December 31, 2008

The Daily Bankruptcy News

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The Daily Bankruptcy News will not publish on New Year's Day, January 1, 2009


Law:

Sidley Asks $1100 Hourly for Tribune Bankruptcy Work
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Court Docs: Tribune's Already Paid Sidley $4.5 Million
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Bankruptcy trustee named for law firm Dreier LLP
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Heller Ehrman First Day Declaration
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Pay Freeze Watch: Arnold & Porter & Scarlett O'Hara Decide 'I'll Think About it Tomorrow'
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Pay Freeze Watch: Sidley Delays Raises Until 'Sometime' in 2009
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Layoff Watch: What will 2009 bring for Mayer Brown?
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Perspective
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In-House Legal Department's Role in Managing Bankruptcy Risks and Costs
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Hiring lawyers just in order to disqualify them
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Lateral Moves and Promotions in the Am Law 200
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Contingency fees in business litigation
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Capturing the Courtroom Word for Word
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BigLaw Leader Talks of Laying Off Associates, Then Adding 9 NY Lawyers
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It's a Bad Time to Be Layed Off at BigLaw
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Should Corporate Counsel Mandate Risk-Sharing Fee Arrangements?
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Lawyer of the Day: P'Ta Mon
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Why Lerach Gave Lawyer the Silent Treatment
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Can't Believe It's a Law Firm! Or Can I?
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Wall Street:

Stocks edge higher after drop in jobless claims
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US Futures Climb; S&P 500 May Trim Worst Decline Since 1931
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Financials May Lead the Way
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World markets close 2008 bruised and confused
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Wall Street gains Tues. as GMAC gets government funds
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Wall Street's Hard Times, in Rhymes
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Fraud:

Judge approves release of Madoff assets
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Madoff Sued for Fraud by Three New York Investors
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Suicides on Wall Street
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Madoff Civil Case Moving Swiftly; The $50 Billion Question
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Madoff Spotlight Turns to Role of Offshore Funds
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Lessons Learned from the Madoff Scandal
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How Madoff Is Burning the SEC
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Top Reasons I Invested My Entire Fortune With Madoff
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'Dr. Doom' Didn't Predict Madoff Blowup
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Madoff Scandal Threatens Country’s Criminal Justice Organizations
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Yeshiva’s Madoff Losses Based on ‘Fictitious’ Profits
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Madoff Wreckage Bangs Feeder Funds, Auditors
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SEC Halts $23 Million Ponzi Scheme Targeting Haitians
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Pearlman investors sue Crist, saying he was slow to investigate scam
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Retailing:

US holiday weakest since 1970, more retail cuts seen
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Pershing Square betting on General Growth bankruptcy
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Here Come the Bankruptcies
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Christian Bernard files for bankruptcy
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eToys Files for Chapter 11 - for the Second Time
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Online holiday sales fall 3 percent
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Macy’s, Gannett Face Debt Hangover From Past Buybacks
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Tech:

S&P: Tech sector's credit trends to stay negative
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Dell Shakes Up Management as Turnaround Stalls
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Food/Drink:

Pilgrim's Pride in bankruptcy court hearings
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Turnarounds:

"Premium" on out-of-court restructuring in '09
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Accounting:

SEC study: Bank failures not due to fair value rule
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Insurance:

AIG seeks change on loan terms
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Former AIG CEO Willumstad foregoes some stock awards
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Does AIG Not Understand Financial Risk?
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Is Your Long-Term-Care Policy Safe?
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Finance:

Three-Month Dollar Libor Slips to Lowest Since 2004
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Loan market misery to continue in ’09
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Credit Cards:

Beware the House of Cards
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New Year:

In tight economy, revelers plan to ring in '09 on a budget
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Aviation:

In a tailspin: Airlines "shrinking by all measures," says industry group
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Aloha Air demise signals turbulent year
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Airlines: Who'll Disappear in '09?
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Alitalia administrator selling off 46 aircraft
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Italy's Alitalia takes over Air One
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Bonds:

Company Bond Sales Plunge in 2008 as Recession Drives Rates Up
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Bankruptcy Reform:

New Legislation Seeks Mortgage Modifications In Bankruptcy Court
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Economy:

Consumer confidence hits record low again
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Jobless data expected to reinforce grim outlook
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New filings for jobless benefits drop below 500K
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Paulson says US lacked tools to tackle crisis
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Blowing Past the Bailout’s $1 Trillion Barrier
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Bailout: Nice work, if you can get it
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More economic pain seen in 2009
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Experts Already Predicting End to Economic Woes
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Greater Depression could last 20 years
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The Great Depression vs. Today's Economic Crisis
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U.S. economic prospects “dreadful”
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In 2009, Economy Will Depend on Unlocking Credit
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Fed to start buying mortgage-backed securities
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Did capitalism fail? Or did we fail capitalism?
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RNC accuses Bush of going socialist
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Women of the Financial Meltdown
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Real Estate:

Home prices post record 18% drop
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Case-Shiller Numbers, By Metro Area
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Home Prices Fell at Their Sharpest Pace in October
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US MBA’s Mortgage Applications Index Rose to Five-Year High
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N.Y., Boston Home Prices Expected to Fall More
(WSJ: separate paid subscription required)

