February 20, 2008

Daily Bankruptcy News

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Law:

Tom Cruise's Lawyers Among 244 Names on Pellicano Witness List
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Judge: Separate Trials For Lawyer, Pellicano In Racketeering Case
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Discrimination Lawsuit Against Cozen O'Connor Is Quietly 'Resolved'
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L'Affaire Scruggs: the Government Responds
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McDermott Pair Snatches 'Success' from Sanction
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Survey Results: Maternity Leave
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Holland & Knight Gets New Leadership
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Law Firms Rev Up for Expected Bank Litigation Barrage
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A Warning For Law Firms (And Business Clients) Using Facebook
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Law firm employees quarantined over package
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IPO Funds 'Eye-Popping Expansion' of Law Firm
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Beware of all legal job postings that require heavy lifting
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Woman calls for barring Willie Gary from practicing law
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Susman & Godfrey Gets Starring Role in Documentary
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Fulbright raids BLG for sub-prime litigation partner
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Public enterprise
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Panel Seeks Testimony on Ashcroft Deal
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Prosecutor Suspended for Spurning CLE Requirements
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Where Do the Footprints of Metadata Lead?
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Nifong's income is hurdle
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Court Recommends Against Allowing Nifong to Obtain Bankruptcy
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Judge's bathroom to cost $30,000
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New Issues for Lawyer Who 'Worked' 1,286 Days in One Year
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Doc Buys Law School
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Lawyers with superstitions
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Legal Ethics - How One Firm Acted For An Alleged Cannibal Despot
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How Attorneys and Judges Are Beating Their Retirement Blues
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Banking:

Credit Suisse's CDO headache
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Responsibility must go higher up. A senior head at Credit Suisse must roll
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Undue Credit for Credit Suisse
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Credit Suisse & the Oversight Crisis
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BNP Paribas Q4 Profit Down 42 Percent
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Credit Agricole's Calyon Could Take New Writedowns Linked To Ratings Downgrade Of FGIC
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Subprime hit for Agricole
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Sovereign funds' timing appears to be awry
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U.S. Fed Increases Scrutiny of Arkansas Bank
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Global banks facing subprime reckoning
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Subprime mess hurting big banks' pursuit of wealthy clients
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The Traders Did It!
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Economy:

America's economy risks the mother of all meltdowns
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CPI up 0.4 percent last month
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Stern Fed Talk: Rate Cuts 'Appropriate'
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Predicting recessions is a tricky business.
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Fed official: 2008 similar to 1991 recession
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Cerberus chief sees no quick end to credit woes
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How Bad Can it Get?
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Time for small businesses to hunker down
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Big write-downs in the credit crisis
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Our Economic Dilemma
(WSJ: separate paid subscription required)

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Health Care:

National Century CEO told investors they'd lose their money if they didn't reinvest
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Bankrupt Victory Hospital Awaits Auction Sale Date
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Caution: Retirement bankruptcy up ahead
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The Health Care Crisis and Why it was Inevitable
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Who Is A Medically Distressed Debtor Under The Medical Bankruptcy Fairness Act?
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Corporate Reform:

SEC Sues Ex-Refco CEO Bennett
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Judge's Gagging of Wikileaks Ignites Free Speech Furor
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Sarbanes-Oxley's power
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Ex-GC Argues Memo Shows Wilson Sonsini Backdating Knowledge
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Skadden Lawyer Says Prosecutors Engaged in Legalized Extortion
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Horse Racing:

Legislation Expected to be Signed
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OTB Unanimously Approves Plan for a Shutdown in June
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Software:

SCO Group: Prolonging death or what?
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SCO's Restructuring Tightrope
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Autos:

Judge denies Chrysler request in Plastech dispute
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Chrysler loses tool clash with Plastech
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Chrysler Gearing Up For Shutdown After Court Case
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Delphi cuts CEO bonus for bankruptcy exit
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Delphi posts narrower quarterly loss
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Delphi narrows losses, warns of trouble obtaining financing
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Blue Water gets $25M DIP
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Help Wanted? Detroit?
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GMAC to cut offices
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Blackhawk is back in business
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Retailing:

Sharper Image Files for Bankruptcy After Sales Fall
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Lillian Vernon files for Chapter 11
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Fortunoff gets stalking-horse bid
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Corporate Governance:

Financial services may be next target of activist groups
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Exec Pay Outpaces Corporate Revenue, Study Says
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Board Decision to Reject Offer Protected by Business Judgment Rule
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Predatory Lending:

Whistleblower Group Urges Va. Payday Lending Reform
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Payday lending adds to Cleveland foreclosure woes
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Fraud:

Document Says Trader's Rogue Bets Began in Summer
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Hunt for third trader may reveal `imaginary accomplice'
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Rogue trader probe looks to London
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SocGen's Risk Mismanagement
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Societe Generale-Type Fraud Could Happen Again
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Real Estate:

US Homebuilder Confidence Index Rose in February
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Housing construction increases
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US Housing Starts Probably Stayed Near 1991 Low, Survey Shows
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Conned into a deeper mortgage mess - Bankruptcy Judge: "a "new cottage industry of bottom feeders"
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Subprime loans defaulting even before resets
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Half of homeowners fail to fight foreclosure process
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Alt-A Loan Buyers Disappear
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BlackRock says it has no large subprime losses
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1031 Tax Group Owner Loses Court Bid
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NovaStar Financial gets break from lender
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JTS/Simms to clear path for foreclosure
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Hundreds of Homes Auctioned Off
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O'Malley targets mortgage industry for role in foreclosure crisis
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Subprime loan crisis swamps agencies
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St. Joe Fourth-Quarter Net Income Falls 96% on Expenses
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Macklowe's $3 Billion Life Raft?
(WSJ: separate paid subscription required)

Silverstein Bids Above $3 Billion for G.M. Building
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Regions owed millions after Florida condo deal collapses
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Miami condos are "for sale" for foreign buyers
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Tamarack owners file for bankruptcy
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Levitt cleared to tap more from DIP
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Broker's assets may go to victims
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Houston-area home prices slip along with sales
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Housing Slowdown Hits Towns at the Outskirts of Texas Boom
(NYT: separate free registration required)

Colorado foreclosures up 40 percent in 2007
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Foreclosure Bus Tours On Rise In U.S., Mid-South
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When is it OK to walk away from your home?
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Property Development gets three plans
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Measure requires lenders to maintain foreclosed homes
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State's foreclosure strategy targets loan servicers
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States Try to Manage Foreclosure Rules
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Unlikely Criminals? Owners Loot Foreclosed Homes
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Bankruptcy Reform:

Unthinkable housing solutions thinkable
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Aviation:

Merger Could Be Close for Delta, Northwest
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Northwest merger with Delta could occur today
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There's no fairy-tale ending in the Delta-Northwest merger
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Northwest, Delta pilots plan uncertain
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Pilots could get equity stake for approving Delta deal
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Northwest, Delta boards to meet on merger
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For Northwest Chief, Multiple Escape Hatches
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Adam Aircraft files Ch. 7 petition
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Chapter 7 filing caps Adam Aircraft's fall
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Bonds:

MBIA not planning to split in two
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MBIA's Brown Sees Decision This Week on Plan to Retain AAA
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Muni bond auctions produce crazy results.
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Pittsburgh med center to call bonds rather than pay 'loan sharks'
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Auctions Yield Chaos for Bonds
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Troubled bond insurers may still meet CDS obligations, but banks must increase reserves
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Logistics:

Judge OKs Summit Global Probe
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Education:

Failed US helicopter academy faces sizeable claims
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Students' reactions about Lehigh closing are mixed
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Recording Industry:

TVT Files For Bankruptcy and Fires Majority of Staff
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Concerts:

New York's Northern Lights Venue Files For Chapter 11 Bankruptcy
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Hedge Funds:

Hedge Fund May Be Forced to Open Up Books
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5 indicted for defrauding Lancer investors
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Hedge Fund Picks Up First Distressed Mortgage Portfolio
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Credit Cards:

'Bill of Rights' for credit cardholders
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Credit Card Application Approval Processes
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Religion:

Bishops favor stiffer penalties
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Wall Street:

Wall Street Abandons Neediest Clients as Banks Withdraw Credit
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Stocks Wilt After Oil Hits $100
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World stocks slide as oil storms to record $100.10
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U.S. Stock Futures Drop
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Asian Stocks Fall, Led by Banks, on Concern Losses Will Widen
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Japan Stocks Drop on Renewed Subprime Concern, Property Outlook
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Banks bear brunt of FTSE losses
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Investors Wait At A Critical Crossroad
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Mining:

Unsecured creditors object to Eastern claims in Peachtree bankruptcy
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Forest Products:

Feinstein weighs in on Palco bankruptcy
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Credit Reporting:

Ga. passes credit freeze
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Newspapers:

San Jose Mercury News publisher offers buyouts, warns of layoffs
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Insurance:

N.Y. High Court Approves Consequential Damages Claims Against Insurers
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Convenience Stores:

Franchisees may keep AmeriStop stores
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Paper:

Highland Capital and Marcal Paper Mills Announce Agreement with EPA
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Alternative Fuels:

Tremors in the biodiesel industry could force consolidation, bankruptcies
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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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Debt's "Fallen Angels" on the Rise
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Mass Torts:

Travelers' $500M asbestos settlement overturned
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Travelers Announces Court Decision Regarding Statutory and Common Law Direct Actions
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Travelers: Profits Won't Be Affected
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Mechanic wins $840,000 asbestos claim against Ford
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Congoleum drafts reorg plan
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Insider Compensation:

Fedders pay packages draw ire of creditors
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Movie Gallery Seeks Exec Bonuses
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Accounting:

2 More Indictments in Tax Shelter Case
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Credit Suisse versus its auditors
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Municipalities:

Bankruptcy fear high in Vallejo
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Subprime City?
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Fallout From The Credit Crunch May Squeeze Municipalities: Is It Time to Dust Off Rarely-Used Chapter 9?
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Budget crisis may lead Vallejo to bankruptcy
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Debt Collection:

Big Retail Chains Dun Mere Suspects in Theft
(WSJ: separate paid subscription required)

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Pensions:

More People Tap 401(k) Accounts for Cash
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PBGC sets new investment policy, places 50/50 odds on full funding
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Judges:

The Blawger and the Bankruptcy Judge
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Conventions:

Bankruptcy filing won't stop Gen Con shows, officials say
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Food/Drink:

Lone Star closes 26 restaurants
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Morality:

Societal Norms and Social Stigma of Bankruptcy
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Furniture:

Bankruptcy court OKs Wickes bid procedure
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Wickes closing doors
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Klavohn's files for bankruptcy
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Personal Finance:

45% of Consumers Ages 25-40 Have Too Much Debt
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Auto Racing:

Champ Car series is on its deathbed
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Jewelry:

Friedman's to auction assets
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Financial Literacy:

CA assemblyman pens bill to boost financial literacy
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Military couples get basic money training
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Layoffs:

Facility Closures and Layoffs (Feb. 17-23)
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Private Equity:

KKR Seeks to Restructure Debt
(WSJ: separate paid subscription required)

KKR affiliate delays debt payment for 2nd time
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Politics:

Obama's economic plan is magical, includes bankruptcy reform
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Skiing:

Late bid made for Powder Ridge
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Student Debt:

One student's run-in with the seamy side of credit collection
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Rubber:

Norbalt Rubber's parent bankrupt, seeking buyer
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UK:

Linklaters usurps Freshfields to advise new Northern Rock board; Slaughters to advise on nationalization
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Northern Rock advisers facing fees showdown
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Northern Rock Bill to Clear House of Commons
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Bankruptcy move for low earners
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The Lies You Should Watch Out For
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A&L, Abbey, Coventry and Godiva to pull 125% mortgages
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Alliance & Leicester Plummets After Slashing Targets
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Complaints Handling in the UK Insolvency Practitioner Profession
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Deloitte Still Exploring Options For StanChart SIV
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Administration may cost up to 1200 jobs
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Savage cuts at the hospital where the NHS was born
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Germany:

Liechtenstein identifies informer in German tax scandal
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Liechtenstein's anger over German bank probe
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Tax investigators raid Munich UBS office
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Liechtenstein Prince Criticizes German Tax 'Attack'
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German tax-fraud raids trigger EU debate on tax havens
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Liechtenstein Prime Minister to Meet Merkel on German Tax Probe
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Liechtenstein rejects criticism before Berlin talks
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German DIW Proposes Early Warning System For Banking Sector
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Australia:

Twelve steps to meltdown
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EU:

Slight decrease in business insolvencies in Europe
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Canada:

Quebecor World gets bankruptcy protection after bankers balk at financing
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One Down And One To Go at Quebecor World
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Bankruptcy trustees left picking up the pieces
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Piper Resources Ltd. Obtains CCAA Protection
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Bank of Montreal suffers write-down
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