August 28, 2008

Daily Bankruptcy News

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Law:

If the Law Firm Hiring Process is Broken, Why Stick With It?
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9th Circuit Overturns Morrison & Foerster Fee Sanction
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Judge Threatens Sanctions Over Lawyer's Retirement Inquiry
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UK law firms turn to Deloitte on huge tax slug threat
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Heller's Attorneys Go Large, Request Hourly-Rate of $1,069
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Biden Didn't Disclose Son's Asbestos Work But Don't Blame Him For Bork
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Vioxx Settlement Judge Caps Legal Fees at 32 Percent
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Small Firms Team Up for a New Growth Strategy
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Comptroller: Attorneys Owe New York $700,000 in Pensions
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Much Ado About Text Searching
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Thousands of Lawyers Protest Over Judges
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DOJ Seeks to Slash Ex-Lobbyist Jack Abramoff's Prison Sentences
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Verdict Nears for PI and Lawyer Charged in Celebrity Wiretapping Case
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Politics:

Is Biden bankruptcy's Babe Ruth?
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Obama, Biden's Son Linked By Earmarks
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The Legal Ties That Bind the Bidens
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Biden helped thwart asbestos lawsuit overhaul
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Wall Street:

Stock futures mixed ahead of GDP, jobs data
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GDP figures lift mood on Wall Street
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US Stocks Gain Weds.
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Wall Street's Big Sell-Off
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Banking:

U.S. thrifts lost $5.4 billion in second quarter
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Bank Profits to Pay a Price for Fed Risk Limits
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FDIC says has options if bank failures soar
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Anatomy of Bank Failures: Why the FDIC Needs More Money
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IndyMac costing feds more than expected
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IndyMac model touted for foreclosure moratorium
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BankUnited's Survival in Doubt?
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Florida banks net income plunges in second quarter
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Sovereign Bank worries persist
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Fannie, Freddie Woes Widespread
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Retailing:

Sears' 2Q profit drops 62 percent
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Tiffany raises outlook for 2008 earnings
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Dillard's posts net loss as it continues to close stores
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Boscov's plans 'success' pay for executives
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Barbeques Galore Plans to Auction Assets; Has No Lead Bidder
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Michaels Stores sales dip-and its bonds follow suit
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Williams-Sonoma 2Q profit falls 29 percent
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Sunrise Mall, without A/C, back on auction block
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Pensions:

Boeing gives up on pension-plan modifications
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Bonds:

MBIA to reinsure $184 bln FGIC-backed muni bonds
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Travel:

Elite Escapes Files For Bankruptcy
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Corporate Reform:

The World's Most Wanted White-Collar Fugitives
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Plastics:

GE Corporate Lending provides Hilex-Poly with plan of reorganization credit facility
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Oil/Gas:

SemGroup unit stays on Nasdaq for now
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Producers request representative committee for SemGroup case
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SemGroup keeps financial adviser
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Mass Torts:

Asbestos: The lies that killed
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Health Care:

Pontiac hospital out of cash
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Physicians to buy hospital
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Judge approves health clinics sale
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Trinity to seek final OK for DIP
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More Renaissance hospitals file
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Sad paradox exists in US health care
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Real Estate:

Fannie, Freddie Attract Buyers to Short-Term Debt
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Fannie's capital better than market perceptions: Lehman
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Gateway Financial exposed to Fannie, Freddie
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Why Fannie and Freddie Will Survive (Alas)
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Fannie Replaces Top Managers Amid Capital Concern
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The time's come for the bodies to start piling up. But a management shake-up won't solve Fannie Mae's ills.
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Moody's Reviewing All 2006, 2007 Jumbo Mortgage Bonds
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Ex-IndyMac workers still seeking redress
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Loan in place for WCI bailout
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AHM cleared to sell mortgage loans
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Comstock's Defaults Darken Its Future
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Wachovia cutting home-equity credit lines
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Woodside Homes Insolvent, BK Real
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Pasquinelli Homes: Ailing Coverage Initiated
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Commercial property prices to fall through 2009
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Playing Chicken With Countrywide Paper
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Rental Foreclosures Hard to Gauge
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FBI Foresaw Massive Mortgage Fraud, But Did Little to Forestall It
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Autos:

Big 3 may lose $5.6B
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Chrysler to shed Viper
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Vroom for Doubt
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Blue Water selling Haas Drive facility
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Big Three Auto Dealers Squeezed
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GE Corporate Lending Leads $110 Million Plan of Reorganization Credit Facility for DURA Automotive Systems, Inc.
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Toyota Cutting Large-Vehicle Production
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Economy:

US Economy Grew Faster Than Previously Estimated
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Economy Grew 3.3% in 2nd Quarter
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US Initial Jobless Claims Fall 10000 to 425000 Last Week
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Atlanta Fed's Lockhart: Inflation will diminish over the rest of 2008
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Consumers in U.S. are taking a rosier view
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Bankruptcy Statistics:

Bankruptcy filings near 1M in past 12 months, up almost 30%
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Mass. bankruptcy filings up 28 percent in last year
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Bankruptcy filings are soaring in Indiana
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Tenn.'s bankruptcy filings per capita still lead
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Financial stresses landing in court - Illinois bankruptcy filings top U.S. pace
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Bankruptcies increase in El Paso
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Houston: Filings are up 29% elsewhere, but steady here
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Aviation:

United Air, Pilots Head To Court Over Work Slowdown
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United Air to Eliminate 1550 Flight Attendant Jobs
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US Airlines Fall After Citigroup Says Risks Remain
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Union Blasts American Airlines in Newspaper Ads
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Top 3 Most and Least "Fee Crazy" Airlines
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Italian government to tackle Alitalia crisis
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The New King Of Alitalia?
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Legislation paves way for Alitalia break-up
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Air France, Lufthansa consider Alitalia stake
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Investors To Inject EUR 1B In Alitalia
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Argentina May Recover State Airline
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Newspapers:

Sun-Times Columnist Quits: Newspapers Are Dead
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Retooled Trib debuts in Sept., but analysts remain glum
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American Media May Receive Lifeline
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Mining:

Grupo Mexico files plan to pay back Asarco creditors in full
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Grupo Mexico Investors Hit by Asarco Court Battles
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Grupo Mexico Bankruptcy Plan for Asarco Opposed
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Grupo Mexico subsidiary seeks control of Asarco
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Grupo Mexico still in hunt for Asarco
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Apparel:

Pittsfield bankruptcy may be dismissed
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New Bankruptcy Opinions
(1 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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Insurance:

Subprime Lawsuits Mount, So What About D&O Pricing?
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Senior Debt:

Bankruptcies soar for senior citizens
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Municipalities:

Jefferson County moves closer to bankruptcy
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S&P lowers ratings on Jefferson County non-sewer debt
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Accounting:

US Moves Toward International Accounting Rules
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Accounting standards Closing the GAAP
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Horse Racing:

NYRA making strides to emerge from bankruptcy
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Security Services:

Avalon Fortress Security files for Chapter 11
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Food/Drink:

Mrs. Fields can pay workers, vendors
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Xyience plan confirmed
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Largest Fla. TGI Friday's franchisee closes on sale
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SouthEast Waffle wins cash use
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More bean counting at Starbucks, as company nixes raises for execs
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M&A:

Huntsman Wants $3 Billion in Damages Over Failed Hexion Buyout by Apollo
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Distressed Investing:

U.S. Vulture Funds Head to Europe
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Construction:

G-I plan approval seen
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Fraud:

Ohio company owner gets 25 years in fraud case
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Insider Compensation:

CEOs Get Fewer Perks
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Resorts:

Double JJ assets could be auctioned
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Property Management:

Odessa files for protection
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Music Industry:

'Suge' Knight arrested in Vegas drug, assault case
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UK:

U.K. House Prices Have Biggest Annual Decline Since 1990
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Boxing hero McCrory declares himself bankrupt
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Retail sales fall amid consumer gloom
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Middle class debt fuels fresh bankruptcy fears
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EU:

European Retail Sales Contract for Third Month
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Canada:

Dodge Says Central Banks Should Have Been Faster to Raise Rates
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Linamar to announce hundreds of layoffs
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Royal Bank of Canada Profit Falls on Writedowns
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South Africa:

South African Producer-Price Inflation Accelerates to Fastest in 22 Years
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France:

French banks stung by further credit crisis losses
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Germany:

Germany's August Unemployment Rate Declines to Lowest Level in 16 Years
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Japan:

Japan's Topix Index Declines on Bankruptcy Concerns
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More Japanese Developers to Fail, Daiwa House Chairman Says
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Japan's Banks 'Overly Sensitive' on Property Loans
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