Fannie Mae November mortgage portfolio up 9.3 pct
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A Renter’s Market for Manhattan Offices
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Phoenix Leads US Home Price Decline as Lenders Unload Houses
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How the Slump Hurt Six Cities
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Twin Cities home prices take big slide in October
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Barratt American Files For Bankruptcy
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Company with links to OneCap Mortgage seeks bankruptcy
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GMAC Says ResCap Will Continue to Originate Mortgages
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Underwater homeowners walk away
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Walkaways highest in ‘non-recourse' states
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Mortgage-Relief Programs to Help Borrowers
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Man gets eight years in Broward mortgage fraud scheme
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Autos:

GM May Get Delphi Rescue in Bailout, JPMorgan Says
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GMAC Adds Loans as US Injects $6 Billion to Aid GM
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GMAC raises $21.2B in debt-for-equity swap
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Auto aid at work; banks sit
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Automakers Get Bottomless Bailout
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GMAC: Snatching Victory From the Jaws of Bailout Defeat
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Will the GMAC Deal Spell Relief for GM?
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Bailout Trims Cerberus's GMAC Stake
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Chrysler: No swanky reward meeting for top dealers
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Preventing Chrysler's KO
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Analysts think Delphi may get some federal bailout funds
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Loan is Detroit auto industry's last chance to show viability
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Future for GM land looks a long way off
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Foot-to-the-floor Toyota now suddenly has to downshift
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Wiggins dealership facing financial woes
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US automaker bailout skids down slippery slope
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Plastics:

Constar, Plastic Bottle Maker, Files for Bankruptcy
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Lehman:

Lehman asks for more time to file bankruptcy plan
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Lehman Brothers delay plea
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Lazard's Parr on Lehman Brothers' failure
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Government's Best Move in 2008? Letting Lehman Fail
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Media:

US court closes Maxwell Communication bankruptcy
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Oil/Gas:

Troubled Big West Calif. refinery sets turnaround
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Economic news drowns out geopolitics in oil market
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Oil falls below $38 as world stock markets rise
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Crude Oil Falls a Second Day, Heading for Record Annual Decline
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Libya orders oil cuts of 270,000 barrels daily
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Oilexco Falls as North Sea Oil Unit Faces Insolvency
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M&A:

Mid-market M&A plummeted in November
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Layoffs:

Companies force workers to take unpaid vacation
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Most Firms See No 2009 Firing or Hiring
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Motorola cutting 400 more jobs as troubles continue
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Laid off W.Va. employees' lawsuit moves forward
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Municipalities:

Moody's: Bad Time for Localities
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Next recession ripple: State deficits could rise to $150 billion in 2009
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Executive Compensation:

What They Got Away With
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Alternative Energy:

Alternative energy companies stung by tight credit
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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)
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Marketing:

Mainstream Media files for bankruptcy , had sealed NASCAR deal
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Banking:

Judge rules on WaMu bankruptcy motions
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Could IndyMac's purchase prompt more private equity investments in banks?
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Fannie Mae Holding IndyMac Deal 'Hostage,' Sources Say
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Another Big Bank Failure: More Likely Than Not to Occur
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Bankruptcy Prediction:

Professor: Bankruptcies to climb
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Newspapers:

One More Newspaper Gives Up the Ghost: Spanish Language Hoy New York Goes Web-Only
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Mass Torts:

40 billion reasons why asbestos litigation will grow
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Hedge Funds:

Hedge Fund Returns: The Worst Year Evah
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Personal Finance:

A Q&A With Divorce Lawyer Lee Rosen: ‘People Are Frustrated’
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Much Glamour at the Ball, but Fewer Debutantes
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Celebs:

Andre Rison Faces Bankruptcy
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Health Care:

Scantek Medical Files for Chapter 11 Voluntary Bankruptcy
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Tenn. hospitals cutting staff, services
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Sour economy makes paying for health care even harder
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Distressed Investing:

John Paulson looking to buy distressed debt
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Buyout Shops Circle Distressed Firms
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Chemicals:

LyondellBasell eyes Chapt. 11, seeks $2 billion
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LyondellBasell Lenders May Lose More Than 90% as Takeover Sours
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Chemical Giant Mulls Bankruptcy
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Bankruptcy Statistics:

HI: Isle bankruptcies hit 3-year high
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Private Equity:

Venture capital shakeout will leave few winners
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Commodities:

Copper Heads for Biggest Drop in 21 Years as World Growth Slows
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Immigration:

Economy seen behind lagging immigration renewals 7:58AM ET
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UK:

Personal insolvency 'record' in 2009
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Britain to Go Broke, Stocks to Rebound in 2009
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Creditors get better access to information in company failures
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Oilexco says British subsidiary is filing for administration
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Thousands of small businesses face bankruptcy
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EU:

Company Bond Sales in Europe Fall 7 Percent This Year
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Ukraine:

Gazprom Gives Ukraine a Deadline on Debt
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Ukraine makes gas payment to Russia to avert New Year cut-off
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Gazprom: Ukraine threatens to seize Russian gas
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Russia alleges Ukraine gas blackmail, Kiev denies
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France:

French fashion retailer Morgan files for bankruptcy
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India:

India Economy Cools as Global Recession Slows Trade
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Australia:

Australian Lending Grows at Weakest Pace Since 2002
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Russia:

Sickly Yukos executive freed from jail
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India:

How India avoided the global crisis
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Spain:

Spanish Subprime Risk
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Canada:

Ballet BC details its debts to local businesses
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Ireland:

Ireland: Unsafe As Houses
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Daily Bankruptcy News is published each business day by BKINFORMATION.COM, L.L.C.  You can reach us at 281-402-3957 or at accounting@bkinformation.com (email inquiries are usually answered substantially more quickly than phone inquiries).