June 23, 2008

Daily Bankruptcy News

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Law:

Substantial Increase In Business Bankruptcies Likely
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Law School in 2 Years (Same $$?)
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To the Trenches: The Tort War Is Raging On
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Powell Goldstein Associates, Staff Feel the Pinch of Layoffs
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Layoff Watch: Powell Goldstein
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K&L Gates Eyes Kennedy Covington
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Ballard Spahr Andrews & Ingersoll Forms Distressed Real Estate Team
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JPMorgan axes Linklaters from panel after litigation row
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Links London takes a hit
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The Great Divide: Law Firms and Inhouse Departments
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BigLaw Partner in the Clear on Bank Fraud Cover-Up, Judge Finds
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Bear Stearns Defendants Showed Disregard for E-Mail Risks
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Court Rebuffs Akin Gump's Bid for Discovery of Privileged Material
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Is This The New Foe For Financial Executives
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Former U.S. Attorneys Assail McNulty Memo
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Lawyers Warned White House that Courts Would Overturn Gitmo Policies
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Lock Up Your Litigators: BigLaw Firm Is On the Hunt for Laterals
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PR Experts, Lawyers Mapped Tort Reform Strategy in Gibson Dunn Meeting
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Client Needs Drive Texas Firms' Out-of-State Expansion
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Say What?!
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Girl's Grounding Overruled by Court
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Judges:

Smearing Judge Kozinski
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Congress could impeach judge over bankruptcy case
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Judge of the Day: G. Thomas Porteous Jr.
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Economy:

Can the Fed Answer All the Alarms?
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Early rate rises not in Fed's Plan A
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Everything going up, except amount in paycheck
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Everything seemingly is spinning out of control
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What Happens if We're Wrong?
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See the Economy Through the Eyes of Its C.E.O.s
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Slowdown Worries Central Banks
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IMF Raises Forecast for U.S. Growth
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At Oil Conference, Saudis Offer Slight Rise in Production
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Saudi king lambasts speculators
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Panel Cites Surge in Speculative Trades
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Why Is Oil So High? Pick a View
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Oil Rises as Saudi Pledge Fails to Ease Global Supply Concerns
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US Retail Gasoline Rises to $4.10 a Gallon
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Vegas: Bent, battered, broken and bankrupt
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Next Great Depression?
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Retailing:

Steve & Barry's on the brink of bankruptcy?
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Steve & Barry's Faces Cash Crunch
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Circuit City continues to bleed money
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Banking:

Citi Firing Another 6500, Starting Monday
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Citigroup Readies More Job Cuts Under Pandit's Plan
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Citigroup's head of hedge fund services leaves
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New Crisis Threatens Healthy Banks
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When banks raise capital, shareholders feel effects
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Banks Struggle to Get Capital
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Banks' pipelines to fresh capital are narrowing
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J.P. Morgan reportedly chasing Wachovia as markets tumble
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Corporate Reform:

A Lesson From the Bear Indictment: Trust Your Instincts
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Former Refco CEO Seeks to Avoid 'De Facto Life Sentence'
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Lawyers ask for leniency for former Refco CEO
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Wall Street rogues' gallery gets new portraits
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SEC Chief Under Fire as Fed Seeks Bigger Wall Street Role
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Sentencing Doesn't End Scruggs's Woes
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Cendant Scandal Refuses to Die
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Nonprofits:

Victims' agency is rescuing itself
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Credit Cards:

Americans Running Out of Places to Hide Debt - Now Credit Cards Go
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Gas station owners are beginning to ban credit card acceptance
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Drowning in Debt
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$2 Trillion Reduction In Credit Card Lines Coming Up
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Jewelry:

Judge Orders Fabrikant Insiders' Assets Seized
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Financial Literacy:

Those bailout bucks might be better served teaching the young
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Students flock to financial literacy test
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M&A:

A year after its IPO, Blackstone looks poised for a new buyout binge
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Fraud:

Forex Investors Had No Idea Of Con Man Luis Rivas' Track Record
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Prosecutors say SC scammers took $80M
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Bankruptcy Litigation:

Conseco legal war drags on
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Municipalities:

Vallejo council to discuss budget cuts
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Bankrupt Vallejo wants to void 4 labor pacts
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Personal Finance:

