munger Tolles Names Bankruptcy Partner
(DBN Subscription Required)

Dynogen's Chapter 7 Filing Leaves Six Firms Hanging
(DBN Subscription Required)

Covington Staff Attorney Sues Firm for Racial Discrimination
(DBN Subscription Required)

Revenue, Profits Down at Stroock
(DBN Subscription Required)

The Bank Job
(DBN Subscription Required)

In Latest Round of Cuts, Dechert Lays Off Staff Attorneys
(DBN Subscription Required)

Trowers Makes Further Job Cuts in the U.K.
(DBN Subscription Required)

Layoff Watch: Latham & Watkins Is Going For It
(DBN Subscription Required)

Salary Freeze Watch
(DBN Subscription Required)

2Ls Find Getting a Foot in the BigLaw Door Especially Tough Right Now
(DBN Subscription Required)

You're a 2L? I want to say one word to you. Plastics.
(DBN Subscription Required)

The Adventurous Solo's Guide to Hunting and Fishing
(DBN Subscription Required)

Pls Hndle Thx: No Country for Old Associates
(DBN Subscription Required)

At 14 Law Firms, Partner Promotions in 2008 Didn't Include Women
(DBN Subscription Required)

The Value of Humble Pie for Outside Counsel
(DBN Subscription Required)

From the Emerald Isle to the Land Down Under, Firms Tightening Belts
(DBN Subscription Required)

Law Schools Revamp Their Grading Policies
(DBN Subscription Required)

Obama Taps Law Profs for Slew of Key Posts
(DBN Subscription Required)

Feds Win Detention for Disbarred Lawyer in Alleged Investment Scam
(DBN Subscription Required)

Referee Rejects Compensation for Kidney in Divorce Case
(DBN Subscription Required)

Some Passengers Mull Lawsuits Over Life-Saving US Airways Crash-Landing
(DBN Subscription Required)

British Lord Gets 12 Weeks for Text-Messaging Behind the Wheel
(DBN Subscription Required)

Attorney, Wife Seek Identities of Anonymous Online Posters
(DBN Subscription Required)

______________

Judges:

Judge Faulted for Assigning Secretary to Do Personal Tasks
(DBN Subscription Required)

Justice Alito 'Imagines' John Lennon
(DBN Subscription Required)

Mystery Shrouds Sudden Exit of Only Federal Judge Ever Indicted for Sex Crimes
(DBN Subscription Required)

______________

Wall Street:

European Stocks, US Futures Advance; UBS, RBS, Banks Climb
(DBN Subscription Required)

US Stock-Index Futures Advance
(DBN Subscription Required)

______________

Banking:

Government Offers Details of Bank Stress Test
(DBN Subscription Required)

Meltdown 101: Understanding financial stress tests
(DBN Subscription Required)

A Stress Test Every Bank Can Pass?
(DBN Subscription Required)

Treasury's worst-case stress test? 3.3% GDP drop this year
(DBN Subscription Required)

Bernanke again spurns talk of bank nationalization
(DBN Subscription Required)

Bank Nationalization: Who Would Bear the Pain?
(DBN Subscription Required)

Citigroup nearing deal with govt.
(DBN Subscription Required)

Wells Fargo to join zombie banks?
(DBN Subscription Required)

The Three Riskiest Banks
(DBN Subscription Required)

Lesson for Bankers Is That Golf and TARP Don't Mix
(DBN Subscription Required)

Morgan Stanley Cancels Events at Golf Tournament
(DBN Subscription Required)

I Ponied Up for Sheryl Crow?
(DBN Subscription Required)

Stop TARP banks from spending on lollipops
(DBN Subscription Required)

Only Banks Getting Biggest Bailouts Will Get Tougher Terms
(DBN Subscription Re

Bonuses: Complex problem, simple answers
(DBN Subscription Required)

Banks rise on nationalization, stress test hope
(DBN Subscription Required)

Honesty Deficits and Corporate Jets
(DBN Subscription Required)

Citigroup Chafes Under U.S. Overseers
(WSJ: separate paid subscription required)

Lewis Calls Merrill, Countrywide Stars, Expects Gains
(DBN Subscription Required)

Merrill Posts $15.84 Billion Q4 Loss
(DBN Subscription Required)

UBS Sues Highland Capital Over $745 Million in CDO Losses
(DBN Subscription Required)

______________

Politics:

Longest serving Dem senator slams Obama... ...Byrd warns of power grab
(DBN Subscription Required)

______________

Celebs:

Photographer Annie Leibovitz pawns life's work for loan to pay her mortgage
(DBN Subscription Required)

