July 17, 2008

Daily Bankruptcy News

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Law:

Befuddled Bankruptcy Lawyers Asking "Where's the Kaboom?"
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Law Firms Wait for Bankruptcies
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Solid Growth for Allen & Overy and Linklaters
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Holland & Knight Tries Success Fees, Considers Ousting Unproductive Partners
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Layoff Watch: More About Pillsbury Winthrop
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Global focus drives UK top 50 as firms weather global crunch
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How the legal world fared over the past year - and what they expect to happen next
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The Latest Wachtell Memo on Short Selling: Did it Move the SEC?
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BigLaw Breaks Its Simple Rule: Don't Sue Banks
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At Virtual Law Firm, Lawyers Will Work at Home, Earn 85% of Billings
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The Client View of Legal Outsourcing
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Lead Plaintiff Pick Rejected as Merely 'Pawn of Counsel'
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Bush claims privilege to withhold CIA leak records
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McGuireWoods Ousts Managing Partners in Four Offices
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Indianapolis Bankruptcy Attorney in National Spotlight
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No Offices, No Associates: The Next Big Thing in Lawyering?
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Subprime Securities Litigation: Key Players, Rising Stakes, and Emerging Trends Part III of A NERA Insights
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"Witch" Glitch: Attorney Argues His Blog Post About Judge Was Protected Speech
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40 Days and 40 Nights: Firms in Iowa Reopen After the Flood
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N.Y. Court Affirms Ex-Law Firm Partner's Larceny Conviction
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Business Development and the New Library
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Lawyer Faces Reprimand for Not Telling Clients He Botched Two Appeals
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What Your Office Decor Tells About You
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Lawyer-rating site loses Supreme Court battle
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Wall Street:

Wall Street soars as bank shares set record
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UK Stocks Advance
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Wells Fargo Leads Banks to Biggest Gain in 2 Decades
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JPMorgan Profit Falls 53% Amid Higher Charges
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Oil Retreat Sets Stocks Free
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Market awaits Merrill Lynch results
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Merrill Lynch Abandons Effort to Sell Its Stake in BlackRock
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Merrill to Sell Its Bloomberg Stake for $4.5 Billion
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SEC's Cox: Emergency Order 'Prudent' Step Amid Turmoil
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A Short-Selling Shield, But Just for a Few
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SEC Subpoenas Major Banks in Short Selling Probe
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Goldman Sachs angered by Bear Stearns share price claims
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Did Fannie Mae Dividend Halt Lead To The Cox Rule?
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In defense of short sellers
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Short sellers boom in June as SEC tries to shut them down
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Stock Bear Markets Seen Deepening on Credit Concern
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Bear, Lehman execs questioned Goldman about rumormongering
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How Bad Will It Get on Wall Street?
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Pakistani Investors Stone Karachi Exchange as Stocks Plunge
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Food/Drink:

Pierre Foods Receives Court Approval on All 'First-Day Motions'
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Financial Executive Becomes First Le-Nature's Employee to Face Criminal Prosecution for Fraud
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Celebs:

Keeping up with Lou Pearlman
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Lou Pearlman ordered to pay $300 million to Ponzi scheme victims
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Judge Says Con-Man Lou Pearlman Has To Move To Federal Prison
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Furniture:

Western Nonwovens sells Orlando plant
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Hedge Funds:

SEC crackdown has hedge funds scrambling
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Hedge Funds Claim Victory in CSX Battle
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Knight Tumbles as Profit Trails Estimates on Deephaven Fees
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Payday Lenders:

Some Payday Lenders Skirt Law
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Corporate Governance:

Dysfunctional Deference and Board Composition: Lessons from Enron
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Telecoms:

Charter Communications: Bankruptcy Filing Looming?
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CAT files for Ch. 11
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Biotech:

Fame-courting biotech running short of cash, bankruptcy possible
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Utilities:

Deregulation Jolts Texas Electric Bills
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Corporate Governance:

New Book on Corporate Governance
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Credit Cards:

Capital One Reports Increase in June Charge-Offs
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Personal Finance:

People Not Tapping Into Credit Despite Economy
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Real Estate:

Housing Starts Unexpectedly Jump
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FBI mortgage probe expands from 19 to 21 firms - IndyMac reportedly among them
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Swiss Re Falls After Reporting US Agency Holdings
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Fannie, Freddie spent $200M to buy influence
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Fannie, Freddie Plan Is Under Siege
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Saga of Fannie and Freddie
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Administration presses for mortgage giant rescue
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SoCal home prices drop 29.3 percent in June
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Worried Banks More Willing to Negotiate Mortgages
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US Homebuilders Glum
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Suicide suspected in death of Scott Coles, head of Mortgages Ltd
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Countrywide fined $325,000 for ripping off consumers
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Class Says Countrywide Colluded With KB Home To Duck The Law
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KB, Countrywide Sued Again
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Hamptons House Prices Fall Amid Wall Street's Decline
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Home auctions surge nearly 47 percent since 2003
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Downey Savings Paid Brokers up to $50k Commission On Each Loan
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Cuomo: Home loan discrimination may be industry-wide
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Banking:

Derivatives Signal Bank Funding Difficulties Will Persist
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Wells Fargo CFO sees big opportunities in the credit crisis
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Second Liens Still Lurking at Wells Fargo
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FBI probing IndyMac for possible fraud
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Natixis Falls on Report It May Have to Raise Capital
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HBOS, RBS Decline as UK Bank Index Slumps to 10-Year Low
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SEC's lame short-selling move means bank stocks will be overvalued
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Aviation:

Heavy Airline Turbulence Ahead
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Delta, AMR post combined $2.5 billion 2Q loss
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Shares Rise at 2 Carriers, Despite $1 Billion in Losses
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Qantas May Cut 2000 Jobs Next Week
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Airline crisis boosts biofuel drive
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Delta CEO says merger benefit likely to reach $2 billion a year
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Delta CEO names top leadership after merger
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Continental Air Has $3 Million Loss on Fuel Costs
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Alitalia rescue involves staggering job losses
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Ryanair Grounds Planes, Shuts 7 Bases, as Costs Rise
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Autos:

Auto bankruptcy would drive away buyers
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GM moves to secure $15 billion cushion
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Cutback plans boost GM stock
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GM's Wagoner to meet with McCain Friday
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GM cuts especially painful in Michigan
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White-collar Chrysler retiree group looks to protect benefits
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Progressive Moulded can use cash
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Expansion, accounting doom Stratus
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Retailing:

Shoe Pavilion files for Chapter 11 bankruptcy
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EBay Falls as Consumer Spending Slows at Its Retail Web Sites
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Too Many Malls Swamp Developers
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Video Rentals:

Movie Gallery: Bankrupt values, bankrupt company
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Health Care:

State funding cuts strain finances of New Jersey Catholic hospitals
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Medicare to Cut Insurer Fees After Veto Is Thwarted
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While the U.S. Spends Heavily on Health Care, a Study Faults the Quality
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Municipalities:

Vallejo opposes unions' bid to speak on retirees' behalf
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Jeffco lawmakers' help needed for session on sewer debt, Riley says
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Private Equity:

What, Me Worry? PE Investors Shrug Off Stumbles by Portfolio Cos.
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Software:

Judge orders SCO to pay Novell $2.6M
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Pigeons:

Farmers lament Pigeon King
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Forest Products:

Moving the PALCO case to a conclusion
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Recording Industry:

Investor Says Partners Cheated Him In Deal For Death Row Records
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Layoffs:

Closures & Layoffs (July 13-19)
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Religion:

Joel Osteen, one of the biggest beneficiaries of the slumping economy
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Insurance:

D&O Insurance: Defense Expense Advancement
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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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Turnarounds:

Mastering the Turnaround
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Avoidance Actions:

Tousa's lenders sued
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Finance:

Companies to Face Pricier Credit
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CIT Has Fifth Straight Loss on Mortgage Unit's Sale
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Economy:

U.S. 'Misery Index' Climbs to 15-Year High on Prices
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Welcome to the Frozen Economy
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Americans may be losing faith in free markets
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US Factory Output Rose More Than Forecast on Autos
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Bernanke tries to settle nerves over economy,banks
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Treasurys fall on inflation worries
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Consumer Prices Up 5%, 17-Year High
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Mixed Messages and a Tense Economy
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Some Fed Officials Favored Rate Rise 'Very Soon'
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Paulson Hit by Investors as He Seeks to Halt Crisis
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Sovereign funds cut exposure to weak dollar
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The real reason why bankers feel so gloomy
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Economic Fears Slice Oil Prices for Second Day
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Tax:

Cracking Down on Tax Evaders
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How UBS and LGT helped rich Americans duck the taxman
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Senate Report Examines Role of Banks in Tax Evasion
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Tax Evasion Costs U.S. $100 Billion
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Seven plead guilty in $50m US tax fraud case
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Skadden Lawyers Among Those Headed to Senate Tax Evasion Hearing
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New IRS Rules Target Secret Offshore Bank Accounts
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Politics:

Showdown looms over housing bill
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Newspapers:

USA Today ad sales fell 27% in June
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AJC cutting staff by 200
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WSJ shaves 50 from payroll
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Oregonian closing 3 metro bureaus
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Advertiser's 54 layoffs reflect industry trend
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Drop-Off in Advertising Lowers Gannett's Profit by 36%
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Hockey:

Del Biaggio may have skirted full NHL review
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Printing:

American Color Graphics Granted Approval of First Day Motions
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UK:

Bankruptcy move defended
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Insolvency: a licence to print money
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How Chapter 11 works
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Bankruptcy fears as Aberdeen council's cuts double to £50m
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Chapter 11-style bankruptcy protection would hurt the economy
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Unemployment rise at 16-year high
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Britons face losing everything as Spanish construction industry goes into meltdown
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Canoe man John Darwin had affair, says wife Anne
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Eurotunnel Profit Jumps
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Losses at Equitable 'down to regulators'
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Darling faces Equitable Life payouts of £4.5bn
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UK Told to Compensate Equitable Life Policyholders
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Morgan Stanley, Dresdner May Have to Buy HBOS at Loss
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Insolvency practitioners shying away from IVAs
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Dawnay, Day fund manager may defect
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Creditors act to recoup loans at Dawnay Day
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New Zealand:

Roll out the Lada as bankruptcy moves start against Bridgecorp boss
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Court orders Blue Chip founder to pay $15.4m
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Spain:

Spain drops reassuring gloss as crisis deepens
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Spain defends move not to aid troubled builder
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EU:

Clouds darken Europe's growth prospects
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Russia:

Khodorkovsky Challenges Medvedev
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Poland:

EU gives shipyards last chance till September
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China:

China's economy slows in second quarter
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