January 15, 2008

Daily Bankruptcy News

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Law:

The Upcoming Banana?
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Bonuses in New York and Beyond
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Layoff Watch: What's Going On At O'Melveny & Myers?
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McDermott Will Names Restructuring Partner
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Bingham Names Restructuring Partner
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Judge blocks Scruggs, others from testifying
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Plea details alleged bribery scheme in Scruggs case
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The Mess In Mississippi: Patterson Agrees to Plead Guilty
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More Details Emerge in Scruggs Bribery Case, Former Counsel Pleads
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Langston Pleads Guilty to Attempting to Influence a Judge
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Thompson & Knight expands to San Antonio
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Footnotes of the Day
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Settlement Agreement Reached via E-Mail Is Upheld
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For Brunstad, At the Supreme Court, the Seventh Time is Not a Charm
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Supreme Court spanks lawyer for TV's 'Judge Alex'
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Supreme Court Rules on 'Phoning It In'
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Motion Ties Judge to Coal Executive
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A Camera-Ready Judge at the Camera-Shy Supreme Court!
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Clifford Chance overhauls pensions to comply with new age laws
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Lawyer Alleges Partner Told Her Not to Hire African-American Employees
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Morgan Lewis on Trial Over Advice
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Slippery Slopes for Lawyer Who Owns Ski Resort, Faces Suit for Ignoring Clients as Career Went Downhill
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Conrad Black prosecutor Eric Sussman going into private practice
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"The F-Word Isn't What It Used to Be," Lawyer Says of Client's Obscenity on Check
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What is a Bonus?
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Lawyer defends his monthly $14K child payments
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Look, It's a Home, or a New Bistro-No, It's a Law Office!
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Judge of the Day: Holly Hollenbeck
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Banking:

Sovereign Bancorp shares fall after warning
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Sovereign to take $1.76B in charges
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Sovereign's $1.6 Billion Headache
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UBS Faces Sevenfold Rise in Yield Spread on New Bonds
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China Balks at Citigroup Deal
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China opts not to buy stake in Citigroup
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Citi to Announce Big Cuts and New Investors
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Citigroup raising $14.5 billion
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Bank Earnings: A Shot in the Dark
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Scramble for capital spreads
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It's going to get worse
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Aviation:

Northwest must involve labor in merger talks-union
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Mesa Swings to 4Q Loss on Legal Costs
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Airline Industry trying to kill new Passenger Rights law
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How to Make a Small Fortune
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Mesa lost $68 million in quarter
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AA rejects mediation proposal
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Silverjet in for crash-landing
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Mergers Benefit Airlines; Shame About the Fliers
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Delta Aims for Swift Merger
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Health Care:

Physicians Hospital sold to Tennessee company
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Fitch Affirms & Withdraws Pascack Valley Hospital 'CC' 2003 & 1998 Bonds
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Backlog In Disability Benefits System Leaves Thousands Of Vulnerable Americans Stranded
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Hospital Loses Electricity and Water
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Sherman may seek sale
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Bonds:

MBIA or Bust
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Bond insurance costs tipped to remain high
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Autos:

Bondholders Fight Delphi Ch. 11 Plan
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Delphi Noteholders Urge Judge To Reject Bankruptcy-Exit Plan
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Delphi gets second non-investor rating in 2 weeks
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Big 3 Prepare for Slump
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Dana, Delphi cases highlight union relations
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AmeriCredit Downgraded, Shares Plunge
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Sinking US economy may hurt Maserati
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Denver's Polar Molecular files for Chapter 11
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GMAC expects little subprime impact
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Chrysler's uncertain direction fuels industry speculation
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Predatory Lending:

Credit unions, churches to offer payday lending alternatives
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Bankruptcy Statistics:

Bankruptcy filing up 60 percent in Arizona
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Payroll Services:

Howard M. Ehrenberg Appointed Trustee of Axium International
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Axium Fallout: The Wagging Finger Of Shame Points Mostly Towards John Visconti
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Real Estate:

U.S. Home Sales to Reach Bottom in 2008, Bankers Say
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Judges Raising Eyebrows Over Countrywide
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Bankruptcy judges lose trust in Countrywide numbers
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Friedman Billings Ramsey's mortgage unit files for bankruptcy
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How much worse can housing get?
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Levitt and Sons Wins Interim Loan Rights
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Congress panel wants to grill subprime CEOs on pay
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Downey Financial slides after reclassifying $99 million in loans
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MD Gov. O'Malley Proposes Mortgage Reforms To Address Foreclosures
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MO Gov. Blunt wants to criminalize mortgage fraud
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FBI: Housing scams more than double
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Foreclosure crisis has Albany's attention
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NovaStar down 38%; to give up mortgage licenses, cut staffers
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Fremont General to Sell Irving, Texas-Based Loan Servicing Facility; Buyer Undisclosed
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Short Sales Save The Day
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Deutsche Bank Chief Says U.S. Housing Crisis Not Over
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Dunmore Homes' bankruptcy case headed west
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State Street's Earnings Fall 28% on Subprime Legal Fund Costs
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Foreclosures May Claim New Victims
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Lost Peninsula trustee seeks OK
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Senate bill would help reel in 1031 'exchange facilitators'
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Foreclosure Crisis Lowers Value of Surrounding Homes
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Dearborn Heights to fight blight
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Cleveland report knocks banks
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States Probe Banks' Role In Risky Loans
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NY Politicians Attack Foreclosure Crisis
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Baltimore Finds Subprime Crisis Snags Women
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Subprime lenders targeted blacks, poor
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Subprime Mortgage Crisis Causing African-Americans to Experience Greatest Loss of Wealth in Modern US History
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Mortgage counseling expands
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Appraiser Says WaMu Conspired Against Her For Reporting Weakening Housing Market
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Economy:

