June 4, 2008

Daily Bankruptcy News

Also available on the Web (with links to the news stories)	Click Here
Prior editions:	Click Here
Search prior headlines:	Click Here
Search prior New Opinions:	Click Here

Law:

VC Slams Attorneys on Salaries, Overlawyering
(DBN Subscription Required)

Lawyer makes dirty debt collectors pay
(DBN Subscription Required)

Ulmer & Berne's New Subprime Task
(DBN Subscription Required)

Dulcet Tones of Edith Jones
(DBN Subscription Required)

E-Discovery Disclosure Goof Waived Attorney-Client Privilege, Judge Rules
(DBN Subscription Required)

Baker & Daniels to Open Chicago Office
(DBN Subscription Required)

Quinn Emanuel recruits magic circle talent for London launch
(DBN Subscription Required)

UK braced for downturn as layoffs hit US
(DBN Subscription Required)

Firm grapples with team transfer
(DBN Subscription Required)

Summer Associates Face a Future That's Less Certain
(DBN Subscription Required)

Fewer Summer Associates Spread Their Wings at Big-Tex Firms This Year
(DBN Subscription Required)

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.
(DBN Subscription Required)

Or maybe goodbye. Tell those young associates "to either get to work or go find their perfect job. Elsewhere."
(DBN Subscription Required)

Recruiting: "A rich seam of chancers and burn-outs"
(DBN Subscription Required)

Law Firms Waking Up to PR Issues Posed by Law Gossip Blogs
(DBN Subscription Required)

Paul Weiss Beats Out Dozens to Hire Ricciardi
(DBN Subscription Required)

Jones Day Snags Former Federal Judge For $1M
(DBN Subscription Required)

Hotties: A dozen lawyers anyone?
(DBN Subscription Required)

"Innovation in Legal Services"
(DBN Subscription Required)

Appeals court ruling could curb trade secret litigation
(DBN Subscription Required)

At Fen-Phen Trial, Drunkenness Remains a Theme
(DBN Subscription Required)

Sherman & Howard opens St. Louis office
(DBN Subscription Required)

Feeling Lucky, 13 BigLaw Attorneys Stage Mass Defection
(DBN Subscription Required)

Too Many Lawyer Factories and More on the Way
(DBN Subscription Required)

Attorney who took improper benefits to pay back $60,000
(DBN Subscription Required)

Banks Face Probe Over Price-Fixing on Loans to Law Firms
(DBN Subscription Required)

Say What?!
(DBN Subscription Required)

Lawyer of the Day: Thomas Brownell
(DBN Subscription Required)

You Cannot Be Serious
(DBN Subscription Required)

State Senator Calls for Tying Class Action Fees to Actual Recovery
(DBN Subscription Required)

Attorneys to Ante Up $235K in N.Y. Public Benefits Probe
(DBN Subscription Required)

______________

Autos:

Auto sales plunge in face of $4 gas
(DBN Subscription Required)

In a First, Asian Autos Outsold Detroit's in May
(NYT: separate free registration required)

Detroit's Chapter 11 Threat
(WSJ: separate paid subscription required)

Gas-guzzler trucks, SUVs nearing end of the road
(DBN Subscription Required)

Detroit is finally getting it
(DBN Subscription Required)

$4 gas changes game fast for Big 3
(DBN Subscription Required)

Ford, GM Sales Plunge as Consumers Shun Pickups, SUVs
(DBN Subscription Required)

Ford Has Enough Cash for Turnaround, Mulally Says
(DBN Subscription Required)

GM to Close Four Truck Plants, Shift Output to Cars
(DBN Subscription Required)

American Axle Falls Most in 6 Months on GM Truck Cuts
(DBN Subscription Required)

General Motors: Where's the beef?
(DBN Subscription Required)

Auto union at Oshawa plant slams GM "betrayal"
(DBN Subscription Required)

GM plant towns struggle with losses
(DBN Subscription Required)

Chrysler sales fall 25%
(DBN Subscription Required)

Auto dealer filing for bankruptcy
(DBN Subscription Required)

______________

Wall Street:

