July 3, 2008

Daily Bankruptcy News

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The Daily Bankruptcy News will not publish on July 4, 2008

Law:

Elite firms push into mid-market M&A as battle heats up for fewer mandates
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'Soft Economy' Is Backdrop for Departures of 8 to 9 Patton Boggs Associates
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Otterbourg Steindler Adds Bankruptcy Of Counsel
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Kelley Drye & Warren Names New Bankruptcy Special Counsel
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Bankruptcy judge approves removal of Greenberg Traurig as Mortgages Ltd. representative
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Linklaters hit with $55m negligence claim
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UK: Dewey ups pay - but Bakers and O'Melveny stick
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Defense Wants Deadlocked Fen-Phen Jurors to Continue Deliberations
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Coughlin Stoia's Backdating Bet Pays Big
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BigLaw Partner Faces Suit for Keeping Client's Woes on the Downlow
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Nine Steps Law Firms Can Take to Get Paid
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Zach Scruggs Gets 14 Months, Though Gov't Suggested Probation
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The How, Why and What the Heck Behind Scruggs's 14-Month Sentence
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Rulings Aid Case for Class Actions
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Next Term: A Fatter, Faster Calendar for Supreme Court
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Ave Maria School of Law Dodges Bullet, Retains Accreditation
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Bar Complaint Filed Against Lawyer Scolded by Judge for 'Verbal Assault'
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Say What?!
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Mastering the Art of Elevator Talk
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Telecommuting Presents an EDD Nightmare
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Judges:

Citing District Judge's Actions During Trial, 3rd Circuit Vacates Verdict
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A Look at Judge in Bear Case
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Economy:

Factory Orders Increase as Energy Demand Gains
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Non-farm payrolls decrease 79,000 in June
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Most Execs See No Economic Turnaround Soon
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New Economy Aid Is Advocated
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Fed's Mishkin Says Economic Risks Remain
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Paulson says inflation becoming top global focus
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Paulson: Downturn has 'further to go'
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Feds Worry, US Jobs Slide Steadily
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New Economic Aid Is Advocated
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Oil Rises After Report Shows Crude Supply Drop, Dollar Weakens
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Oil soars to new high above $146
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U.S. EIA cuts 2010 global oil production estimate
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Oil high $144
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Myth and Meaning in the Great Oil Game
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Fears, Again, of Oil Supplies at Risk - Bin Laden, $144 Oil
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US Congress may hit dry hole over oil speculators
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Bush's Dollar Drop Maps Loss of US Clout at Final G-8 Summit
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United States of Anxiety
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Wall Street:

Stock futures point to higher open on Wall St
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Stocks Fall in Europe, Asia; US Futures Are Little Changed
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Stocks: More Doldrums Ahead
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Bear market may pour misery on ailing consumers
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Waiting for stocks to rally? Don't hold your breath
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Biggest June loss since Depression
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Global Markets Fall as Oil Surpasses $145
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Merrill Lynch, Citigroup Estimates Cut by Oppenheimer
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Merrill may have to sell $10 bln BlackRock stake
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Lehman Raises Stock Portion of Staff Pay
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Merrill's Garage Sale
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Dow's bear market run spells trouble for Wall St
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Hedge Funds:

Bayou Co-Founder Israel Surrenders in Massachusetts
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For Israel, deceit was a way of life
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Hedge fund scammer to face federal judge in NYC
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Lehman's Hedge-Fund Deals Leave Public in Dark
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Class Claims Hedge Funds Lost 'Hundreds Of Millions' In Penny Stocks
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Newspapers:

Newspapers' Debt Dilemma
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LA Times to cut jobs, newsroom, pages
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Despite debt default, Strib labor talks might preserve newsroom
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Tampa Tribune plans to cut 1/5 of newsroom
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Class Action Challenges Newspaper Layoffs
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Solar:

Will Some Solar Companies Face a Cash Crunch?
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Health Care:

Doctors Hospital to remain for-profit, officials decide
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Hospital won't become nonprofit
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Hospital Files for Bankruptcy, Ownership Changes
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UnitedHealth Ends Options Suits, Cuts 4000 Jobs
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Gas prices slam home-care providers
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Judge weighs Haven Eldercare sale
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Printing:

