April 11, 2007

Daily Bankruptcy News

Brought to you by BKINFORMATION.COM - The Source for Bankruptcy News on the Internet 

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Aviation:

Delta, Northwest shares poised to be at head of pack
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Mesaba to emerge from Chapter 11 in late April
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Alitalia, Iberia Bids Herald New Wave of Buyers
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Law:

Reed Smith Adds Baker Hostetler Bankruptcy Partner
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It's Better in NY, But New Partner Numbers Stayed Flat at Top Firms
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Lawyers digging too deep?
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Firm to sue former partners
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Big-Firm Clients Are Looking for Bling
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Seven Wilson Elser Partners Leave NY Firm to Launch Litigation Shop
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District Courts Lack Diversity Jurisdiction Over Law Partnerships with Partners Domiciled Outside the U.S.
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Deal That Closed Jenkens & Gilchrist Criticized as DOJ PR Stunt
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A House panel subpoenaed new documents from Attorney General Gonzales as part of its investigation into the firings of eight federal prosecutors.
(WSJ: separate paid subscription required)

A Conversation with Arnie Jacobs of Proskauer
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Is e-discovery the tail wagging the dog?
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Anonymous Lawyer
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Dorsey & Whitney Bad Faith Leaves Bad Taste of $877,000 Malpractice Tab From Bankrutpcy Court
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Dorsey Ordered to Disgorge $887K
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Firms' Halls Echo With the Pitter-Patter of Little Feet
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Fla. Attorney Seeks Fee of $11,000 an Hour, $100M in Sanctions Against Motorola
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Death by PowerPoint
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What Margin Should Your Law firm Generate?
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Say What?!
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Summer Associates: Are You Ready for the Parties?
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London associates revel in promotion boom
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Lawyer's Rare-Postcard Hobby Gets Him Disciplined
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Brooklyn Law School Student Bares All
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More on Adriana Dominguez
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Claims of Legal Malpractice Become New Thorn for Firms
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Real Estate:

Legal Eagles Claw Over New Century
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Subprime Losers Blame Bear, Credit Suisse, JPM, Morgan Stanley
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IMF warns subprime woes may spread, dollar falls
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Mortgage lenders are straining to respond quickly to homeowners in trouble, but borrowers complain of red tape amid rising delinquencies
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New Century seeks faster sale of loan business
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Record foreclosures in Bexar County
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Sagging market hits homebuilder
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Fannie Mae, Freddie Mac still under surveillance
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Alt-A mortgage market showing weakness
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Wells Fargo Hits Subprime Rut, but Wheels Stay On
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New Century Delays Loan Hearing
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The Mortgage Mess
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Subprime resets to peak through April 2008
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The Good, Bad and the Ugly: A Look at the Housing Market
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Lender, agent should warn of bad mortgages
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Book Closes on Elaborate Mortgage Fraud Scheme
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Lending industry targeted - Lawmakers blame mortgage bond investors for meltdown
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Banking:

Citigroup job cuts could cut revenue, too
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Citigroup May Cut 17000 Jobs, or 5% of Workforce, Person Says
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Citigroup announced its first major overhaul, saying it will save $2.1 billion in 2007 by eliminating 17,000 positions
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Citigroup workers braced for deep job cuts
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The Chuck Prince CitiDiet
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Enron:

Former NatWest Bankers Lose Bid to Dismiss Enron Case
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Autos:

Amcast Chapter 11 Plan Gets Judge's OK
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Can Kerkorian Be a Working-Class Hero at Chrysler?
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Canadian auto workers to fight Kerkorian
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A top DaimlerChrysler official plans to meet this week with bidders for Chrysler, but it appears that Kirk Kerkorian's Tracinda isn't among those invited
(WSJ: separate paid subscription required)

Collins & Aikman sends Illinois workers notice of possible cuts
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Auto parts plant workers wait to learn what layoff letters mean
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Onex, Magna eye bid for Chrysler
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Corporate Reform:

Black used company jet for safety, trial told
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Conrad Black Protested Bill for Trip to Bora Bora
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'Geriatric freaks' had miserable Bora Bora vacation
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Black Co-Defendant Knew of Probe Before E-Mail
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Hollinger Ruling Allows Insiders to Trade Shares
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Scrushy to Be GPS-enabled
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KB Home Faces ERISA Suit over Options
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Pixar backdating could cost Disney
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Former Endocare Execs Indicted
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Closing under way in Nacchio trial
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Nacchio closings: Crime vs. mistake
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Lessons Counsel Can Learn From Hewlett-Packard's Pretexting Scandal
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Ponzi defendant Armstrong gets 5 more years for fraud, ordered to pay $800M
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Jailed Since 2000, Armstrong Receives Another 60 Months
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Economy:

Most Americans Fear Recession in the Next 12 Months, Poll Finds
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Private equity poses risks, says IMF
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Furniture:

Rockaway Bedding files for Chapter 11 bankruptcy
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Religion:

Judge Says Church, Lawyers Hid Money From Bankruptcy
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In San Diego, Even The Diocese May Be Corrupt
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Church's gambit shakes our faith
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Diocese calls transfers mix-up
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Dioceses' attorney to defend herself
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Judge Considers Archdiocese Bankruptcy Plan
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One family objects to archdiocese deal
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Textiles:

Joan Fabrics/ Madison Avenue Design File Voluntary Chapter 11 Petition
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Gambling:

Do Trump Casinos Have the Cash to Compete?
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Sports:

Empire, NYRA make their bids ... again
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Moyock golf course to be auctioned
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LBOs:

KKR's Secret Syndicate - Has begun signing up investors to share profits - and risks - in big leveraged buyouts
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Predatory Lending:

Without Legislation, Payday Lending Battle Shifts Back To Court
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Retailing:

Sears Holdings Securitizes Primary Brands
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Hedge Funds:

Funds take equity stakes in bankruptcies
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Credit Cards:

Card Payment Trumps Mortgage for Some Subprime Borrowers
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Corporate Governance:

Colorado Supreme Court Finds Narrow Duty to Corporate Creditors by Corporate Officer Resulting in Reversal of Aiding and Abetting Breach of Fiduciary Duty Verdict Against Attorneys
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New Bankruptcy Opinions
(No new opinions today) 

Bankruptcy Court Web/Pacer Site Directory

Chapter 7, 12 & 13 Private Trustee Locator
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Recent Ch. 11 Filings
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Bankruptcy Jobs:

(1), (2), (3), (4), (5), (6), (7), (8), (9), (10), (11)
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Alarm bells ring as debt levels soar in frenzy of mergers
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Worries over M&A funding leave credit investors sulking
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Bankruptcy Crimes:

Attorney General Richard Blumenthal, in an objection filed today, said the U.S. Bankruptcy Court in Delaware cannot block criminal prosecution of the former head of Mortgage Lenders Network for failing to pay millions of dollars in wages owed to employees
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Student Debt:

Cuomo: school loan corruption widespread
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The student-loan scandal took root well before recent conflict-of-interest allegations over gifts from lenders cast a shadow on the business.
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Utilities:

Unusual trading in Mirant calls raises eyebrows
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Health Care:

Dimensions Healthcare's board to vote on shutdown after bailout talks falter
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Pr. George's Hospital Chief Advises Closure
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State begins working on orderly closure of troubled hospital
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Doctors Medical Center CEO resigns as hospital struggles
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St. Vincent's Pays Lawyers Millions
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Entertainment:

Jackson wants auction of items form bankruptcy sale stopped
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Bankruptcy Reform:

Executive Office for United States Trustees (EOUST) to Present at Credit Counseling Conference on Bankruptcy Reform
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Telecoms:

No White Knight on Horizon for Vonage
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Tax:

Crackdown on SPV tax avoidance
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Food/Drink:

Water authority contests Pittsburgh Brewing bankruptcy plan
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Anna:

Larry Birkhead Claims Fatherhood of Billion Dollar Baby Danielynn
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This Baby Ain't Worth Millions? Then You Take Her!
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A Miffed Judge Scheindlin "Shuts Up" Adelphia's Dissident Bondholders Who Refused to "Put Up" an Adequate Bond to Stay Effectiveness of Adelphia's Plan
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Goldin Forgoes a $2.4M Bonus Fee on Refco Work
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UK:

FSA probes sub-prime mortgage market
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Richard Morris calls in receivers from E&Y
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420 jobs axed after electrical firm folds
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Accuma revenues double, but says IVA market remains tough
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Lenders offer huge loans
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Debt firms rapped for inflated claims
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'Greedy' law firms slammed as extent of miners' fee scandal is revealed
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Consumers get tough new protection from unfair and dishonest lenders
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`

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Japan:

Japan March Corporate Bankruptcy Cases Up 8.0% On Year
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Japan bankruptcy debt hits 16-year low in 2006/07
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Indonesia:

Indonesia Government Aims To Set Up Worker Severance Fund
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Korea:

Pantech, Pantech&Curitel ordered to delist shares amid rumors of possible bankruptcy
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