May 21, 2008

Daily Bankruptcy News

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Law:

Holland & Knight Cuts Staff Jobs
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Bingham Axes Staff
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Layoff Watch: Misery Loves Company
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Heller May Be Into Three-Ways
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Law Grad Accused of Submitting Phony Grades to Sidley Austin
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Did Scruggs have a third insider?
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E-Discovery Is All in the Asking
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Dickstein Contingent-Fee Payout Could Be $600K Per Partner
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The Trickle-Down Effect of Wall Street Job Losses on Law Firms
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Scalia: A Courtroom Is Not a Cocktail Party
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Three Things That Make Solo Practice Worth It
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Sanctions Hearing Set for Lawyer Found to Have Humiliated Litigants, Other Attorneys
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Tough Year for Class Action Attorneys Continues
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Attorney Disbarred for Using Dead Parents' Credit Cards
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Legal Education Reform?
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Privilege Limits Ex-GC's Right to Sue for Discrimination
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Lawyer of the Day: Mark Vincent Kaplan aka K-Fed's Attorney
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Woman Says Lawyer Ran Over Her Dog, Demanded Money For Damage To His Car
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Judges:

Bankruptcy Judge's resignation leaves questions
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Senate Judiciary Committee Passes Bill Increasing Number of Federal Court Judges
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Aviation:

10 ways your airline is going to change
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Airlines' Cuts Making Cities No-Fly Zones
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Business, First-Class Air Travel Declined in March
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Air mergers won't help passengers
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Fuel hammers US carrier results
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Too early for talk about Alitalia numbers -adviser
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Rumors surround Air France and Alitalia
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Lufthansa Cancels 62 Flights on Walkout by Pilots
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Autos:

The end of the U.S. auto industry could be nasty, brutish, and long
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Automotive Armageddon
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Plastech seeks bankruptcy court approval for sale
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Plastech plant in McCalla faces uncertain future
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Delphi pension fund gets $172.5 million boost
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Final chapter on auto parts giant remains unwritten
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UAW, GM Forge Tentative Deal
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GM Slumps as Dodge & Cox Takes 8.7%
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Banking:

Hedge funds hurt Fifth Third's results
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Fifth Third, Wachovia hit by losses from Citi hedge fund
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HSH lawsuit claims UBS 'acted fraudulently'
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Barclays eyeing a bid for Lehman or UBS, source says
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National City May Sell 'Problem' Mortgage Assets
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Top bankers should be accountable for risks: Buffett
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CEO out as Franklin Bank faces SEC probe
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A bank started by the father of mortgage securitizations, Lew Ranieri, admits it hid losses. Can it survive?
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Troubles for a Thrift Institution, Despite Warnings of Its Founder
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Banks turn to software to spy on staff
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Everything Old Is New Again
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Wall Street:

Wall St. heads for lower open as oil passes $130
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Stocks Fall Sharply as Oil Surges Again
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The Perils of Being a Bear
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JPMorgan Keeping Half of Bear Jobs
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JP Morgan CEO: Bear Stearns purchase 'very risky'
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Student Debt:

Sallie Mae Rises on US Loan Rescue Speculation
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Lenders meet with feds on student loans
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Ex-students sue lenders
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Student loans: Another bubble pops?
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Retailing:

Bankruptcy Deadline Presses Retailers
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Target Profit Drops Nearly 8%
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Retailers cut back on plans to grow
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Shoppers Stick to Buying Only Basics, Retailers Say
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BJ's Weathers Weak Economy Well
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Liquidators duel over Linens' store-closing sales
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Bonds:

CIFG Guaranty's Bond Insurer Ratings Cut to Junk
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Hedge Funds:

Greenwich Resists 26-Toilet Home in Hedge-Fund Town
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Politics:

Economic woes are concentrated in battleground states
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Clinton's campaign debt soars to $31 million
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Obama Raised $31 Million for Campaign in April
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Bankruptcy Research:

Who are the Self-Employed in Bankruptcy?
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Credit Derivatives and the Resolution of Financial Distress
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Real Estate:

Senate panel oks housing rescue bill with minimal opposition
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Mortgage giants to fund rescue plan
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The Risks of Rescuing Borrowers
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Barclays spent $1.3M lobbying on housing bills
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Why a Housing Bailout Won't Help
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Freddie Mac "generally supportive" of legislation
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S&P affirms senior debt ratings of Fannie, Freddie
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Fannie CEO sees steep home-price drop
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Deadbeat Homeowners Hit The Road
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Habitat for Humanity benefits from foreclosures
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Home sales in San Francisco Bay area jump 29%
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Where housing bust hits hard
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Making Mortgage Loan Counseling Mandatory
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Cedar plans to file for Chapter 11
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NovaStar posts $285.9M loss
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Nilsen says he will file Chapter 11
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Promontory must wait on larger DIP
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The foreclosure crisis hits home for kids
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Trump sets sights on NA
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Mississippi Homebuilder Closing Sales Offices; Selling Properties
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School Districts Get Tough As Home Foreclosures Rise
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Corporate Governance:

The Dangerous Theory of "Deepening Insolvency"
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The Love Song of the Delaware Court of Chancery
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Economy:

Producer Prices Less Food, Energy Rise
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Producer Inflation Stays Strong--Or Maybe Not
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Wholesale inflation rate slows to just 0.2 percent
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Wall Street Whacked, Main Street On Deck
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Recession is here (or will be soon)
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Treasuries Decline Before Fed Minutes That May Stress Inflation
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The Gap Between Rich and Poor is Still Growing in the U.S.
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Oil Rises to a Record After Pickens Says Prices May Reach $150
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An Oracle of Oil Predicts $200-a-Barrel Crude
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Oil Rises Above $130 a Barrel as Banks Increase Price Forecasts
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Oil for 2016 Delivery Nears $140 on Supply Concern
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House passes bill to sue OPEC over oil prices
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Greenspan Sees Speculative Bubble In Oil, Grains Prices
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Are Pension Funds Fueling High Oil?
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Are commodity traders bidding up food, fuel prices?
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Crude Oil Futures Rise to a Record for a Second Day in New York
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Gambling:

Tropicana's Chapter 11 reflects changing South Shore economy
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Commodities:

Commodity Trading Rules May Need Strengthening, Lawmakers Say
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Two days after wedding party, a personal Chapter 11
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Hotels:

Hyatt Regency Hotel in Downtown Cincinnati Facing Foreclosure
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Celebs:

Barkley Says He's Paid Debt, Is Giving Up Gambling
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Casino Says Barkley Hasn't Yet Repaid Debt
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Boy band creator Pearlman to be sentenced in Fla.
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Latrell Sprewell vs. Jose Canseco
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Finance:

CIT May Raise Up to $12 Billion From Sales, Financing
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Stable conditions and low rates are boosting corporate financing efforts
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M&A:

The big rewards of M&A during a downturn
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Reading the M&A tea leaves
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Telecoms:

Motorola ends 9-year bankruptcy saga for Iridium
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InPhonic plan to get disclosure hearing
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Corporate Reform:

Former AIG chief may face SEC civil charges
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New DOJ Policy: Just Call it the Christopher Christie Amendment
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Bankruptcy Crimes:

Charges filed in bankruptcy claim
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Metals:

Mega Shredder shunned by bankruptcy bidders
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Hockey:

MIHA wins dismissal
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Movie Industry:

Financial woes for Christal
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Tough times shatter Christal Films
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Health Care:

Judge rules Valley Health System can proceed to sell Moreno Valley Community Hospital to Kaiser
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Distressed Investing:

UBS Discounts Mortgage Assets
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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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Committees:

Inside the Linens 'n Things Selection Meeting
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A 'Dating Game' for Lawyers: Inside the Linens 'n Things Beauty Pageant
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Property of the Estate:

In Pari Delicto
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Co-Ownership Of Property & Bankruptcy
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Jurisdiction:

Bankruptcy Court Has Jurisdiction To Consider Proof Of Claim Objection Even In Absence Of Jurisdiction Over Underlying Cause of Action
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Reorganization:

Junior Creditors Get Their Due - Lenders find that shelling out cash to junior creditors is a small price to pay
(WSJ: separate paid subscription required)

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Cross-Border:

Tricom's US Vultures Eye Bigger Payout After Dominican Delays
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Chapter 15 of the Bankruptcy Code and its Implicit Assumptions Regarding the Foreign Exchange Market
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Autos:

Heckethorn Manufacturing declares bankruptcy
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AmeriCredit Sells $750 Million in Subprime Auto Bonds
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Municipalities:

Vallejo's finances worry vendors with city contracts
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Clarkdale hires bankruptcy attorney
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Heywood Township facing bankruptcy?
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The battle to curb public pensions
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Video Rentals:

Movie Gallery Inc. exits bankruptcy
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Derivatives:

Hedge Funds in Swaps Face Peril With Rising Junk Bond Defaults
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Derivatives Traders Get Better Whiff Riding 5:09 to Greenwich
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Mass Torts:

Carbon nanotubes mimic asbestos in early study
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Fen-Phen Client Testifies She 'Smelled a Rat'
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Bankruptcy Litigation:

Parmalat trial to begin this week
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Brands:

NexCen Says It Can't Rule Out Chapter 11 Bankruptcy
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Trustees:

Trustee to settle QSDI suit
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Layoffs:

McGraw-Hill Will Cut 395 Financial, Education Jobs
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Avaya laying off another 400 workers
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Laid-off workers face grim new ballgame
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Oil/Gas:

Dorado looks to sell assets
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Pensions:

Why Gen X-ers Will Have a Rough Retirement
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Actuaries Scrutinized on Pensions
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Credit Cards:

The Growing Debt on Credit Cards
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Jewelry:

Luxury disclosure statement OK'd
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OTC wins DIP, auction nod
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Theme Parks:

Creditors OK theme park's sale
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Predatory Lending:

Ohio House gives final OK to payday lending crackdown
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Trucking:

Jevic Transportation files for bankruptcy
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Absolute Priority Newsletter - Current Developments in Bankruptcy
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UK:

Shutting up the subprime shop in the UK
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£1bn overpaid in tax credits
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UK Mortgage Lending Fell Annual 8 Percent in April
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House prices 'to fall 7%'
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UK Homebuilders to Cut Tens of Thousands of Jobs
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Rock FD says repayments will be shelved for 6 months
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Card fraud soars by 25% as banks lose £535m
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Australia:

MacGroup puts its US sub-prime losses at $300m
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Iceland:

Iceland Credit Rating Cut
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India:

Process completed for exit of 24,884 defunct companies
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Oil firms are weeks away from bankruptcy
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Germany:

German business confidence up in May
(NYT: separate free registration required)

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