August 15, 2007

Daily Bankruptcy News

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Law:

$4 Billion Suit Against Akin Gump Highlights Hedge Fund Representation Risks
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Ex-Prosecutors Find Private Practice a Challenge
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Greetings from Lawyerville, NJ!
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How Judges Really Behave
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X-Summers: Vampire Girl
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ABA Takes a Stand Against Mandatory Retirement
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Pay Raise Watch: Gardere Wynne Sewell
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Law Librarian Farewell Email: Patton Boggs Blows
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D.C. Judge Files Appeal Over Missing Pants
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Lessons Learned in Boosting Pro Bono
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Lawyer-Mothers Say: Give Us Family, Yoga and Volunteering
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Best Firms for Working Moms?
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Familiar faces show up on annual survey of the most-used outside firms
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Playing Favorites - Which outside law firms the Fortune 250 used in 2006
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The Usual Suspects
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Getting to Know You - Tips for crafting more effective requests-for-proposals
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Homeward Bound -Eight of the Fortune 250 relied more on inside lawyers than firms for some practice areas
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Lawyers Should Sue More to Work Less?
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Judge Orders Jurors: Don't Watch 'CSI'
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Judge Fired Over MySpace Post
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How Public Law Firms Would Benefit GCs
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A new playbook for corporate family feuds - New guidelines for protecting privilege during a parent-subsidiary split
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ABA Critical of US Atty Firings
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Say What?!
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Federal Bar in N.J. Seeks Raises for U.S. Judges, Calling Pay 'Insulting'
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Corporate Reform:

Bush is asked not to back defendant companies
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CA's Kumar Reporting to Prison
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Adelphia's Tim Rigas Got Married Days Before Starting Prison
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Federal authorities are preparing to file charges against nearly a dozen people in a probe of improper stock lending
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Sun-Times seeks to get suit on track
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Behind bars, Brennan still owes investors
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Broadcom Put on Notice by SEC
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Real Estate:

U.S. Subprime Woes to Cost $150 Billion in Losses
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Credit-rating firms played a crucial role in the subprime-mortgage boom that is troubling financial markets.
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Musings on Sub-prime Meltdown
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Thornburg Mortgage has no intention for bankruptcy
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Trading Is Halted in Shares of Mortgage Lender Thornburg
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Former American Home workers sue co.
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American Home Mortgage offices ripe for resale
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Lone Star Extends Accredited Home Offer
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Delta Financial gets $60M loan
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Georgia Lawyers Stranded by HomeBanc
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Indy Mac eyes 70 former AHM branches
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Foreclosures exceed 500,000 in first half of year, says RealtyTrac report
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New Century Financial throws in the towel on its accounting mess
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Credit Crisis Hits Small Lenders
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Beazer Homes Under More Pressure As Debt Is Cut Again
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Cerberus' subprime woes
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Private Equity: The Bankruptcies Begin
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Most of HomeBanc's employees laid off
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Subprime Problems Spreads Into Commercial Loans
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At Mortgage Banks, `Going Concerns,' Going, Gone
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Mortgage malaise spreads to low-risk lenders
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Countrywide fundings up from year-ago, off from June
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Countrywide: Fewer Loans, More Workers?
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Countrywide foreclosures at multi-year high
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Countrywide Leads Mortgage Shares Lower on Liquidity Concerns
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Merrill Downgrades Countrywide
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Lender reports rising defaults
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The mortgage credit crunch is tightening its grip on thousands of small-to-midsize lenders and brokers, allowing banks to grab a bigger share of the market.
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SoCal home sales now 54% below peak
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California cities fill top 10 foreclosure list
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OC home sales continue to slide
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Subprime mess hits Hudson
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Foreclosure filings in Del. up 38 percent
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For Island residents, loan crisis hits home
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'Blood in the water' in Florida property market
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Las Vegas, Detroit foreclosure rates double-report
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Rate caps let lenders in Arkansas avoid subprime struggles
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Fort Worth: The home of Texas' highest foreclosure rate
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Mortgage crunch has even wealthy buyers scrambling for credit
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In an interconnected world, American homeowner woes can be felt from Beijing to Rio de Janeiro
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Autos:

Delphi union votes today
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Law Firm Jones Day Obtains Groundbreaking Labor Settlement For Dana Corporation's Emergence From Bankruptcy
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Aviation:

AirTran Makes New $445M Bid for Midwest
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NWA Goes On Defensive With Proposed Midwest Deal
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Pequot Capital To Midwest Air: Keep Options Open For Airtran Deal
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Large Midwest shareholder concerned with equity firm's purchase
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Which deal will fly?
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Airplane Mutiny: Grounded for Hours With No Food or Water
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Northwest Chief Says Labor Accords Won't Hurt Profit
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Hedge Funds:

Sentinel Management freezes $1.5 billion fund
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Sentinel: A Sign Of Worse Things To Come?
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Sentinel: Excuses Don't Fly
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U.S. Banks Refuse to Lend Against Credit Portfolios
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Recent Losses In Hedge Fund Industry Spark Redemption Concerns
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SEC's New Rule Prohibits Hedge Fund Advisers From Engaging in Fraudulent Acts
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How a Goldman hedge fund shrank a third in a week
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Goldman Gets Slapped Around
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There Are Differences Between Bear Stearns And Goldman Sachs
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Goldman Fund Cuts Fees to Woo Investors After Loss
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Bear Stearns Funds Chapter 15
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The seizing up of debt markets because of the subprime-mortgage shakeout has left some investment funds wondering how to value their holdings
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In Rout, Quants Go AWOL
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As funds' redemption day looms, how to redeem ourselves
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Publishing:

