February 14, 2008

Daily Bankruptcy News

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Law:

Some advice for wannabe BigLaw Valentine's lovers
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Love, Corporate-Style
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Baker Botts Reports 19 Percent Profits Surge
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Weil Gotshal reports 12 per cent growth
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Mayer Brown 'pleased' with 9 per cent growth
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Chicago duo unveil strong '07 figures
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Skadden Joins Latham at Record $2B Revenue Level
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What the future holds for the restructuring market
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$10K Bonus Offered to Lawyers Landing Jobs Via New Service
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Perk Watch: One Two Three Four, Cleary Declares Perk War!
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Bonus Watch: Heller Ehrman
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Lawyer of the Day: Homero Canales
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From A Half Billion Dollar Verdict In Big Law, To Beachside Living
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Law Firm Puts On Art Exhibition
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New Latham hire predicts more bankruptcy work
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Fun With Wiretaps, Courtesy of L'Affaire Scruggs
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Scruggs' lawyers want trial moved
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Big Bankruptcy Case Discovers Forged Attorney Opinion Letters
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Ugly Battle Over Ohio Law Firm
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Sometimes the Joke Is On You
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At Top Firms, New Partner Growth Takes a Hit
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Duane Morris Defeats Claim of Malpractice
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Contrite and Cowed, "Scariest Lawyer in the World" Gets 2 Years
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The Naked Cowboy Sues the Naked M&M
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Silicon Valley Embraces In-House Track
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Forged Letters From Prominent Lawyer at Heart of Merrill Lynch Fraud Suit
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5th Circuit Overturns Sex Toys Ban
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Pistol-Packing Security Guard Spurs Deposition Walkout
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Bodyguard, Gun at Deposition ... awkwaaard
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New Jersey U.S. Attorney Under Fire for No-Bid Contracts
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Recusal-Go-Round Continues at West Virginia Supreme Court
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Copies & cookies -- the care & feeding of law firms
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Bonds:

MBIA Raises $1.1B to Shelter Rating
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MBIA Says It Can Weather Slump, Doesn't Need Bailout
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Bond Insurers To Blame Rating Agencies
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Bond insurer crisis moves to Capitol Hill
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Bank bailouts of bond insurers draw Ackman's ire
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'Beginning of the end of the auction-rate market'
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UBS Won't Support Failing Auction-Rate Securities
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Banks Continue To Pull Back From Auction-Rate Market
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MGIC swings to $1.5B loss in 4Q
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Ambac's Chief Risk Officer Leaves
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Debt crisis spreads to US municipalities
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NY regulator: Bond insurers may be split up
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Retailing:

Sears to lay off 200 people
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Harvey's Creditors Delay Bankruptcy Loan
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Ruling on Fortunoff Sale
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Autos:

Chrysler asks bankruptcy court for Plastech relief
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Plastech, Chrysler fight is complex
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Ford, GM support Chrysler suit for tools
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GM Might Take a Cue From Nardelli's Frugal Ways
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Analysts downgrade GM bond rating to 'sell'
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Another auto parts maker in Ch. 11
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Forest Lake Ford expected to file for bankruptcy
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Blue Water Automotive Systems files for Chap. 11
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Delphi May Require GM Financing for Bankruptcy Exit
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GM CFO: We need to replace high-cost older workers
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Bankruptcy Crimes:

Carona lawyers try to get some corruption charges dropped
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Software:

Refusing to Die, SCO Lays Off 30
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Hedge Funds:

For Bear Fund Manager, the Split Was 'Mutual'
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Polar Capital Shutters Second Fund
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Food/Drink:

Bankruptcy judge OKs loan deal for energy-drink maker
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Judges:

Bankruptcy judge guilty in DWI
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Accounting:

Regulators to review off-balance packaged loans
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Hewitt rattles investors by backing plans to hide debt
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Deloitte Goes Pro Bono
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Student Debt:

Students become the next victims of the credit crunch
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Millions of parents are saving in secret to bail their children out of debt after university
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Real Estate:

Warren: Let Them Eat Crumbs
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Hedge Fund Blasts BofA-Countrywide Deal
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Why is BofA Buying Countrywide?
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Can Bill Miller Get a Better Price for Countrywide?
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Subprime litigation? Where are all the lawsuits?
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When loan workouts don't work out
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Developers bash housing plan
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Southern California home sales fall to 20-year low
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NorCal towns dominate foreclosure bust
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New Century assets sale continues
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Builders at annual show lack optimism, attendance
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Moguls fancy Macklowe's GM Building
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'People Say It's a Good Time to Buy, Apparently It's Not Good Enough'
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New foreclosure plan not cure-all: FDIC
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Fieldstone to Pay $400,000 in incentives Ch 11 Case
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Why Not Just Walk Away from a Home?
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Housing misery to linger
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Help! I'm a prisoner in a big suburban house!
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Home bust suppresses prices
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Tillim looks to tap cash collateral
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Four states have most foreclosures
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Washington Mutual giving real estate agents headaches?
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Md. foreclosures upheld
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Economy:

Bush signs economic stimulus package
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42% of Americans Will Pay Debt with Tax Rebate
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Fed Interest-Rate Cuts Fail to Lower Borrowing Costs
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The Telltale Signs of Recession
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How Low Will the Fed Go?
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Global economic confidence drops for third straight month
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Washington suffering from debt delusion
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Will Bernanke Get a Second Term?
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Wall Street:

Morgan Stanley Cuts 1,000 Jobs
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Strong Spending Drives Stocks
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Rally on Wall St Seen to Continue
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US stock futures lean higher before Bernanke
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Mass Torts:

Tersigni Probe Uncovers Irregularities
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WR Grace asks for extension of loan
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Politics:

Obama Details Economic Plans As Confidence Grows
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Obama woos autoworkers
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Horse Racing:

NYRA To Run New York Racing For 25 Years
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Doubts about New York deal
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New NYRA deal bad for state and Long Island
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Racing redux?
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Health Care:

MediCor Wins More Time in Ch 11 Case
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Inquiry Set on Health Care Billing
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Rising health-care costs eating into workers' take-home pay
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Employer Medical Costs Will Increase Worldwide Over Next Five Years
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25 Patients Claim Hospital Did Unnecessary Invasive Heart Procedures For The Money
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Logistics:

Logistics firms scale back on economic woes
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Banking:

Financial sector sheds 52,500 jobs in 6 months
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Banks prepare for sub-prime crunches
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BofA boss defends mortgage securities practice
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UBS Falls to 4-Year Low as Subprime Markdowns Cause Record Loss
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UBS Is Expecting a Difficult 2008
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Commerzbank Profit Falls 44% on Subprime Writedowns
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Worried Bankers Seek to Shift Risk To Govt
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Bankers look to shift loan risk
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Forest Products:

Manis riding it out until sale
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Corporate Governance:

Marsh & McLennan offers rare glimpse of what it costs to part with a CEO
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Directors Who Are Not Shareholders Cannot Sue Derivatively
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Utilities:

Harbinger Capital Ups Calpine Stake
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Celebs:

Pearlman's cash scheme tied to bank
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Rubber:

Johnson Rubber talking to buyers
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Nonprofit:

Nonprofits: How to Survive the Downturn
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Luggage:

InGear secures DIP
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New Bankruptcy Opinions
(2 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 Finance:

Can M&A May Solve The Bankruptcy Financing Problem?
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Waiting For Bankruptcy
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History:

This date in history: Milken's Drexel files Chapter 11
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Religion:

Alaska Diocese to File for Bankruptcy
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Arlington church close to getting out of bankruptcy
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Request made to defrock priest
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Church of Tonga needs $18,000 to avoid foreclosure
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Aviation:

Air France May Invest in Delta-Northwest
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American Airlines pilots seek for 4 straight weeks of negotiations
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Pilots may hold key to Delta-Northwest merger deal
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Northwest, Delta CEOs to waive stock pay if airlines merge
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NWA's Steenland likely to leave airline upon merger
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Pilots, Air France could see stakes in Delta-Northwest deal
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Venezuela prosecutor orders arrest of former Iberia president
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Carpet:

Propex Wins OK for Bankruptcy Loan
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Auto Racing:

Holley Performance to Tap Ch 11 Loan
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Everyone Relax - Holley is Fine
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Holley gets nod for DIP
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Champ Car Employees Told To Cease Working On 2008 Projects
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Newspapers:

Tribune Will Cut Hundreds of Jobs as Businesses Weaken
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Shipping:

Ch 11 Trustee Seeks Summit Global Probe
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Derivatives:

Soaring Default Spreads Sock a Swap Seller
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Chemicals:

Solutia seeks to depose Pandit
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Municipalities:

Municipalities scramble to restructure auction-rate debt
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States Are Caught in a Debt Squeeze
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Credit Cards:

Citi Card Trust Sees Charge-offs, Late Payments Rise in 2007
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Fraud:

Hawaii fraud complaints rise
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Entrust Capital defendant refuses offer of plea deal
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UK:

Insolvency, banking and finance: Banking on stability
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Creditors' limit
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Consolidation looms over UK debt workout sector
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TV betting expert made bankrupt
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Taylor Woodrow leads housebuilders lower
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Cash crisis wind-up threat for Pickford's
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Britons 'have most credit cards'
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Fears over increased insolvency continue
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Heart of Britain's economy feeling crunch of credit crisis
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Credit crunch leaves Esporta sale in chaos
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FSA pursues 70 brokers in home loan fraud racket
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StanChart makes two rescue offers for SIV
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Rover probe sparks call to review investigations
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London bonuses on par with previous years
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Germany:

German Bank Receives Its Third Bailout
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Shares in distressed German lender IKB soar on news of fresh aid
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Canada:

Credit woes to dent Canadian banks a bit more: IMF
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Canadians May See Increased Insolvencies
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Debt, Income Don't Match Up in Canada
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Sheer size of Ian Thow file bogs down Crown, police
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Japan:

Japan 4Q Economic Growth Accelerates
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Singapore:

Singapore economy to slow in 2008
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Poles:

Poles deep in credit card debt
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Asia:

Subprime Crisis Boosts Cost Of Securitization In Asia
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