November 12, 2008

The Daily Bankruptcy News

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Law:

Even Law Firms Feel Strain of Layoffs and Cutbacks
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White & Case Cuts 70 Lawyers, 100 Staff; Low Attrition a Problem
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New York Today and Tomorrow
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Anatomy Of A Dissolution: Heller Ehrman's 'AIG Moment'
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Eversheds reviews 45 jobs
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Harvard Law Students, Legal Recruiters among Those Hit by Law Firm Cuts
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Michael Hausfeld, "Expelled" Cohen Milstein Partner
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Narcissists with Big Egos Lead Many Law Firms
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Layoff Watch: White & Case Brings Layoffs into the Vault Top 20
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Shearman & Sterling on Shearman & Sterling's Corporate Practice
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Alston & Bird Staff: You Don't Have To Go Home But You Can't Stay Here
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Law Firm Perk of the Moment: Flextime
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Lawyer Hausfeld Learned of Firing From Note on Chair
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A Wrong Prediction about Construction Litigation Results in Layoffs
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Chicago: Where Work Goes To Die
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Having a Heart in Bankruptcy Proceedings: Veteran Chapter 11 Attorney from Steptoe & Johnson Goes Against Stereotypical Image of Workout Specialist
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Working Virtually and Hard Economic Times
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Why are law firms so reluctant to admit they've changed their gameplan?
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Ranks of First-Year Associates Rise at Large Texas Firms
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How Much Work Are Corporate Law Departments Paying For?
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A Renewed Push for Fixed-Fee Billing Arrangements?
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Levene Neale will pay $2.5 million in a settlement
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Wall Street's Next Big Expense: Litigation Costs (scroll down)
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Saudi Arabia Sues Cigarette Importers for $34 Billion
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Ex-Baker Botts Partner Turns to Writing Books
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Law Firm Offer Swag
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Law Student of the Day: Alex Botsios
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Judges:

Lifetime Ban on Judicial Service Sought for Judge Allegedly Drunk on the Bench
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Firm Sued for Offering Job to Judge While He Sat on One of Its Cases
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Wall Street:

Stock futures point to early losses
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Asian stocks fall as signs of slump mount
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Retail Worries Help Push Markets Lower
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Buddy, Can You Spare a Job?
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As Goldman's trouble mounts, rumors swirl
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Retailing:

No. 2 mall operator warns of bankruptcy
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S&P 500 to drop General Growth
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General Growth Paints Bleak Picture
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Harold's to close retail stores
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National Wholesale Liquidators Files for Bankruptcy
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Malls in New Jersey Plan to Survive Bad Economy
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Circuit City bankruptcy a blip for tech firms
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Circuit City Owes Home Entertainment Industry $56M
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Mervyns Shopper Warns: Buyer Beware
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Mayfair Mall Could Be Sold Due To Tough Economy
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Hawaii's Biggest Retailer may be Headed for Bankruptcy
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Shares Of US Dollar Stores Soar
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Autos:

GM, Once a Powerhouse, Pleads for Bailout
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GM: The Threat of Bankruptcy - General Motors' senior management, business experts, and some members of Congress think letting the automaker go Chapter 11 would be a disaster
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GM closes under $3 - first time since '46
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Bankruptcy With A Twist
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Activists attack auto aid
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Ackman Says GM Needs to Restructure
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GM woes worsen after Delphi warning
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Pelosi Backs Special Session for Auto Aid
(WSJ: separate paid subscription required)

Limits on pay, parachutes should accompany auto industry aid, Pelosi says
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GM Judged Too Big to Fail as Pelosi Embraces Industry Rescue
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Throwing money at carmakers won't help workers
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Poll shows lukewarm support for federal auto bailout
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The once-unthinkable prospect of a G.M. bankruptcy filing is getting more, well, thinkable.
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Dealers, Customers Wonder if GM Will Survive
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Big 3 woes imperil Japanese
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Democrats Seek Help for Automakers
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As auto woes deepen, Bush-Congress showdown looms
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GM's financial struggles may cost retirees
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There is hope for GM bonds, at least
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EU levies hefty fine on car glass makers
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Gambling:

Las Vegas Sands shares slide after project stalls
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Singapore will not bail out casino project, minister says
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Las Vegas Sands: Massive Offering, but Is it Enough?
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Ind. board considers Aztar Casino license transfer
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Casino Empire Takes Fresh Hits
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Banking:

AmEx Is a Bank, But Won't Act Like One
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AmEx shares tumble on approval to take deposits
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AmEx Said to Request $3.5 Billion in Aid
(WSJ: separate paid subscription required)

Ironies
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New AIG Rescue Is Bank Blessing
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'If the government is counting on banks to spur lending, that does not seem likely in the next couple of years' (scroll down)
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Banks Jack Up Customer Fees
(WSJ: separate paid subscription required)

Drowning in a sea of red
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Sovereign Debt:

Washington's fiscal breakdown
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Debt Collection:

Debt Collectors Hit Hard Times Subscriber Content
(WSJ: separate paid subscription required)

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Economy:

Unemployment: How to Slow the Bleeding
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Buying Binge Slams to Halt
(NYT: separate free registration required)

Global Confidence Remains Near Lowest Level in a Year as Recession Looms
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How Obama Can Fix the Economy
(WSJ: separate paid subscription required)

Paulson to Give Progress Report Today on Bailout
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U.S. Slump May Be Longest in Three Decades as Economy 'Fell off a Cliff'
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Pressure Is on for Obama, but This Rescue Relies on All of Us
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GM Bailout Only Way to Stave Off Great Depression II, Says Cramer
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Drop in sales, bankruptcies sweep globe
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Financial bailout clearly proving to be a giant farce
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TARP's $700 Billion Can't Meet 'Phenomenal' Spending, Reid Says
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Why Washington Cannot Prevent Depression
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Enough already with the bailouts
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Can US Be Approaching Bottomless Pit of Bailouts?
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"Good to Great" companies can fail, too
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Lobbyists Swarm the Treasury for a Helping of the Bailout Pie
(NYT: separate free registration required)

14 Big Businesses That Started Off In A Slump
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Real Estate:

Home Prices Resume Downward Trend in Sept.
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Fannie, Freddie to modify more mortgages
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First the Home Loan Workout, Then the Investor Lawsuit?
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Critics say new federal mortgage plan not enough
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Where Fannie and Freddie's Loan Mod Plan Falls Short
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New Mortgage Plan Just a Drop in the Bucket?
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FDIC head says new mortgage plan insufficient
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New rush to modify home loans raises 'moral hazard' issue
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Can Anyone Halt The Mortgage Meltdown?
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White House Scales Back a Mortgage Relief Plan
(NYT: separate free registration required)

Toll Brothers wants the government to subsidize house prices
(NYT: separate free registration required)

Market's Troubles Echo in a Building's Vacant Floors
(NYT: separate free registration required)

New Faze files for bankruptcy protection on three projects
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Pacific Lifestyle can sell its homes
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SunCal bankruptcies spread, $2.5 billion at stake
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The Treasury is finally moving to keep people in their homes because it can't ask Congress for more bank-bailout funds without some help for homeowners
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Affordable Housing Deals Are Stalling
(NYT: separate free registration required)

Apartment Market Weakens
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Toll on New York: It's Dead
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US, lenders ease delinquent loan workouts
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Mortgage crisis poses extra problems for military personnel
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For Many, 20% Down Payment Is All That's Left
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Oil/Gas:

Oil ends below $60 a barrel on economic concerns
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Baker owed $7 million
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Storm Cat Energy units fall
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Torrent Energy sold to YA Global
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Insurance:

Irate Congressman Demands Resignation of AIG CEO
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Large AIG holders keen for gov't to scale back stake
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Will AIG Be Able to Repay Taxpayers?
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AIG won't say it needs no more aid
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Ex -AIG Chief Says Government Support Will Have to Continue
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Newspapers:

Up to 13 Conn. papers may close if no buyer found
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Knee-jerk Populism
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S&P lowers ratings on Tribune Co.
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Finance:

Ex-PaineWebber chief says banks must lend more
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Credit Markets Dip Into Absurdity
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Barter Exchanges Catch On as Credit Tightens
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Lehman:

Lehman seeks to sell its art collection
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Deutsche Bank sues Lehman over US$72.5m transfer
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UBS Hit With Class Action Over Lehman Notes
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HK Lehman probe debated
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Food/Drink:

Troubled Kirkland Ranch Winery up for auction
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Consultants:

Perella sees boom in restructuring work
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Skiing:

Bad times for private ski resorts in Montana, Colorado
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No... No... Anything But Big Sky
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Accounting:

Deloitte Sues an Ex-Partner for Trading in Clients' Securities
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"Spineless?" Did UK Weaken Fair Value?
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E&Y wards off negligence claims
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Bankruptcy Reform:

Desperate Vs. Deadbeat: Can We Quantify the Effect of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005?
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Pensions:

The rise and fall of the 401(k)
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Fraud:

KPMG warns of heightened fraud risks
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Corporate Governance:

Harsh words for corporate boards
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Hotels:

Hilton's expansion plans have stalled, leaving Blackstone Group, and U.S. taxpayers, in the lurch.
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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 Statistics:

Here Comes a Bankruptcy Boom
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Municipalities:

Ohio town devastated by layoffs by German firm DHL
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California faces $28 billion deficits
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Forest Products:

Dean Hardwoods files for bankruptcy protection
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Software:

LaGarde files Chapter 11 bankruptcy, talks with buyer
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Credit Counseling:

Need for financial counseling exploding
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Aviation:

Delta raises may create friction on union front
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Nonunion workers get bigger raises at Delta
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Bank repo's Air Kauai helicopters
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DayJet's Iacobucci speaks about company's troubles, future
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EU approves Alitalia rescue, blocks loan-source
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Alitalia: more flights canceled over pilot dispute
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Ratings Agencies:

Company CEOs Favor Credit-Rating Agency Regulation, Law Firm's Survey Says
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s

EU Proposes Restrictions for Ratings Agencies
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Shipping:

The Perfect Storm Will Slam into Shippers
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Trucking:

Bank asks judge to limit pay to Gainey, disbarred attorney now receiving $12,500 a week or more
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Derivatives:

Federal Reserve Said to Seek Lead on Regulating Credit-Swap Clearinghouse
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Corporate Reform:

CFTC head calls for new regulatory regime
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Resorts:

Another one bites the dust
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A Boo-boo at Yellowstone?
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Layoffs:

The Job-Eating Economy
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Altria to cut jobs due to economic uncertainty
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Layoffs Watch '08: Morgan Stanley
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Distressed Investing:

Turning around distressed situations into the golden egg
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Politics:

Mortgage hearings
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Pelosi's Auto-Rescue Plan Sets Up Clash With Bush
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Hedge Funds:

Amaranth Suit v. JPMorgan Can Go Ahead
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Don't Die Angry
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Health Care:

Senator offers detailed blueprint to 'guarantee health insurance for all Americans'
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Brotman's disclosure statement OK'd
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UK:

Bankruptcy fear for small businesses starved of borrowing
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King Says BOE Prepared to Cut Rates as Low as Needed
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U.K. Unemployment Rises at the Fastest Pace in 16 Years as Recession Looms
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The domino effect: Road to recession
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Xmas Shoppers Ignore Cash Woes
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Insolvencies rise by 8.8%
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Huge rise in NI business closures
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John Menzies to cut 600 jobs
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Canada:

100,000 jobs to be lost, report says
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Consumer, business bankruptcies poised to rise
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EU:

Survey Finds EU Heading Rapidly Towards Recession
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European Industrial Output Drops 2.4 Percent on Year, the Most Since 2002
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China:

Slowdown in Demand from China Foreshadows Global Recession
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China's October Retail Sales Up 22 Percent
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Pakistan:

Pakistani diplomat finds empty US coffers
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S. Korea:

GM Daewoo authorizes temporary nationwide plant closure
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Shinsung Files for Court Receivership
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Russia:

Russia Debt Risk Jumps After 'Clumsy' Ruble Widening, Rate Rise
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Russian Currency Declines, Adding to Economic Strain
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Hong Kong:

The collapse in Hong Kong takes a mysterious form
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Japan:

Japan Consumer Sentiment Fell to a Record Low in October
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