February 16, 2007 

Daily Bankruptcy News

Brought to you by BKINFORMATION.COM - The Source for Bankruptcy News on the Internet 

Also available on the Web (with links to the news stories) http://bkinformation.com/News/DailyNews.htm
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Aviation:

Northwest Airlines details reorganization plan
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Northwest Air Plan Values Carrier at $7 Billion
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Morgan Stanley buys up Northwest stock
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NWA forecasts $14B in revenue by 2010
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Northwest Unsecured Creditors to Get Stock
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Non-bankrupt Delta may start price wars
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Swissair ruined by "miserable management," court told
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Air passengers have no recourse when stuck on grounded aircraft
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Law:

Midsize Law Firms Shift Recruiting Strategies
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Ex-Monster counsel pleads guilty in options case
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DLA Piper Matches Associates Pay Raises, Sort Of
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Baker Botts and Munger Tolles Pay Raises
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The Law: A Profession, a Trade or Both, Part III
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Deposition Conduct Assailed
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Morrison & Foerster Adds Two Bankruptcy Partners From Lovells (scroll down)
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Judicial Pay -- Are Judges Being Selective with the Evidence?
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Nixon Peabody Opens Silicon Valley Office
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NY Bankruptcy Partner Switches Firms
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Top Prosecutor, Lobbyist Bought $1 Million Home After She Signed Off on Break for His Client
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Lawyer admits stealing $20 million
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Paul Hastings' London revenue rockets 84 per cent
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Former Gibson Dunn partner sends "f*ck you" email
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Cross-dressing lawyer in trouble again
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Protecting the Law Firm's Reputation
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Appeals court: 'Clear evidence' attorney was derelict in his professional duties
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Disaster Recovery Lessons Learned in Katrina's Wake
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Say What?!
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Firm launches own fashion line
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Become the Star of Tomorrow
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Real Estate:

Home Prices Fell in Half US Cities in 4th Quarter
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Existing home sales off in 40 states, slide nationwide
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S&P Warns About Alt-A Mortgage Bond Deal For First Time
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Foreclosures rise 19% in January
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Speculators doing brisk business in housing flips
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Sacramento Towers Developer Defaults On Loan
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360 Degrees of Subprime Lending
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More people risk losing homes because of unaffordable mortgages
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Lenders see spike in subprime defaults
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Foreclosure task force tackles growing problem
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Publishing:

Book Distributor Waits On Ownership Decision
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Health Care:

Code Blue for a Hospital or Two
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Retailing:

99 Cent Stuff files for Chapter 11 reorganization
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Entertainment:

Boy Blunder: Promoter Accused Of Directing Ponzi Scheme
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Feds raid Pearlman offices, mansion
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Autos:

Bankruptcy judge OKs $145M Delphi fees
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Chrysler restructuring to affect 8 plants in 3 states
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Is Chrysler Worth Less Than Nothing?
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Zetsche's about-face feels like betrayal in Detroit
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Chrysler, CAW reach buyout deal
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Union bides Delphi offer
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GM's Results May Be Hit By Sub-prime Mortgages
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Economy:

Congress heaps praise on Bernanke
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Poverty increases in 85 percent of Illinois counties
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Industrial output falls 0.5 pct. in Jan.
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Why these good times feel so bad
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US Initial Jobless Claims Rose 44000 Last Week to 357000
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Layoffs:

Hershey to cut 1500 jobs
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Ga.'s largest newspaper offers buyouts
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Corporate Reform:

Long-running investigations of stock-options backdating are heating up
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Former executive at Monster pleads guilty
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Mass Torts:

US watches ASIC action against James Hardie
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Armstrong may be for sale
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Building-Material Boom
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Watchdog blitzes James Hardie boardroom
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Enron:

Prosecutors not pursuing Enron-related convictions
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Anna:

Men Claiming Paternity of Anna Nicole Smith's Baby Might Not Prosper
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Amid Court Fight, Anna Nicole Smith's Body Remains in Florida Morgue
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Judge's casual manner shocks those following Smith court proceedings
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Telecoms:

U.S. Virgin Islands: No Telecom Deal
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Tax:

Congress if looking to shield more middle-class taxpayers from the AMT
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IRS Leaves Third Private Collector Out in the Cold
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IRS Doesn't Extend Private Debt Contract For Texas Firm
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Banking:

The Real Scandal at Citi
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Credit Reporting:

7 steps to take after bankruptcy
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Bankrupt companies' stock often ends up worthless
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Automatic Bankruptcy Auctions and Fire-Sales
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Bankruptcy trustees enter into litigation funding agreement
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Consultant Ruled a Creditor Not a Shareholder; Subordination Overturned
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Mortgage Assignee's Interest Ruled Superior to Trustee's Lien
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Court Allows Nondebtor To Withhold Postpetition Services
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Lender Shielded From RICO Claim by Careful Commitment Letter
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PBS: Digging Out of Debt
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Calling Borrower "Mike" Leads to Failure To Perfect
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New Bankruptcy Opinions
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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)
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Warren: The Bankruptcy Solution
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Media:

Creditors object to Granite CEO employment agreement
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Sale of Bankrupt Air America Radio Hits Potential Roadblock
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Liberty Demands to Pay Less on $3.3 Billion of Loans
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Assignment of Media Placement Invoices Is Governed by the UCC
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Hedge Funds:

Caught In A Bear Trap - A Manhattan bankruptcy court ruling Thursday sent shockwaves through the biggest Wall Street firms
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Bear Stearns ordered to refund $125.1 mln to failed hedge fund
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Bear Steans Verdict Is In! Hand-Holding And Belly-Rubbing Now Mandatory
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US judge orders Bear Stearns to pay $160 million
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Food:

Latrobe's LeNature's rescue threatened
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A McDonald's Franchisee In Brooklyn Declares Bankruptcy
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Accounting:

Spies, Lies & KPMG
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Judge: Dismissal of criminal charge against accounting firm KPMG to stand
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Execs sue over tax shelter
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Saxon Energy Restates 2Q, 3Q 2006 Financial Results
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Fraud Detection: The New 404?
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Student Debt:

Loan-Burdened Grads May Get Some Help
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Predatory Lending:

Talking to a Payday Lender
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Derivatives:

Dougan Leads Derivatives Traders to Top Bank Job for First Time
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Textiles:

Malden Mills: Bids are in, sale is near
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SWAP Agreements Should Be Netted Following Rejection
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Debtor's Loan Discharged Despite False Loan App. Statements Lender Had Duty To Investigate Claim to Promissory Note
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Right to Set-off Defense Waived by Actions After Set-off
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Assignments of Equipment Lease Payment Streams Were Loans, Not Sales
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UK:

South west is bankruptcy hotspot
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Loan Will Help Software Firm Torex Retail to Stay Afloat
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Most debt consolidation leads to more debt
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City praised for netting loan sharks
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January reveals rising debt problems
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Canada:

Norbourg head puts blame on ministry
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Zambia:

DLA Piper wins third world debt fight with vulture fund
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Zambia must pay 'vulture fund', court rules
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South Africa:

Brown day for Fidentia
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