May 30, 2008

Daily Bankruptcy News

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Law:

Layoffs and Legal Recruiters Confirm Associates' Hunch: It's a Buyer's Market
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Departure strategies ranging from the sublime to the ridiculous
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Ain't No Sonnenschein When We're Gone
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Sonnenschein Layoffs Signal Sea Change in Law Firm PR Strategy
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Layoff Watch: No Severance at Sonnenschein?
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Calif. Recruiters Say Job Market Tougher for Laterals
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Raise Your Hand If You Have No Work
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Likelihood of Making Partner Affected by Economy
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Polsinelli Continues National Growth, Expanding to Delaware To Service Burgeoning Bankruptcy, Financial Restructuring Business
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Steady Does It for Am Law Second Hundred
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With external counsel, lines between social activities and professional dealings
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Tyco and Eversheds: in Depth
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At What Point Does Silence Become Malpractice?
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$25K Sanction Recommended for Reconstructed Billing Records
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Facing Sentencing, Mel Weiss Denies Allegations of 'Criminal Arrogance'
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When is 'Under Seal' Not 'Under Seal'? GE Finds Out the Hard Way
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Legal eagle promoted to chair at Paul Weiss
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Summer Hiring, Salaries Strong at BigLaw's Bridge-and-Tunnel Offices
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Blowing the whistle on unethical lawyers
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Howrey Loses $250 Million IP Verdict in East Texas
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Texas Supreme Court Nixes Removal of Children From Polygamists' Ranch
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Canadian Boutiques Score Big Win for Bell Canada Bondholders
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Say What?!
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Attorney Says His Firm Just Watched As Client Bribed A Congressman
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Man Faces Beheading in Saudi Arabia for Swearing
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Judges:

Embattled Judge Says She Can't Pay Legal Fees
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Judge of the Day: Peter McBrien
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Miami judges a popular draw for TV court shows
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Wall Street:

Stocks Ride GDP Revision
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Bear Stearns Holders Approve Purchase, Ending Era
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The Bear Wrap Up Party
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At Bear, an Apology Is Met With Silence
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How Bear Failed
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Bear's investors deserve thanks but fall short of savior status
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Big banks rethink oil business expansion plans
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Fed Expects to Complete Bear Financing Deal Next Month
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Fed's Fireman Feels Some Heat
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Wall Street may lose fewer jobs than expected
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Charges of Insider Trading for a Wall Street Luminary
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Stock market near bottom, says manager of Fidelity's Magellan fund
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Banks step up Fed loans, investment firms scale back
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Accounting:

Former Ernst & Young partner charged in NYC
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Tough times for clients, but Deloitte making out just fine
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Aviation:

Silverjet Stops Flights as Oil Cost Cripples Industry
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More than 10,000 passengers face travel chaos
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Expedia halts Frontier listings
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Predicting The Next Airline Bankruptcy
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Unhappy travelers cost airlines $9 billion in revenue
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Less flying costs American economy $26 billion, survey says
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American Airlines Fails to Deliver Promised Pay Raise
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United Said to Have Ended Talks With US. Airways
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Fitch lowers US Airways and United outlooks
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Continental-United alliance talks move ahead
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Mesa Wins Injunction In Dispute With Delta
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Bankrupt airline says debt is 41 percent deeper than previous estimate
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Pilots union worried about ABX Air's future
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Travel Industry Seeks Relief at the Airport
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Taiwan court rejects FAT's plea for further bankruptcy protection
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Italy's New Government Searches For Alitalia Buyer Again
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Italy to respond to EU's Alitalia query
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Religion:

Ballots to be mailed to creditors in diocesan bankruptcy case
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Bankruptcy document must be amended
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Bankruptcy settlement funds to come from several sources
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Trucking:

IdleAire files investor list with bankruptcy court
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Recording Industry:

Suge Ordered To Auction Death Row Assets
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M&A:

Morgan Stanley, Citigroup Bankers Leave as LBOs Slow
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Courts Scrutinize Fairness Opinions by Investment Banks
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Real Estate:

Liar Loans and Bankruptcy Discharge
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30-year mortgage rates rise past 6%
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Study Finds Disparities in Mortgage Fees
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New Overdue Home Loans Swamp Effort to Fix Mortgages in Default
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Realty leader expects further price decline
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FDIC: 1st Quarter Mortgage Charge-offs Skyrocket by 640%
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B of A cut Countrywide price after learning of loss
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Countrywide Financial shares rise
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Countrywide's credit default swaps tighten 65 bps
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Humbled home builders now facing reality
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Pivotal cleared for bigger loan
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Bankruptcy filing stalls sale of AmSouth tower
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Trump, state officials spar over failed Meadowlands project
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Bower & Bailey continues making liens
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Cedar Funding backers demand trustee
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Banks sue 2nd big developer
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Lose Homes, Pay More Tax
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As Warned, Pawlenty Vetoes Mortgage Relief Bill
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Rush to pass CA foreclosure crisis bills
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Economy:

US growth stronger than thought
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GDP growth revised higher, jobless claims up
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U.S. weekly jobless claims rise to 372k, worse than expected
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Incomes and spending both slow in April
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GDP, Claims Data Fuel Recession Debate
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A Fragile, But Growing Economy
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A recession or not?
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Signs point to Fed rate increase
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Many consumers spend early rebates on soaring cost of living
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Bernanke repeats financial markets 'far from normal'
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Report Sees Decade of High Food Prices
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Food Report Criticizes Biofuel Policies
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US regulators probing oil trades for possible price manipulation
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Probe of Oil Markets Widens
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US reveals six-month-old probe into price manipulation by oil firms
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Speculation - but Not Manipulation
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Oil plunges more than $4 US a barrel in wild trading
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As Oil Prices Soar, Restaurant Grease Thefts Rise
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Autos:

GM says 19,000 US factory workers take buyouts
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Delphi's Knights in Tarnished Armor
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Judge allows Delphi to boost bankruptcy
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Delphi wins stronger investor support, cuts interest payments
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Auto woes worsen
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Ford readies white-collar layoffs as sales tumble
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Tracinda drops back-out clause in $170M Ford offer
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Banking:

Banks likely to fail as bad loans soar
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Grim outlook for banks, profits down 46%
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Real estate sinks first-quarter bank earnings: FDIC
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Florida bank, thrift earnings drop sharply in first quarter
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Property Pain Past, Present And Future For US Banks
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Banks' Coverage Ratio on Loan Losses Dips to 15-Year Low
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Consultants:

AlixPartners Names Fred Crawford Chief Executive Officer
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Tax:

Former UBS Banker to Plead Guilty in US Tax Case
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Details Emerge in Probe of UBS
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IRS action forces Mirabilis down
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Finance:

Banks may be understating Libor rates to mask financial woes
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Moody's Cuts CIT Rating
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CIT says it disagrees with Moody's downgrade
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Libor Rises Amid Scrutiny
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Corporate Reform:

Ex-EADS Chief Forgeard Charged With Insider Trading
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Financial Literacy:

Volunteers care about financial literacy for kids
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Television:

TV station files for bankruptcy
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Movie Industry:

Legal pressure on ThinkFilm mounts
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Toys:

Small Toys set to wind down
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Distressed Investing:

Raquel Palmer on distressed opportunities
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New Bankruptcy Opinions
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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 Reform Act Finally Blows Sky High
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Mass Torts:

Courts Overturn 2 Vioxx Verdicts Against Merck
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Plaintiffs Lawyer Lanier to Appeal Vioxx Reversal
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Retroactivity for me, but not for thee?
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Retailing:

Investment firms win Sharper Image in bankruptcy
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Linens 'n Things gets OK to borrow $700M
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Linens auction closes
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A giant continues to unravel
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In Weak Economy, a Tale of Two Retailers
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Tiffany reports 19 pct rise in 1st-quarter profit
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Gambling:

One-time apprentice and foe, Fields now buying Trump casino
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Bankruptcy may delay Aztar's sale
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Tropicana conservator wants to scrap bids for casino
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Bankruptcy Statistics:

More People Pick Bankruptcy Over Poverty
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Health Care:

Victory loses emergency
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Hospitals, credit card companies can take your home
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Valley Health finances improving
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Wheels of Health-Care Justice Grind Slowly in Chicago
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Haven Eldercare hearing postponed
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Adams Co. considering candidates to conduct study on hospital
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Care Level sets June auction
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Mining:

Asarco picks highest bidder, not Grupo Mexico
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$2.6B bid wins Asarco
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Convenience Stores:

Uni-Mart Files for Bankruptcy Protection
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Municipalities:

City seeks to hurry bankruptcy
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Vallejo bankruptcy objections deadline June 27
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Alabama county sour on debt-extension offer
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Half Moon Bay's fate with Senate
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Fort Worth eliminating hundreds of positions
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Moody's Downgrades Detroit Debt
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Bankruptcy Litigation:

Ex-Refco CEO Helps Investors Suing Company
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'I've Never Had a Case Where a CEO Has Cooperated Like This'
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Former Refco CEO Aids Class Action Plaintiffs--An Insurance Issue?
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Horse Racing:

N.Y. governor excoriates NYRA deal, but will honor it
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Utilities:

Sharp Power-Price Rise Hits Texas
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Credit Cards:

FDIC: 1st Quarter Card Loan Charge-offs Rise 30%
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Fraud:

Recidivists Took $156 Million In Ponzi Scheme, SEC Says
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Forest Products:

Palco's suit against state moves forward
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PALCO ruling likely coming next week
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Student Debt:

Student loans get tighter as credit crunch worsens
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Predatory Lending:

Many Internet Payday Loans are Unenforceable
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Personal Bankruptcy:

Bankruptcy and the 'hard of hearing'
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UK:

U.K. Bank Writedowns to Linger Up to 18 Months, Moody's Says
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Bermuda:

Focus Insurance finally dissolved after 17-year liquidation process
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Japan:

Japan 10-Year Bonds Rise on Worse-Than-Expected Economic Data
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Japan Household Spending Declines as Unemployment Rises to 4%
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Japan recession a risk, credit crisis drags on
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Australia:

Centro Properties Share Trading Halted as Debt Deadline Looms
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