July 16, 2008

Daily Bankruptcy News

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Law:

Judge Approves NY Firm's $75 Million Mea Culpa, Drops Charges
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Milberg Firm Defends Pay Deal With Weiss
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Law Firms Gear Up -- and Wait --
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Law Firm Merger Mania: Everyone's a Winner at.... Nixon Pillsbury?
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Jenner & Block's Bankruptcy Practice Bolstered With Addition of Hankin, McArn
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Lawyers Being Rendered Obsolete?
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Woman Gives Judge Earful, Lands in Jail
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VLG Co-Founder Starts Virtual Law Firm
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2nd Circuit Certifies Issue of Attorney Deceit
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A New Game Plan for Retaining Women at Firms
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Lawyer of the Day: Joseph Levine
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200 Letters Sent, Mostly to NY Lawyers, Whose Dual Service Raise 'Red Flags'
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Wall Street:

US Stock Futures Gain
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US Stocks Decline, Sending S&P 500 to Lowest Level Since 2005
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Stock Rollercoaster
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Short sellers have best month in more than 7 years
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SEC Moves to Curb Short Selling
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Goldman questioned on Bear, Lehman share fall
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Oil Lubricates Wall Street
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Lehman: The End Game
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Analysts Say Lehman Needs Bold Moves
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UBS to Buy Back Up to $3.5 Billion of Frozen Shares
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Politics:

There May Be Strangers Among Us
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Bush Tries to Dispel Financial Fears
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Freddie/Fannie crisis new threat to Bush legacy
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Crises force Bush to embrace intervention
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Fannie, Freddie linked to Obama, McCain
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Aviation:

Bankruptcies loom for airlines - report
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Delta announces post-merger leadership team
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EU suspends review of Delta/Northwest Airlines deal
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Stormy weather
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Pease trying to land airline
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Ross Bets on Airline and Oil Prices
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SpiceJet Gets Private Equity Infusion
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Airlines play both sides on hedging
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How Southwest can still thrive in a slowing economy and why the rest of the airline industry can't
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American announces plan to cut 200 pilots
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Delays and Order Cancellations for Planemakers
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Qantas to review operations and may cutback on flights and staff
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Banking:

Police show up at Encino IndyMac branch as waiting customers clash
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Confusion at IndyMac fuels customers' anger
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Furious customers at IndyMac branches
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Wells Fargo profit dips 22 pct, but dividend rises
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The Danger Is Immense
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Loose Lips Sink Banks
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Wachovia stock battles back after rating cut
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Wachovia Says Bank Remains 'Fundamentally Strong'
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Analyst warns on Wachovia
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U.S. Bancorp Profit Falls 18%
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Fortis Drops to 5-Year Low as Regulator Weighs Probe
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Confidence in U.S. banking sector runs short
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Seeing Bad Loans, Investors Flee From Bank Shares
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Regulators Move to Aid Bank Liquidity
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Printing:

American Color Graphics Files Pre-Packaged Plan of Reorganization
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Gambling:

Greektown To Hire 400 New Employees
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Health Care:

Hospital Works to Reassure Patients and Staff of Future
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Bush Vetoes Measure Blocking Medicare Doctor Fee Cuts
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Congress Overrides Bush's Veto on Medicare
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Sentencing pushed back for National Century execs
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Mennonites Not the Problem, It's Our Medical System
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Favrille Cuts Most Employees, Looks To Sell Assets
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Debt Collection:

Repo business booming, by land and by sea
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Golf:

California golf failure leaves HBOS facing $20m hole
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Real Estate:

Fannie, Freddie bondholders give thumbs-up to debt
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Opposition, From Both Parties, Over Bailout Plan
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Frank Seeks Fannie, Freddie Pay, Dividend Measures
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Fannie, Freddie Have Worn Out Their Independence
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Bunning opposes 'bailout'
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Congress resists swift vote on Fannie/Freddie plan
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Ackman proposes plan to save Fannie, Freddie
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The Fanny/Freddie Bailout: More Jam for Me, No Jam for Thee
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Fannie Mae and the limits of public obligation
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Moody's casts jaundiced eye on Fannie, Freddie
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Fleeing Fannie and Freddie
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Thornberg: GSE Stockholders Could Be 'SOL'
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Fannie and Freddie's extreme makeover
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SEC to limit shorting of Fannie, Freddie
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The REALLY Sad State of Mortgage Servicing
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Countrywide Settles Lending Suit in Pennsylvania
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An exclusive look inside Angelo Mozilo's secret effort to curry favor with those who could influence Countrywide's fortunes
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SEC Targets Lenders, Investment Banks in Subprime Investigation
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Making money off the mortgage mess
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Real-Estate Financier's Death Hints At Trouble for Lenders
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WCI shares plunge on investor committee dissolution
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Houston home sales decline for 10th straight month
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Bankruptcy judge opens door to creditor financing options for Mortgages Ltd.
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Judge appoints trustee for Cetus bankruptcy case
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Builder weighs possibly selling $20M in land
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More than 4 dozen subprime cases under way: SEC
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Youth Debt:

The Barney Generation
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Elder Debt:

Bankruptcy filings on rise among older Americans
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Autos:

GM Suspends Dividend, Cuts Payroll to Raise Cash
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GM lays out cuts for long haul, waiting for revived economy
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Workers, investors, retirees share pain
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A Bold Step: Take Ailing GM Private
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'Inhospitable' credit markets force GM's hand
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GM to cut more trucks, retiree health care
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Bye-bye, Hummer? GM Targets $15b Cash Boost
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Suppliers Face More Adjustments As GM Cuts; Stocks Hit Lows
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Denso May Cut Sales Forecast on Lower Demand in US, Europe
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General Motors' Garage Sale
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Bush: No bailouts for automakers
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GM dealers say they aren't worried much
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With Phileas Fogg at the helm
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So. Arizona car dealerships file bankruptcy
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European Car Sales Fall on Fuel Cost, Spreading Gloom
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Direct Marketing:

Vertis Communications files Ch. 11, to merge with competitor
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Debt Collection:

How To Collect From Deadbeats
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Convenience Stores:

Couche-Tard Falls Most Since 2004 After Profit Drops on Gas
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Insurance:

AIG Falls to Lowest in 12 Years on Wachovia Downgrade
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SIVs:

Cheyne's $6 Billion SIV 'Fire Sale' Triggers Moody's Downgrade
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Layoffs:

Pilgrim's Pride cuts 600 jobs at Arkansas plant
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More layoffs at South Texas manufacturer
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Distressed Investing:

Wilbur Ross, the boss of bankruptcy
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Forest Products:

Bankruptcy judge denies stay in PALCO case
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Celebs:

Vick's case is a major cautionary tale
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Retailing:

Judge delays Steve & Barry's auction date
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June retail sales indicate rebate boost is fading
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Exemptions:

Constructive Trust Imposed Upon Florida Homestead
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Municipalities:

Jefferson County Adding Citi to Sewer Team
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New Bankruptcy Opinions
(2 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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Economy:

US faces global funding crisis, warns Merrill Lynch
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Treasury chief defends 'blank check'
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Bernanke gloomy on housing, economy
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Paulson: This Is Not Chrysler Circa 1979
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Wholesale Prices Soar in June; Sales Are Sluggish
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House Dems Push More Stimulus
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Fresh data add to economic woes
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Economy Will Stay Sluggish, Bernanke Tells Congress
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Fed chief: Recession or 'serious situation,' same basic idea
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Goodbye capitalism
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Oil price drops over $6, biggest fall in 17 years
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Economic Jitters Hitting Treasury Market
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Taxpayers Bear Brunt of This Bailout
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Government to the rescue...for some
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Boom time for the global bourgeoisie
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Private Equity:

Two bankruptcy filings start PE's week off with a bang
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Hedge Funds:

Credit Suisse Hires Lehman's Callan for Hedge Funds
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Hedge Funds Subpoenaed in SEC Probe
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Food/Drink:

Pierre Foods files for Chapter 11 bankruptcy
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Interstate Bakeries reports monthly profit
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Le-Nature's to seek settlement OKs
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Trucking:

Hoosier Tradewinds can tap cash
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Student Debt:

Student Lender Northstar Faces Class Action
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UK:

Ideas on insolvency
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Cameron defends bankruptcy proposal
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Cameron's thinking on insolvency is flawed
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UK Stocks Tumble as Banking Shares Slump to a 10-Year Low
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UK consumer inflation hits 16-year peak
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UK Unemployment Jumped the Most Since 1992 in June
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Corporate default fears overdone
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This recession could easily tip into a depression
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Equitable Life Claimants Have to Wait on Compensation
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Canoe wife Anne Darwin: Why I agreed to 'ridiculous' scam
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Australia:

Documents seized in bankruptcy raid
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EU:

Euro Zone May See Recession
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Euro races to record high
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Canada:

Canada Keeps Rate at 3%
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Time runs out on P&T Harmac mill
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Maax to complete sale after filing in U.S.
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Japan:

Japan's exposed banks lead falls in Asia
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Japan Service Demand Falls as Consumers Pare Spending
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New Zealand:

Petricevic faces bankruptcy move
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Bridgecorp receiver doubts Petricevic broke
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Bryers ordered to cough up $13.6m
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Russia:

Ex-Yukos CEO Asking For Parole
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Germany:

German economic sentiment takes big hit in July
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Spain:

In Spain, one company's implosion is another's profit
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Bankruptcy of property firm threatens homes of 12,500 families
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Spain Girds for More Pain as Housing Stalls
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Poland:

EU gives Poland last chance to save shipyards
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Asia:

Current Subprime Wave Washes Up On Asia's Shores
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