January 28, 2008

Daily Bankruptcy News

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Law:

DLA Piper kicks off laterals season
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Judge Holds Lawyer in Contempt for Reading Maxim
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Bonus Watch: Happy Campers at Latham & Watkins
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Bonus Watch: Reading the Latham Tea Leaves
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Bonus Watch: WilmerHale in Washington
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Pay Raise Watch: The Lay of the Land in Atlanta
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Pay Raise Watch: Venable to $160K
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Slaughters' friends stay close
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Pa. Midsize Firms Report Revenue Increases in 2007
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Law Firm Temp of the Day
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Lawyers Who Love Their Jobs
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Justices and CEO put finances ahead of people
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Weil London doubles profit
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Compensation for the New Partner
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BigLaw, Solos, Whatever, Survey Says Women Lawyers Bill $21 Per Hour Less Than Men
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Behold the Lawyers of the Round Table
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Leaving Big Law to Start Your Own Firm
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The Art of Redacting Privileged Data
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London Firms to Redeploy Lawyers as Markets Shift
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Federal Judge Blasts Lawsuit 'Madness,' Finds Breach of Contract
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Judicial Trailblazers Hold Forth on International Law, Court Clerks -- and Ladies' Restrooms
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Beware of Waiver on Appeal, Even if You Represent the Party That Won Below
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More Ways to Rate Lawyers
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BigLaw Firm Foiled in Bid to Recoup Taxes
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Noel Shillito - He gets lives back on track
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More General Counsels Mull Outsourcing Options
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Myth versus Reality in Legal Offshoring
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Facing Prison, Prominent Fla. Lawyer Still Has Many Friends
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San Francisco Firm With Century-Old Roots Splitting Up
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Consumers:

Warren: The Battered Athlete
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Bankruptcy Reform:

Expanding relief for homeowners urgently needed
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"Let's focus on stopping foreclosures, helping keep people in their homes and protecting our economy with a debate based on solid public policy and legitimate reasoning"
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Fraud:

French Bank Says Trader Hacked Computers
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Rise and fall of the SocGen rogue trader
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Master fraud or fall guy?
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Rogue trader threatens to 'name names'
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Prosecutors mull 'rogue trader' charges
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Prosecutor seeks charges against trader
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Police hold French trader as bank reveals 73 bln dlr gamble
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Kerviel's lawyers denounce "media lynching"
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Gambling amounted to France's annual budget deficit
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SocGen says used one trader to unwind $73 billion of deals
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SocGen chief Bouton seen fighting for his future
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Offers to defecting risk managers on the rise
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A French Style of Capitalism Is Now Stained
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Derivatives:

Derivatives boom raises risk of bankruptcy
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Celebrity:

Lindsay Writing Memoirs to Avoid Bankruptcy?
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Mining:

ASARCO Bankruptcy Gets More Complex
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Furniture:

Furniture buying has slumped on housing woes, competition
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Retailing:

Saving Sears Doesn't Look Easy Anymore
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Sears CEO Lewis Leaving Amid Reorganization
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Sears Sacks Its CEO, Lampert Lays Off Blame
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Did hubris get the best of Sears' Eddie Lampert?
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Utilities:

Fuel firm closing blamed on debts
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A & B Fuel owners looking forward to day in court
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Ratings Agencies:s

Moody's: They lied to us.
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S&P, Investors Issue Junk Warnings
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Hedge Funds:

Hedge funds find there is nowhere to hide
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Hedge Fund Concerns Weigh On Markets; Numeric Denies Problems
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Seek distressed assets in 2008, avoid M&A
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Hedge funds flex muscles
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Corporate Governance:

Wall Street CEO pay encouraged risk-taking mentality
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Shareholders need a say on executive pay
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Tough regs won't derail deferred-comp goodies
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Health Care:

Arriva seeks OK for emphysema drug
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Ambulance Service To Make Good On Pay
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A new 'credit score' for patients?
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Suit not seen affecting BMC sale
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DIP OK'd for Haven Eldercare
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Too much staff, too few patients, says hospital chief
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Hospital workers call for walkout
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HCA unit in line for Sun Coast
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Another Health Care Emergency
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Advertising:

Is It a Recession? Marketers Seem to Think So
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Debt Collection:

Debtor Sues Opposing Law Firm for Filing in Wrong Court
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Payroll Services:

Axium wins OK to sell payroll assets
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Real Estate:

Reviewer of Subprime Loans Agrees to Aid Inquiry
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Clayton Cooperates in Wall Street Subprime Probe
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Due-Diligence Firm to Aid New York Subprime Probe
(WSJ: separate paid subscription required)

Countrywide's Mozilo to give up $37.5 mln payoff
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Countrywide's Underwriters Sued for Fraud by New York Agencies
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And The Winners Are...Trial Lawyers
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House Of Cards: The Mortgage Mess
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Mortgage refinancings spike after Fed cut
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Mortgage rates drop to even lower levels
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Real estates woes fuel rise in personal bankruptcy filings
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Cleveland blames Wall St. banks for housing misery
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Subprime Woes Overstated . . . Or Worse?
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Broken Dream
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Countrywide Bonds Stir Angst
(WSJ: separate paid subscription required)

Countrywide earnings could heighten doubts about BofA takeover
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In Search of a Subprime Villain
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Homebuilder Bankruptcy Cases - What You Need to Know
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Broke homeowners linked to arsons
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Timbers of Inwood Forest, the Economics of Rent, and the Evolving Dynamics of Chapter 11
(DBN Subscription Required)

Suit filed over rapid amortization event
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FDIC Chairman Vows to Pressure Lenders
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Economy:

Road to Recession
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Global Recession Risk Grows as U.S. `Damage' Spreads
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How Venture Capitalists View An Economic Downturn
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Warren: Same Solutions, Different Problems
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Paulson urges Senate to support stimulus package
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Paulson's Deal-Making Revives Treasury's Relevance
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Paulson says US Senate should move fast on stimulus
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Second tranche of stimulus could include biz boosts
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It's a slump, not economic doom
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Fed watchers at a loss about Fed move this week
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Rate Cut May Not Offer Big Fix
(WSJ: separate paid subscription required)

Emergency rate cut revives talk of "Bernanke put"
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Stimulus Spurred by Backlash Fears
(WSJ: separate paid subscription required)

What Lower Rates Mean for You
(WSJ: separate paid subscription required)

Investors insist on 'Libor floor' - Although Fed's big cut sends benchmark tumbling, corporate creditors are tight in doling out benefit
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Risks in Fed's Deeper Interest Rate Cuts
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Falling Down on the Job
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'Recession' talk is standing on every most street corner
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IMF chief calls for 'serious' response to US recession risk
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The whisper in Davos - 'the global depression is here - who goes belly up first?'
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In Bush's Legacy, Weak Economy Moves Up Front
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Paying the Price for the Fed's Success
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Autos:

Royal Pay at Delphi, Reined in by a Judge
(NYT: separate free registration required)

Delphi executive payout cutback a victory for unions, many say
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Delphi judge cuts exec payout by 80%
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Judge stands up to excessive pay at Delphi
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Cerberus's Rocky Road
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Toyota beats GM in global production
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Ledco fight 'far from over'
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Football:

Wranglers file for bankruptcy protection
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Religion:

Diocese won't pay into suit settlement
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Churches teach Christian approach to finances
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Credit Cards:

Capital One Goes Countrywide: Cataclysmic Drop on the Horizon?
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Bonds:

Big downgrade of MBIA, Ambac would leave banks with $143 billion hole
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The Great Monoline Prop-Up
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Wilbur Ross said to be interested in Ambac
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Bond insurer crisis imperils municipal work
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Tax:

U.S. corporations may pretend to be foreign companies to evade taxes, says GAO
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Audits up as IRS stages crackdown
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Video Rentals:

Movie Gallery's rating withdrawn after bankruptcy filing
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Printing:

Quebecor World Incorporated Granted Bankruptcy Protection in US
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Means Testing:

Bankruptcy Means Test Income Allowances Change February 1
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Finance:

Equipment leasing and finance activity slowing
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Buddy, Could You Spare Us $15 billion? - Another shady realm of finance goes begging for a massive bail-out
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Accounting:

Life for finance chiefs has gotten a lot dicier
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CFOs laughing all the way from the bank these days
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Recognizing Financial Statement Fraud Red Flags
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Audit's Cautious Watchdogs
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Corporate Reform:

Stoneridge and the Rule of Law
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UST:

Region 20 U.S. Trustee Named
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Jewelry:

Lexington Jewelers sale approved
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Movie Theaters:

Texas Imax theatre up for grabs
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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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Awards:

Ken Klee Named to Top 500 Lawyer List
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Banking:

Banks: Too Big to Fail
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Qatari funds may buy stake in Credit Suisse
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Foreign funds rescuing banks
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Investors ask how long SocGen heads can last
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Societe Generale shares plunge
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Citi chief awarded $26.7m in shares
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Banking While Intoxicated
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What this nation could use is a good usury law
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$3 ATM Fees? Banks Increase the Price of Your Money
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About That Overdraft: See You in Court
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Worth of financial services industry drops; first decline since '02
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Fortis could face 1bn subprime hit
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Aviation:

Bankruptcy judge plays hardball - with fairness
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When airlines merge, consumers lose
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Delta-Northwest talks hit turbulence at upper level
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Salons:

For Pamperers of the Pampered, It's Beauty, Interrupted
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Mass Torts:

Grace Bets On Winning Asbestos Lawsuits
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Brobdingnagian Bail Set For Indicted Fen Phen Lawyers
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Student Debt:

US lending helping hand on student loans
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Sallie Mae Settles Suit Over Buyout That Fizzled
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Sallie Mae gets $31bn in new financing
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That's Outrageous
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Food/Drink:

5 Steelers try again to halt court depositions
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Bye-bye, beer! Reorganization unlikely for indebted brewery
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Stay lifted for All American
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Wall Street:

What's $34 Billion on Wall Street?
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Stocks Wilt on Nagging Economy Worries
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Wall Street braces for more volatility
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Merchant bankers are like movie stars
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Pink Slips Paper Wall Street
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Hitch Your Wagon to a Rate Cut?
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Sensex Index Drops 1.1 Percent
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Chinese shares plunge 7.19%
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Asian, European equities tumble
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Economy woes batter equities
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Wall Street headed for lower opening
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Politics:

Romney Seeks Shift Back to Economy
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Hillary Clinton Pledges To Protect Families From Predatory College Loans
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Too Late To the Downturn
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Foreclosure Surge Could Be Key Issue in Md. Primary
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Bankruptcy Statistics:

Iowa bankruptcy filings increase in 2007
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Books:

Uncovering WorldCom's Big Lie
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If You Can't Win the Case, Buy an Election and Get Your Own Judge
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Art:

Salander-O'Reilly Fights Eviction From $154000-a-Month Mansion
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M&A:

Orbit Brands wants out of Ch. 11
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Workouts:

Bargaining Around Bankruptcy: Small Business Workouts and State Law
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No shield to $1.2m claim by client - Businessman loses bankruptcy ruling
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Werner's creditors seek $1B in damages
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UK:

UK to see weakest growth in 15 years in 2008-09, risk of recession
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Insolvencies set to soar
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UK house prices up 2.3 pct yr/yr in Jan
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UK Jan house prices fall monthly 0.3 pct, 4th consecutive decline
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Bank of England Chief Changes Tack in Crisis
(WSJ: separate paid subscription required)

Northern Rock plan said to include 1.3 bln pound share sale
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Credit crunch dulls shine of England's northeast
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Northern Rock bidder Olivant backed by Middle East fund
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Edwin Coe forges ahead with Northern Rock claim
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Senior Clarke Willmott insolvency partner gets the chop after allegations of financial irregularities
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Spending ebb puts store space at risk
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Dolcis paid backers £900000 before bankruptcy
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Dolcis swamped by suitors
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Canada:

Mindready Solutions plans bankruptcy proposal to its creditors
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Canada's largest printing union seeks meeting with Quebecor World
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ICI founder says he sold the company
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Japan:

4000 Nova victims to get tuition deal of ¥200000
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Subprime Turmoil Erodes Earnings of Nikko's 2 Core Units
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Asia:

US Slowdown Likely To Affect Asian Economies
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Cayman Islands:

The Cayman Islands Insolvency Regime: Soon Change
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