July 23, 2008

Daily Bankruptcy News

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Law:

BigLaw Behaving Badly? Suits Against Firms Moving Forward
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Online Searches for Bankruptcy Attorneys up 37%
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BigLaw Boom Goes Bust as Phoenix Market Slumps in the Ashes
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Why some firms need to admit they can't play with the big boys
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'Cravath Model' that Created Have and Have-Not Law Grads Could Implode
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Women Lawyers from 31 Firms Team Up on Recruitment, Retention Issues
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How a lawyer from the Bronx lands one of the biggest corporate fraud cases in history - and takes on the Kremlin in the process
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How Scared Students Should Tackle Job Interviews
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A Conversation with Jay Zimmerman
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Malpractice Wedgie: Intimate Apparel Clients Sue Two Firms
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"Batman" Arrested for Assaulting Mom, Sis
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Bear Fund Manager Beefs Up Legal Team With Beltway Big
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Lender-Liability Suits Rise
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Law Firms Held Liable for Fees in 'Tissue of Lies' Suit
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Backup Elder Care Is Latest Benefit Offered by Big Law Firms
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Prominent Nashville Attorney Files Bankruptcy
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'Tighty-Whities' Caption Contest Winner
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Update on Everyone's Favorite Cravath Alum
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Trading Places: At Law School, A Clash Over Classes for Cash
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Firm Unveils Comical 'Lawyer Job Interview Translator'
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Judges:

Commission Recommends Reprimand for Judge Who Criticized Colleague in Opinion
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Lender CEO OK'd Judge's Refi While Class Action Was Pending, Magazine Says
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Banking:

Bank Investors Expect Less as Losses Mount
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FDIC Underestimated The Risks Of Falling Home Prices
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Wachovia has $8.9B loss, cuts 6,350 jobs
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Wachovia's Steel Plans to Cut Expenses, Sell Assets
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Losses drive Wachovia to government-backed lending
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Wachovia debt protection costs fall as stock recovers
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Wachovia Walloped by $6.1B Goodwill Hit
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Wachovia: We're Not For Sale
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Big banks' dividend gamble
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Banks vulnerable but buyers are wary
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Fifth Third posts a loss
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Economy:

Bush on Economy: 'Wall Street Got Drunk'
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Two Fed banks wanted rate hike in June
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Oil Falls to 6-Week Low
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Nymex Oil Interest Shrinks as Senate Pushes to Curb Speculation
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Merrill Cuts 2009 US GDP Forecast
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Speculators Aren't Driving Up Prices, Report Finds
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A Depression? Hardly
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Layoffs:

United, deep in the red, announces more job cuts
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Mining:

Asarco workers threaten strike if Grupo Mexico re-takes control
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Asarco workers contemplate future under Grupo Mexico
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Fraud:

Pharmed founders charged with fraud
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Brothers accused of bilking $5 million from Miami-Dade hospital
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Package Delivery:

UPS Says Profit Fell 21% on Fuel, Slowing Economy
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Student Debt:

For many, real life begins with big debts
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Accounting:

FASB set to change off balance sheet accounting
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No downturn at Deloitte, as annual revenues rise 18%
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Real Estate:

Housing Package Deal Reached
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Bush Drops Veto Threat
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CA foreclosures up 261%
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Record number of California homeowners default on mortgages
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Foreclosures leveling off?
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Home Prices Fell 4.8% in May as Banks Cut Lending
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Problems at Loan Giants Push Mortgage Rates Higher
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Mortgage giant rescue could cost $25B
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CBO Comes Close to Saying It Made Up That $25 Billion Freddie, Fannie Rescue Cost Estimate
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Treasury official sees GSE legislation "soon"
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Paulson Cites Global Stakes in Fannie-Freddie Rescue
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Fannie, Freddie shares sink at opening on Tuesday
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GMAC Says Marano to Replace Jones as CEO of ResCap
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Mortgage Rates Near a Year High
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Newhall Land owner safe until June
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Foreclosure Halted for Couple Who Say They Were Tricked Into Selling Home
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As Foreclosures Mount, Condo Associations Battle With Lenders
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Builders Sue Banks That Pull Financing
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Mortgages Ltd. invites lenders to browse
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A Mortgage Rescue Strains Calculations
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Developer Calls For Changes in the National Housing Bill so It Does More for Working Families
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California Sues Countrywide
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Aviation:

United reports $2.7 billion loss, stock soars
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UAL Rises Most Since 2006 on Job Cuts, Chase Accord
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US Airways reports 2Q loss of $567 million
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JetBlue Plans Cuts in Seat Capacity, Jobs After $7 Million Loss
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Which Airlines Could Face a Cash Pinch in 2009?
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Airlines Blame Fuel Costs for Losses
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Auction purges ATA of cubicles, check-in kiosks
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Boeing Optimism on Plane Sales Doesn't Sway Investors
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Mega-carriers to rule the skies
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EU probe sees Italian loan to Alitalia as unacceptable
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Lufthansa Grounds 990 Flights as Pilots Strike on Pay
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Lawmaker urges govt to probe financial situation of Air Macau
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Oil/Gas:

SemGroup units file for reorganization
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Canadian oil producers shrug off SemGroup exposure
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Oil hedge losses sink SemGroup
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Industry analysts: SemGroup can recover from huge oil hedging losses
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Oyska's reorg approved
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Bankruptcy Crimes:

Man sentenced for lying to bankruptcy court
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Hedge Funds:

Hedge fund performance flat in first half
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Resorts:

Judge strips control of Double JJ from owner-founder
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Gambling:

Pechanga casino to lay off 400
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Boating:

Troubled economy rocks boating industry
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Boat sellers and servicers are victimized by bankruptcy riptides
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Yacht seller takes on water
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Predatory Lending:

Federal Usury Bill
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Credit Cards:

Must Read Empirical Study on Credit Card Profits
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UST:

U.S. Trustee Program Office Locator
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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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Autos:

GM, Ford 'On the Verge of Bankruptcy,' Altman Says
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GM bonds now worth buying, JP Morgan says
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Manufacturing Plant Faces Closure
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Auto execs' hopes dim for '09
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Ford poised for big changes
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More Good News from the Big Three
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DynAmerica gets interim DIP use
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Gibson gets interim cash use
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Wall Street:

The Street jumps as oil slumps
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Banks Post Losses, Stocks Soar
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Brokerages relied on traders to price mortgage-backed bonds: SEC
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IPO market dead until 2010, say venture capitalists
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N.Y. is hurting due to Wall Street bonus cuts
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Bonds:

Assured Guaranty Review by Moody's Isn't Justified, Ross Says
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Assured Guaranty Plunges, Bond Risk Soars on Moody's Review
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Triple-A monolines: A dying breed
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Bankruptcy Reform:

Congress Receives First Report Required by 2005 Bankruptcy Law
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Health Care:

DMH to go on auction block
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Health centers get OK for loan
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Our Lady of Mercy Hospital joining Montefiore Medical Center
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Politics:

Kentucky senator slams support for mortgage giants
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Informal Obama economic advisers testifying today
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Food/Drink:

Fortress offers takeover of 127 Buffets restaurants
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Bankruptcy Litigation:

Second Circuit Green Lights Parmalat Case
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Debt Collection:

Debt Collector Went Too Far, Woman Says
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Retailing:

Reading, 'Riting, and Retailing
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Latest mall departure
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Hearing set on LNT waiver of DIP conditions
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Dawahares stores will close by mid-September
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Tax:

Attack of the Global Pirate Bankers
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UK:

Insolvency Professionals predict an upsurge in business insolvencies in 12 months time
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Administration figures on the rise
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King Wanted Bank of England to Have Power in Rescue Decisions
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Lose the safety net and banks might find balance
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'Debt seen as a way of life' experts claim
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New mortgages hit record low
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Mortgage advisers are 'failing customers'
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Sub-prime lender offers 'golden goodbyes'
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King: Banks should put up billions for compensation
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Rich Londoners Finally Feel Pain
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Germany:

IKB set for further €500m writedown
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Japan:

Japanese golf course operator Sunhills files for bankruptcy
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