January 23, 2009

The Daily Bankruptcy News

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Law:

‘Gangster-Style’ Business Ops Jack Up Kaye Scholer Bankruptcy Bill
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WilmerHale Expands its Bankruptcy Practice with Two Partner Elevations
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Dreier May Be Freed on $20 Million Bond, Judge Says
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Dreier Gets $20 Million Bond, Claims He Can’t Pay
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Bingham Says Planning Contributed to Increased Profits, Revenue in 2008
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Cadwalader loses another NY partner as firm cuts jobs
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Cadwalader Lays Off Nine More Associates
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K&L Gates to Associates: 'That was not your bonus'
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Pay Freeze Watch: Mayer Brown
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Revenue Up, Profits Down at Reed Smith
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Ashurst and Addleshaws kick out dozens of partners
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SJ Berwin Reviews 40 Jobs and Closes Media Team
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Venable Partner Recalls Emergency Landing in Hudson River
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Heller Ehrman May Sue Over Banks' 'Error'
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NY Lawyers Making Deals for Iconic Automaker and Newspaper
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Staffing Cuts Multiply, but Are Associate Cuts a Better Solution?
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As Deals Plunge, Lawyers Seek New Opportunities
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India Lawyers Should Stop Opposing Foreign Firms, Bhardwaj Says
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Firm in poo horror
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Wall Street:

US Stock-Index Futures Fall
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After U.S. Data, Mixed World Markets
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Nikkei at 2-mth closing low
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Roubini Sees S&P 500 Slump on China Slowdown, Edwards Predicts 40% Decline
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US Stocks Fall on Profit, Recession Concern
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Bank results plummet
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Australia Stocks, Japan Futures Decline on Earnings Outlook
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New York Attorney General Cuomo Said to Probe Merrill Bonuses
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Merrill said to have paid $4b in bonuses before U.S.-backed rescue by B of A
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Who Needs Thain? Merrill Bankers Plan Davos Trip Anyway
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Wall Street's Sick Psychology of Entitlement
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Wall Street Paychecks May Wither
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Janus Drops to Record Low After Earnings Fall in ‘Dead’ Quarter
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Banking:

John Thain Resigns from Bank of America
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Thain Said to Have Spent $1.2 Million to Redecorate Merrill Lynch Office
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John Thain, Then and Now
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Ken Lewis Is Getting Lonely
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BofA fights for its identity
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Bank of America-Merrill Lynch: A $50 Billion Deal From Hell
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Washington Mutual files notice of asset sales
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Capital One Reports $1.42 Billion Loss on Charges
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Bailed-out banks will have to disclose lending
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Banks Die Too Fast for the Regulators
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What If Your Bank Collapses?
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Why The Government Should Get Out Of Banking
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Smaller Banks’ Losses Expected to Bring Mergers
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Autos:

Chrysler Plans No-Interest Loans, Employee Pricing
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Moody's: Chrysler ratings remain despite Fiat deal
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Chrysler Thanks America, Gets told to "Go to H---"
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GM hits a snag in cutting debts
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GMAC Wrote Only Nine Loans for AutoNation Customers in December
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Can't build a car without parts
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Ford Said to Start Volvo Sale Next Month, Court Chinese Buyers
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GM settles long-running SEC accounting probe
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Supplier Dura Automotive plans to go private
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Toyota Mulls Cutting 1, 000 Full-Time Jobs
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UK, Tata in Talks on Help for Jaguar, Land Rover
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Oil/Gas:

Oil tumbles on rise in supplies, grim economic data
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Gasoline Tumbles, Crude Oil Is Steady, After US Supply Gain
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Oil, Oil, Everywhere, But Investors Buy It Anyway
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Schlumberger Fourth-Quarter Profit Falls as Oil Prices Tumble
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Chemicals:

Huntsman to cut

1,175 jobs, close UK plant
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Bond repayments loom for Nova, Chemtura
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UBS To Post Lyondell Terms As Early As Friday
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Motorcycles:

Gooch's Power Sports files for Chapter 11 bankruptcy
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Defaults:

Default rate on junk debt may get close to 12%
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Jewelry:

Zale drops to all-time low after CFO steps down
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Municipalities:

Santa Clara County Readies for Homeless Count
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Newspapers:

Tribune has favorite bidder for Cubs, Waits For Committee Input
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Ricketts picked as winning Cubs bidder
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Tribune Co. files with SEC so it can stop filing with SEC
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New York Times in Talks to Sell Part of Manhattan Headquarters
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Globe Gazette cuts jobs
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Many newspapers are healthy — some owners, not so much
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Newspapers may seek philanthropy to support news-gathering
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Trucking:

Leasing co. says Gainey owes $375k
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Shipping:

Bunker suppliers get tough on unpaid bills
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Religion:

Judge says cases must be resolved
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Economy:

New jobless claims rise more than expected to 589K
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Dems to speed up spending in stimulus
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Stimulus Plan Meets More Republican Resistance
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Obama to Get Daily Economic Briefings
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Dems To Spend Nearly $1 Trillion and Can't Promise 1 Job?
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Rise, Taxpayer, Rise!
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Fed to Focus on Rates, Loans
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Political Interference Seen in Bank Bailout Decisions
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‘Toxic Assets’ Made Easy
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Real Estate:

Record Low for Housing Starts
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Competitors join to survive bankruptcy
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30-year fixed rates climb back above 5%
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Mortgage Applications Fall Nearly 10%
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Land Exchange’s Bankruptcy Sheds Light on Regulation Debate
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Developer Fuad Reveiz files bankruptcy
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"Liar Loans" Live On?
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Foreclosure Fightback
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Finding the value in distressed mortgage portfolios
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Cedar Funding bankruptcy hearing on professional fees postponed
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Homebuilders, buyers taking hit as lending issues halt construction
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Layoffs:

Microsoft resorts to first layoffs, cutting 5,000
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Microsoft Cuts Hit Home in City That Loves $1599 Carbon Bikes
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Huntsman to cut 9% of global work force - 1,175 jobs
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Up to 1,903 Circuit City jobs to be eliminated
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UPS cuts 500 positions
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Tropicana eyes layoffs, pay freezes as sale nears
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New York’s Jobless Rate Soars; Benefits Extension Seen
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Mass. unemployment rate hits 6.9 percent
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Public Payrolls Grew as Private Jobs Vanished
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Aviation:

Airfares Headed Downward, Expected to Stay That Way for Awhile
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Southwest Airlines Sees '09 Savings Of $1 Billion From Fuel
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Southwest Airlines Enters 'No-Growth' Era
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EclipseJet Sole Bidder, Winner of Eclipse Assets
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Defense:

Lockheed Cuts ‘09 Forecast on Pension; Northrop Sees ‘08 Loss
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Gambling:

Trump's Atlantic City Casinos: On the Verge of Seeking Bankruptcy
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Tropicana casino sale draws opposition
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Atlantic City Casino Defaults on Mortgage, Faces Foreclosure
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Fraud:

Investors say jailed pilot swiped money for years
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First Americans Investor Speaks Out
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Loss could be $500 million in Grand Island - Ponzi's Gone But His Scheme Is Still With Us
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Pataki Seeks Special Tax Deal For Madoff Victims
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Woman Lost Millions With Madoff, Now Cleans Houses
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Madoff Investment Trustee Asks for More Time on Assets
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Madoff Trustee Wants to Cancel Leases on Six Vehicles
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Probers Work Backward on Madoff
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Madoff Litigation Focus of New York Conference
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List Of Entities Announcing Exposure To Madoff Investments
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Archway creditors allege fraud
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Satyam Chief Is Accused of Falsifying Size of Work Force, Then Stealing Payroll
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Lehman:

Lehman offloads two private-equity funds
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HK firm agrees to buy back Lehman investments
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Credit Cards:

Credit Woes Cloud Future for Advanta
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Putting Credit Card Regulations on the Fast Track
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Food/Drink:

What's Not Cooking
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Tech:

Could This Be the Next Tech Bankruptcy ?
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Microsoft a window into tech sector's crash
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Even Google feels the sting as its profit slumps
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German chipmaker Qimonda insolvent - court
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Samsung Shocker
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Executive Compensation:

Bailout Triggers Exec Pay Worries
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Some Firms Boost Boss's Pension
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Trade Credit:

How to Slash Your Credit Exposure
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Derivatives:

California Probes Muni Bond Derivatives Amid Mounting Deficit
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Hedge Funds:

Hedge Fund Assets May Fall $450 Billion After Industry's Worst Performance
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Pensions:

Pension funds feel pinch, but protections limit losses
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Politics:

Gillibrand Picked as N.Y. Senator
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Tax:

TurboTax and Timothy Geithner’s Tax Problems
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Television:

Lenders to control Broadstripe
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Finance:

Cost of credit set to fall for top-rated groups
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The future of finance
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Peer-to-Peer Lending Refuses to Die
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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:

A Kinder, Gentler Chapter 11
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The "cramdown" - using a mallet when you could use a feather
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Pelosi: Changing US Bankruptcy Law Is A Top Priority
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AARP: Changing Bankruptcy Law Would Spur Loan Modifications
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Torts:

Bankruptcy Law Doesn't Pre-empt Malicious Prosecution Claim Based On Adversary Proceeding Filing
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Health Care:

Queens In Limbo On Hospitals’ Future
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Two Queens hospitals on life support
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Hospital buyer not yet revealed
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Court starts to untangle complicated Sunwest bankruptcy proceeding
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AtheroGenics Provides Update on Bankruptcy Proceedings
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Insurance:

Fed Releases AIG Trust Agreement
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Nebraska Insurance Agency Under Investigation
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Hannover Re buys life portfolio from Scottish Re
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Retailing:

Few white knights emerge for bankrupt retailers
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More retailers feel the pinch
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Retailers Don't Worry Lender
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Two counties decline to participate in Boscov's bailout
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Circuit City: Vying for Liquidation Bargains
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Who Makes Money off Circuit City's Demise? The Liquidators
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Royal Hawaiian slams door on Hilo Hattie
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Payday Lending:

Payday Loans Don’t Lead to Bankruptcy, Clemson Study Shows
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Corporate Reform:

Second Circuit Shoots Down Novel Take on Corporate Criminality
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Travel:

Portaga files for bankruptcy liquidation
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Forest Products:

Layoffs at Humboldt Redwood announced
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Celebs:

Vick deserves another NFL opportunity
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Sovereign Debt:

France’s AAA Rating May Be Under Stress as Debt Rises, ING Says
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UK:

British manufacturing optimism at near 30-year low
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Boom In Bankruptcies Predicted For 2009
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U.K. Economy Shrinks More Than Forecast in Biggest Contraction Since 1980
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UK 'could run out of money very soon'
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Britain enters recession
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UK Recession: Timeline of how the British economy has been hit
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A home repossessed every ten minutes as mortgage misery reaches new depths
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Notorious Spanish property developer facing administration
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EU:

Corporate Bond Rally in Europe Tapers Off as Sales Decline 49%
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Europe Services, Manufacturing Contracted in January
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Hong Kong:

US Chapter 11 clone mulled
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Iran:

Obama's Treasury pick vows financial action against Iran
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Canada:

Why Nova is no Nortel
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From the Wild, Wild West to the Great White North: Canadian company buys Death Row
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Canada Will Post Two-Year Deficit of C$64 Billion
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Canada November Retail Sales Plunge on Cars, Gasoline
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Canada Sees Faster Recovery Than in Past Recessions
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Ex-Livent Producer Loses Bid to Sue Law Firm, Ovitz
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China:

Obama believes China manipulating yuan - Geithner
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Germany:

Germany: The Rise of State Intervention
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Iceland:

The Icelandic "Facebook Revolution"
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Australia:

IMF May Cut Economy Growth Target to Near Zero, Australian Says
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Australia May Cut Interest Rate Below 2% Amid Deep Recession, Fraser Says
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Australia Corporate Bond Risk Unchanged
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Mining Boom Turns to Bust in Western Australia, Raising Risk of Recession
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Babcock and Brown warns battered shares worthless
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More professionals join bankrupt ranks
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Japan:

BOJ Not Moving Fast Enough to Ease Credit Crunch, Shiozaki Says
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Sony shares drop 5 pct after record loss warning
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Sweden:

Sweden’s Fix for Banks: Nationalize Them
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Spain:

Spanish Unemployment Swells to 3.2 Million in 2008
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