July 10, 2008

Daily Bankruptcy News

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Law:

Fulbright launches dedicated credit crunch team
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CFTC's Head of Enforcement to Leave, Return to Law
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Hot New Trend In Law Firm Rumors: Dissolution
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Thacher Proffitt Denies Dissolution
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Bad Times for Summer Associates?
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US firms' plans for growth in UK undimmed by downturn
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Perk Watch: Winston & Strawn to 18 Weeks -- and iPhones
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Midwest-Based Firms Weigh Possible Merger
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Linklaters bucks trend to float growing equity ranks
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McKenna Long & Aldridge Expands Its Bankruptcy Practice
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Top White & Case Financial Services Partner Defects
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Ethics Complaints Filed Over Obama Mortgage Rate
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Lawyers place third in London pay rankings
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Survey Results: Billing on the Fourth of July?
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Is it crunch time for litigation?
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Law Firm Has Filed About 70 Fraud Suits Against Lenders
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Judge Wants Evidence on Name Plaintiffs' Role in $16 Million Morgan Stanley Settlement
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As Gas Prices Rise, So Does Telecommuting
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Attorney General Hints at Revision of McNulty Memo
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Build a Wiffle Ball Field and Lawyers Come
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A seasoned senior associate offers guidance on navigating one's way in life and law
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Fifth Circuit Reverses Sua Sponte Imposition of Rule 11 Monetary Sanctions for Failure to Comply with Proper Procedure
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eBay scrambles to reverse loss in LVMH case
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Obama Visits Covington & Burling
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Teen plunders thousands from Freshfields
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Woman Could Get 6 Years for Sex on Beach
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Judges:

Baseball Request Lands Judge in Hot Water
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Retailing:

Bankruptcy Wave Topples Steve & Barry's
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Steve & Barry's files for bankruptcy
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Chic and Cheap and Chapter 11
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Steve & Barry's trims 172 jobs
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Analysts weigh in on Steve & Barry's Chapter 11 filing
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Will Sears try on Steve & Barry?
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Lenders Say Steve & Barry s Must Sell By July 31
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Steve & Barry's Model Collapses Under Crunch
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Morgan Stanley cuts targets on retailers
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Dillard's Discount to Book Signals Store Closings
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Chico's FAS drops on slowing sales
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Levi Strauss' profitability plunges on declining sales
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Circuit City's Salvation: Bankruptcy Court?
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Wal-Mart, Costco Gain in June as Consumers Spend Rebate Checks
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Sour economy puts damper on shopping centers, retailers
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Nearly 4500 Store Closings ... And Counting ...
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Dawahare's unsecureds ask for conversion
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Corporate Reform:

Sycamore Networks settled SEC backdating case
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Rumors, subpoenas and the pursuit of truth on Wall Street
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Distressed Investing:

Wilbur Ross builds from the bottom up
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The Rot in C.D.O.'s
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Municipalities:

YFZ/FLDS Texas county yearns for funding, bankruptcy possible
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Movie Industry:

Journey 3D, FX Artists of Former Meteor Studios seeking $1 Million in Back Pay
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Derivatives:

Regulators not keen to oversee credit default swap market
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Obituaries:

Charles W. Grant Sr. - Lawyer known for his integrity
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Health Care:

Sale of Victory Memorial Hospital to Sunset LG Realty
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North Bay Hospital officials again file for bankruptcy
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Haven Healthcare Officials To Stay On To Run Nursing Homes
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Buyer ready to bid on nursing homes
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New Jersey facing a health care crisis
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Oregon's top mental health provider ignored signs of own crisis
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Senate Sends Bush Measure Averting Cuts in Medicare Doctor Fees
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River Oaks gets wind-down cash
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Pensions:

A bad place for pensions
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Hotels:

Marriott 2Q down 24 percent
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Television:

Pappas Telecasting will seek $5 million in loans
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Student Debt:

Student Loans Gone Awry Trap Retirees in Auction Debt
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Mass Torts:

Another paint suit brushed away
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Layoffs:

Closures & Layoffs (July 6-12)
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Real Estate:

Foreclosures Rose 53% in June, Bank Seizures Almost Triple
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Saying They Were Tricked, Borrowers Fight Back With Lawsuits
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Fannie, Freddie 'Insolvent' After Losses
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Saving Fannie and Freddie
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U.S. Mulls Fate of Fannie, Freddie
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Twisting housing statistics
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Worst of Housing Crisis Is Behind Us -- Really
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Does Hovnanian Chairman's Stock Buy Signal Housing Bottom?
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Paulson Won't Underwrite Bad Decisions
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Fannie Mae Pays Record Yield Spreads on Sale of Two-Year Notes
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Countrywide takeover will pay off, BofA's CEO says
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Mortgage Payments by Credit Card
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Judge forces sale of HOA-management group bankruptcy
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Mortgages Ltd. works on plan to resume payments
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Sarver's Southwest Value Partners paying attorney fees, researching further interim financing for Mortgages Ltd.
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Brooklyn Apartment Sales Drop 44% as Banks Tighten Loan Terms
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Fewer Americans Are Relocating
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City Ticketing Agents Over Foreclosures
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New N.C. Bill Could Delay Foreclosure For Homeowners
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WCI proposes debt swap
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Why This Housing Bust Is Worst Ever: The American Dream Ends
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Economy:

It's All Over But the Dating for US Recession
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Granddad, Tell How Capitalism Committed Suicide
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Food banks besieged by hard-hit families
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Economic outlook weaker with higher oil: panel
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US Economy to Stall at Year-End as `Perfect Storm Returns'
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Bernanke weighs in on revamp of financial system
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Onions to oil: the role of futures
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Dollar Advances Before Bernanke, Paulson Testimony to Congress
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Town creates parking havens for homeless
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Foreign Investors Pile Up More Pieces of Americana
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Crude Oil Trades Near $136 as Investors Judge Fall Excessive
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OPEC chief warns of 'unlimited' oil price increase if Iran attacked
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Aviation:

Northwest Air to Cut 2500 Jobs
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Travelers face 3 new fees to fly Northwest
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American, Delta, US carriers blame job cuts on oil trading
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ExpressJet Airlines to cease flying on Sept. 2
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US Airways to yank movies from flights within U.S.
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Airlines ponder spinning off frequent-flier programs
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First Data agreement pumps funds into Frontier
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Boeing raises 20-year forecast for jet deliveries
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Airlines ask for public's help
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Slok Air in bankruptcy?
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EU court rules against Alitalia over state aid
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Air Canada supplier ACTS sheds 650 jobs
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AirCan chops flight attendants
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Air New Zealand freezes salaries
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Lufthansa Says Pay Talks With Germany's Ver.di Union Break Down
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China Airlines' Second-Quarter Loss Widens on Jet Fuel Costs
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Autos:

A GM bankruptcy would be no easy fix
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Memo To Washington: Let GM Fail
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Siphoning GM's Future
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GM's Europe 1st-Half Sales Set Record, Led by Russia
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GM to cut models, not divisions
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Big Three lobby for mpg break
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American Axle aims to reduce white-collar ranks
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Wall Street:

US Stock-Index Futures Climb
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US Stocks Fall Weds.
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Asian stock markets mixed as credit fears resurface
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Banking woes push stocks towards 21-month low
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S&P 500 May Lose 12% Before Bear Market Ends, History Shows
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Merrill asset sale size depends on 2nd qtr loss
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S.& P. Turns Bearish as Stocks Plunge
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Movies:

Coming Attraction: Going Broke
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Horse Racing:

Another contract extension expected for NYRA
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Celebs:

Michael Vick Taps Crowell & Moring for Bankruptcy Filing
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Celebrity Foreclosures Show Extent of Housing Woes
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Tom Petty
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Facing Press Can Be Such a Trial, Stars Find When Leaving Court
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Bankruptcy Statistics:

Strapped Utahns throw in the towel
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AZ bankruptcies hit year's high in June
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OH: More of us going broke
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Latest Bankruptcy Statistics Cause for Increasing Alarm
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Newspapers:

NYT hits 10-year low
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Alternative Energy:

State sued over cutoff of ethanol payment
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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:

Obama's Disappointing Omission
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Personal Bankruptcy:

Bankruptcy Can Hurt for Decades
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Accounting:

Judge Bars Suit Alleging Negligence by Hedge Fund Accountants
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Auditors dismiss limited liability link with low fees
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Don't blame accounting regs for current mess
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How Fair Value Rewards Deadbeats
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Mining:

Sterlite and Unions Reach Agreement On Terms Of Collective Bargaining Agreement For Asarco
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Hedge Funds:

Hedge Fund Manager Describes Rock Bottom
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Man Group's Funds Managed Increase to $79.5 Billion
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Devaney's Funds Wiped Out After United Capital Gets Margin Call
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Enron:

Life After Enron
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Corporate Reform:

The Auction-Rate Securities Mess Goes Criminal
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U.S. to Revise Corporate Case Rules
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Banking:

Bank of America CEO sees no need to raise capital or cut dividends
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US Bank Acquisitions Stall on Housing Slump, Defaulted Loans
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Shake-up at NatCity continues, with CFO on the way out
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Wachovia Hires Steel to Mend Investor Relationships
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Wachovia's turbulent times
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Delinquencies For Tacoma's Columbia Bank Jump Nearly 30%
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European Banks Face Record Costs for Tier 1 Capital
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Oil/Gas:

Prices Drive Gas Use to Five-Year Low
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Dorado oil well sale approved
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Bonds:

The Insanity of Holding MBIA Parent Company Credit Default Swaps
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MBIA to make interest payments
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Should Monolines Blame Mark-to-market?
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Woes in Stocks Spread to Bonds in Legg Mason Slump
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Credit Cards:

Changing Credit Card Regulations for the Elderly
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Credit card delinquencies rose to highest level in four years
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Publishing:

Ziff Davis exits bankruptcy quietly
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Fraud:

Oil Scam Took $156 Million, SEC Says
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Auto Racing:

NASCAR sponsors suffering
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M&A:

Private equity is alive and well
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Sovereign Debt:

Movement warns of US bankruptcy
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UK:

King's Hands 'Tied' as UK Economy Nears a Recession
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UK House Prices Fall Annual 6.1%, Most Since 1993
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Ombudsman to savage government and FSA over Equitable collapse
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Banks will need more funding says GAM's Green
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Bradford & Bingley Jumps Most in 5 Years on Bid Speculation
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BoE Holds UK Interest Rates At 5 Percent as Expected
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Katona wants to open caravan park
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Barratt Renegotiates Loans, Secures New Credit Line
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Insolvency expert Begbies Traynor said the change in UK economic fortunes had caused its caseload to shoot up by nearly a third this year
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Poland:

Shipyards closer to bankruptcy
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Canada:

Royal Bank May Have C$1.5 Billion Writedown
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Canadian bankruptcy law changes could help students, retirees
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South Africa:

South Africa Says Moody's Recession Claim 'Alarmist'
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China:

China's trade surplus falls 12 per cent in six months
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Feeling the pain, China to relax loan caps
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Estonia:

Construction companies start going out of business in large numbers
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Japan:

Japan's 10-Year Bonds Rise on Concern Credit-Losses Will Widen
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EU:

French, Italian Production Drop More Than Forecast
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