August 19, 2008

Daily Bankruptcy News

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Law:

Bankruptcy a 'Hot and Sexy' Field for Weil Gotshal's Associates
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Law Firms' Discovery Dispute Could Prove Costly
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Layoff Watch: Fried Frank Staff Layoffs
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Judge Tosses Challenge to Contingency Fee for Retiring Partner
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Bar Fight: Accounting for Lawsuits
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It's a bird! It's a plane! No, it's a "Super Lawyer"
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Godwin Pappas & Ronquillo's Office to Separate
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Financial Issues May Be Holding Up WolfBlock-Akerman Merger
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Anticipated Revenues Drop for Law Firms and a Job-Hunting Law Grad
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How to Network Your Way to Partner
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CI on the Rise at Firm Libraries
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Venture to focus on taming modern-day paper trail
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Lawyers remain happy despite increased workloads
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Law firms, courts batten down the hatches for Fay
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Obama and McCain Pick Their Least Favorite Supreme Court Justices
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Law Firms Find Going 'Green' is Easy, and a Client-Pleaser
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Former Supreme Court Nominee Now Lobbying for Pakistan
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Lawsuit of the Day: Knights of the Templar v. The Pope
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Sanctions Study: Lying to Court is Costly, But Baseless Claims are Most Common
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Business attempting to control W. Va. courts, attorney claims
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Ky. Officers Drive to Calif., Get Wrong Man, Face Suit
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Judges:

N.J. Supreme Court Judge Can Be Sued Personally for Alleged Civil Rights Breach
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Autos:

Bankrupt supplier Delphi cutting 600 salaried jobs
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GM pulls out of Oscar sponsorship
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Chrysler Sues Johnson Controls For $15 Million In Overcharges
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2 outsiders look to revive Detroit 3
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Toyota idles factories - but can't lay anybody off
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Chrysler Head Designer Is Latest to Leave Firm
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Judge to weigh SonicBlue revised plan
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Wall Street:

Markets Set to Extend Losses
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US stocks fall steeply Mon. as financials worries return
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Morgan Stanley, Goldman to change lending systems
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Goldman Sachs is learning it's tough to be the leader of a pack of losers
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Lehman looking at asset management sale
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Can Lehman dump $40 billion in real estate?
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Lehman May Report $4 Billion Writedown, JPMorgan Says
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Merrill, Wachovia in Danger of Failing?
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Aviation:

Fewer airline passengers expected over Labor Day holiday
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Continental will furlough up to 180 pilots
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Losses at Hawaii airline go! hit $7.4M
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Denying Basic Rights Is Just Another Day at the Office
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Student Debt:

Warren: Debt-Free: An Unrealistic Expectation
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Resorts:

Diablo Grande to request continuance of bankruptcy hearing
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Food/Drink:

Teamsters Call on Banks to Secure Interstate Bakery Jobs
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Culinary Adventures can tap cash
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Oil/Gas:

Judge approves severance pay for laid off SemGroup workers
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Blackstone's Fees Draw Ire from SemGroup Creditors
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SemCrude won't pay oil producers, lawyer says
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Legado wins Osyka assets
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Banking:

Large US Banks May Fail Amid Recession
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Ex-IMF chief says a large US bank to go under
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Pandit's Citi Under Siege
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Call for central bank harmony in crises
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Banks face higher costs in refinancing their long term debt
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Franklin Credit Warns on $280M Q2 Loss
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It's Hinky, Sam
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Accounting:

PCAOB Faults Flaws in KPMG's Audits
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Real Estate:

Housing starts dip to lowest level since March
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Bailout Rumors Slam Fannie, Freddie
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Fannie and Freddie in the Toaster
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When Henry Met Fannie
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Fannie Mae Extends Decline to 19-Year Low in European Trading
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Insiders say taxpayers will pay for Fannie, Freddie bailout
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Government-Insured Share of Mortgage Applications Triples
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Builders still gloomy, but see glimmer of hope
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AHM's unsecureds could get 6%
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Deserted NJ development acquired
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SoCal home sales climb in July, prices fall
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Bank of America's Countrywide Acquisition Has Drawbacks
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NovaStar sees survival risk, possible bankruptcy
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Appraiser sentenced in mortgage fraud
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'Liar loans' threaten to prolong mortgage crisis
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N.C. Governor Signs 3 Bills To Curb Home Foreclosures
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Tailor Made Homes files Chapter 7 bankruptcy
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Bankruptcy Sales:

Will Section 363 "Free And Clear" Sale Orders Survive An Appeal? A Recent Appellate Decision Raises New Doubts
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Hedge Funds:

