GOOD DAY FOR: Woman’s best friend, after notorious hotelier Leona Helmsley reportedly left instructions to set aside $5 billion to $8 billion of her fortune for a charitable trust dedicated to the care and welfare of dogs. Helmsley, who died in August, famously left $12 million to her own dog, Trouble. The new trust would consume virtually all of her estate, but the directions to create it may not be legally binding. (The New York Times, free registration)

BAD DAY FOR: Blockbuster deals, after the world’s largest video rental chain dropped its bid for Circuit City after examining the electronics retailer’s books. Blockbuster had offered up to $1.35 billion for Circuit City, which has lost money the past two years. After the news broke, Circuit City shares dropped 14 percent in extended trading. (Bloomberg)