January 27, 2009

The Daily Bankruptcy News

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Law:

Leading Bankruptcy Lawyer Joins Davis Polk
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Bankruptcy Industry Expert, Laura Campbell, Joins Donlin, Recano & Company, Inc.
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Wilson Sonsini Cuts 45 Lawyers, 68 Staff
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Nationwide Layoff Watch: Major Downsizing at Wilson Sonsini
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Bingham Shrinks Calif. Office to One Lawyer, Cuts Staff
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Face it - you could be next
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Will BigLaw Follow Elvis?
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Heller Ehrman and the Fable of Icarus
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Buchanan Ingersoll: Timing is Everything
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Lawyers going through tough times now, but they'll get rich from this
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Greenberg Traurig Announces Leadership Succession Plan
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Revenue and profits static at Greenberg Traurig
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BigLaw Pay Freeze is Part of Changing Business Model
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Dreier Update: Everyone is Concerned About Their Money
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Associates Find Opportunities in Shift to Bankruptcy Work
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Musical Chairs: Goodwin Procter's Gains or MoFo's Losses?
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The Future of EDD in a Wounded Economy
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Lawsuits Against Mortgage Securities Issuers: Damages Issues Ahead?
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Taco Bell Loses Chihuahua Case -- Again
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Lawyer to D.C. Circuit: This Case Is 'Bizarre'
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How Two Lawyers Managed to Look Busy
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Rove Subpoenaed to Testify About U.S. Attorney Firings
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Ex-AG Gonzales: 'I Should Have Been More Engaged.'
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The View From 3L
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Divorcing Law Grads, Stressed Over $190K in Debt, Victims of ‘Education Hoax’
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BigLaw Associate Suffers from Blackmail, Too, in Latest John Grisham Saga
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2 Fla. Lawyers Charged in Alleged $800M Ponzi Scheme; Colleagues Stunned
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Accountant Accused of Stealing $1.6M from Fla. Law Firm
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Judges:

Judge Convicted of Travel for Tryst With Underage Boy Faces Disbarment
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Judge Says Lawyer-Litigant Stalked Him, But Judge Won't Recuse Himself
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2 Judges to Resign & Serve Time in $2.6M Kickbacks Case
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Wall Street:

US Stock-Index Futures Rise
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Energy Stocks Lead European Markets Lower
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John Thain: Poster Boy For Greed and Incompetence
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Rein in Wall Street’s bonus babies
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Dick Fuld's $100 house
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Thain Says He’ll Repay Remodeling Costs
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Wall Street Workers Still Get Bonuses, Many Unhappy
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Compensation to fall on Wall Street?
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Layoffs:

US companies cut 45,000 jobs even before stock market opens
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Scenes From a Layoff
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US hit by 60,000 job cuts
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Gloom deepens as 75,000 global jobs go
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Looming layoffs fuel fears of more
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Layoffs Spread to More Sectors of the Economy
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Home Depot cutting 7,000 jobs
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Sprint to ax 8,000 employees
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GM Ohio, Michigan Auto Shift Cuts to Eliminate 2,000 Jobs
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Playboy: Sex Doesn't Sell Like It Used To
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JL French lays off 300 employees
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Pfizer to cut 8,000 jobs
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Corning to Cut 3,500 Jobs After Profit, Sales Plunge
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Banking:

Citi going through with $50 million plane order
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Teetering Since 1812: This is Citibank's Third Bailout
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Nationalization Gets a New, Serious Look
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Levin livid over reported Citigroup private jet purchase
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More bank job cuts, but ING, Barclays calm fears
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OK, Who Should Banks Be Loaning Money To?
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The Small Bank Bust
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Banks With TARP Lend Less Than Those Without
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Oil/Gas:

Berry Petroleum: Customer Bankruptcy Manageable
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Retailing:

US Retail Sales May Post First Drop in 14 Years
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Linens 'n Things brand name to live on
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Retailers, Suppliers Vie For Circuit City Share
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Fraud:

Baptist foundation loses money in Madoff scandal
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Santander Is Sued by Investors Over Madoff Losses
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NY financier arrested in purported $400 million scam
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Madoff Associate Ordered by Court to Attend Interview
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Weekend at Bernie’s: Did the Sons Know? Should They Have Known?
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FINRA Probes Brokerages That Sent Clients to Madoff
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Bernard Madoff finally speaks his mind -- sort of
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Bernie Madoff’s Palm Beach House Gets TP'd
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Leading Japanese brokerage hurt by investments related to Madoff
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Ponzi Ponzi Ponzi!
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Art:

Hedge Fund Cheat Bought Hundreds of Artworks
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Donations to Arts by UK-Based Companies Dropped 7% in 2007
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Insurance:

Aflac Falls After Deutsche Bank Downgrades to ‘Hold’
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Travelers Quarterly Net Declines 25% on Investments
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Economy:

Home sales tick up but job cuts deepen gloom
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Consumer Confidence in US Probably Held Near Record Low
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Confidence Sinks Among Small Business Owners
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Obama to lobby for $850 billion package Tuesday
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CBO: About 64 Percent of Stimulus Will Reach Economy By 2011
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What if the Government Can’t Afford a Bailout?
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F.D.R.’s Example Offers Obama Cautionary Lessons
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'Intense Recession' Through Spring say Analysts
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Geithner Confirmed by Senate as US Treasury Chief
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Geithner to Issue New Lobbying Rules On Stimulus
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Wave of layoffs in US, Europe show severity of the recession
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US Financial Crisis and Recession: A Response That Works
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Global trust in business plummeted in 2008: survey
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Real Estate:

Home Sales Soar as Buyers Look for Deals
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Home Dumping Out West
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Fannie, Freddie may tap US Treasury for $51 bln
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Median Price Check: What a $175,000 House Looks Like
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Mercedes Homes files for bankruptcy
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Hovnanian says it will survive
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Ecoventure's statement approved
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Bankruptcy urged for O'Hara builder
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Apartment Rental Rates Plummet Across The U.S.
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Experts Look at Housing Under Obama Administration
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Dallas-area home builders experiencing bankruptcies and closings
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Mortgage rescue firm denied bankruptcy protection
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Banks Sell Bad Residential Project Debt, DebtX Says
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Celebs:

Zsa Zsa Gabor Latest Madoff Victim
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Electric chair, MTV award auctioned
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Packaging:

S&P slashes Smurfit-Stone's debt to 'Default'
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Frenchtown Mill Workers Anxious While Smurfit-Stone Reorganizes
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No Faith In Smurfit-Stone
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Autos:

GM to halt production in Wentzville — again
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Visteon Falls to Record Low After Report of Possible Bankruptcy
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Visteon says has had advisers since 2003
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American Axle at high risk of bankruptcy - analyst
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US Auto Suppliers Now on Bankruptcy Watch
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Auto Suppliers to Seek US Aid to Avert Bankruptcies
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Auto Dealerships Prepare for Shakeout
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Auto dealers on the frontline of the economic meltdown
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Municipalities:

California facing bankruptcy
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California's Tipping Point
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Schwarzenegger Says Deal Is Close as Cash Runs Short
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Under fire, NY gov. calls off Davos ski junket
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Another California city on verge of bankruptcy ?
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Newspapers:

NYT's Savior Favors Tough Business Style
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Newspapers fold in a dearth of press barons
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Strib uses dwindling reporting resources to interview talking dogs
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Personal Finance:

White Collar, and Accused in a Bank Holdup
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Travel:

Destination Clubs and Other Holidays From Hell
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Telecoms:

Nortel challengers may be interested in buying pieces of company
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Nortel workers faced with tough prospects amid bankruptcy
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Motions delayed in HawTel hearing
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Hedge Funds:

Royal Bank of Canada Sued Over Failed Hedge Funds
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Chemicals:

DuPont Has $629 Million Loss as Global Demand Drops
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Hotels:

Luxury Hotels Are Feeling Economy’s Pinch
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Golf:

US bank quits PGA tour
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Local golf club faces foreclosure
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Health Care:

Sunwest owes PremierWest more than $30 million
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Corporate Reform:

Corporate Jets Sitting Out This Year’s Super Bowl
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Halliburton Breaks FCPA Settlement Record for U.S. Companies
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Food/Drink:

Push to keep ex-Agriprocessors manager jailed
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Bidder offers $40 million for slaughterhouse
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El Paso Grill files Chapter 11 bankruptcy
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Pilgrim's Pride Bankruptcy Causing Buffalo Wing Shortage
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Tyson swings to first-quarter loss
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New Bankruptcy Opinions
(No new opinions today)

Bankruptcy Court Web/Pacer Site Directory

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

Bankruptcy Jobs:

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

Bankruptcy fix will cut foreclosures 20 percent: study
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Durbin's Cramdown Proposal Shelved ... Again
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Bankruptcy Reform Meets Unlikely Foe
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Mortgage cramdowns are a bad option
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DIP Financing:

Is DIP financing dead?
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M&A:

Parched Banks Thirst For Fees From Pfizer Deal
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Alternative Energy:

Hereford ethanol facility files for bankruptcy
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USDA to help ethanol plants look for efficiencies
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USEB returns to Ch. 11
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Utilities:

Akron Thermal wins court ruling
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Payment Processing:

Collection agency's bankruptcy leaves 5 NJ Catholic schools $1.1M short
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Aviation:

Delta Reports $1.4B 4Q Loss
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Last union at American seeks federal help in talks
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Nordic Airways Ceases Operations
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Best Passenger Complaint Letter, Ever
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Germany to Aid Airbus Sales in Economic Slump
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Hockey:

Del Biaggio payouts rest with bankruptcy judge
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Trucking:

YRC Bankruptcy Risk High, says Analyst
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Turnarounds:

Busy but Wary, Turnaround Pros Gather in Vegas
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Sovereign Debt:

US, Europe, Japan Sell ‘Bucket’ of Bonds as Borrowing Soars
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Publishing:

McGraw-Hill Profit Falls 18% on Costs to Cut Jobs, Credit Slump
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Distressed Investing:

Distressed Investing 2009: Remembering Radnor
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Strategies for approaching distressed opportunities
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Pursuing distressed deals
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Distressed Investors Still On The Sidelines
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The impact of consumer confidence on distressed investing opportunities
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Busted distressed financings
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Are CDSs a roulette game?
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Finance:

Inside the Banks - The Future of Finance
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Apparel:

Owner of M. Wile & Co. files for bankruptcy protection
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UK:

Boom in bankruptcies predicted for 2009
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Barclays to Write Down £8 Billion, but Asks for No Help
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Vendors and retailers fight dirty payments war as trade insurance evaporates
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UK keeps a lid on pessimism
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PwC in talks to sell Adams stores
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Barratts steps into administration
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Iceland:

Iceland Facing Bankruptcy
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Credit crunch claims Iceland government after 'Household Revolution'
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Canada:

Some 177 lottery kiosks across Canada shuttered as a result of bankruptcy
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Financial elite have no shame
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Canadian Budget to Include C$30 Billion in Stimulus
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Olympic Bailout Puts Vancouver Taxpayers on Alert for ‘Big Owe’
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Switzerland:

Parmalat founder's son sentenced to community work
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Japan:

BOJ Cut Key Rate to 0.1% to Deal With ‘Emergency,’ Minutes Show
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Nomura May Sell Units, Raise Cash After Record Loss
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Japan to Take Stakes in Ailing Companies
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Australia:

Australian Hedge Funds Plunge by Record 18% in 2008 Amid Rout
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Australian Bank Funding Costs, Corporate Bond Risk Decline
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Germany:

German business climate edges higher in January
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India:

In India, Clues Unfold to a Fraud’s Framework
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Middle East:

Big Mideast Funds Scale Back
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