August 20, 2008

Daily Bankruptcy News

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Law:

Staff Layoffs Reported at Fried Frank
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Layoff Watch: Fried Frank Follow-Up
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2nd Circuit Refuses to Boost Milberg's Fees in Nortel Class Action
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Dozen 'Stolen' Taylor Wessing Partners Headed to Nixon Peabody
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Mass Defection By Insurance Defense Group Splits Firm
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What's Going on at Reed Smith?
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Summer Associate of the Day: The Shearman & Sterling Slacker
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Billable Hour Concerns Helped Kill Nixon Peabody Merger, Motion Says
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A Midsize Firm's Growth Dilemma
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Firm Caps Fees in Exchange for All of Company's Employment Work
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Judge Says King & Spalding's Discovery Abuse Claims 'Are Just Not True'
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Another Look at Fred Baron, the Man at the Middle of the Edwards Flap
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Lead Paint Lawyers Ask Rhode Island to Pay Their Court Costs
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Motley Rice gripe appears in Providence paper
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BigLaw Firm Pays the Price for Accusing Rival of False Statements
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Affair With Former Client's Wife Costs Attorney $1.5 Million
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Former Lawyer Convicted in Art Case
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Two BigLaw Firms Bonding in NY
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Clawback Provision Honored to Avoid Waiver of Inadvertently Produced Privileged Email
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Does being a lawyer mean "a life on the sidelines"?
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Real Estate Lawyers Feeling The Housing Slump, Too
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Say What?!
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Strange But True, Legal Edition
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FBI is Investigating LA City Attorney
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Married to the Big-Firm Machine
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Judges:

Judge Faces Suit Over Violating Civil Rights of Alleged Bully at Son's School
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As Clock Ticks, Defendant Seeks Evidence of Judge's Alleged Affair
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Economy:

Higher Costs Are Taking a Toll on Business
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Before the economic crisis gets any worse, Congress must take several steps. The country cannot afford any more delay and posturing
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Wholesale Prices Jumped in July
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Housing, Price Reports Raise Stagflation Danger
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Inflation looms as consumer price increase doubles July expectations
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Fed's Fisher: Fed must be ready to act on inflation
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Lacker Says Fed May Need to Raise Rates Even With Weak Economy
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Oil prices turn higher
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Food/Drink:

Teamsters say others jeopardizing IBC bankruptcy plan
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Two join team overseeing remaining Bennigan's franchise restaurants
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Jewelry:

Fortgangs ask for release of assets
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Resorts:

Diablo Grande given extra time for sale negotiations
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Insurance:

AIG Falls as Goldman Says a Capital Raise Is 'Likely'
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Hedge Funds:

Hedge Fund, Founder Ordered to Pay $300 Million
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A TV reporter gambles, and loses, on running a hedge fund
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Harbinger of (a bit of) doom
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Banking:

National City Bonds Show Defaults KeyCorp Can't Deny
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Wachovia Unloads Troubled Loans
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Big bank failure would create a big worry
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Scotiabank, Bank of Montreal May Lead US Charge
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Receiver Says Credit Union Was Looted
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Pensions:

Workers swearing off 401(k) loans
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Health Care:

MedAvant Wins Bankruptcy Court's Final Approval for $2.9 Million in Dip Financing & Approval of Other Pending Motions
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Doctors required to disclose stakes in hospitals
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Patients pile on debt to go under the knife
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More properties put under Chapter 11
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Medical Bills Burden 72 Million Working-Age Adults in US
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Warren: The link between Healthcare and Bankruptcy
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Sovereign Debt:

The Concept of Odious Debt : Some Considerations
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Construction:

James Hardie Fall as Profit Plunges on US Housing
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Real Estate:

US home, apartment construction hits 17-year low
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Mortgage Applications Index Fell 1.5% Last Week
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Freddie and Fannie shares fall further
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Some Say Bailout of Housing Giants Is Inevitable
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Debt Costs Stoke Fears for Freddie
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Fed's Lacker Clashes With Paulson on Fannie-Freddie Strategy
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Fannie/Freddie bailouts could hinge on bond payments
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Consumers feel fallout from Fannie, Freddie
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Fannie, Freddie capital raising options uncertain
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Investors step up pressure on Fannie and Freddie
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House prices: when will they stop falling?
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The housing slump may continue well into 2010
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Commercial property prices fall for fourth straight month
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Beazer shares fall
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American Home to pay fraction of bankruptcy claims
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First Magnus executive's view of the collapse
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Countrywide Accused Of Privacy Violations
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Royce Builders winding down operations
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Mortgages Ltd. investors ask questions
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Scottsdale home builder files for bankruptcy in weak market
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Houston home prices stay strong, but sales drop again
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Beach homes become O.C.'s slowest sellers
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Federal foreclosure-purchase program may fall flat in California
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Foreclosures smack home prices - down 29.3%
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Prosecution seen as likely in Hastert loan fraud probe
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Home Repairs Become Focus as Consumers Feel Pinched
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The Top 10 Foreclosure States (as of July)
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Housing's Chill Hits Apartments
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Subprime CMBS
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Wall Street:

US Stock-Index Futures Rise
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Stocks slide sharply Tues. on US economic data
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Investors hope to cash in on bankruptcy filings
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Bankers Get Ready to Kiss 200,000 Investors Goodbye
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Lehman Sinks on Writedown Fears
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SEC to propose new short-selling rules within weeks
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Sharp US money supply contraction points to Wall Street crunch ahead
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Lehman Shares Fall as Firm Seeks Buyers for Neuberger
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What Lehman wants
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Barclays quashes Lehman rumor
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Possible Lehman asset management sale portends pain
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Aviation:

Mesa Air goes deeper in debt, worries about future
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Partner on Learjet 85 files for insolvency
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With no reviews, Delta merger 'on track'
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Falling fuel aids few
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SFO considers probe into Silverjet collapse
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KrasAir to Have Fuel at Double Price
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Politics:

The Political Psychology of Debt
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Sallie Mae spent $640K lobbying Uncle Sam
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HSBC spent $660,000 lobbying government in 2Q
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Fannie and Freddie: The Next President's First Migraine
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ARS:

SEC's Cox Says Auction-Rate Probes Include Secondary Dealers
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Don't Let Tax Breaks Bail Banks
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Finance:

PE firms' appetite for leveraged loans good for banks
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Corporate Reform:

Call Him Deputy Attorney General Pitt
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Furniture:

Wickes gets $17M DIP nod
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Municipalities:

Patelos Says File For Chapter 9
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Oil/Gas:

SGLP to break four-week silence
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M&A:

Why strategic dealmakers are faring so much better than financial ones in the downturn
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PE acquisitions that have failed in the past year illustrate the need for clear drafting of merger agreements.
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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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Bankruptcy Sales:

Not Quite Free and Clear
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Retailing:

Saks posts loss, provides downbeat outlook
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Target Net Falls
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Credit-Card Ills Weigh on Target
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Suppliers left holding goods as retail swoons
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2Q Profit Reports From Retailers Show More Strain
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Steve & Barry's postpones court hearing on its sale
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Leather store goes out of business
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Autos:

Owner Gives Executives Time to Fix Chrysler
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GM offers price cuts
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Parts Firms Court Makers Of Foreign Cars
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Since Carlos Ghosn took over Renault, five employees have killed themselves others have tried.
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Credit Cards:

Economic Factors Hurt Consumers' Ability To Pay
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Personal Finance:

Debt Reduction for 20-Somethings
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Mining:

Grupo Mexico's Asarco appeal hinges on technicality
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Movies:

'IOUSA' Brings Economic Crisis to Theaters
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Telecoms:

Liquidity woes dog Hawaiian Telcom
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Student Debt:

Struggling Lenders Continue to Suspend Federal and Private Student Loan Programs
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Sallie Mae shares fall nearly 13 percent
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IP:

Affinity Announces Second Quarter Results and Files for Chapter 11
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Tax:

Does Business Pay Its Fair Tax Share?
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$13 Million Lottery Winner Goes to Prison After Tax Fraud and Bankruptcy
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UK:

Investors Bet $1.6 Billion on UK Homebuilder Drop
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Mortgage slump continues
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BOE Panel Split Three Ways in Vote to Keep Rate at 5%
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The lost art of recessionary rhetoric
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Scottish firms preparing for insolvency boom
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UK Budget Surplus Shrank as Slowdown Curbed Tax
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UK exports decline at fastest rate in nearly seven years
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Germany:

Internationalmedia files for bankruptcy
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Canada:

Canada Commercial Paper Remains Frozen Pending Appeal
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ABCP case alters creditor laws
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Mistral Pharma Files a Proposal Under the Bankruptcy and Insolvency Act
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Federal Gypsum creditors to meet
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Japan:

Tokyo firm may have padded sales by 58 bil. yen
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New Zealand:

Bridgecorp founder's appeal rulings put off
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Ukraine:

Kiev debt costs rise over Moscow worries
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Norway:

Bankruptcy claim filed against bishop
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China:

Chinese boom is bust
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Asia:

Asia-Pacific Default Risk Rises to Five-Week High, Swaps Show
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EU:

Euro Declines Versus Dollar on Concern Region's Economy Slowing
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UAE:

Debt Recovery and Insolvency Laws Remain Untested in the UAE
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