July 31, 2008

Daily Bankruptcy News

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Law:

Cadwalader to Fire 96 Lawyers on Real-Estate Slowdown
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With 96 More Layoffs, Cadwalader Faces Its 'Cataclysmic Event'
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Cadwalader total 131 this year
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More on the Cadwalader Carnage
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Cadwalader to Cut 96 Lawyers
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Bingham McCutchen Lays Off 10 Staff Members
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Eversheds freezes base salaries for associates
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Filing for Bankruptcy Becomes More Costly
(WSJ: separate paid subscription required)

Big Bankruptcies Are Piling Up
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Two Small Firms Land Plum Bankruptcy Gigs
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A Law Firm Ditches the Lockstep System and Retains More Women
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Stratus bankruptcy reels in King & Spalding, Morris Manning
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As O'Melveny Chair Pushes for International Expansion, Criticism Grows
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Securities Litigation: The Next Booming Practice Area?
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Akin Gump Restructuring to Increase Profits
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Alston Seals Calif. Deal, Adds 94 Lawyers
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Convicted Mississippi Lawyer Scruggs wants Testimony Sealed
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Milberg Did the Right Thing in the Weiss Settlement
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Big-Tex Firms' Pro Bono Hours Rose By Nearly 15 Percent in '07
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ARS collapse giving rise to class-action lawsuits
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Kelley Drye Names New Bankruptcy Partner
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How GE Does It - The Outside Counsel Perspective
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House Panel Votes to Cite Rove for Contempt
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Firm in Silica Case Fee Dispute Loses Mandamus Bid in Texas Appeals Court
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Would you want a vacation from your Blackberry?
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Judges:

A Nervous Moment for Kozinski and the 9th Circuit Conference
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Judge Who Removed Opponent's Signs: I Did Nothing Wrong
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Wall Street:

Stocks head for lower Thurs. open ahead of GDP reading
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US Stock-Index Futures Rise
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Stocks close higher Weds. on jobs report, financials rally
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Merrill Gives Up Gains, Is 'On Hook' for CDO Losses
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Merrill Zigzag Makes Investors Uncomfortably Numb
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Second Thoughts On Merrill's CDO Sale
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First Merrill. Who's Next?
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Rethinking Merrill's Purge Cycle
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Wall Street bonuses on the decline - and prices of NYC apartments may follow
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Aviation:

United Accuses Pilots of Causing Delays, Sues
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House discusses Delta-Northwest merger impact
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Union officials argue Delta deal in DC
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Could Boeing lend AirTran a helping hand?
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S&P keeps US Airways at 'Hold'
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Hawaiian returns to black
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Delta Redoes Mileage Plan for Its Fliers
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Frontier investors could be left high and dry
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"They're acting like now like they're in bankruptcy court"
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Furloughs landing pilots in a state of flux
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Italy denies bankruptcy plans for Alitalia
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Alitalia plan foresees buying parts of Air One
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WestJet Profit More Than Doubles After 2007 Writedown
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Ratings Agencies:

Connecticut Sues Moody's, S&P and Fitch Over Ratings
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Moody's In A Bad Mood
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Municipalities:

Jefferson County Faces Sewer Payment Default
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Scrambling Continues In Alabama
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Legislators Won't Call Special Session for Bond Crisis
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What if Hermosa went bankrupt?
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'Sell Hell'
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Broke Oregon Counties Mull Worst-Case Scenarios
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Utilities:

Court approves NorthWestern distribution motion
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Derivatives:

A clearer picture of state of credit derivatives
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Credit Cards:

Consumers reduce credit card spending
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Visa's Profit Rises 41% as More Consumers Use Cards
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Academia:

What Is The Effect of Having So Many Adjuncts Teaching Bankruptcy Law Courses?
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Pigeons:

Founder of Pigeon King faces creditors
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Accounting:

US delays accounting changes
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Confidence in audited financial statements down
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Red Flags in Enron's Reporting of Revenues & Key Financial Measures
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SEC Slaps CPA Firms for Not Registering
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Resorts:

Tamarack Resort scores a victory in court
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Insurance:

Prudential Net Income Falls 30% on Subprime Losses
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MetLife posts 19% drop in 2nd-quarter net
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RenRe profits down 26% in first half
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Subprime mess boosts shareholder suits
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Politics:

Housing Bill Aids Democratic Ally
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Al Gore Places Infant Son In Rocket To Escape Dying Planet :)
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Bankruptcy Software:

Backdating of stock options by Epiq Systems alleged in lawsuit
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Automatic Stay:

Disdain for Automatic Stay Everywhere
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Real Estate:

California's Discount Foreclosure Sales Point to Housing Bottom
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Financial Title Co. shuts down in California
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United Title of Texas shuts down statewide
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Why the Fannie/Freddie Bailout Seems Cheap
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Covered Bonds, Exposed Taxpayers
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S&P Revises Most U.S. RMBS Loss Assumptions, Again
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House crunch claims big Spokane builder
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Lake Las Vegas Pipeline Threatened
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So is 22 the number?
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Developer sues lenders, alleging plot to foreclose
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Kimball Hill seeks more time on recovery plan
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House of Cards - You thought the housing crisis was bad? You ain't seen nothing yet.
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Former subprime executive is convicted of fraud
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Another Foreclosure Pot Bust
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Plise COO, CFO Resign, Returning as Advisors
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Troubled homeowners need money, not counseling
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Home Builder Tries to Lure Buyers with Honda Civics
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First Horizon Cuts 170 Jobs, Eliminates Back-Office
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Mortgage professionals flooding temp agencies
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Autos:

GM May Cut Salaried Workforce in US, Canada by 15%
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GM set to offer pension to younger workers
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Nissan Offering Buyouts at 2 Tennessee Plants
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Car leasing chaos: What's right for you
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Breaking it Down: Chrysler explains details of leasing pullback
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Tough Borrowing, Car Leasing Terms Loom Ahead
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Chase Won't Lease You A Chrysler Either
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BMW Tries to Reduce Leases From 60% of Its US Sales
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Lease runs out on US new car dream
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Were SUVs such profitable products after all?
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Shocks fail to break up US car love affair
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Asbury Auto Falls Most Since 2002 on Drop in Profit, Forecast
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GM warns of dismal 2Q results
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Chrysler In Talks With Tata And Fiat
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Chrysler Slashes Costs, Seeks Partners
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Chrysler to stop assisting salaried workers with tuition
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Toyota Says US Credit Unit's Annual Loss Was $223 Million
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Judge dismisses trustee's complaint against Meridian
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Economy:

Fed Signals Market Strife Will Continue Into '09
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Economy gains traction in spring; shrank year end
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A Hidden Toll on Employment: Cut to Part Time
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Jobless claims expected to drop
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Oil Rises More Than $4 After Unexpected Gasoline-Supply Decline
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Oil retreats
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CRB Index Drops Most in 28 Years
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Recession diet bankrupts restaurants, retailers
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Restaurants Are Economy's Canary In The Coal Mine
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Fed and ECB extend time frame for help to banks
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Moody's downbeat on credit market rebound
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Gates to Invest in Savings Programs
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Signs point to sustained tough times
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Oil/Gas:

Improper trades sank SemGroup, filing says
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Member of SemGroup management team replaced
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Eagle Rock Energy Partners, L.P.'s SemGroup Exposure
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SemGroup's Fall and the Impact on Oil
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SemGroup's fortunes improve
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SemGroup failure a big comedown for local hero
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SemGroup Ex-CEO Tied to Trading Firm
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SemGroup Leaves Tulsa Without Booster
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SemGroup pins hopes on finance proposal
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Shell reports 33% rise in profit
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EXXONMOBIL: $11,700,000,000.00
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Forest Products:

Firm owned by Gap family takes over Pacific Lumber
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New era begins for Pacific Lumber
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Humboldt Redwood Co. launched
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Food/Drink:

Analysts blame easy credit for restaurant woes
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Benni-gone
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What now for Bennigan's workers?
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Starbucks Reports a Loss on Restructuring
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Distressed Investing:

Jefferies taps Merola as LA restructuring director
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String of bankruptcies fails to slow Sun Capital down
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Defaults:

Monsoon Season For Defaults
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Bonds:

Moody's paints bleak outlook for bonds
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Student Debt:

Schools saw student loan collapse coming
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Families Scramble As College Loans Fall Short
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Newspapers:

Zell's Deal from Hell
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Desert Advocate awaits ruling
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Televisions:

Syntax-Brillian shareholders: Don't sell assets
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Bankruptcy Statistics:

New Bankruptcy Statistics
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More People In LV Filing For Bankruptcy
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Memphis: Bankruptcy Spike
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Minnesota bankruptcy filings increase nearly 30 percent
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Hotels:

Terrible Timing for a Hotel Boom
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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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Banking:

Merrill sees $6 bln writedown at Citigroup in Q3
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Bank that's suing analyst reports quarterly loss
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Deutsche Bank, HBOS profits drop
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Retailing:

Mervyn's founder discusses bankruptcy
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Mervyn's faces tough reorg
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Mervyn's must make stores more accessible: ruling
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Mervyns bankruptcy a challenge to cities
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Mervyns woes cast pall at malls
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As Industry Digests Mervyns Bankruptcy, Could Boscov's Be Next?
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Creditors Fight Sale Of Steve & Barry's
(WSJ: separate paid subscription required)

Goody's cancels auction
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The credit crunch comes to the mall
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Retail Construction Hits a Red Light
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Big Retails Which May Close Or Downsize
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More bad news for Apollo as Moody's downgrades Claire's Stores
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Corporate Reform:

UBS pays Massachusetts to end probe
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Ex-Refco CEO reaches civil accord with SEC
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Court to review overturning of Nacchio conviction
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Broker Missing as Charges Near
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Finance:

Credit market far from tossing away its crutches
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Health Care:

Cash-Strapped Brooklyn Hospital Shutters Obstetrics Department
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PBGC takes over hospital pension plans
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Hemet-based hospital district approves budget
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Moody's downgrades West Penn's rating
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North Bay General gets DIP
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Gambling:

Las Vegas Sands Posts Loss on Casino, Interest Costs
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Bankruptcy attorney expects more bad gaming news
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Detroit investor seeks to keep minority casino stake
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Celebs:

U.S. TV star Ed McMahon sued over legal bills
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Jailed boy band promoter turns snitch
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Jewelry:

Whitehall Can Sell Owned Assets, But Not Consigned Goods
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Hedge Funds:

Hedge funds are buying up delinquent mortgages
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Hedge Fund Investors Feel Pleased
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RAB Assets Drop 12% in First Half on Redemptions; Earnings Fall
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Furniture:

Rec Room to auction off inventory
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Douglas seeks sale to repay lender
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UCC:

A Quick Look at Revised Article Nine; Seven and a Half Years in.
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UK:

Creditors pay more for company rescues
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Go for broke
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Labour in hock to the unions
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More IVAs caused by credit crunch, says KPMG
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Gunning for tax haven advisers
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Here comes the global recession - let's eat, drink and be merry
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Credit crunch bites into fashion firms
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Credit crunch fraud warning
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Private schools face credit crunch bankruptcy
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Negative equity threat to 1.7 million properties
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Consumer confidence worst for more than 30 years
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Economist warns of 25-year slump
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UK House Prices Fell, Confidence Dropped in July
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Retail defies the downturn with 30% drop in administrations
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Canada:

Court accepts bid for Harmac mill in Nanaimo
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Harmac workers can buy mill, judge says
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Bankruptcy Trustee Charged with Fraud and Breach of Trust
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Spain:

Britons turn to courts over 'Costa del Crash'
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EU:

European Inflation Quickened to 16-Year High in July
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Mexico:

Mexico Bank Raises Inflation Forecasts Through 2010
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World Bank Says Latin America Inflation to Exceed 8% This Year
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France:

Kerviel's New Lawyers Will Focus on SocGen Conduct
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U.S. law firm seeks publicity - and clients - in France for lawsuit against Societe Generale
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Palestine:

Palestinian Authority Faces Cash Crunch
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Japan:

Yohan In Bankruptcy
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Germany:

German Decline in Unemployment Slows as Economy Cools
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