November 5, 2008

The Daily Bankruptcy News

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Law:

Thelen Partners Vote to Close 84 Year-Old Law Firm
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The Milberg Case is Over. Finally.
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Treasury Offers $11M 'Bailout Love' to Hughes Hubbard and Squire Sanders
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Do Law Firms Still Aspire to a New York Presence?
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Ethics Complaint is Filed against Lawyer Accused of Keying Marine's Car
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Memo to President-Elect Barack Obama
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Obama, Democratic-Run U.S. Senate Are Poised to Reshape Federal Judiciary
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Law Firms Practicing Frugality
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Nonlawyers Are a Hot Ticket in Firm Hiring
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Heller in the Cellar
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The Story Behind American Apparel's Sham Arbitration
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Corporate Legal Departments Continue to Experiment with Flat Fee and Value Billing Options
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Why Didn't Thomas Qualls Show Up for Closing Arguments in His Case?
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Ma's Lessons for Being a Better Lawyer
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Two More Firms Pick Up Bailout Work
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N.Y. Jets Fan Sued for Using Loan to Buy $400K Stadium Seats
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Judges:

An "Orgy of Negativity" Mars Nation's Nastiest Judicial Race
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Truck Carrying Judge Crashes into Law Office of Opposition Lawyer
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Wall Street:

US Stock Futures Slump
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Europe Falls, Investors Digest US Election
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Wall Street stages Election Day rally
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Obama May Inherit Bull Market After $6 Trillion Loss
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How stock sectors might fare in an Obama administration
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Bear Stearns risk officer now handling risk at N.Y. Fed
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Wall Street bonus backlash brewing
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Everything you've ever wanted to know about the world
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Analyst says Morgan Stanley poised for success
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JPMorgan to cut 75 trading positions
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Principal Financial shares up 23 percent
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'Getting Whacked in the Head, Every Day'
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US fund industry group forms money market panel
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Ex-Goldman Analyst May Have Fled
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Blackstone Profit May Be Smallest Since IPO as Crisis Hits Fees
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Financial Engineering, Wall Street's Extreme Sport
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In Modeling Risk, the Human Factor Was Left Out
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Autos:

Next prez to shape any GM-Chrysler deal
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GM's 'Time Is Very Short' for US Government Aid, Altman Says
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GM-Chrysler: Let's Do Hearings
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Auto earnings forecast grim
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Big 3, UAW ask for health trust help
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Carl Icahn dumps stake in Lear
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Toyota, BMW feel the heat from auto industry slump
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Specter of bankruptcy looms as car sales crash
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For GM, bad news may be good
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Auto dealers counter perception of difficult credit
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Detroit Shifts Focus to Next President
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Health Care:

80% in U.S. worry about medical bills
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Johnson Memorial filing bankruptcy today
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Amylin Shares Crash
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Shares of Tenet Healthcare wilt after warning
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Banking:

Good, Bad And Ugly From UBS
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2 European Banks Offer Gloomy Outlooks
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BNP Paribas Third-Quarter Net Falls 56% on Provisions
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Euro banks spread gloom as profits fall
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RBS chief blames predecessors
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Food/Drink:

Class action suits pile up against Pilgrim's Pride
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Oaktree Getting Largest Bite of Reorganized Food Company
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Predatory Lending:

The Center for Irresponsible Payday Loan Studies
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Printing:

Eva-tone files for bankruptcy reorganization
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Lehman:

The Sleazy Lehman Brothers Subsidiary
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Hidden spreadsheet rows hit Barclays with toxic Lehman contracts
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Private equity firm buys Lehman stake in National Investment Managers
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Ex-Lehman Worker Sues Over Firing, Seeks Class Action
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Perella Weinberg hires from Lehman to expand reach
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Lehman brothers bankruptcy 'perfect storm'
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Lehman trustee files objection
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Seminars:

San Francisco Bar To Discuss Business Insolvency
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Bankruptcy Statistics:

Hawaii bankruptcy filings jump 62.8%
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Corporate Governance:

Hedge funds to lead charge
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The Corporate Governance and Public Policy Implications of Activist Distressed Debt Investing
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Derivatives:

