April 30, 2008

Daily Bankruptcy News

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Law:

Bankruptcy experts expect the problem to worsen
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Bankruptcy Judge Smacks Law Firms & Partner With $150K Sanctions
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Judge Has Stern Words (But No Fine) for Associates at Sanctioned Firm
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Law firm Milberg in settlement talks
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Lessons of The Am Law 100: Is the Golden Age Over?
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The AmLaw 100 for 2007: "Flash Report"
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AmLaw 100 Profits Up, Partners Down
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The Sky's the Limit - A business school professor offers startling projections for the Am Law 100 of 2025
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Cooley helps Clifford Chance see off $2bn securities claim by bankruptcy trustee
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Senior Associates Need Inspiration to Stay
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Lawyer Who Made Snarky Comments Ordered to Write Civility Article
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Lawyer liable for failure to denounce other lawyer whom he knew was defrauding a client
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Sutherland Trims Associate Ranks
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Law Firms Downsizing in Maryland?
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The Asia Chronicles: Champagne Wishes and Caviar Dreams
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Law Firm Credit Crunch
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Shearman & Sterling Hikes London Associates' Pay by 7 Percent
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Linklaters lifts associate pay by 4%; NQs to get £66k
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Shearman hikes NQ pay by 7% to £80,000
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Big Firm Lawyer Works Part-Time, and Largely at Home
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Cravath to Expand through Summer Associates
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End is near for Pellicano trial
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Sommer Barnard approves merger
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Thelen Loses Name Partner Peter Brown to Baker & Hostetler
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Survey Says Law Firm GCs Make More Than Ever Before
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Fallout from L'Affaire Spitzer: 'Kristen' Sues 'Girls Gone Wild' Founder
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Do Billing-Rate Discounts Really Control Costs?
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Attorney, Interrupted: Seeking Meaning, Recovery for a Legal Life Lost
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Bingham's Provocative Bear and Baby Ad Recognized
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Fieger assistant: "We could get in trouble" for campaign check
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'Blocking' Statutes Bring Discovery Woes
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Blind Ex-BigLaw Partner Ruled Competent to Stand Trial for Fraud
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Emerging Legal Trend: Professors Suing Their Students?
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Lawyer Creates Website for Smart People
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Legal Eagle Wedding Watch 3/23 - 4/6: Summa Kind of Wonderful
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Defendant Gone Wild: Let's Go to the Videotape
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Judge Janice Rogers Brown: No Fan of Designer Jeans
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Hedge Funds:

Bankruptcy Filings by U.S. Based Foreign Hedge Funds
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Economy:

Economy Grows, Barely
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Slight Growth in U.S. Economy in First Quarter
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Bush sees 'slow' economy, sidesteps recession talk
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Confidence slumps as home prices post record fall
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Defaults In U.S. To Accelerate Through 2008, Says Report
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Consumer confidence weakest since March 2003
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Bush: Congress Dragging Feet on Economic Proposals
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Bush says no magic wand to lower gas prices
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Bush urges boost in domestic energy production
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Bush drilling plan wouldn't have eased pump prices
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The Fed: Easing Up on Easing?
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Can the US economy be revived?
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Buffett: Economy in a recession, will be worse than feared
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Manufacturing execs downright gloomy about coming year
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Will another Fed rate cut do more harm than good?
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O.C. economists recast forecast from job growth to loss
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Publishing:

Ziff Davis Comes To Agreement on Its Ch 11 Bankruptcy Proceedings
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Bankruptcy Results in Big Loss for Quebecor
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Quebecor World lands restructuring expert
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Utilities:

Generation Resources files bankruptcy
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Manufacturing:

Tarpon Industries Inc. Files Chapter 11
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Forest Products:

Palco, Mendocino Redwood trying to strike deal
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Palco settlement may be brewing
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Attorneys in Pacific Lumber Co. bankruptcy announce deal with competing company
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Gap founders negotiating with Pacific Lumber
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Textiles:

Pakistan mills call 'fraud' in Dan River case
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Resorts:

Is Tamarack Resort on even thinner ice than it appears?
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Furniture:

Home Interiors & Gifts, Inc. Files Voluntary Chapter 11 Petition
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Wall Street:

Futures Turn Higher Ahead of Fed
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Purchase of troubled Bear Stearns may lead to $1 billion in profits
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Equities rebound could mask troubles ahead, warns Pimco's Gross
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Japanese Stocks Decline After U.S. Consumer Confidence Falls
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Financial Literacy:

Bankers Teach Saving Lesson
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Finance:

Leon Black says LBO debt markets will return in 2008
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Real Estate:

Housing prices post record declines
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Home Prices Fall 12.5%-Plus in February
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Home Prices Expected To Fall Again
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Continuing drop in home prices hints we haven't hit bottom yet
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U.S. foreclosures rise 23% in Q1 and 112% in past year
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Mortgage application volume falls on few refinancings
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Defaults Rising for 'Pick-a-Pay' Option
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The Myth of Homeownership
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Homeownership Myth - Part II
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Battered home lenders relatively unscathed by paltry housing news
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Wells Fargo Is Sanctioned For Role in Mortgage Woes
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CA: Severely Delinquent Mortgage Accounts Up 15 Percent in One Year
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California's Deficit May Swell to $20 Billion on Housing Slump
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The Myth of the Walk Aways
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Federal program has aided fewer than 2,000 homeowners
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Plan Calls for Government Loans
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More Republicans back Democrats' housing rescue
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Subprime Litigation Update: Plaintiff's Victory a Near Certainty in Bankers Life v. Credit Suisse
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Federal Mortgage Plan Falls Short, Critics Say
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ResCap sends GMAC into red ink
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Acting housing chief urges quick FHA reform
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Dallas-area home prices fall more than 4 percent
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Home Prices in Mass. Drop to 17-Year Low
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Philadelphia area's foreclosure rate drops 30%
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Sacramento 5th in the nation for foreclosure rates
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Miami home prices continue plunge
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Idaho Foreclosure Rates Soar
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Home Foreclosures Spike In KC Area
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Foreclosures Continue To Rise In D.C. Area
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Home prices off by 5.5 percent in Denver
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Home prices falling faster - SF/Bay Area down 17% in February
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LandSource bankruptcy filing seen in weeks
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Homebuilders and bankruptcy
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Home Builders Changing Business Model
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Judge dismisses couple's suit against Beazer
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Contractors File Claims Against Regency Homes
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Opportunity funds convert trouble into treasure, Bienstock prospering
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$8M left unpaid to The Marquis contractors
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Foreclosure Rates Forcing Tougher Lending Policies
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The Road to a Jumbo Mortgage Was Supposed to Get Easier
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Housing foreclosures push renters out the door
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The Credit Mess, Part 1: Commercial Edition
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FTC Charges Mortgage Foreclosure 'Rescuers'
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Alternative Fuels:

ADM 3Q profit jumps 42 pct
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Archer Daniels Defends Ethanol In Wake Of Rising Food Costs
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Awards:

Sheryl Toby Elected To ABI Board
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Autos:

GM reports 1st-quarter loss of $3.3 billion
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GM's fortunes are changing for the worse
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Axle strike: Week 10 and all is quiet
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Kerkorian motive is cash and ?
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Dodge dealership files for bankruptcy reorganization
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ACH Files Motion for Relief from Automatic Stay in Diamond Case
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Plastech set to close plant in Leamington
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UAW stance inconsistent
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Health Care:

Health Care a Victim of Sick Economy
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Blogging to save a hospital
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Victory Hospital Down to 30 Beds
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Corzine tells hospital executives that cuts are necessary
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Corzine is offering hospitals a tough Rx
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Hospitals Face Financial Squeeze
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The Recession Is Real: Ten Steps A Hospital CEO Should Consider
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Heath care and money troubles linked
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Corporate Reform:

SEC Sues Colt Investor
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Peregrine exec gets probation
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SEC Wants Plus Money's Assets Frozen
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Student Debt:

Royal Bank of Scotland terminates some loan deals with First Marblehead
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Derivatives:

Japan, Australia Corporate Bond Risk Rises, Default Swaps Show
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Banks will have to keep aside more capital for credit derivatives exposure
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Tax:

Subprime Woes and an IRS Change of Heart
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Tax Protesters Sue Attorneys & Minister
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Software:

Novell says SCO owes it $20 million; SCO begs to differ
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Mining:

Grupo Mexico, Asarco Go to Court
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Religion:

CFA battles stay relief
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Hotels:

Hotel Investors at Crossroads
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Insurance:

Data theft fuels corporate interest in E&O insurance
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New Bankruptcy Opinions
(1 new opinion 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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UST:

First Annual Report On Debtor Audits
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Retailing:

Credit crunch dampening spending: Wal-Mart exec
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Office Depot Net Drops as U.S. Sales Fall
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Aviation:

Northwest leads airline shares higher on oil drop
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Delta, NW to offer employees reciprocal travel rights
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Wary workers unite to oppose Delta-Northwest merger
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Continental CEO got nearly $6 million
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Continental CEO's compensation fell in 2007
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Continental: A route less flown
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Northwest executive paid millions
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Stock fall hurts NWA chief's $27M payout
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Minn. lawmakers want Northwest to pay up if HQ, jobs lost
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UAL pilots leader pans possible merger with US Air
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Still finishing last merger, US Airways CEO eyes next move
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Airline Allies Fight Back Against Pension Change
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Aloha converts to Ch. 7
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More Aloha Employees To Lose Jobs As Airline Shuts Down
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Stunning end comes suddenly for workers
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Bidders drop out and funding halts
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Bidders rejected last-minute revisions to deal
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Lingle won't issue state of emergency
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Aloha and hard times in Hawaii
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Shutdown could stir domino effect
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War zone troops stranded by airline bankruptcy
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Playing Chicken In The Skies
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Eos Airlines Retains Menzies Corporate Restructuring
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Silverjet secures investment boost
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Italy May Nationalize Alitalia
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Credit Cards:

Fed to release new credit card rules this week
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MasterCard profit surges, outshining rival Visa
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Consultants:

Clear Thinking Group Opens Western Regional Office in Portland Area
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Banking:

Citigroup Sells $3 Billion of Stock to Boost Capital
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Citigroup raising $4.5 bil through stock offering
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Citigroup Declines on Plan for $3 Billion Share Sale
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New York affiliate of Deutsche bank faces receivership claims
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Wachovia May Face $1 Bln Charge After Court Ruling
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Theme Parks:

Six Flags: Next Stop Is Bankruptcy
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Personal Finance:

Bailing Mom And Dad Out From Debt
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Americans unload prized belongings to make ends meet
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More Families Face Utility Shut-Off
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Insider Compensation:

Armstrong CEO gets $10.2M
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BlackRock Head Fink Made $41M in '07
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Hedge Funds:

Och-Ziff founder earns $484.8m after flotation
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This Fund Ace Has The Last Laugh
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The Love Song of A. Banker Foostock (with apologies to T.S. Eliot)
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Meriwether's hedge fund let investors out, staff go
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Accounting:

Don't blame accounting regs for credit crisis, say standard-setters
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Illiquid Markets Rock Fair Value Accounting
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Big Four-only audit clauses 'should be banned'
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Cash Management:

CFTC Whacks Sentinel Management
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Municipalities:

Special Rescue Bill AB 1991 Takes Center Stage at Key Assembly Committee Hearing in Sacramento; Half Moon Bay
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Academia:

Streaming Academics
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UK:

UK House Prices Posted First Annual Drop Since 1996
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More than 500 builders face bust
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Consumer borrowing increases
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U.K. Risks Recession Without Rate Cut Soon, Blanchflower Says
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NI bankrupts rise almost four times in six years
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U.K.'s Economic Slump Deepens
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Canada:

Rating agency sees dark times ahead for Canadian Media
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Ascalade Announces US Stay of Proceedings
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Banks bank on 'healthy' Canadian consumer
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Germany:

Siemens Study Finds Rampant Abuses
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Siemens profit falls 67%
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Japan:

BOJ Cuts Growth Forecast, Reference to Rate Increases
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