March 6, 2008

Daily Bankruptcy News

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Law:

Bankruptcy Lawyers: Finally Gearing Up for the Big Wave?
(WSJ: separate paid subscription required)

Failures bode well for bankruptcy business
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Bankruptcy Lawyers (Yet Again) Say Their Time Has Come
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No Bankruptcy For Bankruptcy Lawyers
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Hot or Not: Practice Areas
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21st Century Law Firms
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Debevoise results confirm blockbuster year
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Alston & Bird LLP Forms Subprime Taskforce
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Bonus Watch: Paul Hastings - California, Chicago, DC
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Oops! An Associate Did It Again
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Move Along, No Layoffs Here
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Chase Bank Accuses Florida Law Firms of Running Debt-Relief Scam
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Sleuth says he can make stars squirm at his trial
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Flex Time Is Key to Retaining Women Lawyers, Study Finds
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Curses! Client Swears His Way Through Deposition, Pays Price
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The Scruggs Saga Comes Home
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L'Affaire Scruggs: Zach's Latest Move and Dickie's Bad Decade
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Hollinger Trial Shows Even 'Least Culpable' GC at Risk
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McGuireWoods merges with Helms Mulliss & Wicker
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Lawyer Goes Green on a Scooter
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Crowell & Moring Scores With Some Tough Clients
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Client Sues McGuireWoods re Ex-Partner's Claimed $17M Trading Scheme
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Allen & Overy's Secret to Success: Yearbook and Musical
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Lawsuit of the Day: Second Circuit Gets That 'Not So Fresh' Feeling
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Eight Legal Technology Trends For 2008
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Maryland Legislature Mulls the . . . Pearson-Pants Act?
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Bonds:

Ambac Plan Disappoints Investors
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Investors Push Firm for Credit-Risk Data
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Economy:

Grim news from private employers; labor costs up
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Are We Talking Ourselves Into Recession?
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ADP Payroll Survey Shows Job Losses
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US services show some improvement, ISM says
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Fed Beige Book Reports Growth Has Slowed Since Start of Year
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Greenspan says credit recovery hinges on US housing
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US factory orders decline
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Fed Says Real Estate and Retailing Are Soft
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Oil Prices Spike to Record $105.10
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President Fails to Budge OPEC on Production
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Autos:

Lear Lays Off 1000 Workers Because of GM Closures
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American Axle to resume contract negotiations with striking workers
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Strike Ripples Through Industry
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GM To Provide Additional Financing For Delphi
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GM Takes on Bigger Role in Financing Delphi's Bankruptcy Exit
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Big 3 health spending goes in reverse
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Delphi: The Post-Default Aftermath
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Latest wrinkle? Betting on car loan delinquencies
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Auto execs say strange pairing may change industry
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Rebound for Big 3? Not likely this year
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Telecoms:

Vonage Fights To Avoid Bankruptcy
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Jewelry:

Alpha Omega to close two express stores
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SIPC:

Liquidation Proceedings for New Orleans Area Brokerage Firm Undertaken by Securities Investor Protection Corporation
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Relocation:

SIRVA Receives Approval for $150 Million DIP Financing
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Sirva Seeks to Sell Unit in Ch 11 Case
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Alternative Fuels:

Syntroleum Corporation Needs Capital Infusion
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Real Estate:

US judge won't punish Countrywide for botched case
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Countrywide's 'Negligent Bungling' Is Not Bad Faith, Judge Rules
(WSJ: separate paid subscription required)

Countrywide Opinion (large download)
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Countrywide Facing Trustee's Lawsuit
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Thornburg suffers 'material' defaults, stock sinks
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Carlyle Fund Gets Default Notice After Margin Calls
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First Magnus' Liquidation Plan Approved
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Property woes are spreading - Fed
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House Democrats vow new push on economy
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Mortgage Crisis Bailout: Relief for Some, Risk for Others
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Paulson dislikes retroactive mtg contract changes
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14 Calif. counties get maximum FHA limit
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Merrill quits subprime lending, cuts 650 jobs
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Spitzer unveils subprime help
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Trustee estimates $30 million to $35 million needed to complete project
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Market drives Desert Capital to halt sales, cut its dividend
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Wall Street:

Stocks struggle to rise
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Econ Figures Leave Wall Street Spinning
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Lehman Brothers Chief Executive Fuld Paid $40 Million for 2007
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US Stocks Head for Moderately Lower Open
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Retailing:

Wal-Mart to open 81 stores in March
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BJ's Wholesale profit climbs sharply
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Big Lots earnings soar 28% in '07
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Sharper Image Asks to Hire Liquidator
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Tough Economy Doing Number On Retail Gift Cards
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Two Luxury Retailers Report Softer Sales
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Retailers could be shocked
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Prepacks:

Prepackaged Chapter 11 Bankruptcy Filings Spike but Fall Short of Historic Levels
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Municipalities:

Deal allows McCall to stay out of bankruptcy
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Gambling:

Trump casinos post biggest loss since coming out of bankruptcy
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Would Ch. 11 really help Tropicana's dicey situation?
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Casino Aztar parent company loses another round in court
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Tropicana Entertainment's CFR cut to 'Caa3'
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Motorcycles:

American Ironhorse may be forced into bankruptcy
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American IronHorse operations skid to a halt
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Secured Creditors:

United States: Oversecured Creditor May Collect Pre-Payment Penalties From Solvent Debtor
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Corporate Reform:

Senator: SarbOx a burden for banks, may have worsened credit crisis
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Fidelity Fined in SEC Probe of Private Jets, Escorts, Ecstasy
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Education:

Helicopter school students left in the lurch
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Food/Drink:

Xyience Auction Set for April 1
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Municipalities:

Jefferson County Will Not Post Collateral on Sewer System Swaps
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Vallejo considers major cuts
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Banking:

WaMu's Board is Out of Touch
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UBS Whopped By Fire Sale Talk
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UBS Declines on Report 'Fire Sale' May Lead to More Writedowns
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An Update on Erica Stevens
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Forest Products:

Scopac to seek OK for DIP
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Corporate Governance:

Delaware's VantagePoint: The Empire Strikes Back in the Post-Post-Enron Era
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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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T-REX
Sell your bankruptcy claim to the highest bidder
Distressed Debt Auctions

Bankruptcy Reform:

Let bankruptcy judges step in
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Publishing:

Ziff Davis Media Files for Bankruptcy to Cut Debt
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Religion:

Bankruptcy judge questions diocese plan
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Aviation:

Delta, Northwest Pilot Leaders Resume Labor Talks
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In The Shadow Of Bankruptcy, Airlines Focus On Mergers
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Can Delta Hang On to a $9B Tax Credit?
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United workers get profit sharing pay
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Adam Aircraft asset sale is April 4
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Health Care:

Parkway Hospital Emerges From Bankruptcy
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Key witness an informant in FBI probe, trial reveals
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Mass Torts:

The fortunes in asbestos law
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WR Grace & Co. CFO to step down
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Finance:

Sovereign wealth funds not harmful: US officials
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Hedge fund fears push up Libor rates
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CLO market isn't dead, it's just sleeping
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Fraud:

Man accused of involvement in $350-million Ponzi scheme
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Are Overconfident Executives More Inclined to Commit Fraud?
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Pensions:

Rocky U.S. markets highlight retirement insecurity
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Ex-Morgan Stanley CFO wants to buy your pension plan
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Consultants:

Turnaround Expert to Head National Advisory and Restructuring Firm
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Credit crunch a boon for midmarket and turnaround firms
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Credit crunch boost for Navigant
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Hedge Funds:

Peloton hedge funds liquidating; will close
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Hedge Funds Frozen Shut
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Hedge Funds Post Worst Month in Five Years
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A hunter among hedge funds becomes the hunted
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Credit Counseling:

2 Debt-Negotiation Companies Accused Of Deception
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Mining:

Black Diamond counters Ch. 11
(DBN Subscription Required)

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Software:

SCO Preps Appeals Against Novell and IBM
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UK:

Huge rise in Wales bankruptcies
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Repossessions of homes rise
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Bankruptcies rocket 309% in ten years
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'Heed lessons of Rock catastrophe'
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Bank of England May Keep Rate at 5.25% as Inflation Accelerates
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Collapse of aluminum plant deal
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Eddie George defends role of FSA in Northern Rock crisis
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Canada:

Bank of Canada chops rate, but fixed mortgages don't budge
(DBN Subscription Required)

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France:

Freshfields' Paris arm leads trio on €800m Eurotunnel funding
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