October 22, 2008

The Daily Bankruptcy News

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Law:

Jenner Fires 10 Partners
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Layoff Update: Jenner & Block
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Simpson Thacher's Bargain Basement Rates for Bailout Work
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Bankruptcy Judge Slashes Fee for NY Lawyer Who Won Tax Victory for Himself
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London's Survival Lessons for Legal Market Downturn
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Dechert Chairman: Layoff Rumors Are 'Bull'
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Could the billable hour become another victim of the economic crisis?
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Manic-Depressive? Take a Deep Breath
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SonicBlue Cases Leap and Limp Along
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How to Survive the Economic Crisis
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Kerkorian Turns to Longtime Firm in Ford Stock Dump
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2nd Circuit Rejects Bid to Erase Trial Judge's Sanctions
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With Argument Day Approaching, Supreme Court Stalemate Continues
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Law Firm Attracts Seminar Participants With Free Gas
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Lawyer Directories Might Not Work, but Networks Do
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Minority Enrollment Drop at U-M Law 'Not a Tragedy'
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Lawyer Moms Earn Up to 35% Less
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Stealth, Cunning Needed to Land a Job
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Muay Thai Ain't No Umbrella Drink!
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Former 'Bachelorette' Contestant Returns to Law
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Student Sentenced to 20 Years for Blasphemy
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Celebrities among those bilked by Houston lawyer's scam
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Lawsuit of the Day: Debbie Does Disney?
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Showing Mr. Rogers How They Roll In Mr. Robinson's Neighborhood
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Court Nixes $2.1M Sanctions Against Lawyer, Wife
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Judges:

Federal Judge Edward Nottingham Resigns Amid Misconduct Allegations
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Ouster Recommended for Judge Accused of Trading Sexual Favors
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Sales:

Quick US bankruptcy sales becoming the norm
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Wall Street:

US Stock-Index Futures Fall
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Global Stocks Decline
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Asian markets slide on glum corporate outlook
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US Stock Indexes End Lower
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Earnings Set a Grim Tone Subscriber Content
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Fed to Provide Up to $540 Billion to Aid Money Funds
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A bad investment ripples through Main Street
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See a Lot of Starbucks? Flee the Market
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Black day for BlackRock
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Warsaw Beats London as IPO 'Casino' Lures Buyers to 69% Losses
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Layoffs:

Yahoo firing 1,500 workers; 3Q profit falls 64%
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Merck Will Chop 7,200 Jobs
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Stock Brokers:

E*Trade may seek federal aid
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Oil/Gas:

OPEC Struggles to Respond to Slumping Demand for Oil
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OPEC Risks Split on Cuts as Economies Reel, Oil Drops
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Oil cartel divided over level of cuts
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Oil falls below $70
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Politics:

McCain Hesitates as Bernanke Revives Stimulus Debate
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Bush Skeptical Of Dem Stimulus
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Perino: Second stimulus would have to pass 'tests'
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Frank Taunts GOP On Fannie And Freddie
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Obama, Slumping Economy Loosen McCain's Grip on Older Voters
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Finance:

Interbank rates drop, investors sell off T-bills
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Overnight Dollar Libor Falls to Lowest Level Since June 2004
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Interbank rates in 'process of normalizing'
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Finance Execs See Short-Term Credit Easing
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Is Your Favorite Company About to Go Bust?
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Utilities:

Constellation: And Then We Came to the Crisis
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Aviation:

UAL posts loss but shares rise
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Judge to rule on Frontier request
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Boeing Net Falls 38% as Strike Halts Jet Deliveries
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India's Carriers Get Six More Months to Pay Fuel Dues
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Austrian Air Slumps as Government Receives One Offer
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Agriculture:

Glory Days Fade for U.S. Farmers
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Tech:

Chipmakers feel the pinch as demand plunges
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Alternative Fuels:

Investors suffer as US ethanol boom dries up
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Biofuels: From hope to husk
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Student Debt:

College students struggling for loans
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Food/Drink:

Restaurant operator Luby's posts $3.7M loss in 4Q
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Retailing:

Circuit City Doesn't Have Enough Cash to Declare Bankruptcy
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84 Lumber closing 20 stores citing housing market
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Shoe Pavilion Wins Approval to Hire Liquidators, Close Stores
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Mervyns is another sign of the times
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More retailers liquidating
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Economy:

'We Need Recession,' Says Morris of 'Trillion Dollar Meltdown'
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Boomer Bust Hits Economy
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Fed to buy commercial paper from mutual funds
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Two big accounting firms chosen for rescue program
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How to Tell Business Is Starting to Cut Back
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Forecast of future economic activity brightens
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UN says crisis to put 20 million out of work globally
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World trade growth slows
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The iPod generation has the most to lose in a global recession
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Real Estate:

Home sales sizzle, prices fizzle
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New Home Sales in U.S. Will Decline by 12% Next Year, Mortgage Bankers Say
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Weekly mortgage application volume slumps to lowest in nearly eight years
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Finance group predicts housing weakness
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Commercial property market to hit rock bottom next year
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Mortgage Bankers to Ask US to Lift Home-Loan Limits
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Developers use new laws to stave off foreclosure
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Pleasant Valley developer declares bankruptcy
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Maybe Some Progress in Negotiating with Home Mortgage Lenders
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"Under water" mortgages are growing threat to US
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Life Preserver for Homeowners Under Water
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Even in Resilient Seattle, Office Vacancy Rate Is Rising
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Commercial Real Estate's Fall
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Fannie, Freddie regulator said US backs debt
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Making Money Off Fannie Mae
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Fannie Mae, Freddie Mac CEOs tackle foreclosures
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Boehner Wants Justice Department Probe Of Fannie And Freddie
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New US mortgage chiefs plead for time
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Paulson Aims to Step Up Relief to US Homeowners
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Arlington Ridge files for bankruptcy
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Autos:

Federal cash may be needed for GM-Chrysler deal
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Sorting through the automakers' mayhem
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Kerkorian, Cerberus Auto Retreat Spotlights Industry Collapse
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Kerkorian Sells Part of His Stake in Ford
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Kerkorian's Ford sell-off may be tied to executive exits
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Ford May Lose Potential Funding Source As Kerkorian Exits
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Ford confident and focused despite Kerkorian sale
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Kerkorian Selling Ford: A Sign That Time Is Not On Detroit's Side
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GM-Chrysler: Stuck in neutral
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Nissan seeks about 20 pct of Chrysler
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GM, Chrysler deal could spur UAW concessions
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GM in hunt for Buffett-style capital injection
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Buy a GM Car, Get 50 Shares Free?!
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Auto suppliers' reports to add to gloom
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Volkswagen Foresees 'Extremely Difficult' Car Market in 2009
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Banking:

FBI probes powder-laced letters sent to banks
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Threats against Chase spread nationwide
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FDIC seeking office space in Southern California
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The CDO Money Pit
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Wachovia Reports Third-Quarter Loss on Real Estate Writedowns
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Wachovia suffers nearly $24 billion loss
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Barely Bair-able Wachovia Backstabbing
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Banks Mine Data and Pitch to Troubled Borrowers
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Paulson sees more bank consolidation: report
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Paulson Says Bank Mergers May Be 'Best' for Economy
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Freddie, Fannie exposure cuts M&T Bank earnings
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Wells Fargo Would Cut Deposits to Comply With Cap
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Regional Banks Struggled Through 3rd Quarter
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Citi shares slide after Goldman renews "Sell" call
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Hedge Funds:

Hedge Funds Post Record Losses in September
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Who Cared About Risk?
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Barney Frank Wields Bailout Clout to Restrain Private Equity, Hedge Funds
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Health Care:

Scaling Back Medications as Economy Grows Sour
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Sunwest to close two properties
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DC honors firm for hospital turnaround
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Carraway owes millions to creditors [Birmingham]
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St. Luke's, Sanderson fight continues with bankruptcy filing
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Sickened PMC returns to Ch. 11
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Accounting:

How Bailout Loosens Accounting, Tax Regs
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PCAOB Proposes New Risk Rules
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KPMG loses audit of US' largest mortgage lender
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Analysts doubt Parmalat win against Grant Thornton
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Corporate Governance:

Boards Are Often Blind to Risks
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Personal Bankruptcy:

Public likely to pay for rising personal bankruptcies
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Trucking:

Investcorp's GWLS files for US bankruptcy protection
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Pigeons:

Pigeon King sells his roost
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Baseball:

Baseball Hit by Money Crisis as Phillies-Rays Series Sells Out
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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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Insurance:

Investment portfolio loss slams SeaBright Insurance in Q3
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Ike and Gustav cost Lloyd's of London $2.34 billion
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Hurricanes take 82% toll on Travelers' earnings
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WellPoint's Profit Declines 5.4% on Bad Investments
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US Woes Hammer Sun Life
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Plan B for AIG
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Kanjorski to ask for AIG exec compensation limits
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Bonds:

US covered bond issuance seen pushed to 1st-qtr '09
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Mass Torts:

Asbestos Conspiracy Dates Back 80 Years, 158 Plaintiffs Claim In Madison County
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Theme Parks:

Analysts fear park slowdown at Walt Disney Co.
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Personal Finance:

Spending on kids often the hardest expense to cut
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Insider Compensation:

SEC set to ratchet up pressure on exec pay disclosure
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Lehman:

Goodwin Procter Takes Lehman Bankruptcy Down Ugly New Road
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Lehman's massive debt swaps settle smoothly
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Was Lehman Loss All That Bad?
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U.S. to Ask Analysts if Lehman Misled
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Lehman Carnage Harming NY RE Projects
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Power Company Sends Lightning Bolt Into Lehman Bankruptcy Case
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Lehman bankruptcy may have been a lucky mix-up
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Lehman pensioners to be rescued
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Bank raided over $400M Lehman transfer
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Europe's major investors were unfazed by Lehman's collapse
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In Paris, Lehman Sets a Fire Sale
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Gambling:

Tropicana's former owner wants its casino back
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Fitness:

Fitness Holdings Inc. files for bankruptcy
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Currencies:

Citic Pacific Forex Damage Widens
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Derivatives:

Credit Default Swaps: Bad Enough to Ban?
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Derivatives and Mass Financial Destruction
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UK:

King Says Bank of England Will Act as Recession Seems Likely
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Bank of England Voted Unanimously for Emergency Half-Point Rate Reduction
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U.K. Warns of Recession Subscriber Content Read Preview
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Higher loan losses hit US regional banks
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Full year of recession predicted for 2009
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Housebuilders climb on rate cut hopes
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Tom Aikens restaurants in administration
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EU:

Sarkozy calls for EU rule change to protect against foreign takeovers
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Euro, Pound Tumble on Bets European Central Banks to Cut Rates
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Argentina:

Argentina Nationalizes $30 Billion in Private Pensions
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Argentina Default Looms, Pension Seizure Roils Market
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Mexico:

Mexican commercial paper facing crisis
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Russia:

Russia's Top Economist Needs to Face Reality
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Russia set for sale of the century in reverse
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Court adjourns Khodorkovsky, Lebedev appeal hearing to Friday
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Latin America:

Big Currency Bets Backfire
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Canada:

Canada Cuts Key Rate and Signals That More Cuts Are Likely
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France:

French banks surge on state injection
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Japan:

Yen Rises to 4-Year High on Speculation Global Growth Will Slow
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Hong Kong:

Hong Kong watchdog to probe Citic; shares fall
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France:

Over 3,000 French Restaurants File For Bankruptcy In First Half Of 2008
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Germany:

Investigation launched against KfW bank
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Pakistan:

Pakistan Needs Up to $15 Billion in Aid
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New Zealand:

New Zealand May Slash Benchmark Rate By Record 100 Basis Points
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