March 12, 2009

The Daily Bankruptcy News

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Law:

Layoffs? What Layoffs?
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Some Thoughts About Law Firms and the Slide
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Firms turn to partners for capital as banks tighten debt terms
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Headhunters Getting Laid Off, Too
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Law School Career Counselors, Students Shift Into Overdrive
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BigLaw to 2009 Graduates: See you in 2010!
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Closing Some Law Schools: A Necessary Beginning To Any Recovery
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Weil Gotshal cancels NY vacation program
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Teaching the Laid Off to Speak Employed Again
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US firms shed 4200 staff during February
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Layoff Watch: Proskauer Rose Lays Off 23 Attorneys
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Layoff Watch: Pircher Nichols and the Rule of Eight
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Golden Axe: Firm Gives Walking Papers to 44 Associates, 87 Staff
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NY BigLaw Firm Lays Off 25 Attorneys
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Anger Surges as BigLaw Leak Reveals Severance Packages for Attorneys Who Volunteered for the Ax
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DLA layoff package sparks strong response
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Those Letters About Fee Increases Are Source of In-House Amusement
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"Ted, how do you think your year end review will go? I know you billed 2800 hours last year."
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After Layoffs and With Financial Sector in Slo-Mo, BigLaw Firm Looks to Other Practices
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The Midwest: The Place to Go For Laid-off New York Lawyers?
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We're in the Money!(?)
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Pls Hndle Thx: Sittin' on the Dock of the Bay
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General Motors turns to Clifford Chance for advice on Europe restructuring
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Is Offshoring Document Review a Duty When It's the Cheapest Option?
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The Dreier Case Is Moving Along
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China Gets Litigious
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Woman Admits $50K Theft From Law Firm
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Adventures in Lawyer Advertising: MySpace.com -- A Place for Friends... and Law Offices
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Judges:

Here Come the Judges! A Preview of Possible Obama Picks
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Wall Street:

US stock futures point to drop; retail sales eyed
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Bank Stocks Carry Wall Street to Another Gain
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Fraud:

Will Wave of New Anti-Ponzi Laws Work?
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The Next Targets in the Madoff Case
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Investigation Into Madoff Fraud Turns to a Small Circle of Accountants
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Scams of the Century?
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Madoff Victim Alexandra Penney on His Guilty Plea
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As 'Clawback' Suits Loom, Some Investors Seek Cover
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Shining the Light on Ike Sorkin, Madoff’s Lawyer
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Madoff’s Refusal to Admit Conspiracy Said to Have Scuttled Deal
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After Plea Hearing, Madoff Could Go Directly to Jail
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Madoff Life in Jail Means Inmates Who Blame Money Man for Crash
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Security will surround Madoff on Thursday
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Surviving Madoff
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Santander’s Madoff Offer May Give Anonymity to Some Investors
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Madoff guilty plea not likely to bring any more money back
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Madoff: What's the Right Penalty?
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Probers want truth from Ruth Madoff
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What Looms for Bernie? Pregaming the Madoff Plea Hearing
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Victims Worry Madoff Will Take Secrets to Prison
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PBGC takes over plan hit by Madoff losses
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Madoff Victims May Recoup Taxes for 13 Years Under Proposed Law
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How Madoff Did It
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What’s Next in the Madoff Case
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Madoff Used U.K. Office In Cash Ploy, Filing Says
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Financial Fraud Is Focus of Attack by Prosecutors
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SEC Accuses California, Virginia Firms of Running Ponzi Scams
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Ritchie Sues Polaroid, Calling Petters Allegations ‘Outrageous’
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Add Robb Nen to the List of MLB Players Tied to Stanford
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Receiver won't release Stanford client names
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Lawyers for Stanford Exec Object to Search of Her Home
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Retailing:

Neiman Marcus Posts 2Q Loss
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Gottschalks breakup fees set
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What Sells in a Recession
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Looking Again at the Fate of the Retail Industry
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Department store company Bon-Ton expects 2009 loss
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Profit Dropped 14 % in Quarter for Staples
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Profit Is Down 77% at American Eagle
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Fortunoff to honor some furniture sales, Cuomo says
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Derivatives:

Hoping for Failure!?
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Newspapers:

Miami Herald to Cut About 175 Jobs
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Fresno Bee to Lay Off 63 People
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As Cities Go From Two Newspapers to One, Some Talk of Zero
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Four Newspaper Chains Makes Moody's 'Bottom Rung' of Risky Debtors
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Troubled Newspaper List Ticks Off Tierney
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This Journalist Is Brought to You by...
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Seattle PI's fate to be known next week
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New York Times CEO got $4.4M package in 2008
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Tribune wants DIP changes
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Star Tribune seeks to abandon union's contract
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Discharge:

Non-Consensual Third Party Releases Permitted in Chapter 11 Reorganizations
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Gambling:

Vegas Convention Cancellations Pile Up
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Greektown Casino asks judge for tax break
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Herbst, lenders agree on plan
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Celebs:

Bankruptcy judge orders Michael Vick to appear on April 2
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Art:

De Niro Faces Off With Bankrupt Art Gallery
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Lehman:

Lehman Was Given 38 Minutes to Keep London Lights On
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PwC readies report on Lehman wind-down
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Ethanol:

Company asks to sell bankrupt ethanol plant
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Sagging ethanol prices to firm up as producer shakeout continues
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Debt Collection:

Senator Requests Investigation Into Deceased Debt Collection
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Economy:

Seven states post jobless rates above 10 percent
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Jobless Claims Work Well As Recovery Proxy
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Fed's Hoenig: Allow Institutions to Fail
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FDIC says U.S. toxic asset plan means taxpayer profits
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UK: 'Difficult' Americans hamper G20 efforts to secure a global deal
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Britain denies planning rift with United States
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Financial Crisis: Bulletins from the Front
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45% Of World's Wealth Destroyed
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Congress at work: '$1 billion an hour'
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South Carolina's Sanford to become first governor to reject funds
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Economists Give Obama, Geithner Low Grades
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Obama backs pet projects and signs spending bill
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Bill Gates world's richest as recession shrinks wealth
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As the Sands: Recession has hit the richest, too
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A TARP Gift? Think Twice
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Billionaire Ranks Shrink
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U.S. Seeks Bigger IMF War Chest
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Fed ‘08 Minutes Show Extent Of Worry Over AIG, Citi
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Elvis Lives, and Mark-to-Market Rules Fuel Crisis
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Greenspan Forgets Where He Put His Asset Bubble
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Real Estate:

Foreclosure Filings in US Jump 30%, Thwart Prevention Effort
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Investors Call for Rescue Plan Changes
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Freddie Mac Posts $23.9 Billion Loss; More Aid Wanted
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Freddie Mac Says Dividends to Treasury May Bury Future Profits
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No Shopping Around in Freddie Refi
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Freddie to Tap $30.8 Billion in Aid as Losses Deepen
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Mortgage Applications Rise 11.3 Percent
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Vardis Homes files for bankruptcy
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Verge, contractor to meet with judge
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WL Homes wins second DIP use
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Manasseh to seek cash use
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Stub Rent Claims Entitled to Administrative Priority
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Big L.A. landlord Meruelo Maddux may file for bankruptcy
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Autos:

GM UAW Labor Savings Said Double Ford’s $500 Million Agreement
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U.A.W. Deal Cuts Hourly Rate to $55
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Autoworkers' 'concessions' are a bad joke
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Task force holds fate of auto industry
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Who's running GM?
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Why GM Might Not Follow Ford
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Debt of GM and Chrysler Trades at Default Prices
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GM, Chrysler spend millions to lobby for more money
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Ford Says Modified UAW Pact Brings Foreign Parity
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Ford CFO Booth Guards Carmaker's Cash to Steer Clear From Needing U.S. Aid
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PPI Holdings cancels auction
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GM driving dealer out of business, lawsuit says
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Bids in hand for auto selling rights
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Hickory shutters car dealership
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End to Delphi retiree benefits is upheld
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China February Auto Sales Rise 25% After Tax Cuts
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Volkswagen sees one of hardest years in history
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GM's unit Saab lays off 750 workers
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Banking:

UBS Revises 2008 Loss to Nearly 21B Swiss Francs
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Morgan Stanley, Citi Take Gains to the Bank
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Buffett's Unmentionable Bank Solution
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Heat Turns Up on Merrill Bonuses' Timing
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Merrill may have misled Congress on bonuses: Cuomo
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Merrill Lynch Trips to Ritz Carlton Under Fed Scrutiny
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Now-Needy FDIC Collected Little in Premiums
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Third Bank Says It Will Return Bailout Funds . . . But 487 Banks Keep Theirs
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Waters Held Stake in Bank She Helped
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Bailed-Out Bank Gets Tough With Borrowers
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Southeast Banking plan confirmed
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Mining:

RedCorp Ventures wins round one
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Food/Drink:

Winery owner projects rosy outcome
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VI Acquisition is sold
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Court allows former Pilgrim's Pride CEO to consult
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Involuntary Bankruptcy:

Second Time May Be the Charm for the Eleventh Circuit on Subject Matter Jurisdiction in Involuntary Bankruptcy Cases
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Fitness:

Working Out Through the Downturn: Gym Memberships Holding Strong
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Theme Parks:

Six Flags at risk for bankruptcy
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Popular NC Theme Park Files For Chapter 11 Bankruptcy
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Bankruptcy Crimes:

Ex-Edmonton Oilers Owner Accused of Bankruptcy Fraud
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FBI nabs Pocklington
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Oil/Gas:

Edge Petroleum may file for bankruptcy
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Pacific Energy gets $10M DIP
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Student Loans:

The case against student loan lenders
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Fashion:

Couture fashion designer files for bankruptcy
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Shipping:

Samsun Logix files for Chapter 15 bankruptcy protection
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Armada creditors to get 32.5% recovery
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RVs:

Monaco to pay workers whose checks bounced
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Hedge Funds:

Paulson & Co. May Have Made $428 Million Shorting Lloyds Before Bailout
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Personal Finance:

Cutting Back on Summer Camp
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Keeping a Wedding Cheap
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Travel:

Thomas Cook Forecasts ‘Even More Difficult’ 2010
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Accounting:

U.S. regulator opposes suspending mark-to-market
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U.S. nears mark-to-market accounting guidance
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Layoff risk as E&Y bows to economic pressure
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US stops UK auditor liability deals
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New Bankruptcy Opinions
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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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The Year in Bankruptcy: 2008
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Bankruptcy Reform:

House Panel Mulls Bankruptcy Code Changes
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Bankruptcy experts: legal changes add to pain
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US Lawmakers Get Mixed Advice On Revisiting Bankruptcy Laws
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Impact of Chapter 11 Change on Retailers Debated
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Insurance:

The Next Big Bailout Decision: Insurers
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Layoffs:

National Semiconductor to Cut 1,725 Jobs
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Corporate Reform:

SEC's Schapiro Seeks More Money, Says $943 Million Inadequate
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Merrill Fined $7 Million by SEC for Squawk-Box Lapses
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Billionaire Investor Wilbur Ross Questions Increased Regulation
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Credit Cards:

Credit Card Delinquencies Fall 11 Percent
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Credit Card Issuers: Buy Something or Else!
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Interchange is No Laughing Matter
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Health Care:

St. Mary's Hospital banks on DIP
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Hospital buyer backs out
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Obama's $80 Billion Exaggeration
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Telecoms:

Nortel reportedly in talks to sell key units
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Avoidance Actions:

The Earmarking Doctrine: Borrowing From Peter to Pay Paul
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Tax:

Tax Havens Likely to Be Target of G-20 Nations
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Liechtenstein to Relax Bank Secrecy
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Horse Racing:

NYRA’s health in jeopardy after 'racino' deal collapses
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MEC creditors begin to file
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Magna gets stalking horse
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Trucking:

Summitt Trucking files to reorganize in bankruptcy
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Consolidation expected as truckload rates continue down
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Boating:

Cookson Boats Poised for Last Sail as Recession Sinks America's Cup Makers
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Pets:

Economic downturn hits veterinary practices
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Municipalities:

Alabama county sewer debt rises after swap agreements end
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Municipals Reflect the State We're In
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Mass Torts:

Montana Students Twitter ‘Grace Case’
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WR Grace & Co gets court OK to seek votes on reorganization
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Celebs:

Economy tanks for celebrities too
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Distressed Investing:

Debt Investing: Caveat Emptor
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Kerkorian Sees $9B In Assets Evaporate In '08
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Aviation:

Union says American to lay off 323 next month
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Would bankruptcy have been better for AA? Are labor costs a 'luxury?'
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DOJ Investigating Anti-Trust Issues in Superior Sale
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Sovereigns:

These Two Countries Could Slide Into Bankruptcy
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UK:

UK watchdog tells bankers -- be very frightened
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Baugur's British retail empire falls into the hands of liquidators
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Recession tempts more to leave UK
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UK Prime RMBS Delinquencies Continue To Rise
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EU:

Europe Faulted on Too-Tepid Stimulus
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ECB Approaches Zero Rates by Stealth With New Weapon
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European Producer Prices Unexpectedly Decline 0.5% From Year-Earlier Month
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Temp-Worker Cuts Pose Test for Europe
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UK, French Industrial Production Falls, Worsening Recession
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Germany:

Economy Worst Since World War II Says Merkel
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Stimulus Debate Enmeshes Germany
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German Industrial Output Fell 7.5% in January, Biggest Decline on Record
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Canada:

CanWest reprieve granted
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Pulp mill in deep debt
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China:

Conflicting Signals About the Chinese Economy
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Japan:

Japan’s Funding Crunch Deepening, Government Lender’s CEO Says
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Japan Economy Shrank at 12.1% Pace Last Quarter on Export Slide
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Japan's 4Q GDP Revision Confirms Deep Recession
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Australia:

Australian Jobless Rate Climbs to 4-Year High of 5.2%
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Iceland:

Baugur Files for Bankruptcy After Losing Court Battle
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Baugur "disappointed" by bankruptcy decision
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Ukraine:

Russia's Putin says Ukraine on verge of bankruptcy
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Russia:

Russia's One-Company Towns Suffer as Demand Plummets, Workers Grow Restive
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France:

French Companies Shed Most Jobs in 40 Years as Outlook for Economy Worsens
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India:

India Reports First Back-to-Back Decline in Industrial Output in 16 Years
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