August 12, 2008

Daily Bankruptcy News

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Law:

Simpson Thacher Denies Layoffs Report
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About Those Law Firm Layoffs? It Isn't That Bad
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Fred Baron, the Man Who Moved John Edwards's Mistress
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Group blasts Dallas attorney for role in Edwards' scandal
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Heller Says Conflicts Killed Merger
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The Beefy Associates of Proskauer Rose
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LA lawyer sentenced in Milberg lawsuit kickbacks case
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Former Jefferies General Counsel Joshua Thompson Joins Proskauer
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Modest Success Justifies Cut in Fees
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Upon Returning from Beijing, Fencing Champ Will Be Law School Bound
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Trump sues his lawyers for privacy violation
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Two Leave Casebeer, One Tied to Qualcomm Mess
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Arent Fox LLP Named a 2008 Best Law Firm for Women
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Untangling the Ethical Issues of Internal Investigations
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Say What?!
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Judges:

Juror, Judge Go Toe-to-Toe Over Nullification Issue
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Fifteen cases taken away from L.A. federal judge, five in 2008
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Wall Street:

Futures point to Wall Street dip
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Morgan Stanley Rating Cut by Moody's on Mortgage Woes
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JPMorgan struck by $1.5bn writedown
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JPMorgan Chase: More mortgage market losses for 3Q
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Former Bear investors press damages claim in court
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Bear Stearns Conspiracy Watch: Bloomberg Piles On
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Bear bet that netted $282m throws fresh suspicion on collapse
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Fed presses banks on liquidity
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Wall Street debt specialists back in demand
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Nice Try, Mother Merrill
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Investors fear another big financial firm failure
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The End of the Masters of the Universe?
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Time is right for change in bonus culture
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Banking:

Fed Says Banks Toughen Standards for All Loan Types
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Wachovia boosts job cuts, probed on derivatives
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Wachovia Says Second-Quarter Loss Was Wider Than First Reported
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Bubble, Bubble, Toil And Trouble
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Is Downey Savings & Loan Operating Under an OTS "Memo of Understanding"? -
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What Banks And The Government Are Not Telling Us About 2009
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RBS dumps discounted debt
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Credit Cards:

Credit Crunch Hits Plastic
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The End of Credit Card Consumerism - A new frugality could remake the U.S. economy and American life
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Prosecutors say their own informant stole millions of credit card numbers
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Did stores hush up huge credit card scam?
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Be Careful What You Wish For
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Consumer revolving credit continued its upward push in June
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DIP Financing:

Collateral Surcharge Denied Despite Inadequacy of Carve-Out Due to Express Waiver in DIP Financing Agreement
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Distressed Investing:

Yet Another Cautionary Tale for Distressed-Debt Traders
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Distressed Trades of the Day
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Celebs:

Print company heir files bankruptcy in West Palm Beach
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Vick withdraws motion for court approval of advisor
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Resorts:

Mortgage Crisis Reaches Resorts: Vacation Spots Face Financial Uncertainty
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Gambling:

Tropicana Wins Extension In Bid to Regain Casino
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Gaming Revenue Down For The First Half Of 2008
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South Florida gambling boats cruising to oblivion
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M&A:

SF investment bank posts loss amid Wall Street turmoil
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How to Fix M&A, Part III: The Banks
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Plastics:

Atlantis Plastics To Sell 2 Businesses, Files For Bankruptcy
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Corporate Reform:

Cuomo Blazes Own Trail
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Tax:

Has the IRS lost its appetite for collecting payroll tax?
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Bonds:

Junk Bond Defaults Rise As Economy Slows
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Real Estate:

Countrywide pact challenged by Justice Dept
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Countrywide faces FTC probe over loan servicing
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Groups ask Calif. AG to step up pressure on Countrywide
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S&P Cuts Fan-Fred Securities Ratings
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DR Horton hit by losses as land value falls
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Golf Course Communities' Double Bogey
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Century 21's parent may need covenant waiver, Moody's says
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2nd Houston broker in fraud case pleads to conspiracy
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Tenants pay as speculators walk away
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A Danish fix for the US mortgage crisis
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Slowing Foreclosures May Mask Woes
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San Diego County Foreclosures Top 7,000 in July
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Pre-foreclosure filings reach a record in 14 states
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Encap versus Wachovia in bankruptcy court
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Mortgages Ltd. plans legal action against borrowers
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Real Estate and Credit Woes Take Toll on Title Insurers
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Florida's top mortgage regulator seeks major changes to state laws
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Housing bill may be too little, too late
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Issa places more firms in voluntary bankruptcy
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Economy:

Economists see U.S. GDP slump extending into 2009
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More help needed for US economy
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Crude Oil Falls to a 14-Week Low on US Economic Slowdown
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Credit crunch in a century's context
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Credit crunch 'echoes Latin debt crisis'
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ARS:

Cuomo Targets 3 More Banks in Auction-Rate Inquiry
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Missouri Regulator In Auction-Rate Deal Talks With Wachovia
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Call for talks on auction-rate probes
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Morgan Stanley ARS buyback offer rejected
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RBC seen under pressure on auction-rate securities
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ARS settlements galore, but corporate holders left in the lurch
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Funds Who Redeemed Securities May Now Wish They Hadn't
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Executory Contracts:

Can an Executory Contract Lose Its Executoriness? "Maybe," Says the Second Circuit
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Bankruptcy Litigation:

Good-Faith Chapter 11 Filing Determination Defeats Fiduciary Duty Breach Claim
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U.S. judge dismisses Parmalat suit vs BoA, Citigroup
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Magazines:

Magazine 1st-half newsstand sales drop 6.3%
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Politics:

Consumer Bankers Assn. spent $450K lobbying in 2Q
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Countrywide spent $457K lobbying government in 2Q
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Oil/Gas:

SemGroup Fires Employees
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SemGroup puts BOK in red
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Funeral Services:

Mausoleum Issue Goes to Court
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Trucking:

Stubborn Diesel Prices Challenge Truckers
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Retailing:

Bankrupt Retailers: Pushed to the Brink
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Retailers' 2Q results may not be as bad as thought
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Goody's promises to pay
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Circuit City Puts Best Face On Its Future Amid Doubts
(WSJ: separate paid subscription required)

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Pensions:

Pension liabilities understated by '$30bn'
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Municipalities:

Bankrupt Vallejo bleeding its police force
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Specter of Vallejo
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Health Care:

Highland short of funds to make payroll
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Double-digit rise in health plan costs projected
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Finance:

Angel investors now want convertible debt
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Construction:

HIG buys Shapes/Arch
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Corporate Governance:

Update on Delaware v. Federal Competition for Control of Corporate Governance
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New Bankruptcy Opinions
(3 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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Bankruptcy Reform:

Shiller: Systemic Risk Necessitates Bankruptcy Overhaul
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Mass Torts:

Insurers Denied Standing in Plan Confirmation; Court Allows Channeling Injunction for Silica Claims and Assignment of Policies to Trust
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Insurer Denied Standing to Object to Bankruptcy Proceeding Because Plan Is 'Insurance Silent'
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Autos:

Upbeat GM chief says group past worst
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Insurance to cover part of GM D&O settlement
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Dura chief: Industry slow to respond to oil prices
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What if Detroit 3 lose 1 of the automakers?
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Plan Confirmation:

Failure of Creditor Class to Cast Vote on Chapter 11 Plan Does Not Equate to Acceptance
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Aviation:

United's pilots call for the CEO's resignation
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The War at United
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Delta, Northwest Pilots Ratify Tentative Agreement
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Frontier expects $57.7 million second-quarter loss
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Frontier seeks to stop union's sharing of data
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FedEx gets nod to sue ATA Airlines
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"An underlying precariousness"
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Probe opened into Alitalia finances
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Food/Drink:

With Midland Food Services, there's nothing fast or casual about bankruptcy
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Bennigan's Franchising seeks to buy restaurants
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Urban City trustee seeks auction
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Personal Finance:

Frugality steals into richest US households
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Student Debt:

Financial Aid Applications Jump 17 Percent
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Student-Loan Woes Hurt Upper Middle Class
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Movie Industry:

Journey To The Center Of Bankruptcy
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Fraud:

2 scammed Orthodox Jews, stole $100M
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Feds sue Wextrust, allege $255M ponzi scheme
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UK:

Builders on firmer foundations as hedge fund snaps up Barratt shares
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July House Prices Drop as Loan Squeeze Locks Out Buyers
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House sales near market floor
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UK inflation climbs to 4.4 percent in July
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Retailers push for rent reform
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Dramatic cut seen in mortgage lending
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Mortgage market shrinks 71%
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CBI chief warns of dark mood in business
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Banks in denial are sitting on loan-to-value timebomb
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UK pension trustees call for cash amid turmoil
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KPMG warns of showdown with pension trustees
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Ominous signs for CMBS outlook
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Australia:

Frat Club's $9m offer to avert bankruptcy
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Japan:

Yohan Bankruptcy Leaves Void
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Japanese property feels the pinch
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Canada:

Conporec seeks to restructure
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JED Oil to seek creditor protection
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Israel:

Hapoalim managers hid info on subprime losses from board
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EU:

Gloom for European manufacturers
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Saudi Arabia:

Wisdom of jailing debtors questioned
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Qatar:

Stranded bankrupt man's wait finally ends
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Spain:

Global Woes Threaten Spain's Banks
(WSJ: separate paid subscription required)

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