Quebecor World Wins Approval of Manager Bonus Plan
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Derivatives:

Athilon, Credit Derivative Company, Faces Rating Cut
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Furniture:

Bellach's owner takes his bankruptcy case to the people
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Home Interiors to lay off 116
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M&A:

Huntsman's Rope-a-Dope Strategy
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Student Debt:

The Young and the Indebted
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Real Estate:

Home equity credit line delinquencies at new high
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Pace of mortgage aid by industry dropped in May
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Freddie's Delay Is Costly - Having Trouble Raising Cash?
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Thornburg Mortgage posts $3 billion quarterly loss
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Luminent suspending payments to unsecured creditors
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Judge OKs liquidation plan for defunct lender New Century
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Analyst sees 'ghost town' in Inland Empire
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BofA Left to Clean Up Countrywide's Mess
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Estate Financial called 'dishonest'
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Loan changes lag foreclosures in California
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Schwarzenegger backs mortgage default warning bill
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Wisconsin foreclosures up 36 percent in first half
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LA, Miami Home Foreclosure Rates More Than Double
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Businesses Taking Less Office Space
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Aviation:

Airlines slide as crude oil hits fresh highs
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Delta, Northwest Pilots May See Bigger Paychecks From Merger
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AirTran, fighting record fuel, to cut pay by an average of 10 percent
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AMR to Have $1.27 Billion in Costs, Cut 6840 Jobs
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American could cut 900 flight attendant jobs
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American, Iberia and BA plan joint deal
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British Airways, American Tie-Up Should Be Blocked, Virgin Says
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Midwest CEO to take 40 percent salary cut; other employees see pay reduced
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Feds say FAA needs to change overview of airlines
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Food/Drink:

S&P may downgrade Starbucks on plan to close 600 stores
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Several Church's Chicken Locations In Bay Area To Go To Highest Bidder
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Bankruptcy Reform:

Paulson Calls for Process to Liquidate Failing Firms
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Retailing:

Goody's borrows $175M in operating cash
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The end in sight for Crossroads Mall?
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Steve And Barry's, Bankruptcy And "Sampsonite" T-shirts
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Is Circuit City Headed for a Blowout? - Chapter 11 bankruptcy filing may be in the offing
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Blockbuster Drops Circuit City Bid: So Toxic that Nobody Wants It?
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Circuit City faces tough road, but Ch. 11 not near
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Bankruptcy Crimes:

Carona uses n-word in secret recordings
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Credit Cards:

Elizabeth Warren On The Rising Cost Of Credit Debt
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Municipalities:

Vallejo bankruptcy on fast track
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SEC Plan for Swaps `Securities' Gets Alabama Rebuff
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Lawyer: Another Pajaro Valley water agency fee illegal, bankruptcy possible
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Tax:

IRS Enlists Audit Firms to Probe Foreign Bank Role in Tax Cases
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Swiss govt concern over US tax evasion probe
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Gambling:

Harrah's Opts to Pay Interest on Notes With More Debt
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Bill Yung Successfully Resolves Trustee Request
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Vegas is a steal
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Personal Finance:

Teens Skip $50 Jeans in Squeeze of Gas, Job Shortage
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Forest Products:

Creditors force Ply Mart into bankruptcy
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Judge will rule on key Palco issue Monday
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Mining:

Court escalates bankruptcy fight for Asarco
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Sterlite promises three-year contract extension to Asarco workers
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Twist to Sterlite's Asarco bid
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Bidder plans to double Asarco output
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Sterlite confident of Asarco bid
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Rating Agencies:

Moody's to check on accuracy
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EU Finance Ministers Will Back Registration of S&P, Moody's
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Corporate Reform:

Ex-Refco chairman Philip Bennett may be sentenced for 315 years
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Namibia Court Rules in Favor of 'Kobi' Alexander
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Insider Trading Targeted in Europe, As Ex-Airbus CEO's Case Shows
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Bonds:

Bond Risk Rises to 3-Month High on Concern of Global Slowdown
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Flamingos:

Flamingo maker nears end
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Pigeons:

Bankruptcy trustee emerges in Pigeon King collapse
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Fraud:

For Couples Who Defraud, Money Is an Aphrodisiac
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Accounting:

Deloitte books £2bn
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Wall Street lobbies to delay accounting rules that could bring $5 trillion back onto bank balance sheets
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Could the Lawyers Kill the Auditors?
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New Bankruptcy Opinions
(1 new opinion 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:

Company Bankruptcies in U.S. Outpace Individual Filings in June
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Hawaii Bankruptcy Filings Up 46 Percent
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US consumer bankruptcies up 30 pct in 1st half '08
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Autos:

Merrill Says GM Needs $15 Billion Cash, Bankruptcy 'Not Impossible'
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JPMorgan: US automakers face liquidity crisis
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GM shares fall below $10 for first time since 1954
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As sales sag, GM's war chest is key
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A world without GM?
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Shrinking GM, Part 2
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How low can GM go?
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GM says liquidity sufficient for 2008, has options
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Like a Rock . . .Tied to Your Feet
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GM stock downgraded
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GM debt protection costs surge to record high
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Another perfect storm engulfing Detroit Three
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The Struggles of Detroit Ensnare Its Workers
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Big Three forced to keep eyes on cash
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Chrysler explores Chinese partnership
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Platinum Futures Drop on Signs US Demand for Cars Worsening
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Supplier struggles
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Corporate Governance:

DE Supreme Court Rejects Caremark Claims and other Fiduciary Claims Against LLC Managers Due to Exculpation Clause
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Banking:

No Loans at Mountain 1st Means Bank Credit Drying Up
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UBS and Deutsche Bank say they do not need extra cash to cope with global crisis
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UBS May Post Writedowns, Raise Cash, Citigroup Says
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Deutsche Bank's Jain Says Credit Crisis Is 'By No Means Over'
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Paulson bank failure plan won't advance in '08
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Celebs:

Latrell Sprewell, Evander Holyfield, and You
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Billy Preston estate calls for recusal of bankruptcy judge(scroll down)
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Canadian fiddler looks for quick payday via eBay
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M&A:

M&A activity off 30% in first half; private equity hit particularly hard
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Pensions:

Senators seek probe of PBGC benefit calculations
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Chapter 13:

National Association of Chapter 13 Trustees Unveils New Bankruptcy Information Resource
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UK:

UK Forces Disclosure of Long Bets Using Derivatives
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Housing woes shake economy's foundations
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UK Services Contracted the Most Since 2001 in June
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Marks & Spencer Extends Record Drop on Analyst Cuts
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Cry for Help From Buy to Let Investors
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Unemployment 'will rise by 100,000'
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KPMG called in at ProCook
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First national awards launched for insolvency and rescue sectors
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Australia:

Lost tycoon fighting on
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Australia's S&P/ASX Index Drops to Almost Two-Year Low on Oil
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Canada:

National Bank Predicts Slower Canada Growth, Quicker Inflation
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Trucking industry facing uncertain future
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Royal Bank Pitches Canadian Paper to Fidelity as Demand Tumbles
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Canadian Parliament Exempts RRSPs and RESPs on Bankruptcy
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Spain:

Spanish PM sees 'serious difficulties' for economy, no recession
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Australia:

Shares fall to almost two-year low
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South Africa:

South African Confidence Drops Most in 24 Years
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Mutual & Federal to Cut 20% of Staff as Claims Surge
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Japan:

Japan's Stocks Fall on Worsening Outlook for Automakers, Banks
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Italy:

US Judge Gives Initial Approval To Parmalat Shareholder Pact
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EU:

Euro Stays Near Two-Month High as ECB Raises Rate to 4.25%
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Switzerland:

Court says FIFA failed to properly oversee marketing payments
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India:

M&As turn sour for India Inc
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Germany:

German Companies Barely Hit by Financial Market Woes
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Asia:

Asia-Pacific Bond Risk Rises on Concern Bankruptcies to Climb
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