______________

Accounting:

Bernanke Says Mark-to-Market Accounting Rule Should Be Improved
(DBN Subscription Required)

BDO's Michaels ready for tough talks with insurers
(DBN Subscription Required)

BDO under fire over delays to $521m case
(DBN Subscription Required)

______________

Football:

NFL Cuts 15% Staff, Freezes Salaries
(DBN Subscription Required)

______________

Photography:

Ritz wins interim OK to tap DIP
(DBN Subscription Required)

Camera Sales Slump 12%
(DBN Subscription Required)

______________

Municipal ties:

Economic Crisis Complicates California’s Goals on Climate
(DBN Subscription Required)

California’s Newly Poor Push Social Services Network to Brink
(DBN Subscription Required)

Home Burglaries on the Rise, Police Cutting Back: What to Do?
(DBN Subscription Required)

______________

Credit Cards:

Card Issuers: How Can We Make You Go Away?
(DBN Subscription Required)

______________

Oil/Gas:

US crude inventories rise less than expected
(DBN Subscription Required)

______________

Resorts:

Burnt Luau: Kauai Resort in Default on Mortgage
(DBN Subscription Required)

______________

Retailing:

Sears 4Q Profit Falls 55 Percent on Charges
(DBN Subscription Required)

Credit Card Loan-Loss Reserves Hurt Target's Q4 Earnings
(DBN Subscription Required)

UST miffed over Circuit City bonus proposal
(DBN Subscription Required)

Saks CEO says steep discounts a "one time" thing
(DBN Subscription Required)

Saks Jumps After Chief Denies Bankruptcy Speculation
(DBN Subscription Required)

Zale jeweler to close 115 stores
(DBN Subscription Required)

______________

Health Care:

Obama Budget Would Create $634B Health-Care Fund
(DBN Subscription Required)

Drug firm accused of paying MDs
(DBN Subscription Required)

______________

Hockey:

Paul Greenwood, Stephen Walsh ran Islanders right into deep freeze
(DBN Subscription Required)

______________

Horse Racing:

Fate of Golden Gate Fields Uncertain
(DBN Subscription Required)

______________

 

Economy:

Obama Casts Crisis as Opportunity to Overhaul Banks, Health Care, Energy
(DBN Subscription Required)

Geithner Plan Light On Details
(DBN Subscription Required)

Obama tests limits of rhetoric
(DBN Subscription Required)

Budget projects $1.75 trillion deficit
(DBN Subscription Required)

Outlook grim for budget's costly initiatives
(DBN Subscription Required)

Obama Budget Proposes Up to $750B More Bank-Rescue Aid
(DBN Subscription Required)

Dem Gov. may reject stimulus aid?
(DBN Subscription Required)

AP: Words on home aid ring hollow
(DBN Subscription Required)

Fed Chairman Says Recession Will Extend Through the Year
(DBN Subscription Required)

Home Sales and Prices Continue to Plummet
(DBN Subscription Required)

Taxes, Spending Cuts To Fund Health Plan
(DBN Subscription Required)

Obama Will Seek $75.5B More for Iraq, Afghanistan Combat Operations
(DBN Subscription Required)

Tax Hike Will Be for 2011
(DBN Subscription Required)

Consumers Are Saving More, Paying Down Debt
(DBN Subscription Required)

Fidelity exec slams 'New Deal II'; Blames feds for crisis
(DBN Subscription Required)

Yale’s Shiller Says Education, Risk Management Overhaul Needed
(DBN Subscription Required)

John Bogle Says Recession May Last Another Two Years
(DBN Subscription Required)

______________

Real Estate:

Home Sales at Slowest Pace in More Than a Decade
(DBN Subscription Required)

Existing home sales lowest since '97
(DBN Subscription Required)

When 'Rescue' Means Eviction
(DBN Subscription Required)

Economists React: 'So Much for Signs of Stability' in Housing
(DBN Subscription Required)

Mortgage Applications Decline as Refinancing Eases
(DBN Subscription Required)

Renters Lose Edge on Homeowners
(DBN Subscription Required)

California legislature halts foreclosures
(DBN Subscription Required)

Freddie Mac delinquency rate accelerated in January
(DBN Subscription Required)

Is the Fannie-Freddie debacle the result of a backroom deal?
(DBN Subscription Required)

HomeBanc case converted to Ch. 7
(DBN Subscription Required)

Toll Brothers dips on weak Jan. home sales
(DBN Subscription Required)

The Reason a Manhattan Studio Costs Only $189K
(DBN Subscription Required)