US futures point to lower Wall St on rate worries
(DBN Subscription Required)

US warning on dollar drop rattles markets
(DBN Subscription Required)

Bonds rally as stocks fall on bank worries
(DBN Subscription Required)

Lehman Says Cash Holdings Rose, Denies Fed Borrowing
(DBN Subscription Required)

Lehman Bros. denies it approached Federal Reserve
(DBN Subscription Required)

Lehman selloff deepens
(DBN Subscription Required)

Lehman Brothers May Have to Put Itself Up for Sale
(DBN Subscription Required)

Lehman May Turn to South Korean Investors for Funds
(DBN Subscription Required)

Lehman Puts, Default Swaps Show Investors Bet on Further Drop
(DBN Subscription Required)

Lehman Battles an Insurgent Investor
(NYT: separate free registration required)

Lehman Buys Back Shares
(WSJ: separate paid subscription required)

Lehman Brothers poised for $5bn cash call as credit woes mount
(DBN Subscription Required)

Senate Banking Panel to Hold Investment Bank Hearing
(NYT: separate free registration required)

S&P lowers credit ratings on top investment banks
(DBN Subscription Required)

Crisis 'worse than Black Monday'
(DBN Subscription Required)

Goldman Says Buzz Off to Groveling Banking Lobby
(DBN Subscription Required)

______________

Health Care:

Prime Healthcare adding three hospitals
(DBN Subscription Required)

Hospitals auctioning off overdue medical debt to collection agencies
(DBN Subscription Required)

Doctor Will Appeal Ruling To Vacate Philipsburg Hospital
(DBN Subscription Required)

Orrex plan confirmed
(DBN Subscription Required)

______________

Stock Brokers:

Former Neb. broker files bankruptcy in Arizona
(DBN Subscription Required)

______________

Food/Drink:

Bennigan's owner in talks to avoid bankruptcy
(DBN Subscription Required)

Roadhouse Grill chain succumbs to Chapter 7 bankruptcy
(DBN Subscription Required)

The Payday Pinch -- Cutting at the grass roots
(DBN Subscription Required)

______________

Oil/Gas:

Torrent files Chapter 11
(DBN Subscription Required)

Torrent to seek OK to tap DIP
(DBN Subscription Required)

Oil dips below $124 on concern over U.S. economy
(DBN Subscription Required)

Is Oil the Next 'Bubble' to Pop?
(WSJ: separate paid subscription required)

Crude Oil Falls to Three-Week Low as Prices Reduce Fuel Demand
(DBN Subscription Required)

Dorado cleared to sell assets
(DBN Subscription Required)

______________

Financial Literacy:

In wake of home crisis: buyer education
(DBN Subscription Required)

Financial Literacy Education Under Attack
(DBN Subscription Required)

______________

Rating Agencies:

Moody's, S&P Reach Settlement Agreement With Cuomo
(DBN Subscription Required)

Ratings Firms to Shift Fee Practices
(WSJ: separate paid subscription required)

Rating Agencies in Sights of New SEC?
(DBN Subscription Required)

______________

Tax:

Ex-UBS Banker Birkenfeld, Prosecutors Talked for Year
(DBN Subscription Required)

Tax-Shelter Users Get Some Rare Good News
(DBN Subscription Required)

______________

Predatory Lending:

Payday lenders' shares may be at risk
(DBN Subscription Required)

Gov. Strickland signs payday loan limit
(DBN Subscription Required)

______________

Real Estate:

Default Deja Vu: Subprime Crisis Mirrors Savings and Loan Scandal
(DBN Subscription Required)

MBA's Mortgage Applications Index Fell 15.3% Last Week
(DBN Subscription Required)

ResCap says needs more liquidity
(DBN Subscription Required)

ResCap Credit-Default Swaps Rise After Cerberus, GMAC Infusion
(DBN Subscription Required)

ResCap Extends Deadline for Bondholders
(WSJ: separate paid subscription required)

Will Home Buyer Tax Incentive Fix the Housing Market?
(DBN Subscription Required)

Housing Rescue: An Accord Of Skepticism
(DBN Subscription Required)

