August 18, 2008

Daily Bankruptcy News

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Law:

Thelen Departures Cloud Prospects for Possible Merger Partner
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Morgan Lewis No. 1 in Survey of Litigation Firms Used by Fortune 100
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Just One Word: Bankruptcy!
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No. 1 Reason for Lawyer Sanctions in 8th Circuit: Frivolous Claims
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Merger Mania: Ardor Cools
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Lawsuit Over Politicized DOJ Hiring Expands
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Eversheds kicks off leadership contest as chief exec steps down
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Hammonds targets US growth
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Linklaters partners are considering a plan to lower the bottom rung of the firm's equity ladder
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Major Tampa Firm to Split; Who Gets Fowler White Name?
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Big Day for Chicago Boutique
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A Comparison of New York and D.C. Legal Cultures
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Last Term's High Court Rulings Mostly Pro-Corporation
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Outsourcing: greed, or just common sense?
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Firm Denies Fee Churning in Suit by Nonprofit Client
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Appeals Court Hits Law Firm for 'Vague, Indecipherable Billing Statements'
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Dechert set for worldwide push
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Attorney Finds That the Internet Won't Let Go of His Past
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A Texas lawyer's favorite liar
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Judge Rules Detroit Mayor Will Stand Trial on Assault Charges
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Lawyer: Nifong won't pay lacrosse players
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Trends in Strategic Marketing for Law Firms
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Federal court in Miami closed Monday
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The lawyer, the summer intern and the strip club
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Judge Maintains Lawyer's Sanctions Over Cursing Client
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Mastering The Art Of Elevator Talk
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Say What?!
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Jurors Watch Four Hours of P---
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Judges:

Judge on Hot Seat re Allegedly Bogus 'Stay-Away' Order He Issued
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Embattled Judge Halverson Gets Three of 14 Ethics Charges Dismissed
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Judge is Convicted of Perjury, Gets 30-Day Jail Term in Groping Case
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Ethics panel advances complaint against Hecht
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Thurgood
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Judge of the Day: Ashley McKathan
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Wall Street:

US Stock Futures Advance
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European Stocks Pare Earlier Losses
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Painful lessons in the meaning of the term 'credit crunch'
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Lehman Faces New Need for Action
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Lehman May Exit Commercial Real Estate Assets
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Investment banks may face higher capital rules
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Goldman, JPMorgan May Prove `Mortal' as Earnings Drop, UBS Says
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When did Merrill know about its surprise CDO writedown?
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Investment banks are bad taxpayers
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Concerns over trend towards debt purchases
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Why Wall St. analysts are so wrong
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Taxpayers Foot Bill for Wall Street Risk-taking - Investment banks will carry forward their subprime losses, which will be offset against future earnings
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Autos:

GM Not Seeing Signs of US Recovery, Wagoner Says
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Big 3 to cut more suppliers
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Delphi workers fear sweeping layoffs
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No relief in sight for auto suppliers
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Trouble forecast for automakers
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GM urged to aid Delphi pensions before October
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Chrysler aims to cut supply chain costs by 25 percent
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Auto Makers Work Out Game Plans
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Joe Gibson Auto denied loan extension
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Manchester reborn as Navigator
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MI economic czar plays bad hand
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Student Debt:

Problems of getting private aid increase
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Big debt on campus: Credit offers flood the quad
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First Marblehead's little bank has sizable loan woes
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Municipalities:

Bankrupt Calif. city losing cops amid rising crime
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Jeffco bankruptcy foes to launch blitz
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Chapter 9 Urged for Jefferson County
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Sewer saga never fails to bring surprises
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To gain leverage with its sewer system creditors, Jefferson County should forget pointless advisory vote and begin the process of bankruptcy immediately
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Jefferson's Looming Bankruptcy
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Bronner Tells Lawmakers He Can Help, But JEFFCO Must Admit Failure
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Celebs:

Former star's debt
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Government: Vick finances a mess, and he needs assistance
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Trump to buy McMahon's home, let him live there
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Oil/Gas:

