May 28, 2008

Daily Bankruptcy News

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Law:

Sonnenschein Acknowledges Layoffs of 37 Lawyers, 87 Staffers
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Layoff Watch: Sonnenschein Nath & Rosenthal Separates 37 Lawyers, 87 Staff
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Scotus Roundup: Employment Law, and a Bummer for Winston & Strawn
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Money Matters, But So Does the Work, New Law Grads Say
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It's Hard Out Here for a Recent Law School Graduate
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Former Duke Players Can Sue Nifong Outside Bankruptcy
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Clifford Chance, Linklaters battle A&O for ISDA roles
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Holland & Hart merges in Nevada
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UK Wealth Mgmt. Co. Wants to Buy Law Firm
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Morgan Lewis Faces Malpractice Suit
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Examining Mel Weiss's Life in Letters
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Study Claims Milberg Weiss Scheme Hurt Shareholders
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Subprime Legal: Skepticism on ARS Suits; the CFO Suite; and More
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NYC Sanctioned for Failure to Follow Discovery Orders
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Tyco and Eversheds: in Depth
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Indicted Former Baker & McKenzie Partner Hit With More Charges
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Law Firms Ride a Boom Built on Energy in Houston
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Bingham Boston HQ Moves to Bigger Space
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Extradition Battle Pits Texas Against Lawyer-Turned-Veggie-Farmer
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Partner's Wife Stole $160K to Fund Slots Addiction
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GE Suffers a Redaction Disaster
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Judges' Advice: Ditch the Drama, Try High-Tech
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The Lawyer and the Bachelorette
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Academia:

Total Law Professor JD Applicant Statistics: 1997-2007
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Corporate Reform:

Judge Finds Dell Engaged in Deceptive Practices
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Grasso Pay Case Tests Attorney General's Power
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Aviation:

Airlines running out of options as oil bites
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You Think Flying Is Bad Now...
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Airline Bankruptcies: Who's Next to Fall?
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What's next for airlines
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US Airfares Up 16% In 2008, Expected To Climb Higher
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After Failed Deal, Impasse for United and US Air
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Lawyer Sues Delta Air Lines Over Delayed Trip, 'Rude' Treatment
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American Rejects Pilot Plan, Citing $3 Billion Cost
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American details planned cuts
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Southwest Rides Fuel Hedges Past Rivals
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Mesa could file for bankruptcy by July 20
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Mesa bankruptcy scenario would keep Go! alive
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Mesa: The Little Airline That Might
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Mesa Air's woes a regional mess
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Sun Country cuts pay of managers to limit losses
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Frontier, union tentatively OK temporary cuts
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JetBlue Defers Deliveries of 21 Airbus Planes to Slow Growth
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Alitalia posts 2007 net loss of 495 mln euros
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Gov't decree on Alitalia loan effective on Wed
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Alitalia Says Needs Capital Now After Another Loss
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Italy government hopeful Alitalia won't fail
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Pilot, airline maintenance jobs dropped in 2007
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Silverjet, Mesa Air face uphill climb
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Taiwan Airline Gets Second Deadline
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CAA threatens to revoke FAT liberties
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Municipalities:

Vallejo businesses aren't singing bankruptcy blues
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Other Troubled Cities Watch Vallejo, Calif., Chap. 9 Filing
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Vallejo Turns to Orrick for Bankruptcy Help
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Jefferson County, creditors prepare for showdown
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Finance:

The rise of OID
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Rating Agencies:

SEC Asks Raters About Errors Made Grading Structured Products
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SEC Widens Ratings-Agencies Probe
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Now the SEC is getting involved in Ratergate
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Moody's Changes Tone Over Probe
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Derivatives:

The Next Shoe to Drop
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Education:

Colleges Say Students Worry About Sluggish Economy
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Student Debt:

More college students paying their own way
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Trucking:

Jevic's workers ponder future
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Financial Literacy:

For Teens, a Financial Wasteland
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Utilities:

National Power pulls the plug
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Mass Torts:

Nanotubes are to Asbestos as Litigation is to Litigation
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Art:

