August 1, 2008

Daily Bankruptcy News

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Law:

With SemGroup Chapter 11 Filing, Weil Gotshal Takes Second Half Bankruptcy Lead Among All Law Firms
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Weil Gotshal sees few sectors immune to bankruptcy
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US company bankruptcies may top 100 next year-Bain
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Corporate bankruptcies, bond defaults headed way up
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Midlevel Survey Shows Associates Eyeing the Door
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Laid-Off Cadwalader Attorneys May Have Tough Time Finding Work, Say Recruiters
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Continuing Cadwalader Coverage
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Cadwalader has been hit hard - where does the firm go from here?
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The Cadwalader Crash and Famous Last Words
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Akin to Shutter Offices in Taipei, Silicon Valley; Lawyers to Alston & Bird
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Stop the Partnership Track, I Want to Get Off
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A "High Bar" in Bankruptcy Legal Malpractice
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Federal Judge: White House Aides Can Be Subpoenaed
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Decisions Up Stakes for Managing EDD
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Outbursts Earn Lawyer 120 Days in Jail
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Prosecutor Says Millions in Assets of Two Fen-Phen Lawyers Can't Be Traced
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Strategies to Cope With the Economic Downturn
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Akerman Attorney Dies in Vacation Accident
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Giving NY Office More Clout Raises Hackles at BigLaw Firm
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Eversheds cancels Christmas in budget-slashing move
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MegaFirm Explores New All-Equity Partner Model
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Students in riverdancing/lawyer-bedding shame
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Mayer Brown bans dungarees
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Yale Students Unmask Anonymous Critics; Legal Careers at Risk
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Wall Street:

US Stock-Index Futures Rise as Oil Declines
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Stocks Slump Thurs. on Economic Worries
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Merrill Defrauded Auction-Rate Investors, State Says
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Former Bear Stearns CEO to leave JPMorgan
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Short Sellers, Not Touts, in Stock Cop's Sights
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Thain's Change: From Assurance to Desperation
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Hedge Funds:

Carlyle to Shutter Blue Wave Hedge Fund After Losses
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Judge clears Ritchie funds plan
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Banking:

Wachovia Chief Risk Officer to retire
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US banks have record primary borrowings from Fed
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WaMu jumps as hedge fund discloses stake
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HSBC May Say Third Year of US Loan Losses Cut First-Half Net
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For FDIC, IndyMac maybe a hard sell
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Celebs:

Entourage Writer May Save Ed McMahon From Bankruptcy!
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Oil/Gas:

SemGroup gets US court approval for pipeline project
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Hope for Royalty Owners in Wake of SemGroup Meltdown
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How Funds' SemGroup Bet May Yet Pay
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Politicians fume as Exxon profits soar to US record,
Investors Unimpressed
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Insurance:

Worthless insurance leaves seniors in lurch
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RVs:

Weekend Warrior lays off about 250 workers
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Fraud:

Procynet owner accused of bank fraud in bankruptcy hearing
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Credit Cards:

How Much Credit Is Too Much? Where AmEx Went Wrong
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NH ranks second in median credit card debt per borrower
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Derivatives:

Equity And Debt Decoupling: Derivative Instruments Challenge Fundamental Assumptions Of Corporate And Bankruptcy Law
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Coming: Derivative Central
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Hockey:

Minnesota Wild owner 'disappointed' to learn man he loaned $10 million to help buy Predators declares bankruptcy
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Committees:

Upcoming Delaware Organizational Meetings
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Bankruptcy Litigation:

Parmalat Case Goes On Six Week Hiatus
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Real Estate:

US faces hardships from housing, markets-Paulson
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Greenspan Says Falling Housing Prices Are 'Nowhere Near' Bottom
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IndyMac, Second-Largest Mortgage Lender, Files for Bankruptcy
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Some, but not all, will benefit from mortgage bailout law
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Committee to represent Mortgages' investors
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Freddie Mac Pushes Out Foreclosure Timelines
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Losses Mount at Troubled ResCap
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GMAC's 2Q Loss Fueled By Mortgages, Auto Leases
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Fat Cat Is Foreclosure Victim
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Bankrupt Legend Homes wrestles with banks, furloughs most
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Lawyer admits role in real estate fraud
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Economy:

US Economy: Growth Rate Falls Short of Forecasts
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More Arrows Seen Pointing to a Recession
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The economy is worse than we thought
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Nationwide Unemployment Benefits Highest In Five Years
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Are workers demanding raises the next threat to U.S. economy?
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More Sectors Look Ripe for Job Losses
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US Recession Is on Verge of Making History
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Yes, Virginia, it's a recession
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Recession fears as America sheds jobs
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US economy responds weakly to stimulus checks
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America's $53 trillion jumbo loan
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Bankruptcies and the Birth/Death Adjustment
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Stressed banks borrow record amount from Fed
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The Credit Crisis Turns One
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Crude Oil Falls a Second Day
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Execs now expect 10% hike in cost of raw materials in coming year
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Corporate Reform:

Paulson: heavier regulatory scrutiny may 'accentuate' credit crunch
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Ex-Treasury Official at Center of UBS Probe
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A Monster Deal: Plaintiffs, Company Settle Options Claims for $47.5 Million
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Massachusetts Official Files Suit Against Merrill
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A Massachusetts lawsuit has unearthed revealing e-mails from Merrill Lynch as the auction-rate securities market began to crumble
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Congress to push to recoup more money for ARS investors
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Mortgage fraud in cross hairs of U.S. attorneys
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Mining:

ASARCO Files Bankruptcy Reorganization Plan
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Asarco Bankruptcy Plan Calls for $2.6 Billion Sale to Sterlite
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Asarco sale of assets omits plant in El Paso
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Dueling Asarco bids draw fire
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f

Environmental cleanup deal
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Copper, Aluminum Fall
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Municipalities:

Alabama county mulls plan to resolve sewer debt
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Jefferson County shouldn't rush through a sewer bailout plan
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Schwarzenegger orders cuts amid fiscal crisis
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Paterson calls on US help for deficit-ridden states
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NYC - Who Wants to Relive That '70s Horror Show?
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Food/Drink:

Bennigan's Employees Denied Pay Checks
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Chain's bankrupt, but Bennigan's franchisee still open
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Police: Locksmith Takes Food, Liquor From Bennigan's
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Software:

Nasdaq Suspends Trading of Ciprico Securities
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Pigeons:

Pigeon King avoids creditors at meeting
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Farmers should have been warned about pigeon venture: critics
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Politics:

Wal-Mart Warns of Democratic Win
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Trucking:

Failures of trucking firms deepen pool of trained drivers
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Aviation:

AirTran's pilot buyout falls short, making cuts likely
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British Airways says first-quarter profit fell 90%
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Frontier might give up 5 gates
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No Free Coffee on US Airways (Unless, of Course, You Insist)
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Corporate Governance:

Major Decision by Chancery Court on Corporate Law Aspects of Mergers and Acquisitions
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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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Finance:

Setting the record straight on the unavailability of bankruptcy financing
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Retailing:

Bankruptcy court approves Mervyns $465M financing from Wachovia
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Israeli firm victim of Mervyns bankruptcy
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Mervyns gets court approval on first day bankruptcy motions
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Recession or not, retailers are in trouble
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Boscov's CEO upbeat despite bankruptcy rumors
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Hancock Fabrics to exit bankruptcy
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Is It Time For A Massive Mall Meltdown?
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Bankruptcy Reform:

Bankruptcy reform costly but pointless
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Enron:

The story of Lucky Lou Pai
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Dr. Seuss could do tale for an Enron stock sale
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Autos:

G.M. Loses $15.5 Billion in Quarter
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GM: Automaker may consider more layoffs
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GM investors brace for brutal Q2 results
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Expected losses don't reveal GM's whole story
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US Automakers facing financial ruin
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Detroit's Losses Mount on Leasing Operations
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GMAC: Got 75% Of What Expected In June From SUV Leases
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GMAC results run down as US dumps the SUV
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Dana Corporation to cut 500 jobs
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Joe Gibson to cease trading
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Automotive Stocks Close On Downside After S&P Downgrades
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Auto Parts Suppliers Limp to Junkyard
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Chrysler Financial Nears Refinancing
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BMW Drops Most in Seven Years
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Suzuki, Mazda Fall
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Nissan reports 46% drop in quarterly profits
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Health Care:

Highland Hospital Reps Plan to Sell Within Days
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Highland Hospital Employees Await Pay
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Valley clinics face fraud inquiry: Medi-Cal investigation
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'Show us the money!' - Creditors seek $11.2m from bankrupt Sequoia
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Newspapers:

Cuts and Concessions Demanded at New Jersey Papers
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Chapter 15:

Bringing to bear
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UK:

Conflicting Insolvency Figures Released
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Drop in people declared insolvent
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Insolvency drop is a false dawn, says PwC
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League insolvency levels 'soaring'
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Corporate insolvencies jump 15%
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UK Manufacturing Shrinks Most in a Decade in July
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HBOS mulls disposals or wind-downs
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Britain's biggest mortgage lender warns one in ten households face negative equity
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Insolvency figures soar as credit crunch burns debt-ridden homeowners
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Football club insolvency levels 'soaring'
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UK's Four Seasons to meet lenders
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Canada:

'Perfect storm' forces Hayes into bankruptcy
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A grim tale of two economies
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New Zealand:

Mini-bankruptcy the answer
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Ireland:

Housing developers 'on verge of bankruptcy'
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Germany:

German Chain Hertie Files for Bankruptcy
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France:

Lafarge Drops Most in 17 Years
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South Africa:

South African Manufacturing Index Falls to Lowest Since 1999
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