February 5, 2009

The Daily Bankruptcy News

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Law:

Weil London smashes firm average with 22 per cent PEP hike
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Akerman Senterfitt Names New Bankruptcy Partner
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Buchalter Bulks Up Bankruptcy
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Skadden Saves Twinkies from Chapter 11, Puts Spectrum Brands In Bankruptcy
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Davis Polk & Wardwell has been a go-to firm during Wall Street's meltdown
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The High Cost Of Bankruptcy
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The Business of Bankruptcy
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Will Regional, Mid-Tier Firms Emerge as Winners in the Current Crisis?
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Bank Lawyers on TARP Funds: D’oh!
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BigLaw Firm Sacks 60 Lawyers, 89 Staffers
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Four Atlanta Firms Confirm Layoffs
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February Freeze Round-up: New Firms on Ice (and smaller raises at Jenner & Block NYC)
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Goodbye, lockstep compensation?
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Contingency Cases, Increased Head Count Sink Manatt's Profits
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O'Melveny's White-Collar Head Joins Quinn Emanuel
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Foley Helps Harley-Davidson Connect with Buffett
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Merit Layoffs?: Annuals Reviews Take On Scary Twist in Down Economy
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Handling Clients in Hard Times
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Is the Work-Life Balance Tipping in Work's Favor?
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Women Lawyers Are Happier Outside of BigLaw, Survey Says
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Bid to Create 'Private Prison' at Issue in Dreier Bail Determination
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Q&A With Harry Markopolos’s Lawyer
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Madoff lawyer named in 'fraudster's' client list
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Penn Students See Humor in Layoffs; 3L Makes Partner at Dissolving Calif. Firm
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Penn Law's 'Underground' Student Newspaper
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Pls Hndle Thx: The Gambler
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Judges:

Push for Judicial Pay Hikes Falters in Deepening Recession
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Judge of the Day: Why Don't You Crack Open a Red Stripe And Chill Out?
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Wall Street:

US Stock-Index Futures Are Little Changed
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World Stocks Fall on Grim Company Earnings
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Kraft's profit gloom, bank fears hit Wall Street
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Losses mount up
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For now, Washington trumps Wall Street excess
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Goldman Sachs CFO seeks to repay TARP funds
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Wall Street Bonuses Are an Outrage
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Wall Street Bonuses: It’s Every Man for Himself
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Wall St. Pay Is Cyclical. Guess Where We Are Now.
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Hedge Funds Could Fill I-Bank Void
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Goldman Sachs Moves Event to New York From Miami
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Goldman, JPMorgan, Won’t Feel Effects of Executive-Salary Caps
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‘No Prospect for a Profit’ on Fed’s Bear Assets
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Mag Wants Ex-Wall Street Gals For Feature Edition
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Committees:

Book 'Em A 'Seat,' Danno
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Executive Compensation:

CEO pay cuts: Not just for banks
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Executive Pay: Will Big Bucks Stop Here?
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Plenty of Limits to Obama's New Exec Pay Limits
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Could Seriously Hurt New York?
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Pay Analyst Examines Exec Salary Cap
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Critic: 'This is pure political grandstanding'
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Should executive pay be curbed in return for bailout funds?
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Obama doesn't know what he's doing
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Details of new US restrictions on CEO pay
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Autos:

Automakers face sharp curb on executive pay under Obama rule
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Economist Predicts US Auto Cos Will Need Another Rescue
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GM wants retirees' COLA to end
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GM and Chrysler Buyout Offers: Should Taxpayers Be Angry?
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Auto supplier Delphi amends financial covenants
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Auto Supplier Group Seeks Up to $10.5 Billion in Aid
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Senate Adds Auto Buyers’ Tax Break to Stimulus Plan
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GM halts political funding
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Trade group, Treasury negotiate supplier aid
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Hecker trying to sell 2 dealerships to Pohlad
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Lawrence Marshall dealership shuts down
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Strauss Auto files for Chapter 11
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A canny deal that could backfire on Hyundai
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GM's Thai Unit Seeks Government Aid
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China's Geely says no plans to buy Ford's Volvo brand
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S.Korea court to decide Ssangyong's fate
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Fraud:

