February 4, 2009

The Daily Bankruptcy News

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Law:

Dechert Picks Up Decorated Bankruptcy Appellate Lawyer
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Akin Revenues Up as More Partners Depart
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‘Limited Turnover’ at Paul Hastings in Atlanta Office
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Layoff Watch: Paul Hastings Atlanta Lays Off 15% of Its Associates
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Clifford Chance set for further cutbacks in review of partnership structure
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Layoff Watch: McDermott Will & Emery Cuts 60
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McKee Nelson Hit Hard By Wider Economic Woes
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Willkie posts first fall in revenue and PEP since 1991
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Biggest Buffalo, NY, Law Firm Lays Off At Least 5 Lawyers and 8 Staff
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Schulte Roth Reports Flat Revenues, Dip in Profits
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Don't cry over the Kleenex
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Marc Dreier’s Lawyer: He is Penniless
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Can Guards Shoot Attorney Marc Dreier? Judge Requests Research Memo
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Landlord Moves to Compel Dreier LLP to Pay Rent
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Did Lowenstein Role in 14-Lawyer Leap Unfairly Ruin Former Firm? Trial Nears
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Forget growth for now, profit's where it's at
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Haynes & Boone Signs Up for New California Adventures
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DLA Piper Appoints Leading Asian Insolvency Lawyer as Restructuring Head in Hong Kong
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Partners Flock to BigLaw's "Sundance"
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Dewey to Shutter San Francisco Office, Keep Silicon Valley Presence
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McDermott, Will & Emery Lays Off 60 Attorneys, 89 Staffers
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Pierce Atwood Lays Off Attorneys, Staff While Planning Expansion
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Foley & Lardner Automotive Crisis Briefing Session
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In Tough Times, the Best GCs Look a Lot Like the Best Litigators
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Lawyer Can't Reduce Alimony, Support Payments by Citing Dwindling Practice
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Fired Over Personal Blog, Ex Associate of Major Firm Mulls Options
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Lawyer accused of cashing dead dad’s checks
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Judges:

Judge Moreno v. Justice: Putting Plea Agreements Online
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New Study Examines When and Why Supreme Court Justices Retire
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Scalia Chastises Student for ‘Nasty, Impolite Question’ on Court Cameras
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Wall Street:

US stock index futures up; eyes on earnings, data
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Stocks in Europe, Asia Climb
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US Stocks Advance Tues.
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Will These Large Caps Go Bankrupt?
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Citi's Amazing Smith Barney Gain
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Wall Street Bonuses -- The Enemy Is Us
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Whitney Calls Bonuses ’The Motivating Factor’ on Wall Street
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Lazard Profit Cut In Half
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Russia, East Europe Stocks Face ‘Massive’ Drop, Roubini Says
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Media:

Disney Profit Slides 32% on Ad, Film Studio Shortfall
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Report: Charter preparing for bankruptcy
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Time Warner Posts $16 Billion Loss
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Games:

Revenue Rose, but Loss Deepens for Game Maker
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Oil/Gas:

Crude Oil Rises After OPEC Cut Output in January to Avoid Glut
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Oil Advances Above $41 a Barrel as European Stock Markets Rise
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Banking:

Banks Promise Loans But Hoard Cash
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TARP Lawyers to Banks: Think Twice About Taking Government Cash
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Bank Rescue Would Entail Triage for Troubled Assets
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U.S. must 'save capitalism' from the banks: Nassim Taleb
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Obama to Unveil New Pay Rules for Banks Getting Aid
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Has Citi found a way to muzzle lending critics?
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FDIC seeks power to charge 'systemic risk' fees
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FDIC Says Bank Failure Costs to Exceed $40 Billion Through 2013
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County Bank Still Open Despite Problems
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Wells Fargo defends, then cancels Vegas junket
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Fraud:

Tiny Charges on Bank Cards Could Presage Bigger Problems
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Approaches to Ponzi Scheme Litigation
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Madoff Trustee Taps Lovells for Help in International Asset Hunt
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Markopolos Blasts SEC for 'Financial Illiteracy'
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Alleged $50B Madoff Fraud is Keeping a Lot of Law Firms Busy
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Madoff Tipster Markopolos Says He Feared for His Life in Probe
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Insurance:

Insurer Ace Ltd posts sharp drop in Q4 profit
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Munich Re Full-Year Profit Drops 62% on Writedowns
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MetLife Net Falls 12% on Losses From Hedge Funds, Real Estate
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Ironshore's subsidiaries' ratings put under review
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Investments, claims hit PartnerRe profits
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Batteries:

Spectrum Brands, Battery Maker, Seeks Bankruptcy
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Corporate Governance:

"Best Practices" for Officers and Directors Navigating the Current Economic Crisis
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Watching Clouds in Delaware: Gantler v. Stephens
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Celebs:

With co-defendants freed, is Michael Vick next?
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Crowell & Moring Joins the Joe Francis Litigation Party
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Arts:

Kennedy Center to help struggling arts groups
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Recession is bitter music for arts
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Health Care:

Elephant Pharm closes its stores
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Caritas Healthcare pleads for state aid
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Hospital board seeks $36M state bailout
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Retailing:

Gift Retailer Blue Tulip Liquidates
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On Madison Avenue, Shops Pack Their Hand-Tooled Bags
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Chernin's Shoe Outlet going out of business
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Costco sees weak second-quarter; January sales fall
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Circuit City hires firm to sell store locations
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Metals:

Modern Metal requests permission to sell assets, inventory
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Pensions:

The Next Catastrophe
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Lehman:

Lawyer bent on absolving Dick Fuld
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Alvarez & Marsal oversees dismantling of Lehman
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Valentine's Day:

Looking for love in the deal economy
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Personal Finance:

Bankruptcy Becomes More Appealing To Many
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Mass Transit:

Downturn Forces Transit Cuts Even as Ridership Grows
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Logistics:

Cutbacks in consumer spending hit UPS' bottom line
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Economy:

US fiscal policy to be "very aggressive": Geithner
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U.S. Plans to Curb Executive Pay for Bailout Recipients
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Executive Pay: Obama's PATCO Moment
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Geithner Says Speed Is Key to Recovery
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Additions by Senate Push Stimulus Near $1 Trillion
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Toxic-Asset Guarantees Gain Momentum in US Bank-Rescue Talks
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Obama backs down on 'Buy American' after EU trade war threat
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US House Republicans Ask Geithner for TARP ‘Exit Strategy’
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Stimulus Projects Lose Support
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Fed Extends Emergency-Loan Programs, Swaps to Oct. 30
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The Pseudo Stimulus
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Real Estate:

Pending Home Resales Rise, Prices Drop
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One in Six Borrowers Underwater on Mortgage
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Record 19 Million Houses Seized and Vacant in the US
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Housing time bomb is about to explode, again
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Both Parties Move to Aid Homeowners
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EnCap officially out of business in Bergen County
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Central Valley home builder declares bankruptcy
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St. Lawrence Homes in Ch. 11
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Mercedes Homes Files For Bankruptcy Reorganization
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Tousa asks for extension
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Despite ResCap’s $981 Million Loss, GMAC Posts Gain
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SkyMark pins hopes on DIP
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Ryland, Oaktree Form Distressed Property JV
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Bizarre signs come out as mystery pair move into upscale Sacramento neighborhood
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Sterling wants ex-HomeGold CEO's records
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Autos:

Uncle Sam, are you helping GM or not?
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Obama auto team taking shape
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GM, Ford Sales Collapse May Force Deeper Industry Restructuring
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VW Executive Calls for Auto Stimulus in U.S.
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Detroit Reels as Car Sales Plunge
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US auto sales near 27-yr low; Chrysler, GM plunge
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Ford US Sales Plunge 40 Pct., Toyota Down 32 Pct.
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January auto sales hit lowest level since 1982
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American car sales fall below China's for first time
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GM & Chrysler sue taxpayers... with taxpayer money
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GM considers new round of buyouts
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Chrysler execs say talks with Fiat progressing
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Fiat tie-up not only option for Chrysler
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Chrysler Hopes Dismal Sales Lead to Help From Congress
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Rental car slowdown hurts automakers
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$5,000 Car Vouchers Needed?
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Crossroads Ford closes dealership
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Sales skid; dealers seek aid
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Visteon draws $30 mln under credit facility
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Auto industry supply chain is collapsing day by day, warns JLR chief
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Hyundai Defies US Slump, Helps Asian Brands Grab Record Share
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Canadian Auto Sales Fall 25% on Declines for GM, Ford, Chrysler
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Layoffs:

US January Job Cuts Triple From Year Earlier
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EA to lay off 1,100 workers as net losses grow
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Panasonic to Cut 15,000 Jobs
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Xerium will cut 230 jobs
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Food/Drink:

Free Denny's meal is a grand slam with diners
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An Executive By Any Other Name
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Twinkie-maker Interstate Bakeries exits bankruptcy
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Judge delays ex-Pilgrim's Pride CEO, COO contracts
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Embattled Soho Eatery Lola Shuttered
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Chinese restaurant chain files for bankruptcy
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Moody's Sees Food Industry's Negative Credit Outlook Getting Worse
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Telecoms:

Dark Days At Motorola
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Motorola: Becoming a 'Peripheral Player'
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Can the Cellphone Industry Keep Growing?
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Alcatel-Lucent reports massive 4th quarter loss
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Nortel's Commuter CEO
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Motorcycles:

Harley-Davidson offers $600M in new debt
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Harley-Davidson soars on Buffett bond investment
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Jewelry:

Fortunoff Shuts Manhattan Store Amid Liquidator Talks
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Alternative Energy:

Bankrupt ethanol plant in Fulton to sell unused corn for $2.6 million
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Archer Daniels Zapped By Ethanol
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MGP Ingredients to end ethanol production
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Dark Days for Green Energy
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Hotels:

Senators may need pup tents
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Executive Compensation:

Retail vehicle sales may have hit bottom, automakers say
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Curbing excessive pay, board clout of executives would help business
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CEO Pay Curbs Could Extend The Crisis
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Barack Obama to impose $500,000 cap on top executives' pay
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Obama’s populist pay limit courts disaster
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Gambling:

Station Casinos misses bond interest payment-analyst
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Station Casinos Proposes Prepackaged Bankruptcy to Cut Debt
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Station Casinos Seeks Bondholder Vote on Restructuring Plan
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Expert: Greektown casino will not close
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Tropicana hires branding firm to focus on value
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Casinos Cutting Deals During Struggling Economy
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Wynn Resorts cuts salaries, work week to save cash
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Economy threatening Atlantic City's lifeblood
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Detailed look at city's 11 gaming halls
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More defaults ahead for debt-heavy casinos
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Corporate Reform:

‘Failed’ Wall Street Means Biggest Rules Rewrite Since 1930s
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What if Watchdogs Got Bonuses?
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Publishing:

Magazines Aimed at Bankers Shut Down
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Distressed Investing:

Buffett Pays Low for Another Icon
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Buses:

Creditors Won't Let Motor Coach Roll Over Them
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Credit Cards:

Citi Promises $5.8 Billion To Expand Credit Card Lending
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Packaging:

Constar set for confirmation
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Trucks:

Oshkosh B'Gone?
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New Bankruptcy Opinions
(1 new opinion 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:

Cramdowns for All
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Rep Frank: Homeowner Help To Be Joined With Mtge Cram-Down Bill
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CLLA Leads the Way on Federal Bankruptcy Legislation
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Surest housing remedy? Write down bad mortgages, study finds
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DIP Financing:

Lyondell Case Shows Bankruptcy Loans Are Available -- For a Price
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DIP financing isn't dead
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Sports:

Citi's escape from Mets deal will be difficult
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Bankruptcy costs sports leagues thousands of dollars
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Municipalities:

S&P lowers some California debt, more cuts seen
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California has country's lowest credit rating
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Lobbying firm backs away from Jeffco contract
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Vallejo: City, unions talk despite court activity
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Historic tiny Sacramento County town has king-size problems
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Stimulus Brings Out City Wish Lists
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Bankruptcy Statistics:

US Personal Bankruptcies Climbed 34% in January
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Personal bankruptcies up 43 percent in South Florida
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Bankruptcy Filings Up 40 Percent In Long Island
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Guam bankruptcy filings rise
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Software:

Brainstorm for BMM includes sale
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Newspapers:

Tribune Co. sets out new severance terms to bankruptcy judge
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Tribune Co. to reduce severance payouts
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New York Times Considers Charging for Its Web Site
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After Morris Publishing Group Skips Payment, Lender Understands -- But S&P Doesn't
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Consumer Goods:

Spectrum Brands files for bankruptcy protection
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Bonds:

Healthy Payoffs Lure Investors to Corporate Bonds
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Chemicals:

Lyondell default swaps worth 15.5 pct in auction
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Mining:

Asarco announcement: El Paso smelter will not reopen
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BHP Billiton Profit Plunges
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Rating Agencies:

Liquidity Issues Spur Flurry of Downgrades
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Politics:

Tax problems torpedo two big nominations
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McCain Leads Alternative Stimulus Fight
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Hockey:

Predators on pace to turn tiny profit
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Tech:

Distressed German chip maker says to shut US plant
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Aviation:

Global Aircraft in Ch. 11
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Japan’s Airline Association Asks Government for Aid
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Mass Torts:

Pittsburgh Corning case drags on
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Theme Parks:

Where Rock 'N Roll Treasures Go On Their Days Off
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Hedge Funds:

Hedge fund woes spell opportunity for some
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Accounting:

PwC partners deny criminal activity over Satyam audit
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Forms May Fail Big Four Auditing Firms
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UK:

British Economy Will Shrink Until Fourth Quarter, Niesr Says
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UK’s Brown Suffers Setback as Lords Vote to Amend Bank Bill
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Service sector contracts at slower pace in January
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Pay what you want, UK restaurant tells diners
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High street giant seeks bankruptcy protection
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High street shakeup on the way
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Debenhams Stakeholder In Financial Foul-Up
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Major UK chains under threat as owner seeks protection
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Deloitte: Woolworths' banks to be paid in full
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Loanmakers in administration
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Canada:

Complacent Canadians now deep in debt
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Canadian Card Losses May Rise C$800 Million, Deloitte Says
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Musical Rob Roy dropped, Catwalk in trouble
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Spain:

Spanish unemployment jumps in January
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Zapatero Running Out of Cash to Retain Spanish Political Allies
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Brazil:

Brazil Economy Comes to Standstill as Output Plunges
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Ireland:

Irish premier unveils plan to combat debt crisis
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Australia:

Australian December Retail Sales Rose 3.8% on Government Grants
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No One Gets Out of This Financial Crisis Alive
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Ireland:

Irish PM claws back pay to battle debt crisis
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Indonesia:

Indonesia Will Probably Lower Key Rate for Third Straight Month
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Mexico:

Mexican Peso Falls to Record on Speculation Economy to Contract
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India:

Is the Worst Over for Satyam?
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China:

Profit Alerts Signal Pain in China
(WSJ: separate paid subscription required)

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Hong Kong:

HK's PCCW plans to cut 600 jobs
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Germany:

Maerklin files for bankruptcy
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Merkel Fails to Resolve Rift on Hypo Nationalization
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Iceland:

Baugur goes into Chapter 11
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Middle East:

Dubai contractors face bankruptcy
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