October 21, 2008

The Daily Bankruptcy News

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Law:

Heller Faces Class Action Suit by Laid-Off Employees
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Perkins Coie, Davis Wright Expecting Big Revenues From Heller Hires
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Laid-Off Heller Associates Vent Feelings of Worry and Anger
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Corporations Slash Spending on Outside Counsel
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Summer Associates Feel the Heat
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Law firm works to create culture for women partners
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Lawyers' Salaries: Mommy Penalties, Daddy Bonuses, and Pure Gender Effects
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Ex-Milberg Lawyer Bershad Deserves 3-Month Sentence, U.S. Prosecutors Say
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Dairy Duel Ends With Paul Weiss Victory Over Quinn Emanuel
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Hoping to Avoid Bankruptcy, Circuit City Taps Skadden
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Tarter Krinsky & Drogin Bulks Up In Bankruptcy
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A Night With Offshore Law Firm Conyers Dill & Pearman
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Rethinking Legal Fees for Lean Times
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Yes on Prop 8 Proskauer Associate Strikes Again
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Welcome to the Future: London Falling?
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A Grim Verdict Awaits Law Grads
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Dewey & LeBoeuf to Shutter North Carolina Office
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Howrey Chairman: 'We Have to Economize for Our Clients'
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Flood of investor legal actions set to hit peak
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High-Profile Divorce Lawyer Sues Investment Firm for $5.2 Million, Alleges He Lost $200,000
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Will Corporate Counsel Push Law Firms to Drop Hourly Billing?
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Highlighting Innovation Among Lawyers
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No Crying Over Spilled Milk: Citi Triumphs Over Parmalat; Wells Wins
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Master of the Universe Turns to Proskauer's Robert Cleary
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Cadwalader Partners Pen Treatise on New Bankruptcy
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Lowenstein Sandler Announces Formation of Global Financial Crisis Group
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Big-Firm Salary Costs Husband Interim Attorney Fees in Divorce Case
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Failure To Keep A Proper Lookout?
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Lawyer Arrested for Bringing Gun to Use as Courtroom Prop
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Judges:

Will Justice Kennedy Recuse Again?
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The tale of a judge and his protest beard
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Chief Judge 'Naughty' Nottingham to Resign?
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Wall Street:

Stocks poised for tough start Tues.
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European Markets Edge Higher; Asia Is Mixed
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US stocks end sharply higher as credit markets improve
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Signs of Easing Credit and Stimulus Talk Lift Wall Street
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Merrill Said to Plan 500 Job Cuts in Trading Division
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'Thousands' of Merrill jobs may be cut
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Big Fund's Clients Seek Taped Proof Of Tip-Offs
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Merrill's Kraus Gets a Buyout Bonanza
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Retailing:

Circuit City may shut stores to avoid filing: report
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How Can Acting Bankrupt Help Circuit City Avoid Bankruptcy?
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And Be Sure to Give Our Best to CompUSA When You See It
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Goody's Family Clothing, Inc. Emerges from Bankruptcy
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Shoe Pavilion shutting down after liquidation sale
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8 Kmart, 4 Sears stores to close Jan. 31
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Times changed, Mervyns didn't, founder says
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Banking:

BofA's Lewis: Accepting bailout money was patriotic
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Regulators give banks until mid-November to apply for stock sale
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Treasury: banks must use capital from injections
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National City has big loss, to cut 4000 jobs
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US Bancorp 3rd-qtr profit falls 47 pct
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How Will Paulson Pick Bank Winners and Losers?
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Bailout Recapitalization Program: Will It Be Boom Or Bust?
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FDIC says may have significant claims against WaMu
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Bank bailouts could force risk-taking
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Buying Time at Last?
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Synthetic CDOs Stumble Subscriber Content
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U.S. Is Said to Favor New Mergers
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At least five Chase banks hit with letter threats
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SocGen Falls to Lowest Since 2003 on Capital Concern
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France and Japan help banks, IMF prepares aid
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Rescue Fund Likely to Spur Bank Takeovers
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Telecoms:

Vonage signs definitive deal on debt refinancing
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Credit Squeeze Adds to Sprint's Challenges
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Retailing:

Boscov's Auction Postponed; No New Date Scheduled
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It's a Pity, Circuit City
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Kohl's seen gaining from Mervyn's closure
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Salvation Army, Goodwill lure more shoppers in tough times
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Finance:

Bank-to-bank loan rates fall for sixth day
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The struggle for funding
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Money market rates fall as big freeze eases
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European Money-Market Rate Drops to Lowest Since Lehman Failure
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Food/Drink:

Restaurant business toughest in 17 years
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Mother's Cookies Gets a Second Life
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Derivatives:

Credit Default Swaps Are Good For You
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US, Cuomo Open Credit Default Swap Investigation
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Cox, the SEC and the future of derivatives regulation
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Politics:

Obama Faults Bankers' `Greed and Irresponsibility,' Takes Cash
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Bernanke Backs More Stimulus, Citing `Weak' Outlook
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Democrats thrilled by Bernanke stimulus comments
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Patio Man Revisited
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McCain's Mortgage Plan a "Concern" for HUD Chief
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Dem Chairman: 'There should be tax increases'
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California voters cast drive-through ballots
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Lobbying Backlash Builds in Congress
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Corporate Reform:

Prosecutors eyeing Wall Street mess look for lies
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Subprime SEC Bungled While Bear Stearns Imploded
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Resorts:

Without Credit, Mont. Resort Weighs Options
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Furniture:

Furniture industry braces for difficult season
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Collezione Europa files plan
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Theme Parks:

Experts: Hard Rock must hard sell
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Economy:

Bernanke: It's time for stimulus plan
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Here comes stimulus - question is how
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Bernanke won't say the 'R' word
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Long and Shallow?
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Global engine throttles back ahead of downturn
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Bailout interest 'broad' - Paulson
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Paulson Says US Has Sufficient Funds for Bank Plan
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How Will the Economy Rebound Without Post-War Babies Financing Their Harleys?
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Paulson says stock purchases should make money
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Bush Says Americans' Concern Over Financial Crisis Now Easing
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Private Equity & TARP: 'Big Brother Is Not Giving You Money for Nothing'
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Leading indicators rise 0.3% in September
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Recession May Bring Return of Traditional Values
(NYT: separate free registration required)

Markets Pricing in 46% Chance of 50 bps Rate Cut
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First birthday for the recession?,
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Real Estate:

Southern California Home Sales Rise Record 65 Percent
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Freddie Mac lobbied against regulation bill Mortgage giant paid consulting firm $2 million three years before bailout
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Frank Wants Bair to Lead Anti-Foreclosure Efforts
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Commercial real estate still buyer's market
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If your adjustable-rate mortgage is linked to LIBOR, brace yourself
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State accuses firms of running predatory 'foreclosure rescue' schemes
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Cook County foreclosure cases could top 42,000 this year
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Financial tornado rakes mortgage bankers, but rainbow on horizon
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Zillow and Other Real Estate Web Sites Feel a Chill
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Foreclosure Activity Free-Falls in Calif. Because of New Notice Law
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Health Care:

Carraway will close, file for bankruptcy
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Bankruptcy judge approves two-week budget for Physicians Carraway
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Tax-sale bidders pass on Winona
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Candidates talk of ways to boost Hemet-based public hospital district
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Nurses at 2 hospitals vote no confidence in CEO
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NJ hospitals in dire straits after charity budget cuts
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Poulsen jury hears tapes of alleged bribe offer
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An eroding model for health insurance
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Lehman:

At least 12 people have received Lehman grand jury subpoenas
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Disney Wants Examiner Named to Probe Lehman Brothers
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Evergreen Solar Files Suit Against Barclays and Lehman Brothers
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Coming up on a credit default deadline
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Accounting:

FASB to Clarify Bankruptcy Issues
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Rescue Plan Relies on Accounting Finesse
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Changes threaten confidence in accounts
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US and international standard setters to work on joint credit crisis solutions
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Investors call on EC to drop more changes to fair value reporting
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Skiing:

World awaits word on Whistler-Blackcomb's parent company
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Whistler-Blackcomb credit squeeze concerns mayor
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History:

The Madness of Crowds
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Oil/Gas:

Crude Oil Rises More Than $2 on Signs OPEC Will Reduce Output
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Deutsche Bank Downgrades Exploration & Production Companies
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SemGroup books open
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Telecoms:

Debt-Heavy Telecoms Won't Escape the Credit Crunch
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Commodities:

Commodity Prices May Fall `Sharply', National Australia Says
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Tech:

Texas Instruments Net Falls 27%; Forecast Disappoints
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Credit Cards:

American Express Profit Beats Analysts' Estimates
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Credit card company American Express profit falls as cardholders struggle
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Card Charge-Offs Increase For 20th Straight Month
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Cap One Q3 Charge-Off Rate, Loan-Loss Provision Rise
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Student Debt:

Loosening the credit vise on students
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Hedge Funds:

Millionaire hedge fund boss thanks 'idiot' traders -- and retires at 37!
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Hedge funds on way to worst year ever
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Insider Compensation:

CEO pay at large-caps way up-despite drop in earnings
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Executive Pay Curbs Go Global
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Corporate Governance:

Why 'sorry' isn't in many CEOs' vocabularies anymore
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Distressed Investing:

The Vultures are Looking at Credit Card Debt and Commercial Real Estate
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Is Icahn cutting back?
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Sports:

Economy blitzes pro sports teams
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EliteXC closes its doors
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Trucking:

Downturn flattens transportation companies
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Bankruptcy Crimes:

Tax dodger loses
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Colorado paralegal charged in rare state prosecution of bankruptcy petition preparer
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Personal Finance:

When cash gets tight, nannies are first to go
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US may see a shift to thrift
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Travel:

The Credit Squeeze Compresses Travel, Too
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Adult Entertainment:

Bank seeks to foreclose on club, leaving others owed with zilch
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Municipalities:

Centreville may face bankruptcy
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Standing:

Creditors: Fear Not?
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Avoidance Actions:

Collapse of alleged foreign currency trading scheme leads to fraudulent transfer charges
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M&A:

Busted M&A deals gone wild
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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)
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Autos:

Is bankruptcy a better option for Chrysler?
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GM aims to take Chrysler's cash, close plants
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Chrysler sale could chill Michigan economy
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GM may have to get car loan from Uncle Sam to buy Chrysler
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Detroit fears the worst as GM merger talks roll on
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What If the US Auto Makers Don't Survive?
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Levin: Fed could aid a merger
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Banks join GM-Chrysler talks
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GM hasn't learned bigger isn't better
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GM hasn't yet secured funds for Chrysler deal
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'It's OK' if one of Big 3 fails
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GM-Chrysler Merger May Get Labor Savings, New Loans
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Merger can get GM cash, leverage with UAW, analyst says
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Kerkorian Pares Ford Stake
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California dealers say GMAC rules cut 40% of customers
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Big-name suitors court Heard
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How Toyota Handles a Downturn
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Nissan to cut production due to US slump
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Rescue loans available to European carmakers
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Insurance:

N.Y. Official Eyes TARP For Insurers
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Value hunting in insurance wreckage
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Printing:

Reorganized Vertis exits Ch. 11
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Aviation:

Only strongest will survive among Delta regional airlines
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Alitalia commissioner says has liquidity until Dec 1
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Television:

Johnson Broadcasting fades to black
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Alternative Fuels:

Volatile economics hurt ethanol producers
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Biofuel plants hit road block
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GOE Lima to seek DIP approval
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Fraud:

Jury Awards Citigroup $364 Million in Parmalat Case
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Education:

High-School Dropout's Economic Ripple Effect
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Pigeons:

Pigeon King says goodbye to Waterloo roost
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UK:

UK Budget Deficit Swells to Post-War High on Slump
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Number of distressed businesses doubles
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Tom Aikens's Suppliers Riled as Restaurants Fail to Pay Bills
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Government steps up offshore probes
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Empty space highlights speed of downturn
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Cash-strapped tenants getting behind with rent
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EU:

ECB Offers Banks Unlimited Dollars to Boost Lending
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France:

France Will Invest 10.5 Billion Euros in Major Banks
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Moral guillotine falls at Caisse d'Epargne
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French banks rally after $14 billion capital boost
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Japan:

Japanese Bonds May Fall as Global Stocks Rally, Libor Declines
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Japan mulls more steps to shore up banks, economy
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Global recession "inevitable": Japanese PM
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Canada:

Canada Commercial Paper Conversion Delayed by Month
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Pakistan:

Pakistan Faces Default on Its Huge Foreign Debt
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Iceland:

Iceland, IMF 'Very Close' to Deal, Minister Says
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Brussels Offers Hope for Crisis-Striken Iceland
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Iceland's meltdown offers lesson in globalization
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Middle East:

Tennis, property and financial bail-outs in Dubai
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Australia:

Foreign Banks Won't Get Australia Deposit Guarantee
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Australian Regulator Extends Short Selling Ban to November 18
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National Australia Bank's Full-Year Profit Drops 11%
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New Zealand:

NZ Inflation Rate Accelerates to 18-Year-High 5.1%
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Argentina:

Argentine Defaulted Bond Trading Dries Up as Crisis Stalls Plan
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Mexico:

Corporacion Durango Files for Bankruptcy
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China:

China's growth returns to earth
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China's Slowing Growth Raises Concerns
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China to support SMEs facing bankruptcy
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Hungary:

Hungary NOT the next Iceland, apparently
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Hong Kong:

Citic Pacific Slumps 55% on $2 Billion Currency Loss
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CITIC Pacific: Are there More Coming?
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Italy:

Parmalat shares tumble on Citi court victory
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Poland:

European Parliament to debate Polish shipyards
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Brazil:

Brazil to Offer $1.42 Billion in Emergency Loans
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India:

India to Follow Bank Guarantee `Fashion,' Pimco Says
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S. Korea:

Foreigners Rush to Dump Buildings Following Stocks
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