January 14, 2008

Daily Bankruptcy News

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Law:

Law Firm Layoffs
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Cadwalader layoffs may spark copycats
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More on the Sackings at Cadwalader
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More Cadwalader Coverage
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In Wake of Layoffs, Cadwalader Says It Expects Credit Crisis to Continue
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Survey Results: Bonuses (Texas)
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BigLaw Firm Names 46 New Partners, 6 in NY, 1 Bankruptcy
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Resolutions, the Big-Firm Way
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News that Quinn Emanuel Associates Are Sure To Love
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Midsize Firm Overhauls Traditional Class-Year Salary System for Associates
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Luce, Forward Upsets The Natural Order
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In Defense of "Lockstep" Compensation System
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Defections, Merger Talk at Powell Goldstein
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Problems Mount For Large Law Firm
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A Law Office That's Young at Heart
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Chicago Startup Touts Alternative Billing Structure, Lower Fees
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Smaller Firms Should Seek Outside Help for Leadership Roles
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Anytown, U.S.A. v. The Financial Services Industry
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Milberg Weiss & NYC Bar President Elect Pat Hynes
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Another lawyer pleads guilty - Court papers filed point to Scruggs
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Cravath Litigator's London Move Signals a Noteworthy Shift
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Lawyer With Racy Divorce Ads Exposed
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Starting Over
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Subprime mess, market volatility fuel securities suits
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Lawyer Says Subprime Suits Could Be 'Bigger Than Enron'
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Federal district judge says he'll wait to tell his side against the allegations of misconduct
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Blogging lawyer silenced as judge expands gag order
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Aviation:

Northwest Can't Afford to Wait on Merger, Chief Says
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Airline mergers are no solution
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Delta merger would rouse concern in Congress
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Politics:

Presidential hopefuls turn focus to economy
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Obama unveils $120 billion economic stimulus plan
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Barack Obama proposes $75 billion stimulus plan
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Clinton floats $70 billion economic stimulus plan
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Giuliani Proposes Corporate Tax Cut
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Clinton, Obama Battle Over Economy as Campaign Focus Shifts
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Responding to Recession
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Primary battle focuses on auto plight
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Wall Street:

A Fed Signal Can't Dispel the Gloom
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Merrill Writedown Drops Holders' Equity Below Goldman
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Analysts increasingly wary on results
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Clarity Coming to Wall Street
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Stocks Fall 2% As Ugly January Continues
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Financial forces run amok
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Stocks Poised to Attempt a Rebound
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European shares steady around 13-month lows
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Banking:

Citigroup write-offs could reach $24 billion
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Bank M&A Heats Up Amid Subprime Fallout
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Alwaleed to Invest in Citi
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China's Government Could Hamper Citigroup's Plans to Raise Capital
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Gulf funds eyed for further U.S. bank bailouts
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Citigroup stake sale may meet China opposition
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China + Citigroup + Alwaleed = Brave New World
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Citibank and Merrill Raise Capital, Plan Layoffs
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Banks' next hit to profits: $46B and counting
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Investors brace for bank losses in pivotal week
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Bank Earnings To Show Mortgage Woes Are Spreading To Other Loans
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Struggling banks may be targets
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WaMu said to be target of J.P. Morgan Chase
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Bankruptcy Crimes:

Woman gets 5 years in bankruptcy fraud
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Bankruptcy Statistics:

South Florida bankruptcy filings up 68 percent
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Number of Maine personal bankruptcies grows in 2007
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Utilities:

Akron Thermal hearing to begin
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Distressed Investing:

£1bn war chest for Laxey
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Real Estate:

How banks could help, not hinder, sales by troubled homeowners
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Countrywide Draws Ire of Judges
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Mortgage Magic--Recreating Servicing Documents
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Countrywide's Mozilo To Leave In Luxury
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Mozilo, a butcher's son, became mortgage king
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The wrong guy for this gig
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Bank Agrees to Buy Troubled Loan Giant for $4 Billion
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Countrywide Financials' Alternative To Bankruptcy
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Bank Of America Buys Countrywide (Along With its Lawsuits?)
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For CEOs, failure can be lucrative
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Sub-prime supremo lands $40m windfall
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Why BofA Bought Countrywide
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Timing of BofA's Countrywide deal questioned
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Beware of Search for Countrywide-Like Deals
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Three Benefits of the Countrywide Buyout
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Bank of America's Chief Makes Big Bet
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Bank Of America Should Not Be Allowed To Acquire Countrywide
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Tracing Countrywide deal
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Inquiry Focuses on Withholding of Data on Loans
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Loan relief from buyout is unlikely
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FBR's First NLC subprime unit to file bankruptcy
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Mortgage Lender First NLC Shuts Down Shop
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Levitt bankruptcy pelts workmen, home buyers
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NovaStar Financial plans to abolish 170 jobs
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Standard Pacific Swamped
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Adjustable loans spur new worries
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Foreclosures at crisis level
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Can Congress help subprime now?
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ResCap Options Remain Open
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Mayors face test of spreading foreclosures
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Economy:

Experts: Fears of U.S. recession intensify
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No Quick Fix to Economic Downturn
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Bracing for a week of writedowns and layoffs
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Americans Cut Back Sharply on Spending
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This is not merely a subprime crisis
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Larry, Curly, Moe and the Economy
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U.S. consumer confidence hits 6-year low
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Paulson Says Any Economic Stimulus Would Be Swift
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Bush and Congress Seen Pushing for Stimulus Plan
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Economy's Stable Leg Starts to Totter
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Fed to Show New Openness On Outlook
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Fed Signals More Aggressive Response to Faltering Expansion
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Autos:

Will Nardelli Be Chrysler's Mr. Fix-It?
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Daimler head approves of Chrysler moves
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Detroit's bumpy road to better times
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Automakers Hold Out Hope For U.S. Economy
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Bob Lewis Volkswagen files for bankruptcy
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Homeowners not only ones trying to stay afloat in crisis
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Mexico is facing its own job drain
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GM: No spike in car loan defaults
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Health Care:

New Start For Haven Healthcare?
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Senator's company files for bankruptcy
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Mixed results when a hospital goes public
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Another day, another crisis: A career ended at Aliquippa hospital
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Layoffs:

Companies Sharpen the Ax for Workers
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Pensions:

Hikes in pension contributions loom
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Telecoms:

A certain kind of generosity
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Attorney Fees:

First Appellate Court Decision Addresses Question Left Open In The Supreme Court's Travelers Opinion: Can Unsecured Creditors Recover Post-Petition Attorney's Fees?
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Accounting:

KPMG Defendants Reply to Government's Appeal
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Can Accounting Principles Survive the Mortgage Crisis?
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Paper tiger
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Report: Big Four Dominance OK
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The bill for restatements can be costly
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SEC Advisory Panel Recommends Wholesale Changes in U.S. Accounting
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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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NEW
Claim Trading Alerts
The easy way to monitor
bankruptcy claims trading
30-Day Free Trial

Bankruptcy Reform:

A hard road gets harder - Many struggle with changes in bankruptcy laws
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Law Makes Debt Relief Harder for Homeowners
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Finance:

Companies confront a shrinking loan market
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It's the arc of the covenants: Investment-grade borrowers should brace for stiffer bank terms
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Slowdown could alter debt - Companies issue more convertibles, shorter paper in hard times
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Mortgage crisis to corporate debt crisis
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A quiet corporate-bond market augurs trouble
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Fraud:

Jury Convicts Trio of Defrauding Senior Investors in $190M Ponzi Scheme
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Fraud Found in World Bank Projects
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Retailing:

Anxiety for Luxury Brands as Tiffany Reports Slowdown
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Mall Vacancy Rates Climb Again
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Hedge Funds:

Why won't hedge funds bet their $2 trillion to boost Wall Street
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A Fund Behind Astronomical Losses
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A Little Schadenfreude With Your Coffee?
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Horse Racing:

NYRA talks focused on board, slots
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Corporate Reform:

Prosecutors: Former Brocade CEO Should Pay $90 Million in Restitution
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Pre-Deal Trades Trigger Probe
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SEC Looks at Merrill Trading
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Currency:

Talk of emergency rate cut hits dollar
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Dollar Falls to 7-Week Low on Bets Fed Rate to Drop Below ECB's
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Religion:

Church lights a way out of debt
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Music:

One sad lament
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EMI Is Set to Slash Jobs, Drop Artists
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Gambling:

A bet too far
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Personal Finance:

Escaping the middle class squeeze
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Time to make outsaving the Joneses a reality
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Media:

Pre-emptive restructuring that spares the pain of a formal bankruptcy
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Celebrity:

Wesley Snipes to Go on Trial in Tax Case
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O.J. Simpson Held on Bail Violation
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UK:

When the levy breaks
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Forewarned is forearmed
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See fairer
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Six-year record in UK profit warnings
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ScS warns on trading as credit fears spread
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Thousands are hit by rising mortgage debt
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Business advisers predict fraud 'to explode'
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Bankrupt's debt misery made worse by loophole laws
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The UK mortgage 'slapdown'
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Canada:

Quebecor, Brookfield pitch printer rescue plan
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Australia:

Bankruptcy up despite good times
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Europe:

Ghosts of buyouts past haunt Europe's loan market
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Spain:

Spain feels the credit squeeze pain
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