February 29, 2008

Daily Bankruptcy News

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Law:

Big-Firm Associates: Why They Go and How to Keep Them
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Happy Leap Day!
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McDermott Will & Emery to Open Houston Outpost
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Law Firms Follow Banks to the Persian Gulf
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Firm Spends $216 Million on New HQ
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Just a Bloody Mess Involving Electronic Discovery
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Big Firms Could Take Biggest Hit in 2008
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Perk Watch: Skadden
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Hotly Contested Election Changes Leadership at Leading Firm
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Judge Refuses to Grant Dismissal Motions in Milberg Weiss Case
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Torkelsen to Plead (and More!)
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Milberg Weiss Probe Touches Other Firms
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Reports of New Scruggs Influence Payments Surface in FBI Notes
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Cadwalader Taps New Chairman
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Sullivan crosses the Rubicon... slowly
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The Hills Are Alive / With the Sound of... Quinn Emanuel?
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Duane Morris Trims Office Staffers
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Outsourcing Drives O'Melveny Partner to Gibson
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Judge Fines Company $10 Million Over Trial Tactics
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Lawyer Back from Iraq Shares His Story
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1 in 100 U.S. Adults Behind Bars
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Legal Costs in Sen. Craig's Restroom Case Near $250,000
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Associate Who Settled Gay Bias Suit Buys $1.5M Penthouse Condo
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Law Firm Governance from the Inside Out
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Former lawyer launches nutjob website
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Say What?!
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Lawsuit of the Day: That's One Way to 'Motivate' Employees
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Wall Street:

Global stocks fall as dollar hits new low
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The latest $500 billion explosion in Wall Street's bowl of alphabet soup
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Stocks Sink as Data Disappoint
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Brokerage firms face 'grim' near-term outlook, Bernstein warns
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Professor predicting a whale of a bear market
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Banks drag FTSE down
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Asia Stocks Plunge On Renewed Worries About U.S. Slowdown
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Wall Street futures fall
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100% for a half-point Fed cut
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Retailing:

Sears' Lampert Seeks 'Giant' Comeback
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Sears chairman rallies worried investors
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Does Wattles' Circuit City stake presage a bankruptcy?
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Amazon falls on retail slowdown concerns
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The Pitfalls of Shopping the Liquidation Sales
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Colbert shows why Sharper Image is bankrupt
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Notice:

The Bankruptcy of Due Process: Nationwide Service of Process, Personal Jurisdiction and the Bankruptcy Code
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Municipalities:

Calif. City of 120000 Faces Bankruptcy
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Tentative deal reached in Vallejo fiscal mess, officials say
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Vallejo to unveil deal to avoid bankruptcy
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When City Hall Goes Belly Up
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The snowball rolls from New Jersey to California
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Reaping what we've sown
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Time for a plan
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Police, fire employee benefits bankrupt Vallejo - Gilroy next?
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State, preparing to borrow, faces cold market for munis
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Health Care:

Pharmed Seeks Ch 11 Extension
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NJ Hospitals Weary Over Corzine's Budget Plan
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Hospitals predict closings; top senator urges urban aid review
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Medical Bankruptcies Hitting Insured Middle Class
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Health insurers cost U.S. $54 billion more than Medicare
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Firm seeks to block homes' foreclosure
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Hospital wants tax hike, bankruptcy possible
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Bonds:

Swaps compounding problems for auction-rate borrowers
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Wilbur Ross to Buy Up to $1 Billion Assured Shares
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Bond insurers may split in two, but how, exactly?
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Ambac bail out plan in final stages
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Wachovia, Deutsche Bank Employees Targeted in Probe
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MBIA Expects Further Write-Downs
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Munis Have Worst Month Since '03 on Auction-Rate Woes
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Fraud:

FBI Arrests Head of Folsom Investment Fund
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Real Estate:

Bernanke says time for long-term mortgage answers
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Bipartisan Spirit Falters in Fights on Debt Relief
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Alt-A Mortgage Securities Tumble, Signaling Losses
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Facing Default, Some Walk Out on New Homes
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Many troubled mortgages investor-owned
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Bush: No bailout for lenders, speculators
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New Century Estimates Bankruptcy Payout
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Thornburg May Sell Securities to Meet Margin Calls
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Merrill to shut down subprime lending unit
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Housing slump now going commercial
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The Housing Nightmare Hits Main Street
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Vulture Fund Deals With Delinquent Homeowners Lost by Subprime
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Freddie Mac Loss Swells as Mortgage Crisis Deepens
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Fannie and Freddie smile through crisis
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Proposed US mortgage aid would do harm - Paulson
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Senate GOP To Unveil Housing Alternative
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Bush Chides Dems on Housing Bill
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GOP Senators Block a Vote On Housing
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Is Housing Market Pessimism Overdone?
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Dunmore Homes liquidating its assets
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Even in Napa wine country, foreclosure crisis hits home
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Subprime crisis and poverty hand-in-hand
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Wells Fargo tightens mortgage guidelines
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Fremont May Record More Write-Downs
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Fremont General may sell itself amid capital woes
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The Worst-Case Scenario for Housing
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Angst towers over some buyers
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Hawaii experts see slide in commercial real estate
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Shores of Panama files for Ch. 11
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Economy:

Bernanke: US not facing 1970s-style stagflation
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Situation Could Be Worse Than 2001
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Bernanke Readiness to Cut Rates Stokes Price Concerns
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Bernanke says unemployment to hit 5.2-5.3 pct, could go higher
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US weekly jobless claims up 19000
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Economic Growth Slowed to 0.6% in 4th Quarter
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Dollar Falls to Three-Year Low Against Yen, Record Versus Euro
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Power of Greenback Faces Test
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Forest Products:

Pacific Lumber Plans Sent to Creditors
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Pope & Talbot Wins Ch 11 Loan Extension
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Alternative Fuels:

The ethanol boom is running out of gas as corn prices spike
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Hedge Funds:

Rebel investors seize Bear hedge funds
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Leveraged funds rush to sell debt
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Hedge fund is the latest victim of credit crunch
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Richmond Capital hedge fund loses more than half its value
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Insurance:

AIG reports $5.29 billion quarterly net loss
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AIG Declines After Reporting Biggest Loss in 89-Year History
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Swiss Re limits subprime damage
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Credit-Default Swaps Hurt Swiss Re
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Bank woes leading to cheaper D&O coverage for others
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Credit Cards:

Mortgage Woes Boost Credit Card Debt
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Sovereign Debt:

Treasury Tells a Very Scary Story
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Bankruptcy Crimes:

Charges set aside in Hawaiian Air fraud case
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Banking:

Financial Firms Face $600 Billion of Losses, UBS Says
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US Banks Should Seek More Capital -Bernanke
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UBS Valentine's disclosure causes mortgage mayhem
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Bernanke predicts failures in banking sector
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Financial Literacy:

Finance Basics Elude Citizens
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Aviation:

Adam Aircraft trustee seeks to auction assets
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Insider Compensation:

Investors, Directors Face Off over Pay
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Food/Drink:

Teamsters say they have new investor for IBC
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Southwest Food get DIP
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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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Bankruptcy Reform:

Senate won't hear bankruptcy cramdown bill - Democrats appear to be far short of veto override
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Senator Harkin sponsors bill to address mortgage foreclosures
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Update H.R. 3221
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Bush, Paulson and Bernanke object to mortgage bailout programs, bankruptcy reform, in Congress
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Senate Will Try To Override Veto Of Foreclosure Bill
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Lawmakers clash on mortgage bill, bankruptcy changes
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Housing bill stalls in Senate
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NY prosecutor asks changes in bankruptcy code
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Manhattan DA: Sub-prime Double Standard is 'Un-American'
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Commodities Brokers:

MF Global Says Unauthorized Bets Lost $141.5 Million
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Gambling in the wheat pit
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MF Global counts the costs
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Consultants:

FTI Consulting, Inc. Reports Record 2007 Results
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Pensions:

Report to Senators Says Many States Are Lax in Funding Their Pension Plans
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DOL wants small outfits to speed up pension deposits
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Chemicals:

Solutia officially emerges from bankruptcy
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Religion:

Oregon attorney challenges Portland archdiocese over documents
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Celebs:

Has "American Idol" saved Michael Jackson's Neverland?
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Lou may tiptoe around a trial
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O.J. Simpson Is Out of Timeouts in Armed Robbery Trial
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Politics:

Obama slams Bush, McCain on the economy
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Bankruptcy Statistics:

Making Sense of Nation-Level Bankruptcy Filing Rates
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Autos:

Johnson Controls asks court to force Plastech to accept or reject
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Cerberus Defends Chrysler's Health
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UAW deal may bring GM spending cuts
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Parts-maker strike signals CAW's hardline stance
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Reality squeezes Dauch, UAW
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Corporate Reform:

Conrad Black must start jail term
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When State Officials Attack
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Student Debt:

Student Loans Feel the Pinch
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Accounting:

Audit Committees Wary of Recession and Risk
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Plastics:

Wellman Can Tap $225M Ch 11 Loan
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Tax:

Liechtenstein calls for compromise
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Monaco: 'We're no Liechtenstein'
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UK:

Corporate Insolvencies steady but credit crunch about to bite
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Peloton Partners is forced into liquidation
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Peloton to Liquidate ABS Fund After Mortgage Losses
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Peleton liquidation does not bode well
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Are the banks just bluffing?
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Peloton Blames Wall Street Lending Crackdown for Fund Collapse
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Russia:

Russia Central Bank says loses on US home finance firms
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Yukos Bankruptcy Auction Followed the Law
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Canada:

More writedowns seen after CIBC's C$1.46 bln loss
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We're more in debt; but less delinquent
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Writedowns, C$ hurt Royal Bank of Canada profit
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Romania:

Arcelor Mittal company ordered to pay US$5.6 million compensation to Romanian company for contributing to bankruptcy
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Australia:

Write-downs Plunge Centro Properties Into River Of Red Ink
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