Peeling the layers of SemGroup
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SemGroup Energy Partners' future in doubt
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SemGroup LP seeking restructuring experts
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SemGroup predicts perilous path
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Bonds:

A Bond Market, Starved for Sunshine
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Surge of bond deals lifts credit risk premiums
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Less junk in S&P's U.S. trunk: speculative-grade issues decline
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ARS:

Auction-Rate Blowback Continues
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Wachovia agrees to buy back $9 billion in ARS to settle probe
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New York threatens to sue Merrill over ARS
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Discount brokers may be caught up in auction-rate scandal
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Real Estate:

US likely to recapitalize Fannie, Freddie
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Fannie, Freddie move to 'risk-based pricing"
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Risk-based loans limit Fannie, Freddie point shaving
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Hard-pressed consumers refuse to read from the script
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FBI Probes Unusual Incentives for Home Buyers
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Help for Home Buyers
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Before You Take That New Housing Credit
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Pa. AG should scrutinize Countrywide
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Judge rejects Countrywide settlement
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City attorney pushes for Countrywide injunction without AG Brown
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Brown: Countrywide talks 'ongoing and intensive'
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Countrywide deal may cost the public
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When Joe LaCoste's real estate empire collapsed, a lot of people went down with it
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Taro banks on restructuring
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1st Magnus creditors, employees still wait for money a year later
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Financial scars deep a year after Tucson's First Magnus collapse
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Loving your house again
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Many go bust in mortgage meltdown
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Private financiers now in the spotlight
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Mortgages Ltd. use of law firm ruled OK
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A sub subprime glossary for the mortgage scandal.
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Abandoned House in a Lost Subdivision
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Cedar Funding hearing set to start
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The condominium conundrum
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Weak rules cripple appraiser oversight
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Woman sues over subprime loan, wins
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Homebuilder Trends: Going Green or Going Bankrupt
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Economy:

Most say economy in recession
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An economic Cassandra whose predictions are coming true
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Housing Starts Probably Slumped in July
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Consumer Sentiment, Manufacturing Gain
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Bracing for Inflation
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Slowdown in professional, business jobs
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CFOs and CPAs say U.S. is in recession; predict rough 12 months ahead
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Looking Ahead The Week's Major Economic Reports
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Charting a course out of credit crisis
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Surge for the dollar as global fears rise...
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Bush legacy could be end of middle class
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Global downturn hurting emerging economies
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CA joblessness reaches a 12-year high as suffering expands
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Aviation:

US airlines struggling
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Airlines face up to the plane truth
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Flying one for Mr. Average
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AirTran to increase fee for second bag
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At Least the Airsickness Bags Are Free
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Brighter skies with AirTran?: Midwest-TPG deal may prove a Pyrrhic victory
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Don't auction those airport slots yet
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Chief exec not exactly a uniter
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Nationwide Airlines May Resume Flights
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BAA set to secure £13bn buy-out debt deal
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Malaysian Air Profit Falls
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Jewelry:

Whitehall Jewelers Liquidating 373 Stores
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Theme Parks:

Proposed theme park in middle of debt dispute
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Competitions:

Students From Columbia and NYU are Winners in TMA's Carl Marks Student Paper Competition
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Banking:

Pressure builds on banks
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Citi Reports Second Quarter Net Loss of $2.2 Billion
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HSBC's Cheng Says Bank to Slow Lending, Hiring
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Breaking up big banks questioned as losses mount
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Downey: Growth in Non-Performing Assets Slows
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The FDIC is taking over more failing banks, and here's where the money comes from.
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Bankruptcy Statistics:

Many go bust in mortgage meltdown
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More New Yorkers going bankrupt
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Hedge Funds:

Cioffi's e-mail trail leads to charges
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Distressed debt hedge fund Turnberry Capital to liquidate
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M&A:

Non-existent fees and the ephemeral nature of trading profits
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Carpet:

Thomas Industries wins loan OK
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Subordination:

Insiders' Last Resort Secured Loan to Cash-Strapped Company Cannot Be Equitably Subordinated Without Specific Evidence of Actual Harm to Creditors
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Fraud:

