January 23, 2008

Daily Bankruptcy News

Also available on the Web (with links to the news stories) Click Here
Prior editions: Click Here
Search prior headlines: Click Here
Search prior New Opinions: Click Here

Law:

O'Melveny Says It's Sorry for Missing E-Mails
(DBN Subscription Required)

No Deal, But Many Anderson Attorneys to Join Reed Smith
(DBN Subscription Required)

55 Attorneys, Including Bankruptcy, Go to Reed Smith From Anderson Kill
(DBN Subscription Required)

Merger Talks Fail, but a Deal Still Gets Done
(DBN Subscription Required)

Anderson Kill to Focus on Core Practices
(DBN Subscription Required)

Two Sides to the Anderson Kill, Reed Smith Merger Talks
(DBN Subscription Required)

Reed Smith Grabs Group From Anderson Kill
(DBN Subscription Required)

DLA Piper Gets Restructuring Partner From Sidley
(DBN Subscription Required)

Bonus Watch: Goodwin Procter
(DBN Subscription Required)

Do New Yorkers Deserve Bigger Bonuses?
(DBN Subscription Required)

Tyco + Eversheds = Sea Change
(DBN Subscription Required)

Is BigLaw Afraid of Commitment?: Firms Hooked UP Less in '07
(DBN Subscription Required)

White & Case London fees up 37% as Bingham boosts PEP
(DBN Subscription Required)

Kasowitz Benson Issues Negative Statement About Ex-Partner
(DBN Subscription Required)

Kasowitz: Former IP Head Was Fired for Inappropriate Conduct
(DBN Subscription Required)

Kasowitz Attributes IP Head's Departure to 'Extremely Inappropriate Personal Conduct'
(DBN Subscription Required)

Five law firms make Fortune's list of best employers
(DBN Subscription Required)

Justice Breyer Takes Us Inside His Butterless Refrigerator
(DBN Subscription Required)

Partner Offers $10K Bounty for Blogger's Identity
(DBN Subscription Required)

Barack and Hillary Trade Barbs Over Legal Careers
(DBN Subscription Required)

Probe of US Prosecutor Firings Heats Up
(DBN Subscription Required)

Legal Outsourcing to India Is Growing, but Still Confronts Fundamental Issues
(DBN Subscription Required)

Alternative Careers
(DBN Subscription Required)

DLA Piper Embroiled in $30M Negligence Claim
(DBN Subscription Required)

Hawaii Supreme Court Considers Crackdown on Legal Aid Businesses
(DBN Subscription Required)

Performance Pay for Federal Appellate Judges?
(DBN Subscription Required)

JD/MFA?
(DBN Subscription Required)

Homeowners Feel the Pain, Lawyers Feel the Gain
(DBN Subscription Required)

Canadian Senator, a Lawyer, Investigated for Alleged Overbilling
(DBN Subscription Required)

Judge disbands grand jury behind Texas Supreme Court justice indictment
(DBN Subscription Required)

No politics? Evidence to the contrary
(DBN Subscription Required)

Lawyers Who Love the Law
(DBN Subscription Required)

Law Firms Hold Tight to Their Slots on Annual 'Best Companies' List
(DBN Subscription Required)

Newly Merged 630-Lawyer Firm Plans New Chicago Office
(DBN Subscription Required)

Justices stick to judging
(DBN Subscription Required)

Ex-NY Prosecutor, Married to Police Chief, Charged With Having Sex, Booze and Pot With Teens
(DBN Subscription Required)

Say What?!
(DBN Subscription Required)

Guess He's No Longer 'The Thugs' Lawyer'
(DBN Subscription Required)

______________

Wall Street:

After Day of Turmoil, Dow Cuts Losses
(NYT: separate free registration required)

Fed's Action Stems Sell-Off in World Markets
(NYT: separate free registration required)

Markets Poised for More Declines
(WSJ: separate paid subscription required)

U.S. Futures Fall, Point to Sixth Straight Drop for S&P 500
(DBN Subscription Required)

FTSE down 2.1 pct in volatile trade
(DBN Subscription Required)

European stocks down sharply as Fed 'feel-good' rally falters
(DBN Subscription Required)

On Wall Street, a Day of Frayed Nerves
(NYT: separate free registration required)

Market Drop, Fed Cut Create Opportunities For Cherry Pickers
(WSJ: separate paid subscription required)

A spate of Chapter 11 filings as markets collapse
(DBN Subscription Required)

Global selloff, rate cuts send Wall Street on wild ride
(DBN Subscription Required)

