May 14, 2008

Daily Bankruptcy News

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Law:

UK Firms Axing Lawyers, Staffers as Corporate Work Slips
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Herbies' profit smashes £1m per partner
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Please Don't 'Smartsize' Me
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For Summer Associates, Will There Be Enough Work?
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Biglaw to... Rupees?
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Layoff Watch: Paul Hastings Layoffs? What Layoffs? (And: Has Shinyung Oh left the building?)
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How to Make Profitable Use of Associates
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The Transatlantic Elite
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Shearman Left Out of 'Sweet Sixteen'
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Live and let diet
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Lawyers of the Day: Douglas H. Greenburg and Anthony P. Lewis
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Lawsuit of the Day: Flying 'Toilet-Class'
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Bush administration rules limit lawsuits
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Ohio Democrats Move to Impeach AG Marc Dann
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Ohio Attorney General Resists Calls to Quit
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What's Going on With Marc Dann?
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Gordon & Rees' Growth Exceeds Goals
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Emperor's Club Booker Expected to Plead Guilty. What's Next for Spitzer?
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NY BigLaw Firm Lures Derivatives Leader From Rival
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When E-Discovery Is Put to the Test
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Time to Bring Legal Work Inside?
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Rehnquist Parody Found at Library of Congress
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Don't like your lawyer? Slugging him won't help
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Barry Bonds Accused of 14 False Statements in New Indictment
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Trial Lawyers: Democrats' Most Generous - And Dangerous - Constituency
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Defendants Say the Darnedest Things
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Lawyer's Retirement Job: Renovating Paris Apartments
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Judge Advises Colonoscopy-Averse Lawyers to 'Get Over It'
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Judges:

Judge of the Day: Larry Hutchins
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Scorched Earth lawyer's suspension confirmed despite her appeal
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N.Y. Judges to Lawmakers: No Pay Raises for Us, No Hearings for You
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Finance:

Libor Poised for Shake-Up as Credibility Is Doubted
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Money market funds face new pressure
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CDOs Flicker to Life
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Economy:

Financial markets still out of whack, Bernanke says
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Most Americans don't expect the economy to improve soon
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Bernanke Says Fed `Stands Ready' to Boost Cash Loans to Banks
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Bernanke Talks Big Picture As Inflation Looms
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Bernanke Meeting, Oil Bubble, Fed's Blank Check
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Fed's Pianalto Says Inflation Is `Key Risk' to Economic Outlook
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Biggest jump in food prices in 18 years
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India to USA: Stop eating so much
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Fed's Yellen Expects Economy Will See "Very Sluggish Pace" In 2008
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Fed's Stern says recession likely
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Recession? Not So Fast, Say Some
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Fearing Red Herring in the Data
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US Prices Probably Rose in April on Food, Energy
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Bear Stearns: Not Your Average Bailout
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Oil closes higher after tapping a record near $127
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Greenspan Says Oil to Keep Rising on Capacity Limits
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Stern: Credit 'Headwinds' to Weigh on Economy Beyond 2008
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Global Economy Outlook Improves Amid Signs Credit Crisis Easing
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Food/Drink:

Wendy's incoming CEO says employees should expect job cuts
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Trucking:

Trucking services company files for bankruptcy
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Noteholders bid for IdleAire Tech
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Financial Advisors:

Boca Raton investment group faces Chapter 7
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Lavish wedding takes cake after millions lost
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Forest Products:

Mill's closure leaves workers empty-handed
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Mendocino Redwood makes offer for Pacific Lumber
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Timber Town No More
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Celebs:

Bankrupt Bar Co-Owned By Hines Ward Up For Auction
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Video Rentals:

Evolving market leaves video-rental stores in a pinch
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Insurance:

AIG to Raise More Than $17 Billion in Stock, Debt
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Tax:

Mystery Billionaire Avoids Taxes on $200 Million
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Bankers Charged With Helping Calif. Billionaire Evade Taxes
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Two Indicted in Tax-Evasion Case
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Dems propose tax surcharge on millionaires
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Pensions:

Pension Monster Guts GM, Halts NYC Subways, Bleeds San Diego
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Real Estate:

Home prices continue sharp descent
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Housing Prices Tumble in Two-Thirds of US Cities
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U.S. median home prices fall the most since 1979
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April foreclosures rise 65 percent on year
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US foreclosures rise 4 pct in April to 243,353; up almost 65 pct
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Freddie Mac Posts Third Straight Loss, Will Raise $5.5 Billion
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Mortgage applications rise in latest week
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In a Fix, GOP Drags Its Feet
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Little Room for Maneuver on US Housing Bill
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FHA Chief Criticizes Rescue Plan
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Subprime City Confidential
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Bank of America Raises Forecast for Home-Equity Loan Losses
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IndyMac Seeks to Preserve Capital
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Valley's lender seeks stay relief
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FBI warns of escalating mortgage fraud
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Live Oak Developer Wants More Time For Recovery Plan
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Kimball Hill granted $50 million to finance continuing operations
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California foreclosure sales top 1,000 a day
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MN Senate passes subprime borrower relief act
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Toledo-area foreclosure activity up at double national rate
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Md. home sales fall furthest in nation
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As foreclosures break records, residents' hopelessness grows
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Retailing:

US Retail Sales Fall 0.2%; Rise Excluding Autos
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April Retail Sales Dipped, but Some Sectors Held Up
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Wal-Mart CFO: Can't tell how long downturn will last
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Liz Claiborne Posts a Loss, Lowers Profit Forecast
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Linens 'n Things 1Q sales fall less than 1 percent
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Linens 'N Debt 'N Equity
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Apollo acts to protect its stake in Linens Holding
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Victims of piano rip-off get their answers
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Aviation:

US airlines expect fewer passengers this summer
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US wants to ease the airline ownership rules
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Southwest uses jets to guarantee $600 million loan
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Plane tickets might float with market
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Alitalia to post loss of about 280 mln euros
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Alitalia losses underscore dim hopes of rescue
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Italy faces May 30 deadline for Alitalia aid
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Thai Air's Profit Falls 48%
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Fuel costs could shrink merged Delta-NWA
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Autos:

Dura Automotive gets approval to exit bankruptcy
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GM President: Auto Sector Is In Recession, More Risk Ahead
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GM May Borrow, Reduce Spending Should Economy Worsen
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American Axle says labor deal is close
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Axle: Benefits stall UAW talks
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ArvinMeritor Adds Surcharges, Cites Rising Commodity Prices
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Blue Water sets sale of assets
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Health Care:

Natchez hospital now looking at sale
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Hospital's trip plan sounds solid
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Dark before the dawn at Regional?
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Utilities on at DMH with bankruptcy
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Don't burden hospitals with full brunt of charity care costs
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Over half of US on chronic meds
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Brokers:

Debt Improvement Spells Trouble for Brokerages
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Mass Torts:

An Interview With Jim Copland Of The Manhattan Institute About Asbestos Litigation
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Banking:

Big fund-raising fuels fears of worse to come
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BNP Paribas First-Quarter Net Falls on Writedowns
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Ex-Banker From UBS Is Indicted in Tax Case
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SocGen Changes Its Numbers
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Financial Literacy:

Adding $ to the 3 R's
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Will our kids be dumb and broke?
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Derivatives:

Goldman, Morgan Stanley rated tops in OTC derivatives trading
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Newspapers:

Strib Bankruptcy Watch: Land ho!
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US Virgin Islands Daily News finds buyer in court-ordered bankruptcy auction
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Tech:

PC Club closing stores; customers must pick up computers ASAP
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M&A:

Clear Channel Accepts Smaller Takeover Bid
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Inside the Clear Channel Trial: What is Unique?
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Student Debt:

Lender's goof slams credit scores
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Furniture:

Rockaway joint liquidation okayed
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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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Bankruptcy Reform:

Bankruptcy reforms don't mesh with economy - judge
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Municipalities:

Bankers Scurrying for Cover Will Sock Muni Issuers
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Unions say their plan can avert Chapter 9
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Unions offer Vallejo plan to avert bankruptcy
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One reason Jefferson County got into so much mess with its sewer financing is the lack of a policy to manage its debt
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Wall Street:

Stock-Index Futures Fall
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UK Stocks Decline
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Japan Stocks Advance
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Auction-Rate Securities: Legal Headache for Wall Street, and How
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Stockholm Syndrome Hits Wall Street
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'Short-Sellers' Haven't Had It as Good Since 1990
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Rating Agencies:

S&P to focus on near-term risks for junk ratings
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Bonds:

MBIA, Ambac Losses Elevate Aaa Concern, Moody's Says
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Moody's: second lien RMBS woes may dent bond insurer ratings
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Education:

Helicopter school students sue lender over loans
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Religion:

Diocese of Davenport's lawyers submit final bill
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Metals:

Sturgis Iron seeks OK for auction
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Credit Counseling:

Consumers Seeking Debt Settlement Skyrocket
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Gambling:

Tropicana's former owners want casino license back
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Jewelry:

Luxury has $3.7M exit loan
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Valuation:

New Edition of Seminal Treatise on Business Valuation
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Accounting:

Satan's Accountant
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Food/Drink:

Pat O'Brien's files for Chapter 11
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Oil/Gas:

Gasoline use is falling fast
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Oil Refiners See Profits Sink as Consumption Falls
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UK:

UK April Inflation Rate Jumps the Most Since 2002
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BOE Sees Inflation Accelerating, Limiting Scope for Rate Cuts
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Alliance & Leicester Slumps on Additional Writedowns
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Barclays Sums Don't Add Up
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Online bankruptcy could be easily abused
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UK Jobless Claims Rise
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Moulton attacks bonuses culture as damaging and 'absolutely wrong'
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British executives admit to corruption
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Petty Crime "Is No Big Deal"
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Barratt Sales Drop 7.6% on Slide in UK Home Market
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BDO takes former Farepak parties to court
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Canada:

Regulator Probing Commercial Paper in Canada
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Canada May Lower Rates Twice More by September
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Canadian Banks' Profits May Drop on Writedowns
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Canadian Commercial Paper Plan Is Illegal, Companies Tell Judge
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ABCP plan opponents assail lack of authority
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Being Prepared for Bankruptcy in Canada
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Australia:

Centro's structure deters liquidating firm
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Beechwood Homes under administration
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Switzerland:

Slovenia Extradites Ex-Parmalat Consultant To Switzerland
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Bankruptcy rate stays above 10000
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Peru:

Peru Economy Expanded Less Than Expected
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Russia:

Russian court finds long-shuttered Moscow Planetarium bankrupt
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Spain:

Spanish Economy Expands the Least Since 2000
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China:

China Quake Exposes Wealth Gap
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