February 9, 2009

The Daily Bankruptcy News

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Law:

Thelen Says It Can't Pay Laid-Off Workers
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Just How Much Do Law Firm Layoffs Save?
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Labor Reports Legal Section Jettisoned 1,300 Jobs in January
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Despite All the Law Firm Cuts, New Partners Continue to Appear
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Hinshaw & Culbertson Lays Off 11 Lawyers, 17 Staffers
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Law Firm Layoffs Could Bring More Suits and ‘Salacious Allegations’
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Crowell & Moring Reports Double-Digit Growth in 2008 Revenue and Profits
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Latham Profits Drop 21 Percent, Off $470K Per Partner
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Gibson Dunn: Gross Revenue Up, Profits Per Partner Down, No Layoffs in Sight
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If the Compensation Cap Fits . . .
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More Straight Talk From John Quinn
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Layoffs: What Partners Think
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Can Execs On Trial in 2009 Get Impartial Jurors?
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Crunching Numbers: Impact of Upcoming Layoffs at MegaFirm Becomes Clearer
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Mid-Sized Firm Sees Revenues Drop Nearly 9 Percent
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The Manhattan Madam from Queens? Did NYDN Get It Wrong?
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NY Madam Says Cravath Partner on Her Client List
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The No Debt Law Firm
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Lawyer-Turned-Bestseller Machine John Grisham Says He Has the Easiest Life in the World
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Is Tweeting for Clients the Same as Solicitation?
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10 Reasons Why Your Presentation Isn't Cutting It
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ABA Social Network Fails to Connect
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Small Firms Targeted by Con With Fishy Fees
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How to Answer the ‘Greatest Weakness’ Interview Question
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Lawyers Get $1.4M in Attorney Fees for Winning $183K Case
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Calif. State Bar Poses as Client, Never Sees Lawyer in PI Case
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Judges:

Pondering a Post-Ginsburg Supreme Court: Females Need Apply
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Uncertainty for High Court in Wake of Ginsburg Health News
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Mississippi Court Reprimands Judge Over Comments About “White Folks”
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Local Associate/Judge's Affair With Bailiff Ended in Suicide Attempt When He Broke It Off
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Former Judge Suspended for Threatening Cops During DWI Arrest
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Courts Cancel Hearings Due to Computer Virus
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Wall Street:

US Stock-Index Futures Decline
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German Stocks Decline
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UK Stocks Retreat
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Stocks Pin More Hopes On Stimulus, Rescue Plan
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Wall Street Looks To Washington
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Investors await news of stimulus, bank bailout
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For Boutiques, Time to Shop as Bankers Flee Big Firms
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BarCap CEO: Fragility Of Mkts To Continue Through 09
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Newspapers:

Murdoch writes down half the value of WSJ
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Resilient Strategy for Times Despite Toll of a Recession
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Wall Street Journal to Cut 14
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Chicago Tribune plans job cuts, salary freeze
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Syndicators Put Price on Tribune Bankruptcy
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Newspapers Facing Death By 15,000 Cuts
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Pioneer Press workers vote for unpaid furlough
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Creative Loafing gets $13M bid
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Politics:

Biden Sees Risk of Voter Backlash
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Banking:

Regulators shut banks in Ga., Calif
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Bank of America CEO says nationalization 'absurd'
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For Bank of America and Merrill, Love Was Blind
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BofA will not need more government money: CEO
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Lewis, Thain, CEO Cult Torched in Crisis Bonfire
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Bank of America CEO Kenneth Lewis is losing fans by the day
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The rise and (almost) fall of America's banks
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Swiss banks to announce massive losses
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Barclays Posts 1 Percent Drop in Profit
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Layoffs:

Nissan to Cut 20,000 Jobs
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The Incredible Shrinking US Job Market
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The Other Unemployment Rate: 13.9%
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Unemployment rate proving to be colorblind
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Job Scams: Recession Turns Ugly
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Job Market Goes from Bad to Worse
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The ‘W’ Word, Re-Engaged
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Legions facing layoffs turn to parties, Internet
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Demand Drop Hurts Staffing Firms
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A Hollywood Sequel for Michigan Workers
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For Retail Jobs, January Was a Scary Month
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Lost: A Lot of Jobs That Never Were
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More co-worker couples losing both incomes at once
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Oil/Gas:

