August 21, 2008

Daily Bankruptcy News

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Law:

Law Firms to Continue Bumpy Ride Through 2008
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In a Weak Economy, Think Like an Olympian
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Fried, Frank Names Bankruptcy Partner
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Duane Morris Cuts Marketing, Business Development Staff
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Weathering the Economic Storm With CI
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Credit Crisis Litigation Wave Rolls On
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Cadwalader Managing Partner in Hamptons Real Estate Squabble
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Bryan Cave sets up troubled banks group
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Lawyer Sanctioned for 'Hijacking' Case for His Own Cause
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Lawyer and Close Friend Says John Edwards "Did a Very, Very Stupid, Bad Thing"
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Over Defense Objection, Plaintiff Can Compel Videotaping of Her Deposition
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Dewey & LeBoeuf Adds Co-Chair From Fried Frank
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CEO wallets not dented by class-action suits
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Kirkland faces malpractice case
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Pfizer's Outside Counsel Model: One Law Firm, No Billable Hours
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Dorsey & Whitney Offers Fixed Price Document Review
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Cadwalader Is Latest Firm to Open 'Covered Bonds' Group
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Multitasking Is a Misteak
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Summer Associate of the Day: The Cradle Robber
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Credit Cards:

Credit Cards Replace Small Business Loans
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Wall Street:

Stocks set to fall amid jitters
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Stocks End Erratic Day With Gains
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Court Rules I-Banks' Fiduciary Duty Is to Clients, Not Shareholders
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Street Split On Fannie-Freddie Turmoil
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Bonds surge as Fannie, Freddie hit ground floor
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Cramer Calls for Halt In Fannie, Freddie Trading
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Goldman slashes earnings outlook on five big Wall Street firms
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Lehman under mounting pressure to take action
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Bank Bond Risk at 5-Week High on Report of Failed Lehman Sale
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Fed Acted on Lehman Rumor
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Lehman's secret talks fail to offload 50% stake
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A Partnership Solution for Investment Banks?
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Loeb Sounds Off on SEC's Rumor-Mongering Inquiry
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Wall Street's jobless try cupcakes, cheap haircuts
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Oil/Gas:

SemGroup Energy Partners, LP Receives NASDAQ Notice
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SemGroup offspring eyes shaky future
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SemGroup MLP baffles analysts in conference call
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Plastics:

Wellman amends DIP credit agreement
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Derivatives:

Rise in swap spreads points to more corporate defaults
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Software:

Comeback kids see a brighter future for The SCO Group
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Hedge Funds:

Andor Hedge Fund Shutting Down
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Third Point probe
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Municipalities:

Unions seek dismissal of Vallejo plea
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Jefferson County kicked in the ARS
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The Jefferson County Commission likely doesn't have the authority to call a nonbinding, nonsensical referendum on the sewer crisis
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Retailing:

Hearing for Steve & Barry's sale set for today
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Casual Male Retail Group lowers 2008 outlook
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Barnes & Noble's 2Q profit falls 15 percent
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Politics:

How Obama Reconciles Dueling Views on Economy
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McCain Unsure How Many Houses He Owns
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Recession, housing seen increasing budget deficit for new president
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Financial Literacy:

Entrepreneurial lessons for children proves to be a hit
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Layoffs:

New York WARN Act Imposes Additional Requirements
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Insider Compensation:

Amid Din over Exec Pay, Cos. Hold Line
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Real Estate:

GSEs should focus on lower middle income loans: Fed's Stern
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Shares of Fannie Mae and Freddie Mac Decline
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Prescriptions for Fannie and Freddie
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Fannie and Freddie crisis deepens
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No more need for Freddie and Fannie
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How Fannie and Freddie will fail
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Mortgage Applications at lowest level in eight years
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IndyMac borrowers to get relief
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Centerpoint, Mortgages Ltd. reach financing deal
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NovaStar posts profit, but offers 'no assurance' about future
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WCI gets replacement director
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New IL law now requires mortgage brokers take a closer look at borrowers
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Median home prices in Phoenix fall to near Tucson level: $200,000
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AZ: Traditional home resales still outnumber foreclosures in July
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Key projects stalled by Mortgages Ltd.'s woes move forward
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Portland boom builder faces home foreclosures
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Builder Points to Shortcomings of a Foreclosed Home
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Recapturing and Controlling Space: A Primer for Retail Landlords
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$292 Million in Non-Performing Mortgages Up For Sale
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Economy:

Goldman Sachs Says Half of the World Economy Faces Recession
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Stern Says It's 'Good Time to Be Patient' on Rates
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Stern Says Fed to Monitor Banks' Exposure to Fannie, Freddie
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Americans Less Gloomy on Economy Amid Discontent
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US Initial Jobless Claims Fell to 432,000 Last Week
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Dollar Falls on US Manufacturing Slump, Credit-Market Losses
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The falling oil price is a lull in the storm
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Oil Gains a Third Day
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Faking The Good Life To Get Harder
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Attack On The Middle Class Continues
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Student Debt:

Sallie Mae receives federal funds for student loans
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SLM Shares Rise After Lender Say It Will Provide $20 Billion
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1 in 4 college students graduate with $5k credit card debt
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Celebs:

Documents show Vick losing $12000 per month
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Hip Hop Mogul Faces Foreclosure
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Show Me the Money, NBA Star Marbury Asks Bankrupt Steve & Barry's
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Trump Might Get Trumped in McMahon Deal
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Distressed Investing:

Private equity to beat hedgies to distressed assets
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Aviation:

US Airways Executives Receive Millions in Stock While Passengers Continue to be Nickel and Dimed
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Airlines Face Huge Losses
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United's workers band to oust CEO
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Airports Grounded AiRUnion
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Accounting:

For a single language, audit regulators must go global too
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Shake-up driven by clients not rivals
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After Greencore Fraud, KPMG In, PwC Out
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Horticulture:

Hines Horticulture files for bankruptcy
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Furniture:

Bombay Co. expects bankruptcy plan approval
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Health Care:

Nursing-home group files for bankruptcy
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Union considering idea of strike if talks with Valley Health System fail
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Debt weighs down assisted living group based in Salem
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ProxyMed wins cash approval
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Report Rejects Medicare Boast of Paring Fraud
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Health Care Debt Jumps for U.S. Consumers
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Boating:

AZ boat dealer in bankruptcy
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Gambling:

When Will Casinos Snap Their Losing Streak?
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Advertising:

The battered car giants may not be the only advertisers buying less TV time than they pledged in the upfronts.
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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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Golf:

Gold Creek files Chapter 11
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Food/Drink:

IBC deal is back from the brink, Teamsters say
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Union cites deal in Twinkie-maker bankruptcy
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Credit climate forces La Bonita into bankruptcy reorganization
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American Halal wins reprieve
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After the binge, the purge
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Defunct Bennigan's sells memorabilia
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ARS:

Auction-Rate Brokers Likely Knew of Flaws, Cuomo Says
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Auction-rate probe focuses on 3 banks
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Merrill Brokers Press Pimco, BlackRock to Buy Auction-Rate Debt
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Auction-Rate Probe Intensifies
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Mass. Pushes for Fidelity ARS Buyback
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Autos:

GM Hasn't Yet Sought Bids or Negotiated for Hummer
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Automakers allow more pass-throughs; sharing pain with suppliers
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Banking:

Banks' sky-high returns come back to earth - possibly for good
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State Securities Commission to investigate short selling at Colonial BancGroup
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Wachovia Fire Sale Puts Price On Crappy Construction Loans
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As it works to offset losses, Wachovia will unload some land and construction loans through a $40 million deal -- a far cry from the $350 million it had hoped to unload
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FDIC Faces Balancing Act in Replenishing Its Coffers
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California to probe Sen. Schumer over bank run?
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Canadian banking institutions go on a hiring spree in the US
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Student Debt:

College tuition is far outpacing the cost of living
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Fraud:

Ponzi scheme alleged at U. of Miami
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Telecoms:

U.S. cellphone sales dive, especially for Motorola
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Trucking:

Merit Transportation Out Of Business
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Consultants:

Epiq Systems, Inc. Reports All-time Record Retentions for Chapter 11 Bankruptcy Engagements
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McKinsey offers to take a bullet for Wall Street
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UK:

UK Pound Declines Against Dollar and Euro After BOE Minutes
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Katona bankruptcy case to conclude
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Credit crunch hits more businesses in manufacturing and retail
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London to 'Bear Down' on Olympics as Economy Slows, Mayor Says
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UK Retail Sales Increased Unexpectedly in July
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Russia:

A few sign petition to free Khodorkovsky
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New Zealand:

Creditor vows to burst Duff's lifestyle bubble
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Author fends off bankruptcy for two months
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Canada:

Retail sales were flat in June as Canadian economy shifts into lower gear
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Canada Banks May Post Biggest Profit Drop Since 2002
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Australia:

Economic tough times divide Sydney
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Germany:

Lone Star to Buy IKB, First German Subprime Casualty
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Japan:

Japan Developers' Woes Grow
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Merrill, Others May Bid on Urban Corp.ýs Assets
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Deutsche Bank Selected as Adviser for Urban Corp. Takeover Bid
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EU:

Europe's junkiest credit index gets - well, junkier
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