May 15, 2008

Daily Bankruptcy News

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Law:

Making BigLaw Marriages Work
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In Wacky Case, 7th Circuit Rules "Them's Not Fightin' Words"
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Richardson & Patel Expands Its Service Offering with Bankruptcy & Reorganization Practice Group
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BigLaw Firm That Froze Associate Pay Announces $1.98 Million in Profits per Partner
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New Survey Links Market Differentiation to Law Firm Revenue Growth
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White & Case nudges London salaries up 2%
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Associate performance scrutinized as attrition rates fall
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Co-Defendant Flips on Kumari Fulbright
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Marc Dann Resigns as Ohio Attorney General
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More on Weil's Move to Brooklyn
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Fen-Phen Trial: Lawyer Claims He Was Too Drunk to be Found Culpable
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Ex-NY Associate, BigLaw Firm Settle Religious Discrimination Suit
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Targeted in N.Y. Public Benefits Probe, Private Lawyers Plan Class Action
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Toronto Abuzz About Partner Fired From Local Dorsey & Whitney Office
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Clement Resigns as Solicitor General
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As Time Passes, Hope Dwindles for Missing Ga. Lawyer
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Effort to Collect $116 Million From PLO May Go to Trial
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Jury Finds Attorney Must Return Half of Bonus Paid by Client
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Lawyers' Writing Skills Still Bad
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Law School Attrition Rates
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Say What?!
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Vista Won't See the Light of Day at Most Law Firms
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K&L Gates merges with Taiwan firm
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Judges:

Judge punished for profanity
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What I Did on My Summer Vacation . . . : Top Judge Out Over Getaway Photos
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Chief Justice Rehnquist's Song Parody of Former Chief Justice Found
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O'Connor to Testify Husband's Alzheimer's Led to Her Supreme Court Retirement
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Bankruptcy Crimes:

Phoenix attorney James Joseph Everett convicted
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Economy:

Consumer Prices Rise Less Than Forecast
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Slowed inflation surprises experts
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Government data due out Thursday is expected to show that initial claims filed for unemployment benefits rose slightly last week
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Bank CEO: Stimulus Checks are Not Paying Down Debt
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The Scale of The American Economy
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Ex-Fed Chief Warns That '70s-Style Inflation Is Possible
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Fed Balance Sheet Worries Volcker
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US still competitive but risks Japan-style recession: IMD
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Recession? Not So Fast, Say Some
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As recession fails to materialize, economists revise predictions
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IMF expects global recovery to begin next year
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Fuel to stay cheap for some, keeping oil expensive
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Oil's Murky Math
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Oil prices climb on reserve report
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Corporate Reform:

SEC files fraud charges against former, current Broadcom execs, counsel
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Judge won't request halfway house for oilman Wyatt
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Retailing:

Macy's swings to loss
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JC Penney 1Q profit falls 50 pct; rough year ahead
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Financial firms win Sharper Image in bankruptcy bid
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Welspun, GHCL may be eyeing Linens 'n Things
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Linens 'n Things Comparable store sales decline
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bscription Required)

Bag'n Baggage heads for auction
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Autos:

Dura exits bankruptcy, leaving Delphi behind
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GM needs $9.6b cash fillup
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GM labor update
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GM cuts strikers' benefits
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GM gets tougher; will UAW cry 'uncle'?
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UAW leader calls impasse frustrating :American Axle talks stall over health, benefit costs
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Who Will Survive?
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Newspapers:

Hollinger Reaches Settlement With Significant Secured Creditor
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Journal Register investor offers $25 mln infusion
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Vikings, Avista talk again over Star Tribune land deal
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Food/Drink:

Roadhouse Grill Shuts Down All WNY Restaurants
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Roadhouse Grill closes, employees left hanging
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Salone Holdings files Chapter 11
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Quick Service wins cash nod
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Tax:

Tax Havens Face Pressure From Europe
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EU agrees to review tax haven rules
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I.R.S. Seeks Reports of Foreign Accounts
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US to subpoena UBS for wealthy client names
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U.S. prosecutors are expected to confront Swiss banking giant UBS with a broad subpoena for the names of wealthy American clients who may have used its services to avoid income taxes
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Real Estate:

Judge Allows Suit Against Countrywide Officers
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Senate Investigates Mortgage Servicing
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Freddie Gets Moody
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Freddie Mac posts loss, sees more housing weakness
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Freddie Mac earnings under pressure until 2012
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Foreclosures Climb 65% as Loan Workouts Fall Short
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Senator Urges FTC to Investigate Countrywide
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HI home foreclosure filings triple from a year ago
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Another Harbinger of The Crunch: Idaho's Village Green Development Files for Bankruptcy
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10 Worst Foreclosure States
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NovaStar Financial pays off Wachovia debt
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Who Will Be the Next Homebuilder to File Chapter 11??
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A New Mortgage 'Cop'
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Condo Life: Foreclosures, Higher Fees and Yardwork
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Why more homeowners aren't getting help
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Lenders tighten loan rules, demand more money down
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Buying risky mortgages
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Wall Street:

Futures Edge Higher
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Stock futures up after jobless claims report
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Stocks Rally on Inflation Data
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Funds regain risk appetite
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JPMorgan sees Bear's Midtown NY site saving $3 bln
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JPMorgan May Cut 4000 Jobs on Bear Merger, Fee Drop
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A Fall Guy in the JPMorgan / Bear Stearns Deal?
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Lazard's Parr on Bear Stearns
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JPMorgan May Be Charged over Muni Bonds
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Merrill Analysts to Rate 20% of Stocks `Underperform'
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Banks Start New ABX Contracts to Value Subprime Debt Better
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Subprime with a Ski Chalet: The Triumph of Data Over Common Sense
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Health Care:

Turnarounds: Government Wears Many Hats in the Healthcare Arena
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Eli Lilly Edits Disclosure Bill
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Haven Eldercare sale on hold
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Mass Torts:

Merck Wins Reversal of Jury's $32 Million Vioxx Award
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Insurance:

AIG's Sullivan Says He's Not Discouraged After Losses
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Credit Cards:

That Ticking Noise You Hear in Your Wallet is a Credit-Card Time Bomb
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To Spend Debt-On-Debt Can Sour Future Purchases
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Textiles:

Mills, Dan River clash over container ownership
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Half Moon Bay settlement bill nears Assembly vote
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Politics:

Obama Pledges Help for Manufacturers in Appeal to Working Class
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Three Former SEC Chairmen Endorse Obama's Presidential Bid
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Clinton Faces Debt Challenge
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Can bankruptcy lawyer Segall pick up Alabama House seat?
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RVs:

US economy running RV makers off the road
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Golf:

Diablo Grande resort getting interest from 6 potential buyers
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Utilities:

Akron Thermal resubmits plan
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Electricity retailer won't honor fixed-rate contracts
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Alternative Fuels:

US disputes IMF on food prices
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Derivatives:

Default swaps carry uncertain risks
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Forest Products:

Statement by Former Governor Pete Wilson Regarding Sierra Pacific $75 Million Offer to Purchase and Expand Scotia Mill
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BoNY promises a DIP for Scotia Pacific that it once criticized
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Insider Compensation:

Rough economy cuts into pay for U.S. CEOs
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Committees:

Ampex equity holders told no
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Corporate Governance:

Startling Strategy: Sue the Shareholder
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Trucking:

Potential IdleAir buyer reserves corporate name
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IdleAire working through troubles
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New Bankruptcy Opinions
(2 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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Bankruptcy Reform:

It's Back... But Maybe Not For Long
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Aviation:

Mesa Air to shut Air Midwest, cut small city stops
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Delta Pilots Back Accord That Allowed Northwest Deal
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Antitrust review is next step for Delta, NWA
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American Air buckles seatbelt ahead of financial turbulence
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Congress examines giant airline merger
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Delta/Northwest merger said likely to be approved
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Frontier Deal Blocked by Management Demand For Golden Parachute
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Teamsters criticize Frontier over concessions.
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UAL's United Air, Continental in Talks on Alliance, People Say
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Jewelry:

M Fabrikant wins court OK of Chapter 11 plan
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After Filing for Chapter 11 - OTC Up For Sale
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OTC carves itself on Ch. 11 block
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Cash Management:

Slim pickings for Sentinel crowd
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Gambling:

Gamblers lost $34 billion at US casinos in 2007
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Theme Parks:

Six Flags Seeks to Exchange Debt
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Finance:

SBA Loans Plummet
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Is Debt Thaw on Borrowed Time?
(WSJ: separate paid subscription required)

Covenant-lite is good for society
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Credit crunch spells black days for green projects
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Bonds:

FSA shies away from credit swaps
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Banking:

Citi's Bad Bet
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Banks write off 80% of subprime losses
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Writedown at Royal Bank of Canada
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Credit Agricole to Sell Assets
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Barclays Says Earnings Declined After $3.3 Billion Writedown
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Weak Bank Earnings Weigh on Indexes
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Deutsche, Banks Selling $4 Billion of Boots LBO Loans
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Distressed Investing:

KPS' Palmer on distressed investing
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Goldman's Shinder on distressed investing
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Distressed Fund Hires From Pequot
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Student Debt:

Class action filed against KeyBank over student loans
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Religion:

Churches across USA help with mortgage crisis
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Television:

Pappas forced to file Ch. 7
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Bankruptcy Litigation:

Trustee suggests Nevada group may have scammed Utah swindler
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Turnarounds:

Assessing, Underwriting Government Risk
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Accounting:

How Ahold Unit Fooled the Auditors
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Intellectual Property:

Electro-Chem Tech to shed patents
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Defaults:

S&P's Diane Vazza on default rates, recession
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UK:

British Bank Chief Expects Inflation to Accelerate
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Scottish industry warns of fuel wipeout
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New direction for leading insolvency practice
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Banks defy rate cut and raise charges
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Manufacturing and retail administrations down: calm before the storm?
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Australia:

Beechwood collapse wipes out dreams
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Receivers move on embattled builder
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Austria:

To avoid bankruptcy, man kills family with ax
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Italy:

Parmalat First-Quarter Profit Drops on Fewer Legal Settlements
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Parmalat Falls Most Since 2005 After Profit Slides
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Trial set to start in Parmalat case vs Citigroup
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Germany:

German president attacks business
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Japan:

Mizuho profit sinks 50 pct, cites subprime fallout
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