January 31, 2008

Daily Bankruptcy News

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Law:

Qualcomm Case Sends Tremors Nationwide
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Breaking the Associate Mold
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Pryor Cashman Adds Bankruptcy Partner
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Bonus Watch: Wilson Sonsini, Akin Gump (DC), Quinn Emanuel
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Willkie Farr revenues, profits up 20 per cent
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Jury Gives Morgan Lewis Unanimous Defense Verdict in Contract Breach Case
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Elite US firms struggle to attract senior partner hires in the London
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Are Associates too Freewheeling With Fashion?
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Women Take Majority Status at Firm
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Amid Attorney Departures, Akerman Senterfitt Offers Headhunters High Fees as Lure
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Judge of the Day: Richard Kopf
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Collecting, tinkering part of bankruptcy lawyer's life
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N.J. Supreme Court to Take Up Issue of Lawyer's Liability for Client's Baseless Claim
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For Higher Pay, GCs Need Larger Departments
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Scruggs Fallout: Tighter Rules on Lawyer Hiring
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"Kidnapped" attorney admits role in missing funds, says she'll drop law license
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U.K. Lawyer Confidence Down for First Time in Six Years, Poll Shows
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Cadwalader follows US job losses with London support cuts
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Fake Associate Gets Probation After Repaying Firm $150K in Salary
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The Tallest Lawyer Ever?
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Husband and Wife Lead Eight-Lawyer BigLaw Defection
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BigLaw Firm Hopes Time Has Run Out in $20 Million Malpractice Suit
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NY Firm Faces Allegations of Double-Crossing Embattled Client
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Say What?!
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Judicial Seminars Derided As Junkets Under Scrutiny
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Some Midsized Firms Bulked Up Staff in 2007
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Small L.A. Boutique Attracting Big-Time Clients
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Records show signs of trouble in Judge Medina finances
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Lawyer: Street Performer Cost Me $100K
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Judge Has Lawyer Handcuffed to Client, Jailed
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Miserable Law Firm Employee Writes Advice Columnist
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Lawyers Do the Darndest Things
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Stable Accuses Lawyers Of Malpractice
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Banking:

Banks 'May Write Down $70 Billion'
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In Europe, Questions Over Continuing Write-Downs
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More Subprime Pain in Store
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Beyond Bank's $7 Billion Loss, Fear of More
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French Bank Defers Vote on Removing Chief
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France Presses Bank to Dump SocGen Chief
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Societe Generale directors huddle for crisis talks
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Pressuring Europe's banks
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Action To Proceed Against Lenders, Banks For Aiding and Abetting
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Retailing:

Lampert Admits Flubs
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Lampert's Letter: No Admission of Failure
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Ailing Fortunoff Attracts a Suitor
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Wall Street:

Merrill to Exit CDO, Structured Credit Businesses, Thain Says
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Asia gripped by volatility after Fed rate cut
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Futures Fail to Get Momentum, Lower Open Expected
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Fed fails to boost Wall St
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European Stocks, U.S. Index Futures Drop; ING, UBS Lead Retreat
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FTSE 100 tumbles below 5,800
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Enron:

If You Invested in Enron, Read This Now
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Utilities:

As Calpine emerges from bankruptcy, shareholder protests
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Entergy files with PSB for 'NewCo' approval
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Alternative Fuels:

Is the ethanol boom about to bust?
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Credit Cards:

Advanta's Q4 Charge-offs Increased 54%
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Beware the Credit-Industrial Complex
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Bankruptcy Statistics:

TN leads in going broke
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Accounting:

Trained to follow money trail
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Video Rentals:

Movie Gallery's employee incentive plan approved
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Bankruptcy Reform:

MBA Continues Fight Against Cramdowns
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Jewelry:

Friedman's can access 2 DIP loans
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Furniture:

Bassett loses $4 million in quarter
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Manufacturing:

Fedders' unit stalking horse OK'd
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M&A:

Credit Card Processor Sues Blackstone to Finish Buyout
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Tech:

A Bad Tech Project Leads to Bankruptcy
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Administrative Claims:

Administrative Priority Granted to Secured Claim
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Real Estate:

Subpoena Deepens Countrywide's Woes
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Foreclosures up in MD 455 percent in '07
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Subprime, CDO Bank Losses May Exceed $265 Billion, S&P Says
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Noteholders object to TOUSA bankruptcy plan
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Tousa debt swap needs syndication
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A downward spiral in home prices
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Should the Federal Government freeze foreclosures?
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D.C. full of 'solutions'
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A home buyer's market? Hardly
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Broward, Palm Beach County home starts plunge
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Stock exchange delists NovaStar Financial
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The Numbers Behind National Century Collapse
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Who's in the FBI's Crosshairs?
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State Subprime Probe Takes New Tack
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Tensions Rise in Lending Probes
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Builders spent millions in escrow money
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Subprime Lenders Get Tax Breaks in U.S. Senate Stimulus Plan
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Homeowners late on loans often don't seek help
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Calif. State Senate Defeats Foreclosure Aid Bill
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Homeowners in Trouble--Don't be an industry statistic
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Florida residents' top fear is housing
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Seattle offering anti-foreclosure loans to homeowners
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Why Don't More "Money Experts" Suggest Chapter 13 To Save Your Home From Foreclosure?
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Redlining haunts U.S. - Minorities' fear of banks led to foreclosures
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Economy:

U.S. growth skidded lower in the fourth quarter and was the weakest in five years for all of 2007
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Fed finally realizes it's bad out there
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Is Greed Good? The Professor vs. The Senator
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Consumers cut back.
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Consumption Slowed in December
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Greenspan doubts Fed's ability to prevent recession
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CFO optimism plunges on recession fears
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Survey of CEOs showed optimism about economy
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Fed lowers overnight rate to 3%
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Bernanke hits the joy button
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Senate panel passes $157 billion stimulus plan
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Showdown Nears on Stimulus Bill
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Tax rebate is unfair, unnecessary pandering
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U.S. economy expanded a mere 0.6% in fourth quarter
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Fraud:

Kerviel: "I wanted to make money for my bank"
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Kerviel made millions from mortgage meltdown
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A different set of trades at Societe Generale -- those by a director at the troubled French bank -- are raising new questions
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SocGen backs chairman after rogue trading scandal
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Bank Defies French Elite and Keeps Chief, for Now
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France won't leave SocGen to predator
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BNP Paribas reveals interest in Societe Generale
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Insurance:

Chubb says it can handle higher D&O claims from credit crisis
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Cross-Border:

The Retrogressive Flaw of Chapter 15 of the Bankruptcy Code: A Lesson from Maritime Law
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Autos:

Dana increases discount on bankruptcy exit loan
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CAW sets sights on Ottawa
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Isuzu to leave the US market
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Auto Woes Push Key Supplier to the Brink
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Auto sales start year as feared
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Golf:

Diablo Grande's money woes escalate
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Distressed Investing:

Invesco closes $4bn distressed fund
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Scion shuts Asian funds to focus on implications of a recession
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Celebrity:

Pearlman's fraud trial delayed at least 1 month
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Bankruptcy Crimes:

Indictment of Deborah Carona amended
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Transport:

Transportation firm files Chap. 11, agrees to deal
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Summit Global Logistics Announces Restructuring, Ch. 11
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Corporate Reform:

Carolina Investors: Morris begins jail sentence
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Convenience Stores:

AmeriStop franchise owners fight for leases
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Pensions:

Large corporate pension plans now underfunded
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Hidden fees eating away at 401(k) plans
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Debt Morality:

Moral Responsibility to Pay?
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Insurance:

ING Re's foreign proceeding recognized
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Plan Confirmation:

Plan Rejection Upheld Because of Vote 'Gerrymandering'
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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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Investment Banking:

Lazard's restructuring business picking up
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Profit Up, Lazard Defies Investment Banking Trend
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FTI Consulting Identifies Key Drivers Affecting Corporate Borrowers and Restructurings in 2008
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Health Care:

Analysts Predict Hospital Bad Debt Will Grow to $14.6 Billion This Year
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Hospital union protests firings
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Health Care Institutions Headed for and in Chapter 11
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Hedge Funds:

Executive Gets 20-Year Term for Bayou Hedge Fund Scheme
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Hedge Fund Competition for Distressed Public Companies
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Hedge Funds Oppose Tousa Refinancing
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Ritchie Capital motion to dismiss suit denied
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Bayou creditors can probe brokers
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Bonds:

Bond/Derivatives Loophole Is Revisited
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Conn. Attorney General subpoenas bond insurers
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Bond Insurers Under Assault
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Bond insurer MBIA swings to loss
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Derivatives Write-Downs Hit MBIA
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MBIA Posts Biggest Loss, Considers New Capital Plans
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The Battle Over MBIA
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A Warning on Insurers Frays Nerves
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Regulators should halt bond insurer dividends
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Timber:

Schwarzenegger adds voice on Pacific Lumber
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Derivatives:

The minefield of derivatives
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Payroll Services:

Anxiety over Axium exit
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Layoffs:

Eddie Bauer lays off 123
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Gambling:

More troubles for the Trop
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Bank Blows Whistle On Casino And CEO Based In Atlantic City
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Credit Suisse and Harrah's: Whither those loans?
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Mining:

Mexico mining firm plans to regain Asarco
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Irrigation:

ET Water to seek plan confirmation
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Telecoms:

Prosser takes the Fifth 750 times
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Enron:

Citi separation agreements don't block Enron from access
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Politics:

Down and out: Edwards' divisive message falls flat
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Finance:

PIMCO's Gross says LBO debt not cheap enough
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LBO companies' health could be worse than it looks
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The Mystery of Low Defaults For Leveraged Loans
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Oversecured Creditor May Collect Pre-Payment Penalties From Solvent Debtor
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UK:

Mortgage Approvals Drop to Least Since 1999
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Jump in firms in critical condition
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The credit crunch is starting to bite
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Code change puts onus on banks to protect borrowers
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IVA providers issue voluntary code of conduct
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Thousands struggling with mortgages, says housing charity
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Begbies Traynor's Red Flag Alert Statistics Signal Tough Times Ahead
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Post office network could face bankruptcy
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Canada:

Royal Bank to take further writedown related to bond insurer
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Federal Gypsum restructuring plan approved
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Japan:

Japanese megabank Mizuho says profit falls 32 percent April-December on US subprime woes
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Japan megabanks hit by subprime losses
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Japan's 5-Year Notes Rise as Recession Outlook Caps BOJ Rates
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China:

As credit grows, China caps mid-size banks' new loans
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Germany:

Kirch offers bank guarantee
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EU:

ECB Pumps ý50 Billion Into Markets Ahead of Meeting
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Australia:

Australian Stocks Complete Worst Month in More Than 20 Years
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Centro Pressed by Challenges
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Travel Orders Against Westpoint Directors
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