And Do I Hear $2 Million? No? $1 Million? Sold!
(DBN Subscription Required)

Hedge fund slump brings office cost silver lining
(DBN Subscription Required)

______________

Autos:

G.M. Loses $9.6 Billion as Its Struggles Continue
(DBN Subscription Required)

If GM, Chrysler Hooked Up in Bankruptcy
(DBN Subscription Required)

Cash level more crucial in GM's case
(DBN Subscription Required)

Chrysler Meets With Task Force
(DBN Subscription Required)

GM, Ford Meet With White House
(DBN Subscription Required)

Detroit's Bankruptcy Event Horizon
(DBN Subscription Required)

Ford cuts a painful deal
(DBN Subscription Required)

Losses at GM don't faze investors
(DBN Subscription Required)

Auto Industry Faces Lending Squeeze
(DBN Subscription Required)

Feds zero in on auto supplier aid
(DBN Subscription Required)

Bill Ford Gives Up 30% of His Salary - Again
(DBN Subscription Required)

Delphi workers fight back against cuts
(DBN Subscription Required)

Visteon Along For Detroit's Bumpy Ride
(DBN Subscription Required)

Cash crunch at Visteon could trigger debt covenants
(DBN Subscription Required)

GM Europe Workers Stage Protests Demanding ‘Secure Future’
(DBN Subscription Required)

A sad Saab-story
(DBN Subscription Required)

______________

Magazines:

Conde Nast Having 'Worst Year Of Any Publisher'
(DBN Subscription Required)

Doubledown Media files for Chapter 7 bankruptcy
(DBN Subscription Required)

______________

Food/Drink:

Ripples From Peanut Recall Swamp Small Businesses
(DBN Subscription Required)

______________

Tax:

Group of Rich Americans Sues UBS to Keep Names Secret in Tax Case
(DBN Subscription Required)

Tax Suspicions Grow on Swiss Accounts
(DBN Subscription Required)

Wealthy Americans Take Suit Offshore, Sue UBS in Switzerland
(DBN Subscription Required)

Hit squads to spearhead tax haven clampdown
(DBN Subscription Required)

U.S. investigating foreign banks’ compliance with tax program
(DBN Subscription Required)

______________

Hedge Funds:

A Harbinger Of Things To Come
(DBN Subscription Required)

Sparx Group to Cut 50 Jobs, Executive Pay; Cancels Dividend
(DBN Subscription Required)

Westgate Capital Founder Arrested
(DBN Subscription Required)

______________

Lehman:

Five Questions With Lehman VC Vet
(DBN Subscription Required)

______________

Corporate Reform:

Obama Calls For Stricter Government Oversight Of Wall Street
(DBN Subscription Required)

Tenth Circuit Upholds Nacchio’s Conviction; Prison Time Likely Awaits
(DBN Subscription Required)

______________

Manufacturing:

Textron slashes dividend 91 percent
(DBN Subscription Required)

______________

Franchises:

Loan Defaults by Franchisees Soar
(DBN Subscription Required)

______________

Finance:

GE Says $9.5 Billion Injection Enough for Finance Arm
(DBN Subscription Required)

______________

Media:

Liberty Media reports 4% revenue decline in Q4
(DBN Subscription Required)

______________

Student Debt:

Big U.S. Role in Lending to Students
(DBN Subscription Required)

______________

Advertising:

Online Ad Market Could Shrink 5% in Q1
(DBN Subscription Required)

______________

Shipping:

Precious Says Third of Global Ships to Be Scrapped in Two Years
(DBN Subscription Required)

______________

Chemicals:

Lyondell CFO says bankruptcy may need over a year
(DBN Subscription Required)

Lyondell unfazed by ABN Amro
(DBN Subscription Required)

______________

Corporate Governance:

Delaware Gets Tough on National Issues
(DBN Subscription Required)

______________

Gambling:

MI shareholder urges MEC bankruptcy
(DBN Subscription Required)

______________

Book Reviews:

As America faces the prospect of another Depression, a new biography examines the man who is widely blamed for the first one
(DBN Subscription Required)

______________

New Bankruptcy Opinions
(No new opinions today)

Bankruptcy Court Web/Pacer Site Directory

Chapter 7, 12 & 13 Private Trustee Locator
(DBN Subscription Required)

Recent Ch. 11 Filings
(DBN Subscription Required)

Bankruptcy Jobs:

(1)- (2)- (3)- (4)- (5)- (6)- (7)- (8)- (9)- (10)
(DBN Subscription Required)

____________

Bankruptcy Reform:

Bankruptcy law may be modified
(DBN Subscription Required)

