May 22, 2007

Daily Bankruptcy News

Also available on the Web (with links to the news stories) http://bkinformation.com/News/DailyNews.htm
Prior editions: http://bkinformation.com/bankruptcy_news.htm
Search prior headlines: http://bkinformation.com/PriorEditionsSearch.html
Search prior New Opinions: http://bkinformation.com/NewOpinions_Search.html

Aviation:

Airline bonuses put executives on the hotseat
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New NWA shares trade near $25 in unofficial debut
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Can AirTran keep pilots on board?
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Law:

US court decision limits antitrust lawsuits
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Judge Turns Down Plea In Asbestos Fraud Case
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WilmerHale Raises
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Ashurst ups associate salaries by 16% to £64k
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Law Firms and Capitalism
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Long-Named Litigants
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Famous and Disbarred Lawyer's Girlfriend Lands Him Back in Jail
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The World's Premier Center for Law School Parody?
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Lawyers Pocket Plenty From Law Firm IPO
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In a First, Law Firm Goes Public
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Say What?!
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Billable Hour = Apocalypto
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The Backyard Bar
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Firms Feel the Pinch of Voodoo and the Associate Raise
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Trouble Brewing?: GCs Steamed About Biglaw Pay Surge
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A Career Not Measured in Billable Hours
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Is Offshoring the Same as Delegation?
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Former Sullivan Associate Adds Claims to Complaint Against Firm
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Departing Squire Sanders Shareholders Raise Issues
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Are There Still Any Innovative Transactions?
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Lawyer death sparks drug debate
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Identical Twins in Paternity Fight
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Did Internet Kill the Martindale-Hubbell?
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Bankruptcy Crimes:

Trucking firm's former CEO pleads guilty to bankruptcy fraud
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No privilege or immunity for draft bankruptcy schedules
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Tax:

Katrina Emergency Tax Relief Act Amendments and Bankruptcy Leniency Fail to Provide Relief Where Partnership Debts are Repaid With Insurance Proceeds or Discharged in Bankruptcy
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U.S. Treasury puts new scrutiny on wealth of Cayman companies
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How Big Money Tax Shelters Lead To A Law Firm's Demise
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Credit Cards:

Average family owes $9,200 in credit-card debt
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Corporate Reform:

Black Defrauded Hollinger in Apartment Sale, Witness Testifies
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Prosecutor: Ex-Qwest CEO transferred $130M
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Attorney-Client Privilege in Harm's Way
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All's Fair In Love, War and Restructuring: Solutia Bondholders Denied "Equal and Ratable" Lien Status -- Implied Covenant of Good Faith Does Not Trump Explicit Indenture Provisions
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Autos:

Union official says Delphi plant to close
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Can Chrysler Be Cured? - A health-care company with car issues
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Iacocca: Cerberus got a sweet deal
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Chrysler deal signals change for private equity industry
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Real Estate:

Home Depot Woes Worse Than Lowe's
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Bankruptcy suit poses risk to developer's plans
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Housing blues hit neighbor sectors
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Carrington to Buy New Century Unit
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USG to cut 500, or 10 percent of salaried jobs, in housing slowdown
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Groups back reforms for mortgages
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Middle Class and Homeless -- Unlikely Families Face Foreclosure
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Jet-set Texas resort crashes and burns
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Bank Groups Issue Mortgage Reform Ideas
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Countrywide CEO Attacks Subprime Regulation
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Investors in realty exchanges seek relief
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Bill to tighten reins over Fannie Mae, Freddie Mac
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Pensions:

Retiring after 2000? You'll need $1,000,000
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Plan administrator CEO indicted
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1Point executive pleads not guilty
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Derivatives:

OTC Derivatives Up 40 Percent in 2006
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Predatory Lending:

Arizona bill to regulate payday loans endangered by disagreement
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Borrowers clash on payday loans
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Utilities:

Buyout Crowd Squeezes Calpine
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Mass Torts:

Grace asks judge to shield railway from asbestos suits
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Corporate Governance:

Boards More Likely to Oust Underperforming Chief Executives
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Hedge Funds:

Hedge Funds Inc.
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Religion:

Churches turn to pews to dig out of bankruptcy
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Bishop reiterates need to cut back
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ADR:

11th Circuit Rules A "Core" Bankruptcy Proceeding Can Be Arbitrated
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Where's the Beef: A Few Words About Paying for Performance in Bankruptcy
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Stand Guard - Be on the lookout for these bankruptcy warning signs
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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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Online Claims Trading
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Auction your Chapter 11 claim to the highest bidder

www.t-rexauctions.com

Free • Anonymous • Non-Binding

And Now for Something Completely Different
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Zoning in on the Zone of Insolvency
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Delaware Supreme Court Addresses, For The First Time, Whether Creditors Can Sue Directors For Breach Of Fiduciary Duty When The Corporation Is Insolvent Or In The Zone Of Insolvency
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Big Boy Letters: Side Deals in a Gray Area - Can Big Boy Letters Protect Committee Members Who Sell Debt With Inside Information?
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Student Debt:

In wake of ethics probe, student loan director at JHU quits
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Edwards charges $55,000 to speak to students about poverty
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Only half of today's upperclassmen are confident about their ability to handle their financial responsibilities after graduation
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Sports:

Powder Ridge owner rejects takeover plan
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Bankruptcy Audits:

NACBA Testimony Prompts U.S. Trustees to Change Audit Procedure
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Insurance:

Insurer's Withdrawal Of A Defense Postpetition Does Not Violate Automatic Stay
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Owner of tall ship files for bankruptcy protection
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Roark case trustee to determine if assets can be sold
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Lernout & Hauspie Fraud Trial Opens
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UK:

Eurotunnel awaits shareholder vote
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Creditors have to wait on level of voting
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Executives hope publicity drive has saved Eurotunnel from bankruptcy
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Eurotunnel Shares Jump on Report of Imminent Offers
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Tax credit fraud 'to hit £9bn'
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Capital One takes tough line on excessive IVA fees
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Finland:

Unprofitable clothing chain Pierre Cavallo to file for bankruptcy
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South Korea:

Personal Bankruptcy Filing Rate Up 250% from 2006
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France:

French regulator fines Refco, Parel
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Vatican:

Calvi, 'God's Banker,' Got Caught in Real-Life 'Da Vinci Code'
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Daily Bankruptcy News is published each business day by BKINFORMATION.COM, L.L.C.  You can reach us at 281-242-6208 or at accounting@bkinformation.com