February 6, 2009

The Daily Bankruptcy News

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Law:

US Hires Bankruptcy Lawyers to Advise on Automakers’ Bailout
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Another Midsize Firm Cuts Attorneys, Staff
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Weil Gotshal Associate Shown the Door for Failure To Graduate From Law School
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Dealmaker of the Week: Skadden's J. Eric Ivester
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Laid Off? Work for Us for No Pay, Legal Job Ad Suggests
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Linklaters offers half Clifford Chance's layoff pay
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Full breakdown emerges of Linklaters layoffs
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Latham revenues slump $400m during 2008
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Curtis Mallet-Prevost Sees Revenue Surge
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The Layoff Code
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Snow? What Snow? - No snow days at DLA
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Mayer Brown boosts London revenue by 8%, PEP down
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Fun Isn't on the Agenda at Sonnenschein Vegas Meeting
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Bankruptcy Jurisprudence From the Supreme Court
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Credit Crisis Litigation Wave Enters Third Year
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Dow Chemical Sues Its One-Time Law Firm: Wachtell, Lipton, Rosen & Katz
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Mel Weiss, Other Former Milberg Partners Snared in Madoff Scam
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From Odd to Odder: Madoff’s Lawyer Lands on Customer List
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Why Did Filings List Law Firms as Madoff Customers?
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Judge Gives Dreier House Arrest
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Marc Dreier is Headed Home . . . For Now
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Terminated Dreier associate sues for lost pay
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The Year of Living Sleazily
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Would You Dress Up Like Big Bird for $160,000 Year?
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The Accidental Laterals
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Watchtell called in to lead on 'India's Enron'
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The Recession's Downsides for Law Departments
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‘Market Maker’ GCs Send More Work to Midsize Firms
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Small Firms Targeted by Con With Fishy Fees
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Fla. Closing Attorney Pleads in $83M Loan Fraud Case, Could Get 10 Years or Less
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Seattle Law Firm Wins $6.8M Wash. Lottery Jackpot
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Cooley Law School Develops More Useless Than Normal Law School Rankings
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Judges:

Supreme Court Justice Ginsburg Has Pancreatic Cancer
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Ginsburg Illness Stirs Speculation About Court Departures
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Chief Justice Roberts Worries About 'Partisanship'
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Judge Faces Ethics Charges Over Affair With Bailiff
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Suspended Judge Changed Other Judges’ Sentences, His Successor Says
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CBS Legal Analyst Tells Scalia to Drop the ‘Bully Routine’
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Wall Street:

Wall Street Awaits January Jobs Report
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Index futures point to higher Wall Street open
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European, Asian Stocks Rise
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Shares Rise Despite Continuing Worries
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US stocks, oil recover on Obama rescue plans
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Inside Wall Street’s Factory of Fakery
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Accounting rule change hopes fuel Wall St rally
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UBS, Blackstone Advisers Fed Insider Ring, US Says
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Lazard sees opportunities to expand funds arm
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Deutsche Bank Trader Left $1.8 Billion Hole
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Politics:

Congress risks criticism over luxury retreat trips
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Obama Slams GOP Ideas on Stimulus
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Celebs:

On Madoff List: Sandy Koufax, Kevin Bacon
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For Sandy and Others, Madoff Customer List Eviscerates Privacy
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Madoff's celebrity "hit" List
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Newspapers:

News Corp. Posts First Quarterly Loss in 3 Years on Ad Slump
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News Corp loses $6.4 billion
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News Corp. Loss Shows Trouble at Dow Jones
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Can Micropayments Save Newspapers?
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McClatchy reports loss on newspapers' decline, plans deep cost cuts
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A Bold, Old Idea for Saving Journalism
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Nasty portent for Star Tribune workers?
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Retailing:

Retailers Down But Not Out
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Grim January for most retailers, same-store sales show
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Target Jan. same-store sales down, Wal-Mart up
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Bruno's stores file for bankruptcy reorganization
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Bruno's creditors number into thousands
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Snyders Drug to close 19 stores
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Troubled waters for Bayshore Mall?
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Fortunoff enters ‘Chapter 22’
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Experts: Fortunoff still offers buyer lots of value
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Macy’s Among Five Chains Facing Ratings Cuts
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Layoffs:

New jobless claims jump more than expected to 626K
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As Layoffs Surge, Women May Pass Men in Job Force
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Who Hired All the People who Are Getting Laid Off?
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Low on Jobless Funds
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Estee Lauder to Cut 2,000 Jobs as Profit Declines
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Sharp to Cut 1,500 Jobs, Forecasts Annual Loss
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Hundreds of Gottschalks Employees Face Potential Layoffs
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Bombardier to Cut 1,360 Jobs on Business Jet Demand
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Thoughts on Republic Windows and Doors
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Chemical industry lobbyist says job cuts may be over
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Rating Agencies:

