February 22, 2008

Daily Bankruptcy News

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Law:

Judge approves nearly $50M in fees for Delphi lawyers
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Foley Names New Bankruptcy Partner
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Pay Raise: More on Locke Lord Bissell & Liddell
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Pay Raise Watch: The Latest on Seyfarth Shaw
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Court ruling puts spotlight on e-mail agreements
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Seven Wolf Block Partners to Join Hangley Aronchick
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MergerWatch - A Recap of 2007 & Early Look at 2008
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Deutsche Bank and Morgan Stanley to Cut Legal Positions
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DLA partner in "love rat" sexpose
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Email embarrassment at Allen & Overy
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Legal Film Goes Hunting for Oscar
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Complaining Effectively
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Sub-prime meltdown fuels litigation
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2nd Circuit: Lawyer 'Failed Spectacularly'
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Law School Students Band Together, Oust Owners
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Feds and State Investigate N.Y. Lawyer Who Worked 1,286 Days in a Year
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Home Depot Lays Off an Estimated 17 In-House Legal Staff
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M&M Lawsuit Just One Part of Naked Cowboy's Financial Plan
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Drop in Partner Numbers Drives Higher Partner Profits at Buchanan Ingersoll
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Martin Macy, Former Pillsbury 'Mascot,' Dies at 59
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Weird Law Firm Alter Ego of the Day: ZT Personal Injury Law
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Finance:

The SIV Sieve
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Credit investors lack protection despite buyers' market
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Rescue Loans: Businesses Feel The Crunch
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Bonds:

Bond Insurance: This Time, It's Personal
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Defiant CFOs bolt from auction-rate bond market
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Florida Schools, California Convert Auction Debt Amid Failures
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NJ Port Authority to exit auction-rate market
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Why the $330 billion auction-rate securities market failed
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Auction Debt Succumbs to Bid-Rig Taint as Citi Flees
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A Short-Selling Savior?
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Ackman says split up, MBIA says no, then MBIA says split up
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No Bond Insurer Is An Island
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Bond Insurer Breaks With Trade Group
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Watchdogs Scrutinize Auction-Rate Turmoil
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Aviation:

Delta/Northwest Merger on Hold
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Continental-UAL deal waits in the wings of Delta-NWA merger
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Delta merger won't have big impact on travelers
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Delta-Northwest face pressure from Minnesota
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Airline Shares Mostly Slump
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For Delta and Northwest, Pilot Peace Is Crucial
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Patriarch Partners: Controversial Bankruptcy
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Taiwan airline seeks time for debt restructuring
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Pilots' dispute threatens to ground BA
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Horse Racing:

NYRA inks agreement to remain at Aqueduct
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OTB Unanimously Approves Plan for a Shutdown in June
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Enron:

NatWest Three to be jailed
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Bankruptcy Crimes:

Man gets 11 years in "stupid" loan scheme
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Plastics:

Victor Plastics Finds Buyer
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Banking:

Fairfax Financial Profit Triples on Credit-Default Swap Gains
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Sovereign Bancorp Says Fires CFO
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When Bankers Fear to Act
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Behind the Mess at UBS
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Banks, write-downs and the CEO shuffle
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British bank Lloyds TSB raises profits on low credit crisis damage
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Liquidity Guidelines to Get Update
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Exit Financing:

Solutia lenders chose to quit loan, lawyer claims
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Real Estate:

Rescues for Homeowners in Debt Weighed
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Lenders Fighting Mortgage Rewrite
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Fixed-rate mortgage rates take big jump
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Jumbo loan rates still in the air
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Ch 11 judge mulls mortgage lender fees
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Countrywide in Crosshairs as Mortgage Crisis Fuels Litigation
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Banks Lose to Deadbeat Homeowners as Loans Sold in Bonds Vanish
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Senate Democrats Will Try to Move Housing Stimulus Package, Includes Bankruptcy Reform
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Harvard official offers 3 foreclosure solutions
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Foreclosure prevention plan under attack
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'The face of foreclosure': Rising payments became impossible
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S&P cuts Kimball Hill's debt ratings
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U.S. life insurers' subprime losses may hit $8B: Fitch
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R&B Construction motion OK'd
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"Foreclosure Funk" Spreading Across South Florida
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FBR Swings to Loss on Mortgage Losses
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Judge allows Trump Tower defense to stand
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Scary-sounding housing statistics don't tell the whole story
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Taxes, debts dog 'high rolling' lender
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Sub-Prime Lawsuits Hitting More Sectors
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Insider Compensation:

Michelle Leder is a National Treasure
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Bankrupt Interstate Bakeries' bonus plan sparks objections
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Economy:

Philadelphia Factory Index Declines
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US Leading Indicators Fell 0.1% in January on Stocks, Housing
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Bush Hopes Recession Doesn't Affect Sales Of His Memoirs :)
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Two-Front Fight Faces the Fed
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New Jobless Claims Fall, But Labor Market Still Soft
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US weekly jobless claims down 9,000 to 349,000; continuing claims at 2-yr high
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U.S. leading economic indicators' January decline suggests weak growth ahead
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Autos:

Delphi Receives Final Court Approval for Sale of Global Steering
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Bid for Delphi bearings is bested
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Risk-wary lenders sidestep Delphi
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NY Leader Scores $15.4 Million in Legal Fees in Delphi Bankruptcy
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Delphi reports fourth quarter results
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Dura bonuses tied to bankruptcy exit progress
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Ohio parts maker to shut down, eliminating 500 jobs
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High Velocity to tap cash
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Telecoms:

Tampa telecom moving out of bankruptcy
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Hedge Funds:

Prime brokers keep cool heads
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AQR's Biggest Hedge Fund Fell Almost 15% Through Mid-February
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Zwirn to Liquidate Two Hedge Funds After `Large' Redemptions
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Layoffs:

Starbucks realigning, cutting 600 jobs
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Municipalities:

Vallejo's finances on the brink
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Vallejo Residents To Learn Details About Bankruptcy Threat
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Vallejo bankruptcy could have far-reaching impact
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Accounting:

Tax plan draws feds' attention to accountant
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Credit Counseling:

Florida sues Coral Springs lawyer's debt management services
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Rubber:

Johnson Rubber Co. will close
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Tax:

Liechtenstein Hid Americans' Assets
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Predatory Lending:

The Good and the Less Good Sides of Payday Lending for the Poor
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Religion:

You Owe, You Owe, It's Off To Church I Go
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Resorts:

Tamarack developer: I'll find the money
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Jerome Kerviel bankrupted an Idaho ski resort?
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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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Red Lights Flash in Credit Nooks
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Health Care:

Investors were misled for years, former exec testifies
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Fate of Philipsburg hospital awaits judge's ruling
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A Promise To Be Thin Disappears
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Mohawk Valley Nursing Home Files for Bankruptcy
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Candidates Spar on Health Care
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Sun Coast sale approved
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Retailing:

Sharper Image: A Lesson for Investors in Avoiding Destruction
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Unclear Future For Sharper Image
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Sharper Image Bankruptcy Loans Approved
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Lillian Vernon gets go-ahead to launch liquidation sales
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Tough Quarter for JC Penney, and More Expected
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Wall Street:

Discouraging Data Sends Shares Lower
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Dow Falls Nearly 143 on Bleak Indicators
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Wall St. futures up
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Payroll Services:

CEO Blames Finance Chief for Benefits Provider's Troubles
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Environmental:

Asarco seeks to wipe out $145 million claim tied to Tacoma smelter
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Auto Racing:

Open-wheel racing staggers to survive
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Derivatives:

Not Your Ordinary Swap Meet
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New tongue-twister that could scupper the whole global economic system
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Corporate Governance:

SEC to revisit shareholder rights issues
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Furniture:

Hilco, Gordon Bros. complete Bombay deal
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Food/Drink:

Coast Range looks to tap buyer
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Intellectual Property:

ECT seeks to sell its patents
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Distressed Investing:

Sun Capital hits a bankruptcy trifecta
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Mining:

Involuntary Ch. 11 for FCDC
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Corporate Reform:

Privilege Issue Heats Up in High-Profile Backdating Cases
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Castleton Group, leader face grand jury scrutiny
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UK:

Northern Rock Now make it work
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Bank nationalization bill hits roadblock in British parliament
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UK Takes Control of Northern Rock After Bill Becomes Law
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Germany:

Dresdner Rescues $19 Billion SIV, Follows Citigroup
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Allianz to Cut Jobs as 4Q Profit Falls
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Allianz CEO says cannot rule out further writedowns this year
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Could German State Banks Collapse?
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German Bank Offering Aid for Its Troubled Investments
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Canada:

Mega Brands may face financial crisis from high debt
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Federal asbestos inquiry urged
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Japan:

Japan's Banks: Immune to Subprime Pain?
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Japan Government Cuts Econ View In February; 1st Since Nov 2006
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Japan's Aioi Insurance headed for loss on subprime
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Italy:

Parmalat Shares Gain After Banca Monte dei Paschi Settlement
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