January 11, 2007

Daily Bankruptcy News

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Law:

Cadwalader Laying Off 35 in Wake of Slumping Markets
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Cadwalader Laying Off 35 Lawyers
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Cadwalader to Lay Off 35 Attorneys
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Layoff Watch: The Latest Cadwalader News
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More on the Cadwalader Layoffs
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And More,(2)
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Gamble Pays Off for Some Boies Schiller Associates
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Denim Day at Dewey & LeBoeuf!
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Attorneys Expect Fewer Deals as Markets Face Uncertainty
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Winston Lures Up to 18 Lawyers from N.C. Firm, Opens Charlotte Office
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Reflections on the 2007 ALM Billing Rates & Practices Survey
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O'Melveny's $12 Million Cash Cow: New Century Subprime Lending Case
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Seven Shareholders Depart Akerman Amid Reports of Growing Pains
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Monday to be Big Day in L'Affaire Scruggs
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DOJ Takes Interest In Ashcroft's Moneymaking Monitorship
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The Tiger Woods Effect: Law Firm Superstars May Discourage Other Lawyers
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Why Do "Trial Lawyers" Have Such a Bad Name?
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Mapping Global EDD Strategies
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BigLaw Firm Rumored to Be Eyeing NY Merger as Revenues Soar
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Fed. district judge under investigation to hold court
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Lawyer leads Atlantic rowing race
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Judge's Night Gig: White-Collar Boxing
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EBay Listing Purports to Sell Law Degree
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Lawyer poses for charity
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Say What?!
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Now This Is What We Call A Rejection Letter
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Bankruptcy Reform:

Bernanke on Bankruptcy Reform (video)
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Congress ponders change in bankruptcy law
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Mass Torts:

Texas Asbestos Litigation Update
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Wall Street:

US stocks bounce back on Bernanke
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Giant Write-Down Is Seen for Merrill
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Asian Stocks Fall on Concern U.S. Subprime Losses Will Spread
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South Korean Market Plunges As U.S. Subprime Concerns Resurface
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Japanese Market Slides To 26-Month Low On Renewed Subprime Worries
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Futures signal fall on Wall St after Merrill
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Cleveland sues 21 investment banks over subprime mess
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Retailing:

'Big-box' shares rise as large names beat views
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Poor December at Retailers; Most Report Drops in Sales
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Slow December Hits Stores
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Luxury Shoppers Shut Their Purses
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Target December same-store sales fall
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Sad Tales From Retail
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Men's Wearhouse stock drops after bleak forecast
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Sharpstown Center, Houston, in Chapter 11, for sale
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Aviation:

Delta aims to start UAL, Northwest merge talks
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NWA stock soars
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Food/Drink:

Auction of Jays Foods Marks The End Of An Era
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Autos:

Chrysler - Hopes that the carmaker would flourish on its own now look misplaced
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Chrysler and Nissan in Team-Up Talks
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Dana Corp. settles on new chairman
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Judge gives final OK to Delphi settlement
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Credit firm may rate Delphi debt as 'junk'
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Magna planning layoffs at N.Y. plant, union says
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Ratings Agencies:

Fitch Ratings: US Credit Card Asset Quality to Weaken in 2008
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Telecoms:

Refinancing top priority, Vonage CEO says
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US Virgin Islands approves bank sale to pay ailing telecom's creditors
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Accounting:

Catapult disses Deloitte for small-fry rival to save cash
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Deloitte Settles with Parmalat Investors
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Horse Racing:

NYRA, Insurer Clash Over Benefit Plans
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Mining:

Grupo Mexico: Asarco hides data
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Aquila seeks to put Utah coal producer into Chapter 11 bankruptcy
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Real Estate:

BofA, Countrywide Said to Be in Merger Talks
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Bank of America May Acquire Countrywide to Salvage Investment
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Burned by Investing in Troubled Times
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Deal May Bring Legal Troubles
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The Real Story on Countrywide . . .
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BOA Bottom Feeding?
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Bank of America in Talks to Buy Countrywide
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Bofa in Talks to Buy Countrywide
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Now That's Distressed
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Bank of America Bluffing - or Holding the Nuts?
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Countrywide may be too big for bankruptcy
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Good Money After Bad?
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A buyout would enrich Countrywide's CEO
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Feds seem to favor Countrywide buyout
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Merrill Lynch to Take $15 Billion Mortgage Writedown
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ARMs Aren't Always to Blame
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Avoiding the underwater mortgage
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Securitization Slides, Bundlers Left In Cold Amid Mortgage Mess
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Rate on 30-year fixed's at lowest in over two years
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Profits at U.S. companies may drop on subprime losses
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Moody's may cut Freddie Mac financial strength rating
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Mortgage crisis spawns lawsuits
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Judge OKs First Magnus Ch 11 Plan Solicitation
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New Century Financial's dirty laundry may expose sleazy subprime practices
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WCI's liquidity in question after shares dive
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Forum set for Neumann Homes homeowners
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Public Shame for New Century
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Levitt buyers may not get money back
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New subprime plan reaches beyond Treasury's
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Misery Continues for Big Mortgage Players
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Boston Hill auction blocked
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NY politicians Attack Foreclosure Crisis
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Derivatives:

'Shipwrecks and casualties' warning for credit markets
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Painful lessons to be learnt for CDSs
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Economy:

Fed Ready to Cut Interest Rates Again
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Fed May Have to Play Catch-Up
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Bernanke says Fed ready for aggressive rates cut
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Bernanke: Economy deteriorating
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Bumpy Economic Ride Ahead
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Economists: Recession pain to linger, even if slump is short
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Wholesale Inventories Rise, Suggesting Output May Fall
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Recession a greater threat in Florida
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CA governor declares fiscal emergency, spells out cuts
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Clinton lays out plans
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Currency:

Dollar Falls Most in 2 Months Versus Euro on Fed's Rate Outlook
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Newspapers:

Goldman Predicts Grim Year For Newspapers
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Chicago Sun-Times newsroom layoffs only just beginning
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M&A:

Blackstone's Mini-Buyout of Blackstone
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Blackstone buys debt specialist for $1bn
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Payroll Services:

Former payroll co. owner must pay $430K in restitution; faces up to 12 years in prison
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Unions to Help Axium Debtees
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Debt Settlement:

Fla. attorneys must comply with AG investigation, order says
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Corporate Governance:

The Problems with Boards
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Health Care:

60 laid off at Physicians Carraway
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Jewelry:

Judge grants Alpha Omega request to retain officials
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Alpha safes jewelry missing
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Turnarounds:

Squeezing Cash Out of Leftover Assets Remnant Sales Can Help Close 'Moldy' Cases
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The Impact of New Entrants on Chapter 11 Bankruptcy Processes Continue to Evolve
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Trouble in 'Mayberry' Disaster Averted, Despite Liquidation
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Predatory Lending:

Good intentions pave way to financial ruin
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Involuntary Bankruptcy:

Debtors Have New Weapons Against Involuntary Bankruptcies
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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), (12)
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NEW
Claim Trading Alerts
The easy way to monitor
bankruptcy claims trading
30-Day Free Trial

Credit Cards:

Capital One shows credit woes firmly hitting consumer
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Crack the credit card code
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American Express Warns About Earnings
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Slowdown Hits AmEx
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Cards' Credit Quality Expected to Deteriorate Further
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Your Free Lottery Ticket: Credit Card Truncation and Identity Theft
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Forest Products:

Pope & Talbot Announces Agreement to Sell Three Pulp Mills
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A one-horse town searches for a fix
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Enron:

Lawyer to court: Enron figure's conviction flawed
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Banking:

Only Panglossians think that the sector is over the worst
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Banks Plead They Can't Follow Rules
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Capital One Cuts 2007 Profit Forecast on Loan Losses
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S&P won't cut Capital One's ratings
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Southeast Banking Corp to be rescued
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Huntington Sees Wider Loss
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Global Growth to `Slow' in 2008, No U.S. Recession
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Bank Gloom Overshadows Prospect Of Lower Rates
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Credit Suisse Pursuing a Partnership in the Chinese Market
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UBS in shareholder plea as subprime fallout weighs
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UBS Says 2008 to Be `Difficult' Year for Industry
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Bonds:

MBIA Working to Raise $1 Billion
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European Bonds Gain as Bank Losses Spur Demand for Safe Assets
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Alternative Fuels:

Plan for bailout of CIE is denied by federal judge
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Bankruptcy Statistics:

Utah bankruptcies rise
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Bankruptcies rebound in E. WA after 2006 dip
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Bankruptcy Crimes:

Two trials ordered in Mount Laurel fraud case
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Hedge Funds:

Renaissance Clients Pull $4 Billion From Biggest Hedge Fund
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Fitness:

Weight Loss Chain Closes Unexpectedly In Md.
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Bankruptcy Stocks:

America's Corporate Undertaker
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Corporate Governance:

The Ten Most Highly Compensated CFOs Last Year
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Debt Collection:

Jefferies Downgrades Encore, Asset and PRA
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Gambling:

Revenues Fall at Most Atlantic City Casinos
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Sales:

Buying Assets Outside a Plan - Court's Ability to Shield Buyers Is Limited
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UK:

The Demise of the Individual Voluntary Arrangement (IVA)
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Northern Rock Agrees to Sell Mortgages to JPMorgan
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Rock sells 2.2 bln stg of assets to repay BoE
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Northern Rock pension fund reveals £100m hole
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U.K. Manufacturing Production Unexpectedly Declines
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Banks prefer debt management plans
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Coventry shops braced for hard times
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New Appointments at Menzies
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Australia:

Victorians sinking in consumer debt
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Big four may lose $1bn loan to US firm
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Centro gets proposal from fund manager
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Austria:

Bankruptcy fears at Vienna's Spanish Riding School
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