April 2, 2008

Daily Bankruptcy News

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Law:

Recruiting Finance Partners? Poaching Continues Amid Tougher Times
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The Restructuring Pros Are Back in Business
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Real-Time Associate Pricing?
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What's Up at Sullivan Cromwell?
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Bonus Watch: Covington & Burling?
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Judge of the Day: Marvin Arrington
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How Does Your Work Get Assigned?
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Lawyer Poised to Take Helm at UBS
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Oregon 'Blue Sky' Suit Proceeds Against Seward & Kissel in New York
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Offer of a Murder Surfaces at Wiretap Trial
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Lawyers From Sullivan & Worcester Energy Group Head for Sonnenschein
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Nixon Peabody Walks the Green Walk
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Clifford Chance Lands Key EADS Role
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New Jersey Relaxes, Avvo Expands
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NY BigLaw Firm Shakes Up London Leadership
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Partner Gives Up His Name on the Door for Bigger Paycheck
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Marketing Madness: CMOs Dropping Off the Bracket at Some Firms
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1,100 Lawyers Volunteering to Stave Off Foreclosures, OH Gov Says
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Judge Questions Multitude of Law Firms Seeking Fees in Credit Card Settlement
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Women Lawyers Have Higher Divorce Rates, Need Loving Husbands, Prof Says
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Judges can still punish acquitted defendants
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Canadian Law Schools Begin Switching to J.D.s
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Trucking:

Truckers Plan Strike Over Diesel Costs
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Politics:

Hillary's Debt: Schools & Small Business Hit the Hardest.
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Business Donors Bypass McCain
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Members feel heat on housing
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Trucking:

Truckers Protest Fuel Costs
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Mining:

Asarco asks bankruptcy court to approve $5 million financing deal
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Forest Products:

Judge critical of Pacific Lumber bankruptcy plan
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Judge hangs on to Palco plans
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PALCO bankruptcy finale on track to start next week
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Woodsman, spare that politician
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Indenture Trustee plan best for Palco
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Resorts:

Tamarack's financial troubles concern locals
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Mass Torts:

Judge Bars NJ's $800M Suit Against Grace
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Section 524(G) Without Compromise: Voting Rights and the Asbestos Bankruptcy Paradox
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Grace ruling a victory for Libby claimants
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A law firm's Internet alter ego
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Corporate Reform:

Go slow on overhauling financial regulations
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Nail the Rumor-Mongers
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Colorado mulls corporate fraud crackdown - is it too much?
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Finance:

Angels guarding large investment sums in new startups
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Big corporate push to lock in low yields on long-term debt
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High-grade debt issuance stuck in low gear
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Municipalities:

S&P Lowers Rating on Alabama County
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If Jefferson County's sewer system goes under financially, we all will pay a price
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Los Osos services district can use money from defaulted state loan for arbitration fees
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Enron:

Creditors to Receive More Than $1 Billion in Latest Distribution From Enron Creditors Recovery Corp.
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Former Enron boss Skilling brings new strength to appeal
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Jeff (Skilling) Stands by His Dan
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Skilling May Stay in Prison Even If He Wins Enron Fraud Appeal
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Did Prosecutors Mishandle Skilling Evidence?
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Accounting:

Did obscure rule cause credit crunch?
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KPMG chief backs one-line audit reports
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Consultants:

Allen Joins Clear Thinking Group as Managing Director in the Turnaround Management/Financial Services Practice Group
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FTI Consulting Acquires Schonbraun McCann
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Equity Interests:

Debt Holders Get Paid Back, But Investors?
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Insider Compensation:

Union Head Targets WaMu over Bonuses
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20% of CEO's get personal taxes paid by comapny
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Food/Drink:

Judge approves $15 million sale of energy drink maker
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Fraud:

Another lawsuit filed against bank, officials in alleged cattle fraud case
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M&A:

Failure rates soar for buy-out companies
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Derivatives:

Credit Default Swaps: A $50 Trillion Problem
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Real Estate:

A Bipartisan Bid on Mortgage Aid Is Gaining Speed
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'Assembly Line' Justice: Business Is Booming for So-Called Foreclosure Mills
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UBS plans $31bn mortgage escape route
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Blackstone Raises Record $10.9 Billion Property Fund
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Thornburg Mortgage rises after averting bankruptcy
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Fannie Mae tightens rules for mortgages: report
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S.O.S. Unanswered
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Playing the Housing Blame Game
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NovaStar posts $733M loss
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NovaStar says it is being investigated by several agencies
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Senate Foreclosure Relief Bill Advances
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Mortgage fix - The clock is ticking
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How Not To Save Housing
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Metal pipes worth more than some homes
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MN: Proposed freeze on foreclosures runs into obstacle
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Manhattan Apartment Sales Fall Most in 18 Years as Buyers Wait
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Manhattan Apartment Prices Hit Record High Despite Slump
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Mortgage failures force Denver-area exodus
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FL condo firm in financial bind
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Mathis evades foreclosure
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Lassen resort developers try to buy time by seeking bankruptcy
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AHM wins exclusivity extension
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As a Weaker Office Market Looms, Landlords Bargain
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Crime and Punishment
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Economy:

2008: The Great Depression
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IMF Cuts Global Forecast on Worst Crisis Since 1930s
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Bank on trouble
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Small business owners' economic confidence took a sharp drop in March
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Credit Manager's Index Falls Below 50 For the First Time
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Bernanke to Give Congress Economic Update
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Bernanke to Face Bear Stearns Queries
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Banking:

