December 17, 2008

The Daily Bankruptcy News

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Law:

Shearman & Sterling Names Restructuring Partner
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Jones Day Names 40 New Partners, 2 Bankruptcy
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Dreier Law Firm Files For Bankruptcy Following Criminal Charges
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Receiver Files Bankruptcy Petition for Dreier Firm
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Lawyer: Dreier won't file bankruptcy
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Dechert Lays Off 72 Staff in U.S. Offices
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Law Prof Predicts More Big Law Firms Will Collapse in 2009
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Bonus Watch: Allen & Overy
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Bonus Watch: Fried Frank Wades Into Half-Skadden Pool
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UK firms face annus horribilis as managers face facts
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Banks are still cultivating links with big firms, despite the credit squeeze
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Laird, Law Firms and Liquidation — Up Next: Dreier LLP
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Latham's Salary Freeze May Launch Trend
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Pay Freeze Watch: Latham & Watkins
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Latham & Watkins Salary Shenanigans Follow-Up
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Pay Freeze Watch: Reed Smith Does The Obvious
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Firms Get Creative to Cut Costs
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More Lawyers Set to Feast on Madoff Meltdown
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Susman Godfrey Converts Meltdown Task Force Into Madoff Task Force
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Madoff Victims' Lawsuits Target Investment Firms, "Feeder Funds"
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NY Law School Leads Litigant Pack in Suits Over Alleged $50B Madoff Fraud
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Law Firms Switch Idle Lawyers to Pro Bono Work
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Most Big Law Firms Report No Unusual Problems with Credit and Collections
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Judge Fischer Goes Large, Hands Pellicano 15 Years
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Pellicano: No apologies to those he spied on
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Kilpatrick Stockton Adds High-Profile Business Litigation Partner
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IP Boutique Latest to Announce Freeze in Billing Rates
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Lawyer who defended R. Kelly, Conrad Black will represent embattled Blagojevich
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Court OKs using Facebook for serving court papers
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Appeals Court Allows Suit Against Foley & Lardner by Muslim Ex-Associate
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Study: Civil courts 'ATM for the unscrupulous'
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Some lawyer celebrations still glitter
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Apple plays "preferred providers" with outside law firms
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Attorney Gets 3 Years in Major Judicial Bribery Case
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An In-House Lawyer's Wild Backdating Ride
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Judges:

Judges Change Rules to Lure Automakers to Detroit’s Bankruptcy Court
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Willfulness? No. Undermining Public Confidence in the Judiciary? Yes.
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Tort Reform Group Names 2008 "Judicial Hellholes"
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Cook County Still A "Judicial Hellhole"
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Federal Judge Beats the Rap by the Skin of His Teeth
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Appeals Court Denies Recusal Request for US Judge Accused of Antagonism
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Wall Street:

US Stock-Index Futures Slump
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Most European Shares Advance; US Stock-Index Futures Decline
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German Stocks Fall
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World Markets Mixed After Fed's Historic Rate Cut
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European Markets Decline, and Dollar Falls Sharply
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US Stocks Rally, Led by Banks, as Fed Cuts Rate to Record Low
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US stocks cheer as Fed cuts rates to record low
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Goldman Looks At Bigger Picture
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A $2.12 billion loss is the least of Goldman's troubles
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Bonus Watch '08: MS
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Brookfield’s Multiplex Acumen Fund May Breach Debt Agreements
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Goldman Sachs’s Tax Rate Drops to 1%, or $14 Million
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Autos:

US working on loans to Big Three, Paulson says
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White House Says Announcement on Auto Aid "Not Imminent"
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Auto loans could come by Friday
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Auto bailout could come Wednesday
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Why Big 3 qualify for money from bailout fund
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Dealers call for Bush to act quickly on aid for automakers
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Administration dallies while auto industry sweats it out
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US Moves Toward Bailout Decision as Automakers’ Cash Dwindles
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White House wants concessions from auto companies for bailout
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Conservatives Oppose Bush Plan to Help Auto Industry
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Paulson: Automakers will get money when prudent
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Moody's: Government-backed bankruptcy likely for automakers
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Jeff Marwil on bankruptcy for GM, Chrysler
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Bankruptcy, not a bailout, is the best route for ailing U.S. automakers
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Survey: Even in bankruptcy , GM would have buyers
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Automaker's Fate: A "Disorderly Bankruptcy "?
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Auto industry deserves bankruptcy
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Automakers need bankruptcy , Nobel-winning economist says
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Bankruptcy In A Box Can Save Detroit
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Big-3 Bankruptcy: Job Loss Less Than Half Oft-Cited Figure
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UAW blows up Big Three 'rescue'
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GM Lets Yankees Sponsorship End, May Renew With Mets
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Dig deep into G.M.A.C.'s brinkmanship.
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Key Plastics files for prepack Chapter 11 bankruptcy
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MPI files bankruptcy , buyer being sought
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Bill Ford says family "interested and concerned"
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Why Ford's in Detroit's Driver's Seat: Mulally
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Ford CEO expects lots of interest in Volvo
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Ford Won’t Ask Bondholders to Reduce Debt, CEO Mulally Says
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GM Bondholders to Recover More Than 25%, Moody’s Says
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Moody's downgrades American Axle ratings
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Little Debate over Auto Parts Bankruptcies
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Credit unions expand car loan program to Chrysler
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Chrysler Financial May Suspend Loans to Dealers on Cash Drain
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GM still a part of the Dow, at least for now
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Hertz Tosses Some Car Keys Into the Ring, Battling Zipcar
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Suppliers patient with automakers
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PPI moves toward liquidation
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SDI gets interim DIP approval
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Cape Girardeau Saturn dealership to close Dec. 31 amid poor economy
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Honda Cuts Profit Forecast by 64%
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Sarkozy mulls moves to help French car makers
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Nissan to Cut Output by 78,000 Vehicles From January
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Sports:

Pro sports deflated by tough times
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Music:

Va symphony expects to hear about loan to avoid bankruptcy
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Dance:

At a mere $750000, this bailout is a relative steal
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Gambling:

Gods and the Credit Crunch
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Union for dealers plans talks with Casino Aztar
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Gambling towns up the ante
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Accounting:

Concerned about 'going concern'
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LA school district and Deloitte in $18m failure settlement
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Downturn Disclosures: Focus on Liquidity
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KPMG's 8-Point Prescription for Managing Through Economic Crisis
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CFOs' New Year's resolution? Hunker down
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Lehman:

Judge Approves Plan for Lehman Trades
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Lawyers Resolve 65 of 101 Objections to Lehman Swap Plans
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Lehman Revisionism Watch, Unexpected Loan Division
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How the Fed Reached Out to Lehman
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Madoff, Lehman, and suicidal stupidity
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Telecoms:

Nortel bonds hit new low
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Why Nortel could opt for bankruptcy
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Telemetrix, Inc. Files for Bankruptcy
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Video Games:

Midway Games to cut 25 pct jobs, take charge
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Midway Cuts 25%, Closes Austin Studio, Suspends 'Non-Core' Projects
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Economy:

Fed Cuts Rate to as Low as Zero, Will Use All Tools
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Fed May Buy Lower-Rated Assets to Ease Credit Crunch
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Days of Treasuries as risk-free benchmark now in rear-view mirror
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Retail Prices Fall at Record Rate
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Zywicki on the Bankruptcy and the Bailout
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Great Depression Not Imminent, But Inevitable
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When My Recession Becomes Your Great Depression
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TARP "Gamble": What Does Vegas Think About It?
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Are Hank Paulson and Ben Bernanke lying to us?
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Bush says sacrificed free-market principles to save economy
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Paulson: major financial institutions stabilized
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Key to recession lies in consumer confidence
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World Confidence Drops as Slump Deepens
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Our Bailout Culture and the Beauty of Bankruptcy
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Provision in $700 billion bailout plan boosts Hollywood
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Real Estate:

Record Home Price Slide in Southern California
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Mortgage-Bond Yields Fall to Record Lows as Fed May Buy More
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Home Prices Likely to Decline 5 Percent in 2009: Forecast
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Refinancing drives US mortgage applications up-MBA
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IRS to help homeowners refinance or sell homes
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A List a Landlord Doesn’t Want to Be On
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Trump brand looks damaged, dated
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Southern California’s median home price drops below $300,000
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Calpers faces tough time over risky land deals
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Home Builders Likely to Remain Under Pressure, Report Says
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Hovnanian Reports Loss as Mortgages Are Harder to Get
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Mortgages, USDA-approved
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NJ Lawmakers Pass Sweeping Foreclosure Changes
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Growing List of Commercial Properties Facing Distress
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Loan Modification Push Will Affect Securitized Mortgages: Fitch
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Calls to foreclosure hot line soaring
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Foreclosed Properties Face Negative Stigma
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Workin' It Out With Waters
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Negotiations for SunCrest purchase end abruptly
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'Uncertainty' blamed for Houston home sales' plunge
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Newspapers:

Detroit papers drop home delivery to 3 days a week
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Creative Loafing’s Chapter 11 reorganization plan
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AP staff stage 'byline strike'
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A 150-year-old newspaper keeps up with the times
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Oil/Gas:

Oil off 2% as Fed, economic concerns trump OPEC
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Saudi Arabia Says OPEC Will Cut 2 Million Barrels
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Oil falls despite talk of OPEC production cuts
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Saving SemGroup
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Banking:

FDIC Almost Doubles Budget as It Expects More Bank Failures
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FDIC boosts deposit insurance fees for banks
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Judge allows sales of WaMu investments
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Bankers’ new worry: bond-for-debt swaps
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BMO, Scotia lead banks exposed to auto sector
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BNP Paribas shares plunge as bank reveals losses
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More Troubles Expected Ahead At BofA, JPMorgan and Deutsche
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Food/Drink:

Steak Escape franchisee in bankruptcy
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Court Approves Buffets Holdings, Inc. Disclosure Statement
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Pilgrim's Pride names new president and CEO
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Celebs:

Lawyer: Vick may be moved to halfway house in Jan
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Vick Owes Uncle Sam $1.2
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Michael Vick's creditors want him to play football again
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Elle's sister Mimi Macpherson on verge of bankruptcy
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Michael Vick Is Selling His Powerboats to Pay for His Legal Bills
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Internet:

Google Searches Soar for 'Crisis' and ' Bankruptcy '
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Health Care:

White River Clinic seeks bankruptcy
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Ruling may prove fatal for Kessler
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Geography Has Role in Medicare Cancer Coverage
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Aviation:

Delta, airport rework NWA loan: Proposed deal allows more job cuts
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Frontier work force down 14.1 percent
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Private Equity:

Private Equity: Investor, Heal Thyself
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PE-backed bankruptcies
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With markets beaten down so low, there should be opportunities galore for PE, so why is everyone so gloomy?
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Finance:

Banks Show No Signs of Easing in Step With Fed’s Cuts
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Libor for Dollars Declines After Fed Reduces Rate to Near Zero
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Utility's need for ready cash trumps the cost of drawing down on its credit lines
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DIP Financing:

Delaware Bankruptcy Court Permits DIP Lender to Submit Fee Letters Under Seal
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Mass Torts:

Ohio Lawmakers Expected to Push Through Asbestos Legislation
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Court rules for manufacturers in asbestos cases
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Baron & Budd's New Practice
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Layoffs:

Bristol-Myers to Cut Additional 10% of Workforce to Trim Costs
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Air Products cuts jobs
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After layoffs, faculty questions $15,000 retreat
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Pros and cons of employee buyouts
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BNP Paribas May Cut 5% of Jobs at Securities Unit After Losses
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Gaia Lays Off Staff
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Canadian Pacific Cuts 600 Jobs
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Education:

Yale University’s Endowment Declines About 25% to $17 Billion
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Insurance:

AIG Chief Should Reveal ‘Full Extent’ of Bonuses, Cummings Says
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Greenberg questions whether Fed overpaid for toxic AIG securities
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D&O Insurance: Inadequate Consideration Exclusion Bars Coverage
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Mining:

Asarco in discussions with Sterlite, other parties
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Chemicals:

Hercules to seek exclusivity extension
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Student Debt:

N.J. agency overseeing college aid won't let students defer loan payments
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Credit Cards:

Changing credit card terms squeeze consumers
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Executive Compensation:

Why salary bonuses drive executives to cheat
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Hedge Funds:

Madoff's Latest Victim: The Hedge Fund Industry
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Personal Finance:

Downturn Spurs 'Survival Panic'
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Americans making jump to debt-free lifestyle
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Risks Rise as Drivers Drop Insurance
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Homes Fell Behind on 2007 Utility Bills
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Tech:

No Relief Seen for Chip Makers in '09
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Religion:

Churches help members deal
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Pope: Crisis helps restore simplicity to Christmas
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New Bankruptcy Opinions
(1 new opinion 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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Corporate Reform:

The SEC is outgunned
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SEC Conduct in Probing Madoff Is ‘Deeply Troubling,’ Cox Says
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DOJ: General Re Ex-CEO Ferguson Gets 2 Years On Fraud Charges
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Professional Compensation:

Court Order Scrutinizing WexTrust Receiver's Fee Application
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Judge to Dewey & LeBoeuf: What’s Up With the $600 Associates?
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Fraud:

Madoff’s Records ‘Utterly Unreliable,’ Says SIPC Head
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In Fraud Case, Middlemen in Spotlight
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Long road lies ahead for Bernard Madoff forensic team
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Madoff fraud could burn early pullouts
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SEC Failed to Act on ‘Credible, Specific’ Madoff Tips, Cox Says
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Not Only the SEC Had Warnings About Madoff
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In spring 2001, a Barron's reporter was among the first to publicly question Bernie Madoff's record.
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Where Were the Whistleblowers?
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How much sympathy do the Madoff victims deserve?
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Barry Slotnick on Madoff: ‘The Gloom and Doom . . . Is Wrong’
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Madoff scrambles to make bail, as probe widens to other funds, auditors
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Madoff investors face off in Palm Beach
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Hope Brightens, Dims For Made-off Victims
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Trust and a $50 billion Ponzi scheme
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Madoff Enjoyed $50 Pedicures, 9.8 Handicap, Boat Called ‘Bull’
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Madoff's Firm: All In The Family
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Inquiry Finds No Signs Family Aided Madoff
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Love Connection
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SEC plans to investigate ties to Madoff's niece: Journal
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Madoff Scheme Was ‘Impossible’ to Do Alone, Says EIM’s Busson
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Vacations Are Key
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The Curious Philanthropic Activities of Bernie Madoff
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Yeshiva Had Losses of $110 Million Linked to Madoff
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Madoff Fallout Hits Jewish Foundations Hard
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Wall St. Fraud Leaves Charities Reeling
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Madoff investigators to ask: who else, how much?
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Bond Hearing Put Off
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Madoff fallout promises to spark litigation
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Madoff Ran Vast Options Game
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The Bernie Madoff Morality Tale
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Massachusetts seeks Madoff records
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Madoff ‘Big Lie’ Hits Fairfield Sentry, Kingate Funds
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Hedge Funds Are Victims, Raising Further Questions
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Look at Wall St. Wizard Finds Magic Had Skeptics
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Zuckerman might sue over Madoff loss
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Zuckerman: Madoff Lost Charity's Cash, Not Mine
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Madoff's UK arm left to wonder what went wrong
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Not Only the SEC Had Warnings About Madoff
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That 4% Gain Doesn’t Look So Bad After Madoff
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MassMutual affiliate loses big in Madoff scandal
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Simons’s Stony Brook University Fund Caught in Madoff Fraud
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Inside The Madoff Mysteries
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Madoff’s Investors Had More Than $32 Billion
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List Of Entities Announcing Exposure To Madoff Investments
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Madoff's Generous Political Gifts
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Hedge funds failed to spot Madoff risks
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Safra’s Private-Bank Clients Bought Madoff Products
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Bernard Madoff & White-Wing Blogs
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Authorities set up hot lines for Madoff victims
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Madoff leaves funds-of-funds with plenty of explaining to do
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5 Ways to Avoid a Ponzi Scheme: Madoff Edition
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Did Bernard Madoff's high-profile victims deserve what they got?
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Hedge Fund Stalled in Petters Lawsuit
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For Danish Tech Star, Something Rotten
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Municipalities:

Mayors want 'emergency plans' if auto rescue fails
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Illinois Pays Four Times Average on $1.4 Billion Note
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New York to Close Budget Gap With $7.2 Billion Cuts
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18% tax on soda, iPod tax, movie theater tax, sporting event tax, taxi tax, bus tax, limo tax, cable TV tax, radio tax, clothing tax
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New York Budget Would Close Hedge Loophole
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Bankruptcy Statistics:

Kentucky, Indiana Among States With Highest Bankruptcy Rates
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Committees:

Upcoming DE Organizational Meetings
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Television:

Equity Media's Bankruptcy Hearing Postponed
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Fortress wins 21 Pappas stations
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Retailing:

General Growth Continues Negotiations With Banks
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What Recession?
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Struggling Best Buy Offers Employees Buyouts
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Banks lending Boscov's a hand
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Construction:

Cemex Rises as Lenders Clear Way for Debt Refinancing
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Equipment Rental:

Lenders Try to Block Sale of Neff Co.
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Alternative Energy:

Troubled Ethanol Plant Attracts a Single Bidder
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Carpet:

Propex gets exit financing commitment
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UK:

British unemployment up 137,000 at 1.86 million
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British Bank Rescue Plan Is Under Fire
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Sterling’s slide has bankers mulling au revoir, London
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Thousands of pensioners face cuts after serial overpayment
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Housing starts lowest since 1924
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Woolworths stores in Britain bowing out
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UK businesses plan sharp cut backs
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Canada:

Sun Media to shed 600 jobs
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Canadians’ Net Worth Falls Most Since ‘98 on Stocks
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Canadian High Court to Give Reasons for BCE Decision on Dec. 19
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Depression possible: PM
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EU:

Sweden triggers row over bank rescue rules
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EU loosens state subsidy rules amid financial woes
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Australia:

Australian Leading Index Falls, Signaling Economic Slowdown
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Commonwealth Sells A$2 Billion of Shares to Shore Balance Sheet
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Commonwealth Bank Shares Suspended Pending Statement
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Stockland Says Earnings Set to Drop 24%, May Defer Developments
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Australian Banks Buy Time for Centro, Avoid Fire Sale
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Japan:

Bank of Japan Rate-Cut Speculation Surges as Recession Deepens
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Middle East:

Kuwaiti bank cut to junk status
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Germany:

Germany ready to cut economic forecast
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Allies See Germany Trying Bailout With a Thimble
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Russia:

Russian industrial output plunges 10.8%
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Putin's lucky run in danger of running out
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Portugal:

Portugal tells its banks: lend or else
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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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Advertising is available in the Daily Bankruptcy News in a variety of places, formats and prices. Go to http://bkinformation.com/DBN_ADs.htm  for a list of choices.  Feel free to contact us with any questions.

Passwords
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 $50/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).