January 30, 2009

The Daily Bankruptcy News

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Law:

Linklaters reveals job cuts details with 270 positions under threat
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Willkie, Lindquist Untangle Polaroid from Petters in $42 Million Deal
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Economy Pinches the Billable Hour at Law Firms
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Quinn Emanuel Sees Double-Digit Growth in Revenue, Profits
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In a Counterintuitive Twist: Lateral Moves Are All the Rage
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Firms are carrying too much 'deadwood' at partner level
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Firm to launch 'cross fertility' program to fight recession
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Firms Ask Partners to Pony Up
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Is Shift from Billable Hour Motivated by Greed?
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Layoff Watch: the Ropes & Gray edition
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Ropes & Gray's Star Power
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January’s Carnage: 1,487 Law Layoffs
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Work Like an Egyptian
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DLA Piper secretly ups target hours
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MegaFirm Says Dozhvedanya to 30 in Moscow, Salaam to 23 in Mideast
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Russia's Lawyers Under Attack
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MoFo, Linklaters to Cut Deeply
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Morrison & Foerster Layoff Follow Up
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Linklaters ditches 18% of London associates and enrages the rest
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The impact of the extensive cuts at Linklaters
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Fish & Richardson Cuts 30 Support Staffers
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Firm set to cut 8%
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Law firms think outside the box to head off steep job cuts
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The Law Firm Recession Has Arrived
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Bonus Watch: Winston & Strawn
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I Do Not Think '25 Best Paying Companies' Means What You Think It Means
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Secretaries Being Asked to Cut Costs: Could it Save Jobs?
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Dreier, Jailed Lawyer, Indicted in $400 Million Fraud Scheme
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Group From Ailing Dreier Offshoot Quits to Open LA Office for New Kid in Town
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Mayer Brown forms ABL workout team
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Four Firms Adding Office Space, Lawyers in Chicago
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Distinguish between rate increases, fee increases, and outside counsel spend increases
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The Accidental Laterals
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Lawyer Indicted on Fraud Charges
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Attorneys Sued in Bernard Madoff Spinoff
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Snell & Wilmer Launches New Law Office in Downtown Los Angeles
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Famed Trial Lawyer Enters Marvel's Tangled Legal Web
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Pitfalls of Runaway E-Discovery Requests
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A Steppingstone for Law’s Best and Brightest
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10 Job Search Tips for Downsized In-House Attorneys
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Wall Street:

US Stock Futures Drop on Economic Concern
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Most European Stocks Decline
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Asian Stocks Fall on Renewed Recession Concern
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Stocks poised for gains
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Stocks fall Thurs. as Obama blasts bonuses
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Dating A Banker Anonymous
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Obama Calls Wall Street Bonuses During Recession ‘Shameful’
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What will it take for bankers to show a little remorse?
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Wall Street Bonuses May Go Way of Dodo Amid Bailouts
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Lewis, Thain, CEO Cult Torched in Crisis Bonfire
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Invesco Earnings Drop 82% as Market Slide Reduces Assets, Fees
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Layoffs:

Jobless rolls hit record peak, orders plummet
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Job-cutting has begun in earnest. But will the axe be wielded wisely?
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Kodak to Cut Up to 4,500 Jobs, Restructure, Has Loss
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Kodak redundancies show America battling reality
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Chico's cuts 180 jobs, may close 25 stores
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2,500 jobs to be cut by Ford
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OppenheimerFunds Cuts 9% of Workforce as Assets Fall
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Cessna : Layoff total to climb to 4,600 following 4Q report
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NEC Will Cut More Than 20,000 Workers
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Bon-Ton to cut 1,150 jobs, get rid of some bonuses
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Los Angeles Opera Announces Layoffs
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Electrolux to lay off more
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More Layoffs Quietly Under Way At IBM, Group Says
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Disney-ABC TV slashing 400 jobs
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Dexia to cut 900 jobs
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Caterpillar Layoffs: How They're Playing in Peoria
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Technology Companies Cut Most Jobs in 5 Years
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'Gig Economy' Spreads
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Why are CEOs all getting on the layoff bandwagon?
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Mass layoff events and initial claimants for unemployment insurance, January 2005 to December 2008, seasonally adjusted
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Economist Predicts Job Losses Will Hit 6 Million
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Cruise Lines:

Royal Caribbean predicts rough sailing for 2009
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Bankruptcy Prediction:

Bankruptcies Expected To Increase More Than 35%
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Autos:

Jobs bank end won't halt D.C. bias
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Ford Motor Credit to cut 1,200 jobs
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AutoNation CEO: Profits Now ... Storm Clouds Ahead
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Lear Corp. reports $688.2 million loss
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Hotels:

Starwood Hotels Fourth-Quarter Profit Falls 46% on Travel Slump
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Photography:

Zink and partners look to buy Polaroid name, IP out of bankruptcy
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Kodak May Need to Sell Assets, Trim Dividend to Preserve Cash
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Retailing:

Retailers on the Ropes: Can These Companies Survive?
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Chico's to cut jobs, take charges in Q4
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Boscov’s reports record profit in December
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Circuit City Liquidation Sales Hit $450 Million
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Amazon.com Soars in Europe After Sales and Profit Top Estimates
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Fraud:

Brandeis Official on How Madoff Decimated the University
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Manager's luxe life on the line in Madoff case
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Ex-Merrill Executives Got Burned by Madoff
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Madoff Paper Trail Leads to NYC Warehouse
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Banks Agree to Transfer $535 Million to Madoff Firm Trustee
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Introducing the Bernie Madoff Action Figure
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Were Ruth and Bernie Madoff Partners in Crime?
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Madoff ‘Red Flags’ Could Have Been Raised by Software
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Larry King too fell ‘victim’ to Madoff
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Rounding up Madoff: The 17th Floor, A Poor Employee and JPMorgan
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The Madoff files
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KBL Seeks $4.1 Million From UBS, Madoff-Linked Fund
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SEC brings first TARP fraud case
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Cosmo, Called Flight Risk in Ponzi Case, May Get Bail
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Del Biaggio to plead guilty next week
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The Dirty Dozen: Guide to the Cheats, Crooks, and Con Artists of the Greatest Depression
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Chemicals:

HPG can tap DIP funds
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Nova Chemicals Reports Net Loss on Weak Resin Sales
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M&A:

How companies can prevent exposure before a transaction goes bust
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Executive Compensation:

Treasury should consider revoking exec bonuses at failed banks
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Bailouts, Bonuses and Clawbacks
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Dodd Is Looking at ‘Every Means’ to Reclaim Bonuses
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The World's 10 Wealthiest CEOs
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Thirst for perks may be in executive's DNA
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Apparel:

Sen. Schumer pledges to help save Hickey Freeman jobs
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Buses:

Motor Coach Industries' Plan of Reorganization Confirmed
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Software:

Microsoft boss loses $7 billion
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Hedge Funds:

Hedge-Fund Registration Bill Introduced in Senate
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Fortress Blocks Redemptions as Shareholders Lose 96% Since IPO
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Lehman:

Former Lehman Chairman May Face Creditor Heat Over $10 Deal
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Nightmare on Wall Street
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Economy:

Economy Shrinks at 3.8% Pace in Q4, Less Than Estimated
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Why 'the Worst Since . . .' Is Actually Not That Bad
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Durable-goods orders slump 2.6% in Dec
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Continuing jobless claims set record
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December new home sales hit lowest point since 1963
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Popular Uprising Against Economic Inequity To Spread Globally?
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Reports Underscore Weakness of Economy
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U.S. Eyes Two-Part Bailout for Banks
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Bank Bailout Could Cost Up to $4 Trillion
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Stimulus 101: What's in the bills
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Murdoch: Crisis Worsening, 'Drastic Action' Needed
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Pick your poison: world economy to grow at 0.5% this year—or shrink
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Treasury posts TARP, other contracts with financial institutions
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Promise, meet reality - As Obama takes the reins, the economic outlook remains as dire as ever
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Global Worries Over U.S. Stimulus Spending
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Why the world's economic leaders blame the catastrophe on the system instead of themselves
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Biden Says Bad-Bank Plan Should Wait on Whether TARP Aids Banks
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Stimulus Plan Heads to Senate, Where Lawmakers Remain Divided
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Obama will probably need another $300 billion for TARP, Senators say
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Fed Cuts Value of Bear Stearns, AIG Portfolios 2.4%
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Don't forget those toxic assets
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Capex index shows corporate spending still dwindling
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What good is a bad bank?
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IMF now sees $2.2 trillion in toxic assets, 0.5% global GDP growth in 2009
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Nouriel Roubini sees "nowhere to hide" in financial crisis
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Almost half of Americans want to live somewhere else
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Is New Economy Causing Crimes?
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The Parties Go on at Davos
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Real Estate:

As Freezes Expire, Foreclosures to Soar
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New Home Sales Post 14.7 Pct Drop in December
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Mortgage rates slide in sour housing market
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Senate panel to seek moratorium on foreclosures
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FBI Saw Mortgage Fraud Early
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Mortgage Applications Tumble 38%
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Fed's "Homeownership Preservation Policy" Doomed To Failure
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Central Bank to Alter Mortgage Terms
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Royce International goes under
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Diamond Alexandria wins cash use
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US bankruptcy judge OKs Double JJ foreclosure
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More than a third of Wachovia’s ARMs are impaired, says Wells CFO
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The Changing Bankruptcy Picture
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Prediction: Las Vegas home-price decline will hit 52 percent
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Elderly hit hard by slow housing market
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Countrywide settles with PA AG
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Autos:

Auto Sales May Fall by 30% in January, Edmunds Predicts
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Report: GM bondholders could get 20% company stake
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Ford Burns $5.5 Billion in Cash, Taps Revolving Loan
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Ford Losses Are Awful, Cash Burn Is Worse
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Can Ford, down to its last $10 billion, go much longer without aid?
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Ford posts record loss in '08
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Hang on tight, Detroit; '09 to be a bumpy ride
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Dana Corp. to close McKenzie plant
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Car rental companies want TARP money
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CAW May Start Talks With GM, Ford, Chrysler Next Week
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British Auto Industry Gets Bailout; Cuts Back
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Porsche Half-Year Sales Tumble as Credit Crisis Takes Hold
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France Said to Consider Relaxing Aid Terms for Peugeot, Renault
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Honda Skids Into A Deep Ditch
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BMW, Daimler Fall as Crisis Seen Wilting Profits
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Ssangyong Vendors on Their Own
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Volvo Requests $626 Million Loan
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Aviation:

US Airways Posts $541 Million Loss on Fuel Contracts
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US Airways optimistic despite losses
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Continental Air Loss Widens to $266 Million on Fuel
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Continental, US Air Bring Group Loss to $1.35 Billion
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Textron Falls Most in Two Decades on Loss, Forecast
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Oil/Gas:

Occidental Profit Falls to 5-Year Low as Oil Plunges
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Oil Falls on US Supply Gain, Signs That Recession to Deepen
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Crude Oil Futures Rise Amid Signs That OPEC Is Reducing Supply
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Superior Offshore liquidation OK'd
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Exxon Mobil Sets Record With $45.2 Billion Profit
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Eco-mandate could force hundreds of gas stations out of business in California
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Newspapers:

Morris Publishing Hires Bankruptcy Specialists
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Is bankruptcy in the future for The Seattle Times?
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Media General Loses $85.5M in 4Q
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Paper Headed Toward Bankruptcy ?
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Cuts Coming Next Week at 'The Wall Street Journal'
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Baltimore Examiner Closing After Feb. 15 Editions
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The State of the Times Rumor
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Newspaper-less in Seattle?
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Derivatives:

Credit Swaps Industry Says Limits Would Hamper Market
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Gambling:

Revel slowdown latest drag on Atlantic City
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Atlantic City Feels Pain of Global Casino Decline
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Colony’s Vegas-Based Station Casinos Near Default, Analysts Say
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Pensions:

PBGC takes over Hull House pension plan
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Appeals court hears case on PBGC termination fees
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401(k) balances down 27% in 2008
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PBGC on government watch list for seventh straight year
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Corporate Governance:

The government and corporate governance
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Non-compete after death? Shareholders mortified by Shaw's 'golden coffins'
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Trucking:

Rumors of RigMaster's demise appear certain
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Flying J ‘winding down’ Big West refinery operations
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Food/Drink:

Court approves IBC financing changes
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Gantes workers laid off with no pay
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Starbucks Ratings May Be Cut By Moody’s
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Creditors of Pilgrim's Pride Corp. to meet
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Northlake wins confirmation
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Tourism:

Silent partner takes over Queen Mary lease
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Fashion:

Recession claims another fashion victim
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Education:

Harvard Alumni Protest Investors’ Pay After Fund Loss
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Religion:

Feds Probe Los Angeles Archdiocese
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Financial Literacy:

Should High Schoolers Pass Personal-Finance Courses to Graduate?
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RVs:

Country Coach employees fear company is permanently closing
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DIP Financing:

Banking on bankruptcies
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Bankruptcy Boutique: It's the Credit, Stupid
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History:

Bankruptcy
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Alternative Energy:

Jefferson Ethanol Plant Files for Chapter 11 Bankruptcy
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Performing Arts:

Recession is bitter music for performing arts
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Accounting:

PwC CEO meets Indian minister to discuss Satyam fraud probe
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Mining:

Asarco's plot, but not its price, thickens
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Telecoms:

Outlook uncertain, says Nortel's Stevens
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New Bankruptcy Opinions
(No new opinions today)

Bankruptcy Court Web/Pacer Site Directory

Chapter 7, 12 & 13 Private Trustee Locator
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Recent Ch. 11 Filings
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Weird News

Bankruptcy Jobs:

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

Manager's Proposed Amendments to HR 200
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More questions about the mortgage cramdown
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An odd provision in HR 200
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Let judges play role in mortgage foreclosures
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The Means Test: Increasing Punishment for Consumers as the Economy Declines?
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Municipalities:

Bloomberg to announce $1 billion in cuts to NYC services on Friday
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20,000+ NYC Jobs Lost
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Will Vallejo cops' deal trigger stampede by other unions?
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Schwarzenegger Plan for Furloughs Upheld by Judge
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Lobbyist could hurt Jefferson County sewer rescue
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Banking:

Why Your Bank is Broke
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Why the bank bailouts are doomed
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Uncle Sam receives $83.3M dividend check from U.S. Bancorp
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Buckle up: U.S. banks could face another $450 billion in losses, warns CBO chief
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Construction:

Smitty's Building wins final DIP use
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Black & Decker Falls Most in 21 Years on Sales Plunge
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Health Care:

Wadley Regional can hold a sale
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Two Queens hospitals may close by month’s end
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Local officials try to save hospital
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Down but not out: Aesthetic market tightens with bankruptcies , buyouts
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Republican Amendments to Children’s Health-Care Bill Rejected
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Hospital to Lay off Dozens of Employees
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Vivian Teal nursing home in Syracuse seeks protection from creditors
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Bankruptcy Statistics:

More Companies Benefiting from Bankruptcies
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Politics:

How Serious Are Treasury's New TARP Lobbying Limits?
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Hill Republican: Stimulus aids illegal immigrants
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Celebs:

Hammer and McMahon cash in on their poverty
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Chuck Berry Sued Over Canceled Shows
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Vick bankruptcy lawyers set to return to Va. court
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Personal Finance:

Banks may take Ga. schools chief's game show prize
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When a family's financial despair turns deadly
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The Financial Crisis Is Driving Hordes of Americans to Suicide
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Furniture:

The Meltdown in Home Furnishings
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Insurance:

Chubb Profit Falls 37 Percent on Investment Losses
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Regulators Reject Proposed Changes for Life Insurers
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AIG exec says may take some units public
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AIG expands role of general counsel
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Insurance company goes bankrupt
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Credit Cards:

1 Family, 445 Credit Card Offers
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Some Credit Card Companies Financially Profiling Customers
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Football:

Recession Now Officially Ruining Fun
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The Superbowl is Not Recession-Proof
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Carmakers punt Super Bowl ads
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The Great Chicken Wing Flap
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Super Bowl ads will try to take minds off economic mess
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Finance:

Allied Capital edges toward bankruptcy
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Commercial paper makes record weekly plunge
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A Global Credit Squeeze Is Felt Unevenly
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Sovereign Debt:

Ireland’s Government Debt Becomes Riskiest in the Euro Region
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UK:

Bank of England Asset Purchase Scheme Outlined
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U.K. restructurings rise by 30% in fourth quarter
(WSJ: separate paid subscription required)

UK Consumer Confidence Drops Close to Record Low
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Recession: a sense of proportion is needed
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Darling Gives BOE Authority on Asset Purchase Fund
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UK Bank Bailout Unlikely to Help Property Companies
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London Underground to Cut 1,000 Support Staff Jobs
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Jessops Slumps as Camera Retailer Expects to Breach Covenants
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Businessman shoots mom and 4 dogs as house gets repossessed
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Six point plan to save rural pubs
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EU:

European Inflation Rate Falls, Unemployment Increases
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Financial Crisis Dims Hopes for Giant Cross-Border Banks in Europe
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Germany:

Merkel, Wen Pledge to Fight Global Recession, Trade Imbalances
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Qimonda Has Potential Investors, Will Shut End March if No Deal
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German Bunds Head for Biggest Monthly Drop Since 2003 on Sales
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Canada:

Consumer bankruptcies up 9% by end of November
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Court gives BA Energy more time to restructure
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Calgary's consumer bankruptcies up dramatically
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Canada Factory Prices, Raw Material Costs Drop in December
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Giant Carpet closes its doors
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Canadian companies putting off investments
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Canadian Banks Can’t Tap Government Backstop Plan
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Imperial Oil Profit Falls as Crude Oil Prices Decline
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Crystal maker seeking bankruptcy protection
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Russia:

Rights court to hear Yukos case against Russia
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Russia's second biggest bank seeks bailout
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Moscow protesters storm Putin party office
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China:

Chinese workers find rights imperiled in crisis
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India:

India needs its own Chapter 11
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France:

French Workers Strike to Protest Government's Response to Financial Crisis
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Dexia sees 3 bln euro 2008 loss, to cut 900 jobs
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Japan:

Japan Heads for Worst Recession as Output Tumbles
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Dark Days for Japan's Chipmakers
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Japan's chip makers seek mergers to survive
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NEC's loss widens, plans to cut 20,000 workers
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Hitachi warns of $7.8 billion loss, to restructure
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Bad Loans Hit Japanese Bank Earnings
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Mexico:

Vitro to Skip Payment to Save Cash, Prompting Default
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Australia:

Small business bankruptcy to hit record levels
(DBN Subscription Required)

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Middle East:

Saudis Seek Role in Global Economy
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S. Korea:

Government to stop support for Ssangyong Motor suppliers
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Portugal:

Portugal’s second largest cork producer on brink of bankruptcy
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Ireland:

Irish Debt Outlook Cut to ‘Negative’ at Moody’s
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Italy:

Italian Mob Had $167 Billion in Revenue Last Year, Study Says
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Please note that the Daily Bankruptcy News is primarily a news link gathering service.   This means that most of the headlines contained in the publication are a collection of links to stories posted on the Internet by various third party publications.  Such content is owned by third party sources, not the Daily Bankruptcy News, and in some cases, these links change or expire, which means you may not be able to view some news stories in prior editions of the Daily Bankruptcy News. The DBN subscription fee for access to certain links is not a fee for access to the content of the links, but is a charge for the considerable work involved in gathering, organizing and presenting the links. Use of this site and The Daily Bankruptcy News is subject to our Terms of Use.If you received the Daily Bankruptcy News via email (and you have a paid subscription account), to view a news story, click on the headline, and the story should open in your web browser. To view additional stories, click back to the email and click on additional headlines, which will cause new stories to open in your web browser.  You can view the Daily Bankruptcy News on the web by clicking here, or by going to BKINFORMATION.COM and clicking on the Bankruptcy News button.  Note that the Daily Bankruptcy News is distributed via "HTML email" in which the links to the news stories are embedded in the headlines.  The email you receive should look like a 3-column newspaper, with headlines for each story. If you receive the Daily Bankruptcy News by email and the copy you receive is not formatted like a 3-column newspaper, or does not seem to contain links to the news stories, you may have an email client that is not capable of receiving HTML email, or is not configured to display such email.  You can however, receive a daily email notifying you when the Daily Bankruptcy News is updated on the web site. If you would like to receive such an email, please let us know at admin@bkinformation.com.You can search the headlines from prior editions of the Daily Bankruptcy News by clicking here.

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Passwords
Access to certain links in the Daily Bankruptcy News is available only to readers holding a paid subscription.  These links are currently marked with a "DBN Subscription Required" notation. The cost of a subscription is $55/year, payable annually.  Volume discounts are available for sites with multiple users. Click here to see a schedule of discounts. Complimentary subscriptions are available for full-time educational and governmental employees and for full time students. For information about discounts or educational/governmental subscriptions, contact us by clicking here. A separate password is required for each member of a firm wishing access to restricted links. New readers can receive a free password good for 30 days by going to http://bkinformation.com/RegistrationForm.cfm. Refunds are not available after purchase. Readers who wish to change their passwords should go to http://bkinformation.com/ChangePasswordForm.cfm. Readers who have forgotten their password should go to http://bkinformation.com/GetPassword.cfm

Adding Your Email Address To The Distribution List
If you would like to start receiving the Daily Bankruptcy News by email each day, go to http://bkinformation.com/SubscribeDBNForm.cfm  and fill in the information requested.  There is no charge to be placed on the distribution list to receive the headlines, although access to many of the links behind the headlines requires a paid subscription (see above, under Passwords). If, after adding your email address to the distribution list, you do not receive an email confirming the addition, please contact us by clicking here for help.  

Removing Your Email Address From The Distribution List
If you already receive Daily Bankruptcy News by email and you wish to remove your email address from the distribution list, click here and send the email that should appear.  Note that the email must be sent from the same email address at which you are receiving the Daily Bankruptcy News. You do not need to type anything in the body of the email message.   If you do not receive an email confirming deletion of your email address from the distribution list  for the publication, contact us by clicking here for help.

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).