March 3, 2008

Daily Bankruptcy News

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Law:

Cadwalader pins hopes on restructuring
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Cadwalader Sweeps M&A Advisor Turnaround Awards
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Allen & Overy will defy the credit crunch
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Dechert Gives 13 Associates Layoff Notices
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Layoff Watch: Dechert Decks A Baker's Dozen?
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Clouds mass on horizon as Sullivan punches through $1bn revenue barrier
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Gloom sets in as continuing credit crunch fuels fear of layoffs
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How Bad is Associate Life? A Manifesto Takes Aim
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Firm courts Generation Y with working hours revolution
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Clifford Chance curbs taxi 'misuse' with threat of expenses review
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Blocking the Exits?
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Heller Restores Lost 2007 Bonuses and Offers Development Time for First-Years
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Happy News at Heller Ehrman: Bigger Bonuses, Better Billables (for First Years)
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Pricey Lawyer Draws Curious Crowd
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BigLaw's Looking Up at Down
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Former Milberg Weiss Expert Witness Agrees to Plead Guilty to Perjury
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Coughlin Stoia May Lose Class Counsel Spot in Coke Case
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Scruggs Scores Dismissal in Alabama Contempt Case
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Attorney Sanctions in Patent Trials, a Trend?
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Is This The Silicon Valley of the World?
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Disrupting the Lawyer Ratings Paradigm
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Stage Is Set for More In-House Drama
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UK in-housers are world's best paid
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Eclectic Mix to Testify at Hollywood Detective's Trial
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Embattled Lawyer's TV Ads Spark Debate
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Wall Street Journal's General Counsel Is Out
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NY Lawyers' Ties to School Clients Probed Over Pensions
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Smaller Firms Boast Big Benefits
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Eyes on Investigator's Trial
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Allegedly Machete-Wielding Judge Wins Dismissal of Charge of Assaulting Tax Assessor
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Tax-Protesting Lawyer Suspended Again, Faces Disbarment
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Home Run King Barry Bonds Unlikely to Succeed in Having Perjury Case Dropped
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Astros Owner Says He Will Honor Roger Clemens' Contract Despite FBI Probe
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Ex-Judge Reprimanded for Training Conference Remarks
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New College Law School May Lose Accreditation
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Corporate Reform:

Judge Rescinds WikiLeaks U.S. Shutdown Order
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U.S. targeting execs in bribe probes
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Lawyers center of DOJ corporate deal controversy
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Black, ever hopeful of acquittal, buries the hatchet in old quarrels
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Wall Street:

Asian Stocks and Dollar Fall Sharply
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US stocks head for lower open
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Dollar Weighs on Stock Futures
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Record CDO Fees Set Up Merrill, Citigroup for Worst Writedowns
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Wall Street Gears for Its New Pain
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Markets Fall Fri. on Drumbeat of Grim Reports
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'We are in uncharted waters'
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Stocks Dive Fri. on New Signs of Economic Chill
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Markets in panic mode despite some desire for deals
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'The Dark Role of Investment Banks'
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Buffett: Don't bank on big returns
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Insurance:

Warren Buffett warns tells insurance industry 'the party is over'
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Berkshire's Net Falls 18% on Lower Insurance Prices
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Head of Financial Products Unit Stepping Down at AIG
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AIG Says Cassano Leaving After Losses on Derivatives
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Bonds:

Junk sales mirror '91 recession and bankruptcies
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States and Cities Start Rebelling on Bond Ratings
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Auction Supply `Tsunami' Foreshadows Deeper Municipal Losses
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Alabama County Is Center of Muni Turmoil as Debt Cut to Junk
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Ambac rating still on review for downgrade: Moody's
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Financial Services Ambac Slashes Dividend
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Rescue hopes falter for bond insurers
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Assured Guaranty Skyrockets, As Ambac, MBIA Slide
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A Freaky Friday for Bond Insurers
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Behind Ross' Bond-Insurance Bet
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Assured Guaranty Receives Capital From Wilbur Ross
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Ross backs Assured in monoline shake-out
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Ross Bond Insurer Buy Could Lead to More
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Billionaires Pounce On Bond Insurers' Stumble
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Warren Buffett bashes his customers
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Bond crisis hits Tenn. cities
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Distressed Investing:

Are debt-burdened companies a good buy?
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Accounting:

Met Mortgage trust and PriceWaterhouseCoopers reach settlement
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Why Is CFO Turnover So High?
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In a tight economy, CFOs must learn the delicate art of turning the screws.
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Municipalities:

To fix woes, Vallejo cuts pay, duties
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2 Vallejo Council Members Still Support Bankruptcy
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Officials defend tentative deal, opponents say it doesn't go far
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Critics Claim Vallejo's City Budget Fix Won't Work
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Vallejo budget crisis has residents worried
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Health Care:

The Health Care Crisis in the United States
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SF braces for major health care cuts
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Ailing hospitals worry state budget will force more closures
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Retirement roadblock
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Boomers may find help before Medicare
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Autism Can Be Financially Devastating
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Curing hospital woes won't come easy
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Hospital plan should be decided upon in the next 30 days
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Health care quandary
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Michael Moore and Patients from the Film SiCKO Weigh in on American Healthcare and Politics
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Retailing:

The Image is a lot less sharp
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Trendy companies often fall hard
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Time for a Change at Circuit City?
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Houston mall case gets trustee
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Lampert's new battle cry: 'Remember the Manning!'
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Real Estate:

US Seeks Sanctions Against Lender
(NYT: separate free registration required)

Bankruptcy trustees call out Countrywide for "sustained bad faith"
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BofA Inherits Countrywide's Baggage
(WSJ: separate paid subscription required)

Countrywide Insiders Write Back On Sales Trips
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$600 billion? The bill for the subprime fiasco, says UBS
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New Century Ch 11 Plan Criticized
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TOUSA gets OK to sell homes
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5 prominent housing aid proposals
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Loan waivers: Not a long-term solution
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Freddie Mac's Fresh Capital Looks Like Hot Air
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Freddie Mac Loss Swells as Mortgage Crisis Deepens
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Risks Seen for Growing Fannie, Freddie
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Beware of Fannie's Help
(WSJ: separate paid subscription required)

Wall Street Hates, Then Loves, Fannie Mae
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The biggest foreclosure bailout of all...
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Buffett has profitable year, faults housing excess
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Warren Buffett on his worst acquisition ever
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Pols: Govt Here to Help, Not Bail Out
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Voluntary mortgage assistance is illusory
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Paulson says opposes gov't housing 'bailout'
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Quick Response on Housing Stimulus Package Not Going to Happen
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Standoff in Senate means housing crisis at standstill
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FTC Takes On Mortgage 'Rescue' Operations
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Strong-arm tactics are alleged - LBM Financial target of complaints
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Effects of housing slump spread
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Home-owning dream is a renter's nightmare
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Borrowers Abandon Mortgages as Prices Drop
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FL condo project files for bankruptcy
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Thornburg's Mortgage Migraine
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Bankruptcy in Texas could cost Georgia bank
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Judges:

Was Judge Too Quick to Resign?
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In re the Cross Dressing Bankruptcy Judge
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Economy:

Toxic economic mix is feared
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Buffett: US essentially in recession
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U.S. personal income rises, but inflation eats away most of the gain
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For Fed, Recession Poses Bigger Threat
(WSJ: separate paid subscription required)

Economic woes raise fear of 1970s rerun
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Another survey shows big drop in consumer confidence
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Bad News Bears
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Rate Cuts and Inflation: Linkage Overblown?
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Great Depression Coming watch!
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Buffett Says US Trade Imbalance Lures Sovereign Wealth Funds
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'A Huge Amount of Financial Folly'
(WSJ: separate paid subscription required)

Even the basics of life are getting more expensive
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The Credit Bubble: 2002-2009 AD
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Debt Collection:

When Debt Collectors Go Too Far
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Environmental:

City clears bankruptcy court in Asarco battle
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Aviation:

Airlines still trying to land merger deal
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Theme Parks:

Failed Wichita Theme Park May Have Buyer
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Funeral Services:

Lack of bids for RightStar feared
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Furniture:

Wickes stores wrapping up
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Klavohn's creditors meeting a sign of the end
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Transport:

Bankruptcy Court Supports Summit Global Logistics Motion
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Credit Reporting:

LifeLock-Experian lawsuit could set legal precedent
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Credit Counseling:

Beware of ads to help pay off debt that sound too good to be true
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CCCS remains a star in credit counseling
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Utilities:

Calpine's turnaround specialist to leave with $29 million bonus
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Banking:

HSBC Profits Up 10 Percent, Bad Debts Hit $17 Bln
(NYT: separate free registration required)

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Elder Debt:

Tapping Into Homes Can Be Pitfall for the Elderly
(NYT: separate free registration required)

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Food/Drink:

IBC deal a piece of cake
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Commodities Brokers:

MF Global Shares Fall Again
(WSJ: separate paid subscription required)

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Fraud:

Folsom Man Denied Bail in Investment Fraud Case
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Manufacturing:

Fedders Seeks 45 Days for Ch 11 Control
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M&A:

Orbit can bypass courts
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M&A Drop Presages Lean Year for Leaders Goldman, Morgan Stanley
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Insider Comp :

Creditors, unions object to bonuses for Twinkie maker execs
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Boat Building:

Nichols Bros. sold
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Credit Cards:

Consumer spending weakness bodes poorly for Mastercard
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Partnerships:

Bankruptcy Court Flubs Limited Partnership Decision
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Obituaries:

Lawyer George J. Wallace; Helped Bring Changes in Bankruptcy Laws
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Hedge Funds:

No simple repeat of LTCM fiasco
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Some Banks Reportedly Seizing Peloton Fund Assets
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Hedge fund boom grinds to a halt
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Cautionary tale from the hedge fund of Soho
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Implosion fears as Focus Capital slashes positions
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Trucking:

Independent Truckers See End of the Road
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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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T-REX
Sell your bankruptcy claim to the highest bidder
Distressed Debt Auctions

Bankruptcy Reform:

Searching for Plan B
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Dirty Harry Misfires
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Bernanke says change to bankruptcy law would add 'something' to mortgage costs
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Don't mess with bankruptcy code
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Bankruptcy Bill Blocked in Senate, MBA Applauds
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Reform bankruptcy laws so homeowners can repay their debt
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Turning the bankruptcy law on its head
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Professional Compensation:

No bonuses for financial consultants in Northwest Airlines bankruptcy
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Consultants:

FTI Consulting Shares Hit New High
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Corporate Governance:

Delaware's corporate dominance threatened
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Del. legal academic sees time for a change
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Should Delaware Be Concerned that Its Corporate Law Dominance Is Threatened?
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How hedge funds have changed the playing field for corporate directors
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Reining In CEO Perks
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Spin-off action seen picking up steam
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Autos:

American Axle strike shuts GM plants
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GM's predicament from bad planning, not bad luck
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Analyst Says Pressures on GM Increasing
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American Axle strike impact widens
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Supplier Strikes Hitting US Auto Production
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UAW Official: Ready For 'Serious Bargaining' On American Axle
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UAW deal may bring GM spending cuts
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Axle strikers don't have much leverage
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American Axle workers expect long strike
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Meter still running on GM's Delphi ride
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Delphi's Turnaround Hinges on Weak Credit Markets
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Delphi Seeks to Ch 11 Control
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Midwest closing stuns workers, community
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Vehicle repossessions forecast to rise in 2008
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Repo Men: Economy tanking; business booming
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Finance:

Even asset-based lenders gun-shy
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Why companies will need to work harder for credit
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Motorcycles:

Global Motorsport sale OK'd
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Farmers:

Showdown on Capital Hill-Auditors get bounced out of USDA
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Archer Daniels Midland will squeeze out competition
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Video Rentals:

Court approves Movie Gallery plan
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Education:

Court approves settlement in Decker College bankruptcy
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Bankruptcy at helo training school rattles rotor industry
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Enron:

Enron investors to wait longer for payout
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Skilling prepares for another round; Arguments scheduled for April in relation to 'honest services' issue
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Enron judge to mull $695M legal fee
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Politics:

Clinton, Obama plans to address foreclosure crisis
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In Ohio, It's Truly the Economy
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McCain Details Economy Platform
(WSJ: separate paid subscription required)

Bipartisan Spirit Falters in Fights on Debt Relief
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Asset Protection:

Liechtenstein Tax Evasion Case An Atomic Bomb Against Offshore Planning
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Forest Products:

Palco's disclosure statement OK'd
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Pope & Talbot wants DIP extension
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Bankruptcy Crimes:

Man accused of fraud, identity theft involving bankruptcy petitions
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Construction:

Georgia's PlyMart Fights For Survival
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Relocation:

Sirva gets final OK on DIP
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UK:

Banks turned 'blind eye' to crisis
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Is Bankruptcy The Answer?
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Insolvency And Debt Advisers Facing A 'Grim 2008ý
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U.K. Warns of Banking Regulation
(WSJ: separate paid subscription required)

Changes to insolvency law: a cure worse than the disease
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MPs deliver damning credit crunch report card
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Aon warns of impending pensions crisis
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Brunei:

The sultan, the prince and the missing $14bn of government oil wealth
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Prince Jefri Loses Control Of New York Palace Hotel, May be Homeless
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Will the Prince Turn Pauper? - Multibillionaire Faces Bankruptcy
(WSJ: separate paid subscription required)

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Russia:

From bankruptcy to big bucks
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Australia:

Mortgage time bomb is ticking
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Canada:

The house that credit cards built.
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Fourth-time bankrupt can't get off the hook
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Government blamed for losses
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Canadian Bankruptcies Register Monthly Increase of 24.6% in January
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ICI bankrupt, creditors lining up
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James Callon Appointed to the Position of Superintendent of Bankruptcy
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Germany:

Germany to call for tax haven crackdown
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Italy:

Parmalat: The Spill-Over Effect
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