January 22, 2008

Daily Bankruptcy News

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Law:

For Summer Associates, '08 Looks Great
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Downbeat BigLaw Bosses Expect Awful '08
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Fearing Recession, Law Firms Tighten Belts
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Cadwalader: Eye of the storm
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Kirkland & Ellis's Big Gay Party: Discriminatory?
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Big Calif. Firms Increase Summer Hiring, Pay More Than $3K a Week
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In-house salaries climb 7%
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Mayer Brown lands Allen & Overy insolvency ace
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Lawyers pocket £1bn from UK private equity
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Where Do Broken Hearts Go?
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Calif. Bar Subpoenas San Diego Legal Bills from Latham & Watkins, Heller Ehrman
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The Legal Trail in a Delta Drama
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Judge Was Told Ruling for Scruggs Could Help Earn Him Federal Post
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The Mess in Mississippi: Is the Spotlight Now on Sid?
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BigLaw Firm's Latest Cash Cow Is Bankrupt Subprime Lender
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Nixon fixin' to grow
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Younger Female Lawyers Play by Their Own Rules
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Clifford Chance creates women's network
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New Take on the 'Virtual' Law Firm
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Probe of federal district judge goes beyond sex allegations
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Milberg Weiss Denies Missing Fax Was Obstruction
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Scrappy W.Va. judge confounds status quo
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W.Va. Chief Justice Takes Self Off Case After Photos Show Him With Company Chief
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BigLaw Firms Cash In on Subprime Feeding Frenzy
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Ballard Spahr team will take on subprime-related cases
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New Report Identifies the Slowest Federal Judges in the Land
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More Powell Goldstein Defections
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Judicial Conference Backs 9th Circuit's Censure of Los Angeles Federal Judge For Actions In Bankruptcy Case
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Federal judge could face harsher punishment
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Firm Aims to Make Non-Equity Partners More Equal
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Slaughter and May Names Saul New Senior Partner
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Lawyer Named 'Most Eligible' Bachelor Acquitted of Attempted Rape
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Indictments Against Texas Supreme Court Justice Medina Dismissed
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Clemens Beefs Up Legal Team With Lanny Breuer
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Young, Female, Energetic and, Now, Dean
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Self-taught lawyers vanish as more states require law school
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Pakistan Chief Justice Still Under House Arrest
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Insurer Says It's Not Responsible for TB Lawyer Tort Claims
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Say What?!
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Wall Street:

Will Tuesday's market be the worst since 9/11?
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Asian Markets Plunge Again; Stocks Volatile in Europe
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How Low Will the Market Go Tuesday?
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Stock Markets Plunge Worldwide
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US stock futures point to major decline on re-open
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London Panics
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London shares lose £77bn in worst fall since 9/11
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Asian Markets Whomped
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HK shares plunge in worst day since Sept 2001
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TSX Falls Most In Seven Years To 14-month Low
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Aussie market follows world plunge
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Paris shares plunge, CAC hits 18-mth low
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Stocks Plummet in Germany, Hong Kong and India in Global Rout
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Fear routs world stocks; French, German indexes fall 7%
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Is Wall Street too fearful of a recession?
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Rome burning, but Wall Streeters raked in hefty bonuses in '07
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Average Wall Street bonus slipped last year to $180,420
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Sovereign funds to the rescue, maybe
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What Money Can Buy: Influence
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Hybrids let foreign investors skirt Fed's 9.9% wall
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Is a market crash like 1987's in the offing?
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Four Wall Street Titans Flunk Investing 101
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The worst lies ahead for Wall Street
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You thought the first six innings were bad?
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Aviation:

The urge to merge is in the air again
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Managers Foresee Fewer Airlines and Higher Fares
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United, Delta Air May Post Losses, Adding to Merger Pressure
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Merger talk ripples through markets, workers, flying public
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Name, HQ spot are thorny merger issues
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Union support key to airlines merger success
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Pilots Say They'll Support Northwest Merger if it Includes More Pay
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US airlines consolidation may not be quick fix
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Does Delta merger math work?
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UAL may revive merger talks with Continental
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Many airline mergers possible in Bush's last year
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Alitalia Drops on Concern Political Spat May Hit Sale
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Banking:

Profits Sink at B of A
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Credit Suisse to Cut 150 UK Securities Jobs
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A Citi Situation - The mother of all write-downs is unlikely to mark a turning-point
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Banks' costs, already rising, likely to spike
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Lenders may fail to win relief on reporting losses
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Speculation intensifies over WaMu-JPMorgan combo
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Guaranty's fourth-quarter net income falls 24%
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Fifth Third 4Q Profit Hurt by Charges
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Even small regional banks feel pressure from housing market
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Oil/Gas:

Crude Oil Falls as Equities Tumble on US Recession Concerns
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Paper:

Bankruptcy Court approves sale of paper manufacturer
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Input sought on shuttered Augusta papermaker
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Payroll Services:

Checks bounce before credits roll
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LA payroll firm leaves contractors unpaid
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'Stalking horse' targets Axium
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Retailing:

Retailers Feel Impact Of Subprime Implosion
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Sears to Set Up Separate Business Units After Earnings Declines
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Will Eddie Lampert manage to save stores, reputation?
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Sears Decentralizes to Impede Nosedive
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No bankruptcy, says General Growth Properties CFO
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Empty Malls as Economic Fears Spread
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Target's view of January sales dims
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Enron:

Not all Enron shareholders in the money
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CRRA Warns Of Hikes
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Post-Stoneridge, Supremes Weigh Whether to Hear Enron
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Furniture:

Its furniture sales slipping, Domain files for Chap. 11
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Utilities:

AG has fuel company owners' assets frozen
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Religion:

Churches teach Christian approach to finances
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Bankruptcy Statistics:

Bankruptcies on rise in WA
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Who Went Bankrupt in 2006? A Demographic Analysis of American Debtors
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Ariz. may signal bankruptcy spillover
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After declining in 2006, bankruptcy filings soar again in Western New York
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Financial Literacy:

College Students need to learn about money
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M&A:

KPMG Corporate Finance's Global M&A Predictor Indicates Subdued 2008 Outlook as Activity Hits Plateau
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Food/Drink:

Buffets Holdings, Inc. Files for Chapter 11 Reorganization
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Real Estate:

Lenders cold to the idea of forgiving debt
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Lenders cut deals to avoid foreclosure crisis
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Friedman Mortgage Unit Files for Bankruptcy
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Tide of lawsuits approaches troubled U.S. mortgage market
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Feeling Misled on Home Price, Buyers Sue Agent
(NYT: separate free registration required)

If Everyone's Finger-Pointing, Who's to Blame?
(NYT: separate free registration required)

City Targets Merrill Over Subprime
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Cleveland Reeks! Cleveland Reeks!
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Minneapolis Seeks Moratorium on Foreclosures
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Congress' Response to the Mortgage Mess
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Delta Financial seeks loan-sale OK
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Fitch Places First American on Negative Ratings Watch
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Why you might never own a home
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Looming Debt Bills Spur Standard Talk
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New Century Investigator: $20M May Have Been Misspent
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New Century Financial didn't seek bankruptcy court approval to spend $20 million claimed by bank creditors, an investigator charges
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General Growth's Indebtedness Raises Fears Among REIT Investors
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The Countrywide crunch - Jobs at stake in BofA deal
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Behind Bank of America's tax break
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Are Countrywide Financial Bonds Bankruptcy Remote?
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BofA's Countrywide Acquisition: Dumb And Dumber
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BofA optimistic about Countrywide
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NovaStar probably will file bankruptcy
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Chicago housing crashes through floor
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New alarm: Option-ARM 'liar's loans'
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Merrill's CDO Valuation Is Very Interesting
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WCI Communities, awash in luxury, wrangles with slump
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The Foreclosure Crisis: How it all began
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New law eases tax liabilities for homeowners in three categories
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ANI in Chapter 11, Hopes to Get Out 'Collaboratively'
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Moody's lowers homebuilders' credit ratings
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As prices sink, investors are circling
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Owner eludes eviction 11 years
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Mortgage exec allegedly kills wife, jumps from bridge
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Mortgage rules changing for borrowers and lenders
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Shelter from foreclosures - Group helps residents keep their homes
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MD Governor, General Assembly grapple with foreclosure crisis
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Austin: Residential foreclosures shoot up 56%
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Fear itself now rules the market
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Shelter houses pets homeless due to foreclosure
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Loose lending rules gave criminals chance to flourish
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UST:

Debtor Audits Stopped
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Bonds:

Ambac scraps plan to raise capital by selling shares
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UBS, Citigroup, Merrill Seen Exposed Heavily To Bond Insurers
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Insurer Of Bonds Loses Top Rating
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Ambac Mulls Next Move Amid Loss
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Cities Seen at Risk
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Suit accuses Ambac of misleading shareholders
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ACA Customers Allow More Time to Unwind Default Swaps
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MBIA: Priced for Catastrophe
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Bond Insurers' Distress Rattles Wall Street
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End of the Line for Monolines
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Sub-prime cracks spread to infrastructure
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Cost of insuring corporate debt soars
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Bond Issuers Face New Costs In Insurance Crisis
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European insurers slide on monoline bond worries
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Bond Insurers Demise Threatens $2.6 Trillion Bond Market
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Bankruptcy Reform:

Bringing Bankruptcy Home
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Bankruptcy filings drop as reform makes it tougher for debtors
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'I voted for it but I hoped it wouldn't pass' (scroll down)
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Asset Sales:

Bankruptcy skull is sold for big gain
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Bankruptcy Asset Sales
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Horse Racing:

State gives NYRA another extension
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The Day at the Races
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CDI Wants Trust for Guild Payments
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Hedge Funds:

Groups move to salvage sub-prime losses
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Credit Fund Suspends Redemptions
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HFA shares plunge over 40 per cent
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New Hedge Fund Insurance Offered
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Analyst Says Hedge Fund Cheated Him Of Millions From Subprime Derivatives
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Video Rentals:

Video rental stores struggle to survive
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Alternative Fuel:

Unions 'stepped out of comfort zone' to build plant
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'It makes us all look so stupid'
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BioEnergy to sell business
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Mass Torts:

Lawyers sue each other in tobacco case
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In Vioxx Settlement, Testing a Legal Ideal: A Lawyer's Loyalty
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50,000 Vioxx claimants sign up for Merck accord (AP)
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Congoleum Says Future Claimants File An Amended Reorganization Plan
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Everest Re faces Q4 asbestos cost
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A.M. Best Comments on the Conclusion of Everest Re Group Ltd.ýs Asbestos Reserve Study
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Obituaries:

Friends and family remember attorney Nick Priore
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Friends, family and colleagues gather to remember the late Nick Priore's times in court
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Art:

Dealer to remove art from his homes
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Carpet:

Propex Files for Chapter 11
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Software:

SCO Damages Trial Set For April
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Forest Products:

Great Lakes MDF halts work
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Currency:

Euro Falls to Five-Month Low Against Yen as World Stocks Plunge
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Tax:

IRS audits up
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Construction:

Default lines rumbling through construction business
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Predatory Lending:

Payday lending adds to Cleveland foreclosure woes
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NY Human Rights Division Takes On Payday Lenders
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Credit Cards:

Credit card debt looks secure, analysts say
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Credit card issuers charged consumers an estimated $30 billion in fees last year, about 6% higher than 2006
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AmEx Trust Grows 19%, Write-offs Rise 63% in 2007
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BB&T's Card Charge-Offs Fall, Delinquencies Rise
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Consumer Bankruptcy:

Eliminating the Judicial Function in Consumer Bankruptcy
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Tech:

Publicard sets exit
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MTI Tech parts with U.S. unit
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Jewelry:

Hoff Jewelers seeks bankruptcy shelter
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Student Debt:

Credit crunch likely to hamper student loans
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Photography:

Newlyweds Seething After a Photo Studio Fails to Deliver
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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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Claims Trading:

Short On Cash?
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Bankruptcy Sale Data Web Site Debuts
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Economy:

Fed Cuts Interest Rate
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Fed Makes Emergency Cut
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This Time, Rate Cuts May Not Be a Panacea
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Some get boost from slump in economy
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Fear Of Recession Intensifies
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Lehman Brothers says US one shock away from a recession
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w

Recession window closing fast
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To Some, the Widening Crisis Seems Driven by Fear, Not Facts
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"Recession is inevitable"
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Many already feeling squeeze of possible recession
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Stimulus do's and don't's
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The snare of stimulus
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Stimulus: Pay bills? Get a flat-panel?
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Parties Push for Stimulus Package
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The check's in the bank
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Would tax rebates work?
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With jobless increase, economists hope correlation is not causation
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U.S. leading indicators suggest sluggish economy ahead
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Bankers See Economy Perking Up By Summer
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Fed chief responds to calls for boldness
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Fed chief hits the spending panic button
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Experts doubt that stimulus will cure all of economy's ills
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Consumers retrench as economy weakens
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How greed, 'supercapitalism' and 'Richistan' are changing America
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Celebrities:

Kerry Katona quashes bankruptcy rumors
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Staffing:

Gromwell Group Files for Chapter 11
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Health Care:

Arriva seeks plan confirmation
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Gadsden Hospital hits a snag
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NY United Hospital creditors to recover
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Hospital costs are driving US bankrupt
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New Rules Roil Money Earned By Hospitals
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Accounting:

Leaner times may be ahead for accounting firms
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PricewaterhouseCoopers to Employees: No Holiday for You
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Corporate Reform:

SEC's Fraud Case Against Former AOL Execs Gets New Life
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Why Are the Feds Still Gunning for McAfee's Former GC?
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Corporate Impunity: Investors should be able to sue for losses caused by fraud"
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High Court to Hear Retaliation Claim of Worker Who Cooperated in Internal Probe
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Turnarounds:

Mr. Fix-It
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Corporate Governance:

Activist shareholder predicts banner year for rabble-rousing
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Creditor Rights and Corporate Risk-Taking
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Finance:

Bank loans get pricier for lower-rated firms
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The credit crisis marks a need for a return to the old school and tried-and-tested methods
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Person-to-person loans booming on the Internet
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CIT Group Reports $111 Million Loss for 2007
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Layoffs:

Hundreds of Layoffs Expected at Yahoo
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Awards:

American College of Bankruptcy Induction Ceremonies
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Four Wiley Rein Attorneys Now Certified as Business Bankruptcy Specialists
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Autos:

Champion seeks renewed arrangement
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Delphi creditors back revamping, as hurdles loom
(WSJ: separate paid subscription required)

Delphi chairman prefers bonus in cash
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Delphi's Miller didn't expect $8.3 million bonus
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Judge OKs Centrix's Ch. 11 Plan Outline
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Closure Sees Loss of 510 Auto Jobs
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Omaha Jiffy Lube mega-franchisee files for bankruptcy protection
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PTS drives off with DIP approval
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Derivatives:

Barclays starts indexes to track credit strategies
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Politics:

If Elected ...: For Clinton, Government as Economic Prod
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UK:

UK Jan house prices drop 0.8 pct from Dec
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UK pubs, Tube, Arsenal debt hit by rating cut
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Northern Rock to issue guaranteed bonds
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Britain to Aid Northern Rock Sale
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Treasury looks for new Northern Rock bidders
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Treasury insists on £5bn Rock asset buffer in bond issue deal
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Darling must pay the ultimate price for Northern Rock
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Northern Rock shares surge on bid hopes
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EU scrutiny of Northern Rock bonds could scupper plans
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Private sector rescue plan for Northern Rock
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Rock plans are 'an accounting trick'
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Dolcis goes into administration
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How the Hello! factor is driving millions into debt as they copy celebrity covergirls
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UK borrowing is worst in 10 years
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Five Million Adults Spend More Than They Earn
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China:

Bank Of China Blasted By US Subprimes
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Bank of China says not aware of reasons for unusual price moves
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Chinese banks face writedowns from U.S. subprime mess
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Shake-up ahead as Chinese property boom dies
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Bank managers fired en masse after auditor findings
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France:

Investors Abandon French Banks
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Germany:

Owners Prop Up WestLB After Subprime Hit
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German Bank Expects Billion Euro Loss
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Credit crisis raises stakes for German banking sector
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Norway:

Probes find Norwegian towns broke law with subprime investments
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8 Norwegian Towns In Crisis After Illegal Subprime Deals
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Canada:

Quebecor World seeks bankruptcy protection
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Quebecor World gets bankruptcy protection after bankers balk at financing
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Cormark coverage discontinued as Quebecor files for bankruptcy
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Spain:

Court hears Caja de Alcoy fraudulent bankruptcy case this week
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Fiji:

Qarase warns of bankruptcy
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India:

Sub-prime heat hits India
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Australia:

Ray Williams has pick of palaces to rent
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Australia's Allco Finance slide on debt worries
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Japan:

Japan's Bank, as Expected, Leaves Key Rate Unchanged
(NYT: separate free registration required)

Bank of Japan to monitor downside risks more closely
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EU:

EU finance ministers pledge more economic reform
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Daily Bankruptcy News is published each business day by BKINFORMATION.COM, L.L.C.  You can reach us at 281-242-6208 or at accounting@bkinformation.com