Oil slick - Is the oil business next?
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Iraq predicts deeper OPEC output cuts
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Chemicals:

LyondellBasell bankruptcy could be problem for schools
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Once-mighty Nova Chemicals needs rescuer
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Municipalities:

Boomtown Slowdown
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Hawaii's Plan To Deal With Growing Homelessness Problem
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California dreamin' of a new start as bankruptcy looms
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California's Tough-Guy Controller
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Distressed Investing:

Restructuring pros say investors can profit from troubled companies even in hard times.
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Paper:

Bankrupt Foes Shred Paper Problem
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Aviation:

Business aircraft makers face severe test
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Delta to drop 170 gates around U.S.
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AirTran looks to capitalize on other airlines' cutbacks
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Personal Finance:

When Nest Eggs Crack
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What’s Your New Plan B?
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How to Go Green in Hard Times
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What the Credit Crunch Looks Like
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Food/Drink:

Is It Kosher?
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Bi-Lo provides DIP to Bruno's
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Gambling:

Station's bankruptcy plan 'fairly paltry,' bond analyst says
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Bondholders’ issue: Who best to run Station?
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MGM Doubles Down on Lobbying as U.S. Senators Work on Stimulus Measure
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Trucking:

Trouble by the truckload in recession
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Rail:

Rail companies steam through the downturn in profit
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Hollywood:

Drama for director as funding unravels
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Construction:

W.R. Grace amends plan
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IP:

Linens N' Things intellectual property goes for $1M
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Economy:

Senate Set to Vote on U.S. Stimulus Bill
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U.S. Taxpayers Risk $9.7 Trillion on Bailouts as Senate Votes - "almost enough to pay off every home mortgage loan in the U.S."
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Soaring Job Losses Drive Stimulus Deal
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House and Senate divided over U.S. stimulus bills
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Stimulus Battle May Signal Tough Sell in Congress for Obama's Bank Rescue
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Democrats Confident on Stimulus Vote
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Spending More Than $800 Billion Is the Easy Part
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IMF Says Advanced Economies Already in Depression
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US financial position could worsen drastically, Moody's
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How Government Created the Financial Crisis
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Geithner Delays Bank-Rescue Speech to Keep Focus on Stimulus
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In Geithner's Overhaul, Aggressive Use of All Available Tools Expected
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Geithner plan to focus on guarantees
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Geithner Says US Financial System Remains 'Badly Damaged'
(WSJ: separate paid subscription required)

Bleak choices facing Geithner in trying to save the banks
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Summers says private capital key to bank bailout
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Private Bank for Bad Assets?
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U.S. Bank Bailout to Rely in Part on Private Money
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Summers Crafts Broad Economic Role
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From Bad to Worse, but Far From the Worst
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IMF Fears cash Will Dry Up
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The Stimulus Tragedy
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Unemployment Rises To 7.6%, 16 Year High
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CBO: Stimulus harmful over long haul
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Where Will Stimulus Bring Jobs?
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It’s No Time for Protectionism
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SC Governor: We're moving close to 'a savior-based economy'
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From crisis to catastrophe. Off a cliff. Dark, darker, darkest. Mortal danger of absolute collapse. Armageddon
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Recession Lexicon
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Real Estate:

After Law Firm Tenant Backs Out, Construction On $980 Million Skyscraper Suspended In NYC
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Bank of America faces lingering financial woes from Countrywide
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Beazer Homes USA Fiscal 1st-Quarter Loss Narrows
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Home Buyer Tax Credit's Price Tag: $35 Billion
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Modified mortgages in the works for banks
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Mortgage Assistance Draws Crowds to Conn. Forum
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US Treasury to prop up housing under revamped bank bailout
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At least $50 billion in Treasury plan for housing markets
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N.Y. Attorney Convicted of Mortgage Fraud
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Credit Suisse Index Finds More Americans House Hunting
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In Florida, Despair and Foreclosures
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Despite Amendment 1, Floridians are still trapped in their homes
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Unload your house, reclaim your life
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Central Park is feeling empty: Vacancy rate creeps up
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Mass Torts:

Congoleum judge delays key ruling
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Publishing:

New York Times's About.com cuts 9.5 percent of staff
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Wal-Mart's Empty Magazine Racks
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Jewelry:

New Case Is Chock Full Of Diamond Drama
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Shane Co. lost $29M in fiscal 2008, filing says
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Executive Compensation:

Executive Pay: What About Directors' Earnings?
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You Try to Live on 500K in This Town
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Why Greed on Wall Street Is Good
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Bonus attacks could cost taxpayers dear
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Restricting executive pay like fighting tide
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Executive Compensation: What Obama's Plan Means
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Railing Against the Rich: A Great American Tradition
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Health Care:

Doctors tackle stress, heart problems in the recession
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Heart-attack patient bankrupt, banned
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After job loss, medical bills deal families devastating blow
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Rising Costs of care in time of failing economy
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Lehman:

Lehman Assets
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Lehman's HK affairs under scrutiny
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Golf:

Sour economy snags golf courses
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Tech:

Sales of PCs to fall for first time in eight years
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DRAM Industry Faces Further Shake Outs
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Chapter 22:

A bumper crop of repeat bankruptcies
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Corporate Reform:

Unleashing Enforcement
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Goldman chief calls for tighter controls
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Art:

"In over their heads, artists selling works to keep their home"
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Litigation Support:

Onsite3 files for Chapter 11
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Retailing:

It's tough for retailers to get exit financing
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Boscov relearns retailing business
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Shipments to US stores likely to drop 11.8%
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Economic downturn slams Orlando-area malls
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Insurance:

Fed Calls Emergency Consultants to Triage and Treat AIG, Stricken Markets
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Suncorp Shares Plunge
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Swiss Re announcement surprises analysts
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Hartford shares fall on new capital woes
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Finance:

Commercial Paper Skids Again
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Critical, if improving
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Credit crunch achieves global synchronicity
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Texas Borrowers Moving To Small, Non-TARP Banks
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Anti-TARP Marketing: Fair Or Unfair?
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Pensions:

Can a Hybrid 401(k) Save Retirement?
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ARS:

American Eagle Sues Citigroup in Pittsburgh Over Auction Rate Securities
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Payday Lending:

Amid ailing economy, payday loans pushing some into bankruptcy
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Corporate Governance:

Law professors argue that CEO power has been greatly reduced in favor of shareholders and boards.
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Consumer Products:

Court approves debtor-in-possession financing for Spectrum
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Travel:

Travel agency's bankruptcy angers would-be tourists
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Accounting:

Goldman boss defends fair value accounting
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SEC not planning to suspend fair value
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KPMG staff rush to apply for four-day week
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Satyam restatement to take months
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Appliances:

Whirlpool 4Q Profit Falls on Restructuring Charge
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Resorts:

CrossHarbor Capital nears YMC deal
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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:

Mortgage 'cramdowns' could be on the way
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Bankruptcy Humor:

Bankruptcy Bill
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Autos:

GM, Chrysler May Get Bankruptcy to Protect US Loans
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GM to Invest $1 Billion in Brazil Operations; Money to Come from U.S. Rescue Program
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Delphi Value May Be Too Low to Pay Bankruptcy Lenders
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GM reportedly in talks to take back portions of Delphi
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GM in Talks to Take Back Part of Delphi
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Delphi: No Health Care for Retirees
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Ford says supplier failures will rise
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GM and Chrysler could finally sink Ford
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GM reportedly to negotiate debt restructuring this week
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GM talks deals, senators call for panel instead of car czar
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Fiat has plans for Chrysler, but nothing magical
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Big Three must change their model to survive
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Nissan sees first loss under Ghosn, to cut 20000 jobs
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Brazil Automobile Sales May Drop for Fourth Month
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PR:

The new spin on company repossessions
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Tax:

IRS To Decide Fate Of Private Collection Contracts
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Politics:

Kennedy flying in from Florida to vote on Stimulus
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Obama ratchets up the rhetoric; Shows GOP clenched fist
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Trying to make TARP all shiny and new
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Pelosi dismisses bipartisanship calls
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Stimulus will lead to 'disaster,' Republican warns
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Inhofe: 'Bill is 93% spending and only 7% stimulation'
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Harry Reid Admits Stimulus Bill 'Approaching A Trillion Dollars'
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McCain blasts Obama
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Alternative Energy:

Another attempt at Lima ethanol plant sale this week
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From boom to bust to ... boom?
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BPI Energy pins hopes on cash use
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Credit Cards:

Increase In Charge-Offs
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Fraud:

Those Closest To Madoff Got Burned Too
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Madoff’s Victims are Mad, Mad, Mad But Do They Have a Right To Be?
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Barclays lauded Bernard Madoff’s funds
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Are Banks Liable for Madoff Losses? Plaintiffs Say Yes, Argue Multiple Theories
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A Madoff Lawsuit Variant
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Fairfield County 'ground zero' for Madoff scandal
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The Real Estaters on Madoff’s Client List
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Madoff Stole My Money, but He Got Me a Book Deal
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Madoff and the Royals: Tapping Into Old Money?
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Searching the Madoff List
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Court's list of Bernard Madoff investors called into question
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Madoff Investors Blast Bankruptcy List
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Feeling Scorched by a ‘Sure Thing’
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Agape World investors meet to discuss strategy
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Suits allege fraud by Wilmington Trust
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Hedge Funds:

Hedge Fund Lets Investors Withdraw What Is Left
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UK:

UK company collapses up 124% in three months
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Darling Probes UK Bank Directors’ Role in Bonuses
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BoE to deploy £50bn to get credit flowing
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Baugur's high street jewels draw likely to attract
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Eleven more household names to disappear from our high streets in the next three months, say insolvency practitioners
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Companies fear worst is still to come
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Decline in building industry levels off
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Cultural shift in attitude to debt needed to combat personal insolvency crisis
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Johnston Press hires KPMG to restructure debt
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Insolvency Service reports “all-time high” figures
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Big fall in new start-ups
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EU:

Europe's New Wave Of Toxic Debt
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Canada:

Proposed bailout for Quebec horse racing sparks anti-gambling backlash
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Russia:

Trade you. Barter is back in Russia
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Ireland:

Ireland's Boom Falls Hard in Global Crisis
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Japan:

Japan corporate bankruptcies rise 16 pct yr/yr
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In Japan, New Jobless May Lack Safety Net
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Japan Recession May Be Worst in 50 Years
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Japan Machine Orders Fall for Third Month as Recession Deepens
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BOJ Should Channel Cash to Companies, Government Economist Says
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Merrill, Morgan Alumni See Bet on Japan Opposition Party About to Pay Off
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Germany:

German December Exports Drop, Deepening Recession
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Australia:

Australian Stimulus Package Too Large, RBA Member McKibbin Says
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New Zealand:

NZ Consumers More Pessimistic on Economy
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Iceland:

Meltdown: The Icelandic Economic Example
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Iceland Central Bank’s Oddsson Refuses to Quit Under ‘Threat’
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Norway:

Norway Unveils Bank Aid Package
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Mexico:

Rising Distress Tests Mexico Framework
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Mexico: Huge workers', farmers' protests held
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India:

Shops looted as Indian retailer fails to pay bills
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Middle East:

Kuwait's Economic Stimulus Plan to Cost $5.15B
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China:

China Says 4,000 Toy Companies Close as Recession Cuts Demand
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China Exports May Fall by Most in Decade as Demand Plunges in U.S., Europe C
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Italy:

Gianfranco Ferre group sees 'probable' bankruptcy
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Ittierre to File for Bankruptcy
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Greece:

Greek households on the bankruptcy line
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Latvia:

Latvian Economy Shrank a Preliminary 10.5% in Fourth Quarter
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