June 4, 2008

Daily Bankruptcy News

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Law:

VC Slams Attorneys on Salaries, Overlawyering
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Lawyer makes dirty debt collectors pay
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Ulmer & Berne's New Subprime Task
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Dulcet Tones of Edith Jones
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E-Discovery Disclosure Goof Waived Attorney-Client Privilege, Judge Rules
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Baker & Daniels to Open Chicago Office
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Quinn Emanuel recruits magic circle talent for London launch
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UK braced for downturn as layoffs hit US
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Firm grapples with team transfer
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Summer Associates Face a Future That's Less Certain
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Fewer Summer Associates Spread Their Wings at Big-Tex Firms This Year
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Hey Biglaw partners: "Are you frustrated by young workers who feel entitled to success, need constant praise, want everything to be 'their way'?" Say hello to Generation Y.
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Or maybe goodbye. Tell those young associates "to either get to work or go find their perfect job. Elsewhere."
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Recruiting: "A rich seam of chancers and burn-outs"
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Law Firms Waking Up to PR Issues Posed by Law Gossip Blogs
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Paul Weiss Beats Out Dozens to Hire Ricciardi
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Jones Day Snags Former Federal Judge For $1M
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Hotties: A dozen lawyers anyone?
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"Innovation in Legal Services"
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Appeals court ruling could curb trade secret litigation
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At Fen-Phen Trial, Drunkenness Remains a Theme
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Sherman & Howard opens St. Louis office
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Feeling Lucky, 13 BigLaw Attorneys Stage Mass Defection
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Too Many Lawyer Factories and More on the Way
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Attorney who took improper benefits to pay back $60,000
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Banks Face Probe Over Price-Fixing on Loans to Law Firms
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Say What?!
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Lawyer of the Day: Thomas Brownell
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You Cannot Be Serious
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State Senator Calls for Tying Class Action Fees to Actual Recovery
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Attorneys to Ante Up $235K in N.Y. Public Benefits Probe
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Autos:

Auto sales plunge in face of $4 gas
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In a First, Asian Autos Outsold Detroit's in May
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Detroit's Chapter 11 Threat
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Gas-guzzler trucks, SUVs nearing end of the road
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Detroit is finally getting it
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$4 gas changes game fast for Big 3
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Ford, GM Sales Plunge as Consumers Shun Pickups, SUVs
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Ford Has Enough Cash for Turnaround, Mulally Says
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GM to Close Four Truck Plants, Shift Output to Cars
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American Axle Falls Most in 6 Months on GM Truck Cuts
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General Motors: Where's the beef?
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Auto union at Oshawa plant slams GM "betrayal"
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GM plant towns struggle with losses
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Chrysler sales fall 25%
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Auto dealer filing for bankruptcy
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Wall Street:

US futures point to lower Wall St on rate worries
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US warning on dollar drop rattles markets
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Bonds rally as stocks fall on bank worries
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Lehman Says Cash Holdings Rose, Denies Fed Borrowing
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Lehman Bros. denies it approached Federal Reserve
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Lehman selloff deepens
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Lehman Brothers May Have to Put Itself Up for Sale
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Lehman May Turn to South Korean Investors for Funds
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Lehman Puts, Default Swaps Show Investors Bet on Further Drop
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Lehman Battles an Insurgent Investor
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Lehman Buys Back Shares
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Lehman Brothers poised for $5bn cash call as credit woes mount
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Senate Banking Panel to Hold Investment Bank Hearing
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S&P lowers credit ratings on top investment banks
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Crisis 'worse than Black Monday'
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Goldman Says Buzz Off to Groveling Banking Lobby
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Health Care:

Prime Healthcare adding three hospitals
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Hospitals auctioning off overdue medical debt to collection agencies
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Doctor Will Appeal Ruling To Vacate Philipsburg Hospital
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Orrex plan confirmed
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Stock Brokers:

Former Neb. broker files bankruptcy in Arizona
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Food/Drink:

Bennigan's owner in talks to avoid bankruptcy
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Roadhouse Grill chain succumbs to Chapter 7 bankruptcy
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The Payday Pinch -- Cutting at the grass roots
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Oil/Gas:

Torrent files Chapter 11
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Torrent to seek OK to tap DIP
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Oil dips below $124 on concern over U.S. economy
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Is Oil the Next 'Bubble' to Pop?
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Crude Oil Falls to Three-Week Low as Prices Reduce Fuel Demand
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Dorado cleared to sell assets
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Financial Literacy:

In wake of home crisis: buyer education
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Financial Literacy Education Under Attack
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Rating Agencies:

Moody's, S&P Reach Settlement Agreement With Cuomo
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Ratings Firms to Shift Fee Practices
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Rating Agencies in Sights of New SEC?
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Tax:

Ex-UBS Banker Birkenfeld, Prosecutors Talked for Year
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Tax-Shelter Users Get Some Rare Good News
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Predatory Lending:

Payday lenders' shares may be at risk
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Gov. Strickland signs payday loan limit
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Real Estate:

Default Deja Vu: Subprime Crisis Mirrors Savings and Loan Scandal
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MBA's Mortgage Applications Index Fell 15.3% Last Week
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ResCap says needs more liquidity
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ResCap Credit-Default Swaps Rise After Cerberus, GMAC Infusion
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ResCap Extends Deadline for Bondholders
(WSJ: separate paid subscription required)

Will Home Buyer Tax Incentive Fix the Housing Market?
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Housing Rescue: An Accord Of Skepticism
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Too much risk in mortgage rescue
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Toll Brothers Beat, But Profits Slump
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R&B Construction gets more time
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Real Estate developer Legacy Capital files for bankruptcy
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Hovnanian Posts Bigger Loss Amid Housing Downturn
(NYT: separate free registration required)

Home Builder Taylor-Morley Shuts Its Doors
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HDB to seek OK for DIP, condo sales
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Slow home sales? Buy one, get one free in San Diego
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Mass. sues H&R Block over mortgages to minorities
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Countrywide urges shareholders to approve takeover
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Wachovia's mistake spotlights Countrywide deal
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Sherwin-Williams Cuts Profit Forecast on Home Sales
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GA: In bed with bankers - General Assembly must stop blaming mortgage crisis on homeowners alone, act to help them
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Homebuilders offer bleak outlook and post losses
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Beazer Homes pulling out of CO
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Oregon's Legend Homes can't pay its bills
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Shame on you, Trump tells gov
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Economy:

Bernanke Supports The Dollar But Will It Last?
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Dollar holds gains after rare Bernanke warning
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Inflation moves up on Bernanke's worry list
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US economy in the doldrums throughout 2008: OECD
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Why we're not getting taller
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Factory Orders in US Unexpectedly Jumped in April
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Fed auctions $75 billion to banks; total is $435 billion since December
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Where Fed Heads Fear To Tread
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Crude reserve replacement now $80/barrel
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Soros Says Record Oil Prices Result of 'Bubble'
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Soros Says Commodity Bubble Echoes Run-Up To '87 Crash
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Next time you face sticker shock at the gas pump over a $4 gallon of gas, check out your pension fund's investments
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Food stamps usage on the rise in America
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Food vs. fuel debate heats up UN conference
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What world leaders are eating at food summit
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Are Subsistence Wages Killing the US?
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Aviation:

Taking Back the Friendly Skies
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United says May passenger traffic off by 4.1 percent
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United to Cut Fleet, Shut Low-Fare Unit
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Airline industry bracing for new cuts by United, others
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Delta might cut more flights to deal with fuel costs
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American Airlines, American Eagle traffic falls in May
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Bankruptcy court OKs Frontier severance plan
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US airline merger frenzy eases as fuel prices bite
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Delta president says airline has no plans to walk away from Northwest deal
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Justice Dept Seeks Info From Delta, Northwest
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Frontier wins severance skirmish.
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High oil prices hit low-cost carriers especially hard
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Return flights to bankruptcy - Airlines may find reorganization tougher this time
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Airlines May Treat Passengers 'Like Freight' to Beat Fuel Surge
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Some In Airline Indus Seek Less Regulation, Others Want More
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Airline workers see more bad times as oil rises
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Younger Fleets Boost Non-US Airlines
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Aviation Technology Group Throws in the Towel
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Buckle up
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Alitalia Picks Intesa Sanpaolo To Assist In Co's Sale
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Alitalia shares halted, loan at risk from EU
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Air France would be good Alitalia partner-Italy PM
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Derivatives:

Derivatives Traders Signal Banks' Credit Woes Likely to Worsen
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Financial Privacy:

Bank boosts security after couriers lose backup tapes
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Student Debt:

The bank of family and friends: new student-loan wrinkle
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Executory Contracts:

Limitations on Assumption and Assignment of Executory Contracts by 'Applicable Law'
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Accounting:

Restatements Plunge after Record 2006
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Kill the Q: Subprimes Head for Balance Sheets
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Credit Cards:

Credit card debt growing
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Target's Card Charge-offs Jump 63% in 1st Quarter
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Auto Racing:

Fans, collectors, racers make bids
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Tourism:

Tourism Firm Files Bankruptcy
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Trucking:

Gas Thieves Targeting Truckers
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Environmental:

Consumerism and the Environment: What Would Jesus Buy and Subsequently Throw Away?
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Municipalities:

XLCA Pays $10.6M To Banks - Latest Maneuver in Jefferson Co. Crisis
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Fraud:

3 Hebrew Boys Case:More federal, state charges possible
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Bonds:

Ambac Writes Little New Business
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Enron:

Wind whispers of Enron
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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:

IL bankruptcy filings jump 27.2 percent in first quarter
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Business busts boom in May, as bankruptcies rise by 46%
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Filings for bankruptcy leap in Colo., US
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S. Fla bankruptcy filings rise 77 percent
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Bankruptcy Reform:

House Judiciary's Subcommittee to meet on H.R. 3652 - improving protections for employees and retirees in business bankruptcies
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Corporate Reform:

CFTC Plans More Disclosure for Agricultural Markets
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CFTC proposals to address market volatility
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Lawmakers look to rein in crude oil speculation
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Senate panel points fingers on oil prices, blaming 'Enron loophole'
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Grasso's Grit May Win After All
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N.Y. High Court Questions AG's Involvement in Suit Over Grasso's Pay
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Ex-CEO Scrushy wants conviction thrown out
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Qwest fraud battle bogged down
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Layoffs:

Layoffs Rise 15 Pct In May vs April: Survey
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Borders to cut 156 jobS
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Banks Need to Step Off Hire-and-Fire Treadmill
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Number of Layoffs in the U.S. Touches a 19-Month High
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Retailing:

Court Authorizes Sharper Image to Complete Sale
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Buyer of failed Sharper Image has innovative plan
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Landlords face losses as Sharper Image is liquidated
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Borders book chain to lay off 20% of corporate workforce
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Trustees:

Trustees in Trouble: Holding Bankruptcy Trustees Personally Liable for Professional Negligence
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Mining:

Judge orders Grupo Mexico CEO to take stand in Asarco trial
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TCEQ sues to stymie Asarco records request
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Mass Torts:

Don't be surprised if NY Crane follows the asbestos playbook
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Distressed Investing:

Wilbur Ross sees investment opportunities as oil soars
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Discharge:

No Harm, No Foul: Calculations of Nondischargeable Damages in Transactions Tainted by Fraud
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Corporate Governance:

More chief executives are leaving their jobs prematurely
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United Health's former CEO pleads ignorance
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M&A:

Loose Lips Sink Deals, Too
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Cerberus' nuanced response to Chrysler, GMAC report
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M&A numbers hit five-year low
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Commodities:

Commodities to Be `Much, Much Weaker' on Dollar
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Banking:

Merrill Lynch cuts BofA earnings view, target
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Banks take a beating on credit concerns
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Derivatives Traders Signal Bank Woes Likely to Worsen
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BNP, Barclays, SocGen May Need Additional Capital, Fitch Says
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Deutsche Bank's Jain Says Financial Crisis May Not Be Over
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US banks fear $5 trillion balance impact
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Wachovia watchers predict trouble, doubt leadership
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Gambling:

Greektown Bets on Key Loan
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Judge could stop Greektown construction
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Celebs:

Ed McMahon fighting foreclosure on his Beverly Hills home
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Wilkinson bankruptcy nears end
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Politics:

Obama Clinches Nomination
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Game on: McCain v. Obama on economy
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Obama Caled Hillary Twice, Got Voicemail
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UK:

U.K. Consumer Confidence Falls to the Lowest Level Since 2004
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Panic selling by landlords could turn slump into rout
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Bradford & Bingley shareholder revolt demanded
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Breaking up spells financial disaster for couples in Scotland
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Commercial Construction Will Shrink, UK Group Says
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One in ten in the dark about their level of debt
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U.K. Personal Debt Tops $2.8 Trillion
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One in seven UK banks is loss-making
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Canada:

BCE Wins Right to Take Buyout Case to Highest Court
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Canadian Commercial Paper Plan 'Likely' to Win Court Approval
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Canada's Economy Will Avoid a Recession This Year, OECD Says
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Italy:

Italian film producer held over bankruptcy
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Japan:

Japan Bonds May Rise on Concern Credit-Market Losses to Spread
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Brazil:

Brazil's Biggest Homebuilders Downgraded at Banco Santander
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EU:

Europe Retail Sales Drop by Record on Gas, Food Costs
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LBO Debt Risk Rising in Europe on Lower Cash Coverage
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