Wednesday highlights

Last trading day: Going out with a whimper - at last. The Dow is up about 60 points in early trading.

No more SpongeBob?: That's the unpleasant possibility as all the Viacom channels - Nickelodeon, MTV, VH-1, Comedy Central, Spike, TV Land and BET - could be going off the Time Warner Cable system at the stroke of 12 (Happy New Year!). Viacom and Time Warner are stuck in a nasty contract dispute that shows no sign of being resolved before tonight's deadline. From the LAT:

Viacom... said it was asking for only a modest increase of about 25 cents a month, or $3 a year, per subscriber for its package of 20 channels. Time Warner countered that consenting to such an increase could encourage other cable networks also to demand higher fees, a scenario that could lead to $30 a year in increased charges for cable subscribers. Viacom's strategy is complicated because ratings for its signature MTV, VH-1 and BET channels have been down this year, which means that advertising revenue has been lower than expected. Nickelodeon, meanwhile, has increased its audience with "Dora the Explorer," "SpongeBob SquarePants," "iCarly" and a stronger Nick at Night lineup.

Inside Madoff's holdings: The alleged scamster is scheduled to submit a list of his personal assets to the SEC by the end of the year, which would be today. Proceeds could be used to make at least partial restitution to victims of the Ponzi scheme. Meanwhile, it's becoming clear that some of the initial loss estimates were way off (as we've been noting). From AP:

Yeshiva University, which had initially estimated its losses in Madoff's alleged scheme at $110 million, offered a clarification Tuesday, saying that its actual losses had been much smaller. The university's chief financial officer, J. Michael Gower, said in an e-mail that the school's actual principal investment in a hedge fund linked to Madoff had been only $14.5 million. On paper, that stake had exploded in value over the past 15 years to $110 million, but Gower said all of those "profits" now appear to be entirely fictitious, meaning that the losses were mostly fictitious too.

Namvar files for bankruptcy: Another not-so-great story in the Jewish philanthropic world: Investors are accusing Ezri Namvar and his investment company, Namco Capital Group, of losing as much as $400 million that was loaned to him. On Dec. 22, two dozen creditors filed an involuntary bankruptcy petition against Namvar and Namco. From the Jewish Journal:

"Disputes happen all the time, but the magnitude of this case is huge," said A. David Youssefyeh, a local Iranian Jewish attorney who is advising nearly 20 Iranian Jewish creditors in this case, of whom only a small group participated in the filing of the petition. "This case hits people in the community from such a broad socio-economic level -- it includes everyone, from students that had entrusted Mr. Namvar with their bar mitzvah money, to retired people who invested their entire life savings in Namco and were paying their living expenses from the interest they received from the company."

SAG revolt near? Moderates on the board of the Screen Actors Guild are expected to push for the ouster of the union's hard-line negotiators, reports the LAT. That would include the president, Alan Rosenberg, and the executive director, Doug Allen. The coalition also plans to vote against holding a strike referendum.

If approved, the new negotiators would seek to jump-start talks with the studios, probably by consenting to new-media pay terms negotiated by other unions in exchange for improvements in traditional-media pay areas. Such a move, however, would be a major blow to SAG leaders, who have argued that a strike authorization from members is needed to give them leverage with studios in what they view as landmark negotiations that could determine how actors are paid in the digital era.

Break for Bratz owner: U.S. District Judge Stephen Larson says he's open to modifying his earlier order that would bar MGA Entertainment from selling the pouty doll line. MGA is pushing for a little latitude as it prepares its appeal before the Ninth Circuit. The company says that uncertainty over the franchise is going to kill its bottom line because retailers don't know whether the doll will be available. (Business Journal)

L.A. hotels struggling: Sam Nazarian's SLS property is already offering discounts, which says a lot considering how much the place has been hyped. The new Montage in Bev Hills is also marking down its rooms by $200 a night, to only $395. Thanks to awards season, the more established luxury hotels will be able to limp along in January and February. From the WSJ: