December 29, 2008

The Daily Bankruptcy News

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Law:

Heller Ehrman Put Into Bankruptcy by Dissolution Committee
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Structured finance and three other groups jump from TPW
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Business bankruptcies and litigation surge as economy stalls
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Litigation Boutique of the Year
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End of Year Brings Lumps of Coal for Law Firms
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As Associate Pay Freezes Spread, a Cold Winter Gets Colder
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Top 10 Legal Stories of 2008
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A Former GC Explains Why BigLaw Keeps Getting Business
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2009 Predictions: Lawyers In Survival Mode
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Are Lawyers Stuck in GM's Tire Tracks?
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$285 an Hour for a Summer Associate?: Firm Goes to Court Over BigLaw Rival's Billing Rates
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Bankruptcy : a lawyer’s version of the ‘all you can eat’ buffet
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From the Large Firm Suites to the Legal Aid Streets
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South and West Poised To Become New Legal Centers
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Broker Arrested in Dreier Fraud Case
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Dreier Group Jumps to Olshan Gundman
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Merger Mania: Locke Lord Could Acquire Morgan & Finnegan
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The London Year in Review
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The New Ice Age - Overseas offices are waiting for the global economy to warm up
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New Defendant in Dreier Scandal May Have Had History With Marc Dreier
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Lawyer of the Year
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Bonus Watch: Mayer Brown
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Pay Freeze Watch: Venable
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Firms Step Up Year-End Billing Collections
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Martindale: Reports of Attorney Ratings' Demise Exaggerated
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Firm to Female Lawyers: Wear High Heels, Embrace Your Femininity
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Law firm sees new layer of poverty
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Will Due Diligence for Food: 2008 Deal Numbers at Record Lows and Falling
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Landlord's Writ Weighs on Heller Dissolution
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Petters Case Taking Up Bankruptcy Attorneys
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Lawyer to Spend 14th Consecutive Xmas in Jail Over Contempt Charge
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SoCal law school tempts students with free tuition
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What Every Firm Wants for Holidays: Wal-Mart as M&A Client
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Firm Recasts Itself
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Law Firm Gives Clients a Little Black Book
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What not to give staffers for the holidays
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Censure Urged for Attorney Whose Paralegal Acted as Lawyer in Court
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Law Firm Holiday Swag: A Victim of the Recession?
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Lowell "The Hammer" Stanley Weighs In On Hammer Ads
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Judges:

"Bully" Judge Asks to Keep Her Job
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Wall Street:

US stock index futures point to gains; focus on oil
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Stocks in Europe, Asia Climb, Led by BP, Woodside, Insurers
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Wall St. Faces Record Losses in Last Week of 2008
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The Weekend That Wall Street Died
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US Stocks Retreat Fri. as Economy Worsens; Financials, GM Decline
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After 5 Down Days, Wall Street Shifts Higher Thurs.
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Wall St Santa rally small comfort after grim year; S&P set to end year down 40%
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After 1-Year Hunt, Job Search Ends for Laid-Off Investment Banker
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S.E.C. Staff Seeks Reserve Fund Inquiry
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Odd Couple: Stocks and Credit Markets
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How Merrill troubles tripped its ‘Mr. Fixit'
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Labor:

Google cuts back year-end bonuses; Staff given mobiles rather than cash
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Baseball:

Yankees Defy Recession to Reel in Another Star
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Autos:

Monday Is Payday for Chrysler, GM
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Investors expect GM to default
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GM Sues Supplier of Camaro Parts
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UAW Chief Draws a Line on Concessions
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Autoworkers Union Keeps $6 Million Golf Course for Members at $33 Million Lakeside Retreat
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UAW Union Bosses Abusing Positions for Pay
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GMAC’s Bondholders Near Crucial Deadline
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GMAC Gets A Christmas Present
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GMAC quiet on bailout hurdle after deadline passes
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Detroit Show Hit by Industry Gloom
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Tumbling demand crushes SUV plants
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S&P lowers GM's unsecured debt
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Chrysler Plans Big Cut in Costs
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A harbinger for GM: Chrysler to cut even bone
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Cerberus exchanging all its Chrysler equity to labor, creditors
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Chrysler HQ Big Factor in Sale
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UAW v. GM, the Battle Royale
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In Interview, GM’s Wagoner Defends Union
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Nearly the End of the Line for S.U.V.’s
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S&P downgrades DaimlerChrysler Financial Services
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Auto dealers bracing for a winnowing of ranks
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GM, Chrysler to Thin Dealer Ranks as US Gives Aid
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Lenders Suing Consumers Even After Repossessing Cars
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Maybe it's time to turn the tables on the South
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For Carmakers, Just How Bad Can It Get?
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S&P cuts AutoNation corporate credit to 'junk'
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Standard & Poor's lowers Sonic Automotive rating
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GM supplier Delphi suspends work at China factory
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S&P cuts Penske credit rating further into junk
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Federal Mogul plans more cuts
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Global Car Sales Down 21.8% for Toyota
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Founder's grandson may take over struggling Toyota
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US Auto Ills Travel South to Mexico
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Japan's auto production sees biggest drop in 4 decades
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Ssangyong Motor Seeks Aid From South Korea
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Food/Drink:

Recession Cocktails May Take Edge Off Dark Year
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Moody's says outlook is negative for restaurants
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Even bars are feeling effects of recession
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Harkin move kept Agriprocessors plant afloat
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Newspapers:

NYT Says Revenue Fell 13.9% Last Month
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Stressed lenders seen taking more control of media
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Finance:

CIT Group Raises $1.149 Billion In Note Exchange
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2008 bond and loan volumes slump
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cription Required)

Crisis widens appeal of Islamic finance
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Insurance:

MetLife, Prudential, Lincoln Plunge as Commercial-Mortgage Defaults Loom
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Fund acquires $16 bln in debt guaranteed by AIG
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Museums:

Struggling Vallejo museum cuts hours
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Corporate Reform:

SEC Could Bring Enforcement Action Against Reserve, Bents
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Despite calls for C.E.O. perp walks, building a criminal case will be very difficult.
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Ex-CEO of San Antonio weight loss firm gets prison
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Federal Cases Of Stock Fraud Drop Sharply
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U.S. Steps Up Fight on Corporate Crime
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Naughtiest and Nicest C.E.O.’s of 2008
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Gambling:

Station Casinos taps credit line
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S&P cuts Harrah's rating to 'selective default'
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Greektown Casino In Detroit Weighing Options For Future
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Municipalities:

The Next Wave of State Taxes
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Two of the biggest states in the country are teetering on the edge of bankruptcy
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Economic woes loom large as NJ closes '08
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Vallejo's financial woes are felt on several fronts
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Financial Literacy:

Contemplating the Boobs We Were
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Layoffs:

Avoiding the ax: where the jobs are in 2009
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How to Explain Getting Fired
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No-Layoff Policies Crumble
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Where the jobs are
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Personal Finance:

Your Friends Need Money. Do They Have References?
(NYT: separate free registration required)

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Executive Compensation:

Sarbox Clawback Ruling Could Keep Pay in Some CFOs' Pockets
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Hedge Funds:

Bailout of Long-Term Capital: A Bad Precedent?
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Blocking The Exits
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Humor:

I'm Penniless, but the Laugh’s on Them
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Bankruptcy Bill
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Bankruptcy Statistics:

The bankruptcy burn in Tampa bay
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Sovereign Debt:

Emerging economies face rush for credit
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Tourism:

Riverbarge Excursion Lines curtails all operations
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Media:

An NPR Reporter Becomes the News
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Equity Media, lender agree to work together
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Bankruptcy Prediction:

More bankruptcies expected in 2009
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Business bankruptcy filings haven't peaked yet, lawyer warns
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Economy:

New jobless claims jump more than expected
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Unemployment Filings Reach 26-Year High
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U.S. Manufacturing Probably Shrank Most Since 1980 as Global Demand Slid
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The Beneficiaries of the Downturn
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November Home Sales Fell Faster Than Expected
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US Corporate Profits Probably Fell for Sixth-Straight Quarter
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Was 2008 the beginning of another Great Depression?
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Today's money troubles 'not even close' to 1929 collapse
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Consumer spending falls for 5th straight month
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Spending Declines Less Than Forecast
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Bleak economic picture emerges from new data
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Manufacturing, Home Prices Probably Sank
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Slump Batters Small Business
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Get Ready for a Lost Decade
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Millions of monkeys
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Banks straining against concept of accountability
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Next bubble will be a doozy
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Retailers Want In on Stimulus Plan
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What Happened to the American Dream?
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American Express, CIT get approval for TARP funds
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The Great Bailout Crackdown
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Santa Claus bailout hearings
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Weakness in Spending and Factory Orders Persists
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USA falls deeper into recession
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Stimulus: $1 trillion more with 'little oversight'?
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Biden: We're still working out details of stimulus plan
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Lobbyists Present Wish Lists For Stimulus Bill Tax Breaks
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Consumers gain purchasing power in November
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US Durable Goods Orders Fell Less Than Forecast
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Financial Condition of TARP Bailout Companies Likely Worse Than Publicly Disclosed, Analysis Finds - More Than Eighty Percent Employ Aggressive Accounting and Likely Will Experience Restatements and Other Adverse Events
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Tax the Rich, Poll Says
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Finance workers wary as downturn hits Boston
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Russia, China warn of dire economic straits in 2009
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Real Estate:

Home Sales Fell Sharply in November
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A Mortgage Paper Trail Often Leads to Nowhere
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2008 home sales expected to be worst in a decade
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NY Housing Inventories on the Rise
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The pyramid of repossession blame
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2009 Real Estate Forecast: Troubles Spread
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New home supply remains at 11.5 months
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Downturn Ends Building Boom in New York
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Home Sales Still Waiting to See Rate Effects
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Jumbo Mortgage Shoppers Get Little Relief From Rates
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Bankruptcy sheds light on exchange industry
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Mortgage rates fall to new record low
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Once Trusted Mortgage Pioneers, Now Pariahs
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Home prices may rise on mortgage boom
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Mortgage applications soar as rates fall
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Loans on Distressed Properties Become a Burden and an Opportunity
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Loan Mod re-defaults at 55%
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Commercial real estate prices continue to drop, Moody's
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Self-Storage Rentals Growing Amid Foreclosures, Cutbacks
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Carl Icahn, other WCI Communities directors take more pay cuts
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Title insurers safe despite LandAmerica bankruptcy
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New Board Named at Fannie Mae
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Rules Set for Mortgage Loan Appraisals
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America’s Credit Default Swap: You
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Austin's Real-Estate Glut
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AZ builder's bankruptcy takes toll
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Barratt files for Chapter 11 reorganization
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Palms of Treasure Island files for bankruptcy
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NJ tries to end foreclosure-based renter evictions
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How one family's mortgage is linked to meltdown
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8 of 10 Worst U.S. Real Estate Markets Are in California
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Loss from home foreclosure can't be deducted from tax return
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Subprime Credit Boosted Minority Homeownership, but Now That's Slipping Away
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Chase Home Finance Caught Manufacturing Defaults In Bankruptcy Court
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Art:

Bad days behind us, worse days ahead
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Fraud:

NY Judge Bows Out of Madoff Bankruptcy, Lawyer Switches Firms
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The List: Madoff Investor and Feeder Fund Litigation
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Investor who lost $1.4B to Madoff kills himself
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Friends say Money manager was ashamed over Madoff
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Investor Suicide Sign Of Things To Come?
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Broad Probe Into Madoff
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Middlemen Under Focus
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They Told Me That Madoff Never Lost Money
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Madoff Disaster-Recovery Kit Up for Auction at EBay
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Where Is Madoff's $50 Billion?
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Did Bernie Have Help?
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What drove Bernie Madoff
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Some Jews fear Madoff case stokes anti-Semitism
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Effort Under Way to Sell Madoff Unit
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World's richest woman was Madoff customer
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Madoff to Reveal Assets as Investors Sue for Funds
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U.K.'s Dundas & Wilson Wins Role on Madoff Case
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Professional service firms focus on Madoff’s victims
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CS Clients May Have Lost $925.9 Million on Madoff
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Spain to Investigate Santander, Fairfield Over Madoff Links
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Money losers of 2008: The many investors with Bernard Madoff
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Fund Manager Ordered Not to Destroy Madoff Documents
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Madoff Dealings Tarnish a Private Swiss Bank
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Innocence Project of Texas goes broke in Madoff scandal
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Beauties Hit With Madoff Mud
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Foundations With Madoff Gave Away $73 Million in 2007
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An Ex-Con on Madoff's Delusions
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How Investors Could Have Caught Madoff
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NJ state senator loses $1.3M life savings
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$10K statue stolen from Madoff's Florida estate
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NY University sues fund exec over Madoff
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USVI diocese loses $2 million in Madoff scheme
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Latin American Investors Quiet on Madoff Losses
(WSJ: separate paid subscription required)

