August 7, 2008

Daily Bankruptcy News

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Law:

Former Client's Overbilling Suit Against Reed Smith Can Continue
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Credit Crunch Hits Home for Lawyers
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Cadwalader and Lawyer Cuts: Pursuing a Clear-Eyed Plan?
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Cadwalader's tough guy image to face a punishing test
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Cadawalader Chair Has No Regrets About Riding Securitization Bubble
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Cad: Goodwill hunting
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Barnes & Thornburg Cuts Summer Associate Program
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Yale Law Students Start Naming Names in Suit Over Blog Posts
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Associates Happiest With Wachtell Pay, Which is on the Hefty Side
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Judge Limits Ex-Associate's Suit Over Orrick Partnership Promise
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Merger Talks Stall Between Wolf Block and Akerman Senterfitt
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Morgan Lewis rated best L.A. workplace by midlevel associates
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Squire Sanders Continues New York Expansion, Adds In Bankruptcy
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Schwarznegger Exempts Some From Pay-Cut Order, Not Lawyers
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'Fortune' 500 Sees Growth in Female GCs
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Buchanan Ingersoll Bounced From Case Due to Defective Conflict Waivers
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'Mismanagement' Fuels Departures From Fla. Firm
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Credit crisis spurs more bank lawsuits
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Say What?!
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Judges:

Judge Under Fire for YouTube Order
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Suspended Judge Seeks TRO to Stop Disciplinary Hearing
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Autos:

Big Three face bankruptcy fears
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Board tightens watch on GM
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Could Detroit's automakers go bankrupt?
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Is the General Motors Deal Making Machine Running on Empty?
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Dana seeks to nullify pact to supply Chrysler
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Magna slashes sales forecast
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Chrysler, Nissan May Team Up
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Toyota Profit Falls Most in Five Years on US Slump
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Health Care:

Audit questions Parkview's future
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National Century Co-Founder Sentenced to 15 Years
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Attorney General Charges Fresno Clinics, Leaders With Medi-Cal Fraud
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Soaring rise, rapid fall for Pharmed
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Barnert moves closer to liquidation
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Bonds:

Ambac Quarterly Net Income Rises Sharply
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Fair-Value Quirk Spurs Ambac Profit Gain
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Banking:

US banks urge sweeping credit market reform
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Survival of the financial fittest
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Credit union seized, closed
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Tempest for a Bank That Bet on Risky Loans
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Deutsche Bank Ests Lowered
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One L of a global banking crisis
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Committees:

Upcoming DE Organizational Meetings
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Municipalities:

Cross-examination dominates 4th day of Vallejo bankruptcy trial
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Jeffco administrator needed, says exec
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If a public relations firm can get the Jefferson County Commission speaking with one voice, the Middle East is next
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Jeffco sells sizzle, but I smell smoke
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Credit Cards:

Businesses drowning in credit card debt
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Real Estate:

Freddie Mac Loses $821 Million and Cuts Dividend
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Freddie Mac's negative net worth raises questions
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Fannie, Freddie's Right To Lobby Lawmakers Is Questioned
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Misery Mounts at Freddie Mac
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Bill Gross: Treasury Will Have to Buy Fannie/Freddie Shares
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Freddie Mac's Big Loss Dims Hopes of Turnaround
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Mortgage Failure Rate Rises
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Connecticut sues Countrywide for lending practices, loans
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Countrywide Dogs Howling Over Bare Bones
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Congress Seeks Forbearance on Foreclosure
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H&R REIT expected too see more pressure on tenant bankruptcy
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Bankruptcy court approves WCI relief package
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Mortgage Applications Fall In Last Full Week of July
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Florida property values face unprecedented decline
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Foreclosures double in Las Vegas
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Mortgages Ltd. Web site report called a 'glitch'
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Lender gets interim funds for staff
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Mortgages Ltd. faces securities inquiry
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Realtors live close to the edge
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Hobbit Crisis: The Shire in Foreclosure
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Almost Half of Indiana's Mortgage Brokers See Licenses Yanked
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Aviation:

Addiction To Cheap Airfares Is Causing Our Own Travel Ruin
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EU clears Delta to buy US rival Northwest
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Employees to get 15 percent of Delta's equity after merger
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Costly fuel brings dozens of airlines to their knees
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Republic Airways profit leaps
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Frontier bailout eases its flyers
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Alitalia rumors: What's next for the Italian airline?
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Lufthansa cancels fifth of flights due to strike
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Economy:

Oil Falls 20% From July Record, Reaches Bear Market Threshold
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Hedge Funds:

Hedge swindler: Wants to plead guilty for fleeing
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GLG sees $308m loss after replacing Coffey
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Enron:

Enron executives may get new trials
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Insurance:

Munich Re Net Profit Falls 47%
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A.I.G. Posts a Large Loss as Housing Troubles Persist
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Soft insurance market gets softer
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Fraud:

Pharmed owners face fraud charge
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Telecoms:

Global Crossing debacle finally settled
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SIVs:

SIV fire sales in the spotlight
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Tax:

I.R.S. Offers to Settle Tax-Shelter Dispute
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Consultants:

FTI to spin off tech division
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Furniture:

Rec Room plans second auction
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Layoffs:

Closures & Layoffs (Aug. 3-9): Six Months of Shrinking Employment
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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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Retailing:

Boscov's Receives Court Approval of First-Day Motions
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Boscov's begins liquidation process
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Bankruptcies, store closings put retail space on market
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Depleted malls punching back
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Fresno computer store pulls plug on customers
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Wall Street:

Wall Street Report Tries To Dissect Financial Meltdown
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Financial Cowboys Need to Be Lassoed, Corralled
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Food/Drink:

Firms likely to take over Bennigan's franchise system
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Trademark issue for Bennigan's franchisees
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Accounting:

SEC Fines Ernst and Young $2.9 Million for Independence Violations
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E&Y off hook in blame game test case
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Accounting Is Recession-Proof Job
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Environmental:

Make Asarco pay for environmental cleanup, says Cantwell
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Bankruptcy Litigation:

Delaware's Judge Kevin Gross Rules That, Absent Adequate Protection, Whitehall's Asset Sale May Not Include Consigned Jewels
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Gambling:

Gaming board recommends Trop directors
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Boating:

Boat maker's property to be sold at auction
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ARS:

Citi's Deal May Pressure Other Firms
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Auction-rate securities debacle gets worse, bank stocks could get hit
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Company Auction Rate Purge Builds Steam
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M&A:

Blackstone Profit Falls 75% on LBOs, Beats Estimates
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Corporate Reform:

Citigroup May Pay $100 Million to Settle Auction-Rate Claims
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UK:

Bank of England Keeps Rate at 5% as Economy Slumps, Prices Rise
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House prices down 8.8%
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Beith falls to receivers as order book runs dry
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IMF Slashes UK Economic Forecasts on `Grim' Outlook
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Recession signaled by key indicators of British economy
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U.K. Consumer Confidence Drops the Most Since 2004
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Katona given bankruptcy reprieve
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New Zealand:

Bridgecorp assets claim 'highly suspicious'
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Petricevic declared bankrupt
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Bulgaria:

Court rules Bulgaria's Kremikovtzi insolvent
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Kremikovtzi Steel Mill Is Being Ransacked
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EU:

European govt bonds relatively steady ahead of ECB rate verdict
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Defaults to Rise in Europe a Year After Crunch Began
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