Too much risk in mortgage rescue
(DBN Subscription Required)

Toll Brothers Beat, But Profits Slump
(DBN Subscription Required)

R&B Construction gets more time
(DBN Subscription Required)

Real Estate developer Legacy Capital files for bankruptcy
(DBN Subscription Required)

Hovnanian Posts Bigger Loss Amid Housing Downturn
(NYT: separate free registration required)

Home Builder Taylor-Morley Shuts Its Doors
(DBN Subscription Required)

HDB to seek OK for DIP, condo sales
(DBN Subscription Required)

Slow home sales? Buy one, get one free in San Diego
(DBN Subscription Required)

Mass. sues H&R Block over mortgages to minorities
(DBN Subscription Required)

Countrywide urges shareholders to approve takeover
(DBN Subscription Required)

Wachovia's mistake spotlights Countrywide deal
(DBN Subscription Required)

Sherwin-Williams Cuts Profit Forecast on Home Sales
(DBN Subscription Required)

GA: In bed with bankers - General Assembly must stop blaming mortgage crisis on homeowners alone, act to help them
(DBN Subscription Required)

Homebuilders offer bleak outlook and post losses
(DBN Subscription Required)

Beazer Homes pulling out of CO
(DBN Subscription Required)

Oregon's Legend Homes can't pay its bills
(DBN Subscription Required)

Shame on you, Trump tells gov
(DBN Subscription Required)

______________

Economy:

Bernanke Supports The Dollar But Will It Last?
(DBN Subscription Required)

Dollar holds gains after rare Bernanke warning
(DBN Subscription Required)

Inflation moves up on Bernanke's worry list
(DBN Subscription Required)

US economy in the doldrums throughout 2008: OECD
(DBN Subscription Required)

Why we're not getting taller
(DBN Subscription Required)

Factory Orders in US Unexpectedly Jumped in April
(DBN Subscription Required)

Fed auctions $75 billion to banks; total is $435 billion since December
(DBN Subscription Required)

Where Fed Heads Fear To Tread
(DBN Subscription Required)

Crude reserve replacement now $80/barrel
(DBN Subscription Required)

Soros Says Record Oil Prices Result of 'Bubble'
(DBN Subscription Required)

Soros Says Commodity Bubble Echoes Run-Up To '87 Crash
(DBN Subscription Required)

Next time you face sticker shock at the gas pump over a $4 gallon of gas, check out your pension fund's investments
(DBN Subscription Required)

Food stamps usage on the rise in America
(DBN Subscription Required)

Food vs. fuel debate heats up UN conference
(DBN Subscription Required)

What world leaders are eating at food summit
(DBN Subscription Required)

Are Subsistence Wages Killing the US?
(DBN Subscription Required)

______________

Aviation:

Taking Back the Friendly Skies
(DBN Subscription Required)

United says May passenger traffic off by 4.1 percent
(DBN Subscription Required)

United to Cut Fleet, Shut Low-Fare Unit
(DBN Subscription Required)

Airline industry bracing for new cuts by United, others
(DBN Subscription Required)

Delta might cut more flights to deal with fuel costs
(DBN Subscription Required)

American Airlines, American Eagle traffic falls in May
(DBN Subscription Required)

Bankruptcy court OKs Frontier severance plan
(DBN Subscription Required)

US airline merger frenzy eases as fuel prices bite
(DBN Subscription Required)

Delta president says airline has no plans to walk away from Northwest deal
(DBN Subscription Required)

Justice Dept Seeks Info From Delta, Northwest
(NYT: separate free registration required)

Frontier wins severance skirmish.
(DBN Subscription Required)

High oil prices hit low-cost carriers especially hard
(DBN Subscription Required)

Return flights to bankruptcy - Airlines may find reorganization tougher this time
(DBN Subscription Required)

Airlines May Treat Passengers 'Like Freight' to Beat Fuel Surge
(DBN Subscription Required)

Some In Airline Indus Seek Less Regulation, Others Want More
(DBN Subscription Required)

Airline workers see more bad times as oil rises
(DBN Subscription Required)