CDS counterparty failure still poses risks-Moody's
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Credit-Default Swaps on Italy, Spain, Deutsche Bank Most Traded
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DTCC starts giving insight into credit default swap market
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Financial Literacy:

How to talk to kids about hard times
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RVs:

Judge OKs National RV plan
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Economy:

Factory Orders Slide More Than Forecast
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Global recession has begun
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October Job Cuts Surge 79% From Year Ago
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Factory Orders Fall as Businesses Cut Back
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Nervous creditors put squeeze on small businesses
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Expect 'severe' world economic downturn next year, Fitch says
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Obama May Not Wait for Inauguration to Start Putting His Stamp on Economy
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Like F.D.R. did as he took the White House, Barack Obama will have to make it up as he goes along.
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Obama's Victory: Three Lessons for Business
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Obama May Boost Spending on Highways, Bridges in Bid to Stimulate Economy President
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Business Braces for Cooler Climate
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Three Industries That Could Use Government Money
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Dollar higher as risk aversion returns
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Real Estate:

Fannie Mae spends more than $6000 on golf outing
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Lazard rejects claims in GM building lawsuit
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Is Hope For Homeowners Hopeless?
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Feds May Be Considering Subsidy on Troubled Mortgages
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D.R. Horton expects $800M-$900M loss in 4Q
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History Warns Against Foreclosure Moratoria: Study
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GMAC Posts Quarterly Loss, ResCap Unit Faces Doubt on Survival
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Heaven to face show-cause hearing
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Ace Mortgage files Chapter 7 bankruptcy
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Restructuring firm takes over Big Island's Hokuli'a
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Oil-Price Drop Hits Home in Texas
(WSJ: separate paid subscription required)

Office Tenants Flee Manhattan Rents
(NYT: separate free registration required)

Developer John Rankin files for bankruptcy
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Cedar Funding probe stymied
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Oil/Gas:

Oil Falls on Forecasts US Data Will Boost Recession Concern
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SemGroup in $89.8 mln settlement with Goldman unit
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Retailing:

Debt crisis strains marriage of US stores, vendors
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Mervyn's may pay fired workers
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Circuit City Braces for Dismal Holiday
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Boscov's to sell assets to retired executives
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US Luxury Retailers Face Grimmest Holiday as Economy Withers
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Vendors and retailers fight to stay alive as credit crisis tightens
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Few Deals To Be Had At Circuit City Liquidation Sales
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More evidence mounts of weak October sales
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RedEnvelope liquidation OK'd
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Credit Cards:

MasterCard, Visa soar though card spending trimmed
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Finance:

Libor's Biggest Drop Fails to Match Fed, Spur Loans
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SBA unable to thaw credit freeze
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Lending rates fall to pre-Lehman levels
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Interbank rates fall again, but credit woes remain
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Ambac posts $2.4 billion quarterly loss
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Layoffs:

Nokia Cuts 600 Jobs
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Nortel could cut up to 5,000 jobs next week
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The Axeman Cometh
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Fraud:

Ponzi scheme mastermind pleads guilty; faces 24 years in prison
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Fed Warns Consumers About Pitches on Phony US Lending Program
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Aviation:

Mokulele sues Mesa Air
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M&S refunds foreign currency to Sterling Airways customers
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SAS airline operator in the red
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Accounting:

The Credit Crisis And The Audit Committee
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Turnarounds:

Turnaround Management Association Names Officers for 2009
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Credit Counseling:

Extra bankruptcy hoop often costly, frustrating
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Corporate Reform:

Obama Overhaul of Finance Rules May Lead to Clash With Industry
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Hedge Funds:

Autonomy Capital Halts Withdrawals From $1.2 Billion Hedge Fund
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Goldman's Equity Hedge Fund Slumped 15.6% Through September
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Salida Capital's Flagship Fund Lost 34% in October on Takeovers
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Hedge Funds: What Happens When the Chickens Come Home to Roost?
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Pensions:

Recession may jeopardize 401(k) contributions
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Transit:

Transit Agencies Seek Aid in Avoiding A.I.G. Fees
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Celebs:

