April 18, 2008

Daily Bankruptcy News

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Law:

Bankruptcy Work Picking Up (Really! And We Mean it This Time!)
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K&L Gates Says Associates Matter, Too
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Duane Morris Grows Revenue 11.4 Percent, PPP Reaches $800K
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Morrison & Foerster's Bonus Announcement
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Lawyer of the Day: Lauren E. Handel
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No sweat for Solutia's bankruptcy lawyers
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Big Law Feasts On Subprime - Firm is "continuously in subprime mode"
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Burns & Levinson Announces Subprime Advisory Team
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Atop the Law-Firm Pyramid - Why So Few Women?
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Third-party litigation finance -- for defendants?
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Allen & Overy slammed for "shocking" costs
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Lawyer seeks $38M after losing her job in sex bias ordeal
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Milberg Weiss Case Yields Small Recovery
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Heller's Tempestuous San Diego Office Loses 4
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Would-Be Legal Secretary is Now Partner
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Prominent Business Reorganization & Bankruptcy Attorney Brian Gart Joins Berger Singerman
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GCs Get Optioned Out Over Backdating
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Objections slow hearing for kids in Texas polygamist sect
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The Joy of Suit
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The End of Generally Accepted Accounting Practices?
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That Sigh of In-House Contentment: 85% of GCs Like Their Jobs
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The 17 Types of Lawyers
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Major U.K. Law Firms are Becoming LGBT-Friendlier
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Judge Faces Tough Decision in Potter Case
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Firms open doors for work-life balance research
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Forget Flexibility When Striving for Work-Life Balance
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Dear Judge, The Dog Faxed My Homework
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The Plaintiff Moves for . . .
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10 Thelen Reid Lawyers Jump Ship to Big Labor Boutique
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Huge 416-Child Custody Hearing in Texas Ranch Raid Involves 350 Lawyers
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Law Firm Business Development Spending Up 20 Percent
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Legal publisher bans staff from law from parties
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Say What!?
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Student Debt:

House Votes To Support Student Loan Financing If Market Seizes
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House Ups Student Loan Limits: Blessing or Curse?
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"Subprime" Student Loan Crisis Looming?
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First Marblehead shares sink as B of A opts to terminate agreement
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Bank of America Plans to End Private Student Lending
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Motorcycles:

Harley Outlook Low on the Hog
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Banking:

Citigroup Posts a $5.1 Billion Loss
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$13B In Write-Downs Hit Citigroup Results
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Citigroup Records a Loss and Plans 9,000 Layoffs
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Citi Eases the Street's Fears
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Chief Out at French Bank Hit by Scandal
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Libor Jumps as Probe Alerts Banks
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Non-performing loans hamper American River Bank earnings
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Citi raises more cash, selling equipment finance group to GE
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RBS Considers Share Sale to Lift Capital
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BCV Falls Most Since 2002 as Bank Drops Forecast
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Aviation:

With Delta stock falling, some question benefits of deal
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Delta hires power brokers to help push merger deal
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Frontier focuses on emerging from bankruptcy as standalone
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Credit-card processors eyeing airline industry
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Reorganization could take 14-18 months
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Former ATA Pilots, Flight Attendants Want Pay, Benefits
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Airline executives and regulators often switch places
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US Airways pilots oust union over seniority issues
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Frontier's Menke sees head winds
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Frontier, lender maneuver in court
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Mesa Air Group chairman notes struggle ahead
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Airline industry failures not a blip
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Security Aviation chief Avery gets 8 1/2 years
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Long, strange Avery saga continues
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Airline mergers Trouble in the air
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Continental to take some planes out of service because of fuel costs
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Alitalia may get 100-150 mln euro loan from govt
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EU sees no grounds for further Alitalia aid
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Textiles:

Dan River to liquidate
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LNT looking for alternative to Chapter 11
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Credit Cards:

Federal agency cracking down on credit card companies
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CapOne Card Charge-offs Top $1 Billion in 1st Quarter
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Labor:

Court Holds Defunct Company's Principals Not Liable for Unpaid Wages
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Private Equity:

Class Action Suit Against Blackstone
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Hedge Funds:

How Hedge Funds Pushed the Economy Down
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Defunct hedge fund owner pleads guilty
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Maryland court dismisses hedge fund's claims against Telos Corp.
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Firm launches hedge fund 'healthcheck' to stave off market abuse
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Generators:

Powermate sets bid procedures
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Real Estate:

Bankruptcy Out, A Whole Lot Else Could Be In House Housing Bill
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Paul Simon foresaw the "Ponzi-squared" moment in mortgage lending
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Freddie Mac To Buy $10 Billion To $15 Billion In Jumbo Mortgages
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Jumbo mortgages caught up in subprime fallout
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Freddie Mac to buy jumbo loans from 4 top lenders
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Settlement Expected in Fannie Mae Case
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Activist hedge fund SRM boosts Countrywide stake
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San Francisco area's March home sales sink to 20-yr low
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Mortgages Maul Merrill
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White House Could Name HUD Nominee As Soon As Friday
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Top 10 Foreclosure States
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Dallas-Fort Worth home foreclosure postings rise 40%
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O.C. apartment vacancies hit near 13-year high
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Rough mortgage market hits "The Refi Guy"
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Lenders slam the door on home-equity lines of credit
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California home prices fall 26 percent amid foreclosures
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Troubled U.S. homeowners fall prey to 'rescue' scams
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Judge OKs $27 million bid for Carlton Cove
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Judge blocks BofA AHM loan sale
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2 arrested in alleged foreclosure fraud
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Attorney general sues foreclosure firms
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N.J. office market takes a hit
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Bankruptcy Statistics:

Alabama bankruptcy rate third highest in nation
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Wall Street:

Upbeat on Wall Street
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Looking Up, but From a Deep Hole
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Merrill's Thain Can't Quite Manage A Happy Face
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Merrill Lynch: As Bad As It Gets?
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Merrill still exposed despite big write-downs
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Could Merrill's credit rating be in danger?
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Merrill Posts a Loss and Plans to Cut 4000 Jobs
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Optimism Reigns at Merrill, Other Investment Banks
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Stocks mixed amid some disappointing earnings
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Religion:

Oregon Archdiocese Makes Parishes Legally Independent
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Wash. diocese still fights stigma of misconduct
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Pope blames church sex scandal on breakdown of society
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Abuse Victims Not Placated by Pope
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Pope meets with victims of clergy sex abuse
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Finance:

SIV operator Ceres files for Chapter 11 bankruptcy
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CIT Group Slips To Loss In Q1; Slashes Dividend
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Corporate-credit Risk Falls Even As Banks Take Write downs
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Municipalities:

Bill to rescue Calif. beach town finances at risk
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Retailing:

Linens 'n Things hires Financo as adviser
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Linens 'n Things Is Shopping for a Buyer
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Sunrise Mall back in foreclosure
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Hoop wins final DIP approval
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Retailers' math negative
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As furniture retailers collapse, Hilco prospers
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Hancock gets $100M exit financing
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Corporate Reform:

Probes into auction-rate market expanding - New York attorney general reportedly looking into actions of 18 Wall Street firms
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FBI's Mueller Says Subprime Fraud Probe May Lead to Hedge Funds
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Are Prosecutors Telling Warren Buffett How to Run His Company?
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Derivatives:

Credit derivatives continue to boom, but the old order is under threat
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Derivatives industry resists tighter regulation
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Bonds:

In a sign of strength, GE, others pull off mammoth bond sales
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Resorts:

Diablo's price tumbles
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Forest Products:

No breakthroughs in PALCO bankruptcy stalemate
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Bankruptcy judge warns against brinkmanship
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Pope & Talbot deal delay leaves hundreds out of work
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Bonds:

Bond insurer shares skyrocket on not-so-bad mortgage news
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Oil/Gas:

Dorado seeks to tap cash
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Court to consider $20.1M TrueStar bid
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Financial Literacy:

Finalists Announced in "Keep It In Your Pants" Credit Card Education Contest
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Accounting:

Fair Value: A "Parallel Universe"
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Bankruptcy Research:

Control Rights Over Intellectual Property: Corporate Venturing and Bankruptcy Regimes
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Recording Industry:

TVT to seek bid procedures
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Fishing:

Mrs. Kirk goes to Washington: Senate panel hears testimony on credit crunching fishermen
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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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Economy:

Fed's Lacker says inflation is a problem
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Workers Get Fewer Hours, Deepening the Downturn
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Soros Says Commodity `Bubble' Still in `Growth Phase'
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Across Globe, Empty Bellies Bring Anger
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April Phily Fed Index is another negative datapoint for U.S. economy
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Investor sentiment index tumbles five points
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Leading Economic Indicators Up Slightly
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17,000 file applications for unemployment benefits
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Oil prices headed toward $125/barrel
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Thieves drill gas tanks to steal fuel
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Health Care:

Doctors Medical Center in San Pablo May Avoid Closure
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Judge promises fast Adams ruling
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Your next heart surgery could well be in Bangkok -- but don't worry, it'll be "in network."
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Nursing Home to Close Its Doors
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AngioDynamics is Diomed stalking horse
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Pfizer Profit Drops by 18%
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Default:

Default lines may not be so long this year, Moody's says
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Newspapers:

Newspaper publishers report losses amid slumping revenues
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New York Times swings to loss in first quarter
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Fort Worth Star-Telegram cutting 15 jobs
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Zell Sees Tough Times for Papers
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Montreal Gazette laying off 45 workers
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Staff cut in Torstar restructuring
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Autos:

Movement in UAW, American Axle strike
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GM faces strike at key crossover plant
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More auto labor woes
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GM in Oshawa laying off 1000
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ROL wins Ch. 15 protection
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Auto parts supplier Dana names ex-Toyota executive as CEO
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Nardelli: Chrysler won't see '08 profit
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Chrysler CEO: Alliances key to future
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UAW flexes its muscles: Weakened union shows strikes still powerful tool
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Trip south points out gloom in Michigan
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Volvo layoff to be bigger than expected
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Art:

Dealer Salander Loses Fight to Control His Family's Finances
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Insider Compensation:

Saving for gas to get to the poorhouse
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Gabelli's Pay Rose 22% to $70.9 Million for 2007
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Hedge fund managers dominate Forbes's annual ranking of Wall Street's top earners
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Fraud:

Refco president found guilty of fraud
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Personal Finance:

Teens turn to thrift as jobs vanish and prices rise
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Predatory Lending:

Ark. court upholds fines against payday lender
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Jewelry:

Merrill Thwarted as Jeweler Wins Fight to Stop Sale
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UK:

Construction industry: Bankruptcy threat from OFT fines
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Coping with the credit crunch
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Britain Said to Consider Shoring Up Debt Market
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Mortgage lending picture worsens
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Revealed: the real rate of inflation
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Negative equity 'will hit over one million homes'
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Korea:

Samsung Bribery Probe Points to Pattern of Graft in South Korea
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Samsung vows reform after chairman indicted on tax evasion
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Canada:

Disgruntled small investors in Canada flex their muscles
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Portus receiver seeking to query SocGen agents
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National Bank refutes ABCP attacks
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Barrick May Sue CIBC Over Commercial Paper, Globe and Mail Says
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India:

Derivatives exposure of banks under lens
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Iceland:

Credit crisis triggers downturn in Iceland
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Japan:

BOJ Says Economy Worsened in Eight of Nine Regions
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Italy:

Parmalat Can't Seek Damages in Criminal Bank Trial
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Parmalat says Milan court decision does not affect its claims
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Australia:

Centro CEO Is Hopeful for Later Deadline
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Russia:

A billion dollars won't get you noticed in Russia
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