Younger Fleets Boost Non-US Airlines
(DBN Subscription Required)

Aviation Technology Group Throws in the Towel
(DBN Subscription Required)

Buckle up
(DBN Subscription Required)

Alitalia Picks Intesa Sanpaolo To Assist In Co's Sale
(DBN Subscription Required)

Alitalia shares halted, loan at risk from EU
(DBN Subscription Required)

Air France would be good Alitalia partner-Italy PM
(DBN Subscription Required)

______________

Derivatives:

Derivatives Traders Signal Banks' Credit Woes Likely to Worsen
(DBN Subscription Required)

______________

Financial Privacy:

Bank boosts security after couriers lose backup tapes
(DBN Subscription Required)

______________

Student Debt:

The bank of family and friends: new student-loan wrinkle
(DBN Subscription Required)

______________

Executory Contracts:

Limitations on Assumption and Assignment of Executory Contracts by 'Applicable Law'
(DBN Subscription Required)

______________

Accounting:

Restatements Plunge after Record 2006
(DBN Subscription Required)

Kill the Q: Subprimes Head for Balance Sheets
(DBN Subscription Required)

______________

Credit Cards:

Credit card debt growing
(DBN Subscription Required)

Target's Card Charge-offs Jump 63% in 1st Quarter
(DBN Subscription Required)

______________

Auto Racing:

Fans, collectors, racers make bids
(DBN Subscription Required)

______________

Tourism:

Tourism Firm Files Bankruptcy
(WSJ: separate paid subscription required)

______________

Trucking:

Gas Thieves Targeting Truckers
(DBN Subscription Required)

______________

Environmental:

Consumerism and the Environment: What Would Jesus Buy and Subsequently Throw Away?
(DBN Subscription Required)

______________

Municipalities:

XLCA Pays $10.6M To Banks - Latest Maneuver in Jefferson Co. Crisis
(DBN Subscription Required)

______________

Fraud:

3 Hebrew Boys Case:More federal, state charges possible
(DBN Subscription Required)

______________

Bonds:

Ambac Writes Little New Business
(NYT: separate free registration required)

______________

Enron:

Wind whispers of Enron
(DBN Subscription Required)

______________

New Bankruptcy Opinions
(1 new opinion today)

Bankruptcy Court Web/Pacer Site Directory

Chapter 7, 12 & 13 Private Trustee Locator
(DBN Subscription Required)

Recent Ch. 11 Filings
(DBN Subscription Required)

Bankruptcy Jobs:

(1), (2), (3), (4), (5), (6), (7), (8), (9), (10), (11)
(DBN Subscription Required)

____________

Bankruptcy Statistics:

IL bankruptcy filings jump 27.2 percent in first quarter
(DBN Subscription Required)

Business busts boom in May, as bankruptcies rise by 46%
(DBN Subscription Required)

Filings for bankruptcy leap in Colo., US
(DBN Subscription Required)

S. Fla bankruptcy filings rise 77 percent
(DBN Subscription Required)

______________

Bankruptcy Reform:

House Judiciary's Subcommittee to meet on H.R. 3652 - improving protections for employees and retirees in business bankruptcies
(DBN Subscription Required)

______________

Corporate Reform:

CFTC Plans More Disclosure for Agricultural Markets
(DBN Subscription Required)

CFTC proposals to address market volatility
(DBN Subscription Required)

Lawmakers look to rein in crude oil speculation
(DBN Subscription Required)

Senate panel points fingers on oil prices, blaming 'Enron loophole'
(DBN Subscription Required)

Grasso's Grit May Win After All
(DBN Subscription Required)

N.Y. High Court Questions AG's Involvement in Suit Over Grasso's Pay
(DBN Subscription Required)

Ex-CEO Scrushy wants conviction thrown out
(DBN Subscription Required)

Qwest fraud battle bogged down
(DBN Subscription Required)

______________

Layoffs:

Layoffs Rise 15 Pct In May vs April: Survey
(NYT: separate free registration required)

Borders to cut 156 jobS
(DBN Subscription Required)