US housing bill casts bankruptcy as housing relief
(DBN Subscription Required)

Banks shift bankruptcy tactics
(DBN Subscription Required)

Bankruptcy Mortgage Cramdowns Would Hurt Housing Market
(DBN Subscription Required)

Mortgage "Cramdown" Rules Could have Major Impact on Debt Buyers
(DBN Subscription Required)

Fighting ‘cramdown’
(DBN Subscription Required)

______________

Layoffs:

Massive layoffs climb
(DBN Subscription Required)

Mass layoffs down in January
(DBN Subscription Required)

Nortel to Cut Another 3,200 Jobs
(DBN Subscription Required)

Five Key Steps After a Layoff
(DBN Subscription Required)

More Flock to Job Sites _ Even if They Have Jobs
(DBN Subscription Required)

______________

Newspapers:

Gannett Slashes Dividend 90 Pct, Saving $325M
(DBN Subscription Required)

Sharp Decline in Profit at Washington Post Co.
(DBN Subscription Required)

Scholarship Limits Washington Post's Decline
(DBN Subscription Required)

Banks Assail Newspaper Publisher
(WSJ: separate paid subscription required)

What's next for struggling newspapers
(DBN Subscription Required)

______________

Insurance:

AIG mulls further government stakes as auction deadline looms
(DBN Subscription Required)

Liddy Pleads for Taxpayer Forgiveness as AIG Rescue Unravels
(DBN Subscription Required)

AIG's Uphill Battle
(DBN Subscription Required)

Allianz Posts Loss on Writedowns, Plans Dividend Cut
(DBN Subscription Required)

Allstate Halves Dividend, Ending 14-Year Streak
(DBN Subscription Required)

Ambac's Losses Continue
(DBN Subscription Required)

Fed chairman endorses federal charter concept
(DBN Subscription Required)

______________

Fraud:

Caracas Court Targets Stanford Bank
(DBN Subscription Required)

Stanford Claimed ‘War Chest’ to Woo Virgin Islands Tax Break
(DBN Subscription Required)

Stanford Investors Ask US Judge to Allow Lawsuits in Mexico
(DBN Subscription Required)

SEC draws a blank on Stanford auditor
(DBN Subscription Required)

Natixis Has Fourth-Quarter Loss on Madoff, Writedowns
(DBN Subscription Required)

Investors Sue Bernard Madoff's Brother
(DBN Subscription Required)

Fund Managers Charged With $550 Million Theft
(WSJ: separate paid subscription required)

Bearly Legal? Investment Managers Charged with Fraud
(DBN Subscription Required)

Two Major Fraud Cases Reach N.Y. Federal Court
(DBN Subscription Required)

Bankruptcy attorney seeks bank records in Cosmo case
(DBN Subscription Required)

______________

UK:

Lawson Says Brown May Have to Nationalize More British Banks
(DBN Subscription Required)

UK Nationwide House Prices Fell Most Since 1991 in February
(DBN Subscription Required)

RBS Takes UK Insurance, Splits Assets After Losses
(DBN Subscription Required)

RBS asset insurance fee not "standard"
(DBN Subscription Required)

RBS Posts Biggest Loss in British Corporate History
(DBN Subscription Required)

RBS UK Lending Plan Addresses ‘Wrong Issue,’ RCM’s Dwane Says
(DBN Subscription Required)

RBS Takes Legal Advice on Former CEO’s Pension Fund
(DBN Subscription Required)

RSA Insurance to Cut 1,200 British Jobs
(DBN Subscription Required)

Ninety-three years to pay off personal debt, says charity.
(DBN Subscription Required)

Taxman targets 500 banks in new amnesty
(DBN Subscription Required)

______________

EU:

European Confidence Drops to Record Low as Recession Deepens
(DBN Subscription Required)

European Retail Sales Drop for Ninth Month
(DBN Subscription Required)

______________

Germany:

German Unemployment Rises for Fourth Straight Month
(DBN Subscription Required)

Deutsche Post Drops Most in 4 Months as Loss Exceeds Estimates
(DBN Subscription Required)

German Consumer Confidence Increases for Sixth Month
(DBN Subscription Required)

______________

Israel:

Netanyahu to Fight Recession With Tax-Cut Medicine
(DBN Subscription Required)

______________

Canada:

Canada Home Prices Fell 0.6% in December, Index Shows
(DBN Subscription Required)

______________

Japan:

Deutsche Securities Ends Research Coverage of Japan Non-Banks
(DBN Subscription Required)

Japan Bank May Buy 2 Trillion Yen in Bonds
(DBN Subscription Required)

