February 10, 2009

The Daily Bankruptcy News

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Law:

3 bankruptcy lawyers said to quit Winston & Strawn for Proskauer Rose
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Recession Report: Latham’s Dip, and January Job Losses
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Morgan Lewis grows revenue by 8.5 per cent
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Welcome to the Future: The 2011 Scenario and The End of Leverage
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Despite Economy, Some Open New Law Firms—and Thrive
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Freshfields to Freeze Associate Pay
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If you can't roll-back billing rates, at least freeze them
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Layoffs Only Days Off: Another Biglaw Player Announces 94 Could Be Out of Work
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McDermott set to layoff in London
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Luce Forward Lays Off 12 Lawyers, 15 Support Staffers
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Layoff Watch: Luce Forward Keeps it Short
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Revenue Flat, Profits Down at Silicon Valley Giant Wilson Sonsini
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2009 Year-to-date Layoff Charts
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WARNing: Thelen blames banks, class action says "copout"
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Hogan & Hartson Offers Sweet Buyout Deal to Senior Staff: 20-30 Weeks
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Clifford Chance moves layoffs forward
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A New Generation Defines ‘The Office’
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Bankruptcy attorneys: Business is booming
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The 'Cull' and Your Clients
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Making a Federal Case Out of It: Bad Law Firm Break Up Goes to Court
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Quinn Emanuel Brochure Spills Value of Confidential Facebook Settlement
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Make a Successful Lateral Move in a Partnership Year
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Locke Lord Bissell swapping Lexis for Lois
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Bankruptcy Boom Is Big Business For Lawyers
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Offshore firms turn to restructuring to weather downturn
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Judge Demands Lawyers Prove Not in Cahoots to Divide Case Fees
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Once-Renowned Lawyer Became Client Disaster, Due to Drug Habit
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Judges:

The Prognosis: Justice Ginsburg to Remain Quite Active
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Vaseline Threat by Ex-Judge Leads to Three-Month Suspension
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Escaped Juvenile Found Hiding in Judge’s Trunk
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Ex-US Judge Hits ‘Disgraceful’ Pay Snub, Says It’s One Reason He Retired
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Judges to Plead Guilty in $2.6 Million Scheme
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Wall Street:

US stock futures lower ahead of bank rescue plan
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US stimulus worries weigh on global stocks
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Wall St. Treads Water as It Waits on Washington
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Markets Flat Amid Bailout Delay
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MBA Pay: A Crystal Ball
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Calpers, other big investors, to get tough with Wall Street, says pension plan's CEO
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NYSE Insider Trading Cases at Record High in 2008 as ‘Pillow Talk’ Increases
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Autos:

Retiring From G.M., Lutz Holds Little Back
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Stimulus should spark auto retooling, Obama says
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Treasury Recognizes GM/Chrysler Loan SNAFU
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Ford Would Be Winner Under US Senate Stimulus Bill
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Chrysler has unpaid bills, supplier says
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Cuts loom as GM, Chrysler finish viability plans
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Gov’t Explores Move To Push GM Into Bankruptcy
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Analysts: Carmakers' plans need more time
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Carmakers are caught between feds, buyers
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General Motors May Have No Choice When it Comes to Bankruptcy
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Bankruptcy Could Reduce GM's Debt by 65%
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GM bankruptcy could speed restructuring
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GM in talks to reclaim Delphi plants
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Delphi Parts May Add To Sum Of Support For GM
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GM Gears Up For Tough Sell
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GM wrestles with consequences of state aid
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GM's Latest Challenge: Losing Lutz
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Lutz exit opens another void at GM
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MMPC set for auction
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Heartland Automotive emerges from bankruptcy
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Arkansas group is sole bidder for Bill Heard site
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Contech DIP gets interim OK
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Nissan, Renault: All Smashed Up
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Car sector "catastrophe" now global: Peugeot head
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France Announces $8.5 Billion Plan to Help Struggling Auto Industry
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French Auto-Industry Aid Plan Problematic, Sweden’s Borg Says
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EU in disarray over financial crisis
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Canadian firms demand auto aid
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RVs:

RV maker files involuntary bankruptcy petition
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RV workers eager for solutions
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Politics:

McConnell: WH, Dems misleading public
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McCain Slams Obama's Mocking Rant
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Obama throws Joe Biden under the bus?
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Fear: Rise of Fascism?
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Pelosi's Indefensible Bill
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Layoffs:

Job Losses Are Scarier Now
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Nearly a Year After a Plant Shut, Many Struggle to Recover
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Hard Truths for Hard Times
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Unemployment benefits safety net is fraying
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Obama: Job losses are people, not stats
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A Double Dip Layoff Economy
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The Tough Stay Motivated Amid Layoffs
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FedEx Freight layoffs will number 900
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UBS cuts 2,000 more jobs after record loss
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UBS to cut 15,000 jobs
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AngloPlatinum to Shed 10,000 Jobs
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Nissan to Cut 20,000 Jobs
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Nortel to axe more jobs to slash costs
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Schaeffler Said to Consider Debt-For-Equity Swap With Lenders
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Magna buys European operations of bankrupt Cadence
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Banking:

Morgan Stanley Wants Out From Under TARP
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Calls for Clarity in New Bailout for U.S. Banks
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Executives at Barclays Defend Staff Bonuses
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Wells Fargo lashes out at junket critics
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U.S. Bancorp asks managers to trim budgets
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Up Next for Bankers: A Flogging
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Swiss bank UBS reports 4Q loss of $7.57 billion
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UBS posts $26b annual loss
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UBS top job a poisoned chalice
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UBS Said to Plan No Unwinding of Investment Bank as Cuts Loom
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Fortis CEO: 'No' Vote Could Lead To Bankruptcy
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Barclays secret cash call
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Key to success in the big bank bailout? Let 'em fail
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Student Debt:

MRU Holdings files for bankruptcy under Chapter 7
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Health Care:

Fired CEO: Plaquemine hospital all but closing
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Bankruptcy hearing leaves hospital’s fate unclear
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Will Suicides Spike Because of the Recession?
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LA Chase Ends, Financially Distraught Bentley Driver Dies at Hospital
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Addicted to Success
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Caritas details losses in Chapter 11 filing
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UC hospital plans layoffs
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La. Hospital Sits Empty as Debate Rages over FEMA Funds
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Medical facilities to defer projects in '09
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Software:

Brighter Minds lands DIP access
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Economy:

Obama Stumps for Stimulus in a City Hit Hard by Downturn
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Obama Says Failing to Act Could Lead to a ‘Catastrophe’
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Obama Warns Of 'Lost Decade'
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Obama Signals US Is Open to Expanding Financial-Rescue Plan
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A Tale of Two Stimulus Bills
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New Bailout Could Top $1.5 Trillion
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Geithner Said to Have Prevailed on the Bailout
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How Geithner Plans to Revise the TARP
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A Proposal to Shore Up Banks With Pension Funds
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Geithner’s Bank Rescue May Determine Effectiveness of Stimulus
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Senate Stimulus Bill Narrowly Passes Key Test Vote
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Private capital: The bailout wildcard
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Hedgies, PE funds likely to play pivotal part in TARP II
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McConnell: GOP Senators "Comfortable" In Opposition To Stimulus
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Watchdog: No, Hank, You Didn't Get a Good Deal for Taxpayer
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Jaw Dropping Video
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There's No Stimulus Free Lunch
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Confusing Internet Tax Credit Remains In Stimulus Bill
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Technology’s Fingerprints on the Stimulus Bill
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Obama's menu for US financial stability
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Obama says renewable energy key to economic future
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'National Coordinator Of Health Information Technology' Added To Stimulus
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Obama: Stimulus Should Have More Funds for Education
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Trimmed Bill Still Offers Vast Sums for Education
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‘Use It Or Lose It’ Provisions Could Be Hurdle in Stimulus Conference
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The World Braces For TARP II
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PwC CEO Confidence Survey Shows All-Time Low Confidence
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One in four companies has frozen salaries: survey
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Real Estate:

Can shorts sale be more commonplace?
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US to lay out plan to sop up bad mortgage assets
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Home starts to fall 47% in '09
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Listing Prices Down 2.1 Percent in January
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Inventory of Homes for Sale Declines
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Obama crafting relief plan centered on Fannie, Freddie
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Homebuilders fall after Beazer report
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Colorado Gets Its Piece of Countrywide's Hide
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Show Us the Documents, Sen. Dodd
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Quiet Countrywide Bailout Serves as Warning
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Bankruptcy at Wyoming’s ‘Legislative Dormitory’
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On Houses And Hannity
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Frozen Credit Line Topples Mortgage Company
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Help Wanted In American Home Complaint Department
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Forecast grim for Southern Nevada
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Landmark Homes files for Chapter 11
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Retailing:

S&K Famous Brands files for bankruptcy protection
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Losses Mount on Credit Cards for Retailers
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Because Your Kid Totally Deserves A Playhouse With Its Own Fireplace
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Ackman's Target fund down 90% since inception
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Fraud:

Madoff Claims Another Victim
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Madoff Won’t Contest SEC Claims Under Partial Accord
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Madoff Makes Peace with the SEC, Amount of Fine TBD
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Who Gets the Rest of Madoff's Money?
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Just Don't Mention Bernie
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Fairfield Greenwich Brass Fire Sale
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Neighborhood has 50 Madoff tales, each sad
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The man who helps people disappear
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Boot is on the other foot for ‘bankster’ Del Biaggio
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Aviation:

Textron shake-up claims CFO, head of finance unit
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Aspen Jetride goes bankrupt
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Unions at Air Canada Call for ACE to Fund Pension Plan
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Singapore Air Profit Drops 43% as Recession Saps Travel Demand
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Executive Compensation:

Common Sense on C.E.O. Pay
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Will Barack Obama's reform of executive pay work?
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Senate stim bill would cap—and kneecap—bonuses of TARP takers
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Why the CEO salary cap is a joke
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Telecoms:

Prosser demands judge's removal
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Qwest Profit Falls 49 Pct in 4Q
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Nortel Seeks to Delay its Annual Shareholders Meeting
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Nortel plans more job cuts, seeks to avoid AGM
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Nortel takes a long, hard look in the mirror
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Radio:

Sirius XM: Turning Down That Money Doesn’t Look So Wise
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Alternative Energy:

Valero draws praise for $300 million ethanol bid
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VeraSun in $280M deal to sell assets
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Chemicals:

Lyondell seeks to stop note holders from taking action
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Tax:

Swiss law expert: UBS US clients committed no fraud
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UBS says still working toward US tax deal
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Stimulus Tax Provisions Take Shape
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ARS:

Arbitration Sought in Auction Rate Securities Fight
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Personal Finance:

Is It a Luxury, or a Necessity?
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Liquidity:

Cash is king for companies facing hard times
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Gambling:

Image makeover of Tropicana will stress Strip resort’s value
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Education:

Recruiting Drops at Business Schools
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Layoffs Watch '09: Dartmouth
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Harvard Management Cutting Staff
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Shipping:

Shipping Industry Problems
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NOL expects full-year loss as demand plunges
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Hedge Funds:

Asian hedge fund assets plunge 36%
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Return of the hedge fund swashbucklers?
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Private Equity:

PE-backed bankruptcies
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Oil/Gas:

Oil falls below $40 on economic worries
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Chevron, BP Are Locked Into $200 Million Oil Wells Amid Crude-Price Slump
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Crescent Oil files for bankruptcy
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SemGroup execs propose sale of asphalt unit
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Credit Cards:

Interest rates for most credit card types edge up
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Pressure Builds To Restrict Card Issuer Practices
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"Shock and Gall" - The Penalty Rates That Might Eat Your Wage Gains
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Distressed Investing:

Aladdin fund to DIP into restructuring void
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Junk Funds Dabble in Best of Worst
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Ross and Carlyle eye BankUnited
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New Bankruptcy Opinions
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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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Weird News

Bankruptcy Jobs:

(1)- (2)- (3)- (4)- (5)- (6)- (7)- (8)- (9)- (10)
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Bankruptcy Reform:

Obama says backs rule change to modify mortgages
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Bankruptcy attorneys head to DC to lobby for housing effort
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Treasury to lay out foreclosure fix
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The King Amendment hurts the Middle Class
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Food/Drink:

The breakfast battle heats up
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Pilgrim’s Pride: Failure to Communicate
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Pilgrim’s Pride Workers Seek ‘Donning And Doffing’ Pay
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McDonald's January sales up 7.1%
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Recent US restaurant bankruptcies
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Bruno's makes DIP switch
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Newspapers:

Cablevision writes down Newsday's value by millions
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SPJ Imagines A City Without A Newspaper
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Corporate Reform:

SEC's top cop wasn't tough enough
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Cleary Gottlieb’s Becker to Return as SEC’s General Counsel
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Deferred and Nonprosecution Deals Fall by 60 Percent
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Report: FBI Raided Lobbying Firm Connected to Murtha
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Insurance:

Principal Financial posts 4th-qtr loss
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Investment losses give CNA Financial a big loss
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W.R. Berkley profits fall 63.3%
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S&P cuts Hartford credit rating to A-
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Treasury May Plan To Aid 12 Life Insurers, Bond Carriers Also
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Lawyers volunteer to help fight AIG crisis
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AIG Received Added Subsidy in TARP Spending, Panel Says
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Selling AIG to Scarce Buyers Is Mission Impossible for Reynolds
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AIG Consumer Lender Rating Downgraded to Junk by S&P
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Magazines:

Newsweek Plans Makeover to Fit a Smaller Audience
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Circulation Drops for Celebrity Magazines
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Phone Directories:

Idearc, RH Donnelley may seek bankruptcy -Moody's
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Television:

Local TV Stations Face Fuzzy Future
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Religion:

Church Social Ministries Strained by Economic Demands
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Celebs:

Law Firms Suit Up for the A-Rod Steroids Scandal
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Docket Digging in the A-Rod Steroids Scandal
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Municipalities:

Judges order may free tens of thousands California inmates
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Schwarzenegger sues to furlough more Calif workers
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Despite Recession, Calif. Cities Spend Millions on Lobbying
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Prichard's money woes are reaching a critical point
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Vallejo, exempt employees will discuss compensation
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Sports:

In Hard Times, Olympic Plans Go On a Budget
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Finance:

JPMorgan Cracks Down on Unused Credit Lines as Banks Seek to Free Capital
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Cisco Systems Sells $4 Billion of Debt as Credit Supply Loosens
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Packaging:

Bankruptcy filing fails to settle Smurfit-Stone Container strike
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Resorts:

Former Yellowstone Club owner considers bid
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Prognostication:

15 Companies That May Not Survive 2009
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UK:

FTSE Falls 1.5%; Bailout Eyed
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One in eight lenders ‘could fail’
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Debt checks available to more lenders
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Half of UK directors forecast gloom
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Darling’s Budget may be delayed in hope that ‘something will turn up’
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Brown’s Popularity Sinks as Minister Predicts Worst UK Slump
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UK recession ‘worst for 100 years’
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UK Bank Executives Apologize to Lawmakers for Credit Crisis
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Bank bosses: So, so, so, so sorry - sort of
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McKillop admits to 'bad mistake' to buy ABN
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Historic law firm forced to close
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HBOS Inquired Into Risk Allegations, Ex-Chairman Says
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JJB puts shoe chains into administration
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New mortgage deals may have hidden costs
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UK credit card woes lift bond delinquencies
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EU:

ECB Says Mix of Bad Bank, Asset Guarantees Curbs Budget Costs
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Canada:

Canadian Bankruptcies Jump 47% in December From Year Earlier
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Bankruptcy spike 'highly unusual'
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Bankruptcy : Why it seems to be battering people before business
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Economy sputters, stalls
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Western Canada hit hardest by decline
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Canadian Housing Starts Fall to the Lowest Since 2001
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Recent Data Shows Canadian Outlook "Getting Darker"
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Japan:

Okinawa no exception to economic downturn
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Aozora warns of $2.1 bln loss, changes CEO
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Spansion Japan files for bankruptcy protection
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Japan’s Consumer Sentiment Stays Near Record Low on Job Cuts
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Japan faces ‘unimaginable’ contraction
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Japan's déjà vu
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Ireland:

Irish economy now moves into free fall
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Spain:

Spain to announce new bankruptcy law
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Spanish footballers drop their shorts in demand to be paid
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Russia:

Russians Rally Against New Financial Crisis Measures
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Germany:

German Malls Shrug Off Recession
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Chip maker Qimonda says must find buyer by April
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German Machine Makers to Cut Production, 25,000 Jobs
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Dresdner Bankers May Sue Commerzbank Over Bonuses
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S. Korea:

South Korea's economy set to contract
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Iceland:

Icelandic Dining After the Collapse
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South Africa:

South African Manufacturing Drops Most in a Decade
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Daily Bankruptcy News is published each business day by BKINFORMATION.COM, L.L.C.  You can reach us at 281-402-3957 or at accounting@bkinformation.com (email inquiries are usually answered substantially more quickly than phone inquiries).