December 30, 2008

The Daily Bankruptcy News

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The Daily Bankruptcy News will not publish on New Year's Day, January 1, 2009


Law:

Heller Ehrman Put in Bankruptcy to Protect Creditors
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Banks and Landlord Blamed in Heller Bankruptcy
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Heller Ehrman law firm owes landlord $1M
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Anatomy of a Dissolution: Heller Files for Bankruptcy, Thacher Proffitt WARNS People to Come to Work
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Orrick Freezes Associate Salaries
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Pay Freeze Watch: Dorsey & Whitney
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Law Firm: Still Hiring off of Craigslist
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Lewis and Roca forms 'distressed real estate' team
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Luce Forward's Growth Ambitions
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Are You Betting Against the Web?
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SPF 0: Firms Got Burned in 2008 in the Sunshine State
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A Temporary Firm Forms In Stamford
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New Jersey Middle-Market Law Firms Face Uncertain Future
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Options for the 2Ls and 3Ls out there who are worried about their future
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NY BigLaw Firm Gives $1 Million Gift to Fordham Law
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Post-Pellicano/Christensen convictions, wiretap civil suits abound
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'Twas the Night Before Christmas, Legal Version
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Law Students of the Year
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3rd Circuit Slashes Punitives, Imposes 1-1 Ratio
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Judges:

Federal Judges Call for Higher Pay
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Wall Street:

Stocks in Europe, Asia, US Futures Gain; Rio Tinto, GM Rise
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World markets gain, led by higher energy stocks
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US Stocks Drop Mon. as Dow Chemical, Rohm Overshadow Energy Gains
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Oil/Gas:

SEC Revises Oil-Reserve Accounting Rules
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Oil's Day of Reckoning
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Oil Falls Below $40 on Grim Economic Outlook
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Oil ends above $40 as Middle East fighting rages
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Where Are Oil Prices Headed in 2009?
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Retailing:

Holiday Sales Drop to Force Bankruptcies, Closings
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Stores, entire chains will close in 2009: analysts
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Retail's Changing Face
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73,000 stores could close in first half of 2009
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Profiting from More Retail Store Closings
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American Apparel Shares Hit New Low as It Names CFO
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Retailers who have filed for bankruptcy protection
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Chanel lays off staff as crunch hits lux brands
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Holiday Shopping & the Law: Black Friday and Wal-Mart’s Blitz Sale
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At age 79, Boscov bets $300M on retailer's future
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Food/Drink:

Restaurant Woes Crack Egg Sales
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Napa, Calif., 'Wine Shrine' All Tapped Out
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HVAC:

Desa Heating parent files for bankruptcy
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Radio:

Sirius: NY Times Piece Paints Grim Picture of Debt Troubles
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Procurement:

YourBuyer stung by failed move into construction materials procurement
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Television:

Analyst: Chance of bankruptcy increases for Charter
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Newspapers:

Tribune expects to grow cash in '09
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New York Times Seeks Asset Sale as Debt Payment Looms
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Banking:

Citigroup, Bank of Montreal, WestLB SIVs Lose Top S&P Grades
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A straightened future for troubled banks
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Treasury provides financial support to 43 banks
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Banks to Post Rare Quarterly Loss
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Banks better off than people think, argues analyst Bove
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Hedge Funds:

Crackdown on hedge funds looms after Madoff affair
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Top Ten Dear Investor Letters
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Bonds:

Can Junk Bonds Get any Junkier?
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Sports:

A Critical Analysis of Sport Organization Bankruptcies in the United States and England: Does Bankruptcy
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Student Debt:

Dishonest Lenders Saddle Grads With Crushing Debt
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Agriculture:

Farming's Sudden Feasts and Famines
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Alternative Energy:

Lender Seeks Lien on Ethanol from VeraSun
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Resorts:

Resort developer Ginn Cos. to liquidate 2 projects
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Gambling:

The Good Times Stop Rolling: Vegas Meets the Recession
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Behind Vegas's Bad Bet
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Atlantic City Bleeds as Would-Be Gamblers Pay Bills Instead
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Newspapers:

Tribune Co. outlays failed to halt spiral
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NY Times plans fundraising
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Economy:

Veterans of ’90s Bailout Hope for Profit in New One
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Bailed-out Firms Rate Higher in Riskiness
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Bailouts :)
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US 6-month T-bill auction has lowest yield ever
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Fighting the Last Depression: The Fed's Policy Errors
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IMF argues for large stimulus packages
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Obama Approach Gets IMF Nod
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Republicans want say in stimulus plan
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Republican McConnell Seeks to Slow Economic Stimulus Measure
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Michigan's economy takes another hit
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How to invest in a world getting poorer
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Great Depression witnesses remember
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Global growth will be very weak next year: ECB
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Real Estate:

Fed Study Finds 169 Mortgage Finance Companies Failed Last Year
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Index to Show Further Fallout
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Fundamentals Worsen as CRE Industry Eyes Bailout Funds
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Is Commercial Real Estate the Next to Decline?
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Foreclosure at the Mall
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Contractors sue Elk Grove mall developer
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EnCap faces deadline on landfill
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Obama Playing Poker With Homeowners
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Skaters Jump In as Foreclosures Drain the Pool
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Bellingham homebuilder's collapse leaves millions in debts
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Autos:

US auto industry seen as most distressed in 2009
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Conditions on loans risky for auto retirees
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Kerkorian sells off remaining Ford shares
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GMAC future hinges on vote
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GMAC Receives $5B in Bailout Funds
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U.S. Agrees to a Stake in GMAC
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GMAC says it likely raised enough capital to meet Fed terms for bailout money
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After capital boost, GMAC still faces GM risk
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Detroit after the Bailout
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Chrysler exec credited with sparing jobs
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Black Workers in Auto Plants Losing Ground
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Japan Auto Sales Plunge as Young Lose Interest
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Honda, Toyota looking to help troubled suppliers
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Fraud:

House Panel to Hold Hearing to Examine Madoff Scandal
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Madoff liquidation trustee gets $28 million for costs
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Turns out that someone may actually make some money off of Bernard Madoff's Ponzi scheme
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NY judge may weigh wider Madoff investor relief
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Early Motions in Madoff Case to Be Heard Wednesday
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UBP Scrambles Over Madoff Ties
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If You're So Smart, Why Aren't You Rich?
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Steve & Barry's founders accused of fraud
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Shipping:

Weyerhaeuser Ends Efforts to Sell Westwood Shipping Subsidiary
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Municipalities:

Massive Surge In Municipal Bankruptcies Coming
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NY could get billions more in federal aid
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Alabama lawmakers, Jefferson County Commission President Bettye Fine Collins in talks on sewer crisis resolution
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Mass Torts:

Judge Colombo's asbestos ruling, cont'd
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Private Equity:

When Private Equity Companies Fail
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The Year in 2008 PE-Backed Bankruptcies
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Private equity groups face tough choices
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Religion:

More churches foreclosing, filing for bankruptcy
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Defaults:

Covenants biggest risk for firms as defaults rise
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Speculative-Grade Distress Ratio Rises to 85 Percent
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Health Care:

Big Problems, High Stress
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Now Is Not The Time To Run
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Medicare Cuts Off California, Florida Home Equipment Suppliers
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"Now they actually have to invest some money to go to the trouble of defrauding us"
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Sunwest sells 7 facilities
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No money, no insurance, no mercy
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Finance:

Interbank lending rates ease
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Art:

How Monet, Freud, Hirst Records Led Art-Market Bubble to Burst
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Telecoms:

Level 3 Ratings Cut to ‘Default’ by Standard & Poor’s
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Nortel unit gets 30-day waiver on support facility
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Sovereign Debt:

Ecuador Uses Social Security Agency to Fund Budget
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Antigua Seeks $30M Loan to Weather Fiscal Crisis
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Packaging:

Chesapeake Corp. files for bankruptcy protection
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Credit Cards:

Changing credit-card terms are squeezing consumers
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Cutting Credit Lines Could Lead to Consumer Blowback
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Target's November Charge-Off Rate Increases
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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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Consultants:

FTI Consulting Leads Bankruptcy and Crisis League Tables
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Lehman:

Lehman bankruptcy filing wiped out billions - WSJ
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Lehman Bankruptcy Said to Cost Up to $75 Billion
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The Lehman Debacle
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Casting the Lehman Brothers Movie
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“Urgent. Code name: Equinox” — The Story of Lehman’s Bankruptcy
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HK Lawmakers Slam HSBC Role in Lehman Bonds Sale
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Golf and Lehman investments
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Lehman Bankruptcy Postmortem: WSJ version
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Theme Parks:

Hard Rock Park hopes dim for 2009
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Layoffs:

Could Retail Cut Another One Million Jobs In 2009?
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Jobless Benefits, State by State
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Advanced Micro Devices adds 100 to layoff plan
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Weird News:

Man Spent Days Unnoticed In Family's Attic
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The 12 Most Embarrassing Photos of 2008
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2008 Weird News in Review...The Strangest from '08
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Personal Finance:

In Housing Fall, Breaking Up Is Harder to Do
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Pawnshop Clients Now Drive BMWs
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Aviation:

Frontier posts profit for November
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Can Obama Make Airlines, Unions Get Along?
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Eclipse Aviation auction date set
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Airlines Grab Cash Amid Crunch
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Construction:

Home kit maker Lincoln Logs to liquidate
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M&A:

M&A Looks Grim for 2009
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Tax:

Switzerland and Liechtenstein: Tightening the Screws on Tax Havens
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UK:

Zavvi Stores Refuse Gift Vouchers
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600,000 UK layoffs in '09, says personnel group
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UK Manufacturing business failures set to rocket by 37 per cent
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Clothing company goes into bankruptcy protection
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House price experts differ on depth of fall
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UK Home Values Fell 12.2% From Year Ago in November
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Advisers called in as sales fall at Globe pubs
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Pound falls below Euro
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EU:

ECB Pressured to Cut Rates by Falling Sales, Weaker Lending
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Loans to eurozone firms, households stagnate in Nov
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S. Korea:

Bankruptcy laws to get an overhaul
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A South Korean Carmaker Seeks State Aid
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Conflict Between Creditors Endangers C& Group
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SKorea's industrial production plunges in November
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SKorean stocks, won close worst year since 1997
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Israel:

Hedge fund wants Eli Reifman declared bankrupt
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Australia:

Tourism Declining as Global Growth Slows, Australian Says
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ANZ faces US suit over Opes Prime
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Russia:

Faces of the Crisis: Oleg Deripaska
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Gazprom, Once Mighty, Is Reeling - Deep in debt and negotiating a government bailout
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Professor Predicts End of U.S.
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Japan:

Japan Economy May Shrink 12.1 Percent, Barclays Says
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A hard rain for Japan's insurers
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Mexico:

Mexico’s Fiscal Prudence Fails to Avert a Slowdown
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Germany:

As the U.S. Buys Less, Germany Suffers
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Credit Tightening for German Firms
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Auto parts supplier Gimotive/Stankiewicz seeks bankruptcy
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Deutsche Bank Shares Blame for Financial Crisis
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Merckle’s VEM Investment Unit Says Bank Claims Frozen
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Canada:

Blue Note meeting creditors
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Spain:

Spanish Home Prices Decline in Third Quarter as Economy Shrinks
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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).