January 20, 2009

The Daily Bankruptcy News

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Law:

Thacher Proffitt & Wood: bitter end
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Dewey Lands Weil Gotshal Bankruptcy Partner Michael Kessler
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Litigation, bankruptcy likely to be hot practices in 2009
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80 positions under threat at firm
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Welcome to the Future: Unbundling Law?
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New York Job Market Collapses and Lawyers Are Deep In The Rubble
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Firm's partners face rent bill after volume work collapses
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GCs face a challenge to keep their teams from falling victim to the recession
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Tough times will mean tough talking with advisers in the year ahead
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Supreme Court to Take Up Federal Preemption, Mortgages
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Nifong asks judge to dismiss civil claims
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Satyam Taps Amarchand to Advise on Accounting Fraud Scandal
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Law Students in Iceland Asked for Help
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Divorcing Law Grads, Stressed Over $190K in Debt, Victims of 'Education Hoax'
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Judges:

How Much Should Judges Make?
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Bankruptcy Prediction:

Bracing for More Bankruptcies
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Bankruptcy detection: How to unveil the losers
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Wall Street:

Stocks Set to Follow Europe Lower
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UK Stocks Fall as Banks Plunge; Royal Bank of Scotland Slumps
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Analysts Cut Estimates as S&P 500 Has 2nd-Worst Start
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Taking Advantage of Bankruptcy Risks
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State Street: $9B in potential losses, layoffs to come
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More earnings could answer questions about economy
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TD Ameritrade 1Q Profit Falls 23 Pct, Cuts Outlook
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Financial titans still staggering
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Politics:

What Recession? The $170 Million Inauguration - Obama's Inauguration Has Been Financed Partially by Bailed-Out Wall Street Executives
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Obama arrives, but companies struggle to survive
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Chemicals:

BASF Slows Factories, May Cut Jobs as Market Wanes
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LBO Alchemy Ruining Ineos, Georgia Gulf, May Force Bankruptcy
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Layoffs:

For the Jobless, Hope and Fear for a New Day
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Modine cutting 25 percent of Racine work force
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Bank of America Could Cut 4,000 Jobs
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Logitech Profit Tumbles 70%; Company May Cut 600 Jobs
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Burberry sales rise 30%; group plans to cut up to 540 jobs
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Banking:

Why banks still teeter, after $232 billion in aid
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BofA set for further jobs cuts
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Merrill Architects Criticized
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Should We Force Banks to Lend?
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More on Bank Nationalization
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Billions could still go on structured deals
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After Sure-Bet Investment Fails, a Bank Contends It Was Duped
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Finance:

Venture capital fundraising declines in 2008
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Obama Becomes Banker-in-Chief in Credit Market Freeze
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The Great Credit Crunch War
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The Great Dilution - Companies may be forced to follow banks' lead and tap their shareholders
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Lehman:

Lehman Rescue Failed on Guarantees, Baxter Says
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RVs:

Struggling economy puts brakes on RV industry
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Retailing:

Retailers overhaul business as consumers pull back
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Flush Times for Liquidators
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Double whammy for retail landlords
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Feeling the ripple effects of Circuit City's liquidation
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Punch-Drunk Vegas Retail Market Staggering
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Dot-Coms:

FriendFinder Plans Offer to Fend Off Its Creditors
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Alternative Energy:

VeraSun bankruptcy hurts many
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Municipalities:

Municipal Bonds: Armageddon Or Opportunity?
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A D.C. Neighborhood, a World Away
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Jefferson County, Alabama sewer system special master recommends possibility of nonuser fee
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Personal Finance:

It Can Be Done: A Raise in a Recession
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Credit Counseling:

Credit counselor says consumers more willing to ask for help
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Credit Counselors Seeing A New Breed Of Clients
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M&A:

Underwriting deals, fees getting smaller
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Art:

Art Market May Take 3-5 Years to Recover, Survey Company Says
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Top-end art prices finally succumb to crunch
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Recession Hits Dance Hard as Wealthy Ease Donations
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Hedge Funds:

Mapel Leaf offers to cut fees
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Insurance:

AIG on hook for US Airways crash plane
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AIG'S investment chief to step down
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Publishing:

The Boom in Financial Books
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Health Care:

Suicides And The Economy
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Economy:

Buffett Says the US Is in Midst of an ‘Economic Pearl Harbor’
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Stimulus not enough, Soros warns U.S.
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Criticism of Obama Stimulus Plan Grows
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Obama to Seek Era of Responsibility
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A Country on the Cusp of Change
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Deficits Restrict Obama's Promises
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Obama’s Bailout Challenge
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A Bad Bad Bank?
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Why should the government buy toxic assets?
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Rescue efforts show difficulty of fixing bank woes
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Roubini Predicts US Losses May Reach $3.6 Trillion
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Baker: TARP II: Money for Banks, Not Homeowners
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Why this contagion will be with us for years to come
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Grads face 'one of the worst job environments in years'
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Hof and Bunny Ranch ask for $1 Billion brothel bailout
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Real Estate:

Banks Foreclose on Builders With Perfect Records
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Obama, Dems ready to move on housing
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An Influx of Housing Bills Awaits the New President
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Southern California Foreclosures Push Sales Higher
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Fannie Mae's added fee to crunch condo buyers
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Fed up & fighting foreclosure - Angry group protests home auction
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Wall Homes files for Chapter 11 bankruptcy
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Fighting a Foreclosure
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Autos:

UAW: Auto plans need more time - Gettelfinger says GM, Chrysler restructurings by Feb. 17 is unfeasible.
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What Detroit's woes mean to car buyers
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Chrysler to partner with Europe's Fiat: Source
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Fiat Acquires 35% Stake in Chrysler
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Fiat's Risky US Bet Could Pay Off
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Daimler still seeking to sell Chrysler stake
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As Auto Sales Forecasts For 2009 Drop, Dealers Are In The Crosshairs
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McGuinty says auto aid delay ensures best plan
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Another Ont. auto parts manufacturer goes under
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Automakers seek $6-billion in Canadian aid
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Canada: Cut auto wages
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French Auto Maker Aid Hinges on Jobs
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Jaguar Hals Output at England Plant
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BMW Cuts Hours for 26,000 Workers to Trim Production
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Mazda to Idle Plants
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Toyota to Cut All Temporary Workers in Japan
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Grandson of Toyota Founder Will Lead
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Oil/Gas:

Oil to rebound, dip below $30 possible: Goldman
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Crude Oil Falls Below $33 a Barrel on Dollar, Contract Expiry
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Gas prices rise while crude prices fall
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Court releases money to pay Big West refinery debts
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President of Flying J steps down
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Jump in Oilexco shares confounds analysts
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Fraud:

Nadel’s 32% Returns in Doubt as Manager Disappears
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Pilot accused of trying to fake death is jailed
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Accountant: Fla. money manager owed $50 million
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Madoff case may be a turning point
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Madoff case a boon for law firms
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More Missed Signals on Madoff
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The Next Bernie Madoff
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Newspapers:

Press suppliers remaining resolute
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Mexican Billionaire Invests in Times Company
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Could Slim be a bad harbinger for New York Times dissidents?
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Mexican billionaire's lifeline to newspaper comes at a steep cost
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Hey, Hirschorn: Times May Save Itself With the Help of Slim Helú
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Chicago Tribune rolls out tabloid-size version
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Star Tribune creditor has confronted unions
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Newspaper agency, Post unions OK talks on contract givebacks
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How Newspapers Can Survive
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Jewelry:

Christian Bernard jewelry stores may reopen to sell assets
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Christian Bernard Starts Liquidation Sale, Sued by BofA
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Media:

Charter May File for Bankruptcy Protection
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Telecoms:

No certainty on Nortel pensions, says Ernst & Young
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How Nortel's bankruptcy could change vendor landscape
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Court grants Nortel Israel protection from creditors
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Nortel says China branches untouched by bankruptcy protection
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Nortel Bankruptcy Spells Trouble For Network Equipment Vendors
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Nortel Bankruptcy a Canadian Tragedy
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Pensions:

Will Obama Nationalize US Private Pensions?
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Paper:

Major Recycler Considering Bankruptcy
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Liquidity:

The 'war for cash'
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Mass Torts:

Libby asbestos court hearing gets under way on Wednesday
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Complex Bankruptcy Case holds Implications for Thousands Injured by Asbestos Poisoning
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Food/Drink:

Greenshields tapped out, in bankruptcy
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Tourism:

Queen Mary might need another savior
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Corporate Reform:

A New Era of Regulation
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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:

Obama resists effort to include bankruptcy law change in stimulus
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Government's Promise
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Not the Jackpot Banks Expected
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Senate bill may pit banks against workers in bankruptcy filings
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Aviation:

Airline Ticket Sales Dropped Sharply in November
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With Fuel Concerns Receding, Airlines Face Revenue Drop
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Aircraft lessors hunker down for grim 2009
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Former Adam Air Employees Run Amok in Court
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Air France Sees Loss on Fewer Premium Passengers
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Alitalia: New Incarnation, Same Problems
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FlyLAL grounds flights
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Construction:

Stimulus: Construction Workers Say, Bring It On
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UK:

'Britain's not going bust' as Brown bails out banks again
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Gordon Brown brings Britain to the edge of bankruptcy
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Bank of England Voter Rating Drops on Crisis Woes, Poll Shows
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UK Inflation Rate Falls Most Since at Least 1997
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Brown May Find Second Bank Rescue Yields Little Political Gain
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RBS Will Be Guinea Pig for ‘Creeping Nationalization’
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Lloyds Banking Declines on Nationalization, Capital Concerns
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'This is like giving the kiss of life to a corpse'
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Letting banks go into administration would not mean apocalypse
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Barclays struggles to avoid state capital
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Old Lady to take on risk of default
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RBS slides despite lifeline
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Royal Bank likely to end up nationalized
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The man who lost £28bn of RBS cash
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Criticism of RBS board intensifies
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Government looks into buying company invoices
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Empire Direct falls into administration
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JJB admits it paid £8.3m for respite from lenders
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EmpireDirect enters administration
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US & UK on brink of debt disaster
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Four Seasons hopes for reprieve
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Land Securities Says UK Property Slump Will Slow
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Herbert Smith advises on Nortel administration
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EU:

In Europe, a Stronger Push to Oversee Banks
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EU reverses 2009 forecast, now sees first recession in euro's history
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Russia Restores Gas
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China:

Global slump casts a pall over Chinese New Year...
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Japan:

Japan Government Says Economy Is ‘Worsening Rapidly’
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Japan Consumer Sentiment Falls to Record Low on Job Reductions
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Mitsubishi to Halt Main Japan Plant for 3 Weeks
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Spain:

Spain In Pain
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Canada:

What's next: Manufacturing
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Carney May Cut Canada Rate to Record 1% Amid Global Recession
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Eleven Accused in Small Business Loan Frauds
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How to tell when bankruptcy looms
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Credit card companies face major changes as job losses climb ...
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Six arrested on fraud charges
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No savior 'transaction'; MedcomSoft bankrupt
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Germany:

Germany- no plans for more financial sector support
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Germany keeps dancing as the iceberg looms
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Metro Said to Cut 15,000 Jobs to Restore Earnings
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German "Bad Bank" Feared To Become Bottomless Pit
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German Investor Confidence May Gain for Third Month in January
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Ireland:

Irish banks plunge on talk of nationalization
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Brazil:

Brazil economy sheds most jobs in 10 years in Dec
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Denmark:

Danish bank shares fall despite $18 bln package
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Hong Kong:

HK's unemployment rate rises to 4.1%
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Singapore:

Singapore Amends Law to Help People Avoid Bankruptcy Amid Slump
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Australia:

Bankruptcy deluge in Queensland
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Australian Corporate Bond Risk Increases, Default Swaps Show
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Australian Receivers Put Crazy Clark’s Retail Chain Up For Sale
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S. Korea:

Bankruptcy Hits Daeju Construction, C& Group
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Mexico:

Failure of Mexican stimulus package could warn U.S.
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Pemex Oil Output Declines at Fastest Rate Since World War II
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