August 10, 2007

Daily Bankruptcy News

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Law:

Money doesn't buy happiness
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Troutman Sanders Joins Bandwagon, Raises First-Years' Pay
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Pay Raise Watch: Garden State Raises
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Pay Raise Watch: K&L Gates (DC)
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San Diego Sues Willkie Farr
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Lawyers Still Like Edwards, but Spread the Wealth
(NYT: separate free registration required)

Weil's summers to split between NY and UK
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Law Librarians Like Their Jobs but Are Displeased With Vendors
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Lawyer Mothers
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Name Games Loom Large in Firm Mergers
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Law Firm Names That Are Funny
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BigLaw Fire Drills
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The Trials of Ave Maria School of Law
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Getting Law Firms to Boot Up to Green
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Firm partner in bizarre photo
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Say What?!
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Economy:

Dow Falls 387 Points on New Loan Fears
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Bernanke, Paulson Were Wrong: Subprime Contagion Is Spreading
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Employment Numbers Soften, Retail Sales Sluggish
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Liquidity Crisis Goes Global
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Is This a Liquidity Crisis or an Insolvency Crisis?
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Markets go red as contagion spreads
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Rule change may be adding to volatility
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Doubts about planned leveraged buyouts could remake the rules that have guided deal making during an unprecedented boom
(WSJ: separate paid subscription required)

World stock markets tumble
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Crunch time
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ECB pumps billions into rattled Euro banks
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ECB Offers Unlimited Cash as Bank Lending Costs Soar
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ECB injects €98bn but markets are gripped by panic
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Central Banks' aggressive moves stun markets
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Europe slammed by US credit crisis
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Japanese Stocks Drop on Concern Subprime Losses Will Spread
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BOJ Puts $8.4 Billion Into Money Markets
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Credit squeeze worries knock 2% off Footsie
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ASX plunges nearly three per cent
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Why are so many Americans struggling?
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Our Subprime Fed
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Turmoil in credit markets will have just a minor impact on growth, most economists say. But they cut their economic forecasts and nearly a third expect higher borrowing costs to be a significant contributor to a slowdown
(WSJ: separate paid subscription required)

A New Kind of Bank Run Tests Old Safeguards
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Subprime fallout draws comparisons to past crises
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Bankruptcy Crimes:

Chandler man sentenced for bankruptcy fraud
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Executive Indicted in $32M Fraud Scheme
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Toys:

Small World Toys files for bankruptcy
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Religion:

Court approves diocese's payments for legal expenses
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Abuse suits name Oregon nuns
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Suffering people, living church
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Worshiping strict statutes of limitation
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Mining:

Asarco Creditors File Suit Against Execs
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Entertainment:

Lawsuit Pitting Mick Fleetwood vs BBC Underway In Bankruptcy Court In Maine
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Judge Won't Overturn $32.7M Jury Verdict in Ponzi Scheme Case
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Derivatives:

The derivatives vacuum
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Hedge Funds:

Goldman pounded by hedge fund losses
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Highbridge, Goldman `Quant' Hedge Funds Lose Money
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Portfolio Liquidation Triggers Turmoil Among Hedge Funds
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Trouble In Paradise? Goldman's Flagship Alpha Fund Reportedly Down 16% in '07
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Second Goldman fund selling positions
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Size Doesn't Keep Goldman Fund From Gyrating With Market
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Financials hit hard on word of hedge-fund selling
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Hedge funds have plenty to answer for
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Bear Stearns sued over hedge fund collapse
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Black Mesa hedge fund warns of massive portfolio liquidation
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Losses mount as hedged bets go wrong
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Parlez-vous "Meltdown"?
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Bush Dismisses Gasoline Tax Hike, Homeowner Bailout
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Real Estate:

Countrywide Faces 'Unprecedented Disruptions' From Debt, Mortgage Markets
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Is Countrywide running scared?
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Countrywide Financial Corp. headed for bankruptcy?
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Countrywide Punished Over Quarterly SEC Filing Disclosures
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This is your subprime brain on drugs
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3rd Circuit: Time to Cure Mortgage Default Ends at Auction
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Insider Trading Likely At American Home Mortgage, Tarragon Corp.
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American Home Mortgage HQ building again site of trauma
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European Banks' Last Laugh
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NovaStar Financial posts quarterly loss
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Accredited Deal Gets Regulatory Approval
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Liquidity, Going Concern Issues Pulverize Tarragon
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Questioning Home Ownership
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Just one Kara makeover plan - for now
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Court clears way for sale of Hotel Zoso, Marquis Village
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Kafka-esque undertones to the subprime mess
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Bush calls for transparency in home loans
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Homebuilders relied on misguided assumptions
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Health Care:

Parkway Hospital sets plan to exit bankruptcy
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Tyrone Hospital waits for approval on new reorganization plan
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Nursing homes facing watershed budget year
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Queens Hospital's Finances Boost Case Against Closure
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Student Debt:

A Loan and Afraid
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Funding Higher Ed
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Aviation:

Delta pilots: Check, please
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The Axis of Airline Excess
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Retailing:

Rennie Petroleum Assets Head to Auction
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Refco:

Trial of Ex-Refco CEO Postponed
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New Suit Targets Refco Purchaser
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Mayer Brown claimant sued by Refco creditor
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Refco's Collapse: Totally Amazing for the Lawyers
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Layoffs:

Manufacturing accounts for 21% of mass layoffs in Q2
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New Bankruptcy Opinions
(2 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), (12)
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Mass Torts:

WA court: Old bankruptcy nixes worker's asbestos claim
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Credit Cards:

Study shows post-bankruptcy lending trends
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Card Offers Flood Ex-Bankrupt
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Don't Leave College Without It
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Boating:

Pacific Seacraft Faces Liquidation under Chapter 7 Bankruptcy
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Food/Drink:

Judge orders Oakland bakery to liquidate
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Judge refuses to reverse bakery's liquidation
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Supermarket chain Giant Eagle successfully bids $20 million for Le-Nature's facility
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Le-Nature's creditors scrambling to find assets -- and lawsuit targets
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US Judge Dismisses Advisor Lawsuits By One-Time US Parmalat Units
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Water bottler faces liquidation
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RJ Gator's auction date set: Aug. 31
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Forest Products :

Pope & Talbot Q2 loss widens; freezes salaries, hirings, exploring bankruptcy
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Wall Street:

SEC said to seek subprime losses at Wall St. firms
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SEC combing Wall St books for subprime losses
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How Wall Street got into this mess
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Tourism:

Four At Table To Bid For Queen Lease
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Finance:

Commercial Paper Yields Soar to Highest Since 2001
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Speculative debt issuance dives in July
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Bankruptcy History:

Hanging Bankrupts
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State Control of Pre-Modern Bankruptcy
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Corporate Reform:

Rigases, their ilk sing same song
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Reputation Sanctions for Outside Directors
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Telecoms:

Vonage labors as customers hang up
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Celebrity:

Lou Pearlman's New Nerd Bait Auction!
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Bankruptcy Reform:

BAPCPA (Don't Ask) Bankruptcy and Presidential Politics
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Another Means Test Decision Sides with Wilson and Hartwick
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UK:

UK Insolvency Service Reaffirms Commitment to the IVA
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Russia:

Volgotanker Takes Step to Bankruptcy
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Rosneft snaps up more Yukos assets
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Israel:

Heftsiba story plays out in court
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Japan:

Japan July Corp Bankruptcy Cases Up 22.7% On Year
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