February 3, 2009

The Daily Bankruptcy News

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Law:

Profits Rise at Weil Gotshal as Equity Partner Ranks Contract
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Number of Resumes Skyrockets
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Reverse Perk Watch: No More Tech Stipend at Weil
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Partner John J. Rapisardi Named Co-Chair of Cadwalader's Financial Restructuring Department
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Rapisardi settles in at Cadwalader
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Bankruptcy: The Gathering Storm
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Profits, Revenues Dip at Willkie
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Law Firm Consultants Admit Broken Business Model And More Pain
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Sacked A&O associate to take action against firm
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Hammonds redundancy talks end: 77 to go
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Akin Gump loses 10 lawyers to Greenberg
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Carlyle’s experienced Delaware bankruptcy team becomes even stronger
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Associate Bonus Watch: Morgan Lewis Announces Bonuses With Special Reductions for Tardy Time-Keepers
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Survey Results: What Did You Really Bill?
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Non-Legal Jobs For Lawyers: Is The JD A Kiss Of Death?
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Continued Decline in Law Firm Profits Seen for '09
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How Some Big Law Firms Erred in the Boom Years
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Expert Sees Possible Big-Firm Shift to More Temp Lawyers, Pay Cuts
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Many law firms are not harnessing the potential of their female workforce
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UK Snowstorm Closes Courts, Keeps Law Firm Employees at Home
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British Biglaw: Home for 'Elites'
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Major Maine Firm, Pierce Atwood, Lays Off Some, Hires Others
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Bankruptcy lawyers, firms seem boon
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GCs Warned to Prep Litigation War Chests
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‘Broad Doctrinal Shift’ Expected at DOJ as Eric Holder is OK’d as AG
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Will ABA Ease Recommended Conflicts Rule for Lateral Lawyers?
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Suit Over Firm's Collapse Tests Limits of Poaching Lawyers
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Dreier Seeks Bail (Again); Partner Liability Remains a Question
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Dreier Pleads Not Guilty, Judge Will Rule by Friday on Bail
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New NY Judge Assigned to Marc Dreier's Case
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New Partners 2009: With the Financial Rewards Come Challenges
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Dissolution Watch: Locke Lord Locks Down Morgan & Finnegan Laterals
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Lawyers Aren't The Only Ones Getting Laid Off
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Firm That Swung the Ax Last Week on Staffers Discloses Layoffs of Lawyers
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Five Key Suggestions to Help Summer Associates Get Offers from Their Firms in a Difficult Economy
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I'm about to be laid off because my department has no work. Should I tell headhunters and potential employers?
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Working on Cubs bid a career highlight for lawyer Laurie Levin
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Hildebrant, Citi: 2008 Was Bad, 2009 Will be Worse
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Hillary and the Emoluments Clause, Part II
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A Subtle Shift: The Role of the Likely New SG, Elena Kagan
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High Tolerance for Stress? A Law School Deanship Might be for You
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Self-Marketing Is Key to Being a Top Lawyer
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Client Faces Sentence of Up to 50 Years for Kidnapping Lawyer
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Chicago Litigator is Roller Derby’s ‘Ying O’Fire’
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Judges:

Federal judge quits over pay raise issue
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Lehman Bankruptcy Judge Charged With Slapping Wife
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Judge of the Day: Bankruptcy Judge Needs Family Law Refresher Course
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Former Judge Disbarred for Conviction of Sexual Exploitation of a Minor
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Juvenile Cases May Get New Look Following Kickback Charges Against Former Judges
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Prosecutors Boycott New Judge
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Fellow Judges Honor Ron Whyte -- With Song
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Wall Street:

US Stock-Index Futures Fall
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UK Stocks Swing Between Gains and Losses
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German Stocks Fall
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Dow, S&P 500 off Mon. on data, bank woe; Nasdaq flat
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Wall St. Already Down 10% For Year
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S&P 500 to Fall as Bank Bailout Stalls, Barclays Says
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Today's Outrage: Wall Street Bonus Babies
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Wall Street’s $18.4 Billion Bonus
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Wall Street’s New Status
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Goldman Says Buy Puts as US Stocks May Resume Drop
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Wall St., a Financial Epithet, Stirs Outrage
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Piper loses $153 million as IPOs nearly vanish
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MBA Job Outlook Dims
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UBS Hired Brokers in US With ‘Super-Sized’ Bonuses
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Autos:

Chrysler offers buyouts to all hourly workers
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GM Said to Offer New Union Buyouts as Industry Sales Slow
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Union Says Isuzu in Talks to Buy GM Medium Truck Unit
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Fiat Still Analyzing Chrysler Under Alliance
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Chrysler’s New Ally Takes a Pragmatic Approach
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Counting Ford’s Cash
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GMAC Returns to Profit
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Auto supplier losses continue to mount
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Slow Economy Forcing Auto Dealers to Change Their Ways
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Auto lender says Denny Hecker owes $550 million
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Carlyle-Owned Auto Parts Maker Enters Bankruptcy
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Dana fights to distance itself from bankruptcy
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Contech felled by Big Three's ills
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More Toledo firms pick closure, not bankruptcy court
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Wayzata Makes Progress Toward Buying Bankrupt Auto Suppliers
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Auto Sales May Hint at Borrowing
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Country Star Croons ‘Bout Shuttin’ Detroit Down
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DesRosiers warns of auto slump
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S. Korean carmakers' Jan. sales dip 35 pct
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South Africa Vehicle Sales Drop 35%, Most in 25 Years
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Volkswagen’s Audi May See Sales Fall for First Time in 14 Years
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Municipalities:

Ominous news about state and local spending
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Obama Says Governors Want 'Swift Action' on Stimulus
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Near bankruptcy, California starts issuing IOU's instead of checks
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New York May Run Out of Cash by March Amid $1.6 Billion Gap
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NY Governor says budget delays risk ‘crisis’
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Letter to JeffCo from Book Hill Partners
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Personal Finance:

In tough times, US consumers forging new behaviors
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Keeping up with Joneses no longer favorite sport
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Bankruptcy Statistics:

Bankruptcies continue to plague consumers
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Ariz. bankruptcies continue to rise
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Toledo personal bankruptcies up 20% from Jan. '08
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AZ: Jan. bankruptcies surged
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Newspapers:

Bad News in Philadelphia - The worst bailout idea so far: newspapers
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Dying big papers
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Newspapers fight negative perceptions in new ads
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Star Tribune bankruptcy imperils 1,400 Minnesota jobs
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LA Times to slash 10% of staff
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Gambling:

NJ to seek Tropicana sale at auction
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Station Casinos near brink of default
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Greektown seeks $46M in survival loans
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IRS raids Vegas casino
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Telecoms:

Bankrupt Virgin Islands telecom may get new owner
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Which Assets Will Nortel Keep?
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Level 3 -- Tale of Survival in Tough Times
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Nortel asks court to keep morale-boosting program
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Motorola Forecasts Wider-Than-Expected Loss, Scraps Dividend
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Health Care:

More Hospitals Facing Grim Prognosis
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Small Payroll, but Big Woes on Insurance
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Alzheimer’s Hits Educated as Hard as Less Schooled, Study Says
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Plastics:

Craaytech creditors discuss debts today
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Financial Literacy:

Oregon students could get crash course in cash
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Resorts:

Sawiris Slows Pace of Resort Development in Recession
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Mining:

Apex Silver heads for plan hearing
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Economy:

Manufacturing Shrinks, Spending Falls
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US Senate's McConnell warns against nationalization
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Stimulus Would Pump $700 Billion Into Economy by 2010, CBO Says
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Stimulus: How Porky Is It?
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EU attacks 'Buy American' clause, seeks removal from stimulus
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Lawmakers Seek to Revise Stimulus Bill as Senate Debate Begins
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Treasury to unveil new bailout plans next week
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New York’s Schumer Pushes for More Transit Spending in Stimulus
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Summers Carves Out Powerful Role
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Groundhog Day 2009: How Many More Weeks of Recession?
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Obama Urges Lawmakers to Overcome 'Differences' on Stimulus Package
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Obama vows stimulus plan oversight board
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The White House's New Tone
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A Republican supports Obama’s stimulus package!
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Gingrich: Economic crisis worse than pols admitting
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Consumers Save More and Spend Less
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Stop Bailing Out Wall Street
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Uncovering TARP's hidden costs
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Agencies asked to submit budget cuts
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Real Estate:

US Property Owners Lost $3.3 Trillion in Home Value Last Year
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Zillow: so long to $6.1 trillion in home values
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Fannie Mae's Overpaid Board
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Loans Are Reworked, but Many Borrowers Fall Behind Again
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As Home Prices Go, So Do Cities
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Co-Tenancy Could Drive Retail Landlords into Bankruptcy
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Dodd to Refinance Countrywide Loans After Criticism
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NJ developer files Chap. 11
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D.R. Horton Narrows Loss
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Plan Orange: Killing the Mortgage Crisis Quickly
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S. Fla. home values fell 23.5% in 2008
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NC: Triangle builder files for bankruptcy
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Suit against Cedar trustee dismissed
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S&P lowers 1800 RMBS classes
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Class Claims Wells Fargo Cheats on Appraisals
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Layoffs:

Macy’s Slashes 7,000 Jobs, Reduces Quarterly Dividend
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Morgan Stanley Said to Be Planning as Many as 1,800 Job Cuts
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SAS to Cut 3,000 Jobs
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Boss, What Else Besides Termination?
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140 to lose jobs as Va. auto industry plant closes
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LandAmerica to cut 291 more jobs
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Silverton Marine to lay off over 200 employees by March 26
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WR Grace Reductions Are to Include Job Cuts
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Hundreds line up for days for Miami firefighter positions, camp out for days
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Where the people feel like spare parts
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The recession is throwing millions out of work. What the new jobless class can tell you about what it's like out there
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A career counselor takes his own advice
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Sleepless nights after the mill winds down
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An odyssey of downward mobility
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Back from war but fighting for a job
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The whole family joins the army
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From Yahoo to layoff in Internet time
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Job Loss in the Age of Blogs, Twitter
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Finance:

Banks loosen standards, but credit still tight
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Fed: Corporate Demand for Loans Plummets
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Lehman:

Judge in Lehman, Madoff Cases Charged After Domestic Incident
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Lehman Brothers’ Debt Has Shrunk by Two-Thirds to $200 Billion
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Letting Dick Fuld off the hook
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Lehman to divide illiquid assets between two firms
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Mohawk Ends Lehman Credit Commitment
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Learning from the Lehman catastrophe
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Lehman lawyer says CEO not to blame
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Lehman-backed cat bond may default
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Looking for life after Lehman Brothers
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Debt Exchange:

When A Distressed Exchange Isn't Distressed
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Chemicals:

Nova Chemicals' stock hammered after ratings cut
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Dow Chemical Has $1.55 Billion Loss on Weak Demand
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Tax:

A Tax Dodge or an Honest Mistake?
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Treasury Faults I.R.S. in Handling Tax Evaders
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I.R.S. Is Said to Broaden UBS Inquiry
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Theme Parks:

Hard Rock Park seeing buyer interest near the end of Chapter 7 case
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Defaults:

S&P forecasts 200 defaults
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Radio:

For Sirius, chapter 11 looms
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Sirius Faces Debt Payment in Test of Its Viability
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Alternative Energy:

Jefferson ethanol plant files bankruptcy
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Financial Details of Renew Energy's Bankruptcy Case Unveiled
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Ethanol plant project not dead yet
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Silver Point is USEB stalking horse
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Credit Counseling:

Why debt settlement is no alternative
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Resorts:

Possible sale for Double JJ
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Aviation:

Alitalia Cargo Gets Offer
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SAS announces massive overhaul after 4Q loss
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Korea Air records fifth straight quarterly loss
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Lufthansa Says 2008 Earnings Beat Target, Forecasts ‘Risk’
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China Eastern Air Cuts Growth, Seeks Smaller Loss
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Private Equity:

The First Step Is Admitting You Have A Problem
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PE Fund-Raising: Long, Bloody, Painful
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Venture Capital:

Playing Hardball With Venture Capitalists
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Construction:

Construction Spending Posts Record Drop in 2008
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Publishing:

American Media in Bondholders Pact
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Politics:

Obama’s Ethics Reform Promise Faces Early Test
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Promises, Promises: No lobbyists at White House, except...
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Derivatives:

Policy Makers Weigh Fed Oversight of Derivatives
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CDS regulation in Europe moves closer
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Oil/Gas:

Oil holds above $40 after more grim economic news
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BP Posts First Quarterly Loss in Seven Years on Oil
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Powder River pushed into bankruptcy
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M&A:

Apollo says buyouts dead, debt investing the focus
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KKR’s Kravis Says Focusing on Investments as Economies Shrink
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Hotels:

Anxiety Moves in to the Nicer Hotels
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Pensions:

Companies struggle to defuse pensions time bomb
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Bonds:

Citigroup Leads Hybrid Bond Drop on Bailout Concern
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Food/Drink:

ADM quarterly profits jump 24%
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Pecus ARG's DIP, bidding rules OK'd
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Poultry Growers, Producers Face ‘Hard Time'
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Accounting:

Ernst & Young bank audit criticized
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KPMG tries to lure more staff to cut hours
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Poor job prospects pile the pressure on accountants
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Corporate Reform:

Financial regulation shaping up as a political battleground
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New Bankruptcy Opinions
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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:

What's in a word (or 2?) Cramdown
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Retailing:

Macy's to cut 7,000 jobs, slash dividend
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General Growth gets another loan extension
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Fortunoff to return to Ch. 11?
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History:

What Other Financial Crises Tell Us
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Banking:

Obama: Banks need more help; some may fail
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Asset Valuation ‘Key Issue’ in Bank Plan, Dugan Says
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BARF
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Banks Face Congressional Grilling
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Citigroup to deploy $36 billion to boost lending
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Wells Fargo to pay $371M dividend to Treasury
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Bonus scorn aside, banks have reasons to diet
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Bonuses Still Have a Place
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Fed: Banks still tightening loan standards
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Banks note loss in service charges
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Bailed Out Bank Of America Sponsors Super Bowl Fun Fest
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County Bank pursues options for capital
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Takeover, bankruptcy possible for Merced-based County Bank
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Tech:

Spansion CEO steps down amid crisis
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Applied Materials Warns Of Loss
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ESPRE Seeks to Re-Organize Under Chapter 11
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Angels Flee From Tech Start-Ups
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Advertising:

Rockett, Burkhead & Winslow files for bankruptcy
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Packaging:

Graham deal shows cracks
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Insurance:

AIG Bailout to Break Even for Taxpayers, Fed Says
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The Fed's embrace is suffocating AIG
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Aflac Says Net Drops 48% to $197 Million, Capital Is ‘Strong’
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Stanard fined for role in RenRe, Inter-Ocean deal
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Fraud:

List Of Entities Announcing Exposure To Madoff Investments
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Prison Inmate Loses Bid To Spill Beans On Bernie
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Lonely Lament From Madoff Whistle-Blower
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Arthur Nadel, Florida Fund Manager, Is Sent to New York Court
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Madoff Feeder Sues Own Auditors for Not Finding Fraud
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Aggrieved Investors Turn Sights to Banks
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‘Billionaire’s Yard Sale’
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Businessman asks for delay in fraud sentencing
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How many Madoff's are lurking out there????
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Pyramid Scheme Alleged in Pay Phones
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Museums:

Erotic museum facing bankruptcy
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Sports:

Sports Sponsorships: Another Bubble Burst?
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Citi explores breaking Mets deal
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Bankruptcy forces name change of some stadiums
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Consultants:

FTI Consulting, Inc. Promotes Ten Professionals to Senior Managing Director
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Boutiques Have the Edge in Bankruptcies
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Paper:

AGB wins cash use
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Hedge Funds:

Arbitrage Lures Gabelli After 920 Hedge Funds Fail
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Citadel Hedge Funds Said to Return 4.75% in January
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Kanetsu Will Close DragonHorse, Exit Hedge Funds
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Hockey:

NHL in turmoil
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UK:

British workers strike as economic unease spreads
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BOE Says Collateral Totals 287 Billion Pounds in Liquidity Plan
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Administrations up 20% in 2008
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Goldman Sachs Says UK Is No ‘Reykjavik-on-Thames’
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FSA Was Warned Before Kaupthing Failed, Former Executive Says
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‘Ostrich-like’ lender fell for millionaire fraudster
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Royal Mail workers: workers' pensions may be under threat either way
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EU:

EU States Should Buy Bank Debts to Aid Recovery, McCreevy Says
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European Producer Prices Fall More Than Expected on Cheaper Oil
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Canada:

Detroit's decline threatens Canada's auto output
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Auto dealerships could face crisis
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Royal Bank’s Nixon Forgoes C$4.95 Million Bonus
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Canadian Tire tightens credit card rules
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Kazakhstan:

Kazakhstan moves to prop up banks
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Brazil:

Brazil’s Industrial Output Drops 14.5% in December vs Year Ago
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Australia:

Rudd Cuts $500 Million From Australian Banks’ Borrowing Costs
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Billions in Stimulus Are Proposed for Australia
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Global Crisis Threatens A$27 Billion Bonds Due ’09
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Australia May Cut Rates to Lowest Since 1964 as Recession Looms
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India:

Satyam Clients Find That Breaking Up Is Hard to Do
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Bankruptcy Is Good for Satyam
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Indian Court Lets Regulator Question Satyam’s Raju
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Iceland:

Iceland Prime Minister Sigurdardottir Asks Governors to Quit
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Japan:

Land of the rising sun: Closer to the precipice?
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BNP Paribas May Receive 1 Billion Yen Fine in Japan, Nikkei Says
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Kobe Steel Says Quarterly Loss Will Widen Almost Seven-Fold
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Hitachi suffers third-quarter loss, warns full-year picture bleak
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Shinsei Bank hit by fall in overseas assets
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Bank of Japan to Buy Shares in Companies From Banks
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China:

Downturn Idles China's Laborers
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China Puts Joblessness For Migrants At 20 Million
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Sweden:

Sweden to Inject $6 Billion in Banks to Ease Lending
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Norway:

Norway’s Central Bank May Cut Benchmark Rate to Revive Growth
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Norway Oil Fund Lehman Losses Exacerbate Kingdom’s Worst Return
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Middle East:

Downturn displays the flaws in Dubai’s legal system
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France:

Paris rejects 'Obama-style' stimulus program
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Germany:

German Retail Sales May Decline in 2009, HDE Group Predicts
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Schaeffler Needs German Aid to Resolve Crisis, Workers Say
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German Private Lenders Plan to Create ‘Bad Bank,’ Bild Reports
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S. Korea:

South Korea to usher in capital markets "Big Bang"
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South Korea’s January Exports Decline by Record 32.8%
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More S Korean small firms file for debt workout in 2008
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Poland:

Furniture sector on the verge of bankruptcy
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Investors stage coup at Krosno glass works
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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.

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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).