Moody’s to Review $302.6 Billion in Commercial Debt
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Videos:

Video liquidator seeks bankruptcy protection
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Alternative Energy:

VeraSun plans to auction all ethanol plants
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Telecoms:

Nortel Puts Ethernet Selloff On Ice
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Nortel Seeks Restructuring Deadline Extension to May 1
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Economy:

TARP Watchdog: Treasury Overpaid For TARP Investments By $80B
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Regulator Says Bailout Fund Is Misleading the Public
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Bipartisan Push to Trim Size of Stimulus Plan
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Why the Talk Has Turned to Depression
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Bailout Talks Turn to Equity Stakes
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Where $300 Billion in Bailout Cash Went
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Stealing the Stimulus
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Recipients of TARP Bailout Funds Could Be Targeted in Criminal Cases
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Obama warns of need for stimulus bill right away
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US Senate Will Have Votes to Pass Stimulus Plan, Reid Says
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Jobless Claims Soar, Productivity Rises
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Factory Orders Continue to Show Weakness
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Gross Says US Must Spend to Avoid Mini Depression
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GE chief warns on USA depression threat
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Japan’s Big-Works Stimulus Is Lesson
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Songwriters Take On the Recession
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2 Central Banks, 2 Different Paths
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January Credit Manager's Index Hits New Low
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Real Estate:

What Does She Know, Anyway?
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Trying to Help Financially Troubled Homeowners
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Decay is spreading to the upper floors of America's mortgage market
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Connected, Fabulous ... and Broke
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Foreclosures Rising: One Every 13 Seconds
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Mortgage rates rise despite the Fed's efforts to push them down
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Economists Skeptical of Home Buyer Tax Credit and Other Incentives
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Reviving the Housing Market: Will Loan Modifications Work?
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Ross to pay Citi $1.5B to service loans
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Luxury Realtor is Victim of Meltdown
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Freddie Mac unveils new workout plan for high risk loans
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Bomb will hit real estate market as ARMs reset
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Fraud:

Actors, baseball legends on Madoff client list
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Large number of Madoff victims in Southern California
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Washington Region Residents on Madoff Client List
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More than two dozen Michigan investors tied to Madoff
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Madoff scandal's reach extends to Houston investors
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Madoff tie to Mets' money prompts fear of major losses
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Pittsburgh investors on Madoff client list
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1 In 5 Madoff Investors Came From South Florida
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Many Minnesotans on Madoff investor list
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British society victims of 'world's biggest fraudster'
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Madoff ‘Cold Shower’ Makes Geneva Bankers Forgo Two-Star Meals
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Pace CEO on Madoff victim list
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Madoff's Miserable Millionaires
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John Denver companies linked to Madoff
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Lautenberg's charity lost most of $15M in assets
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'I hope they burn him'
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The Madoff List of Lists
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Dozens of Aspen names on Madoff investor list
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List of Madoff's customers includes rich and famous
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11th Circuit Tosses Fraud Precedent
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Will the downturn lead to an upturn in white collar crime?
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Aviation:

Boeing confirms Dreamliner order cancellations
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Japan Airlines May Report Pretax Loss for the Year
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British Airways to Eliminate Jobs on Losses, Declining Traffic
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Executive Compensation:

Proposal of a $500,000 Salary Cap Raises the Question: What to Do?
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Loopholes Sap Potency of Pay Limits
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Pay Cap Debate: They Don't Go Far Enough . . .
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Oil/Gas:

Gale Force files for bankruptcy
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Oilexco obtains Canada bankruptcy protection
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Bidders circle Oilexco
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Oil sands to 'slumber'
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Golf:

Pasadera Country Club files for reorganization under Chapter 11
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Jewelry:

Fine Diamonds Creditor Nedbank Seeks $37 Million in Diamonds
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Health Care:

Failing Hospitals On Verge Of Collapse
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Study points to cancer's financial malignancy
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Hockey:

Calgary investment banker looking at stake in Preds
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NHL in turmoil
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Utilities:

City appeals bankruptcy ruling on Akron Thermal
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Gambling:

Casino backer on brink of bankruptcy
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Insurance:

Hartford Slashes Dividend 84% After Posting Loss
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Hartford Shares Plunge After Life Insurance Unit Misses Target
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AIG Falls Below $1, Losing Half of Value Since Rescue
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Media:

Media Companies Report 4Q Losses and Grim Outlooks
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Redstone Said to Be Making Progress in Debt Refinancing Talks
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Advertising:

The Wheels On The Bus
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Municipalities:

Chicago mayor refuses to release stimulus project list
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Stockton’s Former Mayor Looking To Do Short Sale
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Some more details revealed in Vallejo, union negotiations
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Chemicals:

Bankruptcy still threatens, chemical official says
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Bankruptcy Crimes:

Michigan man gets 6 years for tax evasion, fraud
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Litigation Support:

On-Site to seek DIP approval
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Tax:

How to Confess to Being a Tax Cheat
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 New Bankruptcy Opinions
(No new opinions today)

Bankruptcy Court Web/Pacer Site Directory

Chapter 7, 12 & 13 Private Trustee Locator
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Recent Ch. 11 Filings
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Bankruptcy Jobs:

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

CLLA Leads the Way on Federal Bankruptcy Legislation
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Bankruptcy Tunes:

Some Thoughts from Ray
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Banking:

Citigroup, Bank of America Bailouts Will Get a Hard Look
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Bank Of America Hits Multi-Decade Low On Nationalization Fears
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Bank of America Memo: 'The Longest Board Meeting in Anyone's Memory'
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Pity the bankers of America
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Scrutiny of Bankers’ Perks Will Grow, Too
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Bankers gone bonkers
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Let's Start Brand New Banks
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Autos:

Politicians are desperate to support domestic car industries - but these days there's no such thing
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Cadwalader, Sonnenschein Tapped to Advise Feds on Auto Bailout
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Auto Suppliers Face March 1 'Cash Crisis' - Trade Group
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US Sens Urge Team Of Experts To Oversee Auto Restructuring
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Lack of 'Car Czar' Stalls Bailout
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January Auto Sales — Inside the Numbers
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Delphi seeks permission to eliminate retiree health care
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Court Filing Says Delphi Low on Cash
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Autobacs Strauss needs an overhaul
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Chrysler LLC receives three offers for selling Viper business
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Is Chrysler Near The End? Management Press Dealers To Order More Cars
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Sales of hybrid cars suffer in recession
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Nissan dealer defaults on debt; bank takes 200 vehicles
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Toyota sees bigger losses as sales slide
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Toyota downgraded to 'AA+'; outlook negative
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China January car sales edge up on month
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Ssangyong Enters Receivership After SUV Sales Plunge
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Mercedes-Benz to Send 7,000 Workers on Leave
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India Bucks Auto Trend as Rate Cuts Spur Sales
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Thailand Won’t Give Loans to GM, Foreign Automakers
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Food/Drink:

Pilgrim's Pride Corp reports wider Q1 loss
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116 Waffle Houses to stay open under deal
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M. Tangredi's Restaurants files for Chapter 11 bankruptcy
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Personal Finance:

Bad Economy Makes Troubled Couples Avoid Divorce
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UK:

Companies fear bankruptcy despite historic rate cut to 1 per cent
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Number of insolvent firms is expected to rise in U.K.
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UK Manufacturing Contracts, Insolvencies Rise in Recession
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Brown Pressed by Lawmakers to Curb UK Bank Bonuses
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British Bank Adapts to Life on a Leash
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British Retail Could Face a Fire Sale
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Baugur Bows to Landsbanki’s UK Administration Move
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British company liquidations soar in Q4 2008
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Celeb-chefs‘ chickens come home to roost
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EU:

Eurozone lending still tight despite state support: ECB
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EU Pressured by Banks for East Europe Financial Aid
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France:

Sarkozy May Further Cut Corporate, Income Taxes to Face Crisis
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Sarkozy Vows to Avoid UK Errors, Says Brown Tax Cut Failed
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Canada:

Canada’s Employers Cut Record 129,000 Jobs in January
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CHCH's future up in the air
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Pizza Hut franchisee files for bankruptcy
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Japan:

Japan’s Largest Bank Cuts Earnings Outlook
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Japan General Estate files for bankruptcy protection
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L&G head, 21 staff held over fraud
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Japan Police Target Alleged Ponzi Scheme
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Spain:

Bankruptcies tripled in 2008
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Spanish Leaders Blame Bankers
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S. Korea:

Credit card delinquencies creep up
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Middle East:

Prosecutors say "Egyptian Madoff" robbed Cairo to pay Dubai
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Australia:

Australian Building Industry Shrank for 11th Month in January
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New Zealand:

Health system in dire financial straits
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China:

China’s Unemployment Swells as Exports Falter
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Germany:

German Industrial Output Drops by the Most on Record
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S. Korea:

SKorean court accepts Ssangyong protection appeal
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Korea recoups 55.4% of bailout funds
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Latvia:

Troubled Latvian bank asks for new deal from its creditors
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Ukraine:

Rivalry Deepens Ukraine Economic Woe
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Ireland:

City faces bankruptcy as income dries up
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