August 6, 2008

Daily Bankruptcy News

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Law:

Economy Is Bad for Some, but Good for the Bankruptcy Bar
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Cadwalader's Layoff Strategy
(WSJ: separate paid subscription required)

Judge Limits Damages in Would-Be Partner's Suit Against Orrick
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Credit Crunch is Limiting Partner Draws
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Taylor Wessing Sues Nixon Peabody for Poaching Partners
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16% of Midlevel Associates Owe More than $100K on Student Loans
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Big N.Y. Firms Freeze Pay for Midlevel Associates, Pay Fifth-Years $230K
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NY Associate's Discrimination Claims Get Greenlight for Courtroom Drama
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BigLaw Firm Weaves $9.5 Million Plan to Remove Itself From Client's Tangled Skein
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Bankruptcy ballooning: Attorney fees higher as more legal work is required
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Lowenstein Sandler Launches Capital Markets Litigation Group
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Smith Gambrell Entangled in Hedge Fund Scandal
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ABA to Tackle Controversial Conflict-of-Interest Issues
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Firm Opts for Moniker De Minimis
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Say What?!
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Judges:

Judge, Facing Ouster From Bench, Accused of Hail of Wrongdoing
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Wall Street:

Stocks Rally Ahead of Fed Decision
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Stocks Rise Most Since April
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Lower Oil Prices Ignite Big Rally; Dow Is Up by 331
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Citi talks with regulators may lead to buybacks
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Bear's ex-CEO reportedly mulling offers from i-banks, PE firms
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Health Care:

Hospital Shares Slide After Tenet, HMA 2Q Reports
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Health clinic, 2 officials face felony charges
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Closure of Hospital's Obstetrics Unit Is Criticized
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Sequoia looks to sell clinics
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Oil/Gas:

SemGroup's $150 Million Bankruptcy Loan Approved by Judge
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Revised data show speculators controlled nearly half of NYMEX oil futures
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Big CFTC data revision raises oil traders' eyebrows
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Health and Beauty:

Ascendia Brands, Inc. Files for Bankruptcy Protection
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Maker of 'Mr. Bubble' files for bankruptcy protection
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Food/Drink:

Expert says market drove Bennigan's bankruptcy
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Bennigan's Franchisees: 'Hey, We're Open'
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Out of a restaurant's bankruptcy, came an unexpected gift
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Hedge Funds:

Even Hedge Funds Are Hurting
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Tax:

Goods in Black Plastic Bags May Widen Liechtenstein Probe
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Couple Claim Attorney with Greenberg Traurig Steered Them to Tax Shelters
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Mass Torts:

Asbestos Claim Brought Nearly 30 Years After Exposure Survives Bankruptcy
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Insurance:

D&O Insurance Rates Dip, after Plunge
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Distressed Investing:

Third Avenue plans $3B distressed PE fund
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Furniture:

Western Nonwovens DIP clears
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Real Estate:

Freddie Mac boss had been warned four years ago
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Freddie CEO Feels Strain Of Firm's Twin Missions
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Morgan Stanley to Advise US on Fannie and Freddie
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Fed gives Fannie, Freddie shareholders payback
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Fannie Mae fee likely to raise loan costs
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Fannie, Freddie Still Buying Subprime
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Housing slump spells doom for large Triad builder Pierce Homes
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D.R. Horton posts smaller 3Q loss on lower charges
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DR Horton Build 'Em, But They Don't Come
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Homebuilder Credit Defaults Swaps Review
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Housing Crisis Leaves Piles of Trash Behind
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Complex Mortgages May Hit FirstFed
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Pay Option ARMs - Up to 48% Default Rate
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Morgan Stanley Said to Freeze Home-Equity Credit Withdrawals
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Real estate bust cost: $153B
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When Attempted Mitigation Fails, Claim Against Debtor is Revived
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New York Decision May Signal End of Subprime Mortgage Market
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Economy:

As expected, Fed holds the line on interest rates
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Service Industries in US Contracted Again in July
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Economists Plumb the Depths of the Downturn
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Gambling:

MGM Mirage's second-quarter profit falls 69%
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Declining revenues threaten area casinos
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Banking:

Wachovia close to naming new CFO
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BNP Paribas Net Falls 34% on Writedowns, Loan Losses
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Sovereign Debt:

US Headed Toward Bankruptcy, Says Top Budget Committee Republican
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Retailing:

Store closings likely to spike
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Boscov's move puts mall competition at risk
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Boscov's wins approval for $250 million loan for operations
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Analysts Disagree on Boscov's Future
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Steve & Barry's can pay Venus Williams
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Steve & Barry's auction rules OK'd
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Department stores' survival may hinge on differentiation
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Retailers May Flunk Back-to-School as Costs Soar, Sales Stall
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Municipalities:

Jefferson County Asks for Special Session
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Ohio Dominates Forbes' List of "America's Dying Cities"
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Telecoms:

Charter cuts loss as revenues rise, but debt, cash woes still loom
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What's Next For Vonage?
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Newspapers:

The next Strib debt bomb: September?
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Corporate Reform:

These Sarb-Ox rules are working
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Fresh Start:

The Slow Road to Recovery
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Convenience Stores:

Uni-Marts to test bid
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Enron:

Setbacks in Enron case threaten other prosecutions
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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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Credit Cards:

11 Charged in Global Theft, Sale Of 40 Million Card Numbers
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Credit card rules could lead to losses
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Card Charge-Off Rates Heading For New Highs
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Cardholders' Bill of Rights Approved by House Committee
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Aviation:

Judge backs Frontier financing deal
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Airlines object to auctioning slots
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Unions dig in for Delta fight
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Passengers shun BA in favor of low-cost airlines
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Oil hedges could backfire on airlines
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Mesa Air fighting Delta on loss of contract
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Cathay Pacific Posts First Loss in Five Years
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Autos:

Wagoner still has GM's support
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Is One Automaker Default Almost a Sure Thing?
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Domestic Automakers to Ask Congress for $40 Billion Loan
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Dingell presses for approval of auto industry loans
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Toyota forced to lay off workers in response to U.S. market
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Examiners:

Bankruptcy judge OKs Syntax-Brillian review
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Theme Parks:

Spiraling finances not amusing for Six Flags
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Pensions:

Now Wall Street Wants Your Pension, Too
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Bankruptcy Reform:

Lawyer Fees Jumped 50% After Bankruptcy Law Change
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DIP Financing:

Pappas Telecasting DIP denied
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Agriculture:

Payments approved in Neb. grain elevator failure
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Music:

Rapper, in limbo after bankruptcy of TVT Records, signs a deal
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Jewelry:

Liquidator submits top bid for Whitehall
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Luxury Ventures flees Ch. 11
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UK:

New row over £3bn N Rock debt swap
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PwC red flags Northern Rock 'uncertainty'
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Repossessions rise by 40%
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New Zealand:

Socialite multimillionaire property developer descends into bankruptcy
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Canada:

Hayes Forest Services forced into bankruptcy
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Mexico:

Mexico's Poor Forgo Medicine, Food as Income From US Drops
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Australia:

Home-Loan Approvals Drop to Four-Year Low
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