New York Prosecutor to Drop Bernard Madoff Auditor Probe; Defers to U.S.
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Madoff's Longtime Rival On What Made Him Tick
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The Winter Wonder Frauds
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Madoff Scheme Takes New Toll
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The Bag Lady Papers Cont'd
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Petters, Ponzi Schemes and Polaroid: When Can Investors Sue?
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Ponzi Schemes: The Haul Gets Bigger, but the Fraud Never Changes
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Is Social Security a Ponzi Scheme?
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Financial swindler ignored efforts to boot him out
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Bush pardons mortgage fraudster
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Pardon Lasts Just One Day for Developer in Fraud Case
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Pardon Goes Awry, Thanks to White House Counsel’s Advice
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Isaac Toussie’s Case for Getting His Pardon Back
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Retailing:

Retail Sales Plummet
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Expect Retail Bankruptcies in January
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Parent Co. files for Ch. 11 bankruptcy protection
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Struggling Sears: The GM of retail
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Retail Winners and Losers This Holiday Season
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Could 25% of American retailers fail?
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Bargain-hunting shoppers sink gift card sales
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For stores, a very un-merry holiday
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Retail stocks suffer, some defy dismal sales data
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November Personal Spending Falls 0.6 Percent
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Sales Plummet; Discounts Don't Revive Holiday Spending; High-End Walloped
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AMAZON says 2008 holiday season 'best ever'
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US Store Traffic Fell 24% on Pre-Christmas Weekend
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Holiday season magnifies shoppers' frugality
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Holiday Shoppers Shun Gift Cards on Closing Concerns
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Shoppers haggle for deals from desperate retailers
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Meltdown 101: What happens to unsold merchandise?
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Moody's considers downgrade of Office Max ratings
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Christmas plea: Store says 'shop, damn it, shop'
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Judge tosses shopping center bankruptcy
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Clothier shuts quickly after Chapter 11 filing
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Milan's Luxury Shopping Blues
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M&A:

Some See ‘Mergers of Necessity’ in 2009
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Private Equity Re-Gifting: The Debt Exchange
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Private Equity: It Isn't a Downturn, It's Devastation
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Cerberus on Debt Markets: 'We Were Wrong'
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Billionaire Feinberg Despised in Wisconsin Where Cerberus Lives Up to Name
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PwC Foresees Desperate Mergers, Private Equity Drying Up
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Theme Parks:

Hard Rock Park lawyers ask for extra time
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Tokyo Disneyland enjoys a recession boom
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Alternative Energy:

An Ethanol Bailout?
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Officials say more Iowa ethanol plants may close
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Trucking:

Flying J gains access to cash
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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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Debt:

Printing Money – and its Price
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Chinese savings helped inflate American bubble
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Book Reviews:

Reviewing "Strategic Alternatives For Distressed Businesses" by Jonathan Friedland
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Oil/Gas:

Oil Rises Above $40 on Israeli Attacks, Dollar
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Crude Oil Rises More Than 6 Percent as UAE Reduces Output
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Gas Prices Continue to Fall
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Zions shares fall amid exposure to oil bankruptcy
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$1.1 million for SGLP top execs
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Tight Credit Threatens Pipeline Expansion
(WSJ: separate paid subscription required)

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Aviation:

Southwest Airlines moves to shore up its finances
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Market for Corporate Jets Goes Into Free-Fall
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Broke company 'orphans' planes
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Asian airlines brace for recession blues in 2009
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Banking:

Banks mum on plans for bailout money
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A Year the News Eclipsed Commercial Breaks
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By Saying Yes, WaMu Built Empire on Shaky Loans
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Fewer Bank Failures than Expected in 2008, but Likely to Rise in 2009
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US regulators near deal for IndyMac
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Dune Capital May Take Over Failed IndyMac For Nearly $14 Billion
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IndyMac Regulator Should Face Probe, Lawmaker Says
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TARP invests in local and regional banks
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A Small Bank Juggles Its Roles
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Fortis posts $412.1 million loss related to currency deals
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Christmas:

If You Skip the 7 Swans, the Lords Look Affordable
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Rockefeller Tree, Child of the Depression
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Lehman:

Lehman Roils Muni Swaps as Collapse Forces Payments
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Lehman Bankruptcy : Crisis Management Via Crisis Export?
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Lehman's Chaotic Filing Destroyed Billions in Value
(WSJ: separate paid subscription required)

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Arts:

Ballet BC averts bankruptcy but still looking for $200000
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Concert industry posts record year despite economy
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Newspapers:

Times Co. Seeking to Sell Its Stake in the Red Sox
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Chicago's newspapers facing troubled futures
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Tribune Asks Approval to Make Pension Contributions
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Newspaper folds after just 1 year in circulation
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The Comics Are Feeling the Pain of Print
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Newspapers attempt to sell off buildings, but the timing's tough
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Pensions:

Houston's pension plans lose $1.9 billion in value
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Religion:

Foreclosures Don’t Spare the House of God
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Pope decries selfishness in economic crisis
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'If people look only to their own interests, our world will certainly fall apart'
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Fairbanks Catholic diocese receives complaints
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Health Care:

A look at hospital troubles across the country
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Marathon Receiver Named
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UPH seeks millions more to run Kino
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Hospitals Struggle to Stay Afloat
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Economy Affects Hospitals In US
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Mining:

Hidden Splendor exits Chapter 11
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Recruiting:

Headhunters feel the squeeze as jobs are axed
(DBN Subscription Required)

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Tech:

10 Things You Won't See After the Recession
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Construction:

More subcontractors filing mechanics’ liens as payments slow
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Education:

Why College Is A Waste of Money
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Credit Reporting:

New threats to credit scores
(DBN Subscription Required)

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Credit Counseling:

Credit counselors inundated: Number of people seeking help with their finances is forcing agencies to add staff
(DBN Subscription Required)

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Sovereign Debt:

Ecuador's Debt Default: Exposing a Gap in the Global Financial Architecture
(DBN Subscription Required)

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UK:

UK's FSA Imposed a Record Number of Fines in '08
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London House Prices Led Declines Across U.K. in 2008 and May Fall Further
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UK Economy To Face Its Worst Year Since 1946
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Why no one predicts an end to the property gloom next year
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Adams Appears Headed for Form of Bankruptcy
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Zavvi files for bankruptcy protection
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Zavvi appoints Ernst & Young administrators
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DLA Piper secures lead role on demise of Zavvi
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Officers Club collapses, but most stores are sold
(DBN Subscription Required)

Doors close at about 200 Woolworths in Britain
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15 major retailers could go bust after Xmas
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______________

China:

A Bankruptcy in China’s Milk Scandal
(DBN Subscription Required)

Pawn Shops Lead China Small-Business Loans as Bank Credit Wanes
(DBN Subscription Required)

Progress With China Evaporates as Recession Reopens Trade Rifts
(DBN Subscription Required)

______________

Canada:

Acadian Mining unit gets bankruptcy protection
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Financial troubles keeping bankruptcy trustees hopping
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No light at the end of the tunnel
(DBN Subscription Required)

Canada Gets Extra Backstops for Commercial Paper Plan
(DBN Subscription Required)

Economic crisis left no part of Canada unscathed
(DBN Subscription Required)

Facing bankruptcy, Ballet BC appeals for donations
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______________

Russia:

Russia facing first budget deficit in a decade
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A Bank Without Money Disillusions Members of a New Middle Class
(DBN Subscription Required)

______________

S. Korea:

Korea Examines Struggling Builders
(WSJ: separate paid subscription required)

Legacy of Former CEOs Grips Woori Bank
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40 percent of Korean companies face trouble
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______________

Mexico:

In Hard Times, Migrant Money Flow Stalls
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______________

Japan:

Japan Recession Fears Reinforced by New Data
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Is Japan Heading Towards an Economic Earthquake?
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Bank of Japan May Consider ‘Extraordinary Steps,’ Kamezaki Says
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Elderly Japanese Turning to Crime
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L&G investment scam netted over ¥200 billion
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Japan's Recession Deepens as Industrial Production Falls Most in 55 Years J
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Japan's Small Business Confidence Falls to Record Low as Recession Spreads
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Japan Jobless Rate Rises to 3.9%; Households Cut Spending for Ninth Month
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______________

Serbia:

40.000 companies face bankruptcy
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______________

Germany:

Germany Struggles With Idea of Bigger Bailout
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German Banks Getting State Aid Shouldn't Fire Staff, Union Says
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German Tenants Pray for Souls of Bankers
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Hypo Real Estate probed for insider trading
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______________

France:

French Unions Losing Influence in Downturn
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French Carrere in bankruptcy filing
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Thailand:

Worst Slump in Decades for Thai Tourism
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Iceland:

Iceland's Fall: The Isle That Rattled the World
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Russia:

2009 worst year for Russian economy: FM
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India:

Realty industry wakes up to reality
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______________

Belgium:

Van Rompuy Named Belgian Leader to Face Bank Crisis, Recession
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KBC Says Writedowns to Cut Results by EU900 Million
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______________

Israel:

Bank of Israel May Reduce Benchmark Rate to 2%
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______________

Hong Kong:

Hong Kong's New Mortgage Loans Fall for Fourth Month
(DBN Subscription Required)

______________

 

 

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