October 30, 2008

The Daily Bankruptcy News

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Law:

Thelen Associate: "It Didn't Have to Come to This"
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Bank of America Sues Bear Stearns, Cioffi, Tannin
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Trial Begins in Malpractice Case Against Orrick
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Bankruptcy lawyers' business booming
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Buoy oh buoy! Five Things Hellerites Wished They Knew At The Start
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Crisis means big fees for some lawyers, layoffs for others
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Work/Life Balance: Goodbye to All That?
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A Reasonable Route to ESI Confidentiality
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There's No Crying in BigLaw!
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Checking in with... Mike Nifong
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Ex-NY BigLaw Partner Sues Citigroup, Claims Bank Blocked Deal Strategy She Invented
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Will $700 Million Finally Settle Decade-Old IPO Suit?
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Wiley Rein Sues Former Client for Failing to Pay Bills
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What McKinsey Told White & Case
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Plaintiffs Win More Than Half of State Court Civil Trials
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Eyeing Big Bucks in New Regulations, BigLaw Goes to Washington
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Social Obligations in Law Offices: All Frosting, No Cake
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Partners Chucking BigLaw for Work-at-Home, Virtual Firm
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At the Office Halloween Party, Beware Tarzan, Togas and Naughty Nurses
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Adventures in Lawyer Advertising: Hollywood Shorts?
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Pls Hndle Thx: Nightmare on Main Street
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Judges:

Wiley Rein Sues Former Client for Failing to Pay Bills (DBN Subscription Required)
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Judge Ousted From Bench
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Ex-US Judge Nottingham Faces Revived Lawyer Ethics Probe
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Is Your Courthouse Haunted? Some Say These Are
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Wall Street:

Stocks Signal Sharply Higher Open After Rate Cut
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Global Stocks Soar on Positive Central Bank Moves
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US Stocks Decline Weds. as Fed Fails to Ease Concern About Economy
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Stocks fall sharply Weds. in final minutes, wiping out early gain
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Oppenheimer Enters Restructuring Business with Acquisition
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Goldman partners' reduced rewards
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How Goldman Will Keep Its Elite
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Legg Mason Beats Estimates, Rises Most in 25 Years
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Lazard posts 3Q loss on charges as assets decline
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Autos:

GM 3Q Global Sales Down 11%; US, Europe Sales Plunge
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Major issues resolved in GM-Chrysler talks
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GM-Chrysler Union Funds Said to Be Hurdle in Merger
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Market can't support Big Three
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GM, Chrysler Face Liquidity Challenges Even With Merger -S&P
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GM has always been terrible at restructuring
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Lease perks anger workers
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Chrysler's CEO says auto industry ripe for mergers
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Dealers insist Chrysler tie-up has to succeed
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GM/Chrysler: Too Dumb to Fail?
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Big 3's 'legacy': High costs
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Detroit has to be saved
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A Treacherous Road for Auto Investors
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GM, Chrysler merger could cost Michigan 25,000 jobs
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GMAC Seeks Bank Status for Rescue Funding
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Ford Credit Has Access To Fed's Commercial Paper Plan
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Merger Rumors Prompt Worries About Warranties
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Should We Just Let Automakers Fail?
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Auto suppliers expected to post rough 3Q results
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Auto supplier Continental's 3Q profit plunges 99 percent
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Loan move for European carmakers
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More Japan carmakers cut forecasts on demand slump
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Municipalities:

Paterson Calls for Federal Rescue Package for States
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Update shows Vallejo city budget already short of projections
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Bankrupt Vallejo approves budget cuts
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Unions to appeal bankruptcy filing
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U.S. should shore up state and local bond markets, municipal officials say
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WMATA Seeks Court Order Against Creditors
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Banking:

Beverly National posts Q3 loss
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Morgan Stanley: Don't Forget We're A Bank
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Loan Problems Grow at South Florida's Largest Credit Union
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Deutsche Bank posts surprise profit
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Deutsche Bank Posts Profit as Rules Limit Writedowns
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Retailing:

Retailers and bankruptcy
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Williams-Sonoma tumbles after cutting outlook
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VTA hopes to block lawsuit
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Value City future uncertain after bankruptcy filing
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Value City wins DIP approval
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Bagging up Mervyn's
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Hilo Hatti's DIP still in dispute
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Newspapers:

Miami Herald in Danger of Bankruptcy
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As Newspapers Fall, Some of Their Websites Soar
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Mining:

Sterlite lowers bid for Asarco
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Asarco, Grupo, Sterlite seeking a compromise
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Copper, Zinc Decline in London Trading as Stockpiles Expand
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Fraud:

Petters fraud case shakes his family foundations
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Poulsen takes aim at former National Century officers
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National Century's Poulsen Asked About Conviction for Witness Tampering
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Health Care:

Chad Therapeutics Suspends Operations
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Cigna reports 53 percent drop in 3Q profit
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Insider Compensation:

New York Demands Bonus Pay Data From JPMorgan, Citi
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US lawmakers, Cuomo seek to curb bailout bonuses
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More firms ban execs from ill-gotten pay
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The Future of 'Say on Pay' in Current Economic Times
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Biotech:

Many small biotech firms are expected to file for bankruptcy
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Economy:

Fed Cuts by Half-Point, May Opt to Do More
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Fed's dilemma over zero rate looms closer
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GDP report is expected to show shrinking economy
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Bipartisan heat builds over use of bailout funds
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Manufacturing Orders Rebound in September
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Fed Creates Swaps With South Korea, Brazil, Mexico
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Seven Deadly Sins of the Meltdown
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Greenspan Slept as Off-Balance-Sheet Toxic Debt Evaded Scrutiny
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American Express Taps Fed's Commercial Paper Facility
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The US is having a fire sale; is China buying?
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Money Rates Fall on Fed Cut, Emerging-Market Dollar Swap Lines
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Bungee jumping for economists
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Real Estate:

Government Said to Be Near Plan to Aid Homeowners
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Foreclosures: Feds to the Rescue?
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Fannie Mae to Reduce Value of Deferred Tax Assets
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CRE: Looking Into a 'Tremendous Abyss'
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Real-Estate Slump Thrusts Lenders Into Unfamiliar Roles - Dominion Capital, 'Not a Developer,' Finds Itself Filling In for a Fallen Builder
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Judge wonders if OC-run home projects are 'DOA'
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Financial woes take shine off New York skyscrapers
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Economists Predict Home Prices Will Bottom Next Year
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M&A:

The M&A Tipping Point?
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Apollo May Renegotiate Hexion's Huntsman Deal After Banks Balk
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Aviation:

Frontier posts loss in September
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Delta Completes Purchase of Northwest, Creating Largest Airline
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2Q airfares hit record high in US
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After oil, falling traffic is the next crisis
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Airports Grow, but the Timing Seems Off
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Aircraft firm lays off most workers
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Alitalia investors walk out
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Lufthansa ahead of the game as M&A pace picks up
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European airlines struggle under strain of credit crunch
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Telecoms:

Qwest profit falls 93%
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Gambling:

MGM Mirage earnings dive 67% as Vegas begs for tourists
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Casinos jump as MGM announces funding
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New Jersey waits for court to act on Tropicana
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M&A:

Hexion Sues Banks Over Huntsman Deal
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Alternative Fuels:

VeraSun falls on report bankruptcy filing imminent
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Food/Drink:

Bankruptcy or Sale Seems Likely for Pilgrim's Pride
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Pilgrim's bankruptcy "highly probable"
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Court Approves Pierre Foods Disclosure Statement
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Starbucks' business may have bottomed in Q4: CEO
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USA Springs files reorganization plan
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Sagging economy hurts restaurants
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Restaurants on the hot seat
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Credit Cards:

You thought the housing crisis was bad? You ain't seen nothing yet
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Debit Cards: Plastic of Choice
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Distressed Investing:

Distressed investing beyond spam and candles
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For those who are hot to get in line to buy from the US government bad assets: Caveat Emptor
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Student Debt:

College Tuition Rises Faster Than Inflation Yet Again
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College Hopefuls Forced to Lower Sights
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Lehman:

Banks in global race to woo key Lehman staff
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Questions emerge on Lehman's 'dark pool' project
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DTCC Successfully Closes out Lehman Brothers Bankruptcy
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Lehman Creditor Lawyer Despins Quits Milbank for Paul Hastings
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NY Community Bancorp net off 48 pct on Lehman
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Boston Properties feels the pain over Lehman's death
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OfficeMax Delays 3Q Report To Calculate Lehman Write-Down
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Ameriprise takes loss due to Lehman exposure
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Miss Lehman? Try eBay
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Barclays takes Lehman team back into munis
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Layoffs:

Layoffs Sweep From Wall St. Across New York Area
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As Layoffs Rise, Jobless Throng Career Fairs
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Media:

Writedown pushes CBS to $12.5bn loss
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Pappas sale of TV stations OK'd
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Derivatives:

Debt Protection Costs Plunge on Swap Agreements, Lower Rates
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Sovereign Debt:

Healthy Countries to Receive I.M.F. Loans
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Chapter 13:

60-Month Plans Required for Above-Median Chapter 13 Debtors
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Finance:

Three-Month Libor for Dollar Falls to 3.19 Percent, BBA Says
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Corporate Reform:

Lessons Learned From Enron: Zip, Zero, Nada
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Accounting:

Accountancy professor lambastes Big Four firms
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US watchdog hears fair value is 'much needed'
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New fair-value disclosure requirements on way from FASB
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Ex-FDIC Chair: Fair Value Caused Crisis
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Discharge:

Dischargeability of Copyright Infringement Claims
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Tax:

I.R.S. Is Said to Aim at Corporate Profits Overseas
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Offshore centers sign tax evasion deals
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New Bankruptcy Opinions
(2 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:

Aetna Shares Fall After Profit Drops 44% on Failed Investments
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Prudential Has Third-Quarter Loss as Investments Lose Value
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MetLife Profit Declines on Slumping Annuity Results
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Ace sees business opportunities from AIG troubles
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Bair says FDIC's powers could extend to insurers
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Financial mess drives Brooke into Ch. 11
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A Question for AIG: Where Did the Cash Go?
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Bankruptcy Crimes:

Former OC Sheriff Mike Carona's Trial Begins
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Prosecutor: Former sheriff consumed by greed
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Former Tallahassee financial advisor charged with money laundering set to have hearing today
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Gary Peel sentenced on bankruptcy bribery charges; files 7th Circuit appeal
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Andrew Yao sentenced for false oaths in bankruptcy deposition
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Baseball:

Newark Bears folding
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Newark Bears file for bankruptcy
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Auto Racing:

Tough economic times ahead for NASCAR
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Commodities:

Cotton firms get relief in Reinhart bankruptcy
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Hedge Funds:

Hedge funds fear bankruptcy after Porsche squeeze
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Money men weep after $26B VW loss
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Hedge Fund of Funds' Revealing Q3 Report
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Oil/Gas:

Crude Oil Rises More Than $4 as Rate Cut May Revive Fuel Demand
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SEC issues subpoena for SemGroup papers
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Oil giants try to polish image before latest gusher
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Shell Profit Rises 22 Percent on High Oil Prices
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Furniture:

Broyhill stores close as owner files for bankruptcy
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Politics:

Bipartisan anger builds over the way banks are using billions in taxpayer bailout funds
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Tech:

Toshiba's Profit Tumbles 99 Percent on Weak Chips
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Silicon Valley Defers Startup Dreams
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Resorts:

Expectations high for Double JJ auction
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Laketown can tap DIP loan
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Turnarounds:

Woodward likens Bush administration to distressed company
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Buckfire, others get Carved up
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Cat saves railroad from bankruptcy
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UK:

London's Largest Mall Opened as Recession Looms
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Insolvency "specialist" wound up
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Commercial loans slowing to a trickle
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UK Nationwide House Prices Drop Most Since 1991
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Canada Pension Plan Eyeing US, UK Real Estate
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Queues outside advice center as credit crunch bites
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Cash-flow warning for employers
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EU:

ECB Lending to Banks Breaches $1 Trillion, the Most on Record
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European Confidence Drops by Record as Crisis Deepens
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The West in retreat, the pot running dry
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Europe Retail Sales in Longest Contraction Since at Least 2004
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Hungary:

Hungary Pays With Growth Prospects for IMF-Led Bailout Package
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Iceland:

Serving Candy
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China:

China May Keep Cutting Rates to Prevent Economic 'Hard Landing'
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Pakistan:

Pakistan on the brink of bankruptcy
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Ukraine:

Ukrainian Parliament Backs IMF Loan
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Japan:

Expoland files for bankruptcy
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Japanese investors sweat over asset buys in US
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Japan to ease accounting rules
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Japan Offers Stimulus Package to Spur Its Economy
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Germany:

Germans back nationalization
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German Unadjusted Unemployment Drops Below 3 Million
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Canada:

Harper to Force Single Securities Regulator
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Brazil:

How the Financial Crisis Is Affecting Brazil
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Russia:

Oligarchs Line up for Help
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Russian companies face serious liquidity risks, German agency warns
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India:

Job cuts, depression engulf India
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France:

Sarkozy Boldly Attacks Financial Crisis, but Europe Wants Results
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Israel:

Leumi sees earnings 'deterioration' from Lehman, WaMu
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Australia:

The debt industry is booming
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