Author details financial 'High Wire'
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Trucking:

Jevic workers try to pick up the pieces
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Corporate Governance:

Towers Perrin D&O Survey Report
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Despite Subprime Mess, D&O Still Cheap
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When Dual Claims for Fiduciary Duty Breach and Breach of Contract May Proceed
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Real Estate:

Housing slump shaping up to be 'worst in a generation'
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A Close Look at All Those Fees
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FBI Sweep Reveals New Twists to Mortgage Fraud
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Mark Filip: The DOJ's Mortgage Fraud Point Man
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Mortgage-Securities Revival Elusive
(WSJ: separate paid subscription required)

Fighting Foreclosure on Staten Island
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Mortgage menaces hit close to home, stats show
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Builder's lawsuit targets lender
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With More Loan Defaults, 2 Conn. Firms Reap Millions
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One day auction set for Neumann Homes properties
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Fraud charges hit Minneapolis mortgage firm
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Elevation Chandler debt exceeds price
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Ex-clients sue IXG founders in 1031 Tax Group bankruptcy
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Chapter 11 Filing Buys Time for $2B Las Vegas-Area Project
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MW Johnson wins DIP
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Property values in U.S. cities to fall $1.46 trillion in 2008
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Saving couple's home a sad saga
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In Confronting the Foreclosure Crisis, a NY State Bill Strikes a Balance
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Another long hot subprime summer? Signs are mixed
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As foreclosed residents move out of homes, Mother Nature moves in
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Loan crisis transcends home mortgages
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Bankrupt Alliance Title has $100M in liabilities, few assets
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Utilities:

Electric company failures weren't without warning
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Willow Creek gets reprieve
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Bonds:

MBIA: We said we'd do it, but don't say we promised we'd do it
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MBIA Debt Rating Cuts Prompt $7.4 Billion of Payments
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The End of the Monoline Bond Insurance Business
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Moody's Drops FGIC, XL Capital to Junk
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Bond insurers want $125bn of insurance wiped out
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Wall Street:

Futures Point to a Recovery
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Most European Stocks Fall Monday
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US Stocks Tumble Friday, Most in a Month
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Asian Stocks Drop Friday, for Second Week
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BofA Sees $3.5 Billion Writedown At Merrill, $7 Billin At UBS
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Stocks' Recovery Depends On Oil, Inflation And Financials
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When will the market face reality?
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A Ton of Doubt Calls for Caution
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Citigroup May Fire 10% of Investment-Bank Workers
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Job fears mount as Goldman sheds staff
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Credit Suisse expects more layoffs
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Small-Time Insider Trading - How Often Does it Happen?
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Freezing of assets sparks ire at North American receiver
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Hedge Funds:

SUVs, RVs and Scooters: More Allegations Emerge in Sam Israel Case
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For Israel, deceit was a way of life
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The Fully Loaded Recreational Vehicle, With Escape Hatch
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The Saga of Bear's Fund Chiefs
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A Closer Look at the CSX/TCI & Bear Stearns Cases
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Hedge fund arrests send chill through industry
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Using Employees' E-mail Against Them
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Hedge Fund Collapse Leaves Mark On Memphis
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Hedge Funds in Crosshairs
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Credit crisis to worsen: Hedge funds
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Berger Case Back in Court
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Skiing:

Powder Ridge's Future Up For Grabs
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Advertising:

I'm Richard the Ad Exec, I'll Be Your Waiter Today
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Politics:

Obama calls for oil crackdown
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Obama Takes on 'Enron Loophole'
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McCain Has More Money Than Obama
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McCain and Obama on Tax Reform
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John McCain's Credit Card Problems - Is John McCain paying 26% interest on his credit card?
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June hasn't been a good month for Countrywide's Angelo Mozilo and some big Democrats who got VIP mortgage deals
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Oil/Gas:

Is oil market the next bubble to burst?
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Music Industry:

The Orchard Buys TVT Records Out of Bankruptcy
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Hockey:

Sports Authority says 'wheels not coming' off Preds' ownership
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Predators speak on investor's bankruptcy
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Newspapers:

Papers Facing Worst Year for Ad Revenue
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Gambling:

Deutsche Bank Lost in Vegas as Defaults Make Lenders Decorators
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Layoffs:

Mass layoff events and initial claimants for unemployment insurance, June 2004 to May 2008, seasonally adjusted
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Intellectual Property:

Fashion Designer Cannot Use His Own Name On His New Fashion Line
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Intellectual Property in Bankruptcy
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Rating Agencies:

Rep. Frank Unveils Universal Credit Rating Bill
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Telecoms:

CMC creditors challenge solvency
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Tech:

Motorola: Dead Company Walking?
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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 Reform:

Going for broke, bigtime
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Awards:

Kramer Levin's Thomas Mayer Named Outstanding Restructuring Lawyer for 2007
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Berger Singerman's Business Reorganization Practice Receive High Marks In Chambers USA 2008 Guide
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Retirement:

For a Good Retirement, Find Work. Good Luck.
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Aviation:

Continental and United Leave Little Room For American
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United flight canceled when pilot says he's too upset to fly
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300 employees to form Delta-Northwest merger plans
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Failing Airlines, Failing Government
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Midwest Sharply Cuts Fleet
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Mesa Air faces Nasdaq delisting
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Discounter Sun Country to ask state for assistance paying its fuel bill
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IPP warns of airlines insolvency
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Insider Compensation:

How Big a Payday for the Pay Consultants?
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Firms Measure a CEO's (Net) Worth
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Tax:

'I Was Employed By UBS . . . I Was Incentivized to Do the Business'
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FBI Makes Swiss Travel Request for UBS Tax Probe
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Congress tightens vise on expatriate tax evaders
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Autos:

Month of economic troubles has Detroit 3 on edge
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Ford Reels as Truck Sales Plunge
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Can Ford ever make money in U.S.?
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What will be the end of Ford? Shares plunge as losses mount
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'Big three' look at big losses
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Pressure increases on Detroit carmakers
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Ford workers shift to new lives after closing
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Plastech owner might keep 3 plants
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Auto-Parts Firms Face Trouble
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Meridian looks for quick exit
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Cerberus stepped in last summer to help turn Chrysler around. So how's it going?
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Court Approves Sale of Diamond Glass to Belron US
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Investors Sued By Delphi Seek Lawsuit's Dismissal
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Used Truck Trade-In Values Plunge, Deepening Auto-Sales Decline
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CarMax profits plunge 55%, shares plunge 16%
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Weak used car market could lead to big write-downs at Ford, GM captives
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Volkswagen, Competitors Face Oil Shock
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Software:

Destinator to auction assets
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Alternative Fuels:

ID ethanol plant owner files for bankruptcy
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Health Care:

Georgia Firm Buys Haven Healthcare
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Embattled John King loses another lawyer
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Kaiser Permanente buys Moreno Valley Community Hospital
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Union calls on VHS to sell Menifee hospital
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Eye surgery centers declare bankruptcy
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Health-care providers continue to collect Medicare payments despite owing more than $2 billion in back taxes
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Advocates focus on 'junk insurance'
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UK:

UK House Prices Drop the Most This Year
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UK Buyout Companies Most Pessimistic Since 2003
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Fujitsu May Cut Up to 700 UK Jobs
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Labour heads for financial collapse - £24m in debt
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Hedge Fund Discloses Short Position in Bradford & Bingley
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London Housing May Feel Pinch
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Fladgate restructuring chief joins BLG
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Canada:

BCE Buyout Can Proceed, Canada High Court Rules
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BCE saga's end may still be long way off
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A blow against special interests
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Deepening Insolvency in Canada?
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Altius cites credit difficulty as partly owned refiner files bankruptcy protection
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FisherCast Global's woes have economic effect on creditors
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Pending Quebecor sale ruffles creditors' feathers
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Singapore:

Under 30, employed and deep in debt
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Australia:

Ex-Test legend owes $40m
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Valad Cuts Profit Forecast On Property-Market Turmoil
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Australia Company Bond Risk Increases to Highest in 10 Weeks
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A building giant gambled his empire
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Japan:

Japan Stocks Fall on Renewed Concern Over Asset Losses at Banks
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Germany:

German Business Optimism Probably Fell in June
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New Zealand:

Bridgecorp receivership update soon
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Russia:

Yukos lawyer faces fraud, money-laundering charges
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