BOJ’s Noda Says Economy Worsening More Than Expected
(DBN Subscription Required)

Yen Falls to Lowest Since November on Concern Economy Worsening
(DBN Subscription Required)

______________

Latvia:

Latvia Near Bankruptcy , Needs Deep Budget Cuts - Incoming PM
(DBN Subscription Required)

______________

Hungary:

Hungary on edge of bankruptcy
(DBN Subscription Required)

______________

Hong Kong:

Hong Kong Exports Fall by Most Since 1958 on Crisis
(DBN Subscription Required)

______________

Asia:

Asian Companies to Cut Dividends by Further 25%, UBS Estimates
(DBN Subscription Required)

______________

Italy:

Death Offers Lifeline to Italian Property as Economy Worsens
(DBN Subscription Required)

______________

Australia:

Australia Backs Tighter Rules on Executive Payouts
(DBN Subscription Required)

Lend Lease to Cut 1,700 Jobs After Half-Year Loss
(DBN Subscription Required)

______________

Singapore:

Singapore Economy Shrinks 4.2 Pct in 4th Quarter
(DBN Subscription Required)

______________

 

Please note that the Daily Bankruptcy News is primarily a news link gathering service.   This means that most of the headlines contained in the publication are a collection of links to stories posted on the Internet by various third party publications.  Such content is owned by third party sources, not the Daily Bankruptcy News, and in some cases, these links change or expire, which means you may not be able to view some news stories in prior editions of the Daily Bankruptcy News. The DBN subscription fee for access to certain links is not a fee for access to the content of the links, but is a charge for the considerable work involved in gathering, organizing and presenting the links. Use of this site and The Daily Bankruptcy News is subject to our Terms of Use.If you received the Daily Bankruptcy News via email (and you have a paid subscription account), to view a news story, click on the headline, and the story should open in your web browser. To view additional stories, click back to the email and click on additional headlines, which will cause new stories to open in your web browser.  You can view the Daily Bankruptcy News on the web by clicking here, or by going to BKINFORMATION.COM and clicking on the Bankruptcy News button.  Note that the Daily Bankruptcy News is distributed via "HTML email" in which the links to the news stories are embedded in the headlines.  The email you receive should look like a 3-column newspaper, with headlines for each story. If you receive the Daily Bankruptcy News by email and the copy you receive is not formatted like a 3-column newspaper, or does not seem to contain links to the news stories, you may have an email client that is not capable of receiving HTML email, or is not configured to display such email.  You can however, receive a daily email notifying you when the Daily Bankruptcy News is updated on the web site. If you would like to receive such an email, please let us know at admin@bkinformation.com.You can search the headlines from prior editions of the Daily Bankruptcy News by clicking here.

Advertising
Advertising is available in the Daily Bankruptcy News in a variety of places, formats and prices. Go to http://bkinformation.com/DBN_ADs.htm  for a list of choices.  Feel free to contact us with any questions.

Passwords
Access to certain links in the Daily Bankruptcy News is available only to readers holding a paid subscription.  These links are currently marked with a "DBN Subscription Required" notation. The cost of a subscription is $55/year, payable annually.  Volume discounts are available for sites with multiple users. Click here to see a schedule of discounts. Complimentary subscriptions are available for full-time educational and governmental employees and for full time students. For information about discounts or educational/governmental subscriptions, contact us by clicking here. A separate password is required for each member of a firm wishing access to restricted links. New readers can receive a free password good for 30 days by going to http://bkinformation.com/RegistrationForm.cfm. Refunds are not available after purchase. Readers who wish to change their passwords should go to http://bkinformation.com/ChangePasswordForm.cfm. Readers who have forgotten their password should go to http://bkinformation.com/GetPassword.cfm

Adding Your Email Address To The Distribution List
If you would like to start receiving the Daily Bankruptcy News by email each day, go to http://bkinformation.com/SubscribeDBNForm.cfm  and fill in the information requested.  There is no charge to be placed on the distribution list to receive the headlines, although access to many of the links behind the headlines requires a paid subscription (see above, under Passwords). If, after adding your email address to the distribution list, you do not receive an email confirming the addition, please contact us by clicking here for help.  

Removing Your Email Address From The Distribution List
If you already receive Daily Bankruptcy News by email and you wish to remove your email address from the distribution list, click here and send the email that should appear.  Note that the email must be sent from the same email address at which you are receiving the Daily Bankruptcy News. You do not need to type anything in the body of the email message.   If you do not receive an email confirming deletion of your email address from the distribution list  for the publication, contact us by clicking here for help.

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).