August 14, 2008

Daily Bankruptcy News

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Law:

Judge Slashes Fees After WilmerHale, Wiley Rein Win $90M Suit
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Houston Bankruptcy Boutique McClain & Patchin, P.C. join forces with Chicago based Walker Wilcox Matousek LLP.
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Greenberg Traurig assists longtime plastics client on restructuring
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Philly Judge OKs Second Malpractice Suit Against Firm
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GCs Give More Scrutiny to Legal Bills, Spurring More Fee Disputes
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Finding Value
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The Ugly Side of Big Law Divorce
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Cybersex Patent Case Leads to Bad Vibes Between Firm, Client
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Despite Stealth Layoffs, Most BigLaw Attorneys are Hanging Onto Their Jobs
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Investors in Alleged Real Estate Scam Claim Law Firms Knew of Criminal Wrongdoing
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Gov. Manchin a 'puppet' of defendant, attorney says
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Lawyerly Lairs: Gotham Law Firms on the Prowl
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The Lawyer With the Most Medals
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Bid to Seal Records in $2.5 Billion Lawsuit Rejected
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Lawyer Gets Pro Hac Admission -- and a Lecture From a Court
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Law Firm Mystery: Second Lawyer Dies at Young Age, Slaying of Third Unsolved
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Say What?!
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'Damning Picture of Dissatisfaction' at Australian Law Firms
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Judges:

Judge Halverson Finally Loses Her Job
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Economy:

Around the World, Pessimism About the Economy
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Global Confidence Climbs From 10-Month Low
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Merrill survey sees world downturn
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Consumer Prices in US Probably Climbed at Slower Pace in July
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Consumer prices rise at double expected rate
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Jobless claims fall less than expected
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The Great Consumer Crash of 2009
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Second Stimulus Package? Yeah, Right.
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M&A, restructuring worry risk managers, CFOs most, says study
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Oil rises $3
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Wall Street:

European Stocks, US Futures Rise
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Bank Shares Decline Weds. as Merrill Says Crisis Isn't Over
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US Stocks Drop for Second Day; Deere, Retailers, Banks Fall
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Stock Exchanges Agree to Join Forces on Insider Trading
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Lehman Negotiating With BlackRock About Asset Sale
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Goldman Sachs seems to have whistled past the credit crisis, but could there be trouble ahead?
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Oral Arguments Heard in JPMorgan-Bear Stearns Merger Case
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Bankruptcy Statistics:

Charlotte: Bankruptcy filings surge in downturn
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Politics:

Trustee re-appointed to Terrill's bankruptcy case
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McCain favored by CFOs
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Jewelry:

When Is a Diamond Not Forever? In Liquidation
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M&A:

Big LBO firm swings to loss
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Cerberus, Carlyle Profit From Sales Amid LBO Drought
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Aviation:

Liquidation is not the answer for United Airlines
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Gemini ceases flying
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Airlines' rising fees confuse and anger their passengers
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Insurance:

Insurance Coverage Available For The Subprime Mortgage Collapse: Current Developments
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AIG May Raise $20 Billion
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Health Care:

Hospital on right track
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Hockey:

SMR seeks dismissal of arena bankruptcy filing
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Credit Cards:

Credit Card Fair Fee Act
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Real Estate:

BofA shares slide as Countrywide hit with lawsuit
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At Countrywide, Option ARM Woes Mount
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Greenspan Blasts Mortgage Fix
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US Foreclosures Increase 55%, Bank Seizures Rise to Record
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Agency Mortgage Bond Yield Spreads Widen as Loan Losses Expand
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Catch-22 in Mezzanine Lending
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Taro Properties Ariz. files for bankruptcy protection
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Toll Brothers Warns Investors
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ResCap Taking Repurchase Fight to Courts
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ResCap Force Feeds Bad Loans To Sellers
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Rising Mortgage Rates Drive Down Home Prices: Study
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Mortgage Apps Drop as Rates Rise
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HI foreclosure rate up 169 percent
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Detroit house sells for $1.00
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Foreclosure Of 88-Year-Old Leads to Police Standoff
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Subprime Litigation: Something Old, Something New?
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CA groups likely to 'bypass' Brown in search of foreclosure moratorium
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Mystery owner set to take troubled homes
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Save-A-Home Ponzi Scheme Crashes
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Retailing:

US retail sales edged down in July
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Retailers Retreat
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Retail Sales Feed a Mood of Decline
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Mervyns to close 26 stores
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Wal-Mart profit climbs 17%, ups 2008 goal
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ARS:

Goldman Balks at Helping Rich
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US SEC, states close to auction-rate pacts
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JPMorgan, Morgan Stanley Close to Auction-Rate Accord
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Auction-rate brouhaha has familiar story line
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Autos:

GM Debt Rating Lowered Further Into Junk by Moody's
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Chrysler in talks with automakers on tie-ups
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Ford sees expansion in small car sales, profits
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Toyota to keep US leasing as rivals retreat
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Closures & Layoffs (Aug. 10-16): Thousands of Dealerships At Risk
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Gambling:

Bluhm again warns of bankruptcy for city casino
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Bluhm raises his stake in stalled casino
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Creditors object to Greektown plan
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Food/Drink:

Mamma mia! Uno Restaurant Holdings to miss loan payment, reorganize
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Uno's CFO says company not in danger of default
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Pizzeria Uno may serve up some bad news
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S&P Gives Uno One Rating Cut, Warns of Another
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Interstate Bakeries reports $12.3 million loss
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Pierre Foods Receives Final Approval of its Debtor-In-Possession Financing
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Manufacturing:

Deere stumbles on a poorer US housing market
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Mass Torts:

The Use of Litigation Screenings in Mass Torts: A Formula for Fraud?
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Workers' Comp Award in Asbestos Case Reduced to Account for Cigarette Usage
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Golf:

Middletown country club struggles to survive, files for Chapter 11
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Shipping:

Commodity Shipping Lines Reel as Baltic Index Tumbles
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Rating Agencies:

S&P says more bank and brokerage downgrades coming
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Accounting:

Crunch pushes auditors into earlier client talks
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PwC denies Deloitte's reputational boast
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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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Bankruptcy Sales:

Judge Markell's Bombshell BAP Ruling That a Winning Credit Bid in a Bankruptcy 363 Sale Doesn't Strip Off Junior Liens
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(link corrected from yesterday)

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Oil/Gas:

US Trustee seeks SemGroup bankruptcy fraud probe
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Officials are questioning SemGroup
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SemGroup Rushed to Raise $718 Million Pre-Bankruptcy
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SemGroup bankruptcy throws a wrench into supply, price picture
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Vess Oil files to recover funds
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Newspapers:

Cox Enterprises to sell some newspapers
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Asset write-down sends Tribune to $4.5 billion loss
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Gannett Short Sellers Press Bets as Ad Sales Slide
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Printing:

Vertis Receives Final Court Approval of Financing
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Municipalities:

JeffCo reschedules sewer hearings
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Two Commissioners Say Bankruptcy Is Close
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Bankruptcy May Be "Boon" For County
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Governor Riley on Jefferson County Sewer Debt Crisis
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In bankruptcy, settlement is objective
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Pensions:

Workers contribute more to 401(k)s as times get tough
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Student Debt:

Getting Schooled on College Costs - Many rely on credit cards, private loans, and home-equity loans, but those sources are drying up
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Banking:

Wachovia shares extend decline
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Caution Pays for a Lender in New Jersey
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IndyMac Lists $443 Million in Debts
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As Early as 2005, UBS Executives Were Told of Possible Offshore Violations
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RBS fails to offload assets
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Is the White House pushing bank failures onto the next administration's plate?
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Celebs:

UST Requests Chapter 11 Trustee in Michael Vick Case
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Layoffs:

Enforcing Restrictive Covenants in Times of Layoffs
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Corporate Governance:

Boosters of "The Fiduciary Duty of Good Faith" Rejoice
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UK:

UK Pound Falls to 22-Month Low as BOE Slashes Growth Forecast
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British Land Plunges Most in 16 Years as UK Real Estate Falls
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Snub for moves to ease mortgage crisis
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Housebuilder: reservations down 45%
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Inflation surges to 16-year high
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HBOS to axe 425 jobs
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Spain:

A Building Hangover for Spanish Economy
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Netherlands:

ING's quarterly profit down 25 per cent
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EU:

A Summer's Chill Spreads Over Europe
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Eurozone economy shrinks for first time in more than a decade
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Japan:

Japan Stocks Fall a 3rd Day
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Canada:

Sad day for SAAN stores
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Super-Priority for Canadian Workers
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Netherlands:

Sharp drop in bankruptcy rate
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