Fraudulent Scheme Involves Bankruptcy Court
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Debt Collection:

How Lenders Enable Predatory "Zombie Debt" Collectors
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Avoidance Actions:

Le-Nature's to get $4M return
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Forest Products:

Southern Lumber fights lender's claim
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Credit Cards:

Credit card regulation may be too late
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No small change for credit cards
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Using credit cards to pay loans, bills attracts interest
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New Bankruptcy Opinions
(No 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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Food/Drink:

Mrs. Fields: There's Nothing Left in My Cookie Jar
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Mrs. Fields to file for bankruptcy
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Mrs. Fields joins Bennigan's, Steak & Ale in bankruptcy
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Crash diet for restaurants
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Chic OC dining chain files bankruptcy
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Bankruptcy Experts Are Wary of Bennigan's IP Transfers
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The Shine is Off Applebee's, Among Others
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Predatory Loans:

Car title loan practices alarm officials
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Unconstitutional Usury in Arkansas
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AZ Proposition 200 aims to reform payday loan industry
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Politics:

Obama Camp Puts Forward More Modest Tax Changes
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Edwards' PAC Payments
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McCain's CFO son served on audit board of troubled bank
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Quick Silver
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Retailing:

Liquidation Sales Begin At Boscov's Stores
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Back-to-school shoppers boost US discount chains
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Steve & Barry's retail chain to be auctioned Monday
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Saks Results to Show Rich Skimp, Too
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JC Penney, Abercrombie Profits Exceed Estimates
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Linens 'n Things plans bankruptcy exit
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Lowe's Second-Quarter Profit Falls on US Housing Decline
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Faith Shoes nears sale
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Bankruptcy Litigation:

The Applicability of In Pari Delicto to a Bankruptcy Trustee
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Religion:

Church files Chapter 11, citing hard economy
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Health Care:

Highgate sale approved
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Pensions:

Republic Technologies retirees see red over pension reductions
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PBGC downplays investment plan risks
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Gambling:

Tropicana bidding delayed until post-Labor Day
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Bill Yung's Tropicana loss complete
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Losses widen at Herbst Gaming in 2Q
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Casinos are increasingly a gamble, as consumers' purse strings tighten
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Insurance:

BluePoint Re gains temporary stay
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Furniture:

Lender pushes for Douglas Furniture liquidation
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Committees:

Upcoming DE Organizational Meetings
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Distressed Investing:

Vultures circle distressed debt
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Vultures take their time to swoop on distressed debt
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Finance:

Lenders squeezed over cost of funds
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Banks' credit crackdown now taking toll in Houston
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Resorts:

Diablo Grande receives qualified bids
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UK:

Transport group Sea Containers salvaged
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Risk of repossession has increased by a quarter in the past year
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HBJ boosts insolvency in Nottingham
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Foot Anstey insolvency team joins Michelmores
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UK House Prices Fall Most Since at Least 2002
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London house prices fall 5.3% in a month
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Worst time to purchase first home since 1970s
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Things will get worse: you can bet the house on it
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Lenders turning screw on debt-hit Britons
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Business gloomy amid expectations of decline
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U.K. retailers on the ropes
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Property transactions grind to a halt
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U.S. subprime collapse reaches Welsh town
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Welsh firms are feeling the pinch
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Administrators sell 80 Floors-2-go stores
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Japan:

Collapse of Urban shakes up real estate
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Japan's Stocks Rise as Bankruptcy Concern Eases
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Japan Slump Looms Mild but Long
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Japan's Bonds Gain for Third Week on Growing Recession Concern
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Hungary:

Law on "private bankruptcy" set to go forward this fall
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Australia:

Australian Charities Face A$2 Billion Subprime Losses
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Canada:

Canada Court to Rule Aug. 18 on Insolvent Commercial Paper Plan
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Harmac woes a sign of the times
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India:

Shine off India's economy as gloomy data piles up
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Spain:

Advisers face insolvency climate in Spain
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