February 11, 2009

The Daily Bankruptcy News

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Law:

Nixon Peabody Lays Off 20 Lawyers and 36 Staff
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Layoff Watch: DLA Piper Cuts 140 U.K. Employees
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White & Case Freezes London Pay as Profits Fall
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Baker Botts breaks $600m with year-end results
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Did Firing Attorneys Help White & Case's Profits Per Partner?
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Legal Jobs Now Stand at Same Level as March 2004
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You May Find Yourself Living in a Shotgun Shack
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Pay Freeze Watch: Freshfields and the 'Magic Glacial' Salary Freeze
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Pay Freeze Watch: Winston & Strawn
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Hogan & Hartson offers buyouts to 240 staff
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Tough Economy Offers Opportunity for BigLaw to Alter Business Model
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MegaFirm Plans to Ax as Many as 140 in Latest Layoff
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Jenner & Block Secures $69.5 Million Settlement to End Consolidated Industries Litigation
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Lawyers at UK Firm Reduce Work Hours to Save Jobs
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Corporate Lawyers Shift Gears
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Judge Says Firm Must Explain ‘Fraudulent’ Removals or Pony Up $25K
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Just Say No to RFPs
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Thinking of Switching Practice Areas?
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Pay Freeze Watch: Welcome Brooklyn Law School Faculty
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Large Firm Layoffs Lead to Small Firm Startups
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Next Up in Credit Crisis Litigation: Bailout Lawsuits?
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Japanese Crack Down on Unregistered Foreign Associates
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Judges:

Bailiff’s Suicide Attempt Ignites Ethics Complaint Against N.J. Judge
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Wall Street:

Stocks set to bounce up
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Asian Stocks Drop on Skepticism US Bank Plan Will Ease Crisis
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Stock Investors Worldwide Predict Declines in Next Six Months
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US Stocks Tumble Tues. In Biggest Drop Since Dec After Bank Plan
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Canada Stocks Erase 2009 Gain as US Bank Rescue ‘Disappoints’
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Five Reasons the Markets Don't Like the Bank Bailout
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Why Some Investment Bankers Stay on Wall Street
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Wall Street Bonus Outrage
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Layoffs:

Wal-Mart layoffs updated
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GM To Cut Another 10,000 Salaried Jobs This Year
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RBS Considers Cutting 2,300 Jobs
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JW Aluminum to cut jobs, hours
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Banking:

U.S. bank CEOs defend use of govt bailout funds
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Assessing Geithner's Expensive Plan to Rescue Troubled Banks
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Banks Seeking Aid to Undergo 'Stress Test'
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Bank CEOs: The Men Behind the Billions
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Obama Says There Is “No Easy Out” for US in Banking Crisis
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Goldman’s Blankfein Acknowledges ‘Broad Public Anger’ at Banks
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Bankers: Bailout Funds Helped, Repayment Coming
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US banks shouldn't hurry to pay back TARP
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UBS beats a fresh retreat home
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Banks - Let's Make a Fresh Start
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Credit Suisse slides to $5.2 billion loss
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Swiss Bank Books Worst Ever Loss
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Tech:

Intel To Invest $7 Billion In US Facilities
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Vishay posts loss, sees job cuts
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Freescale Seeks $1 Billion Loan From Its Creditors
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Food/Drink:

Shares of several grocers fall following downgrade
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Court approves VI auction
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Radio:

Sirius XM Prepares Bankruptcy Filing
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Who Will Buy Sirius XM Radio?
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Sirius’s Karmazin Faces Debt Payment, EchoStar Bid
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Sirius XM: What Price Bankruptcy ?
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Why A Sirius Chapter 11 Does Not Matter
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Municipalities:

Schwarzenegger Plans 20,000 State Firings on Budget
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California Views $200 Million Private Debt Sale to Avoid Market
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California's Pain Only Beginning; Cuts to Parks, Schools and Roads
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Counties: We're not gonna take it anymore
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Vallejo's attorney argues for cuts in raises, benefits
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Vallejo OKs new union contract
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Santa Rosa council declares fiscal crisis
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Beleaguered California Cities Try to Save on Legal Fees
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America's Most Miserable Cities
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Chemicals:

Bankruptcy court halts creditors of LyondellBasell
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Lyondells Unpaid Taxes Hit School Budgets
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Oil/Gas:

Oil Prices Tumble After US Rescue Plan Unveiled
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Oil Stays Below $38 on Bailout Skepticism
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Crude Oil Falls to 3-Week Low on Skepticism About Bank Rescue
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Sem staff bank accounts hit
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Derivatives:

Credit Swaps Clearing Stalls on Pricing, ICE Says
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Economy:

Senate Approves Stimulus Plan
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Negotiators hope for agreement on stimulus plan
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Geithner on the defensive in his big debut
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Geithner's Plan: What's Missing
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'We will have to try things we've never tried before'
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Bailout, v. 2.0
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Stimulus: How to Know If It's Working
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Bank bailout: What's in the plan
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OK, That's Your Plan—Now Where's The Money?
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Senator Schumer: Americans don't care about pork in economic bill
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The Return of Welfare
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"We are not actually sure how it (TARP) is functioning"
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Bernanke Begins ‘Thorough Review’ of Fed Disclosure
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Senators press Geithner for detail on bailout plan
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Stocks plunge as Timothy Geithner fudges detail of economic rescue
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Geithner Does Little To Create Confidence
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Lawmakers laughed at Geithner plan
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How a bad-asset 'investment fund' would work, in theory
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Huckabee: Stimulus is 'anti-religious'
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The TARP Becomes the GARP
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BP CEO: Economic slowdown will last years
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Suppliers, Vendors Feel Pinch From Delayed Payments
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'08 Credit Losses Dwarf Last Three Years
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Real Estate:

Bankruptcy possible among big home builders-survey
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Toll Brothers 1st-qtr revenue off 51%
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US MBA’s Mortgage Applications Index Slid 24.5% Last Week
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Real estate group applauds Treasury plan
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Bon Secour Village developers ordered to repay Wachovia
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Foreclosure Rescue Scam Alleged in Las Vegas
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Autos:

GM Trimming 10,000 Jobs, Reducing Pay as Much as 10%
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More cuts, less severance at GM
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Geithner: Major restructuring needed to save US automakers
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If GM gets much smaller it won't be 'too big to fail'
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McElroy: Bankruptcy a Better Option for GM
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GM May Get Shield From $7 Billion in Taxes as Stimulus Advances
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Delphi, GM need each other
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450 Delphi workers back under General Motors
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Treasury announces $1 trillion consumer lending plan
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Judge will determine car dealership's fate
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An Out of Control Car Wreck
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Diamonds in a minefield
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Carmakers May Need $19 Billion in 2009 EU Aid, Renault CEO Says
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Elevator Music:

After going up and down for years, debt-ridden Muzak files for bankruptcy
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It’s Time To Face The ‘Muzak’
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Opera:

NY Met manager says economy casts pall over opera
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Gambling:

Prospective bidders to tour Greektown casino
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AC casino revenue down 9.4% for Jan.
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Toys:

When A Hot Wheels Car Just Won't Do
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Metals:

Wisconsin Steel seeks to tap cash
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Private Equity:

Buyout Firms May Close on Capital Shortage
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Jewelry:

Court approves auction of Fortunoff's assets
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Corporate Reform:

Scruggs Pleads Guilty to Mail Fraud
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Mass Torts:

Pa. Court Rejects Challenge to Statutory Limit on Asbestos Liability
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Theme Parks:

Hard Rock Park finds buyer for $25 million
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RVs:

More Bad News For Oregon’s RV Industry
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Executive Compensation:

The End for Big Director Pay Raises?
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Strip-Club Chief Is What Obama Could Afford With Bank-Pay Limit
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Cuomo Blasts Merrill Executives on Bonus Plan
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Hockey:

Coyotes dogged by auction rumors
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Accounting:

Fair value accounting 'manipulated'
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Resorts:

It Ain't Over 'Til It's Over
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Carpet:

Propex wins new $65M loan
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Health Care:

Health clinic denies rumors it's closing
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Queens Hospitals To Begin Limiting Patients
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Rally in Albany in effort to save 2 NYC hospitals
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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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Retailing:

Wal-Mart to downsize at corporate headquarters
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Bankruptcy Roundup: The Restructuring of the Retailers
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Could consumer credit help retailers bounce back?
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Dollar General says sales up, more stores planned
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Cupertino wins DIP extension
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Losses Mount on Credit Cards for Retailers
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Circuit City Wants Executive Incentives
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Telecoms:

Qwest Profit Cut In Half, Looks To Cut Costs
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Circuit City bankruptcy triggers Verizon Wireless layoffs?
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Nortel Wins Canadian Bankruptcy Extension to May 1
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Nortel CEO won't take a pay cut
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Bankruptcy tests the measure of CEO
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Nortel Considers Dismemberment; More Layoffs Coming
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Nortel pension mystery
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Insurance:

Treasury Rejects Direct Aid to Insurers
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Insurer Allstate confirms catastrophe bond default
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Legal Woes For Cigna, Aetna
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XL posts $2.55 billion loss for 2008
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Number working in insurance industry drops
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AIG in talks to sell auto unit to Zurich: source
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Hedge Funds:

Guilty Plea From Girlfriend of Convicted Hedge Fund Executive
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Hedge-Fund Manager ‘Gad’ Grieve Sued for Fraud by SEC
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Mining:

Sterlite may be close to revised deal worth $1.5 bn for Asarco
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If $52 Million isn't enough, taxes will pay for Asarco cleanup
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Fraud:

Madoff Investors, Fearing Clawback, Assail Trustee Claim Cutoff
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Loophole here, loophole there
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Madoff in court Wednesday
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Some Madoff Investors Seek US Bailout; ‘Clawback’ Defenses Outlined
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Angry investors press for Agape bankruptcy
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Ponzi Scheme Alleged in Spokane
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Finance:

Credit Eases for Best-Rated Firms
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Aviation:

Why Fliers Can't Donate Unused Tickets
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Tax:

10 Tips for Taxpayers Hit by the Recession
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UK:

King Says UK in Deep Recession, Pledges More Easing
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UK Unemployment Hits 10-Year High as Slump Worsens
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British bankers face the sharp end of Parliament
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UK Banking Rules Set to Become Law, Giving Brown More Powers
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Administrators cull Baugur staff
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I pray Ed Balls is wrong but fear he's right
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Crosby’s Resignation Over HBOS Whistleblower Pressures Brown
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Debtors turning nasty
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Experian Publishes Uk Business Insolvency Statistics And Reveals Insolvency Hotspots For 2008
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EU:

Deepening Slump Seen in European Output
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Japan:

Aozora, Cerberus Dream of Blue Skies
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Spain:

Spanish Banks May Get Bankruptcy Benefit
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Australia:

Commonwealth Bank’s First-Half Bad Debts Jump Almost Five-Fold
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China:

China exports tumble at fastest pace since 1998, Down 17.5%s
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China Needs US Guarantees for Treasuries, Yu Says
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BVI:

British Virgin Islands: The Use Of Sealing And Gagging Relief In Complex Insolvency Proceedings Involving The Investigation Of Fraud And Discovery Of Hidden Assets
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Canada:

Workers faced with toughest choice
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Hungary:

‘Time Bomb’ Ticks in Hungary as Roma Tension Rises
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S. Korea:

Woori Skips Bond Repayment Option, Default Risk Soars
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France:

‘Grand Sale’ Lures French Consumers as Economic Outlook Worsens
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Sweden:

Sweden Cuts Key Rate to 1%; Won’t Rule Out Zero Rates
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