February 15, 2008

Daily Bankruptcy News

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Law:

Reveal Revenues? The Managing Partner's Dilemma
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Weil Reports More Than $2 Million PEP; Milbank Doubles Growth Rate
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Fees up 7.5% but profits flat at O'Melveny
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Law Firms Breaking Records for Revenues and Profits Per Partner
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Building Naming Rights: Outside Law Firms Need Not Apply
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Good Works and Bad Paper
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Bankruptcy fees in Pittsburgh top $25M
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Perk Watch: Fried Frank to... New Orleans!
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Layoff Watch: Winstead Winnows Support Staff
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Federal Judge Blasts Top Litigators
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Giuliani deep 'in the hole' over campaign debts
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Pay rises for granny walking
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Co. Launches Legal Outsourcing Venture
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Seyfarth Shaw Names New Bankruptcy/Real Estate Partner
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DLA Piper Forms Strategic Alliance with Former LaSalle Bank Chairman Norman Bobins
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More U.K. Firms Aspire to Top 10 Law Firm Status
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Companies Looking In-House for New GCs as BigLaw Salaries Continue to Rise
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The Great American . . . . Laptop Suit?
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Partner apologizes for short skirt comment
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House Votes to Hold Bush Confidants Miers and Bolten in Contempt in Prosecutor Purge Inquiry
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Lawyers Advertising Badly
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Where's Jeremy?
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Judicial Ethics Case Exposes Appellate Judges' Dirty Laundry
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Growing up Italian in Jersey: Alito reflects on ethnic heritage
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Recusal Effort Irks Judge in Case Involving DA's Deleted E-Mail
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Law School Struggles to Stay Open As Profs Work Without Pay
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Observers Doubt Clemens Testimony; Experts Predict Perjury Investigation
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Seattle Lawyer Sentenced to Five Years in FBI Sex Sting
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Marketing Advice for Lawyers During Economic Down Cycles
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Alabama stands alone
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Bonds:

FGIC Loses Aaa Insurance Credit Ratings at Moody's
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New York's Dinallo Considers Splitting Bond Insurers
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Spitzer Warns Bond Insurers
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Bond insurer recapitalization may be soon-Spitzer
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House Panel Looks at Relief for Bond Insurers
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Bail-out of bond insurers is not planned
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MBIA, Ambac Rescue May Be Set Before Ratings Are Cut
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US muni regulators seek auction-rate disclosure
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Newspapers:

New York Times to Cut 100 News Jobs as Ad Sales Drop
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Loudoun Independent Files Bankruptcy, Publication To Continue
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Autos:

Securities backed by auto loans falter
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Credit markets may harm GMAC
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Auto loan delinquencies hit 10-year high
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Chrysler exec: Moving tools would cost automaker 4-5 days of production
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Ruling due Tuesday on Plastech-Chrysler flap
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UAW: 15,000 to 20,000 GM workers to take buyouts
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Ford pitches buyouts hard
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UAW opposes GM pension fund use for Delphi
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Hedge Funds Could Make or Break Delphi
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Bid for Delphi plant withdrawn
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Ford to do more parts in-house
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Another car-parts plant goes
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Visteon loss grows to $43M
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Health Care:

NY AG Cuomo targets UnitedHealth, other insurers
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Doctors Close Shop, Abandoning Patients
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Accounting:

PriceWaterhouse to Pay $30.5 Million to Settle SmarTalk Teleservices Litigation
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Finance:

Fear and loathing, and a hint of hope
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Regulators zero in on rules governing loan securitization
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Education:

Silver State Helicopters Students Hear From Attorney General
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Students rage about flighty helicopter school
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Alternative Fuels:

Biofuels venture to proceed amid debt, boss says
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Gambling:

Mount Airy Casino's credit rating is cut to junk bond status
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Beautiful Mount Airy Lie
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History:

Helm, Six Others, Oust Blacks From ABA
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M&A:

Meet Seven Private-Equity Buyout Victims
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Disaster Planning:

Charys Holding Company, Inc. Commences Chapter 11 Reorganization
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Student Debt:

Sallie Mae extends financing facility
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Real Estate:

GMAC May Face `Substantial Difficulty,' Cerberus Capital Says
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Countrywide agrees to provide documents in Pa. homeowner case
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Delinquencies rise at Countrywide
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30 day respite saves no homes
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SEC, FBI probe dozens of sub-prime cases
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Home Sales Fell in 45 States in 4Q
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Home Prices Fall in 77 US Metro Areas, Realtors Say
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4Q Florida real estate sales decline
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South Dakota Stands Alone
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Housing Slowdown Not at Bottom Yet
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Wells Fargo Lobbied on Mortgage Reform
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Loan approved for Levitt & Sons
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Bank says Puig faked reports
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Senate Democrats offer housing rescue plan
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Navigant: Subprime Mortgage Litigation Outpacing Savings-and-Loan Crisis of the Early 1990s
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Subprime-Crisis Lawsuits: By the Numbers
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Some Cities Are Spared the Slide in Housing
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Senior Citizens Most Likely to be Targeted by Foreclosure Rescue Scams
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Bankruptcy Court Ruling Precedes Shooting
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Bay Area home sales hit new low
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Home Builders Wonder: Will They Come?
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Kimball Hill mulls Chapter 11
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Mortgage Insurers Taking Hit
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Mortgage Insurer Reports $1.5 Billion Loss
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Mortgage bankers, bank branches surrender licenses
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SEC Sees Mortgage Mess In Puerto Rico
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Judges:

Arrested bankruptcy judge wore dress, women's hosiery
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What a drag it is to be Judge Robert Somma
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Economy:

Paulson, Bernanke: Slow growth ahead
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Fed Chief Leaves Room for More Rate Cuts
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No recession yet, Greenspan says
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Fed chief sees economy rebounding by midyear
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US recession could last for 3-4 quarters
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Bernanke's Precarious Position
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Initial jobless claims down again, but unemployment creeping up
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Top Officials See Bleaker Outlook for the Economy
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Everything Isn't Going to Be OK
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Dollar Falls as Bernanke Cites `Downside Risks,' Signals Cuts
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Confidence in Fed Amid Crises
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Bernanke Pledges `Adequate Insurance' Against Risks
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Aviation:

United Airlines in advanced negotiations with Continental Airlines
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Survival of the Biggest
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The need to shrink
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Airline Consolidation? Heck No
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Air France-KLM to seek new Italy govt approval for Alitalia deal
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Delta Employees Get $158 Million In Profit Sharing
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Pilot talks likely to delay Delta, NWA merger
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Ask the pilot
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Delta Pilots Told of Combination Risks
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Alitalia shares fall after Air France-KLM report
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Brazil airline Gol Q4 net falls 60 pct
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Mergers could throw airlines out of formation
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About $758000 in refunds unclaimed from Canada 3000 bankruptcy
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Celebs:

US bankruptcy judge sides with BBC in rocker superstar Mick Fleetwood case
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Mining:

Grupo Mexico says it can bail out bankrupt Asarco
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Glencore and Washington Corp. want to buy Asarco
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Credit Cards:

'Bill of Rights' for credit cardholders
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Hedge Funds:

Bear Stearns probe may focus on conference call
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Bear Probe May Center on Investor Call
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Citigroup Fund Bars Withdrawals
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Morningstar to rate hedge funds
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Jewelry:

Friedman's heads toward sale
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Politics:

Obama Campaign's Predatory Lending Link?
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Last 4 recessions were under GOP presidents
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Hillary Clinton's plan to solve the subprime mortgage fiasco is the worst proposal to come along in decades
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Staffing:

Gromwell gets DIP
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Corporate Reform:

Ruling extends Sarbox whistleblowers protection
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Academia:

Q&A with Professor Warren's TA
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The Effect of Foreign Currency Hedging on the Probability of Financial Distress
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Derivatives:

Barclays, Vanguard tussle over 'derivatives for the masses'
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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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Predatory Lending:

Are Debtors' Prisons Next?
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Banking:

UBS Posts Loss on Big Write-Down
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DBS Group Profit Falls on Subprime Mortgage Losses
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Software:

SCO revives with $100 million investment
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SCO Gets Up to $100 Million Financing
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Forest Products:

The Cram-down
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Manis Lumber wins use of its cash
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Chemicals:

Judge Delays Ruling on Solutia Bid
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FocusBanks face hurdles in Solutia's $2bn suit
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Solutia Seeks to Depose Citi's Pandit in Financing Suit
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Food/Drink:

Buffets closes 51 restaurants
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Creditors Fight Buffets' Bankruptcy Loan
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Wornick Co. files for Chapter 11
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Bankrupt Barnhill's causing headaches
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Xyience wins final nod for (15%) DIP
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Court approves $25M American Italian Pasta shareholder settlement
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The 99-cent recession menu
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Glassware:

Judge OKs Global Home Products Ch 11
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Fraud:

French Trader's Bets Said to Assure an Alarm
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Credit card fraud was the most common form of reported identity theft
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Wall Street:

Stocks End Lower on Bernanke's Comments
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Market Drops on Fed Chief's Glum Words
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Banking shares, dollar fall after downbeat Fed
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Stocks to open slightly higher
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US stocks head for lower open
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Futures fall on credit worry, Best Buy
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Asian Markets Fall Like Cherry Blossoms In Gentle Spring Rain :)
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Enron:

Ex-Enron Unit CFO has Conviction Tossed
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Corporate Governance:

N.Y. High Court Approves Derivative Lawsuits for LLCs
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Religion:

Diocese: Parishes likely would have lost lawsuits
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Bankruptcy Reform:

Mortgage Loan Modification May Soon Be Allowed in Chapter 13 Bankruptcy
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Municipalities:

Emergency plan calls for layoffs, service cuts
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Municipalities Feel Pinch as Another Debt Market Falters
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Sales:

Fedders Plans More Ch 11 Auctions
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Retailing:

Turnaround Specialist Conway Is Named CEO of Sharper Image
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Stock Brokers:

E*Trade Tries to Reboot
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Telecoms:

Lightwave wins cash collateral
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Defense Contractors:

Creditors want PVI dissolved
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Obituaries:

Judge Joseph Sneed
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Mass Torts:

Tersigni examiner confirms overbilling
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UK:

Record numbers opt for bankruptcy
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England, Wales Q4 company winding up petitions down 10 pct vs year before
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Low insolvencies 'tip of iceberg'
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Credit card spending sounds alarm bells
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Germany:

Deutsche Post chief under investigation for tax evasion
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Canada:

Loggers last in creditor line
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Japan:

Bank of Japan Leaves Key Rate Unchanged
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France:

Natixis Drops After Subprime Writedowns Cut Profit
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Russia:

How to Steal Legally
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EU:

European economy cools in Q4 on slowing exports, higher food costs
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