Madoff’s Brother Said to Audit Firm’s Investments, Tipster Says
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Madoff Witness Talks of Other Possible Ponzi Cases
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Did Madoff's feeder fund shop for friendly audits?
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Lawmaker says SEC hindering House's Madoff probe
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Harry Markopolos first alerted SEC about Madoff nine years ago
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Madoff Witness Talks of Other Possible Ponzi Cases
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Markopolos blames SEC turf battles for Madoff failure
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Could a Markopolos Blog Have Stopped Madoff?
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Harry Markopolos and Bernie Madoff: Losses Only Up to $25 Billion
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Madoff Tipster: WSJ Could've Uncovered Scandal in 2005
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SEC’s Madoff Miss Fits Pattern Set With Pequot
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Taking on Madoff not easy
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More Madoff 'feeder' funds yet to be named
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NY BigLaw Partner Wants His Divorce Money Back, Blames Madoff
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Trustee Recovers $946 Million In Madoff Funds
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Madoff’s Fleet Is Out: Trustee to Cancel Auto Leases
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Big banks hit by the Madoff mess
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How to Run a Financial Fraud
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List Of Entities Announcing Exposure To Madoff Investments
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Madoff Trustee Unveils List of Firm’s Customers
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Del Biaggio pleads guilty to securities fraud
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Payday Lending:

Brother, can you spare a payday loan?
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Tax:

Tax-Wise, Forgiveness on Debt May Not Be Divine
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Nominees' tax problems could prompt more people to cheat
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Chemicals:

Which companies are at risk of going bankrupt?
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Nova Chemicals Funding Report Denied
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Mining:

Asarco Said to Be Near Agreement to Sell Itself to Sterlite
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Oil/Gas:

Flying J to Seek Buyers for Pipeline Assets
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Oilexco under lenders' gun
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Viking Oil succumbs
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Oil Near $40 on Rising Crude Supplies, Weak Demand
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Municipalities:

US City Financial Strains Highest Since 1980s, Survey Reports
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Ill. could face $9 billion budget deficit
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Cash-strapped states want seat belt law changes
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Pay caps and New York’s budget shortfall
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Vallejo Council rejects public vote on city-union pacts
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Auto Racing:

F1 to face radical cost cuts by 2010
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Resorts:

Yellowstone Club deal would sell resort for $100M
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Auctions:

Auctioneer Promises To Be Good This Time
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Economy:

Overseer calls for bank bailout makeover
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Too late to avoid a depression?
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What Falling Prices Are Telling Us
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Senate Lacks Votes to Pass Stimulus
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Obama Calls for ‘Common Sense’ on Executive Pay
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Treasury in plans for record debt sale
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Billions more dollars needed in crisis: Volcker
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Volcker Warns Against Overloading Fed
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Summers Warns Deflation Is ‘Real Risk’ for Economy
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Volcker Chafes at Obama Panel Delay, Strains With Summers Rise
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Foreign Firms Lining Up for Piece of Stimulus
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Stimulus: Frisbee Golf course for Austin; Neon for Vegas?
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Welcome in the Stimulus Bill: An Earmark by Any Other Name
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Where's All The TARP Money?
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Economic Guesswork Drives Stimulus Job Targets
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Consumers Show Slightly Less Pessimism
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Democrats Party on Taxpayers' Dime; $500K spent on caucus retreats
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Are Junkets Good for the Economy?
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Economists are the forgotten guilty men
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Real Estate:

Some relief may be in sight for troubled US mortgages - As more than 5 million Americans fall behind on mortgages, banks signal a new willingness to reduce the principal.
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Senate Advances Tax Break for Homebuyers
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Sheila Bair shakes up Washington, Wall Street
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Mortgage Applications Increase Nearly 9%
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Analyst Explains Why Housing Will Not Bottom This Year
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Pulte Homes Reports Ninth Straight Net Loss as Prices Slump
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Mortgage Refinancing Change Faces Hurdles, FHFA Says
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Retail Landlords Offering Tenant Concessions
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Freddie to Servicers: Do More With Our Troubled Loans
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Triangle housing starts fall 59%
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Fulton to seek OK to sell homes
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Michigan Sheriff Halts Foreclosure Sales
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Banking:

Obama limits bailed-out bank CEO pay to $500000
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Banks Could Still Find Wiggle Room in Pay Caps
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Lenders Wary of TARP Regs Even Before Plan for $500K Pay Cap
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Why Did Citi Get Bailout Money for 'Healthy' Banks?
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Bank of America CEO Says Results Are ‘Encouraging’
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US pushed Bank of America to complete Merrill buy
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Twelve Merrill Lynch Bankers Leave. More to Come?
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Experts wait out cheap bank stocks
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Deutsche Bank posts first loss since WWII, rejects state aid
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Deutsche Bank Revenue Rose ‘Significantly’ in January
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Media:

Time Warner results miss; sees flat 2009 profit
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Objectors delay Worldspace auction
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Report: Charter preparing for bankruptcy
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Insurance:

Prudential Posts Record Loss as Investments Decline
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Buffett Sinks Billions Into Swiss Re
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AIG Likely Subject to Compensation Restrictions if It Seeks More Aid
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Arthur Gallagher Falls After Net Income Drops 80%
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We only employ workers born under specific star signs, says insurance company
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Bankruptcy Statistics:

Bankruptcy Filing Rate Declines for Second Straight Month: Not Necessarily Great News
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Bankruptcy cases spike 65 percent in January
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AZ Valley bankruptcy filings hit 7-month low
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Liquidators:

You Know Times Are Tough When…
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Postal Services:

Postal Service Has First-Quarter Loss of $384 Million
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Newspapers:

Party On, Sun-Sentinel
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How to Save Your Newspaper
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Seattle Times asks staffers for 12% pay cuts
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Ohio Newspapers Trim Tuesday Publication Instead of Employees
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LAT pressrooms to lose quarter of staff
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CEO of Sun-Times parent, Cyrus Freidheim, to resign
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Gambling:

Station Casinos seeking support for restructuring
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Station Casinos' plan called 'good start'
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Trump casinos win third extension on $1.25B debt
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Greektown Casino can borrow to finish hotel, judge says
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Travel:

International Tour Provider Files for Bankruptcy Protection
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Travel agency walloped by staycations
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Defaults:

US junk bond defaults rise to nearly 5 pct
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Consultants:

FTI adds 400 jobs; sees trouble for elder care
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Credit Cards:

US credit card delinquencies at record highs
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Visa Profit Rises 35%
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Putting Credit Card Debt on Notice
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Hedge Funds:

Hedge Funds Can’t Fix Connecticut’s Fallen Revenue
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Ex-Fed chief says reforms must include hedge funds
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Tax haven hedge funds threatened
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Madoff whistleblower raises questions about Walter Noel's hedge-fund firm
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M&A:

Bankruptcies, turmoil speed up M&A process
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RVs:

RV maker's woes grow with lawsuit
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Aviation:

Textron Draws Down Bank Credit Lines; Shares Plummet
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Seabury's Cox on airline industry bankruptcies
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Zoom Airlines could fly again
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These Jets Should Be Sold
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Japan Airlines May Apply for Government Funds
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Photography:

Kodak Projects 2009 Loss on Drop in Consumer Demand
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Academia:

An Analysis of the Implied Probability of Bankruptcy
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Alternative Energy:

Volney ethanol plant sells off all its corn
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Financial Literacy:

Young borrowers go for debt counseling
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Tech:

Cisco sees hard times ahead
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The Chips Are Down for Samsung and Other Semiconductor Makers
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Losses Pile up at DRAM Maker Hynix
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Celebs:

Famous Foreclosures
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Radio:

EchoStar Amasses Sirius XM Debt
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Credit Reporting:

One Fewer Credit Score Accessible to Consumers
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Personal Finance:

When your money's stuck in limbo
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Pawnshops:

For Pawnshops, the Recession Is a Golden Egg
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New Bankruptcy Opinions
(No new opinions today)

Bankruptcy Court Web/Pacer Site Directory

Chapter 7, 12 & 13 Private Trustee Locator
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Recent Ch. 11 Filings
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Weird News

Bankruptcy Jobs:

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

Cramdowns Help Some, but Have Unintended Results
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The Good, the Bad and the Ugly of Mortgage Servicing and Implications for Mortgage Modification
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Politics:

Losing Control
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Lehman:

The Battle Over Lehman Brothers' Real-Estate Carcass
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Bankruptcy advisers feed off the corpse of Lehman
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Fees Add Up in Lehman Bankruptcy Case
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Corporate Reform:

Congress Weighs Consumer-Protection, Risk Regulators
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BofA to sell 3 corporate jets, Merrill helicopter
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Pressure Grows for Bipartisan Probe of Regulatory Lapses Behind Financial Crisis
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Avoidance Actions:

Bullies, Beware
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Layoffs:

No Jobs At The Bottom
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98 percent of metro areas see jobless rates rise
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Massive Job Losses: What's Left To Cut?
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Pelosi: "500 Million Americans Lose Jobs Every Month" ?????
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Private sector sheds 522,000 jobs in January
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Fidelity National Sheds 1,500 Jobs Following LandAmerica Deal
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Cisco May Cut 2,000 Jobs. But That's Not A Layoff .
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Hudson's Bay cuts 1,000 jobs
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Allergan announces 4Q profit drop, cuts 460 jobs
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PNC To Cut 5,800 Employees
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Telecom Industry Layoff Tracker
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Group forms to pressure Nortel for severance pay
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Ohio has lost 262,383 jobs - 5% of its work force - since 2000
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THQ Plans to Layoff 600 Workers
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Flying J laying off 200 workers
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US companies bleed jobs as service slump slows
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Retailing:

Fortunoff considers new bankruptcy filing
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Circuit City ripples go beyond vacancies, layoffs
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Mexican Mogul Speaks About Circuit City Losses
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General Growth Properties stands at death's door
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99 Cents Only Stores 3Q profit jumps 31 percent
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Deal to aid Boscov's faces setbacks
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Telecoms:

Nortel suspends plans to sell Metro Ethernet unit
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Health Care:

Mary Immaculate, St. John’s hospitals seek cash to stay alive
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Non-profit hospital credit downgrades at peak since 2001
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Cancer Survivors Say Costs Keep Them From Care
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Tax Breaks for Car Buyers but Not for Medical Expenses?
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Vanity’s Downturn: Botox Use, and Allergan Sales, Dip
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Akesis will liquidate
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Construction:

Cemex Sees Operating Cash Flow Down on Cement Demand
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Accounting:

Accounting Firms Take New Hits Over Madoff, Other Ponzi Schemes
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Did Madoff's feeder fund shop for friendly audits?
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Walter Noel Shopped for Auditors the Way His Daughters Shopped for Shoes
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Limited liability: Ignominious end for a great idea
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Accountants near top of international stress league
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Auditors brace for wave of litigation
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Parmalat ruling leaves global networks exposed
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KPMG encourages more staff to sign up to four-day week
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Too early to nail Satyam auditors
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Satyam auditors' bail hearing fails
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Accounting Firm Caught Up In Madoff, Petters Cases
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UK:

KPMG Says 5,000 U.K. Companies May File for Bankruptcy in 2009
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UK Brown Sees Doom: World heading for 'a depression'
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Worker Anger Sees Brown Facing Winter of Discontent
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Bank of England cuts rates to historic low of 1%
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Allen & Overy, SJ Berwin Lead on New Icelandic Bankruptcy
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High street on the skids after collapse of Icelandic retailer Baugur
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Dozens of high street names at risk after Icelandic tycoon's company faces administration
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The great High Street sale but will there be any takers?
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For sale: the British High Street
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Gradual sell-off gives staff some breathing space
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Zavvi Administrators Close 17 More Stores With Loss of 242 Jobs
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'Middle class IVA' becoming increasingly common
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More than 60,000 at risk of being ‘unmortgagable’
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Celebrity chef Rankin served bankruptcy papers
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Investment firm on brink of collapse
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Accountant Beale angry at Rock bailout
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Woolworths' unsecureds: Recovery unlikely
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Canada:

Railpower seeks protection from creditors.
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Canadian love affair with plastic gets ugly
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Canada's jobless ranks to swell by 325,000 this year
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Australia:

More Canberrans seek financial help
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Australian A$42 Billion Stimulus to Senate After 12-Hour Debate
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Germany:

German retail sales slide further
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German December Manufacturing Orders Extend Record Slump
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Iceland:

Bankruptcy Looms For Iceland Tycoon
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Rise and fall of Icelander who went on huge spending binge
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New Zealand:

New Zealand Jobless Rate Rises to Five-Year-High
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Russia:

Moscow abandons bail-outs for bank aid
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Japan:

Suicides, Homeless Ranks to Swell in Japan as Firms Slash Jobs
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Japan developers cut forecasts on apartment slump
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Japan businessman nabbed over "yen from heaven" scam
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Sanyo Reports Quarterly Loss Amid Global Slump
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France:

Parisians take to scavenging
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Middle East:

Extent of cancelled developments in Dubai revealed
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Latvia:

Latvia facing bankruptcy ?
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Cayman Islands:

Cayman Islands insolvency regime set to change
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Daily Bankruptcy News is published each business day by BKINFORMATION.COM, L.L.C.  You can reach us at 281-402-3957 or at accounting@bkinformation.com (email inquiries are usually answered substantially more quickly than phone inquiries).