Hedge Fund's Art of a Bankruptcy
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Hedge Fund SageCrest Files for Bankruptcy
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Hedge fund assets climb 4% in second quarter
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Running a Hedge Fund Is Harder Than It Looks on TV
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Economy:

Prices rising at fastest pace since '81
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Treasury bonds rise as US stocks fall sharply
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US Inflation to Slow `Dramatically,' Lehman's Harris Says
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Oil prices fall below $113
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Oil prices slide close to $111
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Food banks struggle to keep up with demand
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Gambling:

Lenders Shying Away From Gambling On Casinos
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US casinos' debt binge punishes junk bond investors
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Labor:

Are labor problems the next cause for bankruptcies?
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Tax:

Democrats Offer Lesson in Misleading on Taxes
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'Gone Wild' Founder Faces I.R.S.
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Distressed Investing:

Looking for Distressed Mortgage Opportunities
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Investors betting on distressed funds for future growth
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Wilbur Ross' solution for the credit crisis
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Apollo raising $2B European distressed debt fund
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Calpers backs three Apollo distressed debt funds with $2.3B
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Firms Target Growing Niche in Market for Bad Mortgage Debt
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Bonds:

U.S. corporate bond risk pushed higher
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Municipalities:

Jefferson County residents don't need a public relations campaign
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Judge asks Attorney General King if Jefferson County can hold sewer debt vote
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Plans die, but Jeffco sole safe
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Hoover mayor says bankruptcy is Jefferson County's best bet
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Mining:

Asarco files plan to pay $2.4 bil in enviro debt
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Telecoms:

Bankrupt Curry in asks to liquidate business
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Preclusion:

Rooker-Feldman vs. Res Judicata
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Private Equity:

For PE, Fewer Deals but More Junk-buying
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ARS:

Small U.S. brokers seek relief from ARS buyback deals
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Skiing:

Vandalism worsens at Powder Ridge
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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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Retailing:

Lowe's Profit Beats Estimates as Tax Rebates Spent
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Home Depot Second-Quarter Profit Falls on US Housing Slump
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Barbeques Galore Files for Bankruptcy in California
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Steve & Barry's Creditors Are Probing $5 Million Loan
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Manhattan firm bidding on Steve & Barry's future
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Big-Box Emperors Wear No Clothes
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Retail News Roundup
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Corporate Reform:

Corporate fraud initiative certified for Colorado ballot
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Politics:

The Obama Tax Plan
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Old Legal Feuds Divided, Linked McCain and Ex-Wife
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Congress Passes Fewest Laws, Most Resolutions
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Health Care:

Children's Museum eyes Winona Hospital site for possible park
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Sale of Sequoia Health advances
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The Real Fiscal Nightmare
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Credit Counseling:

10th Circuit BAP Rules on Issue of Credit Counseling
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Fraud:

Civil Trial of Former PFM Workers Starts Today
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Bankruptcy Litigation:

Puig creditors point finger at Ocean Bank
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Credit Cards:

Fitch: U.S. Credit Card ABS Performance Holds Up Despite Higher Chargeoffs
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Bankruptcy Reform:

Robert Shiller Raises The Bankruptcy Issue
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Automatic Stay:

Emotional Distress Damages Awarded for Creditor Violations of the Automatic Stay
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Celebs:

Hip-Hop Stars Feeling The Effects Of Slumping Real Estate Market Too
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Finance:

Junk Bond Sales Total $9 Billion Since May, Least Since 1994
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Libor on the rise amid banking stress
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UK:

Economic downturn means boost for Scotland's insolvency experts
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Downturn set to be worse than 90s
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Bank of England official warns of inflation
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UK homes for rent exceed demand
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UK banks may avoid worst of household debt pain
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Extra staff to deal with rise in insolvency
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Wrapit collapse shows cash not always king
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BDO to dispose of Dawnay, Day portfolio
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Canada:

Canada Court Approves Proposal on Commercial Paper
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Slowdown begins to squeeze family finances
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Rising debt outgrowing incomes
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Japan:

Land of the rising bankruptcies
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Japanese Banks Halt Lending as Bounced Checks Rise to Record
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Urban Bond Sale Disclosure Examined by Tokyo Exchange
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Japanese Stocks Tumble
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Germany:

German Scandal Over Illegal Sale of Bank Account Details Widens
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German Investor Confidence Rises More Than Forecast
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South Korea:

S Korean firms bankruptcy rises in July
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China:

Feeling the Pinch - Many of China's small and medium-sized enterprises are teetering on the edge of bankruptcy
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