January 29, 2009
The Daily Bankruptcy News
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Law:
Sidley Would Like to Clarify Its Tribune Billing Situation
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Some Top Law Firms Tap Partners for Cash
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200 Lose Jobs at Morrison & Foerster
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Layoff Watch: Morrison & Foerster Suffers Significant Layoffs (53 Lawyers, 148 Staffers)
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Layoff Watch: Morgan Lewis Lays Off Associates. Numbers Could Reach 50
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Merrill Lynch Axes Senior In-House Lawyers, But Keeps General Counsel
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Heller Estate Can't Buy Malpractice Coverage
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Flight of the Rainmakers
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The Firms That Have Not Frozen Salaries
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Profit Numbers Draw the Ire of Recently Laid Off Associates
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Spammed Lawyers Angered Over Fla. Bar’s Sale of E-Mail Addresses
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In retrospect, maybe we all should have become bankruptcy lawyers
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Popcorn Sutton, Legendary Moonshiner, Headed to the Pokey
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Attorney Charged With Stealing Millions From Guardian Accounts
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Obama's Am Law 100 Earners
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Obama Taps 22 More Lawyers for White House Counsel's Office
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Hollinger lawyers resurface
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How to Ask for an Outside Counsel Budget That Really Means Something
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"Animal Spirits," Anyone?
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Man Smears Feces On Lawyer, Flings At Jury
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Pls Hndle Thx: Get Back to Where You Once Belonged
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Judges:
Judges to Plead Guilty in Scheme to Exchange Juvies for Cash
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Accounting:
Auditors Beware: Judge Kaplan Allows Parmalat Suit Against Deloitte to Move Forward
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Accounting Firm Can Be Liable for Foreign Affiliate’s Work, Federal Judge Rules
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New York Judge Puts Possible Bulls-eye on Deloitte Touche
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Robert Rubin Says Mark-to-Market has Done ‘Damage’
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Wall Street:
European Stocks, US Futures Decline
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Banks, Fed Rally Stocks
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Here Comes the Pain for Thain
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Bad bank idea gains steam, financial shares up
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What Red Ink? Wall Street Paid Hefty Bonuses
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Layoffs:
Boeing Plans to Cut 10,000 Jobs
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GM to shut jobs bank; 1,600 to be laid off
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AOL to cut 700 jobs - internal memo
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Starbucks Plans More Closing and 6,700 Job Cuts
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Toshiba Corp to shed off 4,500 jobs amid crisis
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Indian Exporters Cut 1 Million Jobs as Orders Decline
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Goody's facing class action lawsuit for alleged WARN Act violation
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Long Decline in Union Memberships Reverses
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A Layoff in the Smith Family Ripples Through Town
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Banking:
Santander, Wells Fargo offer hope as banks surge
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Solving the Bank Crisis - More TARPS Are Not the Answer
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Report: Bank of America to defer bonus payments
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The Federal Bailout Hasn't Fixed Bank of America
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Bank of America’s Board Expresses Support for Chief Ken Lewis
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Bankers Behaving Badly
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Geithner Says Plan for Banks Is in the Works
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UBS Slashes Its Bonus Pool for 2008 by More Than 80%
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Dimon Says JPMorgan ‘Unlikely’ to Make Acquisitions in 2009
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Chase to close 36 area WaMu branches
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Deutsche Bank Surges on Report of ‘Sensational’ Start
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US Pumps $1 Billion Into Credit Unions to Shore Up Confidence
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Lehman:
Lehman Faces Fifth Investigation as Court Examiner Begins Probe
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The game changer
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More on Dick Fuld
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Religion:
AIG refuses to pay Diocese for 'perv' insurance
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Archdiocese responds to reports of federal sex abuse probe
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Recording Industry:
Marion 'Suge' Knight Handed $6.8M Legal Bill For Death Row Sale
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Food/Drink:
Interstate Bakeries Corp. Reaches Agreement With GE Capital Corp.
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Is the drama of USA Springs near an end?
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Distressed Investing:
Will distressed debt undo Yale?
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Municipalities:
Tax Refunds Now on Hold in California
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Bankruptcy is only good solution for SPSA crisis
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Vallejo acts to keep new police pact
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Bill would make cities ask for state approval before Chapter 9 filing
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Cigarettes:
Alternative Brands, Cigarette Maker, Files Bankruptcy
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Economy:
Fed leaves rates near zero
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Obama Says Not a ‘Moment to Spare’ on Stimulus Plan
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House rejects Republican alternative to stimulus bill
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House Passes Stimulus Plan Despite G.O.P. Opposition
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Stimulus Components Vary in Speed and Efficiency
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Fed Signals It’s Ready to Expand Assistance as Needed
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Pimco Says US Must Buoy Asset Prices for Recovery
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FDIC May Run ‘Bad Bank'
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Geithner Says ‘Range of Options’ Considered for Banks
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The hidden threat to privacy in Obama's stimulus plan
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The Bad Bank Rally
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Treasuries Drop as Fed Offers Little Guidance on Debt Purchases
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Soros... 'American consumer can no longer act as motor of global economy'... 'Obama must implement radical and comprehensive set of policies'
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$335,000,000 For STDs In Stimulus
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What’s Missing in the Stimulus Plan
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The experts here at Davos don't know either
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Wen and Putin Slam U.S. System
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The Big Fix
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Dimon Says Banks Gave Consumers ‘Weapons of Mass Destruction’
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Real Estate:
New Texas “foreclosure” legislation a problem for homeowners
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Helicopters Fight Foreclosures
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Last of Okun Empire Will End in Foreclosure
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Derivatives:
Credit-Default Swaps Drop to 11-Week Low on ‘Bad Bank’ Plans
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Personal Bankruptcy:
The bankruptcy myth
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Celebs:
Olivia Newton-John's partner 'staged his own death to avoid debt repayments and is alive and well,' investigators claim
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Michael Jackson Being Sued By Former “Thriller” Director
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Oil/Gas:
Producer Spending Cuts May Shape Future Oil Price Rebound
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Conoco Sees Difficult Business Environment In 2009-10
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Shell Posts First Loss in 10 Years on Oil Price Drop
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Trustee's suit claims bank error led to companies' bankruptcy
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Bakersfield refinery may be idled indefinitely
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Non-Profits:
Controversial Charity Files For Bankruptcy
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Aviation:
Frontier reports record profit for December
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Sun Country Airlines Posts Fourth Quarter Profits
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5,000 Air Canada workers vote down deal
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Air Canada faces more turbulence
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M&A:
Allied Capital says may default on debt, shares tank
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Setoffs:
Parties May Not Contract Around Mutuality Requirement To Circumvent Prohibition Against Triangular Setoffs
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Derivatives:
US Draft Law Would Ban Most Trading in Credit Swaps
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Finance:
Why DIPs Can't Afford to Take a Bath on Company Risk
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Where’s all the lending?