Greenspan sees US in or near recession
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Consumer spending slowdown deepens
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The Great Debt Crisis Begins
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Consumers Pulled Back in December
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States to Tighten Belts
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Retailing:

Profit Warning Crushes Sears
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What's Left for Sears?
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Sears profit warning pressures leading retailers
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Credit Suisse Downgrades Sears Holdings
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US Retail Sales Growth May Slow to 3.5% in 2008
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2008 retail sales seen up, slowest rise in 6 years
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Largest Circuit City shareholder unloads huge stake in the retailer
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Wall Street:

Wall Street's $35 billion writedown puts squeeze on '08 profits
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IBM results spur rebound on Wall Street
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Merrill Lynch Gets $6.6 Billion From Kuwait, Mizuho
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Citi News Sends Stock Futures Falling
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Wall Street Braces For Fallout From Citi Earnings
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FTSE falls on weaker banks and oils
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Tears on Wall Street
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Trader Made Billions on Subprime
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Record profits for fund shorting subprime
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Jewelry:

Creditors: Halt on Luxury sales
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Layoffs:

Sprint Looks to Slice
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Huge layoffs loom at Citi
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1,500 Job Cuts Expected at EMI
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Mass Torts:

Judge Orders Probe in Tersigni Ch. 11
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Hedge Funds:

Renaissance fund in first loss for 20 years
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Greenspan to join New York hedge fund firm
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Hedges Could Lose if Bank Nationalizes
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Bayou creditors want investigation
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Telecoms:

Sprint to lay off several thousand workers
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Fraud:

Greed was glue uniting those in Alaska Ponzi scheme
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Alternative Fuels:

Ethanol Plant's Bust Offers a Preview to Bond Buyers
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Credit Cards:

November Consumer Credit 11% Greater than Last 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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Pulling a Rabbi Out of His Hat: The Bankruptcy Magic of Dick Posner
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Bankruptcy Reform:

Lender Group Warns Against Altering US Mtge Bankruptcy Laws
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Mortgage Bankers Fault Bankruptcy Bill
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Group says bankruptcy bill would boost mortgage payments
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Bankers slam debt bill
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Venue:

Bankrupt companies choose Del. to file
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Food/Drink:

CCI considers Friday's sale
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Corporate Reform:

Ex-Carolina Investors Chairman Earle Morris' conviction, sentence upheld by Supreme Court
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Ex-Officials Benefit From Corporate Cleanup
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Former Brocade CEO should not have to do jail time
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Wall Street Facing New Senate Probe
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Top banks probed for possible insider trading and front-running
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Publishing:

Lawyer's Book Among 10 Bestselling Bankruptcy Books in Nation
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Skiing:

Bid for White Water rejected
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Paper:

Marcal Blasts Effort to Stop Sale
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Horse Racing:

NYRA'S exclusivity extended
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Art:

Dealer Salander Will Seek $25 Million for New York Town House
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Mining:

Asarco faces investigation motion
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Politics:

Politics and the housing Crisis
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U.S. presidential candidates' ideas on economy
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As Talk of Recession Grows, Republicans and Democrats Differ on Response
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Good hair and attack ads won't stimulate the economy
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Bush, Congress Find Economy Is Pushing Them Toward Compromise
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Fewer companies were downgraded to junk last year than in 2006, but these 'fallen angels' are coming down to earth faster and harder
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UK:

Northern Rock shareholders speak
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Northern Rock Declines on Nationalization Speculation
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Northern Rock Faces Shareholders
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Conservatives would not block bill to nationalize Northern Rock
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Bowater collapse reaches workers
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IVA.com sees 67% surge in enquiries
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Problems at Paragon Mortgages
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Borrowers clamor for help with debt
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Canada:

Last-ditch rescue bid for Quebecor World
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Credit crunch trickledown
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CIBC to sell C$2.75 bln shares to offset writedowns
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Quebecor World Accepts C$400 Million Rescue Plan Led by Parent
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Quebecor seeks lower taxes
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Subprime fallout will hobble growth: Scotiabank
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Belarus:

Almost 94 percent of 2007 bankruptcy cases were against private companies
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Australia:

The big house for Ray
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Sorry, says HIH founder as he's let out of jail
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A return to the high life and homes, sweet homes
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Ray Williams, you're kidding
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Centro's Moment Of Truth Approaches
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Centro warns on debt level, shares tumble
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Centro Replaces CEO
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Centro Chief Quits; Lenders May Ease Funding Deadline
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Germany:

German Investor Confidence Dropped to 15-Year Low
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Japan:

Bank of Japan Cuts Assessment of Regional Economies
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BOJ Head Sees Major Subprime Impact
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Austria:

Lipizzaner US tour off to avert icon's bankruptcy
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