December 18, 2007

Daily Bankruptcy News

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Law:

K&L Gates absorbs Texas law firm
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K&L Gates and Hughes & Luce Vote to Combine
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Scruggs, others seek more time for pretrial matters
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Scruggs Motion Sheds Light on Evidence
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Bonus Watch: A Pre-Announcement from Kirkland & Ellis
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Pay Raise Watch: Williams & Connolly to $180K
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Former U.S. Attorney Smackdown: John Martin v. Rudy Giuliani
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How a Reed Smith Partner Learned Wealth, Power Were the Wrong Priorities
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ABA Dethrones Lawyer of the Year
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Convicted class-action attorney Bill Lerach is no longer working on the lawsuit against UnitedHealth Group. But will he be paid anyway?
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Justice William Jefferson Clinton?
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Holiday Gift Idea Of the Day: Lawsuit!
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New Jersey, Nevada Courts Join Controversial List of 'Judicial Hellholes'
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Busted CDOs: Good For the Lawyers!
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Court Rejects Professor's Expert Opinion on Legal Issues
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Firms Eschew the Usual Holiday Chowdown for Food for Thought
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Evidence in Hollywood Wiretapping Case Is Questioned
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The Rise of Arbitration
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Bills aim to get consumers their day in court
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Millions at stake as credit crisis gets legal
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Firm Takes Client Entertainment Cue from Boston Legal
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Lawyers' Holiday Card Is Funnier Than Reruns
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Don't Like Your Grade? Sue Your Law School
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Justice Kennedy's Senate Spy
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Dewey & LeBoeuf: A Bunch of Nazis?
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Economy:

Fed Shrugged as Subprime Crisis Spread
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$20bn from Fed to ease credit woe
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Crude Oil Declines on Concern US Economic Growth Will Slow
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Are We in a Recession?
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Subprime mortgage crisis will have lasting effect on economy
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Is Another Financial Bubble in the Cards?
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Japan big banks reluctant to pay for subprime fund
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Bush Says U.S. Economy Is Sound
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Money Market Rates Fall After ECB Offers Unlimited Extra Cash
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Wall Street:

Stocks Close Near Day's Lows
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Stocks Dip on Economic Worries
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Credit Crunch Could Worsen if... Bond Insurers Sink, 'Buck Breaks'
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Goldman Shines
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Probe of Insider Trading at Bear
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Markets crash on global cues
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Merrill May Cut Fixed-Income Bonuses
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The Fed must not play Santa to the markets
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Finance:

Ambac, MBIA Rise on Moody's Affirmation of Aaa Rating
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MBIA spreads may head wider on S&P, Fitch reviews
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FGIC-Insured Issues on Rating Watch Negative
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Mass Torts:

Reed Smith Continues Rapid Growth Of Insurance Recovery Practice
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Horse Racing:

Board May Take Over NY Race Tracks
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Oversight agency offers NYRA an extension
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Credit Counseling:

AICCCA Says Mortgage Crisis Will Drive Consumers to Credit Counseling
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Software:

SCO long, it's been bad to know ya
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Youth Debt:

Your Kids Are Doomed to Financial Ruin
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Aviation:

Alitalia board meets on bids amid political division
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Shares in Alitalia plunge as details emerge on competing bids
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Mesa Leads Airline Sell-Off
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Airlines Try to Ground Passenger 'Bill of Rights'
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Credit Rating Agencies:

The credit rating house of cards
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Stock Brokers:

E-Trade Fizzled While ICE Burned
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Accounting:

Overhaul Proposed in Accounting Standards Board
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PCAOB Sanctions Three Auditors
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Real Estate:

Delta Financial Files for Bankruptcy
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American Home Could Face Class Action
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Thornburg Mortgage declares dividend
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Paulson rules out bailout for mortgage crisis
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Calls Grow for Housing Crisis Response
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Mortgage mess and artificial value of real estate
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Builder Sentiment Still Depressed
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SEC Urges Banks and Insurance Companies To Come Clean On Subprime
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SEC asks SIV sponsors for more disclosure
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Merrill Hires Kronthal as Consultant on Mortgages
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Commercial Property: Wall Street's Next Crisis?
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Homeowners May Get 60-Day Break From Foreclosure Auctions
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MI lawmakers float more proposals to help homeowners
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Ohio, Michigan face different foreclosure crisis
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Midwest States Lead Nation in Home Loan Losses, Delinquencies
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31 Accused in Florida of Falsifying Home Loans
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Governor Seeks To Stem Colorado Foreclosure Mess
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On a Palmdale street, foreclosure is in the air
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Next steps for FHA bills
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Renters facing eviction as foreclosures rise
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Paulson Favors Fannie, Freddie Buying Jumbo Mortgages
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The dangers of overreacting to mortgage crisis
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Currency:

Dollar erases gains after grim home-builders survey
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Corporate Reform:

Radler, Key Witness Against Black, Gets 29-Month Term
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Radler's Fresh Start After Hollinger's Fall
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When the SEC turns a blind eye to market mischief
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Lawmaker Faults SEC's Approach To Insider-Trading Tips
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Bush's crackdown on corporate fraud results in short jail terms
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Hedge Funds:

New Goldman hedge fund to start with over $6 billion
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Regulators In Bear Hunt
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Goldman's Elusive Hedge-Fund Star
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Hedge fund, traders fight gov't charges
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Credit Suisse/Tremont Hedge Fund Index Is Down -1.21% in November
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Failed hedge fund now able to repay banks
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Clinton's Burkle Ties Include Funds in Cayman Islands
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Utilities:

Calpine to Cut Ch 11 Financing by $400M
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Bankruptcy Crimes:

Former trucking CEO to be sentenced on bankruptcy fraud
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Jailed drug kingpin's sister facing fraud charges on bankruptcy filing
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Gambling:

2 casinos may go on block
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Tropicana puts casinos on sale to pay $1.3B. debt
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Health Care:

BMC jumping hurdles State to review hospital sale
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Deal Could Spare Nearly 900 Bayonne Medical Center Jobs
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Medical services district braces for bankruptcy
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Valley Health System has lost $3 million more in past month
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Haven Alarm Raised In '06
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Calif Moves Toward Major Health Reforms
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Student Debt:

Columbia U., Citibank sued for 'slavery'
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Apparel:

Lender blames Diesel for GBMI collapse
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Retailing:

Retailers may give in to bargain-seeking shoppers
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A week before Christmas, cheer is scant for retailers
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Liquidation sale approved for Mattress USA
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Telecoms:

Fiber-optic network files for Chapter 11
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Intellectual Property:

Actual Test And Footstar Approach Govern DIP's Ability To Assume Patent And Technology License
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Insurance:

Court rejects estimated claims during liquidation
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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), (11), (12)
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NEW
Claim Trading Alerts
The easy way to monitor
bankruptcy claims trading
30-Day Free Trial

Bankruptcy Reform:

Bankruptcy Blasphemy: (Continued) Embarrassment for the Wall Street Journal
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The Value of Being Frugal After Bankruptcy
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M&A:

M&A Seen Slowing In US In 2008 As Big LBOs Evaporate
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Global Deal Predictions Fall to Earth
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Enron:

Enron Payout Sparks Plaintiff Tug-of-war
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Autos:

GM seeks deal on buyout plan
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Auto sales outlook gloomier
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Banking:

Kittle Warns of Major Repricing of Risk by Lenders
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Paulson welcomes banks' steps on subprime debt
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M&I sees Q4 charge-offs of $195 mln
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State Takes Over Zion Credit Union
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Politics:

Fee-Fee's Taxing Weekend
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Support grows in Washington for mortgage reforms as elections loom
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Oil/Gas:

Struggling ethanol plant seeks funding
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UK:

Taxman cometh
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Serial bankrupt jailed
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Branson can never be the solution to Rock
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Crunch time for Bank of England as auction looms
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Warning of threat to London's dominance
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UK gives Northern Rock more guarantees
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Bankruptcy order for Langford's widow
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Crisis on the cards as more plunge into debt
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Millions hide their debts from spouse
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Rip-off loans boom
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Bank chief warns of 'worse to come'
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Canada:

Insolvency bill never got proper scrutiny
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Quebecor World gets sixth CEO in four years
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TD Bank throws wrench into Canada ABCP repair
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Canadian Imperial May Have Debt Rating Cut, S&P Says
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Workers' bankruptcy fund clears legislative hurdles
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Logging contractor files for bankruptcy
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Palestine:

Palestinian conference 'last hope' against bankruptcy: Rice
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Palestinians raise $7.4 billion
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Burundi:

Burundi Tips Players On New Bankruptcy Law
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France:

Charles Jourdan to Be Liquidated
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Japan:

BOJ Likely to Keep Rate at 0.5% as Confidence Wanes
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Household financial assets see ¥20 trillion plunge
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Japanese predators come full circle again
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Australia:

Centro, Struggling to Refinance Debt, Extends Decline
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Centro, Facing Debt Deadline, Won't Rush Asset Sales
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ASIC keeping eye on subprime fallout
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More super propping up failing mortgages
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Australia's Lafayette moves to avoid bankruptcy
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Tax haven court may aid Rivkin probe
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China:

China warns state firms of tight credit risks
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Microlending:

The Ugly Side of Microlending
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