March 26, 2008

Daily Bankruptcy News

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Law:

Sheppard Mullin Adds New York Bankruptcy Partners
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Deal Lawyer Mulligan?
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9th Circuit Pulls Judge Off Case, Accusing Him of 'Biased Interventions'
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Chastened Milberg Firm in Plea Negotiations
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Bullying and Biglaw: Perfect Together?
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Perk Watch: Dewey & LeBoeuf to 18 Weeks
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Where's The Best Firm To Work?
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Howrey's Ready for Its Close-Up
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Bear Stearns GC Cashes In
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Bear-JPM: Legal News and Views
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Bear legal team braced for axe
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The Fed Lawyers Up With NY Leader in Bear Stearns Brouhaha
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Law Firm Associates, Bear Stearns and BS Work
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Cravath Partner Offers Practice Tips
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Justices limit courts' involvement in arbitration
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Detroit mayor and former aide plead 'not guilty'
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Defendant Dodges an EDD Bullet
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Day of Embarrassment for Hollywood in Court
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General Motors Class Action Settlement Could Drive Big Attorney Fees
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"Legal Transformation Study" Released by Altman Weil
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NY Lawyer Wins Round in Suit Against Two Other Firms for Legal Malpractice
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Law Firm Ordered to Pay NY Headhunter's Fee
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Going In-house: Potential Risks and Rewards
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Move Over AmLaw 100, Here's the Lawyer's Spin on the Top 50
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Glenn Close as Attorney: Scarier Than Fatal Attraction
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Just Say No? Associates Dish on When They Did - and Didn't
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Mukasey Fields Few Questions at the High Court
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Health Care:

Defense raises doubts at closing of National Century bribery trial
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Corporate fraud witness tampering case goes to jury
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Hospices penalized when patients live longer than expected
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1 in 3 skip health care because of cost
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Economy:

An Unexpected Drop in Factory Orders
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Home Prices and Consumer Sentiment Slide
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March consumer confidence down, outlook grim
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Consumer confidence at lowest level since 1973
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Lunch Lady Suffers as Banks Prepare $2 Trillion in Lending Cuts
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'Challenging' Outlook
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Fed liquidity injection to banks up to $260 billion
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Credit losses tipped to hit $1.3 trillion
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Bear Stearns Bites New Jersey
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Bailouts -- Be Very Particular
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Wall Street:

Wall Street bonuses, jobs face squeeze
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Stocks in Longest Funk Since '70s
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Credit fears weigh on Wall Street
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Wall Street May Face $460 Bln in Losses, Goldman Says
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Bear Stearns rescue was easy part of crisis management
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The Short, Happy Death of Bear
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What Taxpayers Get From the Bear Stearns 'Bailout'
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Seen in the Fed's magic mirror, Bear Stearns appears to be worth it
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The Real Cost Of Bailing Out
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J.P. Morgan Begins Digesting Bear
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Fed Still Keeps Us Guessing With Rescue of Bear
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Takeover could see Bear brokers, clearing clients clearing out
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You don't give a Bear free lunch after it steals picnic baskets
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Bear Stearns staff face reality of buyout
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JPMorgan Rolls Out Retention Deal For Bear Brokers
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Dimon to Bear Employees: Go Away! Come Here!
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Wall Street calls Dimon's bluff
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Higher Bear offer reflects complexity and sensitivity of Bear Stearns deal
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No Tears for Mr. Cayne
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How Does the Fed Have the Legal Authority to Bail out Bear?
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Merrill's 2008 Profit Estimate Cut 45% at JPMorgan
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UBS Cuts Merrill Lynch 1Q, 2008 Earnings Estimates
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Mass Tort:

Bankruptcy Code Preempts Policies' Anti-Assignment Clauses Such That Transfer to Section 524(g) Trust Is Allowed
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Layoffs:

When your employer goes bust - How to protect your career if your company suffers a Bear Stearns-like crisis
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Jewelry:

Former Friedman's CEO convicted of fraud
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When Consumer Credit Goes Bad
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Distressed Investing:

Wall St firms see opportunities in crunch
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Real Estate:

US Home Prices Drop in January
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Home price drop signals tough spring
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Mortgage applications spike after Fed action
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MGIC Wants More Cash
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They Can Go Home Again - Some of the mortgage industry players who helped pump up the housing bubble are now jumping back in to clean up the mess
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Texas Courts Target Fraudulent Mortgage Rescue Schemes
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Thornburg to raise $1.35 billion
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Thornburg Future Hinges On Bond Deal; Investors Get Sweet Terms
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Thornburg Mortgages Its Future
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Markets Bet On Sweetened Deal for Countrywide
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Countrywide's New Bad News
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Countrywide, Lloyds Lead Drop in Default Risk to Six-Week Low
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Tampa Condo 2 files for bankruptcy protection
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Swift Steps Help Avert Foreclosures in Baltimore
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Youth Surviving Subprime: Shady Lending Hits Home
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Insurers, Lenders Fight Over Foreclosure's Policy Impact
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Bear fire sale rattles Manhattan office market
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New Investor in Distressed Mortgages Gets Backers
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Fortress looking to buy, may focus on distressed mortgages
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Fieldstone gets three months
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Cypress Walk developer files for bankruptcy
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Subprime saga packs a global punch
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Mortgage market gets back to basics
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Aviation:

Court Rejects State Protections for Air Travelers
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Air passengers not entitled to clean toilets, court rules
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Air Traveler Bill of Rights Downed by Appeals Court
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Workers from defunct Midway Air to get $85 in back-pay
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Delta flight attendants eye unionization
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Adam Aircraft Auction Next Week
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Air France-KLM to submit new Alitalia document: union sources
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Alitalia board to decide on extending union talks
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Banking:

FDIC boosts staffing in anticipation of bank woes
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Deutsche Bank warns over profits
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Oil/Gas:

Crude Oil Is Little Changed Amid Signs of Economic Slowdown
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Video Rentals:

Movie Gallery faces $7.5 million objection by IRS
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Food/Drink:

XYIENCE seemed to have it all ... what went so WRONG?
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Specialty Restaurant Group out of bankruptcy
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LeNature's '05 pitch a curve, suit says
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Interstate Bakeries reports increase in revenue
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Apparel:

Isabella Fiore Files for Chapter 11
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Predatory Lending:

CO Senate weakens efforts to regulate payday loans
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Bankruptcy Research:

Out-of-Court Restructuring Versus Formal Bankruptcy in a Non-Interventionist Bankruptcy Setting
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Judicial Discretion in Corporate Bankruptcy
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Distress Without Bankruptcy: An Emerging Market Perspective
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Optimal Resolutions of Financial Distress by Contract
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Credit Cards:

EU opens in-depth inquiry into Visa Europe's interchange fees
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Trucking:

Luchts creditors pour on complaints
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Diesel stalls truckers
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Truck drivers' strike picks up speed
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Intellectual Property:

Trademark Licenses In Bankruptcy: New Developments In The N.C.P. Marketing Case
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Financial Literacy:

Teenagers Weigh In On Economy
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Bank sponsoring finance program in Utah schools
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Funeral Services:

Grieving families have few options - Mausoleum's bankruptcy forces customers to find new location
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Mining:

Asarco given OK on asset-sale rules
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Pensions:

If you are under 40 forget about getting Social Security
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What Are Pensions Worth?
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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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Enron:

Enron Reaches Agreement in Principle With Citigroup in MegaClaims Litigation; Citi Agrees to Pay $1.660 Billion and Waive and Release Additional Claims; $4 Billion in Claim Reserves to be Released
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Defense alleges strategy to conceal in Enron case
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Prosecutors deny hiding evidence from ex-Enron chief
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Autos:

Exit date unlikely, Delphi says
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Creditors want to review books of bankrupt Dura
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Start your engines
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Ford to Unveil Pact to Sell
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Jaguar, Land Rover sale to be announced today
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March auto sales likely to drop again
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No end in sight to strike against Axle
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Strike fallout spreads
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CAW president: Union willing to strike over 2-tier wage system
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Retailing:

Harvey Begins Going-Out-Of-Business Sale
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Dollar Wave liquidates store
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Corporate Governance:

Campaign against Morgan Stanley board gains powerful allies
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Delaware Litigation Against Bear Stearns-JP Morgan Deal Commences
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Alternative Fuels:

Deal crumbles to buy Sutherland ethanol plant
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M&A:

Banks Balk at Paying for Clear Channel Deal
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Preparing for Litigation? Parties in Clear Channel Deal Do Kabuki Dance
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Politics:

McCain Warns Against Hasty Mortgage Bailout
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McCain Rejects Broad U.S. Aid on Mortgages
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Bonds:

Investors in junk bonds see no recovery in sight
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Muni, bank loan markets have hit bottom, says veteran bond manager
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Publishing:

Publishers Keeping An Eye on Borders
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Accounting:

KPMG Prosecutor Asks Court to Reinstate Charges
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Second Circuit Skeptical of Government's Arguments in KPMG
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Few likely to step forward in audit liability deals
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No Coercion in KPMG Case, Prosecutor Says
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Utilities:

Calpine says initial market cap was $8.6 bln
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Corporate Reform:

Poverty, USXP Style
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Crack Down on Capital Pirates
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Former Top Lawyer Faces Life in Jail for Phony Deal
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Five companies put on CalPERS hit list
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Deal frees Sun-Times from Hollinger control
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Floodgates Opening? - Morgan Stanley Sued over ARS A client of the brokerage says it deceptively marketed auction rate securities, adding to earlier suits against Deutsche Bank, UBS.
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Gambling:

Fate of Tropicana AC hangs in the balance
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UK:

Credit crunch makes rate cut more likely-BoE's King
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BoE's King says financial sector needs more careful monitoring
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Lovells loses insolvency man French to UBS
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EU:

Trichet Says Interest Rates Will Curb Inflation Risks
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Europe needs crisis manager for banks
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Germany:

German Business Confidence Unexpectedly Rose in March
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Australia:

Allco gets debt extension
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Japan:

Bankruptcy for AUM cult complete, victims to share 1.5 billion yen
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Canada:

Litigation as an asset class
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