July 24, 2008

Daily Bankruptcy News

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Law:

Court Orders Dickie Scruggs to Ky. Federal Prison
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GCs Bristle at Proposed Disclosure Rules
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Stephen C. Jacobs Joins Distressed Investing Group
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Dechert Adds Corporate Governance Partner
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Partner Installs Treadmill in Office, Walks All Day to Lose Weight
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The Sapphic Summers: An Update
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Lawyer of the Day: David Bono
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DLA Piper targets key global clients
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Federal Judge Calls Halt to Ugly Fee Dispute
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Partner Inks Record Deal, Gets Set to Go on Tour
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Lawyer's Display Lays Bare Debate Over Tactics for Client Advocacy
(WSJ: separate paid subscription required)

Learn From Past Defeats, But Don't Tell Opposing Counsel or Judges About 'Em
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How to Be a Swell Boss
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Some GC Bonuses Dwarf Am Law 100 Profits Per Partner
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Keyword Searches: A Grim Prognosis
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Dean Calls on Peers to Unite, Kick U.S. News Rankings to the Curb
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Who are your heroes?
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Say What?!
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Tight Jeans Not a Chastity Belt, Rules Italian Court
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Judges:

Thou Shalt Not Snark: Judge Under Fire for Hinting Colleague Was Corrupt in Opinion
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Autos:

Ford Posts $8.7 Billion Loss on Writedown, Falling Truck Sales
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Write-Downs Hit Ford Results
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Toyota Ahead of GM in Auto Sales
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GM sees sales soar overseas, but continue struggling at home
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Delphi Corp. chairman Miller hints at another turnaround project
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Delphi Creditors Sue Appaloosa
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Auto Parts Maker Warily Embraces Offer From Rival
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AutoNation 2Q profit tumbles on sales drop
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Idling economy, high gas prices stall used car dealerships
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Chrysler to Eliminate Another 1000 Jobs by Sept. 30
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Sierra Club May Force Automakers to Deepen Cuts in Fuel, Carbon
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GM Putting The Arm On Retirees
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Daimler cuts outlook, Renault to reduce shifts
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Newspapers:

New York Times Profit Plummets On Prior-Year Gain
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Is coverage of banking crisis `reprehensible'?
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Aviation:

Northwest swings to quarterly loss on fuel costs
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EU restarts clock on Delta buy of Northwest
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Southwest's Net Income Rises
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Job cuts mount at US airlines
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Why Air Travel Sux
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Airlines propose more bad ideas that would help them
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Airlines rocket higher as oil drops
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How Horrible Will Airlines Have to Become Before We Stop Flying?
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For struggling airlines, service flies out the window
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EasyJet Says Pretax Profit May Decline 46%
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Where have all the good buyers gone?
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Italy Close To Solution For Alitalia - Minister
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Economy:

Oil sinks on slumping demand
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Buses:

Bus company owner seeks bankruptcy
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Bankruptcy Sales:

Super Bowl Ring Error Goes Unnoticed for More Than Three Decades
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Oil/Gas:

SemGroup gets court OK for initial bankruptcy motions
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SemGroup LP to sell off all assets
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Trader's collapse helps to force down crude oil price
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Dark future expected for SemGroup
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SemGroup creditors question hedge loss legitimacy
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Donation from KU alumnus in doubt
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BP Is Largest Creditor Of Troubled Oil Trader
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SemGroup LP liquidation tightens screws on newly independent MLP
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Crescent Point says it has $30 million of financial exposure to bankrupt U.S. firm
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Hiland Addresses SemGroup, LP Bankruptcy Filing
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The mysterious SemGroup
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Creditors say fraud possible in SemGroup collapse
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Funeral Services:

Service Corp. Lures Hedge Fund Bets on Boomer Deaths
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Mining:

AFL-CIO president endorses Sterlite Asarco bid
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Tax:

Senate Probes Offshore Accounts
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Senate Panel Probes US Tax-Shelter Activity In Cayman Islands
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Wiping Out Tax Debt Gets Tougher
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Hedge fund alleges $230m tax scam
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M&A:

Buyers have the upper hand now, say mid-market dealmakers
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Buyouts gone bust
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Mass Torts:

Plaintiffs Lawyers Have New Target: Radon-Emitting Granite Countertops
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Real Estate:

Paulson: GSE reforms too important to pass up
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House Helps Fannie and Freddie
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Huge Housing Bill Set to Become Law
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Mortgage bill on House fast-track
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Fannie, Freddie Rescue Plan May Cost $1 Trillion, Bunning Says
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Housing bill offers limited foreclosure relief
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2nd Mortgage Holders (Banks) Now to be Bailed Out Too
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Lenders not required to take part in rescue plan
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Fannie, Freddie Rise After Lawmakers Agree on Bill
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Paulson: Rescue bill key to solving housing crisis
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Wanted: Legitimate Reasons to Bail Out Fannie and Freddie Stockholders
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Rescuing Fannie Mae or Freddie is nonsense
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Fannie Mae sells $3 billion US in notes
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Calling all taxpayers...Want to own a piece of Freddie and Fannie?
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Let the GSEs Fail
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Fannie And Freddie: Lying To The Public Has Become Public Policy
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A federal grand jury in Los Angeles has begun investigating three of the nation's largest subprime mortgage lenders
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HUD: First Magnus violated federal law
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Builders Dislike Taste Of Own Medicine
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Mass. woman kills self before home foreclosure
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The anguish of foreclosure
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Mortgages Ltd. chairman's death ruled a suicide
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Will foreclosures lead to more suicides?
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Debtors Win Victories Against Mortgage Servicers
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Medford Crossings plan slogging ahead once again, officials say
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We Will, We Will Wonk You!
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San Diego Lawsuit Seeks to Stop Countrywide Foreclosures
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What Was Ken Lewis Thinking?
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Banking:

More Banks in Danger, FDIC Chair Says
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WaMu shares fall on 2Q loss, S&P downgrade
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Wachovia CEO Steel's Plan Boosts Stock $7.7 Billion
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Citi Off-Books Risks `Well in Hand,' Crittenden Says
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Credit Suisse Earnings Fall 62% but Top Expectations
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Mortgage woes hit Downey Savings & Loan
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National City Has $1.76 Billion Loss
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Economy:

Fed Report Portrays Stressed Economy
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US Initial Jobless Claims Rose to 406000 Last Week
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Weak Liquidity Abounds, Moody's Says
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Speculation Of A Fed Hike Creeps Back
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Fed Says All District Banks Report Elevated 'Price Pressures'
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Dollar Rises to Four-Week High as Fannie, Freddie Plan Advances
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Minimum wage hike kicks in
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Inflation weakens today's 70-cent rise in minimum wage
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Fed Detectives Sift Clues to Measure Inflation Threat
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Oil Rises From Seven-Week Low as Traders View Drop as Excessive
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Lehman sees oil at $90 a barrel by early next year
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Student Debt:

Study Finds Debt up Among College Students
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Chapter 11 doesn't discourage Creditron
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Retailing:

Consolidation may help Bed Bath & Beyond
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Curtains For Linens 'N Things
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Costco Falls the Most Since 2005 on Revised Quarterly Forecast
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Eastland Mall's owners are walking away
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Malls' Empty Halls
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Shoe Pavilion wins use of cash
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Alternative Energy:

Earth Biofuels restructures debt
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Uprising Against the Ethanol Mandate
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Dog Racing:

The Woodlands will close Aug. 23
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Employees saddened but hopeful
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Magazines:

AMI Eyes Reorg
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Forest Products:

Beaten and Bloodied
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Health Care:

Old pact gives BMC boss $50G
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Heads roll at wobbly LICH
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No Help in a Hospital ER
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Highland Medical scraps hearing
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Clinics pained by budget impasse
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ProxyMed enters Ch. 11
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Ship Building:

Derecktor wrestles with Hemisphere order
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Construction:

Pool Builder With Unfinished Projects Files For Bankruptcy
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Hotels:

Starwood Hotels Profit Falls on Slowing US Travel
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Accounting:

Deloitte First Out of Gate with 2007 Results: Revenues Up a Staggering 19%
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E&Y graduates in limbo
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Corporate Governance:

D&O Insurance: Remember the Regulatory Exclusion?
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Federalization of DE corporate law?
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Layoffs:

Mass layoff events and initial claimants for unemployment insurance, July 2004 to June 2008, seasonally adjusted
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New Bankruptcy Opinions
(3 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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Wall Street:

US Stock-Index Futures Drop; Ford, McDonald's Shares Fall
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Was Wall Street Drunk, Stupid, or Evil?
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Sure, Wall Street was drunk. But who does he think served the drinks?
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Cuomo v. UBS: Gotham Set to Host Auction-Rate Securities Party
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Texas Could Suspend UBS Over ARS
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Wall Street Shrinks From Competing With Fannie Mae, Freddie Mac
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Market at bottom? Don't believe it
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Politics:

Housing flip puts Bush in GOP doghouse
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Obama Makes Gains Among Workers Hurt By Bush Economics
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Obama, McCain Back Bernanke, Likely to Avoid Intruding on Fed
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Economists think McCain would be better for stock market
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Terrill pays ex-speaker for help
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Why the Press Is Ignoring the Edwards 'Love Child' Story
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Food/Drink:

Vendor files bankruptcy
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McDonald's weathers sputtering economy
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Celebs:

Michael Vick adds back taxes to list of woes
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Resorts:

Double JJ owner now trying to sell resort
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Court seizes Double JJ operations
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Hotel at Tamarack Resort Grinds to a Halt
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Boating:

Deadline looms for New River
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Municipalities:

Judge hears opening arguments in Vallejo bankruptcy case
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Labor groups question Calif. city's bankruptcy filing
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Bronner proposes RSA buy Jeffco sewer system
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States Slammed by Tax Shortfalls
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Shamokin looks to avoid bankruptcy
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Finance:

Reports Find Errors and Fraud in Small Business Administration Contracts
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Printing:

Custom printer Opinions R Fun files for bankruptcy
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Fraud:

SEC Files Fraud Actions Against Fuel, Wireless Firms
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Gorenter founder Mark Bosworth accused of ripping off investors
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Clarksville Home Builder Accused Of Fraud
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Bankruptcy Prediction:

The disciple of doom resurfaces
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Utilities:

U.S. Energy wins extension
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Software:

NetWolves seeks new DIP loan
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UK:

Debt crisis spreads to credit cards
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We must move more quickly over insolvency
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Industry experts predict soar in personal bankruptcy numbers
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Reform of financial regulations is to be carried out by the City elites who profit from their current laxity
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UK June Retail Sales Drop Most Since at Least 1986
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National Front party's bank account frozen
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UK May Let Banks Delay Disclosure of Emergency Loan
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HBOS Gains on Speculation BBVA May Bid for UK Bank
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Canoe man & wife jailed
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Police sift through Darwin finances
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One in five accountants feel effects of downturn
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Daily Mail group feels 'impact' of UK credit crunch on ad revenues
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Call to use JDS fine to pay Equitable investors
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One in six lie for finance jobs
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Experian sees biggest increase in automotive insolvencies since 2001
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New Zealand:

Author Duff faces bankruptcy
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Japan:

Zephyr Plunges on First Trading Day Since Bankruptcy
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Canada:

RRSPs now protected against creditors in case of bankruptcy
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Gypsum rep: We'll bring in cops to stop blockade
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Spain:

Spanish Unemployment Surges As Banks Struggle
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Britons caught in Costa del Sol housing collapse launch legal battle
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Portugal:

Portuguese banking crisis sends shares crashing
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Australia:

Failed Broker Haunts Australian Bank
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Germany:

German Optimism Falls as Europe Recession Risks Rise
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France:

French Lawmakers Pass Bill to Increase Work Hours
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