February 27, 2009

The Daily Bankruptcy News

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Law:

Lowenstein Sandler Lays Off 8 Percent of Attorneys
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February Free Fall: Major Law Firms Lay Off Another 2,000-Plus Attorneys and Staff
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Layoff Watch: Dewey & LeBoeuf Starts Making Cuts
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Layoff Watch: K&L Gates Could Make Cuts on Friday
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Layoff Watch: What Will the Latham Severance Be?
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A&O to appoint 15 representatives for layoff process
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Gibbons Expands Bankruptcy
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The Bankruptcy Files: Auto Suppliers, Memory Chips, Sea Containers, and Swimsuits
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Meet Dan Zoloth Dorfman, A Laid-Off Lawyer
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Job-seekers Paying Recruiters: Hot New Trend?
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Hammonds Shakes Up Partnership With 20 Set To Go
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DLA Piper layoff selection criteria revealed
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Chicago Law Firm Cuts Pay for Attorneys, Top Administrators
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Shrinkage at Day Casebeer Shows IP Litigators No Longer Immune to Recession
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Immigration Powerhouse Reports Big Dip in Profits Per Partner
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Partners predict 30% profits drop
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Honolulu law firm files Chapter 11 bankruptcy: All but one of its seven attorneys leave, two start their own law firms
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Philadelphia DA's Office Rescinds Offers to Incoming Class of Lawyers
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How to Say 'No' to a Partner
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BigLaw Word of the Year for 2008
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What, Exactly, is a Litigator? Joe Jamail Wants to Know
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Dealing With Confidential Metadata
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Madoff 101: Total Immersion for Lawyers
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BigLaw Money Doesn't Go as Far as You'd Think
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Are Ethics Rules or E-Shaming Deterring Lawyer Ads?
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Law Firm Marketer Says Downturn Changed Dating Scene
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D.C. Circuit Delivers High-Cost EDD Lesson
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Reserve Fund Holds Back $3.5 Billion for Legal Costs
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Recession runs legal gamut
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Law Schools Raise Tuition Fees Despite Downturn
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One NY Law School Freezes Its Rates in Year of Tuition Hikes and Deep Recession
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Top Schools Tweaking Grading Systems
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Bad Economy Affects Texas Law School Endowments' Bottom Lines
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Prosecutor Resigns After Alleged Hot-Dog Tussle; Evidence Is Mustard Stain
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Life, Death, and Halter Tops
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Superb attorney profiles
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Judges:

Judge in Inquirer case well-versed in bankruptcy
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Gag Order Lifted in Judge Kent Case; Congressman Opposes ‘Disability’ Plan
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Kent to judge: Protect my reputation
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Federal Judges Might Get Pay Bump This Year, but Not Next Year
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Pa. Judges Face New Civil Suit Over Alleged Kickbacks
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New bankruptcy judge appointed in Utah
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Wall Street:

World Stocks Mostly Lower as Economic Fears Weigh
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Shares Rise Early but Finish With a Slide
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BofA CEO Lewis to testify about Merrill bonuses
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Stocks Face Long Road Back After Crash
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Stocks are dead for the rest of your life
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Goldman Sachs Says S&P 500 May Drop to 650 Before Rebounding
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Will Fund Manager Fall to Zero From Hero?
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Regulators' probe casts doubt over European 'dark pools'
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Banking:

U.S. banks post first quarterly loss since 1990
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Bank of America Is Subpoenaed as Chief Testifies on Bonuses
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More Than One Way to Take Over a Bank
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U.S. Is Said to Agree to Raise Stake in Citigroup
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Citigroup to Be Asked by US to Get Private Capital
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Citi's reported new plan would nationalize bank under Treasury rules
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An Additional $250 Billion Sought for Ailing Banks - NYTimes.com
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F.D.I.C.’s Bank Fund at Lowest Point in 25 Years
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Battered Bankers Have No Time For Cigars, Jets
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Bailout Brouhaha
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Faber Says Financial Industry to Contract ‘Much More’
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Bank Stress Test FAQ
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Bank Tests Ignore Black Swans, Rely on Grey Goose
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How Stressed Are US Banks?
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How Geithner Can Price Troubled Bank Assets
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Banks May Fall to 7% of S&P 500 Before Losses End, Analysts Say
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Analysts See U.S. Government's Move as A Net Positive For Banks
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Bank Bailout Grows in Budget Plan
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JPMorgan sees savings of $2B related to WaMu deal
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Feds Ignored Loan Problems at Failing IndyMac, Treasury Report Says
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FDIC Closes Sale of $1.45 Billion of Distressed Loans
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Retailing:

Limited Brands 4Q Plunges 96% On Write-Downs, Sales
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Retailer Everything But Water files for bankruptcy
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Did Bad Bankruptcy Laws Doom Circuit City?
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House panel summons Circuit City officials
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Experts: Fortunoff lost focus, economy dealt final blow
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First day of Fortunoff's liquidation sale attracts hundreds
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NWL shifts to Ch. 7
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In the Impairment Aisle, Macy's Is Tops
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Sears Prunes Back To Conserve Cash
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Retailers Lay Out Plans for Grim Year
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Malls Are Racing to Stay Relevant
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Politics:

Budget Finds Support, Unease on Capitol Hill
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Porky Pols Pig Out On Fine $Wine
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Top Republicans rip into Obama budget proposal
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Obama’s Budget Plan May Strain Democratic Congressional Unity
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In Budget Choices, a Test of Obama’s Political Skills
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Jewish Leaders Blast Clinton Over Israel Criticism
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Corporate Reform:

SEC: May Get 13% Funding Increase
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Inside the Breakdown At the SEC
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Financial Advice:

Crisis Offers Financial Advisers Opportunity
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Tax:

Tax Complications of Bankruptcies in Difficult Economic Times
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Taxpayers: Avoid UBS-Style Mess
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Food/Drink:

Safeway profit up 12% despite sluggish sales
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RVs:

Winnebago CEO, Executive Officers to Take Pay Cut
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Chemicals:

Lyondell gets court protection for foreign units
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BASF swings to loss and fears 'even greater decline'
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Religion:

Schools should not be part of bankruptcy , Jesuits say
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Oil/Gas:

SemGroup finds no SemMaterials Buyers
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Oil Prices: 'The Floor Has Been Reached'
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Crude Oil Falls, Snapping Three-Day Rally, as Recession Deepens
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Credit Counseling:

Lawyer: Credit consolidation 'outlaws' prey on fears
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Art:

Sotheby’s Posts Surprise Loss, Will Slim Down to Restore Profit
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Shipping:

Golden Ocean in race to stave off bankruptcy threat
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Accounting:

Parmalat investors may pursue Grant Thornton lawsuit
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Student Debt:

Obama Calls for End to Loan Subsidy for Sallie Mae
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Uncle Sam Blindsides Sallie Mae
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Big Changes on the Way in Lending to Students
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Shares of Student Lenders Fall on Obama Proposal
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Broadway:

Sondheim Stalls, Spidey Cools Heels in Broadway’s Cash Crisis
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Consultants:

Grant Thornton could buy parts of Bearing Point
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Economy:

'09 Budget Spends $11,833 For Every American
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$25,573.48 Per Taxpayer
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US jobless claims hit 26-year high
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New orders hit six-year low
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U.S. Companies Slashing Jobs, Orders at Faster Pace as Economic Woes Mount
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New-home sales fall to record-low pace as mortgage rates rise
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Companies Cut Jobs, Durable Orders at Faster Pace
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Economy in US Probably Shrank More Than Previously Estimated
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Obama Plans Major Shifts in Spending
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Obama Must Counter Spite Over Bailouts to Conquer Recession
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The Wealthy Lose Out as Many Others Gain
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Record Government Note Auction; Unprecedented amount of debt
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The 2% Illusion - Take everything they earn, and it still won't be enough.
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Buyout, Hedge-Fund Managers Could Pay $24 Billion More in Taxes
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Policy shift will actually avert $9 trillion deficit
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Orzag Explains $2 Trillion in Savings
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Obama Eyes Foreign Profits, Shelters
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What's on the Chopping Block?
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"New," "billion," "health" used often in budget
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Will Private Money Buy Into the U.S. Bailout Plan?
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$3.5 Trillion Budget Sets New Priorities as Big Deficits Loom
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Obama’s Budget Plan Sweeps Away Reagan Ideas
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The Obama Revolution - Paid for by the people
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Nearly $1 Trillion In New Taxes
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Mr. Obama, Please Return to Planet Earth
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Obama wants to raise money via pollution caps, use it for stimulus
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Relying on Rosy Economic Forecasts
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Nationalization Creeps Into Daily Life
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Companies slash spending, delay payments
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Recession, bailout, stimulus: US security threats?
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Berkshire’s Results May Be Worst Ever, Using Buffett’s Measure
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Real Estate:

New-home sales tumble to record low pace in Jan.
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Mortgage rates little changed
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Low Mortgage Rates a Mirage as Fees Climb, Eligibility Tightens
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Subprime-Mortgage Defaults to Surge: Report
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Fannie Mae Reports $25.2 Billion loss
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Fannie Mae Says It Needs Another $15 Billion in U.S. Aid
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Red Ink Clouds Role of Fan-Fred
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Mortgage Deduction Looks Less Sacred
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HUD Secretary, Congress Debate Foreclosure Plans
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HUD boss says banks to start modifying mortgages, but bankers not so sure
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Civil disobedience is tool in new foreclosure fight
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House of Cards: The Faces Behind Foreclosures
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On Obama's mortgage-relief plan - No region left behind
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Foreclosure sales continue
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Chinese Scoop Up SoCal Foreclosures
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Wall Street Banks Vacate Skyscrapers, Pushing Empty Office Space to Record
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Minneapolis development files for bankruptcy
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Blixseth Fears He’ll Become ‘Sharkbait’
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First Magnus executives are sued for $1 billion
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Failed U.S. Mortgage to sell unit
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Schumer:2/3 Of Mortgage Servicers Agree To Foreclosure Plan
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Mortgage Industry, Consumer Groups React to Obama Mortgage Rescue Plan
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Upside to Housing Downturn
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Celebs:

Vick Approved for Home Confinement
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Sales:

Bankruptcy courts bring heightened scrutiny to proposed Section 363 sales.
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Fraud:

Stanford Returns Spotlight to Anna Nicole Smith’s Texas Town
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Execs: We trusted Stanford
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Venezuela says no plans to help Stanford investors
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Innocent bystanders suffer in Stanford case
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Stanford Receiver Asked to Release Some Funds in Mississippi
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Stanford's Father Calls Federal Investigation a 'Witch Hunt'
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SEC alerted about Stanford in 2003
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Call for Stanford 'land seizure'
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Feds arrest Stanford Group's CIO on obstruction charge
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Stanford’s First Investment-Banking Deal Sparked 2005 Lawsuit
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Asset Freeze Frustrates Many Holders
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Stanford Makes Calls to Antigua to Gain Support
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The investment scam-artist's playbook
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Katherine Harris Enjoyed a Nice Caribbean Vay-cay with 'Mini-Madoff' Allen Stanford
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Stanford ’s Charlotte office shuts down
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Nobel laureate Elie Wiesel says he cannot forgive Madoff
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Madoff case spawns cottage industry of experts
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Presumed Innocent? Bernie Madoff?
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Madoff’s UK Firm Sent $164 Million to Parent, Receiver Says
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On Madoff : the Scholar, the Regulator, and the Trader
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Saint Ossie Resisted Madoff as Credit Suisse Man Savior for UBS
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UBS Wins Luxembourg Suit Over Money From Madoff-Linked Fund
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Conn. Town Files Lawsuit Over Madoff Losses
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Bernie, I hardly knew ya: How Madoff fooled everyone
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Luxembourg attacks UBS over Madoff -linked fund
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Big Madoff Investors Targeted
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Wall Street Frauds Come Out Like Snakes in a Flood
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WG’s Greenwood, Walsh Probe Began With Tip on Private Lawsuit
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Poky Police Late Yet Again on Ponzis, Thieves
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IPERS hires firm to recover assets
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The frauds among us
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Board members testify they were unaware Carolina Investors was failing
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Newspapers:

L.A. Times to Cut Section, More Jobs
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Friday last day for Rocky Mountain News
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Scrappy Rocky Mountain News closing its doors
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Rocky Mountain News Promises 'Spectacular' Finale
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Rocky Mountain News unlikely to be the last newspaper to die
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Denver Post Will Be Profitable This Year, Owner Singleton Says
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Newsday eyes end to free Web content
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Aviation:

Regal Jets files for Chapter 11 bankruptcy
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Health Care:

Senior center caught up in bankruptcy case
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Money woes can make you sick
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Jewelry:

Finlay Seeking Debt for Diamonds Swap as Alternative to Bankruptcy
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At Least He Doesn’t Have To Go Back To Jail
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Debt Collection:

It's a good time to be a collector
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Hedge Funds:

Pardus Capital's adventures in autoparts and airlines
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North Hills Hedge-Fund Adviser ‘Looted’ Client Money, SEC Says
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Media:

The Financial Meltdown Will Be YouTubed
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Ethanol:

Farmers still can file claims in VeraSun case
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Oil Companies and Ethanol Plants: Slash, Burn and Buy
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Derivatives:

AIG Rescue May Include Credit-Default Swap Backstop
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Finance:

Commercial Paper Market Expands, Finally
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Default Rise Haunts Surging Bond Market
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Horse Racing:

Texas Racing Commission faces shortfall, seeks emergency funds
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Track attorney makes constitutional claim in court
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Auto Racing:

NASCAR feeling economic pinch
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Telecoms:

Judge converts Crossroads case
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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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Weird News

Bankruptcy Jobs:

(1)- (2)- (3)- (4)- (5)- (6)- (7)- (8)- (9)- (10)
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Bankruptcy Reform:

House 'Cram Down' Vote Delayed
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Cramdown Pare-Down?
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Bankruptcy Provision Stalled
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Don’t Let Judges Fix Loans
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Plan to allow bankruptcy judges to modify home loans is a smart one
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House delays vote on housing bill
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The Housing Crisis and Bankruptcy Reform: The Prepackaged Chapter 13 Approach
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HR 1106: The homeowner’s lifeline
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Bankruptcy Statistics:

Personal Bankruptcies Soar as Recession Takes Its Toll
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Corporate Governance:

Judge Tosses Most Claims in Citigroup Lawsuit
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Officers follow companies into bankruptcy
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Layoffs:

Total Jobless Claims Top 5 Million
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Chase to cut 14,000 jobs as it braces for losses
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Worst of US Payroll Reductions May Be Over
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Where Stimulus Jobs Will Be
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Layoffs Deepen Pool of Trucker Applicants
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New jobless claims jump unexpectedly to 667,000
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JPMorgan Expects 12,000 Wamu Layoffs
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Push in N.Y. for Better Jobless Benefits
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UBS CEO Grübel’s First Memo: Job Cuts Are Coming
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4 Steps That Can Help You Survive a Layoff
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Layoffs Are Just One Threat
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Lehman:

Lehman Loss Just the Start for Money Fund
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Autos:

GM Posts $30.9 Billion Loss as Wagoner Seeks New Aid
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GM 4Q Loss Sparks Viability Concerns
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Deloitte may hit GM with going concern notice, automaker says
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GM Rolls Closer To The Brink
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As GM losses deepen, bankruptcy fears grow
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GM Must Steer Clear of Bankruptcy : Greenwald
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Will GM bonds become worthless?
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GM Says Any UAW Deal Will Differ From Ford Pact
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GM's sloppy bookkeeping
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General Motors now supports five retirees for every active employee
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General Motors choking as global economy gasps
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GM to pass on swanky company suite at Final Four
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Dealers Pose Big Hurdle For General Motors
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Is GM a "Going Concern"? Wait and See
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G.M. Lays Its Future on Washington’s Doorstep
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J.D. Power: Car Sales Stay Bleak in February So Far
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February Sales Could Drive Detroit to Request More Bailout Funds
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Ford lowers industry forecast
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Report: ‘Joe Gibson’ Dealerships File For Bankruptcy
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Joe Gibson's looks to liquidate
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Fitch cuts TRW Automotive, may cut further
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US Treasury Is Said to Work on Aid Plan for Auto Suppliers
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Visteon may skip March bond payment
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Car buyers fret about warranties
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$25 Billion to Promote Electric Cars Is Untouched
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In Aid Filing, G.M. Reduces Fuel Economy Estimate
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Tech:

Dell Income Drops 48% as It Seeks to Cut Costs
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Insurance:

U.S. Stocks Fall as Insurers Drop
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Months In, Insurers Ask Whether Aid Is on Its Way
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AIG Reportedly Could Be Split
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Executive Compensation:

Are Executives Paid Too Much?
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Sovereign Debt:

Nations near bankruptcy , but IMF too poor to help
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Doomsday Scenario: Could US default on its national debt?
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UK:

Five Million British Homeowners May Face Mortgage Worth More Than Property
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RBS Moves to Brink Of Nationalization
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RBS Junior Debt Trades Lower Than Defaulted Lehman, Glitnir
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The UK's generous Asset Protection Scheme
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Lloyds Slumps to $15 Billion Loss, In Asset Plan Talks
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Choice for local newspapers: evolve or go extinct
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Goodwin rejects calls to give up massive RBS pension
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Opponents attack Darling's last-ditch rescue scheme
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Dramatic Increase in the Numbers of Calls for Debt Advice
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London Mayor’s Landlord Defaults on $960 Million Loan
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EU:

Financial crisis sparks unrest in Europe
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What's Dragging Europe Down
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Latvia Says It Is on Financial Brink
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Banks Move to Aid Eastern Europe
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Hungary Seeks $230 Billion Package for Eastern Europe
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Russia:

Third of Arms Firms Face Bankruptcy
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Canada:

Deadline approaches in Canwest talks with bankers
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Bankruptcy Risks For Intellectual Property Licensing In Canada
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Costa Rica:

Costa Rica Seeks IMF Credit Line to Shield Economy
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Asia:

Asia’s Economies Stumble as Global Slump Hits Exports
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India:

India’s Economy Expands 5.3%; Slowest Pace Since 2003
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Indian towns that fueled the boom hit hard
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Germany:

German Government Notes Rise on Evidence Recession Is Deepening
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Arsonists Torch Berlin Porsches, BMWs as Recession Fuels Attacks on Wealth
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Iceland:

Iceland to Oust Central Bank Chief
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Finland:

Finland Slips Into Recession as Exports Plummet
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Sweden:

Swedish Economy Shrank 4.9% in Fourth Quarter From Year Earlier
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Japan:

Japan factory output slides, new jobs dry up
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Japan Doing Too Little to Stem Worst Postwar Slump, S&P Says
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Japan May Boost Loans to Companies by 50% to 1.5 Trillion Yen
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Recession ‘Best Thing’ for Japan, Goldman Sachs Says
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Japan’s Vehicle Production Declines Most in 42 Years
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Japan Jan. Aluminum Shipments Tumble Most in 28 Years
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Australia:

Babcock Power Seeks to Avoid Debt Covenant Default
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Australia Companies Lose A$10 Billion as Season Ends
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Sri Lanka:

Sri Lanka May Need Bailout
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S. Korea:

Korea Bad Bank Pays More for Loans, Plans Rescue Fund
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Colombia:

Colombia Bank May Cut Rate for Third Month as Economy Slumps
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China:

Panasonic Managers Are Held Back by Workers at China Plant
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Please note that the Daily Bankruptcy News is primarily a news link gathering service.   This means that most of the headlines contained in the publication are a collection of links to stories posted on the Internet by various third party publications.  Such content is owned by third party sources, not the Daily Bankruptcy News, and in some cases, these links change or expire, which means you may not be able to view some news stories in prior editions of the Daily Bankruptcy News. The DBN subscription fee for access to certain links is not a fee for access to the content of the links, but is a charge for the considerable work involved in gathering, organizing and presenting the links. Use of this site and The Daily Bankruptcy News is subject to our Terms of Use.If you received the Daily Bankruptcy News via email (and you have a paid subscription account), to view a news story, click on the headline, and the story should open in your web browser. To view additional stories, click back to the email and click on additional headlines, which will cause new stories to open in your web browser.  You can view the Daily Bankruptcy News on the web by clicking here, or by going to BKINFORMATION.COM and clicking on the Bankruptcy News button.  Note that the Daily Bankruptcy News is distributed via "HTML email" in which the links to the news stories are embedded in the headlines.  The email you receive should look like a 3-column newspaper, with headlines for each story. If you receive the Daily Bankruptcy News by email and the copy you receive is not formatted like a 3-column newspaper, or does not seem to contain links to the news stories, you may have an email client that is not capable of receiving HTML email, or is not configured to display such email.  You can however, receive a daily email notifying you when the Daily Bankruptcy News is updated on the web site. If you would like to receive such an email, please let us know at admin@bkinformation.com.You can search the headlines from prior editions of the Daily Bankruptcy News by clicking here.

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Passwords
Access to certain links in the Daily Bankruptcy News is available only to readers holding a paid subscription.  These links are currently marked with a "DBN Subscription Required" notation. The cost of a subscription is $55/year, payable annually.  Volume discounts are available for sites with multiple users. Click here to see a schedule of discounts. Complimentary subscriptions are available for full-time educational and governmental employees and for full time students. For information about discounts or educational/governmental subscriptions, contact us by clicking here. A separate password is required for each member of a firm wishing access to restricted links. New readers can receive a free password good for 30 days by going to http://bkinformation.com/RegistrationForm.cfm. Refunds are not available after purchase. Readers who wish to change their passwords should go to http://bkinformation.com/ChangePasswordForm.cfm. Readers who have forgotten their password should go to http://bkinformation.com/GetPassword.cfm

Adding Your Email Address To The Distribution List
If you would like to start receiving the Daily Bankruptcy News by email each day, go to http://bkinformation.com/SubscribeDBNForm.cfm  and fill in the information requested.  There is no charge to be placed on the distribution list to receive the headlines, although access to many of the links behind the headlines requires a paid subscription (see above, under Passwords). If, after adding your email address to the distribution list, you do not receive an email confirming the addition, please contact us by clicking here for help.  

Removing Your Email Address From The Distribution List
If you already receive Daily Bankruptcy News by email and you wish to remove your email address from the distribution list, click here and send the email that should appear.  Note that the email must be sent from the same email address at which you are receiving the Daily Bankruptcy News. You do not need to type anything in the body of the email message.   If you do not receive an email confirming deletion of your email address from the distribution list  for the publication, contact us by clicking here for help.

Daily Bankruptcy News is published each business day by BKINFORMATION.COM, L.L.C.  You can reach us at 281-402-3957 or at accounting@bkinformation.com (email inquiries are usually answered substantially more quickly than phone inquiries).