Emerging debt-Wary but resilient markets eye US recession risk
(DBN Subscription Required)

Nikkei falls 5.6% as plunge continues
(DBN Subscription Required)

Asian Markets Ease Higher After Rate Cut
(NYT: separate free registration required)

Canada Stocks Have Biggest Gain Since 1998, Led by Royal Bank
(DBN Subscription Required)

The worst market crisis in 60 years
(DBN Subscription Required)

Investors exiting stock funds are urged to wait
(DBN Subscription Required)

______________

Bonds:

Ambac On The Block
(DBN Subscription Required)

Ambac Posts $3.3 Bln Loss, Seeks "Strategic Alternatives"
(DBN Subscription Required)

Ambac Reports Loss, Talks With `Potential Parties'
(DBN Subscription Required)

Bond insurers surge on possible regulatory help
(DBN Subscription Required)

CIBC Probably Has $551 Million in Debt Insured by Ambac
(DBN Subscription Required)

Municipal Bonds Downgraded With Ambac
(DBN Subscription Required)

Ambac, MBIA Lust for CDO Returns Undercut AAA Success
(DBN Subscription Required)

Ambac's Downgrade Doesn't Mean End of Bond Insurers
(DBN Subscription Required)

______________

Autos:

Judge approves Delphi bankruptcy plan
(DBN Subscription Required)

Exec bonus cuts are condition for Delphi deal OK
(DBN Subscription Required)

CEO: Ford has enough cash to weather downturn
(DBN Subscription Required)

Ford May Say Loss Narrowed on Mulally Plant Closings
(DBN Subscription Required)

Wilbur Ross: Automotive Supplier Consolidation to Continue
(DBN Subscription Required)

GM exec: Dealer network should shrink by 30 percent
(DBN Subscription Required)

GM Shares Crown With Toyota
(WSJ: separate paid subscription required)

______________

Utilities:

A & B Fuel Customers Face Long Wait for Any Refunds
(DBN Subscription Required)

Owners Of A&B Fuel File Personal Bankruptcy
(DBN Subscription Required)

______________

Retailing:

General Growth shares rise on strong reassurance
(DBN Subscription Required)

Red flags over General Growth's debt
(DBN Subscription Required)

One Shopping Mall REIT's Dance with Debt
(DBN Subscription Required)

______________

Manufacturing:

Global Power Equipment Group Successfully Emerges From Chapter 11
(DBN Subscription Required)

______________

Health Care:

Diomed patent defendant files for Chapter 11
(DBN Subscription Required)

Businesses turn to VEBAs to spruce up balance sheets, offload risks
(DBN Subscription Required)

______________

Art:

Salander-O'Reilly's Million-Dollar Library Back in the News
(DBN Subscription Required)

______________

 

 

 

Real Estate:

California defaults soar in 4Q
(DBN Subscription Required)

Foreclosure activity up at least 119 percent in East Bay
(DBN Subscription Required)

Mass. foreclosures rose 150% in 2007
(DBN Subscription Required)

Mortgage Modification And The "Free" Market
(DBN Subscription Required)

Countrywide's 'Normal' Deal Agreement
(NYT: separate free registration required)

Interest rate cut hurts savers, helps those with ARMs
(DBN Subscription Required)

What the rate cut means for mortgages
(DBN Subscription Required)

A failing grade in subprime literacy
(DBN Subscription Required)

Almost 150 Mortgage Companies Were Casualties In 2007
(DBN Subscription Required)

Florida attorney general sues foreclosure rescue firm
(DBN Subscription Required)

If Everyone's Finger-Pointing, Who's to Blame?
(NYT: separate free registration required)

Buffett Buy Hovnanian? Guess Again
(DBN Subscription Required)

Sears Would Face Soft Real-Estate Sector
(WSJ: separate paid subscription required)

IRS urges bankruptcy court to end protection of Boise Place
(DBN Subscription Required)

Boise Place developer faces liquidation
(DBN Subscription Required)

An Atlanta Home Builder Speaks Up
(DBN Subscription Required)

Look who's buying commercial real estate now
(DBN Subscription Required)

______________

Bankruptcy Reform:

Warren: Burning the Consumer
(DBN Subscription Required)

Let's punish lenders of easy credit
(DBN Subscription Required)

A smart fix for the subprime mess
(DBN Subscription Required)

______________

Economy:

Worries That the Good Times Were Mostly a Mirage
(NYT: separate free registration required)

U.S. poor still suffering from last recession
(DBN Subscription Required)