Denise Brown Wants OJ Book Boycott
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Religion:

New legal troubles for Your Black Muslim Bakery chief
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Lumber:

Pope & Talbot temporarily shuts two mills
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Mining:

Mine Cave Ins, the Credit Crash and the Poor Helpless Corporate Victims of Fate
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Credit Cards:

Bankruptcy not a black mark to credit card companies
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Lenders' ethics fall under scrutiny
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Out of bankruptcy, flooded with credit
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Derivatives:

Moody's and S&P lose credibility on credit derivatives ratings
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Economy:

Learn from the fall of Rome, US warned
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Where is All the Money Going?
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U.S. consumer prices rose just 0.1% last month on falling energy prices while clothing and medical care posted sharper gains, suggesting the recent disinflationary trend may have come to an end.
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The Dow Industrials tumbled 207.61 to 13028.92 on worries about consumer spending and fresh signs of trouble in the credit market
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Producer Prices and Trade Data Give Fed Little Reason to Cut Rates
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ECB injects another 7.7 billion euros to financial markets
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Retailing:

Slowdown hits Wal-Mart
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Crunch Continues, Retailers Pessimistic
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Movies:

Movie Gallery running out of options; bankruptcy a real possibility
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Pensions:

O.C. raises current retirees' healthcare costs - Some will see premiums nearly double as supervisors seek to cut a projected $1.4-billion shortfall.
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Turnarounds:

How to Implement A Crisis Communications Program
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Student Debt:

Sallie Mae buyers may back out ahead of shareholder approval
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Federal Bill Would Limit Student Credit
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Utilities:

Records reveal Rumford's cash flow troubles
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Finance:

KKR warns that it may need more bank loans
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Bankruptcy Crimes:

Diamonds and mermaid sculptures up for sale in Peel bankruptcy case
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Bankruptcy lawyer likes grown up sandwich (scroll down)
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'Save The Queen' Wins Auction For Queen Mary Lease
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Investor group to run Queen Mary
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QM lease bid only a beginning
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New Bankruptcy Opinions
(No new opinions 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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Bankruptcy Jobs:

(1), (2), (3), (4), (5), (6), (7), (8), (9), (10), (11), (12)
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Politics:

Donor indicted for bankruptcy fraud poses quandary for GOP lawmakers who accepted funds
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Accounting:

Bank Says BDO Seidman's Actions Warrant Big Punitives
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Jury Rules BDO Must Pay $521 Million
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Accountant BDO faces crippling liability
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BDO Ordered to Pay $170M in Fraud Case
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Paper:

Port Townsend Paper Corporation Announces Confirmation of Plan of Reorganization
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Firms cry foul over Marcal's cleanup deal
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Mass Torts:

Linking a Trial Delay - and Jail
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Health Care:

Los Angeles Martin Luther King-Harbor Hospital To Close Down
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When staying alive means going bankrupt
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Bellevue struggling with money, bankruptcy possible
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Private insurance has failed, state senators say
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AMH seeks more time for new plan
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Boxes of patient records exposed
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Wall Street:

Stock futures fall ahead of CPI report
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Turmoil Roils (Many) IPOs
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Credit market troubles depress Asian financial shares
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Crisis-hit Footsie heads towards 6000
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Hedge funds behind recent Dow losses
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Emerging Markets-Heavy selloff as risk aversion deepens
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Global share slump gathers pace
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Entertainment:

RIAA Short on Funds? Fails to Pay Attorney Fees
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Buyer Interested in Wild West World
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Banking:

Credit crunch could cost Citigroup $3 billion
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It's Always Darkest Right Before It Goes Completely Black
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Food/Drink:

Out of bankruptcy
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Manufacturing:

Suit filed against Foss Manufacturing CEO
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European economic growth is slowing
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UK:

Bankruptcies plateau seen as only temporary
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Graduates run up record debts - but grandparents still out-borrow them
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IVAs are seen as a "soft option"
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Legal action threatened on IVA charges
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The Insolvency Service Annual Report and Accounts 2006-07
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Canada:

Coventree Says Lenders Balk at Emergency Funding
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Coventree plunges as lenders balk
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Coventree says able to place C$600 mln in paper
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Short-term notes run into difficulties
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Commercial paper market under pressure
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Australia:

Rams hit by rising funding costs
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Dollar tumbles as investors flee hedge funds
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Basis says fund could lose 80 pct
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Germany:

Step Right In and Watch "The Amazing Disappearing Money"
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Iceland:

Kaupthing Buys NIBC, Hit by Subprime, for EU3 Billion
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Russia:

YUKOS bankruptcy auctions nearing end
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Rosneft denies won Yukos Dutch unit auction
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Company Buys Yukos' Foreign Assets
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Israel:

Hidden in Romania?
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Injunction ordered against Heftsiba units
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France:

SocGen falls as denial of Lyxor losses rumor fails to allay fears
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