April 9, 2008

Daily Bankruptcy News

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Law:

A 'Balanced Life' Is Increasingly Rare for Lawyers, Concludes N.Y. Bar Report
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The Most Second-Guessed Lawyer in America Fires Back
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Not Every Lawyer Is on the $160K Pay Scale
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Law Firm Mergers Keep Steady Pace
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Many Attorneys Struggle Financially, as Paychecks Fatten for a Few
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9th Circuit Judges Blast Order Barring Lawyer
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There Are Only Two Kinds of Law Schools
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What's Going on at Sonnenschein?
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Judge of the Day: Fred Biery
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Lawyer Sanctioned for Suing Over Adversary's Deposition Questions
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Donald Trump Claims Law Firm Treated Him Like a 'Cash Cow'
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Lawyers Predict Additional Hiring in Next 12 Months
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Legal maternity leave & perceptions
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Attorney Keeps His Day Job, Lawyers at Night
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'Don't Be a Time Optimist,' and Other Tips on Law-Firm Success
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Slaughters vs. Clifford Chance vs. Networks
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Are Credit Card Receipt Class Actions 'Annihilating' Corporate America?
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Landslide of Suits Over Data on Receipts
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No Jerks Allowed: How and Why GCs Can Stop Angry, Rude and Demeaning Workplace Behavior
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The Future of the Legal Profession?
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Al Fayed calls lawyers off the Diana quest
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Sex, Lies and Text Messages: Side Deal a Secret in $8.4M Pact, Detroit Lawyer Says
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State Takes Custody of 416 Children in Raid on Polygamist Ranch
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D.C. Madam Trial -- All About the Male, er, Mail
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Of STDs and Money Laundering
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Real men of law school
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Economy:

Fed Weighs Options on Crunch
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Fed officials worried about recession
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Fed May Slow Rate Cuts in Face of Shrinking Economy
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Fed Officials Saw Contraction in Growth in First Half `Likely'
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Bernanke Joins G7 to Stem Global Financial Meltdown
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Fed looking at how to beef up lending power
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FOMC Uses The 'C' Word: Contraction
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For Many, a Boom That Wasn't
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Fed Faced Difficult Decision
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The Black Death of financial collapse
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IMF: Credit crunch losses could approach $1 trillion
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IMF blames $1trillion credit crisis on lax financial rigor
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IMF's blame list awaits finance chiefs at global crisis meeting
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IMF chief says global intervention needed on credit crisis
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Subprime crisis 'not over', framework of financial system to blame - OECD head
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Greenspan Says Credit Crisis Is Worst in 50 Years
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Greenspan says US is in the 'throes of a recession'
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I have no regrets, Greenspan tells critics
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Volcker Stands Tall, Greenspan Keeps Shrinking
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Ex-Fed Chairman Chides Current One
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Oil prices approach record heights
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Rice Jumps to New Record
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Asian inflation means higher prices for U.S. consumers
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Not Your Father's Credit Crunch
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Border Crossings Slow With Economy
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Student Debt:

Student Loan Stir Hits First Marblehead
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First Marblehead Tumbles, Guarantor Files Chapter 11
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First Marblehead to seek new guarantor
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Education Resources Institute no longer big man on campus
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Credit Crunch Hits Private Student Loans
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First Marblehead: Hostage to the Credit Market
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First Marblehead's Headache
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Education stocks decline
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A Black Eye for Goldman Sachs
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First Marblehead down 42% -- are student loans the new subprime?
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Many College Students Graduate Bankrupt
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Aviation:

Skybus's bankruptcy affects honeymoon plans 35 years in the making
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Skybus close hurts furniture market
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Who's next in airline bankruptcies?
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Travelers, airline experts wonder who might go bankrupt next
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Delta might push ahead
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Delta-Northwest: Pilots Need Not Apply
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Delta pilots get permits to picket at Northwest hubs
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Merger pressure mounts for Delta, Northwest
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Pilot Talks Could Aid Delta Merger
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Mesa Air looks to sell new stock
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Aloha, Pilots Union Talks Drag On
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Aloha cancels 7 round-trip cargo flights due to 'sick' pilots
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Aloha receives funding to continue flying cargo
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Airlines May Hit More Turbulence: Fewer Flights, Costlier Seats
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Leaders working to retrieve Jet America funding
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American cancels hundreds of flights
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Airline bankruptcies cast doubt across industry
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Alitalia in a nosedive as talks falter
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Italy in last-ditch attempt to keep Alitalia flying
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Alitalia Has Cash to Fly
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It's a bird, it's a plane, it's a disaster
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Airbus's New Orders to Slow on Credit, Fuel Costs
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Airline Passengers Face Even More Fees
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Municipalities:

Half Moon Bay settlement bill loses key co-author
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Alabama County Faces Bankruptcy
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Jefferson County Commission President Bettye Fine Collins says bankruptcy risks for the county are increasing
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Bond insurers, as well as bondholders, should share the pain
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Predatory Lending:

Almost all of 156 payday outlets in Arkansas plan to close
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Death rattle or stall?
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Real Estate:

US Feb pending home sales index falls 1.9%
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Mortgage applications rose 5.4% last week
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Subprime Lender's Failure Sparks Lawsuit Against Wall Street Banks
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Pending home sales decline lower than expected in February
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Greenspan: Could use public funds to settle housing woes
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Bush Backs Support for Homeowners
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Chances of Homeowner Relief Losing Momentum in Senate
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Industry Groups Make Push on Housing
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Homebuilders Tumble on Home Sales Data
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Builders Fearful As US House Shuns Beneficial Tax Provision
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Housing sales at worst level in 7 years
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White House says cannot support Senate housing bill
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Murky future in House for Senate housing fix
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House, Senate Divided On How To Help Housing
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Housing to stagnate after falling to new low
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Can lenders do more to halt foreclosures?
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Laurelbrooke homebuilder files for bankruptcy
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Met Mortgage insurance affiliate to be sold for $52 million
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Metropolitan Mortgage bankruptcy trustee criticizes proposal to sell the insurance affiliate
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PFP Holdings nears a sale
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GMAC tries to shelter insurance rating
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In U.S., Metal Theft Plagues Troubled Neighborhoods
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Foreclosures seen as O.C.'s hottest-selling homes
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Analysts disagree on Fannie Mae, Freddie Mac
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As the housing crisis continues, shelters see increase in pet-owners looking for homes for their animals
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Subprime Borrowers Needlessly Overpaid for Brokered Mortgages
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Hurricane victims in peril of foreclosure
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Philly Coffers Strained by Housing Woes
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Lennar CEO forfeits $9.95 million
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Orange County To Board Up Homes In "Outlaw Town"
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Bills on mortgage crisis pass Pa. House
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The Future of Securitization
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"Safe Harbor" Provisions of a Repurchase Agreement Apply to Portions of the Agreement Transferring Mortgage Loans, But Not Servicing Portions
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Foreclosed Buyers' Revenge: Trash the House
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Looming Deficit Impedes Federal Housing Agency
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Banking:

Citi may write down another $17 billion for Q1, research firm says
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Citigroup, Wells Fargo May Curtail Lending
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Citi in $12bn loan sale to private equity
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Washington Mutual Gets $7 Billion From TPG-Led Group
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The reality of WaMu's expectations
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For TPG, it's new rules for an old sandbox
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Washington Mutual to cut 3,000 jobs, closes all 186 home loan centers
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Washington Mutual cuts quarterly dividend to 1c/share from 15c/share
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WaMu investors: "Why Me?"
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Private equity to the rescue
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Suddenly, big banks are chasing small deals
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Capital One to Cut 750 Jobs in UK
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Big banks' safety cushions continue to shrink
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Fed auctions another $50 billion to U.S. banks
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HSBC loses disc containing 370,000 customers' details
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SFCU faces imminent bankruptcy
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Bank of America falls on poor economic data
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Credit:

Credit market rally showing signs of cracking
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M&A:

New Path for Kings of Buyouts
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Debt - Good Idea Gone Bad
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Corporate Reform:

Is the Stringer Decision a Blow to an Already Battered SEC?
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Auction-Rate Securities Probed
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In Justice Shift, Corporate Deals Replace Trials
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Does Deferring Prosecution Foster Risky Corporate Behavior?
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Accounting:

Steinway Drums Out Deloitte to Pare Cost
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SocGen 'rogues' show flaws in accounting rules
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Alternative Fuels:

Bankrupt Illinois plant may be sold to creditors
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Construction:

Bankruptcy accidentally filed for construction firm
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Forest Products:

Palco parties launch opening salvo
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Palco hearings begin
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Attorneys for Mendocino Redwood Company start testimony to resolve PALCO bankruptcy
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Hurwitz's painful victory
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Debt Collection:

Debt protection is a must in this economy
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Florida Wins $1.3 Million Judgment Against Debt Collector
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Bankruptcy Statistics:

Utah bankruptcies up 44% from a year ago
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Consultants:

An Architect of the CVS Deal Will Start a Turnaround Firm
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Bankruptcy Crimes:

Man to serve 46 months for bankruptcy, tax fraud
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Textiles:

Wellman wins final DIP OK
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Tax:

Adding Insult To Injury: Tax Issues For Distressed Businesses
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DOJ launches new effort to fight income tax evasion
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Mystery Shoppers Expose Loan Abuses at Tax Preparers
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Insurance:

D&O Premiums Dove 19 Percent
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Newspapers:

Journal Register puts up the for-sale sign
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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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Wall Street:

Morgan Stanley's Mack Expects Credit Crisis to Last
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Credit crunch 'in the final innings': John Mack
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Financial Giants Split on Whether the Worst Is Over
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Bear Stearns, JPMorgan Complete Swap
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U.S. Stocks Fall on Profit Concern; Washington Mutual, AMD Drop
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Futures point to lower open, earnings fears weigh
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35 Signs The Market Hasn't Hit Bottom
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Wall Street's fees from private equity firms fall 75%
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Mass Torts:

Familiar Faces Central to W.R. Grace's Settlement of Asbestos Claims
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Grace to Retain Medical Program for Libby
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One day of asbestos exposure?
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Autos:

U.S. auto sales may fall 7 pct in 2008, S&P says
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Manchester to file plan to emerge from bankruptcy
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Rick Wagoner's worst nightmare
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Heat is on to settle Axle strike
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Job issues snag local GM pacts
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Bankruptcy trustee says used-car dealer skimmed millions from accounts
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Delphi executive in his own candid words
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Resorts:

Yellowstone Club on Brink of Bankruptcy, Edra Blixseth Says
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Retailing:

Weak retail sales may spur more warnings
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Linens 'N Things Reportedly Being Pushed Towards Bankruptcy
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In Linens 'n Things prepack talk, all roads lead back to Apollo
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Retailers' Struggles Mean Lean Times at the Mall
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Finance:

Paper cuts could bleed equipment-financing biz
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Hotels:

Village still faces foreclosure
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Hedge Funds:

Two London hedge chiefs made $1.6B last year
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The $3 Billion Man
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Food/Drink:

Vow to mend broken Hartz
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Wornick files bankruptcy reorganization plan
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Wornick seeks OK for amended plan
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Health Care:

Market woes also hit hospitals
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NJ senators to weigh hospital cuts
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Tapestry Receives Nasdaq Delisting Notice
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Mining:

Judge dismisses Sergent bid for second Black Diamond bankruptcy
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Asarco gets 10th extension
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Tech:

AMD Woes Aren't Done, Analyst Says
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Economy Has Become a Drag on Silicon Valley
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Religion:

Pope Will Address Clergy Sex Abuse Crisis
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Corporate Governance:

When a Special Committee of a Corporation's Board of Directors Discloses the Findings of an Internal Investigation to the Full Board of Directors, the Special Committee May Find That It Has Waived Its Attorney-Client Privilege with Committee Counsel
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Apparel:

Isabella Fiore sets auction
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Fraud:

7 charged in NY Mercantile probe
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Expense Fraud: Dubious Claims
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For French Bank Chief, Questions From Lawmakers
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Distressed Investing:

The Next New Thing - Distressed M&A
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UK:

ECB, BoE Ready for Rate Decisions
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Steep fall in U.K. house prices prompts call for rate cut from Brown
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Cable says fall in house prices just the beginning
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Be careful: your Get Out of Jail card doesn't work any more
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The only surprise is it came as a surprise
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Lowest price growth for 15 years evidence capital is not immune from chill
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Leeson warns of fraud 'black hole' in markets
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OFT warns 13 companies about their debt collection practices
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Canada:

Canadian legislators to hear ABCP complaints
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CIBC agrees to funding role in planned ABCP fix
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Commons finance committee to hear from retail investors in ABCP
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Quebec trio saves doomed retailer
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Credential Considers `Relief Plan' for Its Clients
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Railcar union hoping for new trustee
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Troubled Madill attracts attention
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Senate suggests earlier student bankruptcy, debt relief
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Australia:

Subprime loss may equal Australia GDP
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Russia:

Russian authorities hit Ernst & Young with hefty tax claim
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Gibraltar:

Rock Financial Services - A Story Of Scapegoats In A Company's Liquidation
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