March 16, 2009

The Daily Bankruptcy News

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Law:

Dewey & LeBoeuf Cuts Compensation of 66 Partners
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Poor-performing Dewey partners see drawings cut by up to 80%
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Law Firm Layoffs (and Alternatives) Create Litigation Risk
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Laid Off NY Lawyers Offered (Unpaid) Work by NYC
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How Do Firms Lay Off Lawyers? Very Carefully
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Axed DLA staff vent spleen
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Last Week In Layoffs
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Firm floats radical flexi-working scheme
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SunCal Lawyer Whacks Weil
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In Tough Economy, Firms See Marketing Potential in Stimulus Bill
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When Can First Years Expect to Start At Pillsbury?
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Husch Blackwell Follow Up
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Interview Tips: Biglaw to Small Law (Part I)
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Interview Tips: Biglaw to Small Law (Part II)
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Great Days Ahead for SmallLaw?
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Double Trouble: Woes Pile Up for Partners With Two Dead Firms in Their Past
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Non-Equities (& Others) Heard From On "The Great De-Leveraging"
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Client Sues Hogan & Hartson for Helping Competitor
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After 40 Years, Retired Senator Returns to Hogan & Hartson
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Dreier client list a celebrity who's who
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Ruling Puts Heller Partners at Risk; Brobeck Laterals Already Sued
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Federal Circuit OKs Sanctions Against Paul Hastings and Client in Patent Case
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Two Firms Set to Move Into Brand Spanking New Chi-Town Skyscraper
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NJ Sues Multiple Lawyers in Alleged $18M Mortgage Racketeering Scam
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Head of Citi Law Firm Group Departs
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Obama’s U.S. Attorney Conundrum
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Tough Times? Blame The Lawyers (Everyone Else Does)
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Judges:

Ginsburg hints at Supreme Court vacancy 'soon'
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‘Surely We Will Soon’: Mulling Justice Ginsburg’s Cryptic Comment
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Feds Subpoena Insurance Records, Broaden Reach of Judicial Corruption Probe
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3rd Judge on Hot Seat; Will Juvenile Convictions Be Reversed?
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Wall Street:

US stock futures point to rally's extension
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Global Equities Up For 5th Session In Row
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London market higher
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Banks stocks carry HK shares into fifth winning day
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Wall Street Cautiously Optimistic This Week
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Signs of Stability Drive Up Stocks
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Why Stock Prices Don't Matter
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Investors Weigh Fed's Plan to Spur Credit Markets
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Care Bears
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Bear Stearns signaled the beginning of a long slide
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Bear Stearns: The Fed's Original 'Systemic Risk' Sin
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Where Are They Now? - Bear Patrol
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Bear's Fall Brutal for Employees
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Bear Stearns Showed Me Why Heavy Debt Is Murder
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The Shaming of John Thain
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The Goldman infallibility myth
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Investment banking survivors jockey for share
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Insurance:

A.I.G. Lists Firms It Paid With Taxpayer Money
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SocGen defends payments from AIG
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US backs off on renegotiating AIG worker payments due Sunday
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AIG Still Living in Denial As It Pays Out Millions in Bonuses
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Reactions to AIG Bonuses: ‘Outrageous,’ ‘Angry’
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AIG's insistence on bonuses raises ire in Washington
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Rep. Frank wants to see if AIG bonuses recoverable
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Millions in AIG bonuses ignite bipartisan fire
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AIG to America: screw you
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At AIG, Good Luck Following the Money
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AIG CEO slated for US Congress testimony
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Poor timing leaves insurer's future in doubt
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Conseco needs cash at worst time
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State bans sale of bankrupt firm's travel insurance
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D&O Insurance: The Contract Exclusion
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Newspapers:

Tucson Citizen to close March 21 after 138 years
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Times may not be far behind Post-Intelligencer
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San Francisco Chronicle union OKs concessions
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Are newspapers sinking?
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Newspapers and Thinking the Unthinkable
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Idea of newspapers as nonprofits gains ground
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Journalism evolving, not dying
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More Specifics on Newspapers from 'State of News Media' Report
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Gambling:

Harrah’s Owners Said to Hedge Against Bankruptcy
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Atlantic City shows gambling isn't recession-proof
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Bad times for gaming a boom for some
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MGM Mirage faces breakup if unable to reach deal with lenders
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MGM Mirage Said to Offer Casinos as Security to Avoid Default
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Lenders will own casinos in proposal
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Before recession, success further fed gaming industry’s egos
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Theme Parks:

Six Flags in Negotiations to Stave Off Chapter 11
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Cedar Fair retains Merrill to consider asset sale
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Food/Drink:

Broken Bruno's: Beleaguered chain describes problems
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Pilgrim's Pride sets price at $80 million
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Banking:

Fed chief defends banking bailout and predicts early recovery
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U.S. to Toughen Finance Rules
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Let bad banks fail
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Bankers fight for their rights - to be zombies
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Pressure mounts at Bank United
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Rep. Waters Defends Ties to Bank
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For J.P. Morgan, Legal Headaches
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UBS cutting 5,000 jobs
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HSBC Stock Slump Has Inspector Clouseau on Case
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Barclays - spinning out of control
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Movie Industry:

Typhoon files for bankruptcy protection
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Celebs:

Is This a Suicide Mission?
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Hefner Manse Hits Market
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Religion:

Boom borrowing hits churches
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New generation of homeless find shelter at church
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Abuse bill would cripple church, diocese says
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Catholic Church Still Paying for Predatory Clergy
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Debt Collection:

Complaints pile up against debt collectors
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Environmental:

Asarco offers environmental settlement
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Horse Racing:

Caruso Mulls Taking a Run At Santa Anita
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'Critical' MEC Financing OK'd by Judge
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Retailing:

Thinking outside the big box
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American Apparel gets $80-million, to retire a credit line
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Retail REITs Have Further to Fall Even After 78 Percent Decline
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Strasburg tries on Ch. 11
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Wal-Mart vs. Target: No Contest in the Recession
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Furniture:

For sale: Cubicles, slightly used
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Private Equity:

Half of Private Equity Firms May Close Amid Slump
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Accounting:

Fair-Value Accounting Isn't Working, Wells Fargo Chairman Says
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History:

The Last Bankrupt Hanged
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Ladies in Red: Learning from America's First Female Bankrupts
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Economy:

Production, Home Building Probably Fell
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Consumer Sentiment Index Rises In March: Report
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Gone in 1.8 Seconds
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Obama Administration Tries to Reassure China on Treasury Debt
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Obama May Widen Fed Powers, Boost Capital Rules
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Bracing for a Bailout Backlash
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The Fed Waits for Results
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Why We Need 'Chapter TARP' Bankruptcy
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Half of Americans Say Depression Likely
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Message to Obamanomicists: Bankruptcy is Economically Valuable
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Stimulus package gives little to seniors
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Obama to use billions to aid small business owners
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Small Business Loans Criticized
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Geithner Says He’ll Soon Offer Details on Toxic-Asset Cleanup
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Biden sees signs economic confidence returning
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Bernanke: Recession Could End in '09

Economic Advisers Warn of No Quick Turnarounds
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Doubts Raised About Government Plan to Boost Consumer Lending
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No Clear Accord on Stimulus by Top 20 Nations
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G-20 Presses U.S. to Repair Its Banks
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G-20 Turns Sight on Toxic Assets in Coordinated Move
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Summers Says Economy Hasn't Hit Bottom, Job Losses May Continue
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Bush Was Six Months Late on Bank-Rescue Program, Lazear Says
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The Rise of the Underground
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Real Estate:

Builders Split on Tax Break, Lobbying
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California's Foreclosure Activity Lives On
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Atlanta: Builder’s fall just one link in chain reaction
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Abandoned neighborhoods pose problems for residents left behind
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A General Hypothesis on Real Estate Prices
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Payment default not required to get mortgage aid
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Trump venture folds, leaving buyers strapped
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Irvine Apartment Investor Puts Assets in Chapter 11
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Bethany Holdings seeks final cash use
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American Dream over for Rio Vista homeowners
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Oil/Gas:

Producers forced into bankruptcy, key asset sales
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Natural Gas Rigs Shutting Means Prices May Double
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OPEC keeps existing targets unchanged
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As Oil and Gas Prices Plunge, Drilling Frenzy Ends
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West Hawk battles EnCana
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'SemGroup, the Movie' is financial thriller
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SemGroup: NYSE threatens delisting
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Fraud:

Madoff worth more than $820 million, document says
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Madoff Had Accomplices: His Victims
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Bernard Madoff's winning clients try to block victims
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How Madoff Duped His Closest Friends
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Profile on Bernie Madoff: King Con's fall from grace
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Alleged Madoff Victim Files Suit in Washington State Against Financier
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Madoff To Ask To Leave Jail On Thursday
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Circuit Set to Hear Appeal on Madoff Bail
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Prosecutors target assets of Madoff's wife
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Fury at Madoff over claim he acted alone
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Sea Eagle Leaves St. Croix in Wake of Stanford’s Failed Promise
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Lawyerless in Texas? The Latest Twist in the Allen Stanford Case
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Stanford shopping for legal team to help him fight feds
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Oppenheimer expands with Stanford advisers
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IRS Seeks to Recover $227 Million in Unpaid Taxes From Stanford
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Hate Petters? Not At IHatePetters.com
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SEC Nails Down Backdating, Fraud Cases
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Derivatives:

Berkshire credit costs trade like Turkey's
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Autos:

Bankruptcy Lawyer Joins Obama’s Advisory Team on GM, Chrysler
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Railroad Bailout May Offer a Model for Detroit
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Time for GM to Declare Bankruptcy ?
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Would bankruptcy benefit GM, Chrysler?
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Bankruptcy for Detroit Automakers Could Be a Good Thing
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GM Has ‘Wind’ Behind Restructuring After Last Week, Young Says
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Government Combs Through GM’s Survival Plan
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Chrysler faces cash crunch even with more aid
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Chrysler Says $5 Billion In Low-Interest Loans Will Be Enough
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Tax fight imperils Chrysler's survival
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Grant Thornton LLP Predicts a Collapse of Automotive Supply Chain
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American Axle expects 2009 profit
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Group takes over Intermet pension plans
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Autoworkers unsure of latest buyout offers
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)

New Twists in Theft of 81 Vehicles
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Dana, Leaving Idyllic ’Palace,’ Auctions Candelabras, Go-Karts
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American Axle the latest auto supplier fighting for survival
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Ssangyong Motor manager warns of liquidation, union says
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EU ministers hold talks with GM executives
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Should Germany Help Bail Out GM?
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Televisions:

Syntax nears the end
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Aviation:

Whither American Airlines?
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Eclipse owner: Customers to buy assets out of bankruptcy
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Frontier Airlines CEO Sean Menke seeks investors
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UK air passenger numbers drop for first time in 17 years
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Health Care:

Kessler Officially Out of Bankruptcy
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Layoffs Could Trigger COBRA Cash Crunch
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Coastside Family Medical Center closes
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Former Aliquippa hospital as TV location?
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Administration Is Open to Taxing Health Benefits
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Mining:

Global Mining M&A Drops 40%
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Asset fire sales predicted
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Asarco-Sterlite agree, but fight still looms
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Asarco deal makes Sterlite darling of investors
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Personal Finance:

Libidos crushed as crisis enters the bedroom
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Hagglers gain the upper hand in a downbeat economy
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Layoffs:

Even highly qualified scrambling for work
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So, who is hiring?
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Sunoco to cut 750 jobs, 20 percent of work force
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Baker Hughes to Cut 1,500 Jobs
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UBS Could Cut up to 5,000 Management Jobs
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Wife to employers: Hire my husband, please
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California teachers see red over mass pink slips
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Why Workers Were Left Out to Dry in Texas
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Layoffs on Sesame Street
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Feeling Stung by a Layoff; Sowing One’s Own Hope
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From Ranks of Jobless, a Flood of Volunteers
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Sacked Factory Workers Hold French Sony Boss Overnight
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Financial Literacy:

Bill would help schools, nonprofits teach financial literacy
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Animals:

Homelessness hitting horses
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Golf:

It’s time for golfers to economize
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Toys:

Auction of KB's antique toy collection may net $1M
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Credit Cards:

Banks' future woes in one word: plastic
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Homeowner Rescue Bill Threatens Credit Card ABS
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Building Supplies:

Nailite lands DIP
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CDS wins interim use of cash
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Jewelry:

Antwerp diamond sellers see sales, prices crash
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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:

Housing bankruptcy bill stalls in US Senate -aides
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Cramdown bill on hold in Senate
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Life raft or liability?
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Harvey Miller Testimony Before the House re Chapter 11
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Tax:

Switzerland Agrees to Aid in Pursuit of Tax Cheats
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Steinbrueck Says Swiss Announcement on Bank Secrecy Not Enough
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Secrecy Reforms Don't Faze Swiss Banks
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Switzerland & Two Little Words: Tax Evasion
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Monaco to join tax haven shift - OECD head
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Liechtenstein eases bank secrecy rules
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Rich Head for the Caymans When Tax Rates Go Up
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ACA Asks for IRS Clarification on Cancellation of Indebtedness
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Trade Debt:

Lost in bankruptcy : They didn't get paid
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Bonuses:

The Barons of Bankruptcy Strike Again
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AIG Executives Petition US Courts for Higher Executive Bonuses
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The bonuses had to be paid....probably
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AIG Faces Growing Wrath Over Payouts
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Key House Democrat: AIG "Trying to Play the American People for Fools"
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AIG pleads case to the White House. Read AIG Chairman Liddy letter
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AIG Agrees to Restructure Executive Bonuses
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Bonus Watch: Citi
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Judge Postpones Ruling Over Merrill Lynch Executive Bonuses
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Bankruptcy Statistics:

In Connecticut And Elsewhere, More Debtors Choose Personal Bankruptcy
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Municipalities:

Bankruptcy judge opens door to Vallejo employee contracts being voided
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Bankruptcy ruling sets clock ticking
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Jefferson County still has time reach sewer agreement
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Cities Once Immune Now Suffering in Recession
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Pension Bills to Surge Nationwide
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Pension Check Guarantees Mean More Budget Woes
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Texas teacher pension shortfall is billions worse than expected
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Agriculture:

Poultry growers are squeezed between company, creditors
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Farmers reap loss of trust
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Farm View: Farmers grapple with economy
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Ferries:

NY Waterway strapped for cash; preparing to sue US Airways over Flight 1549
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Finance:

Mafia loan sharks making a killing
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Credit Unions Earn Some Interest
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Kravis Losses Show Obama Fails to Close Lending Gap Raising Bankruptcies
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Executive Compensation:

CEO Pay Rose as Stock Sank
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RVs:

Fleetwood lays off 170 workers
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Plaintiffs File Class Action Against Fleetwood Enterprises
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Monaco Coach Files for Bankruptcy and Seeks Order Approving Dealer Incentive Program
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Museums:

Sports Museum Files Petition in Court
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Ethanol:

Everyone Hates Ethanol
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Shipping:

Armada calls Transfield's claims exaggerated
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Trucking:

The challenging world of LTL freight in 2009
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Mass Torts:

How Turner & Newall condemned its workers to an agonizing death
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Texas Court rules on Asarco asbestos exclusion in insurance policies
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Anna Nicole:

Justice Kennedy Turns Down Plea by Anna Nicole Smith's Estate
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Radio:

Recession shuts up talk radio
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Credit Counseling:

Oregon debt management agencies face scrutiny
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Funeral Services:

In recession economy, students look to funeral careers
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Sovereigns:

Wall Street Collapse Ripples To Island Countries
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Telecoms:

With regulators at its heals, FairPoint wants delay in paying debt
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HawTel gets extension to file plans for turnaround
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Trustee Seeks to Sell Prosser's VI Holdings to Creditor Bank
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Fashion:

Expert advice on looking dashing in a downturn
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Media:

The State of the Media: Not Good
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UK:

Baugur: 'We were hit by a hurricane'
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Lloyds Shareholders Form Group to Counter Bank’s ‘Mistakes’
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Cherie Blair Hired to Sue Royal Bank of Scotland Over Losses
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UK Households Lost 1.9 Trillion Pounds of Wealth Since 2007
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Bank of England's Bulletin Says U.K. Mortgage Bond Markets May Stay Shut
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Thousands in Leeds falling into misery of debt trap
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Brown Pledges 'Tougher' U.K. Financial Regulator as G-20 Moves for Revamp
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Recession claims one in 56 businesses
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Recession spawns new breed of business owner
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EU:

European Inflation Near 10-Year Low; Payrolls Shrink by Record
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Merkel Spurns Obama's Plea for More Stimulus, Keeping EU's Cashbox Locked
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Germany:

German rescue fund head: HRE collapse could be worse than Lehman
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Flowers Says German Hypo Seizure Risks Scaring Away Investors
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German Qimonda close to liquidation
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German Industry Federation Sees Prolonged Crisis
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Canada:

Underfunded plans shake pensioners
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Anger is growing over the huge disparity between public, private retirement incomes
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Australia:

Managers seek backing for buyouts from failed Babcock
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Babcock & Brown files bankruptcy
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France:

Belvedere Will File Recovery Plan After Rejecting Bond Claims
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S. Korea:

South Korea to Exempt Taxes for Companies Paying Debt
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Japan:

BOJ mulls capital support steps for banks
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Japan Economy to Resume Growing, Capital’s Jessop Says
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Asia:

Can Consumers Spend Asia Out of a Recession?
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Netherlands:

Party Time in the Netherlands?
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Access to certain links in the Daily Bankruptcy News is available only to readers holding a paid subscription.  These links are currently marked with a "DBN Subscription Required" notation. The cost of a subscription is $55/year, payable annually.  Volume discounts are available for sites with multiple users. Click here to see a schedule of discounts. Complimentary subscriptions are available for full-time educational and governmental employees and for full time students. For information about discounts or educational/governmental subscriptions, contact us by clicking here. A separate password is required for each member of a firm wishing access to restricted links. New readers can receive a free password good for 30 days by going to http://bkinformation.com/RegistrationForm.cfm. Refunds are not available after purchase. Readers who wish to change their passwords should go to http://bkinformation.com/ChangePasswordForm.cfm. Readers who have forgotten their password should go to http://bkinformation.com/GetPassword.cfm

Adding Your Email Address To The Distribution List
If you would like to start receiving the Daily Bankruptcy News by email each day, go to http://bkinformation.com/SubscribeDBNForm.cfm  and fill in the information requested.  There is no charge to be placed on the distribution list to receive the headlines, although access to many of the links behind the headlines requires a paid subscription (see above, under Passwords). If, after adding your email address to the distribution list, you do not receive an email confirming the addition, please contact us by clicking here for help.  

Removing Your Email Address From The Distribution List
If you already receive Daily Bankruptcy News by email and you wish to remove your email address from the distribution list, click here and send the email that should appear.  Note that the email must be sent from the same email address at which you are receiving the Daily Bankruptcy News. You do not need to type anything in the body of the email message.   If you do not receive an email confirming deletion of your email address from the distribution list  for the publication, contact us by clicking here for help.

Daily Bankruptcy News is published each business day by BKINFORMATION.COM, L.L.C.  You can reach us at 281-402-3957 or at accounting@bkinformation.com (email inquiries are usually answered substantially more quickly than phone inquiries).