July 7, 2008

Daily Bankruptcy News

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Law:

Market Outlook for Law Firms: In 2008, "Flat Is the New Up"
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Welcome to the firm - This time, the instability looks like it's here to stay
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And Now, Some Good News About the Legal Job Market
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What the Heller Is Going On?
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Magic circle keeps US rivals at bay with record year
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Magic circle takes hit as big-ticket M&A falls away
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Linklaters PEP up 11%
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MegaFirm Hit With $55 Million Negligence Claim
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NY Firm Can Hang On to Internal Papers in Malpractice Fracas
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Judge weighs venue for Schweers
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How Firms Wined and Dined Their Way to Merger
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'The Model Seemed Broken to Me' - Looking at a Law Firm Alternative
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First the crisis, then the lawsuits
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DLA Piper lawyers face salary drop
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Weil Gotshal freezes London associate pay
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Junior Scruggs' tongue to blame for prison sentence
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Hung Jury for Last Two Fen-Phen Lawyers
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Lawyers Face New Trial Over Fen-Phen Settlement
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Skadden is Top Deal-Meister
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Shearman corporate head quits for Weil
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Firms Train for EU Raids
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More record results from law firms - Allen & Overy breaks $2bn
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Ashurst's profit breaks the $2m per partner barrier
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Sonnenschein on comeback trail
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Judge: Pringles Are Not Potato Chips
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Law Firm Switches to Fixed-Rate Billing
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Change Ahead for Law School Rankings?
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Your Clients' Biggest Concern: Global Growth
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'McNulty Memo' Triggers an Ultimatum - Legislation may be only option to solve clash over privilege waivers
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How High Quality Are Your Lawyers? (How Can You Tell?)
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Liar, Liar Pants on Fire
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Lawyers in lavatorial shame
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Others' economic woes bring business to bankruptcy attorney
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Paul Hastings asks staff to leave guns at home
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Legal Sector Adds a Few Jobs in June
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Anorexic accountant sues Rachael Ray cooking show
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Judges:

Psychiatric Evaluation for Judge Halverson?
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Economy:

Profits in US Probably Fell Again, Led by Citigroup
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Recession is not the worst possible outcome
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Fragile economy takes toll on jobs
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62,000 jobs lost, off nearly half-million for year
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Job cuts may help curb inflation
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U.S. service sector shrinks unexpectedly in June on inflation pressures
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Consumer economic sentiment has fallen to the dismal level of the early 1980s as the full effects of a recession take hold
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Three consumer goods companies face default risk, says Moody's
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Oil Is Steady Near Records as Investors Seek Stocks Alternative
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Oil's Rise Stirs Talk of $200 a Barrel
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Oil At $200 And A Two-Year Recession
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OPEC president warns no end to oil price rises
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Commodities Regulator Under Fire
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LA Foreclosures Quadruple, Miami Doubles, Corporate Bankruptcies Soar
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Similarities between 1929 and 2008 terrifying
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Rich get richer, little guys lose their shirts
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G-8 Summit Faces Uncertainties
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How Models Caused the Credit Crisis
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Froth comes off latte economy
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Global economy won't bail out US
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Wall Street:

US Stock-Index Futures Gain as Oil Drops; GM, GE Shares Rise
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Futures Point to Flat Open
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Wall Street gets ready for earnings, oil moves
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Oil Prices Drive Stocks to Bear Market
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Fed Ponders Private Equity In Banks
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Bear Stearns Assets Accepted By Fed Lose $1 Billion in Value
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Lessons of the Bear run: Drawing the line
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Merrill May Sell Bloomberg Stake, Some of BlackRock
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Lehman's shares skyrocket
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Goldman Had 20 Days of Trading Losses Last Quarter
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Student Debt:

College credit cards on spot
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Rates dropped July 1 on some student loans
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Liquidity Woes for Loans
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Religion:

Diocese bankruptcy case to remain open
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Should Christians File for Bankruptcy?
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Bankruptcy Crimes:

Couple charged with fraud in bankruptcy case
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Celebs:

Banks, boy bands and fraud
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Trail of fraud
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Mark Twain House faces financial struggles
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Trucking:

Company doesn't want to be left idling
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Food/Drink:

Uneasy economy puts restaurants in the crosshairs
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Fhima files for Chap. 11; restaurants stay open
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Some coffee fans get grim delight in Starbucks woes
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One helping too many
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American Beverage forced into bankruptcy, liquidating
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Winery puts cork in it, files for bankruptcy
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Pigeons:

No evidence of a crime in Pigeon King collapse
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Pigeon Ponzi could bring investor payback
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Raid on PKI headquarters triggered by fears of starving birds
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Debt Collection:

More debt collectors, more complaints
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Court Overturns New Orleans' Use of Tax Collectors
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Mining:

Family feud
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Sterlite has support for US copper co Asarco
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Distressed Investing:

Credit Crisis Enables Bold Strikes by Investors
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Wrung out
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Real Estate:

Mortgage Reform for the Future
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Mortgage crisis staggers high-end developments
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Countrywide Investors Lose Bid to Stop Settlement Over Buyout
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Boynton Beach bankruptcy highlights market conditions
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Evidentiary & Attorneys' Fees Issues Surrounding Tenant Debtor's Assumption Of Lease
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New Century plan confirmed
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New Century Confirmation Oder
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Political fight looms over federal down payment assistance program
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Home builder TF Robertson makes bankruptcy filing
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Housing Steps Up Political Donations
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Strenuous obstacles to short sales compound headaches for homeowners
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Subprime lenders to raise payments
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With the loan bar higher, the rules are different now
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Housing slump could slip further
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Loan fiasco's new trend: Delaying foreclosures
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Eyesores multiply
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Bank, IRS oppose PJM cash use
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Alleged loan scams dotted Houston foreclosure landscape
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Settling Dwek debt a tangled legal mess
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Florida's downturn likely will last another year
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Rents Climb Despite 'Shadow Market'
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Autos:

Renault chief expects car industry consolidation
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Dura Automotive plant running on empty
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Can General Motors Recover?
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Troubled GM to axe thousands
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GM Rises in German Trading After Report of Job, Vehicle Cuts
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Ford "Fire Sale": A Crystal Ball for America
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Chrysler, UAW face a slew of complaints
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Chrysler At Risk Of Bankruptcy
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Analyst says Chrysler, not GM, in danger
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Automakers report cutbacks
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Big Trouble for Big Three Automakers
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Settlement leads to dismissal of High Velocity filing
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Flex-N-Gate lands Blue Water
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Auto Makers Fight Steel Prices
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Progressive down for the count
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Credit Cards:

Consumers get rare chance to try to effect changes in credit-card rules
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Critics call subprime credit cards abusive
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Congress want's to spy on your credit card purchases
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Credit Card Overhauls Seem Likely
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Debt on plastic hurting small firms
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Aviation:

American Airlines workers brace for job cuts
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Moody's: Many US airline business models 'unsustainable'
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Alaska Airlines ends cash transactions on flights
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Airlines no longer taking cash onboard
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Frontier going under the knife
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Layoff letters flying to Frontier employees
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Frontier SEC Report Refers To "Discontinuing Operations"
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Future Airline Travel Could Look Like the 1950s
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Is the sky falling for US Airways?
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You're not flying the friendly skies
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Union leaders threaten strike action over Alitalia
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'Let Alitalia go bust'
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Another carrier goes to the wall
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Lufthansa Drops 559 Flights as Regional Pilots Strike
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Hedge Funds:

Bear Stearns Faces Revised Suit Over Collapse of Hedge Funds
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Emails Show TCI's Hohn Grappling With Bad Bets
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Bear Fund Managers Get Good Draw; Sizing up Judge Block
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Israel Ordered to Start Prison Term
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Sam Israel says he tried suicide -- but failed
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Newspapers:

Strib Bankruptcy Watch: Profiling the vulture circling overhead
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Health Care:

Hospital's financial collapse brings lots of finger-pointing
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Ozarks entity goes bankrupt, but hospital doesn't
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Couple divorce to afford cancer treatment
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Many young adults forgo health insurance, hope for best
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Financial troubles push HPA to put hospitals on market
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Judge approves split of Haven Healthcare chain
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Hospital Bed Cuts To Fall Short of Berger Recommendations
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Doctors Press Senate to Undo Medicare Cuts
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The Great Risk Shift Continues
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Bonds:

Seeking bargains in iffy debt
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Finance:

Commercial paper on the rise, Federal Reserve reports
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Bonds:

Bond insurer MBIA's losses expected to grow
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Gambling:

Casinos aren't immune to bad economy after all
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Theme Parks:

Six Flags Is No Bargain Even at a Buck
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Consumer Debt:

Consumer Delinquencies Higher in Q1, ABA Reports
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Plastics:

High oil prices force plastic-container maker into bankruptcy
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Awards:

Jenner #1 in Am Law Pro Bono Survey
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Trustees:

Trustee group advocates debtors consider Chapter 13
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Credit Counseling:

Debt settlement: how it really works
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Software:

Corel earnings drop 60%
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Banking:

Financial market losses could top $1.6 trillion dollars
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U.S. commercial banks saw trading revenue rise in first quarter
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Deutsche Bank CEO Doesn't Want to Give 2008 Outlook
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Societe Generale Fined by Banking Commission Over Controls
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Why is Societe Generale being fined for losing $7.7 billion?
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Swiss watchdog wants UBS, Credit Suisse to set aside more capital
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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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Municipalities:

Bankruptcy for New Jersey?
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Don't allow this California trend to spread
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Jefferson County Commission president says sewer debt team made no progress
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Bankruptcy Statistics:

Bankrupt businesses up 33% in June
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U.S. Bankruptcy Filing Rate Holding Steady
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Auto Racing:

Stewart reveals bankruptcy fear
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Retailing:

Steve & Barry's future unsure
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Steve & Barry's to close 100 stores; may liquidate
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Vacancies at US Malls Rise to 13-Year High
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Report says Dawahares closing by fall
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Mass Torts:

ACandS wins 2nd confirmation
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Personal Finance:

Avoiding the money trap
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Teens have to bite the bullet on spending, too
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Debtors Anonymous?
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The Precarious Financial Lives of American Families
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Retirement accounts seen dipping
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Debtor circles
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Politics:

Obama and McCain's Votes on Bankruptcy Amendments
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Race for the White House: The economy
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Foreclosures to rise whoever wins White House
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Cashing In on Obama and McCain
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Obama Campaign Criticizes Rival McCain's Economic Proposals
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McCain To Balance Budget In 4 Years
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Obama, McCain flip-flop guide
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Ratings Agencies:

SEC's effort to ease reliance on credit raters is limited by host of other government rules
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Pensions:

Senators call for probe of PBGC benefit calculations
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M&A:

Buy-out firms may come to rue some of the "mega-deals" they did when pumped up with self-belief
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Derivatives:

CDS has its flaws exposed
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Tax:

IRS Isn't Just Pursuing UBS Clients; Auditors to Look at Other Foreign Banks
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Postpetition Interest: The IRS Gets One Right (and One Wrong)
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Corporate Governance:

Governance Ratings: How Good Are They?
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Furniture:

IKEA feeling impact of housing market slowdown
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Bombay disclosure statement OK'd
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Predatory Lending:

Payday lenders want to do away with interest-rate cap
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Call Centers:

CEO talks about PRC's emergency from bankruptcy
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Accounting:

3rd Circuit Asks Pa. High Court to Clarify Accountant Liability
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Fraud:

Refco CEO Nets 16 Years For $2.4B Fraud
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Exec: Dryer ran Mile High show
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Telecoms:

Telecom auction postponed
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UK:

Recession threat as UK jobs vanish
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The signs of a recession are all here
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Taylor Wimpey, UK Homebuilders, Face Making More Writedowns
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Consumer borrowing soars
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UK industrial, manufacturing output slump in May
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Bankruptcy epidemic hits Derry
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Executives ditch holidays due to job fears
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Housing market in Welsh town shows wider woes
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Homebuilders face disastrous £3bn landslide
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British brokerage boss is jailed for 'depraved' fraud
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Bradford & Bingley Investors on the Hook as TPG Walks
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N Rock rivals hit at aid package
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Struggling singles join army of the 'invisible' poor
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Canada:

Canadian bankruptcies dip in May from April
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XCopper bankruptcy eyed
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Oh no, that scary word of bondholders' nightmares: default
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EU:

German, UK Manufacturing Drop as Growth Slows Across Europe
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Lagarde Calls Trichet's Rate Outlook 'Encouraging'
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UniCredit May Eliminate 2500 Jobs at HVB
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Jamaica:

FINSAC urges Gov't to adopt bankruptcy law
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Japan:

Magara Construction Says It Filed for Court-Led Rehabilitation
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BOJ warns of profit falls, weak regional economy
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Austria:

9 convicted in Austria BAWAG fraud case
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Russia:

Russia seeks $23b from US bank
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Australia:

Australia's Construction Index Shrinks for Fourth Month in June
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New Zealand:

Petricevic faces bankruptcy in court
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Brazil:

Brazil's Inflation May Hit 2 1/2-Year High in June
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Germany:

German Output Unexpectedly Falls the Most in 9 Years
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Please note that the Daily Bankruptcy News is primarily a news link gathering service.   This means that most of the headlines contained in the publication are a collection of links to stories posted on the Internet by various third party publications.  Such content is owned by third party sources, not the Daily Bankruptcy News, and in some cases, these links change or expire, which means you may not be able to view some news stories in prior editions of the Daily Bankruptcy News. The DBN subscription fee for access to certain links is not a fee for access to the content of the links, but is a charge for the considerable work involved in gathering, organizing and presenting the links. Use of this site and The Daily Bankruptcy News is subject to our Terms of Use.If you received the Daily Bankruptcy News via email (and you have a paid subscription account), to view a news story, click on the headline, and the story should open in your web browser. To view additional stories, click back to the email and click on additional headlines, which will cause new stories to open in your web browser.  You can view the Daily Bankruptcy News on the web by clicking here, or by going to BKINFORMATION.COM and clicking on the Bankruptcy News button.  Note that the Daily Bankruptcy News is distributed via "HTML email" in which the links to the news stories are embedded in the headlines.  The email you receive should look like a 3-column newspaper, with headlines for each story. If you receive the Daily Bankruptcy News by email and the copy you receive is not formatted like a 3-column newspaper, or does not seem to contain links to the news stories, you may have an email client that is not capable of receiving HTML email, or is not configured to display such email.  You can however, receive a daily email notifying you when the Daily Bankruptcy News is updated on the web site. If you would like to receive such an email, please let us know at admin@bkinformation.com.You can search the headlines from prior editions of the Daily Bankruptcy News by clicking here.

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