November 21, 2008

The Daily Bankruptcy News

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Law:

Hatchet Falls on 33 Lawyers at Mayer Brown
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Layoff Watch: Mayer Brown Update
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Cravath Cuts 2008 Associate Bonuses, Says 2009 Bonuses Could Be Zero
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Squire Sanders Asks 30 Attorneys and Paralegals to Leave
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Layoff Watch: 30 Out At Squire Sanders
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Layoff Watch: Brown Rudnick Takes A Big Dig At Attorneys
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Rumors are intensifying that Eversheds is planning a further layoff bloodbath
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Firm in talks with 175 staff in new layoff round
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Hogan Picks Up Thacher Proffitt Financial Institutions Partners
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Some Glimmers of Sunshine for Law Firms, Say Citi Experts
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Skadden Says: Yes to Associate Bonuses, No to Layoffs
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Bonus Watch: Cravath Offers Less Than Skadden
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Early Warning Signs of Firm Failure
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In Surprise Move for Troubled Times, DLA Piper Asks Partners to Contribute Capital
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DLA Piper Capital Push Shines Light on Bank Borrowing
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Seismic shift at DLA Piper aimed at freeing law firm from its bankers
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The Anatomy of Law Firm Failures
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No Bonuses, No Salary Increases, No Expected Layoffs, Says Bryan Cave's Chair
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New Accounting Rules Put M&A Fees Under Spotlight
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Attorney General Mukasey Collapses at Federalist Society Dinner
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U.S. attorney general alert after collapsing during speech
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Court Clerk Charged in Mortgage Scheme
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Broke Prosecutors Try Tacking on Extra Fees
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Arent Fox Partner Indicted for Obstruction in Case of Murdered D.C. Area Attorney
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Can Employees Be Booted for Wasting Time While Computer Boots Up?
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Nick 'Ultimate Fighting Lawyer' Thompson
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DLA Piper associates all porkers
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Say What?!
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Judges:

How One Courtroom Wastes $10M Each Year
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Expert Slams Court's 'Blame the Victim' Response to Judge-Prosecutor Affair
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Federal Judge's $300 Obama Donation Won't Lead to Sanction
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Justice O'Connor Hearts Art
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Wall Street:

S&P 500 Poised to Rally From 11-Year Low as Citigroup Advances
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Signs point to morning stock rally
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US stock futures leap after Citigroup sale report
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European, Asian markets rebound despite US losses
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Asian Markets Recover, Erasing Early Decline
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Stocks tumble for second day; Treasurys surge
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A decade's stock gains have been wiped away
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Stocks Drop Sharply and Credit Markets Seize Up
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Epicenter Of The Sell-Off: Citigroup
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Citi presses to bring back short selling ban
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Citigroup's Move Below $5 Could Trigger Major Selling
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Shares sink despite Saudi prince's investment
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Broke and Broken
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Goldman's Gold Standard Is Less Golden
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Autos:

No Deal For Detroit
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Little Guys v. the Big Three in Bankruptcy
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Obama Transition Said to Consider a 'Prepack' Auto Bankruptcy
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GM Prepack?
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Dems to Detroit: No Bankruptcy
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Wagoner: GM plan will address Congress' concerns
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GM to announce more production cuts
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Symbols behind loan smackdown
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To rest of US, Detroit is mired in the past
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In swirl of bad news, Michigan asks 'What's next?'
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Brave Faces, Hard Times
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One of US carmakers to fail
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Blaming it on Alabama
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Union attitudes one more hurdle for auto bailout
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The Auto Makers Are Already Bankrupt
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Failure's a done deal in Motor City
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Will Saudis Jump In to Buy US Automakers?
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Democrats Ask Automakers for Way Forward
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Automaker Rescue Plan to Be Considered Next Month
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As Democrats Back Away From Voting on Aid, Chapter 11 Looms Larger for GM
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Is GM Too Big to Let Fail?
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Six Myths About the Big Three
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Banks should co-sign Washington's car loan
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Carmaker Aid May Fuel `Stones-and-Glass-Houses' Spats
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Dana retirees say change must come to save US automakers
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Honda Cuts 18,000 More Vehicles From US Production
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Car suppliers bracing
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Car dealers: Help needed from Detroit or Washington
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Dealerships feel trickle-down effect
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Small-town auto dealer has the answer for Big Three
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Rescue automakers, not unions
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Federal grand jury indicts bankrupt car dealer Nelson
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Push for European Auto Bailout Gains Speed
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EU Countries Must Resist 'Temptation' of Car Industry Bailout, Kroes Says
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Auto Industry Pain Goes Global
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Newspapers:

New York Times Slashes Dividend to Save Cash in Slump
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Municipalities:

Rio Vista may be on verge of bankruptcy
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Dire Straits at MTA
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Calif. City's Telecom Venture Goes Bust
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Corporate Reform:

Former Enron Prosecutor Speaks Out
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Paulson calls for regulating everyone and everything
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Skiing:

Bad Economic Conditions Affect Colorado Ski Towns
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Shipping:

Eller Maritime battles creditors
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Britannia Bulk wins recognition
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Commodities:

Cotton Merchant Weil & Stern to Close in 2010 as Risks Heighten
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Movie Industry:

The movie business isn't recession-proof, after all.
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Sales:

Clear Channel Affects Debtors' Ability To Sell Assets Under Section 363
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Credit Cards:

Credit-Card Users Face Higher Fees
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Economy:

Jobless claims jump unexpectedly to 16-year high
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Fear stalks the world's economies
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Paulson defends bailout stewardship
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Citigroup stock dive rebuffs claim by Treasury's Paulson
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Banks need up to $1.2 trillion in equity capital: analysts
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Banks, investment firms reduce Fed loans
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The Government as Controlling Creditor
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Goldman Slashes US Growth Forecasts, Says Recession Deepens
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The Big Three Depression risk
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An Eight-Point Plan to Avoid a Depression
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Falling Prices Raise a New Fear: Deflation
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My Man Godfrey & the Idle Rich
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Real Estate:

Fannie, Freddie Suspend Foreclosures Through Jan. 9
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Debate Considers Fannie and Freddie Privatization
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The Economics and Ethics of Mortgage Default
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Mass Production Vs. McMansions
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Sacramento home sales dip in October
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California median home price drops 34 percent
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NorCal median home price plummets 41 percent
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Only a Buyer Knows a Home's Value
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Foreclosure kills huge LV project near mountain
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Monroe Center wins stay motion
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Commercial property investors brace for worst
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Lousy economy, but price for office space in big cities inches up
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REIT Insider: Walking the Plank
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Housing clump a bust for builder: Andrew Meghdadi files for bankruptcy
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Oil/Gas:

Demand jitters push crude below $50
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Crude Oil Tumbles to Lowest Since May 2005 as Consumption Drops
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Gas prices sink below $2
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The case for buying oil stocks
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Refiners pinched as gas price falls faster than oil
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Oil under $50 could bring recession into Houston
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Storm Cat faces delisting
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Nasdaq warns SemGroup again
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SemGroup LP case turns into bankruptcy behemoth
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Mexico's Hedge Signals Bottom of Oil Price Drop
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Banking:

The Bank of New York Mellon to Reduce Global Workforce by 4%
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Not even a Saudi prince waving wads of cash could halt the downdraft at Citigroup
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Citigroup Board Said to Weigh Options as Stock Drops
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Regulators Take Steps to Monitor Some Thrifts
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FDIC May Exclude Shortest-Term Loans From Debt Plan
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Insurance:

Moody's: No Aaa for Insurers?
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Lehman:

Marsal to lead team of over 600 at Lehman
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Supes may up ante to reacquire Lehman $$
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How Valid Are Lehman-Detroit Links?
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Asian retirees take beating from "Lehman minibonds"
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Aviation:

Airlines thumped by sour economic data
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DayJet files bankruptcy
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Man guilty in Hawaiian Airlines bankruptcy fraud case
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Alternative Energy:

VeraSun to shut down mid-Michigan ethanol plant
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Farmers caught up in ethanol shakeout
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GOE Lima set to auction plant
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Sports:

Faltering GM says it's still committed to Olympics
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Corporate Governance:

Directors Quit as Firms Flounder
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Executive Compensation:

BNP Paribas May Cut Bonuses
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15 corporate chieftains each top $100 million in 5 years
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I'm Having A Hard Time Trusting This Guy's Logic...
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Bank Executive Compensation: Payback
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Book Reviews:

The Road to Meltdown
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Tourism:

Marriott, Starwood stop big Hawaii projects
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'Economic tsunami' hits Caribbean tourism industry, triggering a round of layoffs
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Biotech:

'Unprecedented' Biotech Bankruptcies Erupt Amid Finance Crisis
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Food/Drink:

Four Middle Tennessee Waffle Houses close
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The Fancy Dining Barometer
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Accounting:

SEC continues fair value investigation
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Controllers struggle to cope with out-of-control economy
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PCAOB unconstitutional? Accounting firm plans to take case to Supreme Court
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Student Debt:

Battling Over Bailout for Private Student Loans
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6th Circuit BAP Rules that Student Loan Litigation Can be Ripe Early in Chapter 13 Case
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Sovereign Debt:

Emerging Market Debt Costs Jump in Week, Hastening IMF Bailouts
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Academia:

Scholar in Residence for American Bankruptcy Institute
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Resorts:

Cyclist LeMond Resumes Fight With Billionaires' Bankrupt Yellowstone Club
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Recording Industry:

Death Row records gets more time
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Derivatives:

Credit default swap spreads soaring
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Banks looking to head off strict regulation of credit swaps: report
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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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Politics:

Obama stays out of car wars on the Hill
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Dingell loses commerce chair, Michigan loses clout
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Mass Torts:

Judge throws out medical opinions by prolific Lansing internist Michael Kelly
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Layoffs:

Bank of NY Mellon to cut 1,800 jobs
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Barclays Plans Layoffs
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JPMorgan to cut 10 pct of investment bank staff
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Shipyard layoffs to last three months
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AP to cut 10%
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Weather Channel lays off
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Layoff Tracker
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Third Quarter Layoffs at Highest Level Since 2001
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You may be sweating, but pros in these fields feel secure
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Bush signs bill providing extra jobless benefits
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Retailing:

Global Retail Figures Tease, Fall Expected
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Buyer of bankrupt Steve & Barry's seeks bankruptcy protection
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Macy's Debt Trades Like Junk, Similar to Kmart
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Boscov's gets $35 million loan from Pa.
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Casual Male sales dip
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Value City wins final DIP OK
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Steve & Barry's in double trouble
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Mall giant $27 billion in debt
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Rebate-check company files for Chapter 11
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Hockey:

Bankruptcy proceedings to determine who gets first shot at former owner's stake
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Health Care:

Newton Hospital bears heavy burden
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Economy wounds hospitals
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Theme Parks:

Judge approves Hard Rock Park auction
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Bankruptcy Statistics:

Bankruptcy Filings in Wisconsin Up 38 Percent
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Agriculture:

Fields of Grain and Losses
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Family Law:

Same-Sex Marriage and Bankruptcy Law
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Education:

Audio installation school declares bankruptcy, locks out students
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Hedge Funds:

Hedge funds take beating for fifth month in a row
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Hobbled hedge funds fleeing trophy buildings
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Struggling Perry Down in October
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Celebs:

The Emails Between Mark Cuban and Jeffrey Norris
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Dewey and Freshfields on Jacko's High Court turn
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Finance:

Financing With Lower Leverage? Prepare for a Boom
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Fraud:

Massive Internet Ponzi Scheme Alleged
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Amerindo Bosses Convicted Of Fraud
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Television:

Pappas trustee gavels 10 stations into auction
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UK:

UK Repossessions Increased 12% in Third Quarter
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L&G climbdown shows weakness of UK bank investors
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Russia:

Putin Vows: Crisis will not sink Russian economy
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What is the point of Woolworths?
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More administration woes for retailers
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22% rise in tax debt as crunch bites
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EU:

Survey Shows Euro-Zone Economy Shrinking in Nov
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European Collective Action Reform and the U.S Model: Compare and Contrast
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Europe's Services, Manufacturing Recession Worsens
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Pressure is on to rescue Turkey and Latvia
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ECB Will Cut Rate to 1%, May Move it to Zero, Citigroup Says
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Middle East:

$538bn blow for Gulf stocks on credit woes
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Pakistan:

Tough times for Pakistan, regardless of IMF
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Japan:

BOJ Keeps Key Rate at 0.3%, Considers Adding Funds
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Iceland:

Danish Bank to Take Over Iceland's Kaupthing?
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Even Sportacus can't rescue Iceland from financial meltdown
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Russia:

Unpaid Wages in Russia Recall 1998
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Hong Kong:

6pc rise in bankruptcies
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Australia:

Babcock's credit rating hits rock bottom
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Singapore:

Singapore Lowers 2008 Growth Forecast; Says Economy May Contract Next Year Singapore
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France:

French Consumer Spending Declines as Slumping Economy Boosts Joblessness
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S. Korea:

Korean Prosecutors to Seek Three-Year Prison Term for Lone Star Lobbyist
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Argentina:

Argentine Senate Approves Presidential Takeover of $24 Billion in Pensions
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