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S&P posting a 20 point rally in past hour. Talking heads speculating this is due to expections of more taxpayer money about to come and bail everyone out via TARP 2 any second. This obviously did miracles last time around.

According to sources, the indenture trustee on Six Flags' 12.25% Notes due 2016 has confirmed that a $24.5 million interest payment on the notes was made. This buys the company a whopping two weeks before it has to make its February 1 coupon payment on its 8.875% Notes due February 2010.

Conference call with slides in progress...

DETROIT, Jan. 15 /PRNewswire/ -- General Motors today provided an update on company restructuring efforts included in the viability plan submitted to the federal government last month, and announced more conservative industry volume planning assumptions to ensure the viability plan is successful even in the most challenging of markets.

*SCHWARZENEGGER SAYS CALIFORNIA IS IN `STATE OF EMERGENCY'

Insider trading powerhouse Blackstone has been granted some relief over its scuttled $6.6 Billion acquisition of Alliance Data Systems, and Delaware Chancery Court Judge Leo Strine has ruled they are off the hook for the $170 million break up fee.

A notice sent out yesterday to all known and unknown lawyers involved in the "biggest bankruptcy of all time" can be found here.

Lawyers A Thru C, for full list click above

A notice sent out yesterday to all known and unknown lawyers involved in the "biggest bankruptcy of all time" can be found here.

Lawyers A Thru C, for full list click above

Translation: taxpayers, give us your wallets. Allegedly, GM will present a new top end estimate (which recently was the absolutely worst case estimate) of 10.5 million, down from 12 million, at a Deutsche Bank conference later today.

Now that's some aggressive rate cutting

In a Bloomberg TV telephonic interview, Christopher Whalen, managing director of Institutional Risk Analytics, discusses the possibility that Citi may file for bankruptcy, which according to him is "inevitable". Our advice to Vikram regardless of what he does - don't hire Lazard if you need a DIP.

According to CNBC sources, NY AG Cuomo has issued a subpoena to Merkin to explain his relationship to Madoff, some charities, and encompasses Ezra's Ascot and Ariel funds.

********UPDATE********

"At least 10 prosecutors are involved in the investigation"..... uh oh, they really are regrouping forces on this one

Buffett's cronies finally waking up

We made some predictions yesterday about the bankruptcies to hit dockets today.... and they are starting to roll in: