January 6, 2009

The Daily Bankruptcy News

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Law:

Firms Get Ready for Wave of Bankruptcy Filings
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Banks May Lose $51 Million in Heller Dispute
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Banks Keep BigLaw on a Shorter Leash
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Biglaw: Welcome to the Credit Crunch
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Credit lines help law firms cover lag in collections
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Associate Bonus Watch: A Post-Holiday Round-Up
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Pay Freeze Watch: Sheppard Mullin Joins California Craze
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Judge Slashes Dewey's Fee Application by $400,000
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Obama Chooses Ex-Clinton Officials for Justice Posts
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Securities Suits Up in 2008, But Might They be Uphill Battles?
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How Former Dreier Client Became a Co-Defendant in Claimed $200M Scheme
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Troutman Sanders merges with Ross, Dixon & Bell
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Obama names first female U.S. solicitor general
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Anderson Kill merges with Calif. law firm
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Bankruptcy Boom Hits BigLaw
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High Law Firm Leverage a ‘Combustible Combination,’ Expert Says
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Landmark UK Case: Law Firms Can Require Partners to Retire at 65
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I am a second-year, female litigation associate at BigLaw with a reputation for being too nice. How can I convince partners I'm tough enough?
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UK law students worried as recession bites
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Say What?!
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Judges:

Judge in Ethics Case Over Landlord Activities
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Wall Street:

U.S. Futures Point to Gains
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European Stocks Gain for Sixth Day
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UK Stocks Advance for Sixth Day
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US Stocks Finish Down For First Session In Four
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Banks, Telecoms Lead Stock Slide
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Wall Street braces for reports
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Perelman Seeks to Reopen Case Against Morgan Stanley
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Morgan Stanley Loses Ground in M&A to Moelis, Perella Boutiques
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Venture capital IPOs down 90 pct last year-surveys
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When Will Criminal Conflicts of Interest Stop?
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Eating Crow at a Dinner for Wall St.
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The End of Wall Street: An Oral History
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Fraud:

Thousands of claim forms sent to Madoff customers
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Can New Regulation Stop Another Madoff?
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Madoff Investor May Wait Months for Day in US Court
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How Much Does Madoff Still Have?
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Grim portent on Madoff clawbacks
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Why Madoff Warnings Were Ignored: Regulators Had Wrong Incentives
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US govt to NY judge: Jail Madoff without bail
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Madoff called a flight risk after mailing US$1M in jewelry to family
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Madoff Sons Told Prosecutors of Jewelry, Lawyer Says
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Congress looks for answers in Madoff scandal
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House Panel Questioning SEC Auditors On Madoff
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Congress Demands SEC Speed Madoff Inquiry to Improve Oversight
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Frank Says SEC Personnel Not at Fault Over Madoff Failures
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Madoff Case Symptom of Widespread Problems, SEC's Kotz Says
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Madoff Trustee Finds $830 Million of Liquid Assets
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Madoff sightings cause heads to turn in New York
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Bard College Had Losses of $3 Million Tied to Madoff
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Madoff Whistleblower No-Show At Hearing
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Madoff scam shakes Yeshiva U. endowment
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Madoff Trustee Wins Extension of Stay Against Creditor Lawsuits
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Bernard Madoff turned me down
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Retailing:

More stores expected to close in '09
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Borders Names New Chief After Holiday Sales Fell 12%
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Sidley Austin Sacked, Weil Gotshal Tapped for Gen Growth Restructuring
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General Growth settles lawsuit, sees higher Q4 FFO
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Against All Odds USA, Retailer, Files for Bankruptcy
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Concord Retail requests cash use
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Retail sales seen falling despite deep discounts
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KB Toys to stop honoring gift cards Jan. 11
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Retailers make sales by taking competitors' gift cards
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Corral West closing its doors
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Goodys' looking for concessions, trying to stay in business
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Goodys Said Liquidating
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Could Borders' next page be Ch. 11?
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Wobbly Borders Gets New CEO, Turnaround Team
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Ackman’s Hedge Fund for Target Corp. Stake Fell 68% in 2008
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Are shopping malls a dying breed?
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Sears suspends 401(k) match
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Shopping for bargains of a different kind
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Baseball:

United League, owner of Alexandria Aces, files for bankruptcy
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Consultants:

FTI Consulting Acquires CXO, LLC
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Huron Consulting buys Saudi Arabia's Nextmove
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Travel:

JoyStar Collapse May Involve More Agents and Higher Losses
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Lehman:

Lehman opposes NY comptroller motion for a trustee
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Municipalities:

Finch: Bridgeport is on a fiscal tightrope
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AZ Treasurer warns state running out of cash
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Florida Legislature begins special session to slash budget
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Pajaro Valley water officials ponder bankruptcy
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Insurance:

Top Ten D&O Stories of 2008
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Insurance Outlook: Higher Prices by 2010
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4 indicted in $1 billion insurance fraud scam
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NYC proposes ideas for federal economic plan
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Construction:

Construction spending shows gains but outlook grim
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Smitty's gets $10.5M DIP
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Advertising:

Advertisers' Survival Plan for 2009
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Environmental:

Bankrupt Company To Pay $1.5 Million For Polluting River
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Economy:

US Construction Spending Falls Less Than Forecast
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Obama Is Said to Favor Stimulus Plan of About $775 Billion
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Obama Works to Sell Stimulus Plan
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Beyond the rhetoric, questions persist
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'Our economy is very sick and we must act now'
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Stimulus package would provide businesses with billions of dollars in refunds on taxes they paid several years ago
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Economists divided over cutting taxes
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With Billions at Stake, Business Lobbyists Vie for a Piece
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Obama must let the economy shrink
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Democrats' Factions Could Stall Plans
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Economists see jobless surge, deeper housing hole
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Frugal Families Aggravate Nation's Economic Woes
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No reason for optimism
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Write-Offs Would Help Companies Hit Hardest
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Fed buys MBS in latest unconventional move
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The Problem Of "Burn Rate" Hits Mainstream Companies
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Engines of Recovery Flame Out as Economy Seeks Rescue From Obama, Bernanke
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Secret Liens and the Financial Crisis of 2008
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Lessons From The Great Depression
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And Now for the Good News...
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Real Estate:

Mortgage Spreads Decline on Fed Buying
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Big Apple real estate prices defy gravity - so far
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Manhattan Apartment Sales Drop for Fourth Quarter in Recession
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Striking Declines Seen in Manhattan Real Estate Market
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Toll, Hovnanian Face NY Real Estate Market Crash
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Economists Seek Solutions, Signs Of Life In Housing
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Why Hispanics Face Wave of Foreclosures
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La. homeowners to get cash from incentive fund
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New Foreclosure Law Allows Quicker Rescue of Left-Behind Pets
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Autos:

Ford, Honda Say US December Auto Sales Tumbled More Than 30%
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Car czar should be named now
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As czar of cars, Uncle Sam’s an Edsel
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Chrysler sales drop 53 pct; others not much better
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Chrysler financing arm seeks to tap relief funding
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GM’s 2008 US Sales Dive to 49-Year Low on Recession
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Automakers Fear a New Normal of Low Sales
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Glimmer of hope for auto sales in ‘09
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GM's top strategic consultant
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GM to get another $5.4 bln from Treasury on Jan. 16
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The federal lifeline for GMAC has some features that might irk taxpayers
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Auto Executives See Help From Credit Mkts, Stimulus Plan
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Auto bailout funds will 'keep lights on' rather than retool
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Chrysler is soooooo doomed
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Car dealers ride out sales slump
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Car Dealers Face Struggles
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GMAC Steers Taxpayers Wrong
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Heard mansion set for auction; some land sold
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Hyundai Ramps Up Incentives With No-Cost Return Pledge
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Toyota, Honda US Slump Ends Annual Growth Dating to Mid-1990s
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Toyota to Halt Domestic Plant Operations for 11 Days
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Kia sales plunge nearly 40 percent in December
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Sliding Canadian Auto Sales Signal Automotive Recession
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Subaru actually made money in the U.S. last year
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Food/Drink:

Tyson CEO Departs As Industry Grapples With Glut
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Stevenot Winery Restructures Amidst Foreclosure Proceedings
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Law firms, banks owed bite of Archway
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Newspapers:

New York Times Starts Selling Ad Space on Front Page
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Financial woes humble New York Times
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A Reporter Becomes the Layoff News
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Dot-Coms:

Win.Net files for bankruptcy protection
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Theme Parks:

Hard Rock Park asks court for liquidation to pay creditors
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Pensions:

PBGC Negotiates $55 Million In Pension Protection With Visteon
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Con-way, Teamsters fund settle withdrawal liability
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Shipping:

Derecktor still sailing despite bankruptcy
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Armada seeks assets shield
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Celebs:

Michael Vick revises bankruptcy plan to include NFL plans
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Suge Knight To Lose Recordings
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Student Debt:

Student Loans Have Been Bright Spot
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Accounting:

Grant Thornton profit dips as downturn bites
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SEC could ease fair-value accounting problems
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FASB panel slams FASB proposal to ease fair-value rules
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Financial Privacy:

Data loss victims expected to more than double in 2009
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Private Equity:

PE-backed bankruptcies
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Value of PE assets plunge in secondary market
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Hedge Funds:

Hedge fund JD Capital liquidates Tempo Master fund
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Oil/Gas:

Oil Rises to 5-Week High Above $50
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Ausam Energy wants use of cash
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Credit Cards:

Court Nixes Credit-Card Transfers in Bankruptcy
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Television:

Broadstripe seeks Ch. 11 comeback
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TV station owner airs plea for buyer
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Travel:

The Bumpy Road Ahead
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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:

Lawmakers set new mortgage bankruptcy bill
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Stimulus Package to Include Cram-Downs
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’05 Bankruptcy Amendment To Be Tested in ’09
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Bankruptcy Statistics:

Consumer bankruptcies jump in 2008
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South Florida business bankruptcies highest since at least 1990
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Idaho bankruptcies jump again in 2008
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Bankruptcies rise steeply, especially for businesses
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Luxury Goods:

Waterford's Bleak Gaze in the Crystal Ball
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Aviation:

Frontier’s November Results Not as Positive as They May Seem
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Frontier seeks more time to file reorganization plan
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Frontier Air pilots ratify labor pact with wage concessions
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United Airlines says December traffic fell
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American Airlines says December traffic fell
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Software:

SCO asks for Jan. 16 deadline for reorganization plan
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Art:

Recession Biting Artists in the (Canv)Ass
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Hard times nothing new to city artists
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a21 sets liquidation auction
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Banking:

Treasury provides $15B from bailout pot to 7 banks
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Central Jersey Bank gets $11 million in bailout funds
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Global Banks in 2008: Lenders Became Borrowers
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Fashion:

Benefit off an LA bankruptcy
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Theme Parks:

Hard Rock Park set for Chapter 7 hearing
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Gambling:

Greektown Casino hires Las Vegas turnaround firm
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Moody's cuts Trump Entertainment Resorts rating
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Health Care:

New York AG accuses hospitals of kickbacks, fraud
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Single hospital seeks partner: Kessler can't go at it alone
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Former Hospital Workers In Aliquippa Claim They Are Short A Paycheck
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Collection Agency Sued Over Hospital Debt
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Family members of critically ill patients at risk because of economy
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Utilities:

Hedge Funds Give Calpine Some Love
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Layoffs:

Cigna to cut about 1,100 jobs, 4 pct of work force
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Choctaws cut 570 jobs, partial shutdown of casino
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Microsoft layoff rumors continue their swirl
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Logitech to Cut 500 Jobs After Abandoning 2009 Profit Forecast
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Report: Sanyo to cut 1,000 workers
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Soaring layoffs are devastating for employees and employers
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Telecoms:

Win.Net: Bankruptcy filing is no threat to service
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Hawaiian Telcom faces fight
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Hawaiian Telecom says pension fund is underfunded
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Trucking:

Analyst trims estimates on Old Dominion Freight
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Enron:

UC and Coughlin make new year a little happier for former Enron investors
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Chemicals:

Bankruptcy's effect on Houston operations of LyondellBasell unclear
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UK:

Slaughter & May, Linklaters on Waterford Wedgewood Receivership
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UK Consumer Confidence Declined to Four-Year Low in December
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Wedgwood’s mountain of debt shatters 250 years of history
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End for an industry that once defined a region
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UK construction industry hits new low
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Deloitte in at struggling Passion
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Adams Childrenwear axes 850 jobs as it closes 111 stores
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UK Retailers to Shut Record Number of Stores, Experian Says
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Canada:

Economic meltdown heightening tensions for many cash-strapped Canadians
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Jackpine Forest Grp files for bankruptcy
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Banks Tell Flaherty They’re Committed to Lending
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The new debt-free you
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JPMorgan, Banks Get C$199.1 Million in Canadian Fees, Post Says
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EU:

European Inflation Rate Drops to Lowest in Two Years
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Europe's services sectors shrank in December
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Mexico:

Mexico Manufacturing Index Falls to Low on Recession
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Russia:

Russian Gas Supply Via Ukraine Drops; Balkans Halted
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Russian Dispute With Ukraine Worsens, Hitting Europe
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Ukraine gas official: talks to resume
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Russia's troubles are ours, too
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Denmark:

Record number of bankruptcies
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Brazil:

Brazil’s Industrial Output Fell 6.2% in November From Year Ago
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Ireland:

Sharp rise in company liquidations in 2008 shows impact of recession on Irish business
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Iceland:

Iceland's Kaupthing to sue UK over bank action
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