July 25, 2008

Daily Bankruptcy News

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Law:

Thelen Reid Hit With Malpractice Suit for Allegedly Mishandling IP
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Weil Loses Bankruptcy Lawyer to Kirkland
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The Summer: Learning to Build Your Career or Learning to Drink?
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Summers: Zero Tolerance to the Rescue
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Storied Hollywood Attorney Pierce O'Donnell Facing Indictment
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Pants Down: An Eyewitness Account of an Ill-Fated Firm Retreat
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The Sapphic Summers: Firm Responds
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Layoff Watch: Dewey & LeBoeuf?
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Allen & Overy Continues Reign at Top of Global Projects Rankings
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Wilson Sonsini Said to Sidestep Derivative Suit Over Brocade Backdating
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Court Puts Lawyers on Probation for Fee-Sharing With Lay Firm Employees
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High Court Justices Go Digital to Access Founding-Era Documents
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Teed Off at Not Teeing Up, Giuliani's Son Sues Over Dismissal From School Golf Team
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Ultraportable Laptops: For Your Briefcase?
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The Evolution of Law Firm Lunch
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Newly Anointed Partner Defects in Blow to NY Firm
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NY Lawyers Help Vault Mayor Into World's 25 Richest Humans
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Study Sees More M&A Work Ahead
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Microsoft Offers Bonuses to Law Firms For Hiring Minority, Women Attorneys
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GE Alleges Attorney Took Privileged Docs
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Mistakes US companies can make in India
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Lawsuit of the Day: That's One Mean Choir Teacher
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Talula Does the Hula From Hawaii
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The Karma of Business Development
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Sexiest rich lawyer
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Say What?!
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Stop Chasing Those Undesirable Cases and Clients
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Judges:

Another Case Pulled from Judge Manuel Real's Docket
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U.S. Trades Alito To British Supreme Court In Six-Judge Deal :)
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Wall Street:

Stocks Flat Before Data, Lehman Eyed
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Futures Rise After Steep Losses
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Stocks Drop Sharply Thurs.; Banks Lead Decline
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Dow Skids as Outlook Looks Bleak
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US Stocks Drop as Financials Have Biggest Decline in 8 Years
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Canadian Stocks Slide to Four-Month Low
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UBS Faces New York Lawsuit Over Auction-Rate Sales
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Texas joins states considering sanctions against UBS
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Cox: Intend To Extend Short-Sale Rules Marketwide
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Quattrone on the I.P.O. Drought
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Do M&A bankers earn their fees?
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How Wall Street Wrecked Your Retirement
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Bush laments a drunken revelry his administration encouraged,
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What was Wall Street drinking?
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Parsing President Bush on 'drunk' and 'fancy financial instruments'
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Aviation:

Trial Set In Suit To Block Delta-Northwest Deal
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More Moody's Downgrades for JetBlue, US Airways
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Asian airlines profit hit by rising fuel costs, outlook grim
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Alitalia board to meet on Saturday
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Low-cost struggles cloud airline outlook
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Air New Zealand May Raise Prices as Fuel Bill Doubles
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Frontier looks to former chairman for guidance
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Jet terror over hole in jumbo
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NYC lawyer sues Delta over delayed, stressful trip
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Tax:

Thacher Proffitt Publishes Bankruptcy Bulletin That Discusses Supreme Court Ruling in Florida Department of Revenue v. Piccadilly Cafeterias, Inc.
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Tax fraud trial for Rigas pair is postponed
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Plastics:

Warburg Pincus Portfolio Company Battles Lenders in Bankruptcy Court
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Newspapers:

Huge Volume As Journal Register Shares Hit 3 Cents
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Telecoms:

Vonage refinances debt, averting possible bankruptcy
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Municipalities:

Jefferson County Commission Considers All Debt Proposals
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Retirement Systems of Alabama willing to buy debt-laden Jefferson County sewer system
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Is Vallejo Really Broke? Its Unions Want to Know
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Pigeons:

Pigeon King meeting on July 30
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Retailing:

Retailer Boscov's fights for survival
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TJX May Sell Bob's Stores Division After Four Years of Losses
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Sad farewell to Dawahares
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Shipping Firm AGI Might Seize Containers
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Opposition to SW Dallas request
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Payday Lending:

Payday lenders fill crucial niche
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Manufacturing:

Fortune Brands' Profit Falls 41 Percent
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Boating:

Boating season hits rough waters in bad economy
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Finance:

Changes Afoot in Leveraged Loan, Junior Capital Markets
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Bankruptcy Sales:

High-Octane Auctions Drive Up 363 Sale Results
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Corporate Governance:

Delaware Decision Highlights Need for Director Protection
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Real Estate:

Foreclosure filings up 120%
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Foreclosures Double in Second Quarter as US Home Prices Fall
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As housing continues to slump, in many states foreclosed properties make up the largest share of existing-home sales
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Mortgage Rates Soar on Inflation Fears
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Housing Bill Has Something for Nearly Everyone
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Housing woes bring on a bust backlash
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Fannie's and Freddie's free lunch
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Fannie, Freddie & the Daybed
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Housing: 'Remedy' may hurt as bad as collapse
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Realtors Issue Dismal Report: Existing Home Sales Drop 2.6%
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Buyers Stay Away From Homes
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US homes sales at 10-year low
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Fannie's new watchdog: All bark?
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Why You Should be Worried About the Rescue of Fannie
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Houston home sales down 12.6 percent in June
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Phila. Region's Home Sales Down; Prices Steady
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Assets of Premier founder to be auctioned
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Countrywide Bondholders Put Brave Face On BofA Comments
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Mortgage Writedowns to Total $1 Trillion, Gross Says
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Housing bill should help revive economy, but it's no cure-all
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Cedar Funding trustee seeks easier access for files
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Letters of Credit Given as Lease Deposits May Yield Cash in Chapter 11
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Shocking CDO Loss Estimate - 90% -
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The End of Down Payment 'Charities'
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Housing Bill Adds Second Lien Amendment; DAPs to Be Eliminated
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Fitch Updates Ratings Model; Projects Steep Housing Price Declines
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Economy:

Americans are furious about the state of their country. The reasons for their discontent
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Paulson is a reluctant dragon
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Government must allow some to fail
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Super Losses, Super Layoffs, Super Bailouts
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Americans are in a spending crisis
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Economic Growth Rate in New York Slows Down
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Debt capitalism self-destructs
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Corporate Reform:

SEC's Cox Seeks More Authority Over Investment Banks
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Amid Turmoil, U.S. Turns Away From Decades of Deregulation
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L.A. sues over 30 major Wall Street financial institutions and bond insurers
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UBS jeopardized billions in auction rate securities, Cuomo claims
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UBS says will defend itself in auction-rate suit
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Auction-Rate Fraud Case Widens
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The oil speculator sideshow
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Spitzer Figures Violated Law, Says Integrity Commission
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Due Process:

Due process issues in bankruptcy reorganizations
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SIVs:

And Now, a Few Words About a (Re)structured Investment Vehicle
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Clifford Chance and Lovells close blueprint SIV restructuring
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Banking:

WaMu spokesman: no need to rely on outside funding sources
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GMAC, Cerberus Pact With FDIC Sets $3 Billion Line
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Banks up borrowing over past week from Fed's emergency program
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Wachovia's CFO departs
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Why wasn't IndyMac on FDIC problem list?
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Morgan Stanley sees another large write-down at Citi this year
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Butler Bank squeezed by loan portfolio
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Private Equity Firms Said to Circle BankUnited
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Private-Equity Firms, Funds Take New Look at Ailing Banks
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The Fed may relax rules for PE firms to invest in banks
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NatCity and Downey meet Bove's low expectations
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5 big losers in the banking crisis
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Prepacks:

Portola Packaging, Inc. Reaches Agreement on Restructuring with Senior Lenders and Holders of Senior Notes, Prepack Planned
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Gambling:

Ownership changes for Pittsburgh casino need quick approval
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Book Sellers:

'Nothing to liquidate' at St Stephen the Great
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Bankruptcy Prediction:

Software identifies bankrupt accounts, bankruptcy potential
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Hedge Funds:

Paulson Eyes Sickly Hedge Funds
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Insurance:

Munich Re Drops Most Since 2003 on Asset Writedowns
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Senate Asks 9 Insurers to Furnish Information
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Politics:

This Time, Threat of Weekend Work Looks Real
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The White House blinks
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McCain, Obama back Fed chairman
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Energy Is Voters' Top Economic Issue
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Personal Finance:

Hearings on Squeezing the American Family
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Fitness:

Pure Weight Loss bankruptcy case: The Real Deal
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Distressed Investing:

End of Liquidity Glut Brings Distressed Investors Off the Sidelines
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Goldman raises $10B fund to buy LBO debt
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Convenience Stores:

Soueidan seeks dismissal
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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 Statistics:

Housing crisis spurs sharp jump in bankruptcies
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Venue:

Delaware is all of a sudden winning the filings war vs. Manhattan
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Resorts:

Bankruptcy court seizes Mich. resort's operations
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Resort owners face deadline
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Bankruptcy Crimes:

Woman pleads guilty to bankruptcy fraud
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Couple indicted on bankruptcy charges
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Health Care:

MedAvant Wins Interim Approval From Bankruptcy Court for $2.9 Million in New Financing
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Medical Doctors Fire Back After Changeover at LICH
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Coventry Health Care profit drops 45 percent
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Troubled Clinic Evicted, Dunned For Rent
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Oil/Gas:

SemGroup Energy says SEC conducting inquiry
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GE sues SemGroup over pipeline cash transfer
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Creditor claims SemGroup misused $54 million
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Former SemGroup CEO known for generosity
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Pawnbroker among creditors in oil trader collapse
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Sherman plant's future unknown after Semgroup LP files for bankruptcy
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SemGroup a small factor in oil price drop -experts
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SemGroup Energy cuts ties to bankrupt parent
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Could SemGroup's bankruptcy pose trouble for Jayhawk football?
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Massive oil hedging losses fell 12th largest American private company
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SEC investigating SemGroup
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SemGroup says grand jury demanding documents on liquidity
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List of SemGroup LP's creditors
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Wrong-Way Oil Bets Slam an Energy Firm
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SemGroup's corporate family rating cut to 'Ca' from 'Caa2' - Moody's
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BOK says SemGroup link adds $71 million to its loss
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Has Oil Broken Down?
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Oil Majors' Profits to Soar on Record Crude
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Sterling Bank takes $3.7M hit over energy loan
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Autos:

At Ford, End of a Big-Vehicle Era Takes a Toll
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Finally, Ford Sees the Light
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Ford looks to smaller cars as record $9bn loss stuns market
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Now we'll see how good Mulally is
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Mulally's Ford looks a lot like Toyota
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Auto Industry Business Model Needs a Major Overhaul
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Ford Won't Run Out of Gas
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More layoffs planned at Delphi
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Chrysler reports loss
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Blue Water sale falls through
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GM Axle supplier to give buyouts to 2,000 workers
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Nobody Loves a Three-Year-Old SUV
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Congressional measures tackle soaring gas prices
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Detroit, always a car-length behind
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Retooling boon for area parts makers
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AutoNation's second-quarter profit tumbles, plans to cut 1,300 jobs
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Honda Unexpectedly Boosts Earnings
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Turnarounds:

Turnaround Pros on Front Lines of Subprime Fallout
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Dealing with the Coming Commercial Credit Crisis Middle Market Should Prepare for 'Considerable Strain'
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Forest Products:

The last parade for PALCO
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Appellate court denies stay in PALCO case
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Fraud:

SEC Stops Alleged $20M Ponzi Scheme
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Mass Torts:

Thriving in the Midst of Financial Distress? An Analysis of Firms Exposed to Asbestos Litigation
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Credit Cards:

Big Trouble
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Food/Drink:

Is Wonder Bread what Sara Lee needs?
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Accounting:

$10 Million Verdict Upheld Against PricewaterhouseCoopers
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SEC: off-balance sheet rule changes won't create shocks
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Bonds:

MBIA, Rivals Sued by Los Angeles Over Bond Insurance
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Bond yields rise on recession fears
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UK:

Insolvency laws not up to the job
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UK economy grows just 0.2 percent in 2Q
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Canada:

Do You Have To Sell To An Insolvent Purchaser
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Disgraced adman Jean Lafleur files for bankruptcy after leaving prison
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Investor joins harmac bid
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New Zealand:

Duff creditor wants book royalties
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Russia:

Russia's RTS Index Hits Six-month Low As Sentiment Sours
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