April 11, 2008

Daily Bankruptcy News

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Law:

Former Partners Sued for Post-Brobeck Profits
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Orrick, Dorsey named in new Brobeck profits suit
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Lovells Promotes Two Bankruptcy Partners
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Associates, Looking to Switch Firms? Think Twice . . . .
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Paul Hastings resignations follow client collapse
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How Firms Cope With the Downturn
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Survey Results: Bar Expenses, Signing Bonuses and Advances
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Firm issues deodorant warning
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Scruggs: The siege of State Farm
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PR blunders by top firms
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Fee Consternation from Corporate Counsel
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Getting Inside Headhunters' Heads
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Dewey & LeBoeuf to Close Three US Offices
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Lawyers facing bankruptcy?
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A Rare Suit in the Battle for Lobby Clients
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Slaughter And May - "There's Only Room For One"
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Long Billable Hours Causing Problems for Lawyers Around the Globe
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How to Safeguard Your Firm's Mobility
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At Pellicano Trial, Michael Ovitz Squares Off Against Journo
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Sleuth put squeeze on Sylvester Stallone lawyer: feds
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Fired Partner Ratchets Up Suit Against Politically-Connected Firm
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Kaos on K Street: BigLaw Lobbyist Sued by Former Firm
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Navy officer testifies about moonlighting for DC madam
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Prosecution To Wrap Case Against Alleged DC Madam Monday
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Musical Hot Seats in Detroit, as Lawyers Testify About $8.4M Settlement
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U.S. Economic Slowdown Has Firms Looking to India for Deals
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Say What?!
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Lawsuit of the Day: Hamster Trouble
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Judges:

Circuit Replaces Judicial Discipline Rules With National Standards
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Judge Kaye Goes Big, Sues New York Over Judicial Pay
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Judge of the Day: James M. Brooks
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Aviation:

Frontier Airlines Files for Bankruptcy Protection
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Frontier Airlines files for bankruptcy but will keep flying
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More Airlines Expected To Fall
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Virgin's Branson Sees More US Airline Bankruptcies Ahead
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What does a rash of airline bankruptcies mean for the future?
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American Airlines cancels 570 flights for today
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American Air Scrubs 933 More Flights on Thurs. for Wiring Fixes
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Stuck at the Airport, Recruits Face a Hardship Test
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FAA says no way to American Airlines
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Airline negotiating to get Big Sky planes
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Delta-Northwest merger possible next week
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House Lawmakers Hold Hearing on Airline Delays
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F.A.A. Auditing of Airlines Criticized at Hearing
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Airport passengers adjust to cancellations
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How to endure flight cancellation chaos
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Rivals Fly American's Passengers
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Skybus founder wants airline back
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Skybus Was Flying Against the Wind
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Loss of Skybus means more layoffs
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Aloha's comeback a long shot
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Airlines have trouble making a profit in paradise
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Mesa's hopes are a no go
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Budget Airlines' Secret: First-Class Customer Service
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Airline investors find they're always losing altitude
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Rome to play 'active role' to woo Air France back to Alitalia talks
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Corporate Reform:

Regulators must work to make long-term changes
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Financial Literacy:

More youths fail financial tests
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BofA targets students' financial skills
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Politics:

Candidates' Housing Plans All Fall Short
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McCain takes on economy: Mortgages, jobs, gas
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Hillary Clinton Statement on George W. Bush Mortgage Plan
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Financial Industry Pours on Campaign Donations
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Fraud:

Convictions overturned in Mayflower fraud case
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Automatic Stay:

Staying the Serial Filer - Interpreting the New Exploding Stay Provisions of - 362(C)(3) of the Bankruptcy Code
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Environmental:

New Mexico alleges deficiencies in Asarco permit in El Paso
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Resorts:

Yellowstone Club future still undecided
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Distressed Investing:

Mountain of cash piling up, as investors wait for a sign
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Fishing:

Salmon Season Outlook Dims
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Bonds:

Fidelity Stands By Ambac
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Real Estate:

Housing Aid Advancing in Congress
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Senate Approves Housing Bill, AARP Disappointed
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Senate OKs housing crisis bill, but big changes loom
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Hope Now: 1.2 million mortgage borrowers helped
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The big risk in the foreclosure fix
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Jones v. Wells Fargo Administrative Order 2008-1 - Bank Required To Provide Post-Petition Accounting To Debtors
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Subprime barometer spins awry
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Foreclosures: One Hard Hit Neighborhood At A Glance
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Fraud Leads To 286 Foreclosures
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Many mortgage suits to come, but tougher to win
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Commercial property deals disappear as CMBS funding goes dry
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Thousands seek help through Colorado foreclosure hotline
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Metro Detroit foreclosures fall 16% in March
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Accounting:

KPMG seeks to recover sanction costs for claims from liquidating trustee
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What Price Fair Value Assumptions?
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Retailing:

Linens 'n Things Hires Restructuring Firm
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Linens 'n Things bankruptcy may come Tuesday
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Hoop to sell back 180 stores
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Wal-Mart Gets Boost As Consumers Trade Down
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Wal-Mart worker goes wild: Throws chickens at customers
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Slowdown biting into discretionary retail sales
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Sharper Image Chairman Resigns To Buy Company
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Attention, shoppers: Where have you gone?
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Most Chains Post Weak Results
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Don't Blame the Economy for Poor Retail Execution
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Economy:

Paulson says US economy has 'turned down sharply'
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Recession Watch: Mixed Signals
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Economists: More Downside
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Consumer confidence hits new low -- again
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Our Financial Bailout Culture
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Bernanke, other world financial leaders meeting today
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US financial model can be fixed, Bernanke says
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Consumer Confidence Declines, as Volatility Increases
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Countries caught between fire and ice
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Economy Has Further to Fall
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Fed Was Ready to Lend to More Brokers Before March 16
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It's a Crisis, and Ideas Are Scarce
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More using federal income tax refunds to pay bills, reduce debt
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Treasurys slip on drop in jobless claims
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Soros says worst from credit crisis yet to come
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The Face of a Prophet
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Gas Prices Push Small Companies to Brink
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Gas, diesel prices hit new records
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Derivatives:

Credit Default Swaps: Evolving Financial Meltdown and Derivative Disaster Du Jour
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Student Debt:

Goldman Investment in First Marblehead May Have to Shrink
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Cash squeeze for First Marblehead?
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First Marblehead Won't Tap Credit Line From Goldman
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First Marblehead says writedown 'likely'
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Hedge Funds:

SEC says UK hedge fund defrauded U.S. mutual funds
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SEC Seeking $3 Million from Utah Lawmaker
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Hedge-Fund Boss Ordered To Pay $49M
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Hedge fund performance slides in March
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Prying Open Hedge Funds' Exit
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Bankruptcy Research:

Optimal Consumption and Investment with Bankruptcy
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The Administrative Law of Borrowed Regulations: Legal Questions Regarding the Bankruptcy Law's Incorporation of Irs Standards
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Video Rentals:

Movie Gallery Wins Confirmation of Exit Financing
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Agriculture:

Rumors abound about livestock red ink
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Secured Debt:

Best Laid Plans May Not Protect Collateral Challenges, Pitfalls to Lenders' Security
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Forest Products:

Attorneys, experts brawl over timber value
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PALCO confirmation hearings enters third day
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Food/Drink:

Judge clears way for new LeNature's trustee
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Private Equity:

PE-backed bankruptcies
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The Comeback of Private Equity
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Turnarounds:

Integrity Still Counts - Character Bought Time for Successful Wind Down
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CTP Skills, Experience Needed by Private Equity Firms
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Managing Risk in a Turnaround Engagement
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Six Ways Out: Distress as the Art of Exit Strategies
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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)
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Wall Street:

Bernanke Says Fed to Review Guidance on Bank Capital, Liquidity
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Nothing broken on Wall Street that can't be fixed: Bernanke
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Street Dons Its Rally Cap
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How Deep Will Wall Street Cut?
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Lehman Says It Bailed Out Money Market, Cash Funds
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Senator asks Justice, SEC to probe Bear trading
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The Consumer Spending Mirage
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Bear Stearns expects Q1 results significantly lower
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Stocks Poised to Slide
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Health Care:

Parker Hughes Cancer Center files for bankruptcy
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Leiner OK to tap DIP, cash
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Proskauer Rose's Richard Zall on liabilities in healthcare M&A
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Risk:

Volcker says current risk models no good
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Utilities:

Reliant assets draw $500M bid
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Furniture:

Joanne's Bed and Back files Chapter 11, agrees to sell stores
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Insider Compensation:

Goldman's Blankfein: Say on pay would create a 'cloud'
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Judge Approves Propex Bonuses
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Weed of Crime Bears Less Fruit for Ex-CEO
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Autos:

Axle 'disappointed' with UAW offer
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UAW sets strike date at 3 Mich. plants
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Jewelry:

Diastar will get a Ch. 11 trustee
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Labor:

When Payroll Gets Personal - Executives, Directors Risk Personal Liability for Unpaid Wages
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Credit Cards:

Growing credit debt may not be good for credit card company Capital One
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Municipalities:

State Legislature Passes Resolution on Sewer Debt
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Power-grabbing legislators make matters worse
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Trying to understand what can't be understood
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Largest US Municipal Bankruptcy Looms in Alabama
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Jeffco bankruptcy would not be the end of the road
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Bond insurer units say to help Alabama county
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Vallejo resumes talks with labor representatives
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Bond insurers' credit woes sting local districts
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Corporate Governance:

Gatekeepers: The Professions and Corporate Governance
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Banking:

More investors plan to withhold votes on WaMu directors
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Why are Bank Failures Special? Lessons from U.S. Financial History
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Banks' lack of contrition boosts chance for harsh rules backlash
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Not so Thrifty - The bust is starting to catch up with regional lenders
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Mass Torts:

Mass Torts in a World of Settlement
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Finance:

Krispy Kreme Gets a Rise Out of Lender - To relax debt covenants, the doughnut retailer agrees to boost in interest rates on credit facilities
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Gambling:

Legends OK on funding strategy
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Tech:

Blue Frog's mess still getting messier
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UK:

Business Bankruptcy Can Provide Spur To Future Success
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France:

Bankruptcies up 7.1 pct q/q in France
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Germany:

German Plan to Balance Budget at Risk as Spending Demands Soar
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Canada:

Longworth Says Credit Woes to Persist `For Some Time'
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ABCP investors fight for total compensation
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Japan:

Mizuho Profit Drops by 50% as Subprime Losses Swell
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Japan's Mizuho stung by $5.5 billion in subprime pain
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Czech Republic:

Czech bankruptcy figures down
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Australia:

S&P Cuts Rating on A$5 Billion Australian, NZ Bonds
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