July 30, 2008

Daily Bankruptcy News

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Law:

Bankruptcy heads into the 'perfect storm'
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Subprime Class Actions Proliferating, Says New Report
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Sued More, Settling Less
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The New Whipping Boy?
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Orrick Settles With San Diego for $2.8 Million Over City Pension Fund
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More law firms demand that clients sign blanket waivers.
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Should You Break Bread With the Enemy?
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Martindale-Hubbell Gets a Makeover
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Law Firm Mascot of the Day: Lady J.
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Prominent Lawyer Accused by Former Paralegal of Being 'Sexual Predator'
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New Marketing Technology Awaits Your Firm
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Firms jockey for more green
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When To Turn Down a Tenured Law Professorship Job Offer
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Thompson & Knight Goes Modern
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Akin Gump Losing Lawyers to Greenberg Traurig and Hunton & Williams
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Southern Firms Take Comfort in California Sun
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Alleged Hourly Billing Fraud against Wilmer Law Firm: This Is What Happens When Legal Budgets Are Not Reviewed and Approved Ahead of Time by the Client
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Citing Racist Behavior, Judges Ban Lawyer From Courthouse Floor
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Sun & Orrick Uncork Photocopy Whines
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New Theory Why US Attorneys Were Axed: Perceived Sexual Orientation?
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Virtual Law Partners
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Proposed Litigation Disclosure Rules Brouhaha
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Are Traditional Retainer Agreements Outdated?
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Judges:

Where Kozinski Goes, So Goes Security
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Wall Street:

US Stock Futures Gain
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Markets Poised to Extend Gains
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Dow jumps 266; crude drops to $122
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SEC extends limits on naked short selling
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Merrill Sells $8.55 Billion of Stock, Unloads CDOs
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By unloading assets at a deep discount, has Merrill Lynch put other banks on the hot seat?
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Will Merrill's Markdown Cap the Credit Crunch?
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"I Said What?!"
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Merrill Options Trading `Stood Out' Prior to $5.7 Billion Loss
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Fire sale at Merrill puts Thain on the hot seat
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Wall Street analysts see bigger 2008 loss for Merrill
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Frank Quattrone's Comeback
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Food/Drink:

Restaurant Chains Close as Diners Reduce Spending
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Bennigan's, two other dining chains file for bankruptcy
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Bennigan's shutting down nationwide
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Bennigan's staff react to chain's closure
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Starbucks to close stores in Australia, cuts COO position
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Wild Edibles files for bankruptcy protection
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'I'll fight to the death,' says USA Springs chief
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Starbucks Cuts 1000 Jobs; Makes Executive Changes
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Las Vegas's Gambling Slump Shows Why Starbucks Bubble Lost Air
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Politics:

Obama speaks with Bernanke, Paulson
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Obama's Economic Deep Dive
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Retailing:

Mervyns stores near bankruptcy filing
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Mervyns says files for Chapter 11 bankruptcy
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Shopping the Mervyn's Bargain Bin
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Bernard Sands tells vendors to not ship to Mervyns
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Retailers likely to increases prices
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Boscov's says finances won't force store closings
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Forest Products:

Judge warns PL lenders
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Appeals court denies stay on Palco plan
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PALCO transition to Humboldt Redwood Co. underway
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Red Shield gets loan offer to restart mill
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Banking:

Citigroup Markdowns May Rise $8 Billion
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Citigroup: Poster Child For Poor Regulatory Oversight
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Barclays, RBS, UBS Fall After Merrill Unloads Assets (Update2)
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Bank Brings Claim Against Barclays
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Can the Feds Really Save Troubled Banks?
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WaMu's Bloated Asset Values Don't Fool Investors
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Citi's Excuse?
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Predatory Loans:

CBS Slams Payday Loan 'Traps'
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Pa. requires licensing for Internet payday lenders
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Furniture:

Bidder for WNI plants OK'd
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Theme Parks:

Florida Bank Finds Itself the Owner of Not-So-Fun Theme Park
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Corporate Governance:

Officers and Directors Take Note: Don't Check Your Fiduciary Duties at the Door
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Real Estate:

House Prices Fell at Faster Pace in May
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Home Prices in 20 Major Cities: You're OK If...
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Mortgage application volume hits 2008 low
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Mortgage Applications Index Dropped 14.1% Last Week
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Bush Signs Housing Bill
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The hidden tax traps in the housing-rescue bill
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Frank calls for restructuring of the mortgage servicing industry if servicers fail to cooperate
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Is 22 cents on the dollar now the going rate for subprime assets?
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Layered Risk Driving U.S. Jumbo Prime RMBS Performance Declines
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Is this a new way to finance mortgages?
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An Investment Firm That Prospered From Past Crises Turns to Mortgages
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Home prices tumble in Seattle
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Another Tampa luxury builder bankrupt
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Miami hit hardest by housing slide
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Creditors seek assets of SunCrest
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People's Choice wins confirmation
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Demand Surges on Foreclosure Web Sites
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WCI all but sure to become bankrupt
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Vacant-Property Fees Add to Woes
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For the FDIC, a Servicing Transfer of Historic Proportions
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Law-Firm Backed Default Outsourcers to Merge
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Economy:

Home Prices Fall in May; Consumer Confidence Is Flat
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Economic confidence among small business owners rebounded in July
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Consumer confidence rebounds
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The consumer is often wrong
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Suddenly, hedge funds are shorting oil
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Number Of Homeless Declines 12%
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Energy Prices Are Bright Sliver in Grim Economy
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Oil Price at $90 Is Enough to Save Global Economy
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Newspapers:

How Can The New York Times Be Worth So Little?
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Lawyer Drops Suit Against Paper for Cutting Staff, Devaluing Subscription
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Aviation:

AirTran to cut capacity
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Lufthansa Operating Profit Jumps; Sticks to Outlook
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Airlines lose only $157 million in second quarter
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Delta Raises Fee For Second Bag: $50
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Frontier seeks approval to sell 6 planes for $165 million
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Frontier posts $8.8 million loss in June
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Jaws dropped when Frontier got its loan
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Chapter 11 filing rendered worthless largest part of Frontier CEO's compensation
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JetBlue CEO cuts own salary; will industry follow?
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No furloughs for 900 American flight attendants
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Flying together
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Old Skybus Planes Not Yet Enjoying "Retirement"
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Alitalia convenes board ahead of rescue plan
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Lufthansa Expands Cost Cuts as Fuel Expenses Rise
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Electronics:

Ciprico files for bankruptcy
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Oil/Gas:

Bank of America to finance SemGroup bankruptcy
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Stubborn, Odd Bets Destroyed SemGroup
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Lawsuits against SemGroup mounting
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High interest in bankrupt SemGroup LP's assets
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Inside The Semgroup Bust
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SemGroup's Collapse Pinches Small Firms
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Enterra Energy says it is owed $10M by insolvent energy marketer
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Oil buyer's bankruptcy a big hit to West Texas
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New Century runs out of gas
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Celebs:

Willie Aames Not in Charge of His Finances
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Del Biaggio may leave legacy behind
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Pensions:

Labor Department cautions on use of 401(k) debit cards
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Credit Cards:

Wells Fargo goes on the offensive with 'at risk' credit card holders
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Advanta's Earnings Drop 83% on Loss Provisions
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Mining:

Creditors file to force LC&N into bankruptcy
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Financial Literacy:

Enjoyable but not Educational? Debtor Financial Management
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Awards:

Melanie Gray Named Among Houston's 50 Most Influential Women
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Pigeons:

Pigeon King bankruptcy meeting
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New Bankruptcy Opinions
(1 new opinion 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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Bankruptcy Statistics:

US billion-dollar bankruptcies highest since 2003
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Autos:

GMAC Suspends Leasing To Those With Poorest Credit
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GMAC mulling pullback from leasing
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Lease woes sting automakers
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Car Leases' Era May Be Over
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Fitch cuts rating on credit for Chrysler
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Tax:

Businesses cheating Uncle Sam out of $40 billion in payroll taxes
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Bonds:

Fitch cuts ratings on SCA, XL Capital Assurance
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Gambling:

Pittsburgh mayor, county exec tell Pa. regulators to act fast on troubled casino
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Investment group accuses Tropicana conservator of politicizing sale
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Enron:

Former Enron exec paying $31.5M in SEC settlement
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Hedge Funds:

Marshals, Coping With Business Crime Wave, Sell Fund Portfolios
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Boating:

Heckel's Marina files for bankruptcy protection
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Ratings Agencies:

Moody's Second - Quarter Profit Falls
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Distressed Investing :

Lone Star Is Flush, Ready to Shop
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Sovereign Debt:

Can America Go Bankrupt?
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Student Debt:

No cash on hand, Mass. lender tells students to find loans elsewhere
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Students Make Costly Mistakes With Financial Aid
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Tourism:

Hawaii visitor arrivals drop 14.2% in 'scary' situation for tourism
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Engineering:

Laurus prevails in Thinkpath auction
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Municipalities:

Jeffco hearing set on sewer bond crisis
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Jefferson County Debt Questions Still Unanswered
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Asset Protection:

Using Cash Credit Cards To Hide Cash From Creditors
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Accounting:

Accounting fraud on the rise
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Lawmakers Now Pressing for Banks to Hide Losses Longer
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Construction:

Modern Continental wins DIP access
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UK:

Bank distress worries return to haunt UK
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Crosby lukewarm over quick fix
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Woolworths Plunges as Sales Decline on Worsening UK
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UK Regulator Questions UBS and JP Morgan Cazenove Employees
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The Insolvency Service Annual Report 2007-08 has now been published
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UK Business Failures Up 17.5%
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U.K. Outlook Gets Darker
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Jobs and cash flow on the line as small businesses face up to the credit crunch
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NRock makes 1,300 jobless in restructure
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New Zealand:

Finance firm's staff 'told to lie'
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Bridgecorp pair grounded
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Germany:

Siemens to sue 11 ex-board members
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France:

Gloom sets in for French consumers and industry
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Japan:

Japan's jobless rate close to a two-year high
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EU:

Euro zone business morale sinks in July, outlook dark
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Europe's Housing Markets Come To Rue High Indebtedness As Boom Turns To Bust
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Canada:

Province out $8 million after company declares bankruptcy
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'Not one of them is secure'
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Glint of good news in CIBC capital woes
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Massive Bell Canada layoffs could be "tip of the iceberg"
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