Analysts see 200,000 banking industry layoffs
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UBS: Is This the End of Writedowns?
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Who's Next?
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National City hurt by credit problems
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Goldman Sachs to advise National City on possible sale
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Gnomes have last laugh
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UBS 'kitchen sink job' brings relief for banks
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Did UBS suffer from taking risks or being too conservative?
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UBS "will never be the same again"
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Only way is up for banks hit by crunch
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Financial Crisis Snags Europe's Biggest Banks
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Connecting Credit Suisse's Troubled Western Empire
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Aviation:

Aloha wants injunction against pilots' union
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No Savior in Court for Aloha Airlines
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Aloha Employees Emotional Rally
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Two new suitors emerge for Aloha's cargo division
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Award Plans Earn Cash for Airlines
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Air France ready to reduce job cuts for Alitalia takeover
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Alitalia's only chance left is Air France - Italy
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Italian airlines challenge Alitalia air traffic rights deal
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American flight attendants call for execs to defer bonuses
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Silverjet Misses Profit as Fuel Outweighs Passen Jump
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Questions linger after Adam collapse
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Jewelry:

Friedman's Asks Court to Enable Quick Sale of Remaining Assets
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Insurance:

Florida sues Poe family over insurance companies' finances
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Education:

Disgruntled SSH Students Hire Celebrity To Find Missing CEO
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Layoffs:

Massive job cuts in space program likely
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CBS Moves Ahead With Layoffs
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Standing:

Non-Pecuniary Interests and the Injudicious Limits of Appellate Standing in Bankruptcy
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Debt Collection:

It's Getting Much Harder to Receive
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Gambling:

Herbst Gaming faces hurdles, bankruptcy possible
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Glass:

Diamond Glass Inc. files for bankruptcy
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Telecoms:

Movida files for Ch. 11
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Movida Cites Its Debts In Filing for Protection
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StarVox secureds face shutout
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Recording:

Ampex to tap cash collateral
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Credit Cards:

Card Charge-offs Rose Again in January, But Still Below Historical Average
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TransUnion Projects 0.5% Boost in 2008 Card Delinquencies
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Personal Finance:

Americans Delay Retirement As Housing, Stocks Swoon
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Finding a Job in Lean Times
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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)
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Bankruptcy Reform:

Senators Agree to Advance Bill to Stem Foreclosures
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Senate Leaders Agree to Compromise Housing Bill
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Senators Vow To Pass Bipartisan Housing Bill By Wednesday
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Judges:

Bankruptcy judge in DUI rethinks quitting
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Miami Judge Barred From Courthouse Calls it Quits
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Autos:

GM, Ford, Toyota Say US Auto Sales Dropped in March
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Detroit can't take another bad quarter
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Auto sales plummet; worse may be ahead
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American Axle disputes UAW bad faith claim
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American Axle gives UAW new information
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Layoffs force local workers to seek food relief
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Hundreds Of Auto Workers Lose Jobs
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300 to lose jobs at Dura's Mancelona plant
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Looking for Bottom
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"Unique Performance" Clients Suing Carroll Shelby
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Diamond Glass runs into Ch. 11
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Wall Street:

Fed approves JP Morgan purchase of Bear Stearns
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Mortgage Securities Back Bear's Loan
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Wall Street Shows Optimism That Crisis Is Fading
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Investors Hope Bleeding Stops
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Dow Surges 3.2% Amid New Hunger for Risk
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Most People Will Never Understand What Happened to Bear Stearns
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Wall Street - land of job uncertainty
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Market calls for bottom in financials, but strategists see more pain
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The Castration Of Bear Stearns
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Plenty of bad news, a sprinkling of good news, but market surges anyway
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S&P takes Morgan Stanley off watch list
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Wall Street leaps as anxiety over banks eases
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Financials Surge In Asia
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Australian stocks jump
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Banking stocks lead the way as Footsie climbs
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Treasuries fall sharply as investors seek risk
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Stocks kick off quarter with a bang
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Unreal Rally
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Publishing:

Ziff Davis Can Tap $12M of Collateral
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Latin Trade files Chapter 11, plans sale
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Chemicals:

Solutia Executives Bet Reorganization Works
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Buyers Of Secured Debt, Beware: Solutia Ruling Shows OID Risks
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Toys:

Lionel LLC Back On Track
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Hedge Funds:

Hedge funds suffer bitter quarter
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Emergency Response:

Creditors reportedly back American LaFrance repayment plan
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Health Care:

Firm to close Broward hospital
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Hospital needed a MacGyver
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Lovelace wants to end stay
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Protest held against Plainfield hospital closing
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Royal battles for joint admin
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Printing:

Quebecor World receives final approval for $1 billion in DIP financing
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UK:

Europe Launches Northern Rock Probe
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Sir Charles and Lady Wolseley: 'Failure is a pretty good word for it...'
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Toys and beds firms call in administrators
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Inflation climbs to a 13-year high in the British manufacturing sector
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UK corporate profitability hits record in fourth quarter
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Lehman Brothers set to suspend UK lending
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Millions face threat of new mortgage rise
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Insolvency (Amendment) Rules 2008
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The Scottish individual insolvency (bankruptcy) law changed on 1 April 2008
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U.K. And Spanish Housing Markets At Risk Of A Major Correction, Says Report
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Retail restructuring expert joins Smith & Williamson
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Australia:

Delinquent debt work on the rise
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Meltdown fear for WA juniors snared in Opes
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Opes fallout still unclear: receiver
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Hong Kong:

Cash-crisis family in suicide pact
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Canada:

Credit crunch puts focus on MAC clauses
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