March 19, 2009

The Daily Bankruptcy News

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Law:

Weil Accompanies AIG on the Hot Seat
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Morris, Manning & Martin Rescinds Offers, Nixes Summer Program
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Manatt Reports 47 Layoffs in 6 Months, as Clifford Chance Cut Staff in NY & DC
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Layoff Watch: Manatt Phelps
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Clifford Chance rents out space to US rival Kilpatrick
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Another UK Law Firm Considers Sick Days in Layoffs
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More Firms Shorten Summer Programs, Push Back Start Dates
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Law Firms Scramble to Place Deferred Associates in Volunteer Posts
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Drinker Biddle Eyeing Wolf Block's Del. Lawyers
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One Lawyer’s Boom Is Another’s Bust
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Some Lawyers Enjoying Unemployment
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No In-House Haven From Layoffs
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The Year From Hell Continues for BigLaw in NY
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Mayer Brown And Former Partner Escape Refco Shareholder Class Action
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Legal job market experts predict "flight to quality" will benefit HLS
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Too Many Law Firm Layoffs are Gender-Biased, ABA Commission Chair Says
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Lawyer Seeks Revision of Scrabble Word-Score Rules
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Pls Hndle Thx: Finish What Ya Started
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Notes from the Breadline: Roxana Writes Back
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Federal Courts Offer Training on Bankruptcy Basics
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Judges:

Judge criticized for racially charged quote
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Wall Street:

Wall Street Heading for Mixed Open
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Stocks Rise; MSCI World Has Longest Streak of Gains Since 2006
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World markets mostly higher after Fed's $1.2T plan
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Stocks jump after Fed says it will buy Treasurys
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Bonuses:

Committee introduces executive bonus tax bill
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GOP wary of plan to tax AIG bonuses
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Fannie plans bonuses of up to $611K for 4 execs
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Obama assails AIG bonuses as misuse of tax funds
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AIG’s Liddy Takes ‘Offense’ at Congress Bonus Blame
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House Sets Vote on 90% Tax on Some Executive Bonuses
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Would an AIG-Bonus Tax Pass Constitutional Muster? (A Tribe Calls ‘Yes!’)
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Is There No One Else to Unwind These Trades?
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Dissecting the AIG Bonus Contract
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AIG Bonuses Came After Worst Was Over: Report
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Why Punitive Action Over AIG Bonuses Could Backfire
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Government Could Have Easily Prevented AIG Bonuses
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Fed failed to tell administration about bonuses
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Treasury Learned of AIG Bonuses Earlier Than Claimed
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Levin: AIG execs should follow autoworkers' example
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Obama May Find Anger Over Bonuses Backfires on Agenda
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AIG chief finds bonuses 'distasteful,' 'shares anger' with public
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AIG's Chief Executive Defends Millions In Controversial Bonuses
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AIG Chief Liddy Tells Staff Some Bonus Rage Is ‘Unfathomable’
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Barney Frank: Ownership issue key to recouping AIG bonuses
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AIG Chief Expected to Offer Bonus Compromise
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Concerned for safety of employees; doesn't want to disclose names
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AIG staffers resisted sacrificing bonuses
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Some AIG executives return controversial bonuses
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How to recoup the AIG bonuses
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Republicans, Others Blame Dodd For Legislation Behind AIG Bonuses
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Dodd Blames Obama Administration for Change to Bonus Amendment
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Meet Chris Dodd, the Senator from AIG
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Senator Dodd and the AIG Bonuses
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Dodd says, I was responsible for AIG bonus loophole
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Democrats’ Tacit Approval of AIG Bonuses May Undercut Outrage
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Who Is AIG's $6.5 Million Man?
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Bid Denied To Keep Merrill Bonus Data Confidential
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Obama to Rein In Future Bonuses
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AIG points a finger at state laws
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Closure on Enron bonuses approaches
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Severance Plans Face Squeeze
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Foam Products:

Foamex gets court nod for $95 mln bankruptcy loan
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Newspapers:

Is the Newspapers' Shift in Focus to the Web Too Late?
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Pressmen's union approves contract concessions with Star Tribune
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Did the Star Tribune pay Par Ridder $123,000 in 2008?
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More Star Tribune financials: lawyers, consultants and Paul Douglas
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Report: More revenue decline at Star Tribune
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Columbus, Ga., Newspaper to Eliminate 20 Positions
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Private Equity Firm Buys Union-Tribune
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San Diego Union-Tribune's Graceful Exit
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Morris Communications will cut employees' pay
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Investigative Journalism Done Better, Faster And Cheaper Without Newspapers
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Atty Gen willing to reconsider newspaper policies
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Executive Compensation:

Gannett Slashes CEO's Pay Package by 60 Pct
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BofA CEO Lewis took 58% pay cut in ‘08
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Some CEOs Profit As Companies Falter
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JPMorgan CEO’s Pay Fell 43% in 2008 to $19.7 Million
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Gap CEO Volunteers to Cut Annual Salary
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Wife Divorcing ex-CEO: $43 Million Not Enough
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Food/Drink:

Court denies Rubashkin, Agriprocessors request for new venue
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Economy:

US Considers Expanding TALF to Include Distressed Assets
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Fed to buy $1 trillion in securities
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The Fed Breaks Out the Heavy Artillery
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More Outrageous Than Bailout Bonuses? Nonstop Printing of Money
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Obama Says He Has ‘Complete Confidence’ in Treasury’s Geithner
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GOP Lawmakers Questioning Geithner's Competency
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Geithner's Role Could Vex Rescue
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Betting on Geithner’s Exit
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AIG debacle chills investor interest in bailout plans
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Obama Hits a Bailout Iceberg
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Chi Fed Midwest Manufacturing Index At 15-Year Low
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US Consumer Prices Increase More Than Forecast
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Gingrich's economic prescription: Replace bailouts with bankruptcies
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Gold Tumbles Most in Two Months on Ebbing Demand for Haven
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Taxpayers Gather In Cities To Protest Spending, Growing Debt
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Consumer-Loan Plan Is Off to Slow Start
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Real Estate:

Top Fannie Mae Executives Each Get $1M Retention Bonuses
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US 30-year mortgage rates slide toward record lows
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US mortgage applications spike on refinance demand
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Huge California Apt. Operator Breaking Up
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A new fear on mortgage modifications
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Insurance:

Embattled AIG Puts Headquarters on Sales Block
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How AIG Became Too Big to Fail
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Bankruptcy For AIG? Think Again.
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The road to AIG's ugly, ugly bailout
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AIG - the biggest shark of all
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Corporate Reforms:

Obama Calls For Greater Regulation On AIG-Like Institutions
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Obama: New Powers Needed in Financial Area
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Oil/Gas:

Oil Falls After US Reports Supplies Rose More Than Forecast
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Oil Rises to Near $49 as Stock Rallies Boost Hopes
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UK Oil, Gas Exploration Faces Collapse
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UN seeks tax on oil to create $750 billion 'Green New Deal'
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Hedge Funds:

Hedge-Fund Liquidations Jumped to Record in 2008
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Citi's Rally Hits Hedge Funds
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Hedge Fund Manager Conned Investors With Phony Law Firm Connections, Say Prosecutors
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Packaging:

Chesapeake Corp. gets no new bids in bankruptcy
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Ethanol:

Bankrupt ethanol maker draws $993 million in bids for 17 plants
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Avoidance Actions:

Lien Preservation Does Not Give Trustee Right To Collect Debt
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Retailing:

Drug Fair Group Files for Chapter 11 Bankruptcy
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Retail Crisis: Which stores might close next?
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Examiners:

Court-appointed examiner will probe $2 billion in DBSI transactions
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Theme Parks:

Troubled park hopes to get back on feet
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Mass Torts:

Asarco's insurance bars only certain claims - Judge
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Defendants in Asbestos Suit Lose Bid for Autopsy of Plaintiff
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Chemicals:

Chemtura, US units file for Chapter 11
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Aviation:

Airline '09 losses to pass previous estimates-IATA
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Seats Are Cheap Now, but Discounts Won’t Last
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Air freight prices continue to plunge
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The Fairchild Corporation Files for Chapter 11 Bankruptcy
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Bankruptcy sought for East Star Airlines
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Health Care:

Medical center closure shocks patients, doctors
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Zila might file Chapter 11 after cutting costs
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Packaging:

Chesapeake to be acquired by investor group
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Credit Counseling:

Credit repair firms charged with deceptive marketing
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Layoffs:

Dana to cut 5800 additional jobs
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Credit Cards:

Discover Shows Downturn In Credit Quality
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AmEx February Charge-Off, Delinquency Rates Increase
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Obama says to boost credit card consumer protection
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As Credit Cards Falter, the Cash Variety Gains Popularity
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RVs:

Winnebago posts 2Q loss as RV sales slide
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Finance:

Company Bonds Rise Most in 3 Months on Fed Treasury Purchases
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Logistics:

FedEx plans more cost cuts as it posts 75% drop in profit
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Tax:

U.S. Extends Its Inquiry of Offshore Tax Fraud
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In Defense of Tax Havens
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Swiss MP in Nazi jibe to Germany over tax controversy
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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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Fraud:

Feds Charge Accountant in Madoff Ponzi Scheme
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Madoff accountant turns himself in
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Madoff accountant out on $2.5 million bond
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Madoff's Accountant Faces A Long Count
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Madoff auditor mourning loss of father-in-law
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Friends of Madoff auditors say family ruined
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US says auditor "sold his license" to Madoff
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Madoff May Have Net Worth of Zero, Not $826 Million as Claimed
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Jailed Wall Street titan Bernard Madoff is in super-max wing
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Madoff's Lawyers Head to Court to Appeal Jailing
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Prosecutors Set Sights on Madoff Jewelry
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UBS, Accounting Firm Sued Over Fund Linked to Madoff
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Stanford exec sues seeking insurance to fund defense
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Ponzi Scheme Victims All Missed an Easy Clue: Bogus Auditors
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Autos:

GM's Chief Softens View on Bankruptcy
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GM Yet to Solve Health Care Trust Issue
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GM Tries a New Tack to Win Aid
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Ford to issue $2.95 bln TALF-eligible ABS deal
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Chrysler CEO wants $1.5 billion more from U.S. for auto loans
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Ross Joins Call for Credit Support for Auto Suppliers
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Magna Says Workers Reject Agreement to Keep New York Plant Open
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Auto supplier Lear Corp., creditors agree on defaults
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Wayne County tops in US population drop
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AIG v. Detroit - and renegotiating contracts
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Chinese firm eyes part of Delphi
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What Can Tata's Nano Teach Detroit?
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Toyota to Halve Hiring to Lowest Level in 7 Years
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Banking:

Citigroup Said to Commit $10 Million for New Executive Suite
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Bank of America CEO says could repay TARP in '09
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B of A, Citigroup shares soar after Fed moves
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Citi, Morgan Stanley eye more shares to aid staff pay
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Lehman:

Naked Short Selling Alleged In Lehman Collapse
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Lehman Brothers’ Last Partner Finds New Firm at Age 76
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Gambling:

Casino Operators Taking Brunt of Financial Crisis
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Station Casinos sees bankruptcy filing by April 15
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Station Casinos to file for bankruptcy
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Lawsuit complicates Station Casinos reorganization plans
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Betting it all on bankruptcy ?
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Tropicana casino gets another extension for sale deadline
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Furniture:

Creditors seek bankruptcy for Dial-A-Mattress
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Mining:

Tucson-based Asarco to cut Texas workers' hours
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UK:

Bank of England Sets Out Detail of Corporate Bond Apf Scheme
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UK Mortgage Lending Drops to Lowest Since 2001
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UK Budget Deficit Swells as Recession Pounds Taxes
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Pension Corporation heads for £3bn in buyouts
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Kerry Katona halts bankruptcy investigation
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Italy:

UniCredit to seek new government aid
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Russia:

Russian factories have slashed jobs and wages
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Brazil:

Brazil Creates Jobs for First Time in Four Months
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Japan:

Norinchukin Loses Farmers’ Savings After Toxic Debt Investments
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Canada:

Canadian Bankers Face Pay Cuts in ‘Survival Year,’ Vlaad Says
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France:

Oui to Bailout, Non to Layoffs
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Spain:

Spain's Local Banks Seek State Aid
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Israel:

In Israel, recession pressures boil over into looting
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China:

Asia Aluminum bankrupt, undergoing liquidation
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China's factories get desperate as orders drop
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S. Korea:

S Korea sees bankruptcy number fall in February
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Iceland:

Iceland Central Bank Cuts Key Interest Rate to 17%
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Germany:

Merkel Warns Against US, Europe Race Over Stimulus
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