Bush Optimistic on Stimulus Package Collaboration
(DBN Subscription Required)

Fed Cut Won't Spark Capex Spending
(DBN Subscription Required)

Fed is in 'an almost impossible place'
(DBN Subscription Required)

Fed cuts rate, but recession worries persist
(DBN Subscription Required)

Fed caves to Wall Street in moment of panic
(DBN Subscription Required)

Despite Fed, Recession Fears Mount
(WSJ: separate paid subscription required)

US rate cuts: Another drink for the alcoholic
(DBN Subscription Required)

White House, Congress move quickly on stimulus
(DBN Subscription Required)

Legislation on Economy Will Start in House
(NYT: separate free registration required)

Bush Says He's 'Realistic' About Stimulus Timetable
(DBN Subscription Required)

Fighting Vicious Economy Cycle
(DBN Subscription Required)

The Fed Hits the Emergency Button
(DBN Subscription Required)

Recession or not, pain widespread
(DBN Subscription Required)

Central banks slash rates as markets crash
(DBN Subscription Required)

US recession fears hit CEO confidence
(DBN Subscription Required)

Bernanke's Balancing Act
(DBN Subscription Required)

Anxiety Crashes the Party at Davos
(NYT: separate free registration required)

Davos hears high-profile economists' doubts on U.S. decoupling
(DBN Subscription Required)

How this year looks depends on where you sit. If you sit in a developed economy, it doesn't look so good. But if you are in a developing economy, all is rosy
(NYT: separate free registration required)

Borrowers With Good Credit May Benefit From Rate Cut
(NYT: separate free registration required)

Home loan applications jump as rates fall
(DBN Subscription Required)

______________

Layoffs:

Yahoo shake-up will cut staff by 5 per cent
(DBN Subscription Required)

Tellabs to cut 225 jobs
(DBN Subscription Required)

Facility Closures and Layoff Announcements (Jan. 20-26)
(DBN Subscription Required)

H&R Block To Cut Jobs
(DBN Subscription Required)

______________

Enron:

Enron Investors Suing Banks Spurned by Top US Court
(DBN Subscription Required)

High Court Rejects Enron Holder Suit Against Wall St
(DBN Subscription Required)

Enron plaintiffs stay in fight despite losing ruling
(DBN Subscription Required)

______________

Awards:

Sullivan Hill attorney named VP of bankruptcy forum
(DBN Subscription Required)

______________

Credit Cards:

Target Card Sale Seen Stymied By Credit Market Troubles
(DBN Subscription Required)

______________

Hedge Funds:

Bayou Co-Founder Gets 4 1/4 Year Sentence for Fraud
(DBN Subscription Required)

Hedge funds see big gains in distressed investing
(DBN Subscription Required)

Hedge funds insure against the risk of more rules
(DBN Subscription Required)

______________

Alternative Fuels:

Bankruptcy hits two Colorado biodiesel plants
(DBN Subscription Required)

______________

Celebrities:

Michael Jackson to lose Neverland?
(DBN Subscription Required)

______________

Music:

Ampex warns of possible filing for bankruptcy
(WSJ: separate paid subscription required)

______________

Food/Drink:

A bankrupt restaurant chain shows just how ridiculously easy credit was before the current crunch arrived
(NYT: separate free registration required)

Xyience Files Ch. 11
(DBN Subscription Required)

Owner Of Ryans Restaurants Files Chapter 11
(DBN Subscription Required)

Owner of buffet chains files for bankruptcy
(DBN Subscription Required)

Buffets gets in line for Ch. 11
(DBN Subscription Required)

Bottled Water creditor fights stay
(DBN Subscription Required)

______________

Telecoms:

Motorola Says Profit Slumps 84%; Forecasts Loss
(DBN Subscription Required)

______________

Printing:

Quebecor World to appear in U.S. bankruptcy court
(DBN Subscription Required)

Major printer says it's bankrupt
(DBN Subscription Required)

Quebecor seeks OK to borrow $750M
(DBN Subscription Required)

Quebecor World CFR downgraded to 'Ca'
(DBN Subscription Required)

Quebecor: No cuts likely
(DBN Subscription Required)

______________

Theme Parks:

Theme park's lenders split over low offer
(DBN Subscription Required)

______________

Video Rentals:

First Lien Lenders, Second Lien Lenders and 11% Senior Noteholders Agree to Support Movie Gallery's Plan of Reorganization by Entering Into Plan Support Agreement
(DBN Subscription Required)

______________

 