Banks Need to Step Off Hire-and-Fire Treadmill
(DBN Subscription Required)

Number of Layoffs in the U.S. Touches a 19-Month High
(DBN Subscription Required)

______________

Retailing:

Court Authorizes Sharper Image to Complete Sale
(DBN Subscription Required)

Buyer of failed Sharper Image has innovative plan
(DBN Subscription Required)

Landlords face losses as Sharper Image is liquidated
(DBN Subscription Required)

Borders book chain to lay off 20% of corporate workforce
(DBN Subscription Required)

______________

Trustees:

Trustees in Trouble: Holding Bankruptcy Trustees Personally Liable for Professional Negligence
(DBN Subscription Required)

______________

Mining:

Judge orders Grupo Mexico CEO to take stand in Asarco trial
(DBN Subscription Required)

TCEQ sues to stymie Asarco records request
(DBN Subscription Required)

______________

Mass Torts:

Don't be surprised if NY Crane follows the asbestos playbook
(DBN Subscription Required)

______________

Distressed Investing:

Wilbur Ross sees investment opportunities as oil soars
(DBN Subscription Required)

______________

Discharge:

No Harm, No Foul: Calculations of Nondischargeable Damages in Transactions Tainted by Fraud
(DBN Subscription Required)

______________

Corporate Governance:

More chief executives are leaving their jobs prematurely
(DBN Subscription Required)

United Health's former CEO pleads ignorance
(DBN Subscription Required)

______________

M&A:

Loose Lips Sink Deals, Too
(DBN Subscription Required)

Cerberus' nuanced response to Chrysler, GMAC report
(DBN Subscription Required)

M&A numbers hit five-year low
(DBN Subscription Required)

______________

Commodities:

Commodities to Be `Much, Much Weaker' on Dollar
(DBN Subscription Required)

______________

Banking:

Merrill Lynch cuts BofA earnings view, target
(DBN Subscription Required)

Banks take a beating on credit concerns
(DBN Subscription Required)

Derivatives Traders Signal Bank Woes Likely to Worsen
(DBN Subscription Required)

BNP, Barclays, SocGen May Need Additional Capital, Fitch Says
(DBN Subscription Required)

Deutsche Bank's Jain Says Financial Crisis May Not Be Over
(DBN Subscription Required)

US banks fear $5 trillion balance impact
(DBN Subscription Required)

Wachovia watchers predict trouble, doubt leadership
(DBN Subscription Required)

______________

Gambling:

Greektown Bets on Key Loan
(DBN Subscription Required)

Judge could stop Greektown construction
(DBN Subscription Required)

______________

Celebs:

Ed McMahon fighting foreclosure on his Beverly Hills home
(DBN Subscription Required)

Wilkinson bankruptcy nears end
(DBN Subscription Required)

______________

Politics:

Obama Clinches Nomination
(NYT: separate free registration required)

Game on: McCain v. Obama on economy
(DBN Subscription Required)

Obama Caled Hillary Twice, Got Voicemail
(DBN Subscription Required)

______________

UK:

U.K. Consumer Confidence Falls to the Lowest Level Since 2004
(DBN Subscription Required)

Panic selling by landlords could turn slump into rout
(DBN Subscription Required)

Bradford & Bingley shareholder revolt demanded
(DBN Subscription Required)

Breaking up spells financial disaster for couples in Scotland
(DBN Subscription Required)

Commercial Construction Will Shrink, UK Group Says
(DBN Subscription Required)

One in ten in the dark about their level of debt
(DBN Subscription Required)

U.K. Personal Debt Tops $2.8 Trillion
(DBN Subscription Required)

One in seven UK banks is loss-making
(DBN Subscription Required)

______________

Canada:

BCE Wins Right to Take Buyout Case to Highest Court
(DBN Subscription Required)

Canadian Commercial Paper Plan 'Likely' to Win Court Approval
(DBN Subscription Required)

Canada's Economy Will Avoid a Recession This Year, OECD Says
(DBN Subscription Required)

______________

Italy:

Italian film producer held over bankruptcy
(DBN Subscription Required)