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Health Care:
State help for hospitals not likely: Caritas
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AMH posts record profits in 2008
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ER Urgent Care Chapter 11 Bankruptcy Trustee Appointed
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Chemicals:
Wall Street's bad chemical reaction to Lyondell deal
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Retailing:
Century III Mall sees exodus of stores as businesses fail
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Analysts say malls will be competing in challenging economy
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Mall expansion delayed indefinitely
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Best Buy CEO eyes bankruptcy deals, but cautious
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Linens 'n Things: Gone, but Not Forgotten
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Corporate Reform:
Corporations, Tending to a Tattered Image, Clip Wings of Private Jets
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Solar:
Kyocera Cuts Profit Forecast, Expects All Businesses to Decline
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Credit Reporting:
New FICO Credit Score Debuts
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Corporate Governance:
Delaware Supreme Court Issues Major Ruling on Shareholder Ratification Doctrine and Duties of Corporate Officers
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Education:
Harvard Divinity School to Shed Adjunct, Visiting Professors
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Tax:
IRS Penalties Come Under Scrutiny
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(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:
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(10)
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Bankruptcy Reform:
Fitch: Effect of Bankruptcy Cramdown Legislation Likely to be Varied for U.S. RMBS
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Who Will Eat The Cram Downs?
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Cram-Downs Pass House Panel; Head to Vote
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Dems Limit Scope of ‘Cramdown’ Bill
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Strange accounting
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Autos:
Ford Probably Will Post Loss, Move Closer to US Aid
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GM and Chrysler Are Closing Jobs Banks
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GM, UAW reach cost-cutting deal
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Chrysler Asks Suppliers for Price Cuts
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Auto group submits bid for Heard site
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Detroit's auto show can teach us a few lessons
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Ford Credit to Cut 1,200 Jobs
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BMW Falls Most Since November on Earnings Concern
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Newspapers:
Nasty portents for the Pioneer Press?
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New York Times puts Red Sox stake on the block
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Congressional Quarterly Is for Sale
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Television:
KRON parent dropped from Nasdaq list
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Microsoft founder's cable company in a debt bind
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Insurance:
Allstate reports $1.13 billion quarterly net loss
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Fraud:
Painting the Scene Of Madoff's Operation
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Madoff brother should be prosecuted, says legal eagle
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JPMorgan Exited Madoff-Linked Funds Last Fall
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Ex-Madoff Worker Objects to $58,000 Bill for Boss’s Mercedes
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The Age of Ponzi: A Snapshot
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Consultants:
Peak Discovery Forms Subprime Mortgage and Credit Crisis Document ...
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Logistics:
USPS may cut day of mail delivery
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Telecoms:
No budget relief for Nortel workers
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UK:
Pound Falls After Report Shows House Prices at Four-Year Low
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UK Mortgage-Bond Plan May Fail as Investors Seek Higher Yield
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Government guarantees descend into muddle
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Deloitte wins retail administration
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Hermes hits back as credit row escalates
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Insolvency Service promises a hard line over pre-pack abuse
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EU:
Europe Sentiment at Record Low, Helping Rate-Cut Case
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Regulation Won’t Solve Economic Crisis, McCreevy Says
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Europe Retail Sales Drop for Eighth Month
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Canada:
A Giant falls amid fears relief won't save retailers
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An easy system for people who find it hard to save
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Ukraine:
Ukraine’s debt may run into trillions
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Iceland:
The Stunning Collapse of Iceland
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S. Korea:
South Korean Manufacturers’ Confidence Remains Near Record Low
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New Zealand:
New Zealand Cuts Key Interest Rate to Record-Low 3.5%
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Argentina:
Argentine Creditors Tender 15.1 Bln Pesos of Debt
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Japan:
Sony sinks into Q3 loss, Nintendo cuts outlook
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Japans REITs facing bankruptcy
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Pacific Holdings Bond Yields Surge as Financing Doubts Persist
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India:
India's Legal Elite on Scandal, Innovation and Pressure for Reform
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China:
Is China Immune?
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Germany:
German Unemployment Rises Twice as Much as Forecast
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Schaeffler Fails to Get Aid as Germany Asks for a ‘Viable Plan’
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