June 5, 2008

Daily Bankruptcy News

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Law:

Law Firms See More Layoffs, Departures of Staff and Associates
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The Next Attorney General?
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NY Firm Axed Associates But Keeps Cherrypicking Laterals
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Bonus Watch: The 2008 Orrick Bonus Table
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Judge to OK Coudert plan
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Investing in Law Firms - Right Now
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Dems Readying Liability Legislation
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Law firm hires Deloitte partner as its first CFO
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Reining In the Kings of Tort
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The Dress Code Debate: Pantyhose and Flip-Flops
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Law Firms Discover Chicago Is a Big City With Big Business
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Haynes and Boone Grows Manhattan Office Again
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New York's White Shoe, the Magic Circle, and Historical Path-Dependency
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Client Can Sue Firm for Absence of Defamation Claim, Judge Says
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Woman Gets Third Chance to Pursue Malpractice Suit Against Lawyer
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Spitzer goes from Client No. 9 to real estate dealmaker
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Judges and lawyers sing and dance in mermaid, pirate and sailor outfits
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Firms Get Creative With Summer Associate Activities, While Fears of Downturn Persist
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When Law Firm Suitors Come A-Knockin,' You'll Have a Month and a Half to Respond
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Should Small and Midsize Firms Create Strategic Plans?
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"Outstanding" NY Firm's Fee Request Chopped
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Partner Trades Using His Office for Part in Movie
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In Texas-Arkansas Spat, Judge Orders Parties to Midfield
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Life Lesson Lawyer Learned from Swearing in Arabic
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Major N.Y. Immigration Law Firm Investigated by Dept. of Labor
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Amy Winehouse Warned for Flirting in Court
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Judges:

Judge Censured for Jailing Litigants
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Solo Sentenced to 90 Days for Contempt Fires Back
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Wall Street:

UK Stocks Decline
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Lehman Snaps Three-Day Decline as Merrill Says 'Buy'
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Lehman Is Also Open to Big U.S. Investors
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Lehman's credit default swaps widen 17 bps
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No rescuer in sight for Lehman
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Dimon May Go Shopping
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Bear Buyout Arm Ready to Fly Solo
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Celentano to Join Evercore in Restructuring Practice
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Aviation:

United to Shut Ted Unit, Ground More Planes, Cut Jobs
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Friendly Skies Turn Cloudy For United Employees, Passengers
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Lehman upgrades US airline sector to positive
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United to fire up to 1,600, ground 100 planes
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United in survival mode
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UAL Cuts Could Be Omen
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United Airlines Shares Gain Lift on Planned Job Cuts, Fleet Reduction
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Continental to cut 3,000 jobs, slash domestic flights
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Northwest Airlines downgraded to 'B2'
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Delta-Northwest merger makes sense and cents
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Spirit Airlines: Layoff report untrue
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Frontier to sell food, drinks to raise cash
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Most Annoying Airline Fees
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JPMorgan slashes Virgin Blue forecast
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Airlines raise nonstop fares sharply for summer
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Failed airline's suit still dogging Mesa Air
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US air travel options shrink amid carrier strife
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Italy says EU seems "positive" on Alitalia decree
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Begbies hopeful of Silverjet buyer by end of week
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Food/Drink:

Bennigan's parent company denies bankruptcy filing
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Bennigan's, Ponderosa owner seeks debt restructure
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Forest Products:

Pope & Talbot Oregon mill sells for $24M
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Movie Industry:

Cecchi Gori: Bankruptcy arrest was 'misunderstanding'
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Student Debt:

Former Student Finance CEO Yao pleads guilty in fraud case
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The Soaring Price of a Sheepskin
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Retailing:

Williams-Sonoma Profit Falls 42%
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Gas Prices Seen Hurting Retail Sales
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Store closures in 1st quarter worry retailers
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DeBartolo Has LOI for 600,000-SF Mall, More
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Premiere, affiliate seek DIPs
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Retailers report May results above expectations
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Celebs:

Ed McMahon Faces Foreclosure Thanks to Britney Spears, the Economy
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Politics:

Sen. Boseman, ex-partner default on $1.3M mortgage
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Predatory Lending:

OH: Strickland signs payday loan bill placing limits on borrowing
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Utilities:

More power customers transferred as provider defaults
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Calpine sues Reliant Energy unit in bankruptcy court
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Corporate Governance:

Can Yahoo "Just Say No" to Microsoft?
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Real Estate:

Builders say new loan pressure will delay recovery
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GMAC, ResCap Complete $60 Billion Financing Package
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Warren: From Redlining to Target Practice
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Liar loans and those that sold them
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Fitch Withdraws Fremont's Subprime Servicer Rating
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Pension Plans Say Thank You Subprime for Return to Overfunded
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Philly mayor unveils plan to address home foreclosures
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Finding Silver Lining in New York City Foreclosure Numbers
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Wanted: NY State's Mr. Fixit
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Calif. OKs initiative limiting home seizures
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Slump benefiting renters as market grows competitive
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Presidio in Pines files for Chapter 11
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Chapter 11 is over for Boise Place
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Tousa unsecureds can file lawsuits
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Builder Kimball Hill puts 3 subdivisions on block
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Builders Seek a Tax-Credit Fix
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Support group helps distressed homeowners
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When to bail on your mortgage
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Abbott targets Houston mortgage scheme
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H&R Block Turns to O'Melveny and Goodwin in Massachusetts Mortgage Suit
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Bonds:

MBIA, Ambac Credit Ratings Under Threat at Moody's
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MBIA, Ambac May Quit Aaa Battle
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Courts Give Corporate Boards Added Flexibility in Restructurings
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Economy:

Bernanke Says Rise in Price Expectations a 'Concern'
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Bernanke: No repeat of `70s-style inflation
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Fed inflation warning buoys dlr; Euro stocks up
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Sleeping in Cars
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US Initial Jobless Claims Fell to 357000 Last Week
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Ripples: Pee Wee's Grill Failure Touches Roto-Rooter, Bimbo Bakeries, GM
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Services Industry Growth Slows Less Than Forecast
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US Productivity Increases More Than First Estimated
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ADP Jobs Report Rosy
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Oil Falls Amid Indications High Prices Will Cut Fuel Demand
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Oil Rises on Reports of Explosion at Kuwaiti Industrial Site
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Market Manipulation--Or Just Business As Usual?
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How small businesses struggle with gas and oil increases
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Economic slowdown hits Hispanics hard
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Banking:

Credit Agricole offers shares at massive discount
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First Horizon shares rise on sale of mortgage unit
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Moscow Goes After Bank of New York
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Backstage at a Bank Funeral
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Manager of Rogue Trader Calls Himself Unqualified
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Wachovia May Cut Dividend by 50 Percent
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Avoidance Actions:

The Scope of 11 U.S.C. 546(e) Is Not Restricted To Publicly Traded Securities; Bad Faith or Intent to Defraud Must Be Demonstrated to Collapse Otherwise Independent Transactions
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Gambling:

Greektown loans OK'd; construction to proceed
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New bidders sought for Tropicana
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Uncertainty surrounds Tropicana sale
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NJ casino has to set aside $19M for winter months
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Crown puts Vegas plan on ice
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Auto Racing:

Auction raises $1.2 million for Champ Car
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Mining:

Why Sterlite's buyout of Asarco looks sensible
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Asarco seeks another exclusivity extension
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Environmental groups seek tough review of Asarco sale
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Asarco buyout, a 'brilliant strategic move'
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Asarco will seek bidder protections
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Asarco offers Sterlite a $52M breakup fee
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Banks target mining finance amid credit crunch
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Politics:

Clinton Ready to End Bid and Endorse Obama
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Obama learns Hillary's drop out decision from media
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Finance lobbyists connecting with Dems
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The Lobbyist Whom McCain Won't Fire
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Municipalities:

The Sorry Story of Jefferson County's Sewer Bonds
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Pension Plans Could Lead More Cities To Bankruptcy
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Theme Parks:

Wild West World could be finished
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Trucking:

Trucking firm can't weather loss of 'cash cow'
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Alternative Energy :

Distributed Energy Systems files Chapter 11
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Fraud:

High-rolling businessman admits $40M loan fraud
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Investment Places F.C.C. Aide Amid Fraud Inquiry
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Telecoms:

Innovative's creditors lash out
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Layoffs:

Closures & Layoffs (June 1-7)
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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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Autos:

GM, Ford, Chrysler Lose 1 Million in Truck, SUV Sales
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GM Headquarters in Canada Blockaded by Union Workers
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GM's plant closure plans draw wrath
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GM's Wagoner to Meet Union Leader Hargrove Tomorrow
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Current GM issues nothing new for auto sector
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Change or die for the Big 3
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Parts suppliers crushed by auto plant closings, cuts
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Chrysler Gas Card Not Helping Much
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Chrysler Falls In Vehicle Quality Study; Chevy, Ford Gain
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Lear cuts '08 earnings outlook on US auto downturn
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Car buyers caught between dealer, its bank
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Detroit Automakers Compete for a Vanishing Truck Market
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Delphi's Miller could address health care next
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Auto unions in Mexico are agreeing to cut wages
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Bankruptcy Statistics:

N.J. bankruptcies soar 69%
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Bankruptcy filings skyrocket in OC
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May Bankruptcy Filings - Hot Off the Press
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RVs:

Winnebago CEO: Economic pressures forced shutdown
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Finance:

US subprime debacle may spark 2-year credit recession
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Credit Strain Flares Again
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Tourism:

Tourism grounded, too?
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Art:

Bankrupt Dealer Salander's Father-in-Law Loses Bid to Halt Sale
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Insider Compensation:

Say What? The Battle over Executive Comp
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Clawbacks Claw Their Way to Strategy
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Hedge Funds:

Law Firms Extended Bear Hedge Fund Arbitration Case
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Experts say hedge funds keep middle-market M&A strong
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Mass Torts:

Travelers spent $920,000 lobbying in first quarter
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Scientists revive the debate on cellphones and cancer
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Corporate Reform:

Prosecutor has concerns over Mirabilis bankruptcy filing
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Billionaire Waits at Courthouse for Possible Broadcom Indictment
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Seminars:

Dinner With The BAP
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Health Care:

A City Where Hospitals Are as Ill as the Patients
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City hires 'tele-nurses' to replace ambulances
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Judge holds off Go Fig ruling
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Consultants:

Evercore hires restructuring adviser Celentano
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Accounting:

The Big 4 and Subprime: Pawprints Everywhere, But Not A Big Game Hunter In Sight
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E&Y partners vote for radical restructuring
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Fears grow of interference from accounting standards watchdog
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Credit Cards:

Will credit card usage lead to further financial crisis?
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AmEx Chief Analyzes Credit Risks, Projects Higher Write-offs
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UK:

Bank of England holds rates steady
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Inquiry Opens Into Northern Rock Bailout
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Housing market sliding faster than 1990s
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London Luxury-Home Prices Drop Most Since 1992 in May
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Kingfisher UK Sales Slide; Margin Gains Won't Last
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OFT fires warning shot over misleading IVAs
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Funds needed to tackle middle class debt
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Credit crunch - UK companies braced for worse to come
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The B2B credit crisis has begun
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Canada:

Personal bankruptcies highest in 4 years
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Rising Canadian Bankruptcy Numbers Worrisome
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Quebecor World to sell European operations
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Personal insolvency filings rise in Ontario
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Australia:

Fed Govt launches financial literacy program
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EU:

ECB May Keep Benchmark Rate at Six-Year High
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Italy:

Telecom Italia To Cut 5,000 Jobs
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China:

China's New Bankruptcy Law: Slow Train Coming
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Germany:

German Factory Orders Unexpectedly Drop a Fifth Month
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