December 23, 2008

The Daily Bankruptcy News

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The Daily Bankruptcy News will not publish on:
December 24, 2008, December 25, 2008 and December 26, 2008

 

Law:

A Bankruptcy Explosion
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How Thacher Proffitt Came to an End
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Missing Dreier Escrow Snags Bankruptcy Payments
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Irving H. Picard Joins Baker Hostetler
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Kirkland & Ellis Associates: Show Up To Work Tomorrow To Talk About Your Bonus
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Bonus Watch: Weil Matches ... Cravath Across All Offices
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Quinn Emanuel Associates Get (Mostly) 'Cravath Bonuses'
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Matching Market Rates, Dechert Announces Associate Bonuses
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Are Mid-Career Female Attorneys in Crisis?
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Thacher Proffitt, 160-Year Old New York Law Firm , to Close Down
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Thacher, Proffitt & Wood LLP: 1848 - 2008
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Who Should Foot the Bill of a Lawsuit?
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Lawyers Find Work in the Madoff Case But Some Are Victims, Too
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Judge Slashes Attorney Fees in GM Stock Settlement
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Small L.A. Merger Gets D.C. Firm Kicked Off Big Case
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Legal Secretaries Find Door to Advancement Shut
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Madoff Trustee Moves to Baker Hostetler
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Former Holland & Knight Partner Accused of the Perfect Crime
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Rules to Help Ease E-Discovery Tensions
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Absolved by Firm, Ex-Holland & Knight Partner Faces Ethics Case re Timekeeping
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Chipmakers Hire Armies of Lawyers to Boost Revenue Amid Slump
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Censure Recommended for Lawyer Defending Client as ‘Mild-Mannered’
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Female Lawyer in Fistfight, Male Lawyer Arrested in Wild Restaurant Scene
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Why Are Ugly People Attracted To The Law?
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Judges:

Murder Case Possibly Linked to Judge’s Work Takes New Direction
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Former Judge Disbarred
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Wall Street:

Stock futures point to losses ahead of data
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Most German Stocks Rise
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Asian Stocks Fall as Global Recession Deepens
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US Stocks Close Lower, With Walgreen, Toyota
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China Stocks Decline for Second Day as Rate Cut Disappoints
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Merrill Lynch’s Peter Kraus Collects $25 Million, Then Resigns
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Morgan Stanley's Big Part in the Great Housing/Mortgage Crisis
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Why so many good investors made some very bad decisions
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Fraud:

Madoff judge given proposal for victim claims form
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Madoff Victims May Have to Return 6 Years of Profits, Principal
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Facebook Removes Madoff Web Page After Jeers, Cheers
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Posner on Madoff
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More Madoff "Feeder Fund" Lawsuits
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Tremont Group Sued By Investors Claiming Madoff-Related Losses
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Madoff’s Auditor, Facing Probe, Has ‘For Rent’ Sign on Office
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Dear Fairfield Sentry Investor
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Who is Bernie Madoff? Many Investors Didn't Ask
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Madoff Scheme May Halve Chilean Bank Celfin’s Profit
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The Swiss Can Duck
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Madoff Probe Eyes Audit Files
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Madoff investor warned its clients
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Grant Thornton to liquidate Madoff's London office
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Investigators Examine Role Of Madoff Staffer: Report
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After Madoff, Donors Are Wary of Giving
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Investor Seeks Relief From SEC
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Scandals to Warm To
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Betrayed by Madoff, Yeshiva U. Adds a Lesson
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Madoff was hunting for new investors as scandal hit
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Madoff firm trustee offers payment plan
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Windermere family, 3 others face racketeering charges
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A glimpse of Petters' lifestyle in court files
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IRS: Fry's exec stole $65M to pay gambling debts
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Feds Seize Proceeds of Ponzi Scheme
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Autos:

Fitch downgrades GM, Chrysler to one notch above default
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GM Investors Bet US’s Lifeline Won’t Be Enough
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Auto Bailout: UAW Chief Draws a Line
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America cares little about fate of Detroit's Big Three
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The Detroit Rescue Terms, Obama, and the Future of Unions
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Ratings agencies downgrade GM, Ford
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Auto Bailout: UAW Chief Draws a Line
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GM shares plummet on downgrade
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Union Burdens Pull the Auto Industry Towards Bankruptcy
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Worthington Plunges After Goldman Sees Risk of Loan Default
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Americans back auto bailout - for now
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Towing Package or Bankruptcy? Detroit's Only Real Option
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Car rental companies raise rates, cut workers to keep up
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Effort may not save GM dash supplier
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Auto dealership troubles ripple across the region
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Alan Young Buick shutting down; GMAC seizing vehicles
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Moody's revises Penske Automotive's rating outlook
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Foreign Automakers in the US Cut Back
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India's Car Market Offers No Relief for Automakers
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Toyota's loss shows global woes
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Toyota May Cut US Payroll as Unsold Autos Pile Up on Lots
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S Korean carmakers in belt-tightening moves
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Bush's tough auto talk puts CAW in crosshairs
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Aviation:

Frontier Airlines, pilots reach tentative deal
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A few Alaska, Horizon flights resume
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Air Comet Chile files for bankruptcy protection
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How CEO kept Virgin America aloft in tough year
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Dry Cleaning:

Albany’s largest dry cleaning chain files for bankruptcy
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Newspapers:

Chadbourne & Parke, Kramer Levin Tapped By Tribune Creditors
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Bankruptcy Court: Eason Can Keep Control of Creative Loafing
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Newspapers to sell buildings, but who's buying?
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Hedge Funds:

HFA Halts Redemptions in Funds Citing Deteriorating Liquidity
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Magnetar Said to Limit Fund Withdrawals After Losses
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The great hedge fund reboot
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Buyout, Hedge Funds Must Reorganize to Avoid Taxes, Lawyers Say
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Hedge funds getting ready for regulation in 2009
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Economy:

Bank of Spain chief: World faces 'total' financial meltdown
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More companies lining up for piece of bailout fund
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Ten Predictions for 2009
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Central bankers stage a quiet revolution
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Clinton Moves To Widen Economic Role Of State Dept.
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Recession Slows Migration in U.S.
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Economists: Recession To End In Late 2009
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General Tax Cuts Don't Help in a Recession, Steinbrueck Says
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Meltdown has its roots in White House
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Dodd puts lipstick on economic pig
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More Macro Signs For Texas, California
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Real Estate:

Mortgage activity surges at banks; Lenders caught off-guard by flurry of applications
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Seeking Signs of a Recovery for Housing
(WSJ: separate paid subscription required)

The Eviction Moratorium — A Myth That Takes on the Force of Law
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Mortgage re-defaults rise with no sign of slowing
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Commercial Loan Defaults May Triple as Rents Decline
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Commercial Real Estate Industry Seeks US Aid
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Retail Leases Under Pressure
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US shouldn't bail out commercial property barons
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Mortgage Modification Meltdown
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Bank gives 500 contest winners mortgage relief
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Assembly OK's EnCap-Related Oversight Bill
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Layoffs:

Ryder to Cut 700 U.S. Jobs; Scale Back International Business
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Textron To Cut 2,200 Jobs, Close Most Of Finance Unit
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Unisys to Cut 1,300 Jobs, Suspend Raises
(WSJ: separate paid subscription required)

Caterpillar to Cut Executive Pay, Sets Hiring Freeze
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Hospitals seeing record layoffs in 2008
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Republic Windows sit-down strike, cont'd
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Where the Jobs Are
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Should you Take a Pay Cut?
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After the layoffs come the lawsuits
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Several Texas sites hit with layoffs
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Oil/Gas:

Oil company Flying J files for bankruptcy
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Flying J Illustrates Plight of Refiners
(WSJ: separate paid subscription required)

New hope to reorganize SemGroup
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SemGroup employees hear billionaire explain his plan
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Oil dips below $40 on fears of weaker crude demand
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Exxon Mobil to profit from the pain
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Horticulture:

Creditor Buying Plant Grower Hines out of Bankruptcy
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Home Decor:

New Creative Declares Bankruptcy
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Banking:

Treasury Probes Thrift Office Over IndyMac Capital Infusion
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US Fed grants CIT Group bank holding company status
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Bank of America: Optimism Is Unwarranted
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Smaller banks inking bigger business deals
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Irregularity Uncovered at IndyMac
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Regulator in IndyMac case gets reassigned
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Stop Paying Divs, Fed Tells Three Banks
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Banks coy about how they've used bailout cash
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For HSBC, Questions of Vitality
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Telecoms:

S&P drops Hawaiian Telcom ratings
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Hawaiian Telcom authorized to use collateral
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USVI bankruptcy auction delayed by crisis
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Golf:

Judge rules on golf course
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M&A:

PwC: Distressed Firms May Boost 2009 M&A
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Mass Torts:

Ohio Republicans would set additional hurdles for asbestos claimants
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Golf:

Judge: Lake Las Vegas golf course should be shuttered
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Timber:

Loggers struggle amid timber industry slump
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Music:

Retailers Facing Record Store Closings
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Politics:

Clinton Writes Off $13.2 Million Loan to Campaign
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'Bet-the-Company Lobbying' Emerging as New Strategy
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Finance:

Textron to Exit Non-Captive Finance, Cut 2200 Jobs
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Credit Thaw Watch: TED Spread Back To Normal
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Municipalities:

Moorlach Sees Up to 10 Municipal Bankruptcies in Coming Year
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New York City May Face $8 Billion Gap, DiNapoli Says
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California could be broke in 2 months
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Unions sue governor over mandatory days off
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Insurance:

MetLife Drops as Commercial Mortgage Defaults Loom
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AIG Fire Sale: Flickers for Now
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Insurance Deals Spread Pain Of U.S. Defaults World-Wide
(WSJ: separate paid subscription required)

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Corporate Reform:

The fallen giants of finance
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Time Off For Bad Behavior
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Food/Drink:

Defunct Shells restaurants get new name
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Art:

Christie’s to Announce Shakeup as Demand Declines
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Health Care:

At House Party on Health Care, the Diagnosis Is It’s Broken
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Arts:

Baltimore Opera Co. ticketholders to receive vouchers for other venues
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Corporate Governance:

Chancery Court Rules on Business Break-up Issues
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Demographics:

Bad economy slows population growth in South, West
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New Bankruptcy Opinions
(No new opinions today)

Bankruptcy Court Web/Pacer Site Directory

Chapter 7, 12 & 13 Private Trustee Locator
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Recent Ch. 11 Filings
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Bankruptcy Jobs:

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

Bankruptcy Bill
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Bankruptcy Reform:

Bankruptcy Mortgage Cram Downs Still in the Mix and Bankruptcy Rules Meeting
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Rosener and Loughlin on changes to the bankruptcy code
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Trucking:

Truck Stop Chain Files Chapter 11
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Smaller carriers hard hit by times
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Religion:

Houses of Worship Turn to Chapter 11
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Retailing:

Circuit City gets final approval for financing
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Customers usually left out when retailers go bust
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Retailers Looking At Worst Holidays In 40 Years
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Retailers are haunted by recession present
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First-ever decline for online holiday sales
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Store traffic weak just before holidays: survey
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Boscov's gets extension to submit recovery plan
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KB Toys' liquidation shifts into high gear
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Increased shoplifting another sign of bad times
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Real estate bust dashes hope for General Growth
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Media:

Charter attempting to shift debt, hires bankruptcy lawyers
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Derivatives:

Derivatives Losses Spread Globally
(WSJ: separate paid subscription required)

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Personal Financing:

Your teen's first recession: Learning to cut back
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Gambling:

Palm Beach Princess deal hits rough waters
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Harrah’s Finishes Debt Exchange Offer
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Wynn's Encore opens during tough times for Vegas
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Bankruptcy Prediction:

A list of companies that probably won't survive the new year
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Photography:

Concord Camera says it will liquidate
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Predatory Lending:

More Oklahomans turning to payday loan options
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Celebs:

Michael Jackson silences rumors of money trouble by renting a $100,000 a month mansion
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Donald Trump sues town for $100 million
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Enron:

Some Enron shareholders rejected from payout
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Auto Racing:

NASCAR: Running on fumes
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Credit Cards:

Interest rates fall for popular credit card types
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Getting Less Credit: Card Issuers Hit
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Alternative Energy:

Officials Say More Ethanol Plants May Close
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Accounting:

FASB changes accounting rule for credit crisis
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Lehman:

Lehman Wins Approval for Manager Buyout of Neuberger
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Lehman, Forecasting, and the Vix
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Brunswick Group Suspends Wife of Ex-Lehman Salesman
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Lehman Bros. Affiliate Sells Condo Project in Chula Vista
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Distressed Investing:

Will 2009 be the year of distressed investing?
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UK:

Were RBS and HBOS on the verge of collapse earlier this year?
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Britain's MFI Shutting 111 Stores
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Private equity deals at five-year low
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Falling UK commercial property prices
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Failures will rise as demand weakens
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UK Shops Have Had ‘Worst Christmas for Many Years’
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UK Q3 GDP revised down to -0.6%
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UK shrinking faster than thought
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UK Economy Shrinks Most Since 1990 in Third Quarter
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UK November Home Loans Fall to Lowest Since 1994
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Israel:

Report: 400 social groups face bankruptcy
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Germany:

Germany's Way Out of the Crisis
(WSJ: separate paid subscription required)

Germany's IKB gets €5 billion in loan guarantees
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Bermuda:

Bankrupt lawyers can practice in Bermuda
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Canada:

Retail investors want part in any ABCP settlement
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China:

China mulls outlawing pyramid schemes
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New Zealand:

New Zealand Economy Shrinks 0.4% as Recession Deepens
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Middle East:

No bankruptcy for individuals
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S.Korea:

Korea’s Loan-Delinquency Ratio Rises to 3-Year High
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Zimbabwe:

Mugabe Prepares to Take Over Banks, Mines as Isolation Deepens
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Netherlands:

Dutch Economic Expansion Came to a Standstill in Third Quarter
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Indonesia:

Indonesia Plans Stimulus
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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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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).