January 28, 2009

The Daily Bankruptcy News

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Law:

Bankruptcy Fees Hit $1,110 an Hour as Creditors Lose
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Dreier’s Creditors Seek to Force Him Into Bankruptcy
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Artwork a Key Factor in Chapter 7 Petition Filed Against Dreier
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More courtrooms for Dreier
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Creditors Seek to Protect Interest in Dreier Artworks
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Playing the Manhattan real estate market
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Lawyer Who Sued Company CEO is Target of Claimed Cyber-Attack Campaign
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No Chill for Boston's Foley Hoag as Revenues, Profits Rise
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Fulbright: revenue and PEP up 7 per cent
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Maleficent Seven: Cadwalader Threatens to Sue Defecting Partners
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Cadwalader London: five ways to say goodbye
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Mid-Size Firm Lays Off 15 Lawyers, 23 Staffers
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Simmons & Simmons to Shut Down 75-Lawyer Office
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Stealth Layoffs at Latham & Watkins?
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Revenues Rise at Goodwin Procter as Profits Dip
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What's to Become of Wyeth Counsel in Pfizer Merger?
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Pfizer’s Buy of Wyeth Threatens New Jersey Town’s Jobs, Deli
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Scruggs' co-conspirators will soon learn fate
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Canned in Canada: Layoff Wave Sweeps North of the Border
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Associates Are Feeling the Big Chill
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Rewriting the rulebook for 21st-century capitalism
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Doing Good in Hard Times
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S.F. Bay Area's Midsize Firms Brace for the Future
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Pulled Over by the Fashion Police
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Q&A With John Grisham
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Biglaw Siblings to Compete on the Amazing Race
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Judges:

Judge Uses Vulgar Language As She Is Charged... 'Negro trooper'
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Wall Street:

Stocks in Europe, Asia, US Futures Rise
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US Stocks Gain on Earnings
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Sorkin Exonerates Fuld
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How OJ Simpson may help keep Dick Fuld from stiffing his shareholders
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Your TARP money at work, on Wall Street
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Wall Street Bonus Babies Have a Cry
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World stocks rise ahead of Fed
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Legg Mason swings to 3Q $1.49 billion loss
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Wall Street Bonuses Plummeted 44 Percent in 2008
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What really caused the massive Merrill Lynch loss?
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Thain’s $25,000 Table Is Bargain to Dealers at Antiques Show
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Banking:

Bonus Bans Are Too Late to Fix Banking Industry
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Banking losers turn up bonus winners
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Bank managers too optimistic, say analysts
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Bank of America Board Under Gun From Critics
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Wells Fargo Swings to 4Q Loss
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Citi says no to $45 million jet
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Thain Said to Hire Publicity Firm After Bank of America Ouster
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Layoffs:

US Companies Cut 519,895 Jobs Since Election
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State Jobless Rates Top 10%
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Target says it will cut jobs in weak economy
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Best Buy To Lay Off HQ Workers
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Volvo laying off 650 at Virginia truck plant
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STMicroelectronics Posts Loss, Cutting 4,500 Jobs
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SAP to Cut More Than 3,000 Jobs Amid Global Slump
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PPG May Cut as Many as 4,500 Jobs Amid Weak Demand
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Cooper Industries doubles layoff plan to 2,200
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Baker Hughes latest in energy to lay off workers
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Layoffs includes 3,400 at Texas Instruments
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Ind.'s jobless rate soars to 8.2 pct in December
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In Dire Milestone, Jobless Rates Rise Across the Land
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Republic Windows Redux (Part II)
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Mitsubishi Adds Five Weeks to Illinois Plant Shutdown
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Dot-Coms:

Yahoo Has $303.4 Million Loss; Sales Meet Estimates
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Aviation:

US Airlines Stall On Delta Forecast
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Delta saw $8.9 billion in losses for 2008
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Oil/Gas:

Oilexco sees no reason for massive share trading
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Crude Oil Falls on Speculation That US Recession Is Deepening
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Chemicals:

Goldman Writes Down Lyondell Loans by $850 Million
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DuPont Swings to Loss and Lowers 2009 Forecast
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Chemical industry having a severe reaction
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Telecoms:

Nortel Gets Approval to Pay Key Vendors
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Laid off workers ask Nortel to resume severance pay
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AT&T Profit Drops as Slump Claims Corporate Clients
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Mining:

Grupo says it won't pay off Asarco creditors
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Grupo offers 'cents on the dollar'
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Asarco, Denver Strike Deal On Environmental Claims
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Lehman:

Valukas relishes role as investigator in Lehman Bros. bankruptcy
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UBS served with arbitration claim over Lehman notes
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DIP Financing:

Liquidation increase risks in US as Chapter 11 funding dries up
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Newspapers:

Bankruptcy means Strib can stiff contributors
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Times Co. Results Reflect Ad Slump
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Agriculture:

Sub-Committee Formed to Examine Ag Bankruptcies
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Ratings:

GE, GE Capital Aaa Ratings May Be Cut by Moody’s
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Hedge Funds:

Touradji Capital Hedge Fund Sued by Second Manager
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Hedge Funds Invested in Dreier's Fake Securities
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John Paulson Made Another $420 Million
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Publishing:

Profit Down at McGraw-Hill
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Self-Publishers Flourish as Writers Pay the Tab
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Bankruptcy Bonuses:

Bonuses for burying KB
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Boating:

Skipper Bud's buys assets of bankrupt boat firm Heckel's
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Hockey:

Court gets tough with Predators owner
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Shipping:

Atlas Shipping shrugs into Ch. 15
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Economy:

Confidence and Home Values Sink
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Obama May Stick Homeowners Under The TARP
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Stimulus Bill Near $900 Billion
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Bleeding banks prompt talk of new big bailout
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Stimulus Packages: Conceptually Flawed and Historically Unproven
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Stimulus Debate: To Spend or Not to Spend?
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Obama Lobbies Republicans on Stimulus Amid Resistance
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Republicans Object to Stimulus Dollars for ACORN
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Boehner to GOP: Vote against stimulus
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Senator Warns White House Will 'Create Crisis and Widespread Panic' to Push Stimulus
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Obama open to compromise on stimulus
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Frank Is ‘Open’ to Increasing US Bailout’s Size
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How the Government Dealt With Past Recessions
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The Recession's Painful Reality
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Bailout Recipients Hosted Call To Defeat Key Labor Bill
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Gloom Deepens Among World’s Chief Executives, Davos Poll Shows
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Big Names Are Absent at Davos
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World Economies Search for Growth
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Gruppo, Levey & Co.'s Restructuring Advisory Group Forecasts Further Pain for Distressed Consumer Businesses
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Senate Panel Adds $70 Billion Tax Relief to Stimulus
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Tough times for ----, booze
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Puerto Rico's economy has shrunk for three years running
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Real Estate:

Home prices plunge record 18.2 percent
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California Home Prices Fell 42% as Slump Worsened
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Housing wants a piece of stimulus pie
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Borrowers struggle to revise mortgages
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Fed Moves to Help Distressed Homeowners
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Downturn in foreclosures may be short-lived
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G-Mac Steps Up Its "Regifting" Of Bad Loans
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Mortgage applications in the US slump
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Even Once-Strong Housing Markets Stumble
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FHFA Proposes to Trim Fannie, Freddie Portfolios
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Fannie and Freddie vs. mortgage holders
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Creditors seek bankruptcy filing against Zambrano
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Homeowners in the Ditch
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More problems uncovered with "squatters" in vacant homes
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Homebuilder in Worst US Markets Wins Most Favored Rating
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Mortgages Ltd. Proposes Chapter 11 plan
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Copperfield seeks confirmation
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Ailing Fulton Homes files for bankruptcy
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Selma Estates faces angry lender
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EnCap gets yet another extension
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Diamond Alexandria asks for cash
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Fulton Homes files for Chapter 11 protection
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New York Office Vacancies May Rise to 12% by 2011
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Sacramento's commercial vacancy rise is 10th-highest rate in US
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Fraud:

Santander Says 2008 Profit Declined on Madoff-Related Charge
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Santander Offers $1.8 Billion to Settle Madoff Losses
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Perjury Charges Against Madoff?
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Madoff’s Firm Owed $600 Million in Stock, SIPC Says
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Madoff Enablers Who Say They Were Duped Winked at Suspected Front-Running
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Regulators Defend Madoff Oversight
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Prosecutors: Millions missing in Agape World case
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Agape investors often family, friends, colleagues
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Two fund bosses accused of Ponzi schemes surrender to police
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NY financier Cosmo held on Ponzi scheme charge
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Court papers detail Nicholas Cosmo's life, businesses
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Nadel, Missing Hedge Fund Adviser, Arrested by FBI
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FBI: Money manager fled as outside audit loomed
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Spanish Police Arrest Six Tied to $600 Million Fraud
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Troubled Times Bring Mini-Madoffs to Light
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Fireworks expected at Petters bankruptcy hearing today
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Accounting:

Partner profits tumble at KPMG
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Doubt cast on Satyam executives’ accusations against PwC
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Software:

Sun Burned by Restructuring Charge
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Printing:

National Hirschfeld to seek buyer
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TallyGenicom bankruptcy to aid sale of US assets
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Packaging:

Smurfit Loans Settle Above Pre- Bankruptcy Levels
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Bankruptcy court OKs Smurfit-Stone's $550M DIP credit
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Resorts:

Investors seek to liquidate Yellowstone Club World
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Religion:

Crystal Cathedral Lays Off Staff, Sells Land
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Bad economy hurts churches, too
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s

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Municipalities:

New York City fears return to 1970s
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Carns slams JeffCo's hiring of lobbyist
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Is it time for Stockton to contemplate declaring bankruptcy ?
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Isleton hopes to avoid bankruptcy by authorizing bonds
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Montgomery County following California into bankruptcy
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Health Care:

Practical Advice When a Health Facility Considers Bankruptcy
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Relief Seen for Jobless and States in Health Care Plan
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Ex-workers at Aliquippa hospital to get at least some pay
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A Nice, Staid Corner of Real Estate: Medical Offices
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ER Urgent Care Chapter 11 Bankruptcy Trustee Appointed
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Mass Torts:

Libby Claimants Lose Bid For WR Grace Documents
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Avoidance Actions:

Dick Fuld's Least Favorite Words: 'Fraudulent Conveyance'
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Art:

Brandeis to Close Rose Art Museum as Endowment Slips
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Corporate Reform:

AIG’s Milton Gets Four Years for Fraud, Avoids Life
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Steel:

Nucor’s Profit Falls 70% as Economy Weakens
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AK Steel Swings to Loss Amid Weak Demand
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M&A:

Rohm & Haas: Dow Knew About Recession When it Agreed to Buy Us
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Education:

Upside of the Sour Economy - More subs for schools
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Stimulus Plan Would Provide Flood of Aid to Education
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Debt Collection:

Debt-Settlement Companies Say Business Is Good
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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:

More on mortgage cramdowns
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Cramdowns, renegotiation authority or leave it to lenders?
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US House Panel Begins Debate On 'Cram-Down' Mortgage Relief
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Who and What Will Obama Fight For?
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Foreclosure relief bill closer to House vote
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Real estate pros wary of mortgage rewriting
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Celebs:

Jacko's Sinking Ship
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Food/Drink:

Interstate Bakeries nears deal to exit bankruptcy
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Another Iowa slaughterhouse manager faces charges
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Judge OKs bail for former Iowa slaughterhouse CEO
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Distressed Investing:

M&A for distressed companies to grow in 2009
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Distressed Debt Is the Place to Be
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Schwarzman Sees ‘Wonderful Time’ for Buyouts as Wealth Plunges
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Morgan Stanley is on the hunt for distressed assets
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Autos:

Fiat, unions fear job cuts
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Chrysler talks to others in case feds veto Fiat deal
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American Axle sees profit this year
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Toyota of Augusta facing bankruptcy , court documents say
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For auto dealers, bad times get worse
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Nissan to Cut 110 Sales, Design Jobs at US Unit
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Bankruptcy Statistics:

Bankruptcy filings soaring in W.Va.
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Insurance:

AIG sticks to plans to pay retention bonuses
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Travelers Profit Falls on Lower Investment Income
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WellPoint’s Profit Declines 61% on Bad Investments
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Alternative Energy:

Stable ethanol market seen, even with some plants idle
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Missouri ethanol plant faces cash crunch
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Retailing:

Westfield Shares Slump on $2 Billion Writedown, Profit Warning
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Cupertino to seek plan approval
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Target to Cut 9% of Headquarters Jobs, Shut Distribution Center
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Bankruptcy judge approves Hartmarx financing
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Hartmarx hopes to size up a sale, protect workers
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Northgate Mall sale dead
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Retailer Hancock Fabrics announces 30 layoffs
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Trucking:

Bankruptcy upsets Flying J plans in Europe
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Trucking companies take deep hit in recession
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Tourism:

World tourism to drop 2%
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Finance:

Cash-Hungry Companies Turn to Leaseback Deals
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Golf:

High Country Club LLC files Chapter 7
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Photography:

Canon Q4 profit tumbles, predicts further slide
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Personal Finance:

It’s the Economy, Girlfriend
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Man upset over job kills wife, 5 kids, himself
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Life After Bankruptcy
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Tax:

UBS Probe Puts 300 Americans, Maybe Many More, in IRS Sights
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Credit Cards:

AmEx Q4 Net Income Drops 79%, Revenues Fall 11%
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Defaults:

Default rates continue to rise
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Bankruptcy Litigation:

2 KPNQwest bankruptcy trustees sue Qwest
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Lawsuit marks new round in Marvel legal battle
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UK:

Vulture funds spot prime UK pickings
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£2bn in loan support for struggling carmakers
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Debt's burden on the economy
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Katona's bank account, credit frozen
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Standard Life's UK sales plunge
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Charity's helping hand as debts misery bites
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Barratts Shoes enters administration
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Brazil:

Brazil Loan Defaults Rise to 6-Year High on Slowdown
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Canada:

Canada Plans Record Issuance of Bonds to Fund Deficit
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Portugal:

Hard times for Portugal's prized ceramics industry
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Germany:

Germany Said to Consider 70 Percent Stake in Hypo Real Estate
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German Consumer Confidence Holds as Inflation Slows
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France:

French Consumer Confidence Unexpectedly Increased in January
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Spain:

Spain's second largest real estate bankruptcy
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Japan:

Panasonic May Report First Net Loss in Six Years
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Japan carmakers to lose money in Q3, revisions eyed
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Russia:

Putin and Wen, ‘Cocky’ No More, Pay Davos Price for Recession
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Mexico:

Vitro Tells Bondholders to Prepare for Restructuring Talks
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Mexico’s central bank sees contraction in 2009
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Australia:

Australian Leading Index Slumps, Stoking Recession Speculation
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Boral Cuts Profit Forecast 40% as Market Deteriorates
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Australian Government May Cut Taxes Further
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