September 23, 2008

The Daily Bankruptcy News

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Law:

With Markets in Turmoil, Firms Muster for Bankruptcy, Bailouts
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Could Wall Street Crisis Mean Liability for Law Firms?
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How Bad Is It?
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Wachtell Urges Action Against Short Sellers
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Has King & Spalding Lost Its Insular Attitude?
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Thacher Proffitt + King & Spalding?
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Heller Watchers, a Trip Down Brobeck-Memory Lane
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Quitting Dechert Put Bill Lamb on Path to Fame and Fortune
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Usual Suspects Cravath, Sullivan, and Wachtell Play Key Roles in Weekend Deals
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MegaFirm Axes Associates
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Investors in fallen fund face tough court test
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Hoyt Heading Up Treasury's Legal Offense
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Ruling Knocks Law Firm Off $100 Million Legal Dispute
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Merger Seekers Beware: Non-Hire Agreements May Be Worthless
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Distressed M&A Deals Spread to Iowa, Brazil
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Judge Rejects Attorney Fee Bid in Settled Backdating Case
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Attorney Defends Gay Marriage to Tough Crowd
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How Could Trouble Get So Rich?
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Kirkland Partner Sues Wife re Alleged Affair & STD
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Judge Tosses Gambling Attorney's $20 Million Lawsuit Against Casinos
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Ropes, Cleary on Lehman Sale; DP Nets Nazareth
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E-Discovery Response Requires Navigation Aid
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Name Partner Who Moonlights as NFL Ref Looks to Bounce Back From Botched Call
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A Little Craigslist Legal Love Moment
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Say What?!
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Judges:

Bankruptcy Judge Orders Larceny Victim to Give the Loot Back to the Thief
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Judge's GOP Political Ties Trigger Withdrawal of Suit
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Wall Street:

US Stocks Tumble on Concern Bailout Won't Stop Recession
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Asian Stocks Fall, Snapping Two-Day Rally; Banks, Airlines Drop
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Stocks Fall as Rescue Plan Is Negotiated
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'Wall Street' No Longer Exists
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As the Giants of Wall Street Topple, Smaller, Nimbler Rivals Move In
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Banking Stocks Dunked Again, AIG Rises
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Doing a Fuld or a Thain becomes part of the AL (after Lehman) banking lexicon
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Wall Street bonuses for the big 5 investment banks last year
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End of Wall Street may mean less profit for Goldman, Morgan
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Investment banks succumb to collapse in confidence
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A New Wall Street for Perilous Times
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Goldman, Morgan Stanley Bring Down Curtain on an Era
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Is it time to buy Morgan Stanley and Goldman?
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Battle for a bailout; goodbye, Wall Street
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Goldman's and Morgan's New Take on Being a Bank
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Morgan Stanley Plans to Sell Stake to Mitsubishi UFJ
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Japan's Banks to the Rescue
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Ban on Short Sales Hands Traders 7% Return in Two Days in Equity Futures
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Short-sale ban list expanded to include GE, GM
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Ameriprise sues managers of troubled money fund
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Hedge Fund Group Urges SEC to Revise Short-Selling Restrictions
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US Scales Back Money-Fund Insurance Plan as Withdrawals Slow
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Politics:

Reid: We will not 'rubber stamp' bailout bill
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Frank cites 'progress,' says bailout possible next week
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Financial industry's campaign donations could help it in bailout
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Bailout Tests Paulson's Political Skill
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Washington must heed fiscal alarm bell
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Dodd's Bailout Draft Could Give Companies' Shares to Government
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Rescue can't be hasty, Specter says
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Frank says agreement is close with Dodd on rescue package
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Obama, Not McCain, Shows Steady Hand in Crisis
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McCain: No Regrets on Deregulation, "Helpful" to Economy watch!
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McCain Slams Excessive Executive Pay
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McCain Calls For End To The Type Of Golden Parachute His Own Economics Adviser Got
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Gramm to the contrary, we're not imagining this mess
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McCain critical of Paulson plan
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McCain says he would appoint AG Cuomo to head SEC
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Obama vows deep cuts in spending
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Did Biden, McCain favor bailing out individuals at risk of bankruptcy?
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Negotiators struggle to find bailout consensus
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Hedge Funds:

The Shears are Out
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Insider Compensation:

CEO pay pressure builds due to Wall Street bailout
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Wall Street Bailout Could Crimp CEO Pay
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By rejecting severance, AIG's ex-CEO shines a light on exec pay debate
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Payback on Executive Pay?
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Radio:

Did Sirius Just Bottom Out?
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Golf:

Wall Street's woes could saddle golf
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Distressed Investing:

Ross says Fed actions don't address root problem
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Mining:

Gov't officials go against Grupo Mexico's bid for Asarco
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Health Care:

Wall Street Meltdown Worries New York Hospitals
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Alternative Fuels:

Beatrice Biodiesel files for bankruptcy
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Finance:

The era of leverage is over
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Libor rates show banks hoarding cash
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Furniture:

Mattress wins DIP approval
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Tricap Partners takes Maax
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Real Estate:

Housing Experts Say Bailout Proposal May Do Little for Homeowners
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Fannie Mae flattens management
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Fannie, Freddie Subprime Spree May Add to Bailout
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Freddie and Fannie bank losses grow
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'Crony' Capitalism Is Root Cause Of Fannie And Freddie Troubles
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1 Family + 43 WaMu Mortgages = $2.7M in Likely Lender Losses Since 2007
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Lincoln Logs files for bankruptcy
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Renaissance Homes to declare bankruptcy
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Lennar Reports Quarterly Loss as Foreclosures Rise
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Quality Home faces rival plan
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Pathway Developments declares bankruptcy, files for liquidation
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Luminent Mortgage files plan
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More Small Builders Folding
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Economy:

Pelosi Focusing Bailout Plan on Exec. Pay, Bankruptcy
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Message to Congress: Bailout Must Stop Foreclosures, Too
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Lawmakers Voice Anger and Skepticism
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In Bailout, Seeing a Need for a Penalty
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Paulson Debt Plan May Benefit Mostly Goldman, Morgan
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Do Paulson and Bernanke Really Understand What's Going On?
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"My Country Has Had Crisis..." :)
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The Right and the Left of It
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Paulson, Lawmakers Agree on Equity Stake for Debt
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House committee chair: Wall St. bailout to cost less than $700B
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Judicial Oversight of the Bailout Plan? Fuggedaboudit
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Dirty Secret Of The Bailout: Thirty-Two Words That None Dare Utter
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$700 billion and no accountability
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Only 28% Support Federal Bailout Plan
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How We Became the United States of France
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Mad as hell - taxpayers lash out
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Bailout gives rise to a demi-god with its million-dollar prose
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All sides in Washington try to muscle in on the great bailout fund circus
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Europe and Japan Balk at U.S. Request on Bank Aid
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Politics influenced 1930s precedent
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The Undisclosed Costs of the US Government Bailouts
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Bailout not seen helping Main St, Wall St credit
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Mr. Smith Didn't Do This
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The Crisis and Your Pocketbook
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Crude Oil Has Biggest Gain Ever
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Fitch sees increase in companies drawing under credit pacts
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Government bailout to cap corp debt weakness
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"Too Big to Fail" Vs. "Too Big to Be Responsible"
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Bailout plan could include bad credit card or car loans
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Home foreclosure aid reportedly added to bailout plan
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Feddie Pay: The Reality of the Bailout World
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List of US government bailouts in past century
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Who Should Pay for the Bailout?
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The $700 billion in perspective
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Experts See a More Subdued Period Ahead for New York's Economy
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New York City May Raise Property Tax
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Banking:

Wachovia-Morgan Stanley deal unlikely
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Sayonara, Sallie
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WaMu numbers that might scare some buyers
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More Pain at WaMu
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S&P expects closure of more US banks
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More bank cash calls are likely, say analysts
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Funds Get Freer Hand In Buying Bank Stakes
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How Will Banks Fare in the Bailout?
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Aviation:

Delta-Northwest operations plan flies with FAA
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Delta, Northwest shareholders vote Thursday
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Delta secures $1 billion loan ahead of merger with Northwest
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Can Southwest's Success Continue?
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DayJet calls it a night
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What if Alitalia Fails?
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Alitalia sends up takeover SOS
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Alitalia could be grounded in three days
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Hopes of rescue bid for Alitalia look slim
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Lehman:

Lehman Sale to Barclays Challenged by Hedge Fund
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Lehman bondholders face up to $120bn in losses
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Seven Chinese banks expose 721 million in Lehman bonds
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Lehman Swaps to Terminate
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Nomura Said Close to Deal for Lehman Unit
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Nomura Must Win Lehman Hearts, Minds
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Nomura is Lehmans sole bidder
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List Of Companies Reporting Lehman Bros Exposure
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Trustee, Counsel Named In Lehman Liquidation
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Barclays mops up Lehman's municipal bond arms
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Lehman units acquired by Barclays reopen
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BNP, Barclays Grab 'Once in a Lifetime' Deals With US Reeling
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Hopes rise for 1000 Lehman London jobs
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KfW chiefs may face legal action
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Japanese could save Lehman jobs
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Lehman Declines Funding On First Data Revolver
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Lehman dropped from Fed's US primary dealer list
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Former Drexel Chief Speaks About Lehman's Fall
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Implications Of The Lehman Bankruptcy Entities On Multi-Lender Financings
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Skadden Arps gets Nomura mandate in Lehman Asia buy
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Farmer Mac Tainted By Lehman Rot
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Food/Drink:

McDonald's Says Bank of America Won't Boost Loans
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Religion:

With Wall Street in turmoil, some turn to religion
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Credit Cards:

Credit card reform
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House to Vote On Cardholders' Bill Of Rights Tuesday
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Celebs:

Do I Smell A Fuhrman?
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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)
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Autos:

GM Shares Decline After Plan to Draw From Credit Line
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Fitch Downgrades General Motors to 'CCC'; Outlook Negative
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$25B fed auto aid in sight
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Ross says timing of GM drawdown raises questions
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Auto-Finance Firms Seek a Hand
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Delphi to ask court to OK changes to fix pensions
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Ford sales chief says customers feel pinch
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CarMax profit, sales fall
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Chrysler allows Dave Croft to stay open
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Utilities:

EDF, KKR Bid for Constellation, Compete With Buffett
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DIP Lending:

GE sees surging demand for bankruptcy financing
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Bankruptcy Litigation:

Quebecor Creditors Sue to Reclaim $376 Million From Lenders
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Gitto case headed to federal court
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Another "New Wave" Credit Crisis Lawsuit
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Derivatives:

New York Will Regulate Some Credit-Default Swaps
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Regulation of swaps likely legacy of AIG
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Derivatives look to next stage of evolution
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Buffett was right: Derivatives 'madmen' poison capitalism
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Insurance:

AIG Investors May Demand Vote on Federal Takeover
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Are shareholders planning to fight the AIG bailout?
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AIG Chief Forfeits $22 Million Severance Package
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US Treasury Secretary Calls AIG 'a Hedge Fund' With Little Oversight
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AIG CEO expects "for sale" list next week
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For sale: AIG
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Uncertainty about AIG has risk managers mulling options
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Treasury includes insurers in bailout proposal
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Treasury secretary calls for insurance law reform
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Ike could cost insurers up to $14B
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Accounting:

Which Big 4 Firms Will Audit the Failing Banks?
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Corporate Reform:

A Pox on Christopher Cox
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Retailing:

Mervyns presents plan to creditors
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Boscov's seeks OK to sell 39 stores
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New bidder emerges in Boscov's bankruptcy bid
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Circuit City Replaces Chief With Turnaround Expert
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General Growth considers selling assets
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Weakest holiday sales since '02 seen
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Retail News Roundup: Sept. 21 to 27, 2008
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Oil/Gas:

Lenders back off on SGLP
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SemGroup gets break from credit default until December
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Oil Falls as Stock Losses Signal Concern Over US Bailout Plan
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Municipalities:

Alabama county OKs standstill deal on warrants
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JeffCo Commission moves forward in sewer debt lawsuit
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County should not expect federal bailout
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HR:

HR Issues In The Downturn
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Accounting:

US banking groups lobby for fair value suspension
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Accounting skills are key to turn around banking crisis
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Dog Racing:

Twin River bankruptcy probable, debt-rating agency says
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UK:

Brown to address world leaders on financial crisis
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From dotcom fortune to a £12m repossession order
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HBOS: Easy meat when the confidence ran out
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FSA begins review of bank bonuses
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Darling demands 'urgent review' of banking regulation in the City
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Katona's mum to lose house over debts?
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PKF turn the lens on Vivitar as administrators
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Canada:

When the next domino falls, look out Canada
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Directors on hook for unpaid wages and benefits
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Flaherty Says Canadian Banks Not at Risk Amid Turmoil
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Federal Gypsum creditors mull options
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Russia:

Russian markets steady
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Russia Appears Set For a Shakeout
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France:

French banks losses from crisis total €20 billion
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Philippines:

Senate committee calls for revamp of domestic insolvency law
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China:

A slowing China bodes ill for the world economy
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S. Korea:

Many Professionals to Undergo Receivership
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Germany:

70% of Germans no longer trust banks
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Guatemala:

Guatel struggling?
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India:

Laid off workers allegedly beat CEO to death in India
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