Bank seeks to exempt singer's house from protection in bankruptcy filing
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Bankruptcy Reform:

Democrat Gains in Congress Clear Way for Party Agenda
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Construction:

Accent Windows files for Chapter 11
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Housing Crash Falls On Jancor
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PE:

Carlyle warns on grim outlook
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Tax:

Germany slams Liechtenstein over fraud lethargy
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New Bankruptcy Opinions
(1 new opinion today) 

Bankruptcy Court Web/Pacer Site Directory

Chapter 7, 12 & 13 Private Trustee Locator
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Recent Ch. 11 Filings
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Bankruptcy Jobs:

(1), (2), (3), (4), (5), (6), (7), (8), (9), (10)
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Politics:

McCain Falls as Voters Reject Bush Legacy
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President Obama: A Trustee in Bankruptcy
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Schumer's Finance Advice for the Next President
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Obama: Where he stands
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Obama's Win Raises Expectations of Poor, Minorities
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Blame Henry Paulson
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The Treatment of Bush Has Been a Disgrace
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Insurance:

Levene: Lloyd's is shielded from credit crisis
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Hartford employees to lose jobs
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AIG Violated Investor Rights in Accepting Bailout, Suit Says
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Hannover Re Scraps 2008 Dividend Amid Equity Writedowns, Claims
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Eighth Circuit Reverses Bankruptcy Court Ruling Against D&O Insurer
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Insider Compensation:

Why We Need to Limit Executive Compensation
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Alternative Fuels:

Skadden Named Bankruptcy Counsel for Leading Ethanol Producer
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An Ethanol Eulogy
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What went wrong at VeraSun?
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Prospective DIP Provider Runs from VeraSun
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BPI Energy Currently Insolvent and Could be Headed to Bankruptcy
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Economy Shifts, and the Ethanol Industry Reels
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Renewable Energy Stocks Fall as Deutsche Bank Points to Risk
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Bankruptcy Litigation:

Libel lawsuit motion granted in Vegas bankruptcy case
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Furniture:

American Home files Chapter 11
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Home Interiors wants Ch. 11 trustee
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Bonds:

MBIA Posts Wider Loss After Reserving More for Claims
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Ambac posts $2.4 billion quarterly loss
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Bonds fall after Obama's election
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M&A:

Distressed markets, low values to spur fund M&A
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Mass Torts:

Asbestos lawsuit forces Christy Refractories into bankruptcy
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US court reinstates Bhopal victims' case
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Sovereign Debt:

Crisis reaches new level as nations face financial ruin
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Media:

Time Warner Lowers 2008 Forecast on Restructuring
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UK:

BoE likely to slash interest rates by half point this week
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Icesave customers will get their money back by end of November, authority says
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More than 250,000 empty homes
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Liberty Reports Loss as UK Property Values Decline
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U.K. Factory Output Drops in Worst Streak Since Early Years of Thatcher
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Rok to Cut 15% of Jobs as Construction Slump Spreads
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First-time buyers on the rise
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ITV Predicts Ad Sales Will Drop 9% This Quarter, `Tough' 2009
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UK Politicians on All Sides Claim Inspiration From Obama
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EU:

Europe Retail Sales Fall as Banking Crisis Hits `Real Economy'
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HeidelbergCement, Dyckerhoff Among at Least Five Companies Raided by EU
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Canada:

Birch Mountain shares plunge on creditor demands
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Ireland:

The deteriorating picture at AIB
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Iceland:

Did Former Kaupthing CEO Permit Write-Offs?
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Poland:

Poland inks in details of shipyard compromise
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Australian:

ABC Learning swept into receivership
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Allco goes into receivership
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Spain:

Spanish real estate debts turn toxic
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Spanish jobless numbers jumps to a 12-year high
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Japan:

Pioneer predicts greater loss
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Hong Kong:

Signs of Slowdown Abound in Hong Kong
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China:

Funding Drought Slams Chinese Plans as Banks Shun Plea to Lend
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Germany:

German cabinet backs €50bn growth plan
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Italy:

Italy to launch €30bn bailout fund
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