November 17, 2008

The Daily Bankruptcy News

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Law:

Firm to layoff 95
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Firm raises associate salaries
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Another Firm Axing Up to 42 Lawyers, 53 Staffers
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Orrick Plays 'Hide the Logic' During AmLaw Interview
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And Then There Are Stealth Layoffs: BigLaw Nudging Associates Towards the Door
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Firm axes 31 lawyers
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Got an Offer? Grab It, Recruiter Tells Would-Be Summer Associates
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Layoff Watch: Greenberg Traurig Tells Real Estate Associates To Take A Long Weekend
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And Speaking of Job Loss. . .
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Layoff Watch: 20 Gone From Moore Van Allen As Charlotte Continues To Fade
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Staff Layoffs at Edwards Angell Palmer & Dodge These Things Never Happen On Boston Legal
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Layoff Rumor: TPW to Cut Structured Finance Department
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Craig to be WH counsel
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The Lawyers Who May Run America
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NY Bar Exam Pass Rate Hits Historic High
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UK court criticizes transatlantic legal deal
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Judges:

US Supreme Court to hear case regarding W.Va. Supreme Court
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Judge Resigns; Police Said She Used Racial Slurs
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Scalia Apologizes for Wrongly Scolding Lawyer over Missing Statute
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Connecticut Loses A Bankruptcy Judge
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Wall Street:

Stock futures slip
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Stock futures signal gains, automakers eyed
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Global stocks shaky amid economic woes
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Asian Stocks Decline as Japan, Hong Kong Slide into Recession
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UK Stocks Fall on Report Economy Will Shrink; Retailers Drop
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Wall Street ends turbulent week sharply lower
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Wall Street sells off as consumers snap wallets shut
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"Sooner rather than later, someone was going to identify me, along with a lot of people more or less like me, as a fraud."
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Goldman Targeted by Investor Complaints of Naked Short-Selling
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Ameritrade, Schwab Trades Rise as Clients Flee Funds
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Market Bottom? For Some Investors, It's Close Enough
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Analysts cuts estimates on Goldman, Morgan Stanley
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JPMorgan Plans Thousands of Job Cuts Worldwide
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Executive Compensation:

Goldman CEO, 6 others forgo 2008 bonuses
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Goldman penance now could save future bonuses
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Main Street to Wall Street: Give up the bonus checks for good!
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UBS Adopts New Exec Pay Model, Axes 2008 Bonuses
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Bonuses: Will anyone get them or deserve them next year?
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Bid to Limit Bonuses May Be Stymied by Contracts
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Casting a jaundiced eye over what the boss is paid
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Autos:

Senator Shelby Opposes $25 Billion to Aid Automakers
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Pelosi outlines aid package for US automakers
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Obama Calls for Aid to US Auto Industry, With Conditions
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Sparks fly over auto bailout
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GM and assembly line journalism
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Toyota, BMW, Hyundai Workers' Senators Oppose US Auto Loans
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Toyota's Credit Rating May Be Cut as Fitch Reviews
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GM posts a video of what will happen if it collapses
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GM Sells Suzuki Stake for $230 Million
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Here's How Much Chrysler Needs Bailout
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Just Say No to Detroit
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If Detroit Falls, Foreign Makers Could Be Buffer
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Bailing out the carmakers: Just say no. Period
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Showdown looming in Congress of automaker rescue
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A Solution for General Motors
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The Autos and Mentality That Ruined Detroit
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US auto sector bankruptcy would devastate: GM CEO
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Peak Oil, Cars, and Depressions
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Levin: Wagoner should leave if it ensures aid
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Auto shakeup: Start at top?
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US Auto Industry Needs an Emergency Bankruptcy
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How to Save the Auto Industry (and make America a better place!)
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If they fail, let them: As harsh as it sounds, bankruptcy court may be the best option for the Detroit Three
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Supplier woes put auto industry in danger
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Senate will take up $25 billion auto bill Monday
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Ross Warns Bankruptcy Won't Help Auto Makers
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Why Ross is making a case for a GM bailout
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Detroit is going down -- if not now, eventually
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Carmakers Not Qualified for Previous $25 Billion?
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GM, suppliers: Trapeze artists with no net
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Stimulate Car Buyers, Not Car Makers
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Why the US Automakers Should Get a Bail-Out
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GM Steps Up to Soup Line for Treasury Handouts
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'Dumbest People' Industry Image May Cost Wagoner Job
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UAW head says that unions aren't to blame for Detroit's problems
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Bloated benefits for unions are sinking automakers
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UAW Faces Prospect of Concessions
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Union rules out concessions
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As GM Goes, So Goes Indiana?
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Where's the love? I never knew Detroit was a dirty word
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Chrysler paying big bonuses to execs who stay
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How High Gas Prices Can Save the Car Industry
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Rowland Motor runs out of gas
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Auto leasing goes back to 'how it was in the old days'
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Dealer Claims Chrysler Is Ruining Him
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Car maker Opel seeks help from German govt
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UK car industry presses Government for aid
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Calls grow for more help for German automakers
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Germany doesn't want blanket auto sector aid: FinMin
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Canada Can't 'Ignore' US Support to Carmakers, Harper Says
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Australian Car Dealers Sell at Cost Price as Credit Freezes
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Derivatives:

White House takes aim at derivative market
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Credit-Default Swap Clearinghouse to Be Running by Year-End
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Lehman:

Lehman wind-up leaves Enron pale by comparison
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Lehman Europe says some creditors may lose money
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Morgan Stanley says Lehman-linked notes worthless
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Lehman Bros administration costing £4m a week
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Lehman creditors facing 10-year wait
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Hong Kong to investigate Lehman
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The Creditors of Lehman Can Do Little but Wait
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Food/Drink:

Creditors want Agri case moved to Iowa
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Agriprocessors' former leader arrested again
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Agriprocessors official charged with bank fraud
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Oil/Gas:

Crude falling despite news of another OPEC meeting
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Crude Oil Falls as Global Slowdown Cuts Demand in China, Japan
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Traders to collect big on slick bet
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OPEC wants oil at $70-$90 a barrel
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Wadleigh can tap financing
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The capital well is dry even for energy companies
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Predatory Lending:

FTC sues internet 'loan sharks' for deceptive lending
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Credit Cards:

Lenders Cutting Credit Based On Where You Spend It
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Paulson Credit-Card Bailout Draws Growing Criticism
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Citigroup raising rates for some US cardholders
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Municipalities:

Mayors of Philadelphia, Phoenix seek bailout share
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How a gap in city's budget became a $1 billion canyon
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Goldman Sachs bets against California
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Facing Deficits, States Get Out Sharper Knives
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State owes $4 billion in unpaid bills
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Railroads:

Union Pacific says economy hurt 1,500 workers
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Pensions:

More Bad News: Employers Cut 401(k) Matches
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Luxury:

In Hard Times, No More Fancy Pants
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Health Care:

Monday's bids mark step into future for hospital
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Hospitals Write Off Increasing Amount of Bad Debt
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Pontiac can reject labor pacts
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Court date set for Carraway bankruptcy case
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State of confusion
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Employers Offer Workers Fewer Health Care Plans
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Economic stress not limited to finances
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In a Suicide, Crisis and Life Cross
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An examination of U.S. healthcare under the Obama administration
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U.S. chronically ill most likely to go without care
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Economy:

Obama: Government Will Do 'Whatever It Takes' to Revive Economy
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Obama backs global response to crisis: advisers
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Obama-Pelosi Stimulus May Fail to Reignite Economy
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Change it's hard to believe in - Warren
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US Consumer Sentiment Index Stays Near 28-Year Low
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Long, painful recession is likely - economist survey
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Roubini's Latest "Why Things Are Hopeless" List Hits New Record, 20 Items
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Recession Will Be Less Damaging Without Bailouts
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Fed official in Ohio says nation in recession
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Prices May Have Tumbled as Economy Sank
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Never bet against the American consumer - Until now
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Let's Have Another Cup of Coffee
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A Rescue Plan Without Taxpayer Money
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GOP Senator: Paulson may have given bailout money 'to his friends'
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Pull away blanket of secrecy on federal bailout
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The Right Kind of Bailout
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Banks balk at limits
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Bailouts must come with strings, say officials
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The next great bailouts :)
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Genworth in deal to buy bank, seeks TARP money
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TARP and Fed facilities unravel
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Tarp goes same way as superSIV
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AIG bailout boost changes rescue plan
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Flurry Of Firms Apply For US Treasury Funds By Friday Deadline
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New Yorker Nominated to Monitor U.S. Bailout
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A Recession Can Clear The Air
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Depression 2009: What would it look like?
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When billions become trillions
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Bernanke Says Central Bankers Ready for More Actions
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Consumers cut back sharply on spending
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More Gloomy Economic Reports Are Coming
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Europe in recession, U.S. in pain as world leaders meet
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World leaders dine in style as they discuss financial crisis
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World leaders show unity, vow to do no harm
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World Crisis Plan Criticized as Trading Dawns
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Awaiting verdict on world leaders' crisis plan
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IMF needs more money
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Will the Safety Net Catch Economy's Casualties?
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Economic meltdown seeping into Texas
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Real Estate:

Sex, Lies, and Subprime Mortgages
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Homeowner Says Bank Took Bailout Money So It Must Negotiate New Terms on Foreclosure
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Freddie: $25B loss, taps tax dollars
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Freddie Mac asks for $13.8bn lifeline
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Mortgage Applications Increase Nearly 12%
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Home Sales Fall 19% From September to October
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Countrywide Sanctioned over $55,000.00 for Bankruptcy Abuses
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Apollo's Realogy May Default on Loan, Offers to Exchange Debt
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Freddie, JPMorgan in Dispute Over Bad WaMu Loans
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FDIC says plan could help 1.5 million keep homes
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The Poor Victims
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Foreclosure Mess: Two Different Plaintiffs Claim to Own Same Mortgage
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How to Mop Up Foreclosure Flood
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FDIC Breaks With Bush Administration on Foreclosure Policy
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Kansas, 11 Other States Reach Agreement with Countrywide Financial Corporation
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Fighting the bank and winning
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U.S. household debt: $14 trillion
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Commercial mortgage lending comes to 'abrupt halt,' RBS says
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DBSI Failure Shows Spread of Turmoil
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US subprime delinquencies spike as jobless climbs
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Massachusetts AG Wins Injunction, Right to Review Foreclosures
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The idiocy of the sell-side
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S.F. landlord Brugnara files Ch. 11 bankruptcy
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Bankrupt Renaissance is nearing profitability
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GA: Coastal developer files for bankruptcy
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Trading Down: Real Estate's New Reality
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Marblehead Bankruptcy: Bid to Save Key Project?
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Heyday to mayday
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Bonds:

Dexia agrees sale of US unit after huge loss
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Alternative Energy:

Once booming, now beaten down, ethanol enters a new era
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Ethanol start-up Mascoma sheds staff
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Construction on huge ethanol plant grinds to halt
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Indiana's ethanol industry is no longer a sure bet
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Obama will back ailing ethanol makers
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Resorts:

Elite Yellowstone Club Can Barely Afford Food
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Ultrarich revolting over bankruptcy
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Aviation:

Economic slump extra drag for ailing airline industry
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s

Eclipse workers sent home without pay
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Teamsters Laud Members of Congress for Efforts to Save Frontier
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Frontier Airlines Posts Loss
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Alitalia canceling flights to save money-unions
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Air France to Cancel Up to 35% of Overseas Flights Amid Strike
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Airline goes broke as economic crisis bites
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Dark clouds loom for Indian airlines
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Stelios denies rumors of cash shortage
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Insurance:

Insurers Mull S&L Status
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Capital-hungry insurer agrees to buy a bank in order to get in on the Treasury Department's Capital Purchase Program
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What Happens When Your Insurer Goes Under?
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Trading of Brooke Corp. shares halted
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Hoping to Retain Execs, AIG Ends Deferred Comp
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Timing all important in latest AIG negotiations
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End to AIG cleanup far off
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Inside the AIG-Fed swap meet
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Cuomo Investigating Colleges' Deals With Health Insurers
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Insurers seek delay of fair value reporting
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Firms Shiver as Premiums Rise
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Lloyd's survival strategy offers 'bad banks' blueprint
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Corporate Reform:

Bankers Would Love to Kneecap State Regulators
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Americans Demand Wall Street Bonuses, Bankers' Heads
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The Grand Inquisitor
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Tech:

Crisis Spreads to Tech Sector as Sun Plans to Cut Work Force
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Consumer Debt:

Americans teetering on pile of debt
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Advertising:

Death of Detroit Would Wallop Ad World
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Trucking:

Bankruptcy judge balks at $600000 salaries at Gainey Corp
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Magazines:

For Thousands of Laid-Off Mag Employees, a Hard Road Ahead
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Newspapers:

Newspapers face fresh printing pressures
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Newspapers Jettisoning Top Talent to Cut Costs
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Furniture:

American Home to hold liquidation sale
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Accounting:

New Fair Value Rule Is Weaker: Moody's
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E&Y sued over US Lehman audit
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To weather the credit crisis and a recession, CFOs will have to unlearn much of what they thought they knew about capital structures
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California county going after three ex-CFOs at Lehman - and i-bank's auditor
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Construction:

James Hardie's Earnings Decline by 26% on US Slump
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Consultants:

Kroll restructuring businesses spun out
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Motorcycles:

Harley shares swoon as analyst issues gloomy view
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Jewelry:

Gem Diamonds Loses Third of Its Value on Sales Slump
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Distressed Investing:

Lampert's Lament
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Plastics:

Wellman changes plan
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Media:

Judge Allows Auction for Pappas' Television Stations
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DIP Finance:

Investors Find Opportunities in DIP Financing Market
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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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Retailing:

New alarm over economy as retail sales plummet
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12,000 retail stores to be shuttered next year: industry banker
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US Retail Sales Drop in October by Most on Record
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US Christmas sales could set dismal record
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Best Buy, Other Retailers Having Nightmares of a Blue Christmas
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Lowe's Profit Drops as Consumers Worry About Housing, Jobs
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BTWW Retail taps liquidators
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Bears rummage through retail aisles
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The Retailers Poised to Survive, Then Thrive
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General Growth's credit ratings downgraded
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Your Mail in Rebate May Be In Jeopardy
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Shops go to the dogs
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Stores Count Seconds to Cut Costs
(WSJ: separate paid subscription required)

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Bankruptcy Reform:

Could bankruptcy judges save Detroit -- or your house?
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Allow bankruptcy to work on mortgages
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Big banks shouldn't have an easier time getting financial relief than the customers
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Personal Bankruptcy:

Too Poor for Bankruptcy
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$139.95 Appears to be the New Compensation for Social Security Number Disclosures in Proof of Claims
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Bankruptcy Statistics:

Downturn Drags More Consumers Into Bankruptcy
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It is surprising that bankruptcies have been so low outside the US
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Chapter 11 Analysis from Profs Warren and Westbrook
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Non-Profits:

Tight Times Even Tighter for Charities
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Celebs:

Michael Vick's House And Other Property For Sale Under Bankruptcy Plan
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Finance:

Commercial Paper Finds Steady Ground
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Entrepreneurs Ask VCs for Cash Back
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With Credit Tight, US Gives Small Business a Hand
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Barter Exchanges Catch On as Credit Tightens
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Companies see rattled markets as a chance to buy back loans cheaply. Lenders are wary of letting them.
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Gambling:

Greektown Casino broke next month
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Casino Capitalism
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Smoke is in the air again at Atlantic City casinos
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St. Jo casino owner at bankruptcy brink
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Good times gone as Macao casinos halted
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Fraud:

Bankruptcy fraud doesn't pay (again)
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Banking:

Citi Plans To Cut 10%
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Bank Lending Isn't Easing Crisis
(WSJ: separate paid subscription required)

BofA's Merrill Deal No Longer So Sweet
(WSJ: separate paid subscription required)

Bankrupt Franklin Bank had $500,000 in assets - and $500 million in liabilities
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Illiquid assets still weigh down banks
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FDIC May Alter $1.4 Trillion Debt-Insurance Program After Banks Complain The
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Obama, PE and failing banks
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HSBC Cuts 500 Jobs in Asia, Mostly From Hong Kong
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Telecoms:

Hawaiian Telcom Facing Financial Woes
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Phone Company Hints At Bankruptcy
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Cellphone Makers Brace for Shake-Up
(WSJ: separate paid subscription required)

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Sports:

As the Economy Worsens, Is There Money for Play?
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Poor Economy Starting to Shape Sports Landscape
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Cowboys have trouble winning financing
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Religion:

Deadline nears to file Catholic sex abuse claims
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Politics:

Economic Crisis Boils Democratic Message Down to Jobs
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Democrat glee as Fed chief backs stimulus
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Layoffs:

Credit Suisse Said to Plan Job Cuts
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Fidelity to cut 1,700 jobs in 2nd round of layoffs
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Bankruptcy Crimes:

Feds Targeting Bankruptcy Fraud
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District court vacates conviction for not disclosing closed bank account; held false statement not material
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Hedge Funds:

Get Over The Hedge
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Hedge funds shrivel - and hope to re-emerge
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Few UK Hedge Funds Adopt Industry's Standards
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Utilities:

Credit crisis dims the lights for power industry
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Credit Counseling:

Business is booming for debt-consolidation companies
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Movie Industry:

Economy takes its toll on Hollywood
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Tax:

Indictment Links Deutsche Bank to Tax-Shelter Inquiry
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Video Games:

Video game industry expects to thrive - Execs 'cautiously optimistic' during economic downturn
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UK:

Crunch spreads to credit
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HBOS says nationalization a risk if Lloyds rejected
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Homeowners overestimating house prices
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City is biggest recession victim as new cull looms
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Cancer Patients Lose Chance of Longer Life as UK Curbs Costs
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Brown Preparing Tax Cuts to Boost Economy
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Suppliers call for action over cash squeeze
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Supply chain rescue plans on the rise
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Wales at the sharp end of the downturn
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U.K. Jobless Likely to Grow
(WSJ: separate paid subscription required)

Credit insurance tensions rise
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Senior UK politician warns of run on the pound
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UK Has No Alternative to More Borrowing
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Canada:

We're up to our eyeballs in debt
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EU:

Lazard predicts rise in European restructuring
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EU faces recession threat
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Australia:

ANZ bank to axe more than 500 jobs
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Iceland:

Iceland agrees to guarantee some deposits
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Could Iceland's crisis have been averted?
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Bank crisis prompts Iceland rethink over EU
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Middle East:

Kuwait offers ill-conceived bailout
(NYT: separate free registration required)

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Japan:

Crisis sends Japan into first recession in 7 years
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Japan's Service Demand Fell in September as Consumers Cut Back
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______________

China:

How a Sweet Deal in China Turned Sour
(WSJ: separate paid subscription required)

______________

Ireland:

Ireland Facing Deflation in 2009 for First Time in Six Decades
(DBN Subscription Required)

______________

Spain:

Spanish property firm Tremon files for administration
(DBN Subscription Required)

______________

Ecuador:

Ecuador warning on debt payments
(DBN Subscription Required)

______________

Colombia:

Colombia to help irate pyramid scheme investors
(DBN Subscription Required)

______________

Germany:

Hypo Real Estate Post $3.87 Billion Loss, Forecasts Grim Outlook
(DBN Subscription Required)

______________

Mexico:

Mexico May Report Slowest Economic Growth Since '03
(DBN Subscription Required)

______________

France:

French Business Confidence Fell to 21-Year Low in October as Orders Slid
(DBN Subscription Required)

______________

 

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