New Bankruptcy Opinions
(No new opinions today) 

Bankruptcy Court Web/Pacer Site Directory

Chapter 7, 12 & 13 Private Trustee Locator
(DBN Subscription Required)

Recent Ch. 11 Filings
(DBN Subscription Required)

Bankruptcy Jobs:

(1), (2), (3), (4), (5), (6), (7), (8), (9), (10), (11)
(DBN Subscription Required)

_____________

It's Official: Bankruptcy Is Back!
(DBN Subscription Required)

Derivatives:

Credit Default Swaps: Where the Real Action's At
(DBN Subscription Required)

Industry group pegs default swap losses at $15 billion, not $250 billion
(DBN Subscription Required)

______________

Aviation:

NWA Attendants Outline Merger Demands
(DBN Subscription Required)

UAL narrows quarterly loss as airfares climb
(DBN Subscription Required)

UAL Declines to Reveal Merger Talks
(WSJ: separate paid subscription required)

Delta posts $70 million loss in 4th quarter, net profit for '07
(DBN Subscription Required)

Norwegian Airline Declares Bankruptcy
(DBN Subscription Required)

When airline goes belly up, refund trail goes cold
(DBN Subscription Required)

______________

Corporate Reform:

Court rules against former Conseco director
(DBN Subscription Required)

Hedge Fund Founder Sentenced for Fraud
(DBN Subscription Required)

Deal Reached in Backdating Probe
(WSJ: separate paid subscription required)

Justice Seeks Probe in Massey Case
(DBN Subscription Required)

______________

Banking:

Bank of America, Wachovia earnings plunge over 90%
(DBN Subscription Required)

WaMu cuts cash bonus for executives
(DBN Subscription Required)

Investor group wants answers from Wachovia's risk committee
(DBN Subscription Required)

More Credit Hits For Regional Banks
(DBN Subscription Required)

Banks are down, but not yet out
(DBN Subscription Required)

Write-Downs Weigh on SunTrust
(WSJ: separate paid subscription required)

______________

Payroll Services:

Ensemble Chimes may be bought out of bankruptcy
(DBN Subscription Required)

______________

Furniture:

Domain lands in bankruptcy
(DBN Subscription Required)

______________

Exemptions:

Non-nondischargeable debt doesn't pierce homestead exemption
(DBN Subscription Required)

______________

Chemicals:

Solutia Settles With Bondholders
(DBN Subscription Required)

______________

Music:

Musicland finishes Ch. 11 tune
(DBN Subscription Required)

______________

Insurance:

Buffett Assures Swiss Re
(DBN Subscription Required)

______________

Carpet:

Propex cut to 'Ca', ratings withdrawn after bankruptcy filing
(DBN Subscription Required)

______________

Education:

Corinthian Colleges dive on loan worries
(DBN Subscription Required)

Corinthian shares fall as Sallie Mae halts loans
(DBN Subscription Required)

_____________

Student Debt:

Rules for student loans get tighter
(DBN Subscription Required)

Zombie Student Loans Arise From The Grave
(DBN Subscription Required)

_____________

UK:

End of Easy Money
(DBN Subscription Required)

U.K. Growth Slows to Weakest Pace in More Than a Year
(DBN Subscription Required)

Bank of England: growth could slow
(DBN Subscription Required)

Myths, banks and student loans
(DBN Subscription Required)

Why is the government ensuring banks profit from student debt
(DBN Subscription Required)

Jobs fear at printing firm
(DBN Subscription Required)

FTSE 100 '07 pension fund gains wiped out
(DBN Subscription Required)

Sex 'third most common reason for debts'
(DBN Subscription Required)

Interest Rate Cut On The Cards
(DBN Subscription Required)

Bank 'amnesty' to help badly indebted
(DBN Subscription Required)

______________

EU:

Pressure Mounts on ECB to Trim Rates
(WSJ: separate paid subscription required)

Why the European Bank Is Sitting Back
(NYT: separate free registration required)

ECB holds tough line on inflation
(DBN Subscription Required)

Europe Is Weakening
(DBN Subscription Required)

European Distressed Debt Market Outlook 2008
(DBN Subscription Required)

______________

Canada:

Quebecor World moves to calm stakeholders
(DBN Subscription Required)

Quebecor World European employees nervous, Quebec staff seems unfazed
(DBN Subscription Required)

Federal Gypsum plan approved
(DBN Subscription Required)

Top luggage retailer seeks protection
(DBN Subscription Required)

Decision could seal fishermen's fate
(DBN Subscription Required)

