March 6, 2009

The Daily Bankruptcy News

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Law:

155 Lose Jobs at Pillsbury
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Layoff Watch: Bingham McCutchen Cuts 39 Overall
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Layoff Watch: Arent Fox Is Down 28 People Today
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Yesterday’s Layoffs, So Far, Top 200 as Arent Fox, Bingham and Pillsbury Wield Ax
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Layoff Watch: A Top Ten List
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Law Firms Offering Lawyers Up to $75,000 Not to Work
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A&O set to hold on to 70% of trainees
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Lovells latest to offer trainees cash to defer
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Additional Information For 3Ls Heading to O'Melveny
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Law firm layoffs
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So Many Ways to Say Goodbye, But Don’t Make an Angry Exit, Experts Advise
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Fried Frank Promotes Renewed Emphasis on Billing Policies
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Networking Is Key to Navigating the Recession
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In Small-Firm Merger, Cost Cutting Is Bonus
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North of the Border, Firms Avoid Layoffs
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Quinn Emanuel Sues Recruiting Firm Over Fees for IP Lateral
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Ulmer & Berne’s Corporate Restructuring & Creditors’ Rights Group Grows
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Mitchell D. Cohen to Join New York Office of Vedder Price
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The Bankruptcy Files: Biofuels, Jewelers, Resorts, and Sporting Goods
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Davis Polk, Shearman act on Ford debt restructure
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Covington & Burling Partner Envisions 'Life Without Lawyers'
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Suit Accuses Greenberg Traurig of Malicious Prosecution
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'News' about New Law Firm Partners: Still Mainly Dudes
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How offshore law firms are positioning themselves in an era of caution
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For the Cost of Just One iPhone, You Too Can Save a Lawyer
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Firm battles downturn with pen amnesty
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Beware the Acidic Associate
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A Snow Falls on Howard Rice
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How Not to Keep a Settlement Secret, Part 2
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Don’t Try This in Your Next Cover Letter
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How to Get Noticed When Applying for Legal Jobs Online
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In Down Economy, Interest Grows in 'Internet Assets'
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Recession-Proof Jobs Shelter Bush’s Bum Lawyers
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9/11 Mediator Wraps Up Work; Only 3 Cases Left Unsettled
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Northwestern Law Students Snub Potential Employers
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Awesome law student email
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Judges:

Man on trial killed as he attacks judge
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Wall Street:

Stock Futures Fall Ahead of Feb. Jobs Report
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World stocks gloomy on fresh economic woes
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Nikkei drops 3.5 pct on bank woes, nears 26-yr low
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Italian Stocks Slump to Record Low
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Dow plunges 281 as investors worry about banks, GM
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Has Fear Blinded Investors to Value?
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Slump Humbling Blue-Chip Stocks, Once Dow’s Pride
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US stocks have lost $11 trillion since the Dow peaked in Oct 2007 - - US GDP is $14 trillion
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Canadian Stocks Fall to 5-Year Low on Economy, Credit Concern
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US, European Stocks Drop as China Signals No Added Stimulus
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Bleak prognosis for GM sends stock market reeling
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Stock markets grapple with savage reductions in companies' dividends
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At the helm of GE
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General Electric CFO tries to calm investor anxiety
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AT&T, 19 Others Likely to Cut Dividend, JPMorgan Says
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Undisclosed Losses at Merrill Lynch Lead to a Trading Inquiry
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Bear Stearns’s ‘Dirty Secret’ Bursts in Cohan’s Book
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Autos:

GM auditors raise the specter of Chapter 11
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GM More Open to Bankruptcy
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General Motors admitting bankruptcy risk is no surprise
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All Of The Sudden, A GM Bankruptcy Would Not Be A Catastrophe
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GM Cautions It May Have To Seek Bankruptcy
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GM's Big Assumptions
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A counter-intuitive view of automaker despair
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GM Warns It May Fail Without Billions More in Aid
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GM Bondholders Said to Tell Panel Plan May Not Work
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Can Ford Leave GM in Rearview?
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Ford's Mulally: Replacing the Lost Generation One Customer at a Time
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3 locals say no to Ford concessions
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Investors should demand ultimate Ford family sacrifice
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Fiat leader takes case for Chrysler alliance to Washington
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The truth Hertz
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Auto suppliers get uplifting, depressing, scary news at symposium
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Visteon teeters near Chapter 11
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Delphi retirees appeal ruling
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Bankruptcy for Plastal as automotive orders slump
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Canada Auto Union to Start Talks With GM on Cost Cuts
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Humbled, the U.A.W. Is Appealing for Support
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Flaherty Says Auto Aid Must Make Industry Sustainable
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Swedish auto parts firm fails, 6,000 jobs at risk
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Canada's Flaherty worried by possible GM bankruptcy
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Europe Seeks Specifics on GM's Plans In Region
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Opel aid talks 'to last weeks'
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Opel 'should consider insolvency'
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Germany’s Leader in Hot Seat Over GM Aid Request
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Banking:

Citigroup, Once World’s Biggest Bank, Sees Stock Drop Below $1
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Union group seeks Bank of America CEO ouster
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Bank of America Says Bonus Disclosure Will Cause 'Grave' Harm
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The case of Andrea Orcel's $33m bonus
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Moody’s Warning Ups Ante On Wells Fargo Dividend
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PrivateBancorp Cuts Dividend 87%, Joining Other Banks
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Uncomfortable week for Barclays
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US Bancorp, Northern Trust Haven’t Returned TARP
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FDIC May Cut Emergency Fee on Banks, Group Says
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The Deal That Fueled Subprime
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Packaging:

US judge orders Pliant to provide data to Apollo
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Health Care:

Silsbee hospital takes final breath
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Obama Tells Forum Rising Health Costs Are Threat to Economy
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Economy:

New US jobless claims ease, productivity plummets
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Handicapping the Jobless Report
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US unemployment expected to soar
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Report: 11% of homeowners delinquent or in foreclosure
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US Factory Orders Fall for Sixth Consecutive Month
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Understaffed Geithner Can't Keep Up, Critics Say
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Bill Seeks to Let FDIC Borrow up to $500 Billion - WSJ.com
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Obama Advisers Bloom, Rattner Said to Visit Detroit
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The U.S. Financial System Is Effectively Insolvent
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Wilbur Ross Plans to Participate in Fed’s TALF Lending Program
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Consumer spending cutbacks hurting economy
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IMF Urges Global Financial Rules
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Obama's Radicalism Is Killing the Dow
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Stocks Should Matter to Obama
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The Obama Economy, Cont.
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On stimulus, who's having it two ways?
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Why the US stimulus effort is doomed
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When Giant Companies Fall
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Real Estate:

Mortgage Delinquencies Rise to Record on Job Losses
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More Americans Drowning in Mortgage Debt
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Fannie Mortgage Borrowers Get Less Aid in Refi Plan
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Fed Expands Use of Tools to Support Mortgage Bonds
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Knoblauch wins confirmation
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Saving Homes in Bankruptcy
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Commercial property under pressure across US
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Spitzer Is Back in D.C. -- In Real Estate
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Retailing:

US retailers February sales weak, but Wal-Mart shines
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Retail Sales Show First Comp Growth In Five Months
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Retail Sales Show Signs of Life
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Joe’s Sports & Outdoor Files Ch. 11, Seeks Buyer
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Target February Same-Store Sales Fall 4.1 Percent 9
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Circuit City stores to close by Sunday
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Requiem For A Retailer
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Fraud:

Trusted Institutions
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Can Ruth Madoff Keep the Penthouse?
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Madoff's lawyer receives death threats and praise
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Former Merrill execs invested in Madoff funds
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Luxembourg court releases Madoff data to investors
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Why Didn't Markopolos Take Madoff To The Press?
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More mini-Madoffs? Valley Jew accused of massive real estate fraud
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Move over Madoff , L.A. gets its own indicted philanthropist
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Furniture maker leading Canadian pursuit of Stanford
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Angry AGA investors: Where did the money go?
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Massachusetts man charged with $57 million fraud
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New Efforts Under Way to Handle Fraud Tips
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Layoffs:

New jobless claims unexpectedly drop to 639,000
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Quiet Layoffs Sting Workers Without Notice
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5 Ways to Nab a Better Severance Package
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Workers Clobbered by Relentless Layoffs
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Houston jobless rate surges to 6.5 percent
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Austin unemployment rate hits 6.4%; region lost 12,800 jobs in Jan.
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Jobless rate in San Diego county at 8.6 percent
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Construction to lose 9,000 jobs in Hawaii
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Borders Group Cuts 742 Store Jobs, 3% of Workforce
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Mass. unemployment rate jumps to 7.4 percent
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For Laid Off Workers, So Hard to E-Mail Goodbye
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Horse Racing:

Magna Entertainment files for bankruptcy protection
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Magna gallops into Ch. 11
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Lone Star Park's operating company files for bankruptcy
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Preakness owner's bankruptcy leaves all parties waiting for answers
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Bankruptcy detracts from Big 'Cap card
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Auto Racing:

NASCAR feeling the economic pinch
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Sovereigns:

Country Default Risk Continues Its Rise
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Bondholders Get Stiffed With Perfect Alibi
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Gambling:

Las Vegas Casinos to Be Nationalized?
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Other People's Money: Gambling and Bankruptcy
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Analyst predicts Harrah's will land in bankruptcy court this year
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Anna Nicole:

A Modern-Day Bleak House
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Media:

ABC Radio owner Citadel closes trading at $.01 on NYSE
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Slim, Icahn and Malone lead media debt feast
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Municipalities:

50,000 Taxpayers Tired Of Recession & Furious With Budget Cuts Take Frustration To Streets Of Manhattan
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Cities face painful cuts, higher taxes; Philadelphia tries to involve citizens in decisions
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Accounting:

The Growing Concern over "Going Concern"
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KPMG job cuts include directors
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Job cull begins at Ernst & Young
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Carpet:

Wayzata ready to duel for Propex
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Celebs:

Michael Jackson Sues Auction House Over Planned Sale of Thousands of His Personal Possessions
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For sale: The house that Michael Vick built
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Video Games:

Midway creditors question Redstones
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Aviation:

Boeing Co. Reports Sharply Lower Orders for Feb.
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General Dynamics Cutting Plane Production, Jobs
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Frontier Airlines Gets USD$40 Mln DIP Commitment
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Deserts littered by state of airline industry
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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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Weird News

Bankruptcy Jobs:

(1)- (2)- (3)- (4)- (5)- (6)- (7)- (8)- (9)- (10)
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Bankruptcy Reform:

Mortgage 'Cramdown' Bill Passes House
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Questions, answers on bankruptcy mortgage rewrites
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House OKs Mortgage ‘Cramdown’ Bill; Tougher Fight Expected in Senate
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Warren: Bailout monitor welcomes mortgage bankruptcy plan
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Judges and Foreclosures
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House GOP rails against bankruptcy changes
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Mass Torts:

Judge stays order dismissing Congoleum's Chapter 11 case
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Finance:

Frank Seeks to Curb 'Phenomenon of Securitization'
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Uncertainty grips hybrid debt owners
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Commercial Paper Growth Ends this Week
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As banks and companies hoard their cash, credit remains extremely tight, forcing new options
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Emerging-Market Borrowing Costs Rise the Most in Three Months
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Defaults:

Moody's Tempers Default View
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Lehman:

Where's The 'Missing' $1.3bn Bonus & Severance Money ?
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Mining:

Vedanta Is Near Deal for Asarco
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Apex plan and sale OK'd
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Insurance:

AIG Competitors Complained About Rates
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Senators Demand to Know A.I.G. Trading Partners
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Fed's Kohn Admits AIG Risks
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Derivatives:

Darth Wall Street Thwarting Debtors With Credit Swaps
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CDS holders push hard for distressed defaults
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Immelt Meets Buffett in Market Roiled by Credit Swaps
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Gift Certificates:

Worth of Thousands of Gift Certificates Questioned After Ohio Company Closes
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Religion:

Church Pushes to Defeat Proposal to Open Window for Older Sex Claims
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Pensions:

Workers Guzzle Company Stock
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Oil/Gas:

Oil Rises Above $44 Despite Grim US Corporate News
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Exxon Mobil shows no concerns over downturn
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Distressed Investing:

Fridson Says Junk Debt Is ‘Extraordinary Opportunity’
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Corporate Reform:

Frank Says Panel Agenda Will Focus on Regulatory Reform
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Frank Seeking Prosecutions for Financial Wrongdoing
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Ex-KB Home Chief Executive Charged in Backdating Case
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Regulators Promise to Heed Whistleblowers
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TARP Cop Gets Into Role as Street Tough
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Sports:

Luxury Strikes Out
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Tax:

The UBS Tax Probe: Are Execs Next To Face Prosecution?
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Private Debt-Collection Plan Ended by Internal Revenue Service
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Education:

Conn. School of Broadcasting closes
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UK:

UK Expands Money Supply
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BOE’s King ‘Groping in the Dark’ as UK Prints Money
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Bank fights to breathe life into economy
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UK Profits Will Fall More Than in 1930s, Morgan Stanley Says
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BoE Cuts Interest Rates to 0.5 Percent
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Northern Ireland Will Be Least Hurt by UK Recession, PwC Says
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Brown Said to Call for Global Code on Restraining Bank Bonuses
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EU:

European Central Bank cuts key rate to record low
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European Bonds Rise as Trichet Signals ECB May Cut Rate Further
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ECB warns on EU plans for interbank lending limits
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Trichet Earns Twice as Much as Bernanke
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Property prices fall across Europe
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Canada:

Lending agency calls in loans to Montague fishermen
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Canada's Duguay Says Credit Crunch Needs Global Fixes
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China:

China promises vigorous spending program
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Bank of China to Offer at Least 500 Billion Yuan of New Loans
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Zhou Pledges Fast, Forceful Policies for China Growth
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Foreigners Sweat Chinese Bankruptcies
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Japan:

BOJ May Expand Corporate Debt Purchases
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Ukraine:

Ukraine's Naftogaz stands on brink of bankruptcy
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Slovenia:

Govt Adopts Changes to Bankruptcy Law
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Mexico:

Mexico peso, stocks fall on GM bankruptcy warning
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Italy:

Italy takes more somber economic line
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Russia:

From Russia With Love
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Chile:

Chile Economy Shrank 1.4% in January, Most in Decade
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