January 8, 2009

The Daily Bankruptcy News

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Law:

2nd Circuit Sets 'High Hurdle' to Alter Fees in Bankruptcy
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Gibson Dunn Vet to Lead Milberg's New Bankruptcy Group
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Clifford Chance May Cut as Many as 80 London Lawyers
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Clifford Chance to Partners: Brother, Can You Spare... £100,000?
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Salary Freeze Round-up: The Firms on Ice
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Mike Francies casts a long shadow over Weil's London arm
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Layoff Watch: Kirkland & Ellis Fires Non-Equity Partners
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“I'm a Trial Lawyer. I Bill by the Hour . . . This Needs to be Fixed.”
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Even Partners Not Immune in a Downturn
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Merit-Based Bonuses at Morgan Lewis: A Sign of Things to Come?
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Obama Battles DC Lawyers Over His BlackBerry
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Sonnenschein inherits IndyMac role from Thacher Proffitt
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Eversheds' top earner got £860,000 in 2007-08
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ACC Offers Tips on Weathering Economic Storm
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Cadwalader, Clifford Chance On LyondellBasell Bankruptcy
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A phoenix rises from Dreier LLP's ashes
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Duane Morris Adds To Bankruptcy Section
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Arent Fox Adds Bankruptcy Partner
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Cleary Gottlieb Names Two New Insolvency Partners
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William Barr, Formerly of Verizon and Bush I’s DOJ, Lands at Kirkland
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Delays in Attorney Retirement Could Contribute to Firm Overcrowding
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Orleans Parish DA's Office Faces Bankruptcy
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Arizona AG lays off 20 staff members
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Billion-Dollar US Verdicts Vanish After Appeals, New Rulings
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The New Ice Age
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Small Firm Strategy for '09: Freeze Rates and Salaries
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James Sokolove Doesn't Fix Problems, But He Knows People Who Can
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Surgeon Sues Estranged Wife for Return of Kidney
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Ex Allegedly Outwits NY Tax Attorney in ‘Sexcapades’ Case
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Judges:

Federal judge denies attacking another female employee
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Wall Street:

World stocks tumble on Wal-Mart profit warning
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Stock Futures Mixed Ahead of Economic Data
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Asian and European Markets Drop
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US Stocks Drop Weds. on Concern Over Worsening Jobs, Profit Outlook
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Stocks Plunge on Earnings Gloom; S.&.P. Falls 3%
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Wall Street Takes New Hit on Fees
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Intel, Time Warner Shortfalls Signal Further US Forecast Cuts
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Autos:

GM Working Toward Feb. 17 Deadline On Labor Deal
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Bush Auto Plan Will Test Obama's Union Loyalties
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Does GM have no sense of reality?
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GM To Expand Credit Union Discounts Nationwide
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The View from Jack Phelan Dodge: Customers Looking at Big Trucks Again, Not Worried About Bankruptcy
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Life on the sinking USS Chrysler
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Survey: Auto executives less optimistic
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Motor Mile tries to hang on as dealerships leave
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Cash-strapped GM to auction historic cars for a measly $5 million
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GM slashes support of arts
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Is Chrysler a lost cause?
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Tal-Port set to battle Ford and GMAC
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As sales slow, automakers look to JVs to round out R&D
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Car dealerships slash prices to drive traffic
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European car industry stalls in a fog of uncertainty
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Brazilian Vehicle Production Drops 54 Percent to Nine-Year Low
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Canada Government to Support Auto Leasing in Budget
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Toyota asks Japan workers to lower pay amid slump
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Oil/Gas:

Oil tumbles on inventory surge
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Oil drops largest % in 7 yrs
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Co-op could emerge to supply oil to Big West refinery
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2 SemGroup execs on carpet
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Municipalities:

Paterson Warns of ‘Historic’ Challenge to New York
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Find a fix, not gimmicks, for Detroit's budget
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Detroit, in financial crisis, can look to San Diego
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Detroit school seeks toilet paper, light bulbs 'to keep functioning'
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Galveston: Layoffs imminent
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PVWMA says bankruptcy would give time to solve woes
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Legislator: Divert taxes for hospital to pay sewer debt
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Muni bonds: Proceed with caution
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Retailing:

Family Dollar earnings up 14%
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Family Dollar Sees Boost This Year From Use Of Food Stamps
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Wal-Mart’s Fourth-Quarter Earnings Will Miss Forecast
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Retailers Slash Forecasts as Shoppers Trim Purchases
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Bed Bath & Beyond earns fall 36 percent in 3Q
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Highland’s Blossomless Bet on Blue Tulip—Retailer Seeks Bankruptcy
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Interview with the Christian Bernard Bankruptcy Trustee
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Court Appoints Trustee to Handle Fred Leighton Reorganization
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The Rise and the Fall of Kira Plastinina
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Major Retailers' Rebate Checks May Bounce
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Will Gottschalks go bankrupt?
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Gottschalks tries to deal with financial problems
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Boscov's bailout not the answer
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Oneida to close outlet stores
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J. Crew sees 4Q loss; cuts full-year guidance 7:52AM ET
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Sears Sees Fourth-Quarter Earnings Above Estimates
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Neiman Marcus December same-store sales tumble
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Dillard's December same-store sales fall 5 percent
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Sears, Williams-Sonoma Post Weak Holiday Sales
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Macy's may close 10 stores
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Target December same-store sales drop 4.1 percent
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Gap lowers earnings forecast for fiscal 2008
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Pacific Sunwear lowers 4Q outlook again
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More Empty Space at the Mall; Life Gets Harder for Bored Teens
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Gambling:

MGM Mirage’s CEO to ‘Dramatically’ Cut Debt, May Sell Casinos
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Media:

Time Warner to Report Loss After $25 Billion Charge
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Time Warner’s Red Ink
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Tech:

Intel Sales Take a Nosedive
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Intel Warning Bodes Ill for Whole Economy
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Satyam Scandal Shocks IT Sector
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Lenovo’s Shares Plunge by Most in Almost Nine Years on Loss
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Nonprofits:

Gloucester housing nonprofit files bankruptcy
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'We are facing a possible bankruptcy ,' shelter warns city
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Health Care:

Cardinal Health cuts 2009 profit forecast
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Senior communities fighting off foreclosure
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Blue Hill hospital layoffs certain
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Leiner Health Products liquidates
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Food/Drink:

Le-Nature's bookkeeper sentencing moved to July
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Aviation:

Frontier Airlines: flying into the future?
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Airlines: Stocks For the Long-Term. Not.
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Cathay Shares Fall Sharply on Fuel Hedging Loss
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Financial Literacy:

A financial Super Bowl
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Feds launch financial meltdown Web site
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Oregon students could get a crash course in cash
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Hedge Funds:

Sun Capital Shifts Its Focus and Cuts Back
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Counterparty Risk a Growing Concern for Hedge Funds
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Ackman’s Main Pershing Hedge Fund Fell 12% in 2008
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Hedge Funds Raise the Gates, and Investors Pay
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Pequot Said to Face New SEC Insider-Trading Inquiry
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Economy:

President-Elect Signals $775 Billion For Stimulus May Grow
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Obama to urge dramatic action to lift US economy
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Obama Warns of Irreversible Economic Decline Without Action
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New jobless claims drop unexpectedly
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Obama Says He Will Seek to Rein In Retiree Spending
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A Crisis Trumps Constraint
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In Fed Rate Cut, Fears of Long Recession
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Companies Cut Payrolls at Faster Pace
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Fed’s Hoenig Says US Economy’s Outlook Is ‘Grim’
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Jobs: Big December Loss Coming
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Chamber of Commerce Urges Large Stimulus Package
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Barney Frank Lays Out Plan on TARP Limits
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Fed faces tough task ending emergency support
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Crisis Comparisons: How Bad Might It Get?
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U.S. economic report shows poor hit hard
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Obama: Billions for Battered Businesses
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US 3-year Treasuries sale heightens bubble worries
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China may balk at buying more US debt
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What is the difference between a recession and a depression?
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Deficit Projected to Hit $1.2 Trillion
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The Deficit Spending Blowout
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Stimulus on Track, Despite Huge Deficit
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Budget gloom will toughen resistance to stimulus
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The ---- Industry Wants a $5 Billion Bailout
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Was 2008 the beginning of another Great Depression?
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Regulators Anticipate Prolonged Recession, Warn of Deflation in 2009
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Wait, There’s More Deleveraging to Come?
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23 Dumbest Moments in Business 2008
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Real Estate:

NY Fed starts $500bn plan to aid home loans
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Citigroup, U.S. senators in mortgage legislation talks
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Ocwen: Mad For Loan Mods
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No Recovery for Real Estate as Speculators Dominate Sales
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Paulson Says Utility Model Better for Fannie, Freddie
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Fannie And Freddie: The Old Ways Can't Go Forward
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Mortgage applications down in latest survey
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GMAC says it's made progress in reshaping ResCap
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Commercial Property Loses Shelter
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Rents Fall Across U.S., Biggest Drops in New York City, Miami
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The house loses
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Vibrant to Vacant: Foreclosures drain community
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Prominent real estate firm files bankruptcy
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Riverside Square builder files for bankruptcy
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Homebuilders push housing aid plan
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Fraud:

Bernard Madoff Prosecutors Ask US Judge to Jail Him
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Madoff investment loans a no go at Deutsche Bank
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Legal battle looms in Madoff debacle
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Chicago lawyer cursed by same name is Mad as hell
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French Losses in Madoff Fraud Reviewed by Prosecutors
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Madoff Scam Hits Hard in Boston, Home to Victim Shapiro, Ponzi
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Court Filing Details Items Sent by Madoff
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The pivotal 'Rabbi' in Madoff's fundraising
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Gov’t: Protection from Economic Harm Valid Objective of Madoff’s Bail
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If You Made Money Off Madoff, Good Luck Keeping It
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The Bag Lady's Papers
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Madoff Victims Lost in the Shuffle
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Burned in Madoff saga, Shapiros hire a lawyer
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Madoff money chase offers long road, little reward
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UK Prosecutors Start Probe Into Madoff Operations
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New York investor sues trustee of Madoff's firm
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Madoff clients have kindred spirits in LV
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Satyam as a Case Study: The Numbers Were Too Consistent
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Executive Compensation:

No CEO Bonus for 2008
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Chemicals:

Lyondell Can Borrow $2 Billion, Bankruptcy Court Says
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Apollo gets burned on Lyondell debt bought from Citigroup
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UBS's Lyondell Risk Stokes New Worries
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Private equity tries to feast on Lyondell blow-up
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Moody's downgrades LyondellBasell after bankruptcy
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Lyondell seeks $350M to pay creditors
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Houston Refining files Chapter 11
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Lyondell Events Bode Poorly For Ineos CDS
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Lyondell asks to pay non-US creditors first
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Bankruptcy just the beginning for LyondellBasell
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Telecoms:

Are more ILEC bankruptcies on the way?
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No Layoffs Expected In Win.Net Bankruptcy
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Local Hawaiian Telcom investors named
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Banking:

Silver State Bancorp files for bankruptcy
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Buying IndyMac at a Bargain Price
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Banks Still Under Strain
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Lawsuit targets collapse of PFF Bancorp
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F.D.I.C. Head Seen as Likely to Keep Job
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Bank of America, Citigroup May Face Restrictions After Crisis
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Attention Wachovia Employees
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Scores of smaller companies looking to switch banks
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Materials Handling:

Interlake files bankruptcy , buyer in the wings
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Celebs:

McKenzie files for Chapter 11 bankruptcy
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Golf:

The Country Club Crash
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Sovereign Debt:

The Big Owe
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Dotcoms:

Taking a Bankrupt Company Public
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Military:

Ailing economy prompts US national guardsmen to extend tours of duty
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Pensions:

Slide in 401(k)s Spurs Calls for Change
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Pension Vice Tightens on Cash
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Pension Losses Will Devour Corporate Earnings
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Pension Funding Ratios in Plunging Mode
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Obama eyes Social Security
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Insurance:

Madoff scandal to raise cost of insuring directors again lawsuits
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Derivatives:

Sanitec auction after loan default
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Dog Racing:

AG May Investigate Greyhound Park
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Religion:

Diocese abuse claims double
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Personal Finance:

A generation adjusts as teens confront a harsh economy
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Campgrounds:

Jellystone bankruptcy denied; receiver to be appointed
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Theme Parks:

Road at Hard Rock Park not set in rock
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Consumer Debt:

Delinquent consumer loans rise to near record
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Rating Agencies:

Redefining the blob
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Furniture:

Haverty Furniture sales fall in 4th quarter
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Motorcycles:

Harley-Davidson shares drop after downgrade
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Credit Cards:

Credit card defaults rise again in December
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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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Bankruptcy Jobs:

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

Obama Aims to Help Patients Wipe Away Medical Debts
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Mississippi AG, others urge bankruptcy change
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Lenders push for court control of mortgage modification
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House Democrats Seek Bankruptcy Rule Changes
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New Mortgage Bankruptcy Bill Does Not Address Real Problem
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Congressional Push for 'Cram-Downs': It's On!
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Poll: Should mortgage cramdowns be allowed?
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President-elect Obama was sponsor in 2008, said it is priority for 2009
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Durbin Bill S.61 Does Not Go Far Enough To Protect Homeowners
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Helping Families Save Their Homes In Bankruptcy Act
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Bankruptcy Statistics:

Tucson region bankruptcies up 57%
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Utah bankruptcies up 47 percent in 2008
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Bankruptcy filings top 1 million for 2008
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DIP Financing:

Loans to Companies in Bankruptcy Dry Up
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Layoffs:

Job cuts soar as small firms fight to survive
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Pink slips pile higher amid deepening recession
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EMC says to cut 2400 workers, shares rise
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Private sector sheds 693,000 jobs
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When profitable companies fire good people
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Lenovo to Cut 2,500 Jobs
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Dell Cuts 1,900 Jobs at Irish Plant
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Walgreen will cut 1,000 management jobs in 2009
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Canada's Teck Cominco cuts 1,400 jobs
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Franchises expect to shed 207,000 jobs in 2009
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Fair Isaac to cut 250 jobs worldwide
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Wells Fargo chief unsure how many jobs will be cut
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California Company Interested In Reopening Republic Factory
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Newspapers:

Sellers of Tribune CDS Protection Face Large Payout
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CEO Wishes He Could Save Newspapers
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Strib bankruptcy talk
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Buyer comes forward to save Conn. newspapers
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Albuquerque Journal halts local home deliveries
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Lehman:

Lehman Luxembourg Affiliate Seeks Bankruptcy in US
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Sign of the Apocalypse: Dick Fuld flies JetBlue
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Mining:

Asarco and Sterlite still negotiating
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Finance:

Why Banks Still Won't Lend
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Alternative Energy:

Northeast Neb. ethanol plant temporarily closes
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Global sale hearing pushed back
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Contracts:

Warren: Bull----: Professionally Speaking
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Fashion:

U.S. Fashion’s One-Woman Bailout?
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Boating:

HanseYachts CFO Sees Luxury Boatmakers in Crisis
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Tax:

Tax Man Or Repo Man?
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Gentler Tax Laws Urged on Debt Default
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UBS Swiss Accounts Fare Well at IRS
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Bonds:

Bond Default Risk Rises on US Unemployment, Earnings Concern
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Cross-Border:

Glitnir seeks U.S. recognition
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Armada sinks into Ch. 15
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UK:

BOE Cuts Rate to Lowest Since Bank’s Creation in 1694
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Speculation grows over Govt printing more money
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Darling: 'No plan to print money'
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225-year-old firm Viyella is latest high street casualty
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Council tax debt-chasers on £600 an hour
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One in 10 in court for not paying council tax
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Council tax debt spurs bankruptcy code call
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Barclays bank announces 400 UK job cuts
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11% of Heritable Bank's mortgage book in arrears
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Music & games retailer Zavvi to close 22 stores
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UK retailer administration hits 2,000
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Rock shareholders plan protest ahead of hearing
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House prices to fall a further 10%
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Internet searches for flights drop 42%
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Ten recession-proof jobs
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E&Y Equitable tribunal months from conclusion
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UK builder Persimmon warns outlook challenging
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Canada:

Bankruptcies up sharply from year ago
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Business bankruptcies fall in November
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Canadian Consumer Bankruptcies Down in November
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`Broke' pair thumb nose at court
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Bankruptcies drop in November, up for year
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More Nova Scotians going into bankruptcy
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Better rights for workers in bankruptcies
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Niagara Shoe Factory in bankruptcy
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Canadian Banks Ask for Changes to Capital Rules
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EU:

ECB faces lengthy wait for rate cuts to hit home
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European Confidence Declines, Unemployment Increases
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Ukraine Says Russia Shuts Gas Supplies
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Talks Fail to Resolve Gazprom-Ukraine Dispute
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Gas Spat Shows Signs of Thaw
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Timeline of bankruptcy filings by European retailers
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EU Proposes Euro3.1 Billion Loan for Latvia
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In Europe, Mounting Signs of a Rapid Slowdown
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India:

Indian tycoon admits to $1B fraud: 'It was like riding a tiger'
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The $1bn black hole at heart of Satyam's finances
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Talk of ‘India’s Enron’ as Satyam Shares Plunge
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Satyam Accounting Scandal Erodes Confidence in India Equities
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Australia:

Babcock Shares Halted as It Awaits Banker Response
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Spain:

Spain creditor protection filings triple in 08
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Japan:

Japan Suicide Hotline Gets 700,000 Calls Per Year
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Japan's TDK to cut 8,000 jobs
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What the U.S. Can Learn from Japan's Lost Decade
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Germany:

German Exports Dive in November
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German Manufacturing Orders Extend Record Declines
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China:

Amoi on the Edge of Bankruptcy
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Spain:

Why Spain's Economic Crisis Is More Than Just a Housing Slump
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Middle East:

Kuwait’s secretive companies add to crisis woes
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Insolvency laws face test
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S. Korea:

South Korea says risk of recession has increased
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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 $50/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).