March 5, 2009

The Daily Bankruptcy News

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Law:

Layoff Update: O’Melveny & Myers to Lay Off 90 Lawyers
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Layoff Watch: O'Melveny Fires 90 Lawyers, 110 Staff
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March Mayhem: Law Firm Layoffs Top 500 Today; Over 1,200 Since Friday
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Layoff Watch (Sort Of): Haynes & Boone Makes Minor Adjustments
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Layoff Watch: Wiggin & Dana Proves There's Nowhere to Run
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Layoff Tracker
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Layoff Watch: Dewey Cuts Staff in U.S., Attorneys in U.K.
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Pillsbury: Attorneys Brace For 'Involuntary' Departure Program
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Staff Layoff Watch: Shearman & Sterling Update
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Which Law Firms Top the Associate Layoff List?
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Furloughs May Be Smarter Than Layoffs
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Law Firm Cuts ‘Getting Deeper’
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Baker & McKenzie's UBS Memo Takes Center Stage at Tax Hearing
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Quinn Emanuel finds interested buyers as the US trial firm extraordinaire pitches the Square Mile
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Managing a downfall
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Since They're Not Doing Much Else, BigLaw Firm Swaps Idle Corporate Partners Into Leadership Slots
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S&C Helps Private Fund Save Public Bank
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Valley Bankruptcy Leaves King, Sonnenschein Unpaid
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Partner: Committee Now Vets Memos Knowing They Could Be Blogged
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Firm secured $10m injection from partners ahead of downturn
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BigLaw Future: Lateral Model’s Out and Commodity Work’s In?
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Rutter Hobbs & Davidoff Launches Special Taskforce to Help Companies Survive the Recession
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Becker, Glynn Adds To Bankruptcy
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Corp. & City Bankruptcies May Surge; Bank Failures Deplete FDIC Coffers
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A Big Day for State Tort Law: A Closer Look at Wyeth v. Levine
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Supreme Court's Wyeth Ruling Deals a Blow to Pre-emption Defense
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Ruling Ripples Beyond Drug Firms
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Slack Economy Means Boom for Law Schools
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As Layoffs Surge, Long-Ago Grads Turn to Law Schools for Help
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Korea Opens the Door to Some Foreign Law Firms
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Top Bush Aides to Testify in Attorneys’ Firings
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Umm ... So, There's This
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Judges:

Justice O’Connor: Not Only Smart and Moderate. . . But Funny!
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Judge, 55, Resigns From Bench After Giving False Testimony in Companion's DUI Case
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Wall Street:

European Stocks, US Futures Drop
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World Stocks Mixed as China Stimulus Hopes Fade
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Stocks Rise Around the World; Commodities Gain, Treasuries Fall
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Leuthold Says Stocks Will Surge, Depression Avoided
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Big Investors Face Deeper Losses
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Did Obama Cause the Stock Slide?
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GE’s Biggest Investor May Have $920 Million Loss on New Shares
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Holder Sues General Electric,Immelt Over Dividend Cut
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GE touts its liquidity, but investors are numb
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Bear Stearns' Jimmy Cayne's Profane Tirade Against Treasury's Geithner
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Cuomo Said to Subpoena Merrill Executives in Probe of Bonuses
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Retailing:

Costco 2Q profit drops on lower sales, economy
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Wholesale Clubs Hit And Miss
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Joe's Sports files for bankruptcy protection
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General Growth's Offer Provides Further Asset Value Clarity
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Oil/Gas:

Oil futures soar 9%
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Foothills wins final DIP approval
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Banking:

US bank stocks mostly fall
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Bank Charges May Surge as Mortgages Marked to Market
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Abruptly, Expatriate Bankers Are Cut Loose
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JPMorgan’s Rating Outlook Revised to Negative by Moody’s
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GMAC, MetLife Among Banks Undergoing Stress Tests
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Bank capital flip-flops spawn own vicious circles
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US Bancorp plans to return TARP funds
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Banking on FDIC insurance?
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Gambling:

MGM Mirage bonds plunge on debt warning,CDS jumps
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MGM, Lost in Vegas
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MGM says it may default on debt, raising bankruptcy concerns
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AC's Resorts casino hopes to avoid bankruptcy
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In Vegas, the house doesn’t always win
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Harrah's wants to swap debt for $2.8B in new notes
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Unions:

Hawaii: Teachers union unit files for bankruptcy
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Corporate Reform:

SEC Charges 14 Specialist Cos With Unlawful Trading
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Ex-Krispy Kreme CEO, Executives Pay $783,000 to Settle SEC Suit
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Nacchio Ordered to Report to Prison March 23
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Telecoms:

Nortel in transition
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Religion:

Jesuits' accusers gather in Portland
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Finance:

GE Falls on Worries About Health of Financing Arm
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Fed Refuses to Release Bank Lending Data, Insists on Secrecy
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Small Businesses Find a New Source for Funding
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Derivatives:

Credit default swaps and amplified losses
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Apparel:

Liz Claiborne Posts 4th-Quarter Loss on Charges
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Resorts:

Resorts take the big vacation into Ch. 11
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Tamarack Resort Closes; Employees Cut Loose
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Economy:

Job reports: Good news, bad news
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US Economy Weakened in January, February, Fed Says
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Job Data Expected to Point to a Deeper Recession
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Services Slump, Payroll Losses Deepen
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Near-term outlook for US darkening: Fed officials
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WSJ: What Are the Odds of a Depression? 20%
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'Honk If You're Paying My Mortgage': Stimulus Backlash Hits Bumpers
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Rethinking the American Dream
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Real Estate:

Mortgage Loan Delinquency Rates Rise 53%
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Feds unveil plan to help 9 million stay in homes
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Details on housing plan show US taking aggressive action
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Unlucky or Unwise, Some Borrowers Are Left Out
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Bailout Will Aid 1 in 9 Homeowners
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Mortgage Brokers May Be Real Winners of Loan Mods
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U.S. Sets Big Incentives to Head Off Foreclosures
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Mortgage help: Do you qualify?
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First Step in Housing Refinance Plan Is Reaching Loan Servicer
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US Sets Rules for Mortgage Modifications, 2% Rates
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Obama's Foreclosure-Prevention Plan Faces Hurdles
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Benefits of mortgage bailout remain to be seen
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Atlanta Fed's Lockhart Worried About Commercial RE
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Donald Trump reaches a truce with lenders
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6.2% of Hawaii homeowners ‘underwater’
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Texas negative equity at 18 percent
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Celebrity broker Justo files for bankruptcy
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$49,000 Long Island Home: Foreclosure Auctions Hit New York
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Tax:

UBS exec apologizes for breaking US tax laws
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UBS Official: Bank Not Giving Names of US Clients
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UBS Executives May Face Prosecution in Tax Evasion Inquiry
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UBS Says 47, 000 Americans Had Accounts
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Pressure Builds on UBS Over Secrecy
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UBS exec criticizes US effort to get account data
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UBS Taps Former Swiss President as New Chairman
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UBS Case Shows Need to Bolster Offshore Bank Laws
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Look for onshore, not offshore scapegoats
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Levin Bill Would Be Death Knell for US Managed Funds
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Third of companies not complying with new tax reporting rule
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Radio:

XM objects to Worldspace auction
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Insurance:

AIG Halts Talks, Data Access With Bidders for Life Insurer Unit
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US to take prize AIG assets
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In a first, NY State hopes to sell bankrupt insurer
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Moody's Places Ambac on Watch for Further Downgrade
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Distressed Investing:

Seeking Bargains in Chapter 11's Wake
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Newspapers:

A Better Plan for the Newspaper Industry
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Tensions Flare in Philadelphia Newspapers Bankruptcy
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McClatchy may not get $5.3M owed by newspapers
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Conn. AG Office Objects Journal Register Bonuses
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Creative Loafing lowers executive pay in cost-cutting move
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Essential reading for journalists caught in the meltdown
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Here's how bad it is in media: Executive happy his pay got cut
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Magazines:

Is Reader's Digest prepping for bankruptcy ?
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Food/Drink:

Ponderosa Out To Pasture
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Buffets gets nod on exit loan
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Tech:

Hewlett-Packard CEO Says Demand Won’t Improve in 2009
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Aviation:

British Airways expects loss next year
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Travel:

Travel Industry Slams Obama in Ads
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Horse Racing:

Debt Clock Ticking For Pimlico, Laurel Owner
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Publishing:

Anderson News in bankruptcy
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Personal Finance:

More Americans Turn to Tax Refund Loans to Pay Monthly Bills
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Accounting:

Former SEC Chief Accountant Blames FASB for Meltdown
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Influential advisory group to look at fair-value, off-balance sheet accounting
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Comverse Suit and Auditor Liability
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Salaries hit as job market grinds to a halt
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E&Y threatens layoffs
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Four-day weeks could come back to bite firms
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Jewelry:

Friedman's wins disclosure OK
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Health Care:

Downturn Hits Underinsured Families
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Shipping:

Empty Ships Flock to Subic Bay as Lines Battle Plunging Rates
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Mining:

Sterling Mining falls in deep hole
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Alternative Energy:

Missouri biofuels plant owner files for bankruptcy
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Building Materials:

Grace chops exit loan size
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Private Equity:

The Next Wave of "PE-Backed" Bankruptcies
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New Bankruptcy Opinions
(1 new opinion 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:

US housing bill casts bankruptcy as housing relief
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Bankruptcy Mortgage Modification Getting More Attention
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House set to approve bankruptcy mortgage workouts
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New Cramdown Bill Negotiations
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New Measure Would Empower Bankruptcy Judges
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Bankruptcy Statistics:

Feb. consumer bankruptcies up 29%
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Fraud:

Stanford Group Investors Sue SEC, Receiver
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Did Pendergest-Holt Lawyer Up Too Late?
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Payday uncertain for those at Stanford not called back
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Access coming for some holders of Stanford accounts
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Receivers are keen to trace Stanford's auditor
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Madoff Concessions 'A Drop in the Ocean,' Says Milberg Attorney
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US moves to close Madoff audit loophole
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The 12 Steps To Ponzi Scheme Recovery
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FTC Warns of Bogus Economic Stimulus Sites
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Agape lender told to open files to bankruptcy trustee
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Are Doctors the Next Targets in Battle Against Kickbacks?
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Video Rentals:

Blockbuster Shares Jump As Firm Denies Plan For Bankruptcy Filing
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Blockbuster domestic same-store sales climb
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Mass Torts:

Jury awards $2.6 million in asbestos case
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Autos:

GM auditors raise doubts on automaker's viability
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GM's 20-year global plan unraveling
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Analyst: Chrysler Plan Won’t Save It From Bankruptcy
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Chrysler cuts called modest
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Little enthusiasm seen for industry consolidation
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Pressure mounts to aid GM, Chrysler or allow failure
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Poll: Most U.S. voters question auto aid
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AFL-CIO Union Execs Hold Winter Meeting at Luxury Miami Resort
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US Lawmakers Doubt Impact Of TALF On Autos, Urge Help
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Geely Has ‘No Interest’ in Buying GM, Ford Assets
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Car Discounts Soaring, But Buyers May Be Tuning Out
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Ford Offers Cash, Stock to Retire Up to $10.4 Billion of Debt
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Ford Bonds May Rise, Credit-Default Swaps Decline on Debt Offer
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Ford raises restructuring bar for rivals
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Former Steeler's Car Dealership Sued, Files For Bankruptcy
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Piecemeal Recovery Fills Void in a Former G.M. Town
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Autobacs Strauss wins DIP nod
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GM's Lutz suggests Volvo-Saab merger
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GM's Holden May Cut Executive Pay as Much as 10%, Review Says
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UK Car-Sales Drop Makes Response ‘Imperative,’ Group Says
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Layoffs:

List of Layoffs and Job Cuts by Major Employers
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Northrop plans 750 job cuts
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Seagate to Cut 20 Percent of Its Top Executives
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Job-Offer Spam Gets Makeover for Recession
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Layoffs, one at a time, reveal slump's depth
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When Big Résumés Chase Small Jobs
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Employees sue Eclipse over termination
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Art:

Corporate art's new realism
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Celebs:

NFL star McAllister owes $6.6M
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UK:

Call to reform pre-packs to save more businesses
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US wary of Downing Street calls for global regulation
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U.K. Questions Its Open Economy
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Entry-level banking jobs drying up
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RBS Said to Hire UBS to Explore Sale of East European Assets
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Layoffs could spark rise in tax avoidance, experts warn
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EU:

Euro Falls on Speculation ECB to Reduce Rates, Signal More Cuts
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European Banks May Need $50 Billion for East, JPMorgan Says
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East Europe Home Buyers Squeezed by Foreign Loans
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Turkey:

Developments In Turkish Insolvency Law
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China:

Optimism on China counters woes in US and Europe
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China Seeks ‘Comprehensive’ Economic Pact With Taiwan
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Russia:

Judge Won't Quit Khodorkovsky Trial
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Philippines:

Philippines May Cut Interest Rate to 16-Year Low
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Argentina:

Insolvency and Bankruptcy Rules in Argentina
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Japan:

Japan Companies Cut Spending 18% as Exports Crash, Profits Fall
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South Africa:

South African Business Confidence Rises
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South African House Prices Decline for Third Month
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South Africa May Give Aid to Companies Hit by Crisis
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