July 21, 2008

Daily Bankruptcy News

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Law:

Amid Rash of Defections, BigLaw Firm Tells Staffers It's Seeking Merger
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Firms braced for slump in half-year revenues
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Kaye Scholer bulks up operations
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It's the Summer of Love for Law Firms: But Will Any Consummate?
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Firm says: take a BlackBerry break
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Tide of distress will put salvage system to its toughest test
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Downturn proves a boom time for career coaches
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Boies, Snyder Duke It Out as Project Runway Suit Turns...FIERCE!
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Thacher Proffitt Tapped by FDIC for IndyMac Cleanup
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Skadden in Chicago: Too Popular For Its Own Good?
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Orrick Partner Says Law Firms Must Change Promotion and Billing Structures
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In Opening of Wiretap Trial, Christensen Claims He Was the Victim
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Bad Economic Vibe Means More Securities Litigation?
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Thelen Bankruptcy Head Joins Crowell Firm
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NY Firm, Hard Hit by Credit Crisis, Loses Partner Pair
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Giuliani's Firm Plans Real Estate Investment Fund
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Giving New Meaning to the Term 'Gunner'
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Emerging Markets Prove Fertile Ground as U.K. Firms Reap Benefits of International Strategies
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Survey Shows E-Discovery Best Practices
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Lawyers, Pros Say Flex Schedule's Time Has Come
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Is Your Firm Innovative?
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It's the law: No sagging pants in Chicago suburb!
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A Ruling Even These Guys Would Love
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Deponent to Lawyer: 'That's amazing. Your wife doesn't think so.'
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Famed Trial Lawyer Gerry Spence: My New Blog Frightens Me
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Judges:

Probe of Texas Federal Judge Expands to Include House Sale to Lawyer
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Feds Make It Official, Indict Former Judge and Four Others
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Judge Accused of Indecent Exposure Wants Special Prosecutor Removed
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Economy:

Bernanke, Paulson Pressed to Seek Big-Government Bank Bailout
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Uncomfortable Answers to Questions on the Economy
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US Leading Economic Indicators Index Probably Fell in June
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Paulson braces public for months of tough times
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Goldman Banker to Aid Paulson
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The Way Through
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Spreading Information, Not Panic
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The global economy is at the point of maximum danger
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4 Reasons to Worry About the Economy
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Why the world's economies are sinking
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Boom and bust: It's the American way
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Historic Financial Collapse Underway?
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Many on Main Street can't see past gloom
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Oil Rises From Six-Week Low on Tropical Storm, Iran Tensions
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US Companies to Raise Prices Amid Soaring Costs
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Politics:

Friends of Fannie and Freddie
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Bush Failures May Force McCain, Obama to Make Like FDR in 2009
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Credit Cards, Health Care Among Concerns in Swing States
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Housing crisis poses test for John McCain
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Frank's recommended Freddie-Fannie reading
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Obama has largest full-time paid staff in campaign history
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Banking:

Profit in Quarter Declined at Bank of America
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Bank of America Earnings Drop Less Than Estimates
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US eyes higher premiums to replenish bank fund
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Regional US banks in fears of cash calls
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FDIC Faces Mortgage Mess
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Citigroup Unravels as Reed Regrets Universal Model
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Union presses Citigroup to break up
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Wachovia, WaMu Struggle to Match Citigroup, JPMorgan Results
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Europe's Banks Face Extra EU120 Billion in Losses
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Senior Debt:

Financial crunch hitting seniors
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Autos:

GM sheds bankruptcy risk - now comes the hard part
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Auto Dealers Consolidating as Part of Chrysler Effort
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Blue Water Automotive Systems may close
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MI's auto fortunes bleaker, but other industries show promise
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Joe Gibson Auto seeks cash OK
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Aviation:

Midwest Airlines announces cut to schedule
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Air Jamaica has a broken wing
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Qantas Airways Plans to Cut 1500 Workers
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Time for a Refuel at United
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What Really Killed Aloha?
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Can debt merchants save frequent-fliers?
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Delta stock: You might want to bail out of this one
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Resorts:

Vegas-Area Resort Developer Files for Bankruptcy
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Diablo Grande project has a devil of a time
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Boating:

Financially Sinking, Boat Seller Files For Bankruptcy
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Books:

Attorney pens book on prepackaged bankruptcies
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Alternative Energy:

Bankruptcy court official files motion for liquidation in ethanol plant case
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Real Estate:

No Blank Check Taxpayer Bailout for Fannie Mae, Freddie Mac
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Freddie Mac May Slow Mortgage Buys to Prop Up Capital
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Warren: Credit Cards and the Mortgage Meltdown
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Citigroup chairman: Housing down for two more years
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New Regulator in Rescue Plan Spurs Debate - Critics say that the rescue plan for Fannie Mae and Freddie Mac tilts in favor of the companies
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Feds can't fix Fannie and Freddie
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Fair Game Borrowers and Bankers: A Great Divide
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A Slight Surprise About Subprime
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Paulson Aims to Spur Covered Bonds by Sidestepping Congress
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Work Out Problems With Lenders
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Freddie Mac Paves Way For Major Stock Sale
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Paulson `Very Optimistic' on Freddie, Fannie Rescue
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Trouble at Fannie and Freddie Stirs Concern Abroad
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Fannie, Freddie failure felt everywhere
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Congress seeks compromise on rescue plan for US lenders
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Troubling Aspects to the GSE Bailout Bill
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Fannie and Freddie, damned by a Faustian bargain
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House likely to modify Fannie, Freddie rescue
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Can bottom be seen for US housing?
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Fannie, Freddie & the daybed
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Saving Fannie & Freddie
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Do we build them up or knock them down?
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Debt Limit Won't Be On Housing Bill
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Sen. Shelby: Oversight Key In Fannie-Freddie Plan
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Lawmakers Want Fannie-Freddie Aid Tied to Debt Limit
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Housing suffers further as economy slouches
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Investors get in line to recover their funds from AZ Valley lender
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Hialeah developer files Chapter 11
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Regency's downfall leaves $96 million of property in limbo
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Sarver pulls offer to Mortgages Ltd.
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Hard-to-find lenders add to paying-mortgage woes
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Acquired Mortgage Companies Increase as Failures Decline
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Judge allows sale of Fremont unit
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AHM's sale of mortgages to Beltway Capital approved
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Downturn hits office buildings hard
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Phoenix Area MLS Loses 20% Of It's Members In June
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Developer loses on Lake Las Vegas gamble
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Lake at Las Vegas seeks access to cash
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Astoria Development sets court date
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Corporate Reform:

Efforts to regulate 'Wild West' markets are long overdue
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SEC Turns Back the Clock to 1931
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Mile High unravels in court
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Bankruptcy Statistics:

Thousands filing for bankruptcy in Toledo
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Record number of Americans deeper in debt
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Bankruptcies on the rise in Nebraska
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42% more Colorado businesses falling into bankruptcy
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Municipalities:

Many Vallejo officials will feel the pain of bankruptcy in their pocketbooks
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Advisers call for property-tax increase in Jefferson County
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Health Care:

Highland seeks capital infusion
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Cancer patients find that insurance has limits
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Retailing:

Credit Community Nervous About Mervyns
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Mervyn's Struggling To Live On
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Shoe Pavilion to boot some stores
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Gloomy Days Ahead for Retailers
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RVs:

Could after shock follow Monaco layoffs?
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Jewelry:

Court orders Tahera Diamond to put $2 million in trust
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Whitehall gets second interim OK for DIP, cash
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Financial Literacy:

Some teens excel in financial literacy
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Financial literacy dropping among students
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Hedge Funds:

Not surprised by dismal results from hedge funds
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Prosecution of Bear Fund Managers Gets Underway in Brooklyn
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U.S. Attorney in Bear Case Promoted
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Man caught in Cayman hedge fund collapse
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Subprime hedges under the microscope
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When hedge funds fail there is a number of potential pitfalls to be wary of - especially if the fund is incorporated in the Cayman Islands.
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Recording Industry:

The Rise and Fall of Death Row Records
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Middle Class:

Middle class victims of the 'class war'
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Private Equity:

Unions around the world criticized what they see as the negative effects of leveraged buyouts on workers
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Credit Cards:

American Express May Post Third Straight Quarterly Profit Drop
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Credit Cards, Bankruptcy Laws and the Mortgage Meltdown
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UCC:

Delaware Bankruptcy Court Applies "Safe Harbor" Protections To Repurchase Agreement; Article 9 Deemed Inapplicable
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Accounting:

$5,000bn balance sheet fears
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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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Consumer Debt:

Given a Shovel, Americans Dig Deeper Into Debt
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Wall Street:

US Stock Futures Gain
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As the credit crunch continues, some big Wall Street firms are jumping into the restructuring advisory business
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The changing face of short selling
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Signs of Trouble Ahead?
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Wall Street Can't Say Thain's $89 Million Montag Helps Merrill
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Never Have So Many Short Sellers Made So Much Money With Stocks
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Who is hiring investment bankers?
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Oil/Gas:

Oil prices tumble in biggest weekly drop ever
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SemGroup Energy Partners' parent eyes bankruptcy
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SemGroup's corporate culture
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Specifics murky on SemGroup tumble
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Faltering SemGroup replaces founder with new CEO
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Concert Venues:

Double JJ Ranch files for bankruptcy
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Personal Finance:

Slump cracks nest eggs
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A price to pay when they can't pay all they owe
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Layoffs:

Sony Ericsson to Cut 2000 Jobs as Profit Tumbles
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Newspapers:

As Papers Struggle, News Is Cut and the Focus Turns Local
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Darkness on the edge of town: Newspapers 2008
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Locally owned weeklies have decreased in number
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Default:

Third of Iowa businesses getting loans fail
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Distressed Investing:

Perella Weinberg Fund Gains on Distressed Investments
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U.S. vulture funds feasting on fine European fare
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Tax:

Justice Department jammed up with tax cases
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Gambling:

Yung and the restless
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Credit Counseling:

Beware those who promise to repair debts
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Pigeons:

Pennsylvania investigation into Pigeon King doubted
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UK:

FSB weighs in to late payments row
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Scottish bankruptcy rate doubles
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Commercial Bankruptcies Soar as BLS Jobs Data Shown as Worthless
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Kerry Katona on bankruptcy, cheating and drug rumors
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Jump in UK firms in critical condition
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Warning over debt 'cold callers'
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Banks and credit card firms hit by surge in insolvency
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Insolvencies soar by 78% in a year since new laws
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British M&A Will Fall for a Further 15 Months
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UK July House Prices Drop the Most Since 2002
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House sellers forced to cut prices as pool of buyers dries up
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MK One creditors to get 1p in £1
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Equitable Life: The verdict
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E&Y faces penalties for Equitable Life role
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Football legend made bankrupt
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Jump in firms in critical condition
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Morgan Stanley and Dresdner Kleinwort Ltd. have until tomorrow to sell $7.6 billion of HBOS Plc stock after the biggest shareholder rejection of a European rights offer this decade
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Walker Morris retrains lawyers in insolvency
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Previously profitable nightclub venues are now struggling
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Korea:

South Koreas corporate bankruptcy down in June
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Lone Star may escape the legal firestorm over its buyout of Korea Exchange Bank, But was it worth it?
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Canada:

Bankruptcy alterations in effect
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Court ruling gives hope to pulp-mill workers
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Insolvency Along the NAFTA Highways: What You Need To Know
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Australia:

Telling banks all about you
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Pope apologizes for Church sex abuse in Australia
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They are out to get you
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Hong Kong:

Hong Kong June CPI up 6.1 percent year-on-year
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Brazil:

Brazil Inflation Rate to Reach 6.53%
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Italy:

Parmalat, UniCredit, near $475m deal
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Russia:

Anxious Investors in Russia Wait For Khodorkovsky Decision
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Germany:

German Economic Growth Slowed in Second Quarter
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