January 24, 2008

Daily Bankruptcy News

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Law:

K&L Gates Names New Bankruptcy Partner
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How One Law Firm Is Reaping The Credit Crunch Whirlwind
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Laid Off Cadwalader Lawyers Got Little Notice, But Months of Severance Pay
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Lawyer Layoffs: A Report from the Front Lines
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London giants to redeploy lawyers in response to shifting markets
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Waller Lansden Appoints Bankruptcy Lawyer Chairman
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DLA adds Sidley partner to NY restructuring team
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Pay Raise Watch: Paul Hastings to $160K in Atlanta
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Bonus Watch: K&L Gates (New York)
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We Hear From john quinn of Quinn Emanuel
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Mitchell Silberberg & Knupp Launches "Subprime" Practice Group
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Quinn's Late Show Has Happy Ending for Firm
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Judge channels Woody Allen
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The Dark Side of Mentoring
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Lawyers going green, at $700 an hour
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Insiders Offer More Details on 55-NY Lawyer Raid After Failed Merger Talks
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Not Your Mother's Legal Practice
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Flexibility, Even With Long Hours, Facilitates Happy Family Life
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The Recusal Kerfuffle at the West Virginia Supreme Court
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Firm Cautioned for Walking 'Fine Ethical Line' in Case
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Drafting Agreements With a Litigator's Eye: A Practical Guide
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Kumari Fulbright Gets Saucy
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Women Judging Women
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Suit says bad legal advice cost Fla. man profits from McDonald's restaurants
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TX: Medina melodrama
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Jury Blocked From Reindicting a Justice
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What the Anna Nicole Smith case tells us about the legal system
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Judge Orders Courtroom Scrubbed After Learning of Lawyer's Condition
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West Va. justice seeks probe of colleague's ties to Massey
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Say What?!
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Wall Street:

Stocks Soar Into Green; Dow Up 175 Points
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Furious Rally Eases Street
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European stocks fall
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Asian Share Markets Rise
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Autos:

GM, Toyota in Virtual Tie for 2007 Auto-Sales Title
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In Global Race, GM Wins by a Day of Pickup Sales
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Why Falling to No. 2 Would Be Good for GM
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Ford to Offer New Buyouts
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GM offers employees up to $140,000 to leave
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Delphi coming out of Chapter 11, but execs getting less cash
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S&P Sees More Problems with Auto Loans
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Student Debt:

Sallie Mae's Gamble Backfires
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SEC probing Sallie Mae actions near stock sales
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Lincoln Ed Gets Termination Letter From Sallie Mae
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Sallie Mae Lost $1.6 Billion in 4Q
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Printing:

Quebecor World Faces Deadline for $1 Billion Bankruptcy Loan
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Quebecor meets loan deadline by minutes
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Bankruptcy Reform:

No time to waste
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Creditors Warn Against Bankruptcy Changes
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The courts and mortgages
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Environmental:

El Paso wants right to ask for ASARCO air permit to be revoked
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City asks for delay of Feb. 13 Asarco hearing
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Politics:

Presidential Candidates' Subprime Solutions
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Video Rentals:

Movie Gallery reaches deal with creditors
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Movie Gallery plans closure of 'several hundred' more stores
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Enron:

Citigroup Trial May Double Enron Creditors' Payout
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Retrial of Merrill Lynch execs in Enron case delayed due to appeal
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Enron: Extortion, Interrupted
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Furniture:

Domain seeks speedy auction in bankruptcy court
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Domain DIP requires fast sale
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Credit Cards:

Capital One profit down 42 percent
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Sen. Feinstein Introduces Legislation Requiring Credit Card Companies to Better Inform Consumers of Potential Costs
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Real Estate:

NovaStar unit faces involuntary bankruptcy filing
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Suit claims Fidelity abuses homeowners
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Sixth Circuit Rebuffs Foreclosed Pro Se Litigant
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Boxer offers plan to halt foreclosures
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Court: New Century Probe to Continue
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AIG Bails Out $2.2 Billion SIV
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Moody's Drops IndyMac
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Betting against the BoA - Countrywide deal
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Was B of A Blindsided by Countrywide Lawsuits?
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Affordable Housing Agency Files For Bankruptcy
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Subprime is delighted to be word of the year
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KY governor pushes new law to try to curb mortgage fraud, foreclosures
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MGIC Shares Buffeted by Rising Payouts
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Boise Place avoids forced sale... for now
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Mortgage rates fall even more
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Ohio AG Sues Freddie Mac for Housing Fraud
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Housing bailout: winners and losers
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Multifamily Sector Troubles Mount
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The high cost of foreclosure
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Movies:

Filmmaker puts American debt in Sundance spotlight
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Economy:

Bush, Lawmakers Nearing Economic Stimulus Accord
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House Democrats Agree on Stimulus
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A Fear That the Cure Could Be Poison
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The Downside of a Quick Fix
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"Who were you the CEO of?"
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Stimulus package not aimed at homeowners
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Rebate checks floated as way to boost economy
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CBO predicts corporate profits will rise a mere 1.1%
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Rate cut could cause more harm than good, claim economists
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How Low Should the Fed Go?
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U.S. Policies Evoke Scorn at Davos
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Bonds:

Bond insurers surge on hopes for bailout
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Next on the Worry List: Shaky Insurers of Bonds
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New York Meets With Banks On Stabilizing Bond Insurers
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Mass. Subpoena Targets Bond Insurers
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Banks pressured to bail out bond insurers
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More Companies Seen Reneging On Bonds
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Banking:

Bank of America plans $6B stock sale
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Citigroup abandons US branch expansion plan
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Gates Calls for Kind Capitalism
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SocGen's Not-So-Funny Money
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Societe Generale Reports EU4.9 Billion Trading Loss
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We will bounce back, SocGen chairman tells clients
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Societe Generale, the Talk of the Town
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Fraud Hammers Societe Generale
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Aviation:

Delta Posts Quarterly Loss
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Mesa Air Banks on Turnaround
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Fuel cost behind merger talk
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Paper:

Bankruptcy Judge OKs Marcal Sale
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Chemicals:

Solutia's exit from bankruptcy delayed on credit woes
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Banks back out of Solutia financing deal
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Horse Racing:

More pressure on NYRA deal
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Vote could hinder NYRA negotiations
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Health Care:

National Century trial brief a peek into complex fraud case
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Hospital Site Hits the Auction Block
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15 months later, $932 remains on hospital bill
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Total Vein files to block lawsuit
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Hospice owner says feds forced bankruptcy
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Hydro Spa rubs out old reorg plan
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Court considers plan for sale of troubled nursing home chain
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A Plan To Sell Haven Homes
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Judge clears Pharmed's asset sale
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Municipalities:

Half Moon Bay explores settlement
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Payroll Services:

Second Solidus DIP faces challenges
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New Bankruptcy Opinions
(2 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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Economy:

US economy still strong and open
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Bloomberg on Stimulus Plan: 'The Jig Is Up'
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Recession 2008: How bad it can get
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Bernanke's Depression Research Drove Rate Cut
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Jewelry:

Diamond Sellers Seek Friedman Bankruptcy
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Alpha Omega jewelry liquidation sales likely this weekend
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Photography:

NJ sues for brides' jilted photos
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Wedding photography chain to file for bankruptcy
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Food/Drink:

Buffets Holdings says bankruptcy court OKs funding
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Old brewery foreclosure sale OK'd
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All American Bottled fight continues
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Staffing:

Axium Staffing Unit to Be Auctioned
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Judge accepts $8-million bid for Axium staffing subsidiary
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Rival bidder wins Axium biz
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Publishing:

McGraw - Hill Cos Profit Falls 31 Percent
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Credit Counseling:

Economic Slowdown Sends Many Consumers To Credit Counselors
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Carpet:

Propex Wins Court OK to Tap $60M Loan
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Hedge Funds:

Investors snap up U.S. hedge funds even as returns sag
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Sunk in the Bayou: Another hedge fund blow-up
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Layoffs:

Five million more unemployed feared in 2008
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Nelnet to Cut 300 Jobs
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Aqua Glass lays off workers
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Hiring Freezes Cushion New Layoffs
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Debt Collection:

Debt collectors and the law of community property
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Insurance:

Highlands protects U.S. assets
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Mountains swaps debt for equity
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Fraud:

'Rogue Trader' Loses Bank $7 Billion
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Finance:

Banks must 'purge' loans before LBOs resume, says Cerberus boss
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Corporate Reform:

Bill Would Place Judicial Constraints on Deferred Prosecution Agreements
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SEC Sues Investment Firms in Georgia, Delaware
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Ex-Monster CEO to avoid prison time in options case
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Oil/Gas:

Wider Troubles Trickle Down to Oil Sector
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It's time for consumer issues to get attention
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UK:

£200m tax reprieve for small businesses
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FSA launches first prosecution of GC
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IVAs 'not a quick-fix for debtors'
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Northern Rock is 'second mortgage' for us all
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Rock's status in the balance
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Mortgage approvals drop further
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Experience quota slashed for IVA practitioners
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EU:

European Bank Chief Is Cool to a Rate Cut
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European govt bonds sharply up as Fed rate cut fails to lift
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Japan:

Japan feels the chill as it peers nervously down slippery slope of economic decline
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Japan manuf sentiment hits 2-yr low
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Company bankruptcies in Japan should rise in '08
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Russia:

Khodorkovsky Case Update: Politics Increasingly Transparent
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China:

Chinese Growth Hits 13-Year High
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