February 8, 2008

Daily Bankruptcy News

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Law:

HSBC Launches Offshore Legal Team in Malaysia for Bulk Work
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Latham breaks $2bn with record results
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Latham outpaces rivals with 23% revenue surge
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O'Melveny & Myers 'Denies Bad Times'
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Former Holland & Knight Partner May Face Disbarment
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Judge OKs Gitto/Global payment by law firm insurer
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Sometimes Law Firm's Counselors Advise Getting Out
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Plaintiff Who Lost Suit Against St. Louis Suburb Kills Five at Council Meeting
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Suit Alleges Widespread Fraudulent Legal-Aid Scheme
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Bonus Watch: Winston & Strawn (DC)
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Bonus Watch: Dechert Sweetens Bonus Pot By 40 Percent Over Last Year
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Gordon & Rees Opens Chicago Office
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Foley Names New Bankruptcy Partner
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Akerman Senterfitt Names New Chairman
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Boston Lawyers Disbarred Over Alleged Law-Clerk Scam
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The Ten Years' War
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Nifong to Appear in Bankruptcy Court
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Effective Delegation
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Two recent instances of large firms collecting large fees in pro bono cases point to an increasingly controversial issue
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Judge's Foul-Mouthed Rant From Bench Runs Afoul of Ethics Rules
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After 30 Years In-House, Lawyer Returns to Firm
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E. Leroy Tolles, Law Firm Founder, Is Dead at 85
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Law School Dean Hits Road to Help Students Get Jobs
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Judge accused of being sleepy and creepy
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Report: Respected Miami Lawyer Indicted, To Surrender
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Banned Lawyer Gets Reprieve re Alleged Affair With Judge
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Firm represents alleged cannibal
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Wall Street:

Market Shakes Off 3-Day Losing Streak
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Sans Direction, Futures Retreat
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Asian markets may remain volatile next week on US concerns
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Aviation:

Airlines gain on merger talk
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United,Continental in early stages of talks
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Beyond Delta-Northwest, a look at who might fly together
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Ex-Continental boss breaks down possible UAL deal
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Pilots, execs debate AA woes
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Northwest's name is at risk in Delta talks
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IAM leaders leery of NWA merger with larger Delta
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Hang Ups on Northwest CEO's Future Role
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MAXjet Airways says asset sale proceeds will go to creditors, not shareholders
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Tech:

Cisco Slides as Chambers Says Slump May Last Months
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Ratings Agencies:

Moody's forecasts bleak year for ratings
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Ratings agency efforts not enough, say critics
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Cuomo Wants Ratings Firms To Go Further With Reforms
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Bond Raters in Effort to Repair Credibility
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Autos:

US housing slump hurts AutoNation's profit
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Dana workers saw the writing on the wall
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Dad pins failure of car dealership on his daughter
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Forest Lake Ford will file for bankruptcy
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Chrysler talks to dealers about cutting vehicle lines
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Chrysler Plans to Cut Models, Dealers
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Borrowers struggle with auto loans
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Bankruptcy Statistics:

WA bankruptcies on the rise
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Horse Racing:

NYRA on track to keep horse racing franchise
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A sure thing, or bad bet?
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NYRA Seeks Ch 11 Delay
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Bruno: 'Scare Tactics' Must End
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Mining:

Parent company says it will pay Asarco claims
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Bankruptcy Crimes:

DA: Man Forged Bankruptcy Petition To Avoid Payments
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Accounting:

Corporate Auditors Focusing on Cash and Securities
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Lenders 'stretched' rules to get risk off-balance-sheet
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Chemicals:

Banks: Solutia Knew Loan Risks
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Telecoms:

Amp'd Mobile tries to recoup funds
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Turnarounds:

How will lenient debt terms affect turnarounds?
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Real Estate:

Freddie, Fannie debt may pose risk to economy
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Democrats seek subprime role for Fannie, Freddie
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Freddie Credit Losses May Hit Bottom by End of 2008
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Justice Dept. widens mortgage probe, seeks SEC Merrill info
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New Study Blames Weak Underwriting, Not ARMS for Delinquencies
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Countrywide bankruptcy rumors in January wrong
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Lawsuit claims KB Home, Countrywide inflated home prices
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TOUSA's bankruptcy case to be complex
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The Rise of the Mortgage 'Walkers'
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Credit Scores: Not-So-Magic Numbers
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Bear Stearns lobbied on mortgage bills
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Home prices set to slide in '08
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Pending home sales fall 1.5% in December
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Housing Forecast: More Storms
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NY AG Prepares to Unleash "Ultimate" Weapon in Subprime Mortgage Probes
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First Magnus CEO says bankruptcy filing was to pay employees
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Court questions Magnus' priorities
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First Magnus execs plan new mortgage firm
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River Rock faces a miffed lender
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Builder takes a hike as his customers struggle
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Report Says 869,000 Borrowers Received Aid in Late 2007
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Loan help falls short
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Lenders pledge better updates
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Loan servicer Homecomings sued over fees
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Best Cities For Bargain House-Hunters
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Retailing:

Retailers' January Was Slowest in Nearly 4 Decades
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Stores' Weak Sales Signal Consumers, Economy In Trouble
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Sales at US Retailers Languish on Recession Concern
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Retail Sales Weak; Index Hits 5-Year Low
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Tweeter Seeks Delay on Ch 11 Plan
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Economy:

Congress Votes for a Stimulus of $168 Billion
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Stimulus package: What's in, what's out
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America's credit crisis will get worse before it gets better
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Fed official: Inflation still a risk
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Recessions save lives
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Recession road trip
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Dallas Fed's Fisher saw last rate cut as too much, too soon
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US Initial Jobless Claims Fell 22000 to 356000
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G7 'will not seek coordinated action on fears of global economic slowdown'
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Discord Looms As Finance Chiefs Meet On Subprime Crisis -AFP
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Fed's Yellen Says US Will Probably Avoid Recession
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Fed's Yellen: not confident recession avoidable
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More Economists Signal Recession
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Bonds:

Fitch to Review Corporate Debt Ratings, May Slash
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Are junk bond defaults set to go off a cliff?
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MBIA Raises $1 Billion at a Discount to Lure Buyers
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Bank Regulators See Moderate Risks from Bond Insurers
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Mortgage crisis fallout spreads to 'muni market'
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Judges:

Federal bankruptcy judge arrested in DWI after accident
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Photography:

Wedding Bell Blues: Celebration Studios Files for Bankruptcy
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Celebs:

Michael Jackson pays the taxes on his Neverland ranch
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Estate Home of Boy Band Music Mogul Louis Pearlman Slated for Auction Block in Bankruptcy Selloff
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Plastics:

Life and Hope at Victor Plastics
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Spa maker sold to settle lawsuit, bankruptcy
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Hedge Funds:

Ritchie Capital sues investors in troubled hedge fund
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Hedgies lost in Jan
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Food/Drink:

Interstate Bakeries asks court to approve bonus plan
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Mass Torts:

Congoleum Corporation Receives Delisting Notice
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New Congoleum reorg plan surfaces
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Banking:

Of Banks and 'Toxic Kool-Aid'
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European Banks Confront Economic Slowdown
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Enron:

DOL wants Hewitt to add funds to Enron ESOP fund
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Ex-Enron Workers Still $9M Short
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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:

House Dems take stab at bankruptcy law
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Georgetown Law Center Study Finds 'Zero Percent' Likelihood of MBA-Claimed Interest Rate Spike Under Mortgage Foreclosure Crisis Bills Before Congress
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Finance:

Predators' Ball - Creators of Credit Crisis Revel in Las Vegas
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Distressed Investing:

Beijing to invest $4 billion in J.C. Flowers fund
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A perfect storm for distressed investing?
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Health Care:

Healthcare center closed
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Government claim of cover-up opens National Century trial
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Government Claims Health Care Financing Company Bilked $1.9 Billion From Investors
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Official feared trouble years before collapse
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Merck To Pay More Than $650 Million To Settle Medicaid, Kickback Chgs
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Corporate Governance:

Directors: Blame comp consultants for CEO pay problem, not us
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Securities suits on the rise - D&O rates may follow
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Fraud:

Police widen SocGen probe
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Prosecutors Seek to Place Kerviel in Custody During Inquiry
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Employee of SocGen-Credit Agricole JV held in SocGen trading affair
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Police search SocGen brokerage
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SocGen's risky business
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Buffett Won't Be Witness in Fraud Trial
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Ex-Lawyer Takes Deceased Dad's ID, Gets $1.8M in Mortgages - and 4+Years
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17-Year, $180 Million Ponzi Scheme Crashes
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Utilities:

Calpine Wins OK to Sell Unfinished Plant
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Rare fee in Calpine plant auction
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Credit Cards:

Credit-Card Spree May Be Ending
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Bill Could Put Restrictions on Credit Card Companies
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Hotels:

USA Investors plan approved
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Education:

Ex-charter leader filed for bankruptcy, sued campus she left
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Students at closed Fort Lauderdale helicopter school worry about repaying loans
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Student Debt:

Congressional Amendment on Private Student Loans Deserves Support
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Recording Industry:

Teddy Riley Puts Up Studio to Pay Bills
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Manufacturing:

Lenders Fight Fedders Creditors
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City, trustee sue former Queen Mary director
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UK:

Discover to Sell $1.7B Goldfish for $70 Million to Barclays
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Britain's debt by numbers
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Alarm over subprime terms
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Home repossessions rise to 27000
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PwC £20,000 probe unveils £130 in unlawful claims
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Crisis averted for 18,000 holidaymakers
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EU:

Trichet Reverses Interest-Rate Stance, Points to Growth Risks
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ECB Takes The Road Less Traveled
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Euro Heads for Biggest Weekly Loss in 1 1/2 Years
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Canada:

Cotton Ginny on brink of insolvency
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Spain:

Santander's Profit Declines on Sovereign Writedown
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Italy:

Parmalat Shares Advance on Profit Increase, Dividend Indication
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Netherlands:

Hagemeyer says court awards Ceteco receivers 190 mln eur charge against it
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China:

China starts legislative procedure on bankruptcy of banking institutions
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Germany:

WestLB Owners Agree to Bailout as Bank Seeks a Merger
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German bank WestLB to cut up to 1,500 job cuts in rescue plan
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Germany says full subprime crisis impact unknown
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