January 25, 2008

Daily Bankruptcy News

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Law:

Montgomery McCracken Grows Bankruptcy and Reorganization Practice
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Who's Cuddly Now? Law Firms
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The Legal Profession: Is There Something Happening Here?
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Bonus Watch: Weil Raises the Ceiling
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Bonus Watch: Cadwalader
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Bonus Watch: Winston & Strawn (New York)
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Paul Hastings Leapfrogs Pack With Pay Hike for Atlanta Associates
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Should a One L With Poor First Semester Grades Drop Out?
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Firm accused of website theft
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If You're Nathan Hecht, You Can Go Home Again (and Again)
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Federal Judge OKs Counsel's Class Action Against General Electric
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GCs Embrace Outsourced Work
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Some Attire is Career-Limiting
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Blackwater Hits Wiley Rein With $30 Million Malpractice Suit
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Skadden Partner Attains Queen's Counsel Rank
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Watchdog Group Files Ethics Complaint Against Three Texas Justices
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Balancing Act: Women Manage to Live and Lawyer in America
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Corporate Law Firms Figure Fed's Rate Cuts Won't Spur Work
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BigLaw Bumped Rates Higher, So Some Mid-Sized Firms Did Nicely, Nicely, Thank You
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Firm Hit With Capital Loss: Seven DC Lawyers Defect
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Stupid Crime Inspired Lawyer's Song
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In wake of photos, recusal, Supreme Court to rehear Massey case
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Law Prof Lured With Pricey Digs
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Yuck!
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Economy:

Tentative Deal on Economic Stimulus Plan
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Senate May Scuttle House's Agreement With Bush on Stimulus Plan
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The Winners and Losers of the Stimulus Package
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$100B stimulus a 'bull's-eye on middle class'
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Capitalism's Enemies Within
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US jobless claims drop to lowest in four months
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Familiarity Breeds Gloom Among Financial Experts
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The financial turmoil is like an elephant in a dark room
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Only When the Bubble Bursts - Fed cut "screwy"
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Criticism of Rate Cut Mounts
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Commodities Soar as Stocks Idle
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Greenspan says chance of recession 50-50
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Fed may cut overnight rate next week
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IMF Sees 'Below-Potential' U.S. Growth
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How Real Was the Prosperity?
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Fraud:

SocGen Reveals $7 Billion Loss, Blames Trader's Bets, Cover-Up
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Incredulity at Davos.
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SocGen and the $7 Billion Rogue Trader
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SocGen rogue trader ignites bidding war for Leeson
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ShockGen
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Did SocGen trades trigger market rout, Fed cut?
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SocGen Gets Off Easy
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French fury at homegrown scandal
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Qui Est Jerome Kerviel?
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Lawyer says SocGen trader 'not running away'
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Banking Regulatory System Clearly Needs Rethinking
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Horse Racing:

More pressure on NYRA deal
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Retailing:

Karibu Book Chain To Close Down
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Layoffs:

Methode to cut 700 jobs
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Winnebago cuts jobs
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Mass layoff events and initial claimants for unemployment insurance, January 2004 to December 2007, seasonally adjusted
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Politics:

Clinton Spells Out Her Economic Stimulus Plan
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The Dwindling Republican Business Base: It's the Economy, Stupid
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Glum Mood Bodes Ill for GOP
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Obama delivers an anticorporate message
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Banking:

Man Investments says sell U.S. banks and long-term bonds
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Banks' charm offensives have urgency
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Bank of America sells $12 billion of preferred stock
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BankUnited reports quarterly losses of $25.5 million
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Jewelry:

Winning bid emerges for bankrupt Alpha Omega
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Friedman's teeters again on bankruptcy
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Utilities:

Calpine to Give Stockholders Warrants
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Real Estate:

US Existing Home Sales Fell More Than Forecast
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Biggest Drop in Existing Home Sales in 25 Years
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Home Prices Fell in '07 for First Time in Decades
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Home Prices Sank in 2007, and Buyers Hid
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Servicing Kickbacks Alleged in Class Action
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'Secret Puppetmaster'
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Fitch Downgrades IndyMac
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New Century inquiry will continue
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Tousa CFO resigns
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Greater Miami to seek cash use
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More Risk for Fannie, Freddie?
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Could IndyMAC go the way of Countrywide?
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Fixed-rate mortgages at lowest in almost four years
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Mass. foreclosures surge 148% in 2007
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FL home prices plunge; condos lead the way
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Maine faces tide of foreclosures
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Lennar sees further new house price falls
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Homes for sale; still no buyers
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Existing-home sales fall for 1st time since 1930s
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Office vacancy rates up; so too, are rents in Houston, Boston, SF
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Bernanke's Easing Thwarted by Surging Commercial Mortgage Rates
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E*Trade Reports $1.71 Billion Loss on Mortgage Sales
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Subprime Safeguards We Needed
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Slowdown is 'cold water in the face' to home builders
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Sovereign Debt:

Going bankrupt: The US's greatest threat
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Bonds:

Bond insurers rise on bailout hopes
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Bond insurers fall after SCA downgrade
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Mortgage bond insurers 'need $200bn boost'
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Bankers Downplay Reports of Bond Insurer Rescue
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Mass. regulator subpoenas MBIA
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NY Regulator Says Bond Insurer Fix Will Take Time
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Realities of monoline rescue attempt sink in
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Ross said to be trying to buy Ambac
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Private equity investors consider moving into bond insurance
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Bond Insurers Dodge Bullets
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Bond insurers fall, with caution on bailout plan
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Mass Torts:

US Trustee Names Examiner in Tersigni Bankruptcy Probe
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Magistrate upholds Ky. fen-phen indictments
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Enron:

Enron Creditors Recovery Corp. Urges Court to Hold Hewitt Associates Accountable for Multi-Million Dollar Error
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Enron's successor seeks millions for payout error
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Corporate Governance:

Investors push 90 companies for say on CEO pay
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Academia:

Bankruptcy and the Resolution of Financial Distress
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Finance:

"Lite" loans may sideline lenders in U.S. downturn
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Moody's sees global defaults on syndicated bank loans accelerating in 2008
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Food/Drink:

Credit Suisse serves Buffets
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Economy taking a toll on restaurants, too
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Xyience can tap its DIP loan
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Judge OKs Universal Food pact
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CCI to sell TGI Friday's outlets
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Golf:

Heritage Hill bankruptcy filing aims to void auction
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Payroll Services:

Axium heads to auction
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Bankruptcy Crimes:

Ex-head of drug task force indicted in bankruptcy case
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Video Rentals:

Movie Gallery Wins Ch 11 Extension
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Derivatives:

Complex Financial Trades Worry Economy Watchers
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Transparency in Derivatives?
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Outsourcing:

Castleton to seek liquidation
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PRC files for bankruptcy protection
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Tax:

Wesley Snipes claimed he was 'nonresident alien' of the US
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New Bankruptcy Opinions
(1 new opinion 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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US debt in 'severe' distress
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Bankruptcy Reform:

Clinton Slammed for Vote on Bankruptcy Bill
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It's the stupid economy
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Opportunistic Informal Bankruptcy: How BAPCPA May Fail to Make Wealthy Debtors Pay Up
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Autos:

Ford Cuts Loss in Half
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Ford to cut another 13,000 jobs?
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Dura Seeks to Sell 9 Properties
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Plastics:

Questions Accumulate in Victor Plastics Bankruptcy
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Corporate Reform:

Fastest Growing Corporate Crime?
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Broadcom Founders Cited in Court
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Aviation:

Why airlines combining is no good for customers - or for companies
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Northwest pilots want stake in merged carrier
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Northwest Pilots File Complaint Alleging Pension Plan Bias
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US Airways posts $79 million loss as fuel costs rise
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Rival predicts Delta will likely merge
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Delta, others maneuver pieces like a chessmaster
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US Airways' saga offers cautionary tale for Delta merger
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Wall Street:

With a Day of Steady Gains, U.S. Stocks Join in a Global Rebound
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Asia markets rally today, heartened by U.S. developments
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European, Asian Markets Rise
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Morgan Stanley to Lay Off 1000
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E*Trade Takes $2.2 Billion Charge
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FTSE closes higher as financials rally
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Margin debt data predicts extended bear market
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Merrill Lynch `Very Well Positioned,' Thain Says
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Personal Finance:

Drowning in debt, he needs a life raft
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Wild West World creditors negotiating with potential buyer
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Health Care:

Hearing under way on Philipsburg hospital's future
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Adams defends plans in court
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Hospitals in NJ said to be in crisis
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Haven Eldercare pleads case for DIP
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Ambulance service folds
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Pure Weight Loss Sued After Abruptly Closing Doors
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Bankruptcy Statistics:

Bankruptcy league tables for the fourth quarter 2007
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M&A:

6 percent of all PE buyouts eventually end in a bankruptcy
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Printing:

Analysts say sale of printer would aid Quebecor Inc.
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Quebecor bankruptcy delays paychecks
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Call Centers:

Major Iowa call center operator files bankruptcy
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UK:

Northern Rock Hocking the Rock
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MPs to attack FSA for Northern Rock failings
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Valad eyes distressed UK property
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Lovells and Brick Court prepare to defend Terra Firma over Boxclever collapse
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Bankruptcies down in 2007, but set to rise
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Canada:

Bank of Canada warns of tougher times
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Ex-Norbourg CEO appeal to avoid prison for fraud
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CIBC May Take $4.1 Billion Writedown
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Liquidity crunch means extra billing
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500 jobs lost as automotive parts manufacturer shuts down shop
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Switzerland:

Court approves freeze of Russian funds
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Japan:

Frailty of U.S. Finances Has Japanese Agonizing
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Japan Stocks Gain Most in Almost 6 Years on U.S. Economic Plan
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