The eerie emptiness of bankrupt offices
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Feds Seize Roy Lichtenstein Painting
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Jewelry:

Diastar ruling to come in late June
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Health and Beauty:

The Beauty Bust
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Motorcycles:

American IronHorse hits the road
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Real Estate:

New-Home Sales Post Surprise April Climb
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Single-family home prices tumble
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In Housing, the Strong Turn Weak
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Lenders Pressed on Bad Loans - Buyers Seek to Force Repurchase by Banks; Potential Liability Could Reach Billions
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The Magical Mystery Mortgage: Loans Gone Wild
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Foreclosures in Military Towns Surge at Four Times U.S. Rate
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Bush loyalist leads government effort to rescue U.S. homeowners
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California Home-Price Cuts End Sales Losing Streak
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Street of broken dreams
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Port St. Lucie, county property values drop 20% in one year
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Home prices continue slide in Detroit
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Regulator Criticizes Appraisal Agreement
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Fannie, Freddie Appraisal Agreement May Violate Law
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Standard Pacific Soars on $530 Million Investment
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As home builder gets a lifeline, bearish traders get zinged
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Home builder Tousa asks to replace CEO
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Case Says Foreclosure Sales May Spur Housing Recovery
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EnCap bankruptcy complicates Rutherford's borough taxes
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Time to Buy? The Conversion of a Renter
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Foreclosures lead to health risks
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A life, foreclosed: Pressured by threat of foreclosure, developer takes his life
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Cedar files bankruptcy protection
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Stuart project takes Chapter 11 route
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Monte Carlo seeks $3.4M in proceeds
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NVR CEO Sells Shares Again
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We're Nowhere Near A Bottom in Housing
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Political rivals rip delays on NY foreclosure bill
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Claimed Calif. Land Grant Scheme Scams 400-Plus Homeowners
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Economy:

US economy steps back from abyss: Yellen
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With Bold Steps, Fed Chief Quiets Some Criticism
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Fed in Tug-of-War Between Pessimists, Optimists
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Maybe There's No Pony, Small Biz Worries
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The Mirage Economy Fades
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New reports give bleak outlook on economy
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Confidence Falls as Home Values Decline
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Consumer confidence: Worst since '92
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Bernanke Met With BlackRock's Fink, Wal-Mart's Scott in April
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Welcome to the New Great Depression
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Crude oil closes below $130
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Senator wants speculators' oil price role reviewed
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Oil Falls to Lowest in a Week on Concern Prices Hurting Demand
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Oil's Vicious Circle
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Food Banks See Spike In Customers
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Retailing:

Sharper Image, Linens 'n Things face auctions
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American Eagle 1Q profit drops 44 percent
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Forest Products:

Judge to rule on deal that could quicken sale of Pope & Talbot mills
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Food/Drink:

Fitch: Indicators of Financial Stress in U.S. Food and Restaurant Sectors
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Alternative Fuels:

Largest US biodiesel plant shaky
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Health Care:

Kessler bankruptcy proceedings are near end
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Wellspot files for bankruptcy
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County interviews consultant to review hospital
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MRI Medical shed 117 jobs since December
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GE worried over Leiner assets
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Insurance:

AIG Capital Raise May Not Be Enough, Citigroup Says
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The Insurance Receiver - Summer 2008
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Hedge Funds:

Hedge fund performance fees spark debate
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SEC steps up DB Zwirn investigation
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Investors are over hedge funds, as interest in new offerings dwindles
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Bankrupt Cayman Islands hedge funds lose bid to shield their assets
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CFTC Suit v. Amaranth, Hunter to go Forward
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Hedge Fund Lawyer Calls Galvin 'Unprofessional'
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Politics:

Rep. Richardson's housing woes deepen
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Obama Uses Housing to Target Swing States
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Corporate Governance:

Exxon to face off against investors at annual meeting
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Accounting:

Deloitte global revenues rocket by 17%
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Does Client Importance Affect Auditor Independence at the Office Level? Empirical Evidence from Going Concern Opinions
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Forest Products:

Harwood lumber seeks bankruptcy protection
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Nonprofits:

Brockton nonprofit moves forward with bankruptcy reorganization
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Charities Struggling as Tough Times Grow
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Dry Cleaning:

Bargain Cleaners wins confirmation
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Theme Parks:

Wild West World sale facing delays
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Bonds:

FASB's New Rules for Insurers
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Monolines face accounting overhaul
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Ambac, MBIA to see little impact from new rule
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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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Personal Bankruptcy:

Choosing Bankruptcy to Stay Afloat
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Bankruptcy Statistics:

US Bankruptcy Filings In 2007 Rose By 38%
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Bankruptcy Litigation:

Judge denies mistrial bid in Parmalat, Citigroup suit
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Ex-LeNature's executives sued in Delaware
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Securities Lawsuits: A Global Phenomenon?
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Autos:

GM Falls to Lowest Since 1982 on Citigroup Downgrade
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Auto Industry Feels the Pain of Tight Credit
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Ford to slash up to 12% of salaried jobs
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Blue Water's plan approved
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Excello readies for auction
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How Toyota Plans to Survive $4 - Make That $5 - Gas
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Wall Street:

Stock futures point to higher open as oil eases
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Lehman, Goldman, Morgan Estimates Lowered by Analysts
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Fear, Rumors Touched Off Fatal Run on Bear Stearns - Executives Swung From Hope To Despair in the Space of a Week - Dozens of bankruptcy specialists were also called in
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SEC Will Scour Bear Trading Data
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Auction Suits Face Burden of Proof Eluding Lawyers
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Bankruptcy judge OKs Ceres Capital Ch 11 plan
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'Wail' Street Woes, As Jobs Disappear
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Lehman's Confidence Game
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Auditor: Supervisors Covered Up Risky Loans
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European 'Bear Market' to Last, Morgan Stanley Says
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Regulators to focus on OTC trades
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Recording Industry:

Blues persist for Teddy Riley's studio as no one meets opening bid
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Personal Finance:

Making a good living, but still feeling strapped
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Make Finances a Family Affair
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Settlements:

Sun-Times Wins Court Approval of Hollinger Settlement
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Banking:

US thrifts post loss of $617 million in first quarter
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Bank of Montreal, Scotiabank Profits Fall on Fees
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Bank of Canada Cuts Lending, Signaling End to Easing
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Investors Criticize French Bank Chief for Losses
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These Banks Need to Raise Capital Quickly
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We're All Doomed
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Credit Union Charge-offs Rose in Q1
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Security:

Taser feels the burn as economic slowdown shrinks police pockets
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Prepacks:

Reshaping the Shapes/Arch bankruptcy
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Fraud:

Mirabilis seeks bankruptcy protection
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Accused fraud artist Peter Frommer hires Denver law firm
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Court: Financial planner stole millions from Tempe church
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DOJ starts investigation of multi-million swindle scam
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UK:

Investment banks weigh into insolvency row
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Debt can be written off by debt charities
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Hauliers: 'It has got beyond a joke. It is pricing us out of a living'
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Fuel protest: lorry drivers flex their muscles
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Late payment reinforces the effects of the credit crunch
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Rise in sub-prime arrears
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Financial complaints up 30%
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France:

French overindebtedness applications stable, but personal bankruptcy up
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French May Consumer Confidence Falls to Record Low
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India:

India's insolvency regime inadequate: Fitch
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Lithuania:

40% more bankruptcies initiated in Q1 of 2008 in Lithuania
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Mexico:

Mexican Peso Bonds Decline on Concern That Inflation to Quicken
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Canada:

Bankers see signs of credit crunch easing
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Workers may buy mill
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Judge ruling likely to speed sale of Pope & Talbot mills
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Minor Victory for BCE in Canadian Debtholders Suit
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Australia:

Bankruptcy boom
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Stockbroker Chartwell in liquidation
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Mexico:

Mexican villages feel U.S. slowdown as cash stops flowing
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Russia:

Hedge Funds Foment Russia Credit Crunch With 16% Puts
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