November 25, 2008

The Daily Bankruptcy News

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The Daily Bankruptcy News will not publish on Thursday November 27, 2008 and Friday November 28, 2008

Law:

Weil Steps Up to Plate in Lenox Group Bankruptcy
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Who Headlines a Big Three Bankruptcy?
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Fees for Temp Lawyers Take Center Stage
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Temp Attorneys Paid $35-$40/Hour; Plaintiff Firms Seek $500/Hour in Xerox Case
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Gibson Dunn Names Co-Chair Of Reorg Group (scroll down)
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Paul, Hastings Names Despins Global Restructuring Chief
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Following Cravath's Lead, Simpson Thacher to Cut Bonuses in Half
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Simpson Announces Bonuses ... And You're Not Going To Be Happy
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Survey Results: What You'd Really Take To Avoid Layoffs
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Cadwalader clutches rainmaker as strategy crumbles
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Layoffs cut deeper at firms "not large enough to be emotionally detached"
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Lackluster Growth at Linklaters Despite Lehman Bros. Work
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Potential Laterals Taking a Closer Look at Law Firm Finances
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Buchanan Ingersoll to Cut Legal Secretaries, Administrative Staff
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Davis Polk, Cleary, Cravath All Work Overtime to Save Citi
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Who's Getting the Work in the Treasury Negotiations?
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Biggest Litigators: Skadden, Cravath; Only 4 UK Firms in Top 50
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Hollywood lawyer gets 3 years in wiretap case
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Former White House Aide Faces 90-Day Suspension of Law License
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Buck Up and Stop Whining
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Big Canadian Law Firms Are Proving Resilient So Far
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Law firms coping with low demand and productivity
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New Partner Announcements: What Do They Say About the Health of Law Firms?
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Is Tracking Profits Per Partner Evil?
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Legal Aid Suffers Layoffs
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How One Prestigious Boutique Is Trying to Cope With Laying Off Associates
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E-Discovery Class in High Demand as Economy Plunges
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Former Hunton Partner Gets 70 Months for Child Porn on Firm Laptop
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Judges:

Judge charged with drunk driving and racial epithets
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Wall Street:

Stocks head for moderately lower open after rally
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U.S. Stocks Poised to Extend Rally
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Stock futures point to weaker Wall Street opening
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European Stocks Gain; Asia Rallies
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World Markets Skyrocket on Citigroup Bailout
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U.S. Stocks Post Biggest Two-Day Rally Since 1987 on Citigroup
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Dow Up Nearly 400
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S&P 500 Cheapest Since '88
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Wall Street's crisis could cost New York 225,000 jobs
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UBS Bonus Plan to Inflict Pain on Bank Culture
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BlackRock Cuts Four Fund Managers, Six Others in First Layoffs
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Reserve money fund plans $14 bln payout on Dec 5
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Autos:

The case for Chapt. 11 bankruptcy for carmakers
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Big Three tamp down talk of bankruptcy
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Citi and GM
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Sync, and Swim Together
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Auto Makers Settle For Tough Love
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Detroit: Wait until after next year
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Without bailout, carmakers' road ahead is full of potholes
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Fed Must Speed Aid to Auto Credit Units, Schumer Says
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In Michigan's auto belt, it's nail-biting time
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G.M.'s Pension Fund Stays Afloat
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Detroit sports teams face trouble without Big 3 bailout
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Chapter 11 Could Decimate Big Three Dealers
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American Autoworkers Making $70 An Hour?
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The Automakers Need to Fail
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Three Cheers for Chapter 11
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GM, Tiger Woods to End Nine-Year Endorsement Deal
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Woods, Buick both help themselves by parting ways
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GMAC on brink of bankruptcy, S&P warns
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Delphi asks Bankruptcy Court to defer completing hearings on GM Agreements and DIP Accommodation agreements
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Oh Lord, won't you sell my Mercedes-Benz
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Ernie Haire Ford files for Chapter 11
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Chrysler Workers Fret Buyout Deadline
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Nissan withdraws from Detroit, Chicago auto shows
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Banking:

Citi bailout includes government approval of compensation, limits on dividends
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Citigroup's Uneasy Victory
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Citigroup's failings demand more than a bailout-the public should see punishment for all involved.
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Saving Citi May Create More Fear
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Citigroup tab hits $45-billion
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Fitch cuts Citigroup's long-term rating
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Washington waives stake in rescued Citigroup
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Citigroup Avoids Bankruptcy, Will Citizens Fare as Well?
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Five Questions (And Answers) About Citi's Bailout
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Citigroup's government rescue signals depth of banking woes
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Citigroup bailout further dims dividend outlook
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What The Citi Deal Doesn't Do
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Bush: More Rescues Like Citigroup's Possible
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One Cure: Fund New Banks
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Small Banks Upset With Citi Bailout
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Why the banks need stronger medicine
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Strong protests against Wachovia sale
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Lender Downey to file for Chapter 7 bankruptcy
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Alternative Energy:

Poet in buyout talks with other ethanol producers
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The End Of Ethanol?
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Economic Slump May Limit Moves on Clean Energy
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VeraSun: Who is that White Knight?
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Bonds:

Bonds fall on shifting sentiment
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Resorts:

Economic meltdown creates ghost resorts
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Cap Cana gets extension on $100M bridge loan
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Economy:

Treasury, Fed continue extensive bailout efforts
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Treasury, Fed Said to Unveil Plan to Bolster Consumer Financing
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Fed announces new $800B U.S. mortgage-support program
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GDP, Confidence Numbers Expected to Show Decline
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Bailout, Version 3
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Citigroup Bailout Charts New Course for US Government Rescues
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Another Crisis, Another Guarantee
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Uncertainty on Strategy in Citi Rescue
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Obama names his economic team
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Obama Says Economy 'Likely To Get Worse'
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U.S. Economy Contracting, Slow Recovery Seen: OECD
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Bush: Treasury 'working closely' with Obama team
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Geithner, Rescue-Team Veteran, Has Head Start in Seizing Reins
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Where Was Geithner in Turmoil?
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Geithner Struggled to Rally Action After Spotting Dangers of Default Swaps
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Obama's vast jobs plan: How hard?
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Economy Rattles Small Business Owners
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NYC Food Banks In Panic Mode; Amount Needing Assistance Doubles
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Enough of the 11th-Hour Deals
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Paulson May Ask for Remaining $350 Billion of TARP
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What A Surprise!
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fs

Deleveraging mob won't stop with Citi
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What's Next For Paulson, A Soup Line?
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Real Estate:

Home Resales Fall, Prices Tumble Most on Record
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London, Midtown Manhattan, Tokyo Office Rents Post First Drop Since 2002
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Freddie Portfolio Expands at 44% Rate in October
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ING DIRECT Suspends Foreclosures
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Busted Deal Slams LandAmerica
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Feds push mortgage modification plan
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Go West, Foreclosure Man
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Realtors: Falling prices lift Mass. home sales
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DR Horton's 4Q Loss Widens to $800 Million
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Shipping:

Pacific Carriers Says Shipping Industry Bankruptcies Will Rise Amid Slump
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Layoffs:

Expect massive job losses across NY
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New York City firm alleges Carraway broke federal law
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Accentia reorganization claims more jobs
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As economy flails, more jobs move offshore
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ArcelorMittal warns of US layoffs
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Bank Industry Analysts Fall Prey to the Shrinkage
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Retailing:

It's do-or-die time for malls
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Fidelity could lose big if General Growth falls
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The great Mervyns carve-up
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GiftCardRescue.com Announces Gift Card Bankruptcy Protection Policy
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Fraud:

Deloitte Forensic Center Study Highlights Correlation Between Bankruptcy and Fraud - Companies Filing for Bankruptcy More Likely to Face SEC Enforcement Related to Fraud
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Lehman:

No conflict in state's Lehman investment
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Lehman bankruptcy triggers $301M fumble for NFL's Giants
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fs

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Awards:

Bankruptcy Law Firm Increases State, National Rankings
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Television:

Needed: TV Network bailout?; Bad economy slows ad sales
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Newspapers:

Creative Loafing Atlanta fires editor
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Executive Compensation:

Wachovia execs may get $98.1 mln severance
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Celebs:

Vick needs to find an NFL team to take a chance
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Oil/Gas:

NASDAQ Grants SGLP's Request for Filing Extension
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Mining:

Miners Face Buying Frenzy as Values Drop
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BHP Abandons $66 Billion Rio Tinto Bid as Commodities Collapse
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Tax:

UBS Clients Go to IRS to Settle Swiss Account Taxes
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KPMG tax shelter defendants seek dismissal or mistrial
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San Francisco federal judge swoops on unlawful tax schemes
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Hedge Funds:

Hedge Funds May Sell $200 Billion More of Assets
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Politics:

Struggling Banks Paid Clinton $2.1 million for Speeches
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For Lobbyists, No Downturn, Just a Turnover
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M&A:

Debt Collection M&A Booms as Collections Collapse
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Bankruptcy Humor:

Bankruptcy Bill, the Cartoon
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Utilities:

REC wins plan confirmation
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Credit Cards:

Visa Discloses Justice Department Investigation
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Trucking:

Greatwide gets nod to tap DIP
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PE:

Carlyle issues pink slips
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Derivatives:

Citigroup Peddles Default-Recovery Swaps as Bankruptcies Soar
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Buffett Will Give More Information on Derivatives
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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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Health Care:

The Other Credit Crunch
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Integra Hospital sets auctions
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Physicians Medical sets liquidation
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Healthcare on track to set record for mass layoffs
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Municipalities:

Comptroller: NY may need fed help
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Mass Torts:

Ruling may throw thousands of asbestos cases into limbo
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TH Agriculture files for bankruptcy amid lawsuits
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Gambling:

Tropicana moves closer to bankruptcy sale
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Tropicana scraps casino sale
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Food/Drink:

Bankruptcy trustee hopes to restart Agriprocessors' line
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State of Iowa Wants Agriprocessors Bankruptcy Trial Moved
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fs

Pilgrim's to face hard sell with creditors
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Student Debt:

A Bachelor's in Borrowing
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Accounting:

Deloitte to pay $40M to Pa. in Reliance Insurance settlement
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Insurance:

AIG Auto Unit to Drop Damaged Brand to Help Sale
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Axa Shares Plunge On Lower '08 Outlook
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McLean creditors lose assets of $1M insurance policy
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PACICC calls for required insolvency clauses in arrangements between insurers, reinsurers
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Religion:

Court Allows Abuse Case vs. Vatican
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Media:

Sumner Redstone May Sell Movie Chain To Cut Debt
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Franchises:

Franchisers are helping franchisees ride out the credit crunch by providing financing, waivers or assistance in obtaining loans.
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Corporate Reform:

Conrad Black's Notes from the Underground
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Aviation:

AirTran future brighter after painful struggles
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Flight attendants union sues Delta over seniority plan
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Qantas Says Profit May Fall 64% on Slowing Demand
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Air NZ Carries Fewer Passengers as Demand Declines
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Turning around a struggling airline: An interview with the CEO of Malaysia Airlines
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Giftware:

Lenox to sell itself to lenders
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Predatory Lending:

Payday Mayday
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Finance:

Libor for Dollars Climbs on Concern About Severity of Crisis
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UK:

New Ethical Code for Insolvency profession
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45% Tax Rate on Rich to Fund Recession Package in UK
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Tax Base Rate Could Rise To 61%
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Mortgage approvals slump 52%
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King Says U.K. Banks May Still Need More Capital, Credit Biggest Challenge
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s

Is Britain Going Bankrupt?
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U.K. judiciary is said to recommend plunge into U.S.-style lawyer contingency fees
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fs

Exporters demanding letters of credit
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Competing proposals to save Woolworths
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Woolworths shareholder in mad dash to stop £1 sale
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Loan performance blamed for sharp fall in CLO prices
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EU:

French Business Confidence, Italian Consumer Optimism Slide on Recession
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Canada:

Canada's C$32 Billion Debt Swap to Miss Deadline
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Iceland:

A near-riot and parliament besieged: Iceland boiling mad at credit crunch
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Edwin Coe to Act for Iceland Bank Account Holders
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Russia:

Crisis Is Reflected in Debt Industry
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An Expert Guide to Russia's Debt Collection Legislation
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Columbia:

Colombia Crisis Grows amid Violence
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Japan:

Yosano Says US Made 'Bold' Decision in Bailing Out Citigroup
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Australia:

Harvey Norman Shares Slump After Earnings Drop 32%
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Norway:

Skanska to Cut 3,400 Nordic Jobs on 15% Volume Drop
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Kazakhstan:

Kazakhstan unveils $21bn rescue package
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Pakistan:

Pakistan Obtains $7.6 Billion Bailout Loan From IMF
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Israel:

Israel unveils plan to boost economy
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Israel's chief rabbis call for mass prayer rally; end to financial crisis
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