January 16, 2008

Daily Bankruptcy News

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Law:

Lateral Floodgates Open in '08
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Cullen and Dykman Names Bankruptcy Partner
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Pay Raise Watch: Business As Usual at Simpson Thacher
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Bonus Watch: McDermott Will & Emery to Pay Supplemental Bonuses
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Do We Need Associate Retention in a Recession?
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Michael Nifong, Prosecutor of Duke Lacrosse Players, Files for Bankruptcy
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The Final Chapter In The Duke Lacrosse Case
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Duke Da 'Bankrupt'
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Duke Rape Prosecutor's Bankruptcy May Not End His Money Problems
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Retire in Your 40s? Yes, at U.K. Megafirm
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High Court's 'Stoneridge' Ruling a Win for Business Defendants
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Court Rules Against Investors
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The Mess in Mississippi: Pregaming the Feds' Strategy
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Scrugg's probe's reach grows wider
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Schering-Plough settles with plaintiffs with no damages-and ends up paying for their attorneys
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Hillary Clinton as a Product of Corporate Legal Culture
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Can Having Children Early Help Women's Careers Later On?
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Judge's photos bring call for removal
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Fallout Continues at Prominent Maine Law Firm
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Firm's real estate partner in shock resignation
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Punitive Damages Shrink as High Court Reins in Trial Lawyers
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Supreme Court First: A Female Special Master
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Prominent Lawyer's Steamy Affair Heats Up Legal Ethics Controversy
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Say What?!
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Judge Apologizes To Cancer Victim, Revokes 'No Hat' Rule
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Changes at O'Melveny
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Banking:

Bank Of America To Fire 650 At I-Banking Division
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JP Morgan Chase profit drops 34 percent
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U.S. Bancorp Earnings Dropped 21% in 4th Quarter
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Economy Next Hurdle for Citi
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Citi's kitchen-sink moment?
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How greed took Citigroup to the brink
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Citi's Standing Starts To Slip Amid Losses
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Citi CEO Makes Interesting Offer
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Citigroup Cash Injection To Cost $1.7Bn A Year
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Citigroup's bad news: Banks' worst period since Great Depression?
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S&P downgrades Citigroup's long-term counterparty credit
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Jump in Citi's credit costs shocks analysts
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Fed's Auction of $30 Billion in Funds Draws Yield of 3.95%
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Black boxes full of bad debt
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Citigroup Explains
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Bank of America Curbs Investment Banking
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Aviation:

Delta begins United, Northwest merger talks
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United Airlines in 'serious' talks with Delta about merger
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Delta hopes to reach deal in 2 weeks
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Why Airline Mergers Now?
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Picture of a post-merger Delta arises
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Continental's ticket to mergermania could cost $100
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American Airlines workers may lose bonuses, but execs won't
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Washington May Ground Delta's Merger Dreams
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Delta seeking quick merger, but why?
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Business airlines say not "doomed to fail"
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Big Sky successor struggling
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Most Airlines to Post Quarterly Losses
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Education:

College of Santa Fe trying to solve financial woes
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Predatory Lending:

Payday loans part of 'vicious cycle'
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Ratings Agencies:

Moody's to call for SIV rethink
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Health Care:

Hospital getting financial boost
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Hospitals charge far more than services cost, report says
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Timber:

Groups aim to save redwood forest owned by bankrupt logging firm
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Trucking:

Federal judge orders Arctic Express to pay up
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Student Debt:

Historic loss spurs talk of Student Loan sale
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Ceramics:

IWT stalking-horse bidder named
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Real Estate:

Warren: Ice Skates on Sale in Hell
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New Century can't locate 734000 documents
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Hobby Realtors To Dwindle
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IndyMac to Slash Work Force, 2400 Employees
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Mortgage Lenders Do Not Deserve to Be Rescued By Tax-Payers
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First Magnus ex-employees lose class-action ruling
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AHM to destroy back-up files
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Builder Kimball Hill close to failing, auditor finds
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Little-known trader made billions from sub-prime bust
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New Troubles for Apartment Mogul in South
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ComUnity seeks OK to reject leases
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Couple Guilty In Save-A-Home Scheme
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S&P Revising Mortgage Loss Assumptions
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Rev. Jackson joins fray over foreclosures
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Median home price sinks in Southern California
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Cleveland Sues Lenders, Likening Sub-Prime Crisis To Ponzi Scheme
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Wall Street:

Citi News Shakes the Street
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Investment Banks Fall
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Wall Street to Fed: Cut rates now!
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Buddy, Can You Spare a Billion?
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World Rides to Wall Street's Rescue
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Mizuho, Korea Fund Join in Merrill Cash Injection
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Asia Stox Plunge in Fear of U.S. Recession
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Wall St. braces for more losses
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Markets nosedive around the world
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Main Street feels Wall Street's pain
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Investors Show a Deepening Pessimism
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Retailing:

Weak retail sales fuel recession fears
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U.S. retailers preparing for difficult year
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Williams-Sonoma Falls Most in 6 Years on Forecast Cut
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Scan's DIP gets final OK
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Economy:

Warren: Consumer Spending
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Business sales strongest in 8 months in November
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Citigroup Loss Raises Anxiety Over Economy
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Markets expect Fed to cut 75 basis points
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Soft retail sales may signal recession
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Frank Says Democrats, Bush Likely to Agree on Stimulus Plan
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Citigroup, Merrill Receive $21 Billion From Investors
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Wholesale prices rose by 6.3 percent in 2007 - Year-over-year gain was largest in 26 years
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Which businesses hold up well in a recession?
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Sinking economy ripe for foreign domination
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Wrangling Over Stimulus Is One-Sided So Far
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Awards:

Jo Ann Brighton to Be Inducted as American College of Bankruptcy Fellow
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Bonds:

HSBC's monoline bailout: MBIA saved by . . . a CDO
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SIV Bondholders See Value Fall by 47%, Moody's Says
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Death Bonds Drub Corporate Debt as Insurers Get Subprime Lift
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Lawyer's ads seek aid locating potential bond fund claimants
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Corporate Reform:

The former chiefs of Citigroup and Merrill Lynch have been asked to justify their hefty exit payouts before a Congressional committee
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Peregrine's former president pleads guilty in fraud case
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Homestore CEO's fraud conviction overturned
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The New Hall Monitors
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Enron:

Supreme Court ruling likely to hinder Enron investors
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Barclays pays $144m in Enron settlement
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Enron average payback $6.79 a share
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Manufacturing:

Radnor Seeks to Delay Chapter 11 Plan
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Tax:

Anti-Tax Groups Convince Americans Not to Pay Taxes
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Politics:

Bankruptcy at the Dem's Debate
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Dem candidates differences on bankruptcy reform highlighted
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Regrets flow freely at Democratic debate
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Michigan forced candidates to focus on the economy
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Plastics:

Victor Plastics files for bankruptcy; 420 to lose jobs
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Food/Drink:

IBC's suitor denounces reorganization plan
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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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Two Ways To Get The Updated Bankruptcy Code Online For Free
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Utilities:

Calpine says to emerge from bankruptcy prior to Feb 7
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Shareholders fail to stall Calpine
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Autos:

Investors Say Vote on Delphi Exit Plan Is Rigged
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3 firms seek to push PVI into bankruptcy
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Auto parts plant closing to put 500 out of work
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Two Heroes of Detroit
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Mayco Plastics rejected again
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Industry outlook is dicey
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Champion faces miffed creditors
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Layoffs:

New Job Cuts Heighten Recession Fears
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Applied Materials to cut 1000 jobs
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Schlumberger says it will cut jobs
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Plastics:

Victor Plastics files bankruptcy, announced layoffs
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Money Transfer:

MoneyGram Rescue Plan At Risk
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Tech:

Intel's Revenue Forecast Falls Short; Shares Slump
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Hedge Funds:

Basis Fund Loses U.S. Protection Bid for Liquidation
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Will equity swaps cost banks big bucks?
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Money Flowing into Distressed Investing
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Hedge fund investors shrug off credit crunch
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Hedge fund employs Greenspan as adviser - The hedge fund that has profited most from the bursting of the US housing bubble
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Mass Torts:

Tersigni judge to appoint examiner
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Payroll Services:

Suit accuses 2 ex-owners of payroll firm
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Art:

Bankrupt Art Dealer Asks to Sell House for Millions
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UK:

Rights issues to rise amid credit woes
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Rock shareholders vote to restrict some board power
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Tough questioning for Rock management
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Northern Rock defeats key shareholders
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Bank of England boss Mervyn King blamed by city bigwig for Northern Rock collapse
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Rock chief: Recovery still possible
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Rock may be run by state soon
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Why Are UK Creditors Trying to Fail With the IVA?
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Credit crunch wipes 40bn of UK's top companies as fears of recession loom
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U.K. Housing Market Was Worst Since 1992 in December
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Pound Declines After Worst Month for Housing Market in 15 Years
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Britain and France add to European slowdown fears
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Edwin Coe bulks up with double partner hire, insolvency
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Canada:

Possible lifeline emerging for Quebec's floundering TQS network
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Canadian Bankruptcies Dip in November
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Bankruptcy stats undergo ups and downs
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Printer misses payment
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Forest plan draws loggers' wrath
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Germany:

Nokia to shut German plant, cut 2300 staff
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Australia:

Centro shares head further south amid market uncertainty
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Japan:

Japan bank shares slide on subprime worries
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Japan machine orders, consumer mood dip
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Hong Kong:

Hong Kong Stocks Have Biggest Drop Since Sept. 11 Attacks
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China:

China's biggest house renting agency faces bankruptcy
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