August 11, 2008

Daily Bankruptcy News

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Law:

The Bear Starts Mauling Lawyers
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The Thirty Years' Associates Salaries War
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Clifford Chance to save $16m as it takes paralegals offshore
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Simpson Thacher gets tough on associates
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Claim Survives That Law Firm Aided Client's Breach of Duty
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Lawyers Could Be Targeted in SEC Subprime Cases
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After Laying Off 131, Cadwalader Launches Financial Group in London
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Kirkland & Ellis Does Not Need Laterals
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Law firm targeted in collection action Misconduct alleged in Continental Capital Corp. case
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Government Does a 180 in Prosecution of Prominent Attorney
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Law Firm Leaders Are Big Bundlers
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Scalia: Legal Writing Doesn't Exist
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A Sneak Peek at the 2009 Vault Rankings -
Part II
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MoFo's Got Game(s)
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Proposed Student Loan Repayment Program for Law Grads Goes to Bush for Signature
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Calif. High Court Brightens Rule Against Non-Compete Pacts
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Firm Can Fire Nicotine Jonesing Paralegal
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Virtual World Here to Stay, Lawyers Must Adjust
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Foreclosure attorney, voted as one of nation's best
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Woman sues state for right to massage horses
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Penthouse Founder Claims Legal Malpractice
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Lawyers' letters about opposing party may be defamatory
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Say What?!
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Judges:

After Judge Real, Asking: Can the System Deal With Incorrigible Judges?
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Ex-Judge Says He Was Duped in Ponzi Scam
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Wall Street:

US Stock-Index Futures Rise
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US stocks surge on 'watershed' dollar jump
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Bringing Down Bear Began as $1.7 Million of Unsuspected Options
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Ralph Cioffi and Matthew Tannin have been charged with fraud. But while they may be proven guilty, they were hardly masterminds of the credit crisis
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US Stocks Post Biggest Weekly Rally Since April
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Another reason to think stocks have bottomed
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What Bear Stearns, Citigroup, and others have lost in the past year, and what more banks may still lose because of bad credit
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Credit Cards:

Outside U.S., Credit Cards Tighten Grip
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A dark view of consumer credit?
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Consumer Credit Outstanding Hits $2.59 Trillion in June
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Aviation:

Delta, Northwest pilots to finish voting on merger pact
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Merger Creates Pension Worries
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Coming soon, more airline fees than you can count
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Pilots Group Warns Maintenance At United Airlines May Be Slipping
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Smaller Jets Take Toll on Republic Airways
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Fewer Flights, Fewer Bargains
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Airports brace for fewer flights, passengers
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Parmalat boss "tempted" by Alitalia
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Ryanair plan flies in the face of airline wisdom
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Banking:

FDIC Fund Strained by Bank Failures May Have to Raise Premiums
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Credit crisis doing job on banks, as earnings plunge 23% in Q2
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UBS counts the cost of subprime after 'annus horribilis'
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Most banks have cushion of capital
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National City Faces 'Informal' Probe Tied to Lending
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What's left for banks to sell? Asset management units the next to go
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RBS selling $8 bln of debt to private equity firms
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Food/Drink:

Pizza Hut Franchise Company Files for Bankruptcy
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Restaurant distributor COI files Ch. 11
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Belvedere battles creditors
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Oil/Gas:

Answers elusive on SemGroup
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Asset sales in the pipeline
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Friends concerned about former KU basketball player Kivisto
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SemGroup Energy shares jump
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Health Care:

Palm Drive Hospital's relief may be county's headache
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Trinity to file bankruptcy
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Mission Medical creditors get paid, years after bankrupt physicians group shut down
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ProxyMed stalking horse named
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Municipalities:

Hamptons town claims poverty
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Hard times in the cash-strapped Hamptons
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Jeffco sewer debt hearings frustrate, education residents
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Should JeffCo go bankrupt?
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Lousy economy threatens states' sales tax holidays
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Local leader enters Vallejo fray
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Accounting:

GM, Auditor Reach Settlement
(WSJ: separate paid subscription required)

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Standing:

Expanding the Unconditional Right to Intervene
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Real Estate:

Paulson Says No Plans to Add Cash to Fannie, Freddie
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Fannie's Capital to Remain Under Pressure
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In Various Ways, Economists Try to Find Right Price for a Home
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Fannie Mae eyes cuts after huge loss
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Fannie Mae and Freddie Mac have helped defang laws that might have prevented the subprime mess
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Credit unions hit by mortgage-market problems
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Delinquencies for 2007 Mortgages Outpacing 2006
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Mortgage Rates, Down for So Long, Are Creeping Back Up and Crimping Affordability
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Countrywide, Pennsylvania deal disputed
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Bank of America forced to defend Countrywide's shady doings
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SEC probe of Countrywide targeting Mozilo's trades, bank's accounting
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Fannie Mae's Alt-A Pain May Extend to BofA
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Oil-rich funds eyeing US foreclosed homes
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Beazer Reports Seventh Straight Loss as Demand Slumps
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Housing drop puts builders in a bind
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Prudential Americana Group restructures company
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To Dismay Of Buyers, Sellers, Ghost Homes Don't Fade Away
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Latest Homebuilder Trends
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Bankrupt lender at center of cash fight
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Questions abound despite Lake Las Vegas ruling
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Many creditors, but WCI doesn't owe all of them
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Gov't report slams 1st Magnus
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Mortgages Ltd. wins DIP
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Houston's Chief Judge Wesley Steen Refuses to Let Unclaimed Funds Escheat to the Cheats
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Realtors leaving industry, facing own foreclosures
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Wachovia To Exit Retail Mortgages in 19 States
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Jury gives woman $1.25M in lawsuit over mortgage
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Autos:

Grant Thornton: Automakers won't go bankrupt, but their suppliers are at risk
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Delphi narrows loss
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Detroit's race against time
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Ford, Johnson Controls cancel sale
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Corporate Taxes Are Killing US Auto Industry
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Chrysler's merging of tech, treasury highlights woes
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AmeriCredit's Charge-offs, Bad Loan Reserves Soar
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Automakers can't escape pain from former subsidiaries
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Big 3, supplier relations at 5-year low
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Pinched suppliers cut staff, file suits
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Even Toyota must retool in the U.S.
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Personal Bankruptcy:

The Myth Of Credit Repair After Bankruptcy
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Advertising:

Media Outlets Losing Money From a Lack of Auto Ads
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Derivatives:

Naked Came the Speculators
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Credit default swaps wobble but they don't fall down
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Huge risks remain in derivatives. There are ways to reduce them
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ARS:

No Happy Ending for Auction Rate Mess
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Twist for 'Auction Rate' Cases
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UBS Fined $150 Million, Agrees to Buy Auction Debt
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UBS: The ARS Are Ours
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Auction Rate Securities: Who's to Blame
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Financial Giants Suffer ARS Freezer Burn
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Auction Mess Hits Wall Street
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Auction-Rate Costs May Rival Spitzer, Mutual Fund Settlements
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Miles to go before Auction Rate Securities holders can sleep
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Despite Settlements, Auction Rate Lawsuits Continue to Mount
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Enron:

Enron setbacks cast pall on cases
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Religion:

Diocese owes bankruptcy advisers $2 million
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Predatory Lending:

States to Rein In Payday Lenders
(WSJ: separate paid subscription required)

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Bankruptcy Statistics:

Lawyer sees rise in bankruptcy cases
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Boomtime bankruptcies dampen area prosperity
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Insurance:

Wave of subprime suits could boost cost of D&O
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Gambling:

Gambling's woes more than a wager gone bad
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Harrah's Bottom Line Still Hampered by Debt
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Insider Compensation:

More pay pals get pink slips
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Crybaby capitalists want more
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Impact of Executive Compensation Disclosures on Creditors
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Student Debt:

How the student loan industry grew, diversified, boomed and nearly collapsed
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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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A wave of corporate bankruptcies looms
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Avoidance Actions:

Only Trustee or DIP Can Prosecute Avoidance Claims
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Preferential Transfer Not Shielded from Avoidance as Ordinary Business Payment
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Economy:

Crisis Averted. What of the Next One?
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Why The Credit Crunch Happened
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Paulson: Bush right on Wall Street 'hangover' quip
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Economic Slump in US to Worsen as Consumers Get 'Squeezed'
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CFOs Still Glum about Economy
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A pullback in businesses' capital spending bodes ill
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U.S. Poised for Weak End to Year
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Are central banks getting it all wrong?
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Whether it's McCain or Obama, Henry Paulson won't be staying on
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America's Fastest-Dying Cities
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As the repo men come calling in the Golden State, and whole streets of homes lie empty, the property crisis gripping the US's economic powerhouse may spell disaster for the nation
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Detroit Residents Lose Jobs, Homes, and Now Mayor Served Time
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Gov. Crist listens as economy tanks
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Sales Probably Dropped, Prices Climbed
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Dollar at crossroads amid brighter US outlook; Seen as economy best placed for recovery
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Gas prices fall for 24th day
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Oil Up as Georgia Conflict Disrupts Shipments
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Retailing:

Bankrupt Retailers Pushed to the Brink
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Boscov's filing just the start
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Speaking up for ignored gem Boscov's
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Sears? Bankruptcy?
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Economic struggles in store for malls
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Open-air shopping centers struggle to fill empty stores
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Commercial Mortgage Bond Spreads Soar on Retail Woes
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Jewelry:

Gitanjali Still Interested in Whitehall
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Finance:

Companies that are close to violating their covenants are issuing a flurry of new debt offerings to get out from under restrictive bank loans
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Private Lending Dries Up
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Distressed Investing:

Vulture Investors Won't Have It Easy
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Celebs:

Ed McMahon Decides to Lower Price on Beverly Hills Home by $1,900,000
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Vick's financial adviser may have swindled a church
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Bonds:

MBIA May Sue Short-Seller Ackman's Pershing Square
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MBIA Turns Thuggish
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Media:

DCN seeks to plump up with DIP
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Financial Privacy:

Some Stores Quiet Over Card Breach
(WSJ: separate paid subscription required)

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Committees:

Upcoming DE Organizational Meetings
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Hockey:

Judge to rule on DVA Arena
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Tax:

IRS gets tough on corporate taxation shelters
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UK:

Fury over 'safeguards' that let WrapIt crash
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KPMG calls for company law change following Wrapit saga
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No reconciliation for jilted Wrapit couples
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UK loses £600bn in credit crunch
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Scots hit by rising tide of insolvency
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UK Producer Prices Rise by Most Since at Least 1986
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Asset Tracing: Getting Evidence And Injunctive Relief
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Increase in customer arrears threatens to worsen Rock slide
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PwC should quit Rock audit, demand Lib Dems
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A Trustee In Foreign Insolvency Proceedings Not In Breach Of Exclusive Jurisdiction Clause
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Spain:

Global credit crisis slams Spanish housing boom
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Singapore:

Singapore growth decelerates sharply in Q2
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China:

China to overtake USA as largest manufacturer
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China Producer-Price Inflation Is Fastest Since 1996
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Ireland:

Irish House Prices Fell 0.6% in June as Housing Slump Deepened
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EU:

Forum Shopping Under the EU Insolvency Regulation
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