October 28, 2008

The Daily Bankruptcy News

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Law:

Top Milbank Bankruptcy Partner Leaves for Paul Hastings
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High-profile bankruptcy partner quits Milbank
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Rumors of Chairman's Departure Have Partners at Beleaguered BigLaw Firm "Pissed Off"
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Haynes and Boone: 'Green' Offices. 'Orwellian' Controls
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Will the fallout from the downturn force law firms to increase their fees?
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Sonic Blue creditors: Let's settle
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Bleak Predictions of Hildebrandt Report: More Layoffs, Flat or Reduced Profits
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What will be the outlook for law firm growth as recession begins to bite?
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Wachtell Founder Says Rebound Could Take Up to Five Years
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Thelen . . . It Rhymes (Sort of) with Leavin'
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Weebles Wobble, But Does Thelen Fall Down?
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Some Firms Scale Back Summer Programs in Tough Economy
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Big winners in bailout: Law firms
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Michelle Obama's lesson
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US bailout holds promise of legal outsourcing deals
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Surprise! Lobbyists and Lawyers Will Be Winners
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As Crisis Cripples Confidence, Law Firms Look to Merge to Survive the Storm
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Paul Clement: The LeBron James of Law Firm Recruiting
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Senator Stevens Convicted of All Seven Felony Counts
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Democrats, Republicans Respond to Stevens Verdict
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Stevens Blasts Prosecution in Corruption Trial
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Bear Duo Wins Discovery Ruling; Judge Kozinski on Fairness
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Thacher Proffitt Loses Vice Chairman
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Thacher Proffitt & Wood Abandons White Plains
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More Mergers Predicted as Confidence in Legal Sector Drops
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Fish & Richardson Latest Law Firm to Give Houston a Second Chance
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Ninth Circuit Upholds Harsh Remedy Imposed on Lender
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Ex-Milberg Lawyer Bershad Sentenced to Six Months
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Associates Should Keep Their Emotions in Check
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Will Supreme Court Resolve Attorney Deadlock at the Eleventh Hour?
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The Deterioration of Legal Writing
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Judges:

Embattled Judge's Husband Pleads Guilty in her Beating
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Wall Street:

Stock Futures Jump Tues. on Bargain Hunting
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Global stocks rebound Tues.
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US Stocks Retreat Mon. on Concern Economic Slump Is Worsening
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Canadian Stocks Fall Most Since 1987
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Brazil Stocks Fall
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Market Has Plunged Nearly $3 Trillion Since Bailout Signed
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Terrible Ideas of the Financial Crisis: Goldman Sachs and Citigroup
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Eight ways the Wall Street bailout is adding insult to injury
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Discover Says $1.2 Billion Morgan Stanley Settlement Payment in 'Dispute'
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Merrill Cuts Back On Staff - Bove expects at least 10,000 people to lose their jobs following BofA's acquisition of Merrill (scroll down)
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Winton's Harding 'Worries' About Exchange Shutdowns, Holds Cash
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Morgan Stanley funds suffered $46 bln net outflow
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Oil/Gas:

Crude falls to below $62
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SemGroup CEO Tom Kivisto Fired
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Viking Drilling auction set
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Finance:

Little relief in credit as market awaits rate cut
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US Commercial Paper Rates Rise as Fed Starts Buying the Debt
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Tightened underwriting has strained the relationship between banks and CFOs, but few seem ready to look elsewhere
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Banking:

Capital One, Key Among 15 Banks Getting $34 Billion
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US regional banks eye deals with TARP cash
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Treasury Department's Bank Plan Favors Survival of the Biggest
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Bad loans carve into Indy Web bank's profits
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StanChart falls on worries over Asia slowdown
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Barclays Seeks Capital From Russian Banks
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Retailing:

Value City files for bankruptcy, will liquidate
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Boscov's Extends Process For Sale Of Assets (scroll down)
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Wal-Mart scaling back
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Retailing's Revolving Door of Bankruptcy
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DJM Realty to work with Linens 'n Things on leases
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Dillard's Stock Soars After Investors Urge Replacement of CEO
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Analyst cuts target on retailer Liz Claiborne
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Fitch downgrades General Growth
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General Growth Folds On Vegas Hand
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Bankruptcy Statistics:

Personal bankruptcies on the rise
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Derivatives:

Dinallo on Credit Default Swaps: "There Was No 'There' There"
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Deutsche Bank Derivatives Loss May Top $400 Million
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Commodities:

DJ-AIG Commodity Fund Investment Drops 36%
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Lehman:

The Dow Jones industrials' moves since Lehman fall
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Lehman Bros. Committee Files Employment Applications
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Biotech:

The ABCs of bankrupt biotechs
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Personal Finance:

15 Hot Jobs in a Depression
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Layoffs:

Postal Service Looks To Cut 40,000 Jobs In First Layoff In History
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Whirlpool to cut 5,000 jobs, cuts 2008 earnings view
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Corporate Reform:

Frank foresees bank-type regulation for securities
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Post-Enron Crackdown Falls Short
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Watchdog set to open mark to market probes
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Hotels:

Dim Days for Luxury Hotels
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Crisis Management:

Tips for chief executives in the hotseat
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Television:

Pappas cancels auction of TV stations
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Economy:

Treasury set to dish out financial rescue funds
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Much Bank Aid May Not Go to Loans
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New York Job Outlook Imperiled by Wall Street Slump
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Fed heads toward uncharted territory
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Rescue Plan Faces Delays in Hiring
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Consumer Confidence in U.S. Probably Slumped This Month
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GE sells commercial paper to Fed as liquidity program starts
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A Scramble to Shore Up Economies Worldwide
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Atlas Mugged
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Spending Stalls and Businesses Slash U.S. Jobs
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Real Estate:

Broken Records: It's About Bankruptcy Relief, Stupid
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New-home sales perk up on gains in the West
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New-Home Sales Up? No.
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As home sales fall, prices rise
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US house prices to continue plunge until 2010, expert says
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Hedge Lawsuit Threat Has Hill Seeing Red
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Subprime Mortgage Delinquencies Building, Again
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The "innocent borrower"
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California Faith Groups Fight Banks on Foreclosures
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Hedge Funds Chafing at Mortgage Bailout
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212,000 borrowers avoid foreclosure in Sept.
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Hovnanian Asks Bondholders to Trade Principal Cut for 18% Notes
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Bankruptcy, foreclosure and suicide
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Mass. median home price drops below $300G
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The Worst U.S. Condo Markets
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They bet the house in Vegas, and lost
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Nothing to build in a busted boomtown
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Bargain Hunters Shrink Glut of Homes
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Funeral Home Eviction Issue: What to Do With the Bodies?
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With collapse, real estate market gets reality check
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Food/Drink:

As Restaurants Falter, Planning for Restructuring, Bankruptcy Is Crucial
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Pilgrim's gets credit waiver
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Pilgrim's Pride slips despite news of waiver
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Lenders seek restructuring chief at Pilgrim's Pride
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Newspapers:

Newspapers see sharp circulation drop of 4.6 pct
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LA Times to layoff 75 staffers
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6 newspapers in Ohio to drop Monday editions
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Autos:

White House:Auto Finance Arms May Be Eligible For TARP
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Fed help for GM merits tough terms
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GM Said to Seek Treasury Aid in Chrysler Merger Talks
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Why Ford Needs The GM-Chrysler Deal Done
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Bankruptcy Fears Rise for Chrysler, GM
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Auto merger momentum swells
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US Treasury working on aid for GM, Chrysler merger
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Lutz: Bankruptcy never comes up at GM
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Bankruptcy Talk in Overdrive Amid Dismal Detroit Sales
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Manufacturers warn of collapse
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Auto Supplier Stocks Take Beating Amid Liquidity Concerns
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General Motors may run out of cash by mid-2009: Moody's
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GM, Chrysler seek cash for marriage as bankruptcy looms
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Delphi seeks to extend DIP financing
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Moody's reviewing Ford for possible downgrade
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More Car Dealers Shut Down
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Car Parts Manufacturer Shows Depth Of Market Pessimism
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Hedge funds rush to cover VW short positions
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Volkswagen Overtakes Exxon as World's Most Valuable Company
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Unexpired Leases:

Debtors Can't Assume And Reject Individual Leases Under A Master Lease Agreement
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Aviation:

Alitalia buyer meets unions to finalize contract
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Fraud:

Third Circuit Asks Pa. Court To Rule on Imputation of Fraudulent Conduct and In Pari Delicto Doctrine
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The human toll of the Petters case
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Judge rejects Poulsen's bid for dismissal
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Ex-Mortgage Adviser Pleads Guilty in FSA Forgery Case
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'Vatican CFO' Sentenced for Fraud
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Sovereign Debt:

Romania's Foreign Debt Cut to Junk
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Sales:

Proof That Consigned Goods are Property of the Estate Is Required Prior to a 363 Sale
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Distressed Investing:

Best bargains found in the abyss
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Lampert Losing $30M/Hr
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Mining:

Asarco making profits despite problems in bankruptcy case
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Tech:

Tech Finance Defaults Rise Subscriber Content
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Accounting:

Auditors Should Prepare for Legal Backlash
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Fair Value: Lousy, But What's the Alternative?
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Japan Will Ease Mark-to-Market Accounting Rules
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Fraud Trial to Focus on Accounting at Heilig-Meyers
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Hedge Funds:

The Incredible Shrinking Funds
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Should Citadel have put its head over the parapet?
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Interest:

Ninth Circuit Joins Majority Permits Creditor To Obtain Interest at Default Rate
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Turnarounds:

Traditional Turnarounds Hampered by Credit Freeze
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Predatory Lending:

Political Consultants Screwed Up, Payday Loan Defenders Say
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Corporate Governance:

Chancery Rejects Request to Appoint Receiver of Dissolved Corp. Pursuant to DGCL Section 279
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Chancery Recites Prerequisites for Preliminary Injunction and Enjoins Arbitration of Claims
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Baseball:

Bad news for Newark's Bears
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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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Insurance:

Manulife, Sun Life May Need More Capital to Counter Market Fall
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US Property Insurers Won't Seek Government Capital
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Insurer Aegon takes $3.7 billion in state aid
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Bankruptcy Litigation:

Damages for Deepening Insolvency May Be Obtained Through Independent Cause of Action
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Municipalities:

Alabama county eyes 2 payments on warrants
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Jefferson To Court: Don't Dismiss Counterclaims (scroll down)
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Distressed Investing:

Buy The Distressed
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Credit Counseling:

Credit counseling 'too little, too late'
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Politics:

Obama, McCain Focus on Economy
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US should not aim to save carmakers-McCain adviser
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Rivals Clash Over Taxes as Contest Nears Climax
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McCain Speaks About the Law
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Stevens Conviction May Boost Democrats' Chance For 60-Seat Senate Majority
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IP:

A Symposium on The Treatment of Intellectual Property in Insolvency Proceedings
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Defaults:

Worries of mounting defaults have hit CLOs. How well are they protected in a recession?
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Luggage:

InGear ordered into liquidation
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Pensions:

Market slide batters state pension funds
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Agriculture:

ML&P: 'Serious financial stress' - Debt tops $100 million; land sales can no longer prop up bottom line
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Discharge:

Seventh Circuit Approves Inclusion of Third-Party Releases in Chapter 11 Plan
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M&A:

Huntsman Deal on Hold as Banks Waver on Funding
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UK:

IMF may need to "print money" as crisis spreads
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Get on your bike and go shopping
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Grim future for builders without credit insurance
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British pint becomes latest credit crunch victim
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EU:

Hardships Past Haunt Europe's Search for Financial Safety
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ECB hints at action as outlook darkens
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Trichet Says ECB May Reduce Rates Again Next Week
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Europe Faces 'Huge Threat' as Meltdown in Emerging Economies Hurts Exports The
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Iceland:

Iceland Central Bank Raises Key Interest Rate to 18%
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Iceland's creditors looking at $40bn hit
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Iceland seeks to secure $4bn in loans
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Coming soon! CDS auctions for Iceland's defaults
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Hungary:

Hungary Verges On IMF Rescue
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Australia:

Colonial freezes funds as deposits row grows
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Middle East:

Worried Gulf Bank depositors withdraw savings
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Saudis fear capital pipeline may tighten
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Islamic banks exposed to property risk
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S. Korea:

South Korea's Consumer Confidence Slumps on Recession Concern
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Russia:

Russian president signs law to bring stability to banking system
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China:

Chinese Investment Firms Cut Staff in Face of Ravaged Markets
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More Reports of Chinese Factories Shutting Their Doors
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Brazil:

Brazil's Deposit Insurer to Buy More Bank Loans
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Canada:

Could have done better on Livent papers: witness
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Auto-parts industry seeks $1-billion in loans
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Japan:

Credit Crisis Deals New Blow to Japan
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Georgia:

Georgian Premier Resigns as Economy Cools
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Pakistan:

Blow to Pak bailout plan
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World has 'six days to save Pakistan'
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Italy:

Italian groups under pressure over capital shortage fears
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Poland:

Credit Crisis Slows Economy in Once-Hot Poland
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Germany:

German Consumer Confidence Unexpectedly Rises
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France:

French Consumer Confidence Falls to Record Low
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Netherlands:

Dutch Consumers 'Particularly Gloomy' About Economy as Confidence Declines
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