March 13, 2009

The Daily Bankruptcy News

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Law:

Sidley Austin and Blank Rome Add to Latest Layoff Totals
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Sidley Austin Will Fire 89 Associate Lawyers, 140 Staff Due to Slowdown
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Sidley Axes 229; 12-Day Tally of Law Firm Layoffs Tops 3,000
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Blank Rome Axes 79, Husch Cuts 62
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Layoff Watch: Midwest Firms Have Lawyers, Fire Them Too
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Skadden Offers a Voluntary Deferral Option
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Lawyer and Staff Layoffs at Baker Botts
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Layoff Watch: Texas is Starting to Look Like It's Part of America After All
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Layoff Watch: More From Texas
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Extraordinary DLA Piper minutes revealed
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Winstead Cancels 2009 Summer Program
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Firm’s Radical Layoff Alternative: Reduced Schedule for All, Including Partners
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Firms turn to partners as banks tighten lending
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Laid-Off Lawyers Might Need to Adjust Expectations
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Huge salaries have drawn graduates to law, but at what cost?
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It Can't Happen Here
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Permanent Three-Day Weekends Come With a Catch: Big Pay Cut
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The Law and BigLaw Layoffs
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Questions and Answers for Lawyers on the Edge
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Norton Rose Explores Reduced Work Hours as Layoff Preventative
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Former Heller Partners Face Tug-of-War Over Profits
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Madoff Investor Accountants Lawyer Up
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Sullivan & Cromwell Chair No Longer on Treasury Job Short List
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Student Loan Bailout. Just Do It.
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Mississippi firm adds 2 bankruptcy lawyers in Memphis office
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Economic crisis: law firms restrict stationery and ban poached eggs
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Anna Nicole Smith's attorney, doctors charged
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GCs Rap Plan to Widen Disclosure of Expected Litigation's Impact
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HomeBanc Burns Another Batch Of Lawyers
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Madoff Led Off to Jail After Guilty Plea
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Who's Helping Stanford?
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Senate Confirms WilmerHale Partner as Deputy Attorney General
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Woman Admits Ripping Off Law Firm Where She Worked
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Credit Crisis Litigation Doubles in 2008
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Bankruptcy and the Supreme Court
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Judges:

Feds Turn Their Sights on Third Pa. Judge as Part of Corruption Probe
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Ex-appeals judge gets prison term
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U.S. Supreme Court Justices Appear Ready to Set Recusal Rules
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Wall Street:

US Stock Futures Advance; Bank of America, Citigroup Climb
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Investors See a Glimmer and Shares Soar Worldwide
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S&P 500 Biggest Three-Day Gain Since Nov
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Win Streak Rolls On
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World stocks power higher on better banking hope
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To Cut Costs, It's 'Hotel Goldman'
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Fraud:

Pleading Guilty to All Charges, Madoff Awaits Ruling on Bail
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Madoff Pleads Guilty to Massive Fraud; Judge Orders Him Jailed Immediately
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Madoff swaps penthouse apartment for solitary cell
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Inside Bernie's Cell
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More on Madoff: Talking Life Behind Bars, with Lawyer Alan Ellis
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Bernie’s in Jail, But Will He Stay There?
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Bernie Madoff and the circus come to town
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Lessons from a Disaster
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Motive in Madoff case murky
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Madoff Misery Won’t End With Guilty Plea
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'Sorry' is not enough, Madoff's victims say
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Madoff Plea, Jailing Prompts Courtroom Applause From Investors
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Victims want answers after Madoff's $65B swindle
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Bernard Madoff jailed, so what now for Ruth?
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Souvenirs of a Scandal
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Madoff: Lessons from a Disaster
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Is Bernie Madoff Battling Cancer?
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Madoff: "Can I Have Some Water?"
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Successful Madoff investors may lose their gains
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Of Bernie and Bonuses
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Madoff Faces the Music, Stanford Takes the Fifth
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Prosecution rests in $132 million fraud case
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Aviation:

JetDirect Puts Second Subsidiary Into Bankruptcy
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Frontier Airlines looking for investors
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Accounting:

Lawmaker: Congress Will Act on Accounting Rules
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Congress Members Fume at Fair Value
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The Mark-to-Market Babble Continues
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Food/Drink:

Outback Owners Struggle With Debt
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Court approves WSI sale to Trident
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Buffets to send out plan
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Music:

Baltimore Opera pursuing chapter 7, dissolution
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Fishing:

Sportfishing industry hit hard, coping with rules, recession
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Apparel:

Strasburg-Jarvis files Chapter 11 bankruptcy
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Pensions:

US pension plans fell behind in 2008
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Avoidance Actions:

Prime Brokers May Be Liable for Customer's Fraudulent Transfer
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Expanding the Settlement Payments Exception in LBOs
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Economy:

Retail Sales Drop Not as Bad as Feared
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Initial Jobless Claims Increase Again
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Jobless Rate Above 10% Defines Recession as Bernanke Predicted
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US Household Net Worth Had Record Decline in Fourth Quarter
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US household wealth falls $11.2 trillion in 2008
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Goldman Cuts 2009 Global Economic Growth Forecast, Predicts 1% Contraction
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China Worried Abut Treasuries - 'We have lent a huge amount of money to the U.S.'
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Obama Declares: Economic crisis 'not as bad as we think'
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Stiglitz Enabled Obama With Nobel Ideas Only to Ridicule President's Plans
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One-size stimulus for all doesn't make sense
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Talf going flat: will investors join US bailouts?
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Hedge Funds Regard TALF Cautiously
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Treasuries Drop as Stocks Gain, China Asks for Debt Assurance
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Dangote, other world’s richest lose $2tn to meltdown
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SC Governor: USA faces Zimbabwe-style economic collapse if it keeps spending
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Zimbabwe Needs Urgent Financial Assistance to Prevent Disaster
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G-20 Shifts Focus Off Regulation With Global Economy `Battling For Life'
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Real Estate:

Freddie Mac Says US Fixed Mortgage Rate Fell to 5.03 Percent
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Contract law and loan mods: not quite as scary a combination as they might seem
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Beazer Shares Soar Nearly 65%
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Revival of Downtown Los Angeles Stalls
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Meruelo Maddux Faces $266M in Loan Defaults
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S&P Warns - Again - on Alt-A First Liens
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Banking:

Citi doesn't need more government capital
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Bank Of America Expects Profit
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A Besieged Bank, and Its Hometown, Look Inward
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FDIC says it may raise guarantee fees
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Is Warren Buffett Crazy?
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Lewis, Dimon, Pandit Proclaim 2009 Profits, Spur Bank Shares
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NAACP Says Bank Giants Steered Blacks to Bad Loans
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The Problem? Bankers Point to the Rules
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Autos:

GM says it doesn't need $2B right now
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Chrysler Threatens To Leave Canada
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Chrysler secrecy is a big stick
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Why auto bailout needs to get done
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GM dealers balk at ordering new autos
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Dealer Fled With 81 Cars, Police Say
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Ailing Automakers Need Bankruptcy , Not Bankruptcy-Lite
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American Axle gets "going concern" notice
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Difficult Year for BMW as Profit Falls 90%
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European Car Sales Drop 18 Pct in February
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Toyota Financial in Distress
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Daimler Idles 18,000 Truck Workers for Several Months
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Germany's Auto-Woes Fix: Scrap That Clunker!
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Rating Agencies:

G.E.’s Debt Rating Is Cut by S&P
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Buffett’s Berkshire Has AAA Debt Rating Cut by Fitch
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Ranks of AAA Companies Thinning After GE, Berkshire Downgrades
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Insurance:

AIG asked Buffett for help before US rescue
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Swiss Re to Pay 12% Interest on Buffett Investment
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Telecoms:

Nortel Examining Asset Sales After Bankruptcy Filing
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Slimmer Nortel might survive
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Nortel assets of interest to many
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Oil/Gas:

SemGroup prepares to go public via bankruptcy
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SemGroup to transfer unit
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Corporate Reform:

Regulators Draw Fire in Congress
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When will bad bankers go to jail?
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Theme Parks:

Six Flags Braces for a Dive
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Ghost Town files Chapter 11
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Ghost Town seeks DIP to reopen
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Newspapers:

Star Tribune contract hearing begins
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Star Tribune judge: I can't stop liquidation, you know
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Two-newspaper city? Try Montreal, with *four*
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Bonds:

Aurelius Sues MBIA Over Transformation
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Lehman:

Hong Kong investors sue Lehman over 'minibonds'
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HSBC, BNY Mellon Accused of Failing to Protect Collateral for Lehman Notes
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RVs:

Fleetwood trustee: BofA solvency?
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Banker sees longer credit crunch for RV industry
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Fleetwood Homes First Day Declaration
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Horse Racing:

Magna alters DIP terms
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Lone Star Park racetrack's lease up for auction in July
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Sales:

Creditor Seeks Reconsideration of Boaters World Bid Procedures Order
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Credit Cards:

Nearly 20% Of Americans Plan To Close Card Accounts
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Corporate Governance:

Delaware Supreme Court: Officers have fiduciary duties
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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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Bankruptcy Reform:

New Bankruptcy Fight Brews in Senate
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Senate Democrats Seek Support For Mortgage Modification Bill
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Senate may vote on bankruptcy bill this month
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Sen Dodd: mortgage bankruptcy law change expected soon
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Senators who need to hear from real people about S. 61
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Cognitive Dissonance About BAPCPA
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RMBS Losses May Be Lower Under Cramdown
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Experts urge House committee review bankruptcy law
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Layoffs:

US weekly initial jobless claims rise to 654,000
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Texas Governor rejects jobless aid; Perry says no to $555 million in federal stimulus money
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Volunteering for a Work Furlough
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Saab Axes 750 Jobs as Demand Sags After Bankruptcy
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Distressed Investing:

Buffett Resumes US Takeover Hunt as Rivals Drop Out
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Finance:

GE May Reduce Finance Unit Profit Forecast After S&P Downgrade
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Executive Compensation:

Lawmakers Focus On Executive Pay
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Tie pay, perks to CEO performance
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Menard wins big-money tax case
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Capital One Says New Pay Plan Eliminates Cash Bonuses
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Tax:

Tax havens make concessions as pressure mounts
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Switzerland Breaks With Tradition on Tax Evasion
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Corporations head to low-tax Switzerland; Escape Obama's tax-seeking administration
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Another Victim of the Ponzi Schemers: The IRS
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Municipalities:

Cities' Plans To Swap Cash For Stimulus Are Stopped
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Retailing:

America's Fastest-Shrinking Stores
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Clock Ticking on Bankruptcy-Saving Deal for General Growth
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Celebs:

Forget Britney; Media Outrage Hits Big Spenders
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Bankruptcy causes Kerry's split with Mark
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Personal Finance:

No Pill for This Depression
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Committees:

Spansion Creditors’ Committee Appointed
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Resorts:

Yellowstone Club’s Sale Takes Another Twist
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Everlands Suspends Operations
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Three Bears Resort: Campground to open, resort to remain closed
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Health Care:

SRMC bankruptcy a complicated 'mess'
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North American Scientific files for bankruptcy
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NAS to sell assets via Ch. 11
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Bankruptcy Hearing Held For Former Aliquippa Hospital
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Kessler closes; AtlantiCare takes over emergency room
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Natchez cleared to access cash
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Medical device companies facing credit problems
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Ethanol:

NEB plans to sell ethanol plant
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UK:

Barker Says Bank of England Money-Printing Is Needed as Recession Worsens
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Barclays's Dilemma: What to Sell
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South Sea Bubble Survivors Say Lloyds Banking Must Break Up Along With RBS
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RBS in offshore tax schemes
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EU:

EU businesses see 4.5 mn job losses this year
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Sweden Aids Bailout of Baltic Nations
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Japan:

Japan PM Calls for New Economic Stimulus Package
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Aso Orders Third Stimulus, Explores Stock Support as Japan Economy Slumps
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Russia:

Moscow loses standing as top haven for world billionaires
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Australia:

Babcock Buys Time With Voluntary Administration
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Serbia:

"No threat of bankruptcy," assures PM
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Finland:

Ghost Towns Dot Finland as Forestry Collapse Threatens Growth
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Germany:

German Industrial Slump Stuns Analysts
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German homebuilder insolvent
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Malaysia:

Malaysia's Industrial Output Drops 20.2%
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