March 26, 2009

The Daily Bankruptcy News

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Law:

The Legal Profession Feels the Pain of the Recession
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Ex-DHS Secretary Chertoff Joins Covington
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Dreier Receiver Says He Found $100 Million in Assets
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Receiver's Report Offers Details of Dreier's Once-Lavish Lifestyle
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Milberg Sued for $54M for Allegedly Conspiring With Expert Witness
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What Do Wolf Block, Sleepy's, and Dial-A-Mattress Have in Common?
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Picking Through the Whys of the Wolf Block Dissolution
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Former Wolf Block Associate Who Sued Firm Speaks Out
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Retired WolfBlock Lawyers Out of Luck?
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US firms in London recruit record level of partners in 2008
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Corporate and US partners hit in A&O shake-up
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Ballard Spahr Reportedly Delays First-Year Associates' Start Date
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Shearman freezes pay for UK-qualified lawyers
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And Now the Good News: Quinn Emanuel Cuts ‘a Handful of People’
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Layoff Watch: Quinn Cuts 'A Handful of People'
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Lucky Ducks Who Avoided Layoffs—So Far—Should Lay Low
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The Greatest Client Memo Ever?
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Ex-Partner at La. Law Firm Gets 15 Years in Bizarre $30M Fraud Case
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Let's All Play Biggest Loser, BigLaw Edition
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Seriously, Get a Job
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Ways to Weather the Storm
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How's the Job Market in India?
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With bankruptcies set to sweep Asia, foreign firms face resource crunch
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Slaughters advises Premier on Oilexco acquisition
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Merrill UK legal team cut by 25% after BoA merger
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Is Alternative Billing Really the Answer Clients Need?
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So Much for the End of the Billable Hour
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Former NY Official Accused of Scheming to Land Jobs for Attorney Buddies
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Pls Hndle Thx: The Future is Unwritten
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Lawyer looking for Model/Actress Needing Free Green Card
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Judges:

New Bankruptcy Court Judge in the Northern District of New York
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Judges for sale
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Is That a Robe or a Cape?: Judge Leaps Over Bench to Tackle Man Attacking a Woman in His Court
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Judge Admits Ethics Breach Over Torrid E-Mails With Former Clerk
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Judge of the Day: For Real.
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Ex-Judge Convicted of Exposing Himself in Court Appeals Loss of Pension
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Wall Street:

European Shares Mixed; Wall Street Set to Gain
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Stocks Manage Moderate Gain After Erratic Session
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Tax:

Obama Plans to Name Task Force to Overhaul Tax Code
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Retailing:

Filene's Basement could be at bankruptcy risk
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Pier 1 Imports Closing 80 Stores in Coming Year
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Fitch Sees New Wave of Retail Loan Defaults on Horizon
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Gottschalks faces Monday deadline in bankruptcy court
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US Trustee Objects to Robbins Brothers Plan
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Full Recovery for Retail Real Estate Could Be as Far off as 2012
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Autos:

Many say they would buy products, even if company faced bankruptcy
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Should General Motors Split Itself in Two?
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GM: No Easy Image Makeover
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Delphi’s Miller: Bankruptcy System Can’t Handle Auto Makers
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Auto Task Force to Back More Loans, With Strings
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A Look at Obama's Auto-Bailout Team
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Ford puts ex-congressman Gephardt on its board
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Ford May Get $2 Billion From Sale of Volvo Cars Unit
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Delphi CEO: Bankruptcy no good for automakers
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State may give auto suppliers a cash infusion
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Prebul Dealerships Sold After Bankruptcy Bidding
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General Motors Unit May Get Aid From Thailand If GM ‘Survives’
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Toyota says US sales still weak, Honda delays plant
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Bonuses:

Bill to Appease Public Without Peeving Investors
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At AIG; an offer they can’t refuse
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Paid Handsomely to Stay - Despite the furor over the bonuses paid by A.I.G., executives at more than a dozen other firms that received government money stand to collect similar bonuses
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The Tax Implications of the AIG Bonuses
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AIG employees detail numerous, vile, outrageous death threats
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AIG Shouldn't Have Paid Unit Bonuses, Greenberg Says
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Some at AIG Buck Efforts to Give Back Bonus Pay
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Getting mad about maddening AIG debacle
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AIG executive quits after 'persecution' over bonuses
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The Mindset of an AIG Executive
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AIG exec Jason DeSantis whines and resigns after being 'unfairly persecuted by elected officials'
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AIG resignation comes with a dubious defense
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To: Ex-VP, AIG From: The Taxpayer
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AIG bonus recipients aren't the bad guys
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AIG bonus becomes charity with taxpayer's money
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Letter says AIG paid bonuses early
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House easing hard-line stance on bonuses
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Theme Parks:

Ghost Town coaster opening faces big hurdles
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Hedge Funds:

Top managers' pay dropped 48% last year
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Geithner to Clip Hedge Funds
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Credit Cards:

Credit card testimony may influence reform
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Testimony of Judge Gambardella On BAPCPA and Credit Cards
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Let's end credit-card sleight-of-hand
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Photography:

Lenders' move could stymie sale of Polaroid
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Economy:

US Durable Goods Orders Unexpectedly Jumped 3.4%
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Goods Orders, Home Sales Show Less Drag
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The Start of a Crisis, Through the Lens of Avis
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Things may be looking up for the economy ... right?
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Roubini Says Stocks Will Drop, Government Will Nationalize More Banks
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Treasury outlines financial receivership bill
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Geithner Outlines 'Resolution Authority'
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Bair says FDIC should get authority to wind down big firms
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Treasury, FDIC Would Share New Powers
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Why can't individual investors get the sweetheart deal Geithner's plan is offering to hedge funds?
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House Democrats Slash More Than $100B From Obama's Plan
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Treasuries Fall as Stocks Gain, Cutting Demand Before Auction
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House passes small business grant bill
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Real Estate:

Mortgage rates hit new lows
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California Home Prices Sank 41% Last Month on Foreclosures
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Manhattan Rents Falling, Falling
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Paper: Rahm Emanuel's Short Freddie Mac stay made him $320,000+
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CRE Skepticism High over Fed's Plans To Buy Trillions in 'Toxic' Assets
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Refinance Applications Up 41.5% Last Week: MBA
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CB Richard Ellis shares soar on credit pact
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Commercial Property Faces Crisis
(WSJ: separate paid subscription required)

US House Republicans Push Alternative Housing Proposal
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US banks face massive commercial real estate loan defaults
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Mortgage Bankers Association Feels the Pain
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Median Price Check: What does a $200,900 New Home Look Like?
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Bankruptcy Poetry:

AIG Name Cards
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Ratings:

Buffett’s Berkshire May Lose AAA S&P Credit Rating
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Moody's Sued in Ratings Case
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Insurance:

As Prices Rise on Executive Liability Coverage, Strategy and Negotiations Enter Tough Terrain
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AIG aircraft unit says may need more financing
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AIG Posts Collateral on Canary Wharf Leases
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AIG Fights a Fire at Its Paris Unit
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Controversial AIG unit sees more departures
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Banking:

Bank of America, Wells Fargo Ratings Cut by Moody’s
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Biggest pension funds in U.S. want to lead suits against BofA
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WaMu zombies arguments on the rise
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JPMorgan Sues Former Washington Mutual Parent, FDIC
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WaMu Investors Set Sights On J.P. Morgan
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Buffett could be key to Goldman’s Tarp payback
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Consumers Vent On Overdraft Fees
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Aviation:

Airlines hope to avoid bailout or bankruptcy
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Banking crisis makes airline failures more likely: IATA
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Frontier has operating profit for 4th straight month.
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Eclipse assets up for grabs
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AIG woes could hurt Boeing
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Unions lose battle for ACE pension funding
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Newspapers:

Philly Newspapers Seeks To Halt Lawsuits
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Star Tribune wants out of the direct-mail business
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Is it time for newspapers to fold?
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Resorts:

Tim Blixseth Sues Yellowstone Club, Creditors
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Santa:

Santa gets new landlord as recession hits
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Oil/Gas:

Probe on SemGroup still unfiled
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Pacific Energy Weathers Bankruptcy, Volcanic Eruption
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Gambling:

Casino cruise line based at Port Canaveral files Chapter 11
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Corporate Reform:

From Rep. Frank, a To-Do List for Changing Wall Street
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Will Populist Rage Hurt Corporate America?
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Logistics:

Postal chief says post office running out of money
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Without Help, Postal Service Faces Threat of Going Broke
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Pensions:

U.S. Employers Cut 401(k) Matches
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Distressed Investing:

'I'm having a very good crisis,' says Soros - who made billions as the world plunged into recession
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Health Care:

SRMC revenues down -- hospital owners say situation is better than it looks
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Study: Hospital not feasible
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Shipping:

C&Heavy Industries may get lifeline
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Consultants:

FTI Consulting Takes 91,265 SF at Franklin Center
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BearingPoint Breakup Imminent, Business Parts Sold to Multiple Buyers
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Creditors Fear BearingPoint Is Rushing Sale
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IP:

U.S. Supreme Court Shows Interest In Deciding Whether The Hypothetical Test Or The Actual Test Should Be Used To Determine If IP Licenses Can Be Assumed In Bankruptcy
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Accounting:

E&Y Settles HealthSouth Case for $109M
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Food/Drink:

Pilgrim's Pride given more time on bankruptcy plan
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Bruno's and union postpone showdown
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New Bankruptcy Opinions
(3 new opinions today)
(Thank you to all of our readers who provided feedback yesterday regarding the New Opinions link. We have made an additional change to the link today that we hope will correct the problem with Outlook. Please let us know by email if the link does not function for you when using Outlook. You can also view the new opinions in your web browser by clicking here.)