______________

Japan:

Japan Bonds May Rise on Concern Credit-Market Losses to Spread
(DBN Subscription Required)

______________

Brazil:

Brazil's Biggest Homebuilders Downgraded at Banco Santander
(DBN Subscription Required)

______________

EU:

Europe Retail Sales Drop by Record on Gas, Food Costs
(DBN Subscription Required)

LBO Debt Risk Rising in Europe on Lower Cash Coverage
(DBN Subscription Required)

______________

Please note that the Daily Bankruptcy News is primarily a news link gathering service. This means that most of the headlines contained in the publication are a collection of links to stories posted on the Internet by various third party publications. Such content is owned by third party sources, not the Daily Bankruptcy News, and in some cases, these links change or expire, which means you may not be able to view some news stories in prior editions of the Daily Bankruptcy News. The DBN subscription fee for access to certain links is not a fee for access to the content of the links, but is a charge for the considerable work involved in gathering, organizing and presenting the links. Use of this site and The Daily Bankruptcy News is subject to our Terms of Use.If you received the Daily Bankruptcy News via email (and you have a paid subscription account), to view a news story, click on the headline, and the story should open in your web browser. To view additional stories, click back to the email and click on additional headlines, which will cause new stories to open in your web browser. You can view the Daily Bankruptcy News on the web by clicking here, or by going to BKINFORMATION.COM and clicking on the Bankruptcy News button. Note that the Daily Bankruptcy News is distributed via "HTML email" in which the links to the news stories are embedded in the headlines. The email you receive should look like a 3-column newspaper, with headlines for each story. If you receive the Daily Bankruptcy News by email and the copy you receive is not formatted like a 3-column newspaper, or does not seem to contain links to the news stories, you may have an email client that is not capable of receiving HTML email, or is not configured to display such email. You can however, receive a daily email notifying you when the Daily Bankruptcy News is updated on the web site. If you would like to receive such an email, please let us know at admin@bkinformation.com.You can search the headlines from prior editions of the Daily Bankruptcy News by clicking here.

Advertising
Advertising is available in the Daily Bankruptcy News in a variety of places, formats and prices. Go to http://bkinformation.com/DBN_ADs.htm for a list of choices. Feel free to contact us with any questions.

Passwords
Access to certain links in the Daily Bankruptcy News is available only to readers holding a paid subscription. These links are currently marked with a "DBN Subscription Required" notation. The cost of a subscription is $50/year, payable annually. Volume discounts are available for sites with multiple users. Click here to see a schedule of discounts. Complimentary subscriptions are available for full-time educational and governmental employees and for full time students. For information about discounts or educational/governmental subscriptions, contact us by clicking here. A separate password is required for each member of a firm wishing access to restricted links. New readers can receive a free password good for 30 days by going to http://bkinformation.com/RegistrationForm.cfm. Readers who wish to change their passwords should go to http://bkinformation.com/ChangePasswordForm.cfm. Readers who have forgotten their password should go to http://bkinformation.com/GetPassword.cfm.

Adding Your Email Address To The Distribution List
If you would like to start receiving the Daily Bankruptcy News by email each day, go to http://bkinformation.com/SubscribeDBNForm.cfm and fill in the information requested. There is no charge to be placed on the distribution list to receive the headlines, although access to many of the links behind the headlines requires a paid subscription (see above, under Passwords). If, after adding your email address to the distribution list, you do not receive an email confirming the addition, please contact us by clicking here for help.

Removing Your Email Address From The Distribution List
If you already receive Daily Bankruptcy News by email and you wish to remove your email address from the distribution list, click here and send the email that should appear. Note that the email must be sent from the same email address at which you are receiving the Daily Bankruptcy News. You do not need to type anything in the body of the email message. If you do not receive an email confirming deletion of your email address from the distribution list for the publication, contact us by clicking here for help.

Daily Bankruptcy News is published each business day by BKINFORMATION.COM, L.L.C. You can reach us at 281-242-6208 or at accounting@bkinformation.com (email inquiries are usually answered substantially more quickly than phone inquiries).