Around the factory, it's all about the economy
(DBN Subscription Required)

______________

Singapore:

Singapore To Help Curb Gambling Problems By Banning Bankrupts
(DBN Subscription Required)

______________

Germany:

Thousands voice anger over Nokia's Germany plans
(DBN Subscription Required)

______________

Italy:

Citigroup, UBS Lawyers Deny Wrongdoing on Parmalat (Update1)
(DBN Subscription Required)

Parmalat Trial Could Open Door for Civil Proceedings
(DBN Subscription Required)

Banks deny milking conspiracy
(DBN Subscription Required)

______________

China:

Will subprime crisis cool China growth?
(DBN Subscription Required)

China Wonders if Its Stock Boom Is Over
(NYT: separate free registration required)

China sets up task force to monitor banks' subprime exposure
(DBN Subscription Required)

______________

Japan:

Talk of rate cut spreads in Japan
(DBN Subscription Required)

______________

 

Please note that the Daily Bankruptcy News is primarily a news link gathering service.   This means that most of the headlines contained in the publication are a collection of links to stories posted on the Internet by various third party publications.  Such content is owned by third party sources, not the Daily Bankruptcy News, and in some cases, these links change or expire, which means you may not be able to view some news stories in prior editions of the Daily Bankruptcy News. The DBN subscription fee for access to certain links is not a fee for access to the content of the links, but is a charge for the considerable work involved in gathering, organizing and presenting the links. Use of this site and The Daily Bankruptcy News is subject to our Terms of Use.If you received the Daily Bankruptcy News via email (and you have a paid subscription account), to view a news story, click on the headline, and the story should open in your web browser. To view additional stories, click back to the email and click on additional headlines, which will cause new stories to open in your web browser.  You can view the Daily Bankruptcy News on the web by clicking here, or by going to BKINFORMATION.COM and clicking on the Bankruptcy News button.  Note that the Daily Bankruptcy News is distributed via "HTML email" in which the links to the news stories are embedded in the headlines.  The email you receive should look like a 3-column newspaper, with headlines for each story. If you receive the Daily Bankruptcy News by email and the copy you receive is not formatted like a 3-column newspaper, or does not seem to contain links to the news stories, you may have an email client that is not capable of receiving HTML email, or is not configured to display such email.  You can however, receive a daily email notifying you when the Daily Bankruptcy News is updated on the web site. If you would like to receive such an email, please let us know at admin@bkinformation.com.You can search the headlines from prior editions of the Daily Bankruptcy News by clicking here.

Advertising
Advertising is available in the Daily Bankruptcy News in a variety of places, formats and prices. Go to http://bkinformation.com/DBN_ADs.htm  for a list of choices.  Feel free to contact us with any questions.

Passwords
Access to certain links in the Daily Bankruptcy News is available only to readers holding a paid subscription.  These links are currently marked with a "DBN Subscription Required" notation. The cost of a subscription is $50/year, payable annually.  Volume discounts are available for sites with multiple users. Click here to see a schedule of discounts. Complimentary subscriptions are available for full-time educational and governmental employees and for full time students. For information about discounts or educational/governmental subscriptions, contact us by clicking here. A separate password is required for each member of a firm wishing access to restricted links. New readers can receive a free password good for 30 days by going to http://bkinformation.com/RegistrationForm.cfm. Readers who wish to change their passwords should go to http://bkinformation.com/ChangePasswordForm.cfm. Readers who have forgotten their password should go to http://bkinformation.com/GetPassword.cfm

Adding Your Email Address To The Distribution List
If you would like to start receiving the Daily Bankruptcy News by email each day, go to http://bkinformation.com/SubscribeDBNForm.cfm  and fill in the information requested.  There is no charge to be placed on the distribution list to receive the headlines, although access to many of the links behind the headlines requires a paid subscription (see above, under Passwords). If, after adding your email address to the distribution list, you do not receive an email confirming the addition, please contact us by clicking here for help.  

Removing Your Email Address From The Distribution List
If you already receive Daily Bankruptcy News by email and you wish to remove your email address from the distribution list, click here and send the email that should appear.  Note that the email must be sent from the same email address at which you are receiving the Daily Bankruptcy News. You do not need to type anything in the body of the email message.   If you do not receive an email confirming deletion of your email address from the distribution list  for the publication, contact us by clicking here for help.

Daily Bankruptcy News is published each business day by BKINFORMATION.COM, L.L.C.  You can reach us at 281-242-6208 or at accounting@bkinformation.com