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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Sales:

Lucky 363: Buying Out of Bankruptcy
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Humor:

Laughing through the Pain
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Fraud:

Peter Madoff’s Assets Frozen as Part of Investor Suit
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Control of Madoff’s London Firm Shifts to Trustee
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Madoff auditor charged
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Former Bush Lawyer Predicts Post-Madoff Crackdown
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Stanford’s Davis Said to Meet With US Investigators
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In defense of James Davis
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Stanford Receiver Asks Judge for Hunton & Williams Legal Files
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Key differences between Stanford and Enron
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Antiguan receiver: "a significant shortfall of assets"
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Judge approves $10 million Stanford expense fund
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2 ex-Broadway producers guilty of accounting fraud
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Great showman, bull-headed ego
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Mortgage fraud sting nets indictments
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1031 Schemer Ed Okun Convicted
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Celebs:

Vick in transit to Virginia for bankruptcy case
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Vick accused of illegally tapping pension plan
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Going Broke Like a Pro
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Religion:

Churches also dealing with bankruptcy problems
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When the bank forecloses your church
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Seeking sanctuary from debt
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RVs:

Deal in works to get RV maker back on line
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Monaco Coach Says Banks Blocking Deal
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Acting:

Talent Agency Collapses; Clients Shortchanged
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Bankruptcy Statistics:

Oklahoma bankruptcy filings up by double-digit percentages
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Fashion:

A Fashion Wedgie
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Maker of trendy men’s suits near bankruptcy
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Layoffs:

Closures & Layoffs: Mass Layoffs Increasing
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Lawyers face uncharted territory in mass layoffs
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IBM Said to Be Cutting 5,000 Jobs
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Constellation Brands warns on profit, to cut jobs
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Two Houston oil services firms reveal job cuts
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Municipalities:

Jefferson County wants to delay hearing on whether to appoint a receiver to run county's sewer system
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Key decisions about Jefferson County sewer system to be made by others
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Judge Pushes Vallejo, Unions on Contracts
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Higher labor costs in government may not be sustainable
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Schwarzenegger Opens Up Fairgrounds to Residents of Tent City
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Lehman:

Fremont looks to recoup $4 million Lehman loss
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UK:

Brown Denies G-20 Stimulus Split
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Value of companies in administration hits £8bn
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Canary Wharf owner buckles under debt burden
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Canary Wharf owner in danger of going bust
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E&Y on cue for snooker administration
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EU:

Anger Rises in Europe Over Lost Jobs
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Hurt by Economy, Europeans Vent Their Anger
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Czech Premier Slams Obama Stimulus
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EU hustles to control damage after "road to hell" outburst
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Canada:

Bankruptcies expected to take toll on Canadian banks
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Canada’s Banks Fighting Common Regulator Proposal
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Livent timeline: The final act in a 14-year-long drama
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More Canadian go bust
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Bankrupt companies should pay workers first: CAW chief
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Canada Economy to Shrink at 8.5% Pace in Q1, Budget Office Says
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S. Korea:

Daewoo Electronics Lays off 40% of Payroll
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KB Financial Seeks $734 Million From Korea’s State-Backed Fund
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Germany:

German business confidence hits 26-year low
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Australia:

Babcock Creditors Face Four-Month Wait on Collapse
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Japan:

Falling Exports in Japan Hit Small Companies Hardest
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Morgan Stanley Cedes Control of Japan Unit to Mitsubishi UFJ
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Singapore:

Singapore's Boomtown Dream Gets Hazy
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France:

Striking French Workers Release 3M Manager
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Please note that the Daily Bankruptcy News is primarily a news link gathering service.   This means that most of the headlines contained in the publication are a collection of links to stories posted on the Internet by various third party publications.  Such content is owned by third party sources, not the Daily Bankruptcy News, and in some cases, these links change or expire, which means you may not be able to view some news stories in prior editions of the Daily Bankruptcy News. The DBN subscription fee for access to certain links is not a fee for access to the content of the links, but is a charge for the considerable work involved in gathering, organizing and presenting the links. Use of this site and The Daily Bankruptcy News is subject to our Terms of Use.If you received the Daily Bankruptcy News via email (and you have a paid subscription account), to view a news story, click on the headline, and the story should open in your web browser. To view additional stories, click back to the email and click on additional headlines, which will cause new stories to open in your web browser.  You can view the Daily Bankruptcy News on the web by clicking here, or by going to BKINFORMATION.COM and clicking on the Bankruptcy News button.  Note that the Daily Bankruptcy News is distributed via "HTML email" in which the links to the news stories are embedded in the headlines.  The email you receive should look like a 3-column newspaper, with headlines for each story. If you receive the Daily Bankruptcy News by email and the copy you receive is not formatted like a 3-column newspaper, or does not seem to contain links to the news stories, you may have an email client that is not capable of receiving HTML email, or is not configured to display such email.  You can however, receive a daily email notifying you when the Daily Bankruptcy News is updated on the web site. If you would like to receive such an email, please let us know at admin@bkinformation.com.You can search the headlines from prior editions of the Daily Bankruptcy News by clicking here.

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