Cadence Innovation, an oddly-named auto-supplier, has filed for Chapter 11. The company had 4,000 employees worldwide and was in the unfortunate position of having G.M. and Chrysler as its top customers. The company will now attempt to liquidate its assets in bankruptcy.

So long, Cadence.

Napster, which has slid to a paltry $65 million market cap (about equal to their cash-on-hand), is making it no secret that they are looking to be sold. The problem for them is — who the hell wants to buy it?

Integrity Bank in Georgia has become the latest bank to get taken over by the Feds. These guys had over $1 bil. in assets & $900 mil. in deposits. Customers have been transferred to Regions.

Thanks to The Drudge Report for the heads-up & Bloomberg for the fine print.

The automaker voted most likely to fail by IdiotInc, General Motors, is recalling nearly one million cars because of a defect in its windshield-wiper fluid system. Fortunately, according to a GM PR mouthpiece, there have only been three fires so far.

Here are a list of the models being recalled:

2008 Buick Enclave, 2006-2008 Buick Lucerne, 2006-2008 Cadillac DTS, 2007-2008 Cadillac Escalade, 2007-2008 Cadillac Escalade ESV, 2007-2008 Cadillac Escalade EXT, 2007-2008 Chevrolet Avalanche, Silverado, Tahoe and Suburban, 2007-2008 GMC Acadia, Sierra, Yukon and Yukon XL, 2006-2008 Hummer H2 and 2007-2008 Saturn Outlook.

Source: The Houston Chronicle

Valleywag is circulating rumors that there are going to be big cuts at TechWeb/CMP this week. For those of you who don’t know, TechWeb is the also-ran tech/business/IT publisher of InformationWeek.

Information from the Valleywag article is scant, so if you know anything — shoot it our way.

A Wall Street musical:

The bad boys at electronics manufacturer, Conolog, just got a warning from the Nasdaq informing them that unless their stock improved within six months, they would be removed from the stock exchange.

Someone should send them a similar letter about their website.

Last year Woodside Homes raked in a remarkably-high $1 billion in sales. This year, their creditors are forcing them into chapter 11 bankruptcy. They should have built their homes out of bricks yuk yuk.

Canada’s second-largest automaker has decided to “temporarily” lay off 800 employees. Company blabbermouth, Crystal Roberts had this remarkable insight:

“With our volumes being down … there’s obviously going to be some idle employees in our manufacturing plants necessitating layoffs.”

Well I’m sure the “idle” employees will take solace in the fact that spin-doctor Crystal now has a job to do.

Time are tight so Progress Energy in Florida is eliminating 300 service and support positions. Support before sales never fails.

According to reports by The New York Times and CNN, troubled investment bank Lehman Brothers is planning on laying off 1,000 to 1,500. No word yet on what divisions will be impacted.

E-One, a company that manufactures fire trucks, has begun firing employees. According to sources, the total will be between 200 and 300, but company flack Amanda Davis said that this range was “way too high.”

Boscov’s, a godawfully-named department store in four states, is closing ten stores and filing for chapter 11 bankruptcy. The company will join a long list of failures that have blamed “the housing industry” for their mistakes.

Sealed Air, a company that sells baggies of air for shipping, is going to layoff between 900-1,000 employees. Company “officials” are blaming “high raw material and energy costs.”

Source: PRW

A small Florida bank with only six branches has been shut down by the feds. The failure of First Priority Bank will cost the FDIC around $72 million in insurance payments, but all branches will be re-opened today under the umbrella of SunTrust Banks.