February 21, 2008

Daily Bankruptcy News

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Law:

DLA Piper hires group of lawyers with bankruptcy, reorganization experience
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Pay Raise Watch: Locke 'n Loaded
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Mortgage crisis profits law firms
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The Biggest Winners
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Judge Won't Drop Scruggs Charges
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U.S. Investigates Lott in Judge Case
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O'Melveny mired
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Shearman rebounds with 12 per cent PEP rise
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NY duo record double-digit growth for 2007 as Milbank enjoys best-ever year in London
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Buchanan Ingersoll Revenue Up 4 Percent, Profits Per Equity Partner 9 Percent
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Bryan Cave UK revenue up 22 per cent
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After years of in-fighting and defections, Clifford Chance has now turned the corner in the US
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Mel Weiss's Lonely Stand
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Faking the 'Real You'
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The Law Firm, Circa 2018
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Supreme Court Continues Pro-Business Stance
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New Legal Ethics Minefield: Metadata
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Lawyer of the Day: Kirk Watson
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Email Gremlins Strike Skadden's Sheila Birnbaum
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Law Firm's New Structure Creates Parallel Management Tracks
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Rudy's Firm Gets New Managing Partner, But He Won't Quit His "Day Job"
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GCs: In-House Life Overloaded With Meetings, Bureaucracy
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Bad Cookies Can Be a Deal-Breaker
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What Does "Michael Clayton" Say About Law-Firm Life?
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"Two Hours of Inexplicable Madness" or Something Else?
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Firm looks heroic in Sundance's Goliath
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Locke Lord opens Boston office
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King & Spalding Heads West
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Leniency Pleas for Judge Who Jailed 46 Over Ringing Cell Phone
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Law Firms Still Slow on Selling
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K-Fed Ungagg-ed: Britney Spears Can't Get Rapper Ex-Husband to Shut Up
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She Drives Me Crazy?: Britney Spears' Lawyers Say She Isn't Capable of Resolving Traffic Bust
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When it comes to e-mail, firms are not looking for BFFs, just JDs with an IQ
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Ex- Covington & Burling Lawyer Disbarred for Stealing Antiques
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Court upholds man's conviction for relations with dead deer
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Say What?!
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We apologize for the incontinence
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Mistakes Happen, Because Assistants Are Human, Too
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Pensions:

Holders of 401(k) plans get right to legal recourse over errors
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The End of Retirement
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Fraud:

SocGen: Warning Signs
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Internal Probe at SocGen Finds Trader Acted Alone
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SocGen Controls Lacked Depth
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French Bank Says Its Controls Failed for 2 Years
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Big Property Scam Alleged In Michigan
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Autos:

GMAC Financial Services to cut 930 jobs, consolidate operations
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US Court Approves Delphi Settlement With Accountant
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Plastech Gets More Time to Reorganize
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Corporate Reform:

Refco Ex-Finance Chief Robert Trosten Pleads Guilty to Fraud
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SEC inspector general pledges changes
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Disclosure of incentive pay targets improved in 2007
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Black asks for emergency sentence delay
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Retailing:

Sharper Image, Lillian Vernon File for Bankruptcy as Sales Slow
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Sharper Image, Lillian Vernon as economic indicators
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Sharper Image Closes At New Low On Bankruptcy News
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Sharper Image seeks to tap DIP loan
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Sharper Image Dims
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Recent retailers to declare bankruptcy
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Banking:

Record quarterly loss for thrift industry
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Credit Suisse fuels fear of new wave of losses
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SocGen Reports Record Loss on Trading, Writedowns
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Crisis hit French bank posts surprise profit
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Wall Street:

Wall Street seen rising further
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Movie Gallery and GM: What Happens When You Have Too Much Debt
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Morgan Stanley auctions fail
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U.S. Stocks Climb
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Asian markets climb
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KKR Financial delays repayments and starts negotiating with creditors
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Firm's Fund Holds Off Repayment of a Debt
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KKR Financial Freaks Markets
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Deal Makers: Ripe for Layoffs?
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Why Wall Street rescues are failing
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Real Estate:

Senate to debate bills helping home owners, including bankruptcy reform
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Mortgage crisis: Don't forgive debt, just postpone repayment
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Real Estate Workouts: Are Pre-Bankruptcy Waivers Of The Automatic Stay Enforceable?
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Insurer Radian trying to keep borrowers in homes
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Subprime's Mr. Clean
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Another Consequence of Economic Crises: The Loss of our Four-Legged Family Members
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Home starts stay near 1991 lows
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How Bad Will the Mortgage Crisis Get?
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Gov't plan small help for 'jumbo' loans
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SIFMA "wrong" on jumbo loans: Fannie Mae CEO
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A Gift Horse For Fannie & Freddie?
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California to retrain laid-off mortgage workers
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Study shows foreclosures tied to equity loans
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)

Calif. groups seek BofA foreclosure moratorium
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FL: Targeting subprime woes
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Foreclosures in CO increased 40% in '07
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Cole Taylor to put up $300000 to help bankrupt Neumann Homes
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Tousa to appeal NYSE stock suspension
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Laid-off mortgage workers take new path to find jobs
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A dubious achievement for Las Vegas
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New Sunday school lesson: Subprime mess
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Economy:

Fed Saw Need for 'Relatively Low' Rates for Some Time
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Fed Sees Rate Low 'for a Time,' Then Chance of 'Rapid' Reversal
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Bernanke's State of the Economy speech: "You are all dead ducks"
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Fed: Risks Persist After Rate Cuts
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Fed Sharply Reduces Forecast for Growth
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Rising Inflation Limits the Fed as Growth Lags
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Stagflation threat haunts Fed
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Feds sees no recession
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SocGen boss says US economy in recession early '08
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CPI Data Shows Inflation Heating Up
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Oil Pushes Past $101
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Housing Slump Fails to Quell Inflation
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Americans feel better about future
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Let's throw a bankruptcy party
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Recession Unlikely, Housing Sector Correction Nearly Over
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Economy taking hits from all sectors
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Aviation:

Delta, Northwest Chart A New Course In Merger Talks
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Delta, Northwest inch their way toward a deal
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Pilot seniority is sticking point in airline merger deal
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Labor Sees Opportunity in Airline Tie-Ups
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The Domino Effect: Will Airlines Follow One Another in the Consolidation Game?
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Perdue expects Delta to stay in Atlanta
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Northwest's hometown philosophical about losing HQ
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Any NWA deal likely to face tough antitrust test
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Municipalities:

Vallejo budget crisis has some city leaders discussing bankruptcy
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Vallejo Firefighter Salaries at Center of Bankruptcy Talks
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State, Municipal Governments Feeling Pain Out West
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OC investments lose market value as SIV nears default
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Resorts:

Tamarack expected to bounce back
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Prevratil Fires Back In Queen Mary Suit
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Hedge Funds:

Chicago Hedge Fund Accused of Fraud
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Health Care:

National Century overpaid hospital operator by half-billion dollars
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Hospital workers prepare to strike
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Drug Makers Raise Prices
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To compete, hospitals tailor services
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Three middle-class workers struggle with high costs, limited coverage
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Oil/Gas:

Orbit Petroleum Seeks to Pursue Chapter 11 Reorganization
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Orbit Petroleum seeks financing
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Politics:

Democrats differ on foreclosure remedy
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Hillary tells money-hungry Chelsea to get a real job
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Tax:

Government mounting crackdown on 'tax deniers'
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Student Debt:

The coming student loan crunch
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How to Get Out of Debt
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Credit Cards:

Charge-offs, Delinquencies on Mortgages, Cards Rise in Q4
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January Card Payments Slip at Target, Charge-offs Rise
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Textiles:

Hancock Fabrics reports $45.9M loss in fiscal year
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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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T-REX
Sell your bankruptcy claim to the highest bidder
Distressed Debt Auctions

Gathering the Kindling for the Bankruptcy Pyres
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Junk Borrowers at Risk of Violating Covenants Rises
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Corporate bond risk soars to record high on expected CDO losses
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Bankruptcy Reform:

Why be against bankruptcy reform?
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Bill To Protect Homes Via Change To Bankruptcy Laws
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Finance:

Lending Squeeze Hits Ailing Firms
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Sales:

Auction Puts Break-Up Fees in Focus
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Bonds:

Bond Insurer Foe Floats Breakup Plan
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MBIA Criticizes Bond-Insurer Plan
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Auction-Rate Debt Succumbs to Bid-Rig Taint as Citigroup Flees
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Issuers Scramble to Corral Rates
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Auction bonds face credit crisis
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Golf:

Golf club forced to put clubhouse up for sale
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Corporate Governance:

UBS Cuts Board Room Terms
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Debt Collection:

Law Firm Criticized for Collection Efforts Against Accused Shoplifters
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Motorcycles:

Global Motorsport Loan Draws Fire
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Food/Drink:

Buffets creditors seek objection
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Horse Racing:

NYRA Seeks Okay to Sell Land
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Predatory Lending:

SC moves forward on payday lending limits
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Distressed Investing:

Contrarians buy debt when the headlines rail about a debt crisis. Like right now.
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Highland Distressed Opportunities, Inc. Announces Filing of Company Summary
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UK:

Eurotunnel in cash call to finance early repayment of E1.7bn of debt
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UK housing market close to collapse, analyst says
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On the bright side of the downturn
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Vultures Circle Standard Chartered's Whistlejacket
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Standard Chartered abandons SIV clients
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Darling Says Granite Not a Problem for Northern Rock Loans
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NAO to probe govt's Rock rescue
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MP on offensive over PwC Rock audit
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Credit crisis turmoil claims new victims
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4,000 company directors listed as global terror suspects and fraudsters
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Scarcer mortgages spell housing gloom
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Why the money ran out
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Drug wholesaler goes bust
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Recession and repossession: surviving a great fall
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Brewer files for administration
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Taxman mulls German move - Data obtained by the German authorities could be used in an HMRC crackdown on offshore evasion
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Law 'promotes' bankruptcy
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Germany:

Liechtenstein Pledges Cooperation as German Tax Probe Spreads
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Liechtenstein to change law on funds, says no link to German tax
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Second Liechtenstein Bank Examined
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German State-Owned Banks on Verge of Collapse
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Dresdner Shores Up K2 SIV In Latest Bank Bailout
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Allianz net halved as subprime hits Dresdner
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Germany Breaks With Its Clubby Business Past
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Norway:

Debt pricing stirs bankruptcy fears for Norske Skog
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Tandberg Data Drops; Situation Worse Than Anticipated
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Canada:

US company buys Winnipeg auto parts manufacturer
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Australia:

Australia's credit card bill tops $42b
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Israel:

Court Appoints Receiver for LID
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EU:

EU Predicts Weaker Growth, Higher Inflation in 2008
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