July 2, 2008

Daily Bankruptcy News

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Law:

The Perils of Contacting a Non-Party Witness: Sanctions Upheld for Cleary
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2nd Circuit Upholds Sanctions Against Cleary Gottlieb
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Consultant: Firms, Legal Departments Are 'At War With Each Other'
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Newcomer Law Firms Land Blue-Chip Clients
(WSJ: separate paid subscription required)

Racism and Sexism at Baker Botts?
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Layoff Watch: Patton Boggs 'Lets Go' of 'Eight to Nine' Associates Firm-Wide
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Schulte Roth & Zabel to Open Office in D.C.
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No Debt, for Now, for K&L Gates
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Divorce Watch: Supreme Unhappiness?
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Jury Acquits One Fen-Phen Lawyer, Continues Deliberations on Others
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Morale Lifting Among London's Younger Lawyers
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UK Firm Caps Best Earnings Year With Associate Pay Hike
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A Falling Shelter? DOJ Playing Hardball with UBS, Swiss Regulators
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New Law Firm Marketing Technique: 99-Cent Gas
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Merged Firm Climbs the AmLaw 100
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Ex-Honors Program Applicant Sues DOJ Over Politicized Hiring
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Young Lawyer Takes Victory Lap After Supreme Court Gun Case Win
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GC Describes Characteristics of a Great Rainmaker
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Attorney Who Investigates Other Lawyers Busted for Biting Woman at Wedding Shower
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We were just trying to cool off
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Leona Helmsley Left $5-$8 Billion in Trust for Stray Dogs, Other US Canines
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Perry Mason Moment in Trial: Surprise Video Exonerates Defendant
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Willful Wal-Mart Worker Violations Could Cost $2B in Minn.
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Judges:

Judges Bristle at Loss of Perks
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Attorney Ordered to Repay $403,000 for Mishandling Ex-Judge's Affairs
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Foul-Mouthed Judge Disciplined for Demeaning Comments in Court
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Judge Sanctioned for 'Mess With Me' Challenge
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A Tricky Bid for More Federal Judges
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Sources: Senators Agree on New Federal Judges Package
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Economy:

Outlook for 2nd half weakens, Fed official says
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Warren Buffett Suffers Worst First Half Since 1990
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Deepening Cycle of Job Loss Seen Lasting Into '09
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Atlanta Fed's Lockhart sees Q2 growth 'substantially' above Q1
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Dollar Is Near Three-Week Low Before US Job Market Reports
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US Economy: Manufacturing Grows, Prices Climb
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Surge in oil price sparks fears of food crisis
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Morgan Stanley analysts: Credit crisis to extend to 2009
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Global slowdown could be the next crisis for business
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10 reasons to love a recession
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Is America on the decline?
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Another billionaire sees bad recession
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Energy experts puzzled over oil prices
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Oil Demand Will Grow, Despite Prices, Report Says
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Wall Streeters say speculators double gas prices
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Food/Drink:

Starbucks to Close 600 Stores, May Cut 12000 Jobs
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El Paso to seek creditor ally
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USA Springs files Ch. 11
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Corporate Reform:

Court Dismisses Claims Against Grasso
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SEC Charges Microtune's Ex-CEO, Ex-CFO
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Banking:

No Joy For UBS
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Swiss-Account Probe Shakes UBS
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UBS Calls Shareholder Meeting to Elect Board Members
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Paulson wants stronger bank failures process
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Construction Loans Hurt Banks
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Banks with notable delinquency rates
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BofA, LaSalle Pact Boosts Problem-Loan Load
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Deutsche Bank Expects Profit
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Aviation:

Continental Airlines traffic falls flat in June
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A New Epidemic: Financial SARS
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Frontier might delay Airbus deliveries
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Frontier Airlines Names New CFO
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Pilots to get stake in Delta after merger
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BA pays £54m for French business airline
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Austrian Air Falls as UBS Calls Business Model Unsustainable
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Cathay Falls to Near Two-Year Low on Profit Warning
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Furniture:

Dormia to Hold $4 Million Bankruptcy Liquidation Sale
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Mattress dealer beginning liquidation sale Thursday
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Gambling:

Court denies former Tropicana owner new license
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Preferred bidder chosen for Palm Beach Princess
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Casino Carnage: Eight New 52-Week Lows
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Real Estate:

Bush Urges Congress To Focus On Housing Deal
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Mortgage application volume rises off 2008 low
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Moody's upgrades Countrywide ratings to match BofA
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Sue Countrywide
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Will BoA Claim Preemption?
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CIT Gets the Subprime Monkey Off Its Back
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Resets on subprime loans reaching peak
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Mortgages Ltd.'s future after bankruptcy
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Legal team, leadership shaken up at Mortgages Ltd.
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Bankruptcy trustee, legal counsel still questions after July 1 Mortgages Ltd. hearing
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IndyMac Works With U.S. Regulators
(WSJ: separate paid subscription required)

IndyMac downplays Schumer's remarks
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CDO Creators Seek Redemption, and Profits, From Mortgage Market
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Lawsuits related to mortgage meltdown could spread beyond financial sector
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Shelters See Influx Of Foreclosure Homeless People
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Home foreclosures impacting mosquito levels
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REITs Bruised by Credit Crisis
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Manhattan apartment sales drop, but prices climb
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Lender now a lawsuit target
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Couple's Belongings Removed in Foreclosure Mix-up
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Autos:

US June Auto Sales Plunge as Buyers Can't Find Cars
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Auto sales plunge to worst in 15 years
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June Sales Kick US Automakers To Curb
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Carmakers urge lowering fuel economy rules they call 'excessive'
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Auto sales likely to get worse
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Ford, GM take hit in June sales, but so does Toyota
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GM slashes 2008 truck production
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Johnson Controls Forms JV To Buy Assets Of Bankrupt Plastech
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Plastech deal to break even in 2009, JCI says
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GM Results Turn Around Stocks
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Big trouble for Big Three automakers
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GM's stock has tumbled 83% since Wagoner took the auto maker's helm. So why does he still have his job?
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For GM, Ford, and Chrysler, at Least Two More Years of Misery
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Chrysler cash crunch feared
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Chrysler Closing St. Louis Plant, Denies Bankruptcy Rumors
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Belgium firm buying Diamond Glass
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Startups:

Venture capital firms face tighter exit strategies
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Rating Agencies:

Moody's Blues
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Moody's to investigate staff over rating bug
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Moody's: Workers Violated Code
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Moody's axes head of structured finance unit after inquiry into incorrect ratings
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Retailing:

Steve & Barry's contemplates bankruptcy
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Steve & Barry's begins talks with creditors
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Firm advising Steve & Barry's on alternatives
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Steve & Barry's may be doomed
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Steve & Barry's: Time for a taxpayer-funded bailout!
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Trucking:

Motor carrier ceases operations
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Senior lenders to own JHT under plan
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Bankruptcy Statistics:

HI bankruptcies surge 30 percent
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Bankruptcies rise in Toledo area for 1st half
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Newspapers:

Strib: "We have the money, we're just not going to pay the interest"
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Insider Compensation:

AIG Ex-Chief Sullivan Gets $47 Million in Severance, Other Pay
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Politics:

John McCain on the economy
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Accounting:

Amid soft economy and credit crisis, corporate treasurers pull in their horns; safety of principal is paramount
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PCAOB Cites "Deficiencies" at PwC
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Adult Entertainment:

Group revises bid for Scores
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Bankruptcy Reform:

New Reservist Bankruptcy Relief Bill
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Chapter 13:

Judge Says Unsecured Creditors Must Get Paid Sooner In a Chapter 13
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Corporate Governance:

Pennsylvania State Court Permits Plaintiff to Pursue Deepening Insolvency Theory of Damages
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Student Debt:

Student Loan Lenders Dwindle
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Student Loan Sector Takes a Hit
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Credit Cards:

Card companies hold a strong hand
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Could credit cards stop J.P. Morgan's buying spree?
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Debt Stress and Other Credit Card Gems
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New Bankruptcy Opinions
(3 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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Wall Street:

European Stocks, US Futures Rise
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Stocks fight back
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Will Lehman Brothers Survive Another Round of Rumors?
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Stingy lenders grease market's slide
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Tax:

UBS Is Ordered to Turn Over Names
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US tax purge looks beyond Swiss bank
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If a Scared Swiss Bank Account Client Calls, Click Here
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America batters on closed doors of Swiss banks
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Golf:

Northern Bay resort files for bankruptcy
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Mining:

US judge approves break-up fee for Asarco bidder
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Judge confirms India firm will be lead bidder for Asarco
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Grupo Mexico Gets Boost in Fight for Asarco
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Pensions:

PBGC rules would limit benefits in bankruptcies
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Dismal news for 401(k) savers: 80% won't have enough for retirement
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Flamingos:

Bankruptcy next chapter in flamingo tale
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Finance:

New Debt Issues Sink; Junk Plunges
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Leveraged Loan Prices Drop to April Lows on Default Concerns
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Forest Products:

Palco hearings grind on in bankruptcy court
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Value battle continues in PALCO case
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Hedge Funds:

Fears for US disclosure rules after CSX ruling
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Ritchie Capital Battles Investors
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A Hedge Fund Manager's Crusade To Expose Losses
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UBS in CDO dispute with hedge fund
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Health Care:

UnitedHealth Cuts Forecast, Settles Class-Action Suit
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Carpet:

Large carpet broker files Chapter 11
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Jewelry:

Taylor's Jewelry House Closes
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Financial Literacy:

Kids Get Money-Wise at Camp
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Credit Reporting:

Warren: Credit Check
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Property of the Estate:

Did A Serial Killer "Conceal an Asset" By Not Listing Rights to His "Story" On His Chapter 7 Schedules?
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Software:

DTI banks on asset sale
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Bonds:

One year into credit crisis, bond markets remain under pressure
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UK:

British Firms Hit by Weak Economy
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Lloyd's of London 'Names' face bankruptcy after court loss
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Consumer Pullback Hurts Marks & Spencer
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Britons Shun Shops as Gas Prices Keep Drivers at Home
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U.K. Rate on Hold as Loan Market Nears 'Famine'
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City Lofts puts assets in receivership
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Is there going to be a house price crash?
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UK will be in recession by 2009, says A-rated Woolnough
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House prices - the market collapses
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UK's largest homebuilder dropped 58% after failing to raise funds from investors
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Japan:

Japan Stocks Fall, Sending Nikkei to Worst Streak in 43 Years
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EU:

Trichet Sees Risk of `Exploding' Inflation; May Raise Rates
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European Producer-Price Inflation Accelerates to Record 7.1%
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Italy:

Italian Growth Stalls as Financial Crisis Deepens
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Korea:

South Korea May Limit Lending to Cool Inflation
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Iraq:

Iraq Demands Billions From Corporations That Profited From Oil-For-Food Corruption
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India:

India's Economy Hits the Wall
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