July 8, 2008

Daily Bankruptcy News

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Law:

Restructuring attorney Michael Goldstein joins Greenberg Traurig
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Car Service at Issue in Discrimination Claim Against Skadden
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A Hidden Housing Crisis
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Just Made Partner? Time to Take Out a Loan
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Law firms outstrip investment banks on graduate pay
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Can Outsourcing to India Work Without Enough Local Talent?
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Kasowitz Benson Says Former IP Head Harassed 12 Women
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Kasowitz Benson Sues Jeremy Pitcock
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Firms Ask Partners to Pony Up
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Firm Offers Incentives to Employees Who Avoid Driving
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Lawyers rethinking how they work with private investigators
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Are Lawyers Becoming 'Luxury Goods'?
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The Mystery of Footnote 17
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Judge Calls Lawyers Greedy but Panel Approves Fees
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GC Writes Letter of Apology for Saying Judges Were 'Paid Off'
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Picking Your Large-Firm Buddies
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Report Favorable to 'Super Lawyers,' 'Best Lawyers' Advertising
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Spitzer Call Girl Drops 'Girls Gone Wild' Suit
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Lawyer Contestant Tells All About 'The Bachelorette'
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A Money Laundering Case With All Kinds of Dirt
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Say What?!
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A How-To Guide on Flat-Fee Billing
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Law Firm Switches to Success-Fee Billing
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Quick! Which Sitcom Does This Law Firm Most Closely Resemble?
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Lawyer Is 'Subway King'
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Disbarred Lawyer Plays Another Disbarred Lawyer in Oliver Stone Movie
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The Naked Prosecutor Wants His Job Back
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Judges:

Judicial Nominee Could Face Trouble Over Copying Issue
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Economy:

SF Fed chief sees economy improving -- next year
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Fed ready for hard choices on inflation
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Fed's Loans to Wall Street May Prevent Raising Rates This Year
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Being alive not required to get a stimulus check
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Economists lower job-growth outlook
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Forstmann: Credit Crisis Isn't Near the End
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Treasuries move higher on concerns about economy
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Why the Economy Went South
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G-8 Says Oil, Food Prices Pose Risk to World Economy
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Oil Falls $5 as Dollar Gains on Signs of Support by G-8 Leaders
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Oil Rises as Traders Deem Drop Excessive, Iran's Nuclear Threat
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Oil speculation: Why we don't have answers
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In Praise of Oil Speculation
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Wall Street:

US Stock Futures Fall, Suggest S&P 500 Will Enter Bear Market
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UK's FTSE 100 Index Enters Bear Market
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US Stocks Turn Lower Monday
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Taxpayers Will Pay Price For The Bear Stearns Bailout
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Bernanke Says Fed May Extend Wall Street Lending Access to 2009
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Mortgage Fears Depress Global Shares
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Asian Stocks Drop to Lowest Since November 2006
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Crisis wipes $1 trillion from financial stocks
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Deutsche, UBS Fight History With S&P 500 Forecasts
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As Banks Stumble, Hedge Funds Poach Talent
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Merrill may write down about $6 bln in Q2
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Weakness in financial shares deepens
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World Stocks At 21 - Month Low as Banks Plunge
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Fannie, Freddie Dive, Banks Sink
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SEC-not Fed-to remain top regulator of big i-banks
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Big spike in number of companies slashing dividends
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Aviation:

AMR reports interest in American Eagle sale
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AMR Sent American Eagle Data to 'Interested Parties'
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Oil's Attendant Job Cuts Weigh at American Air
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Midwest Airlines flight attendants could see significant pay cuts
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US Airways June mainline Traffic Declines 0.5%, despite 0.4% rise in Capacity
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AirTran to Eliminate 480 Jobs
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Frontier, United to cut 600 jobs
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Nationwide Airlines May Attract a Buyer
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Flying Was Supposed to Be Better This Summer. It's Not
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Airline Cancels Flight Due to Hostile Passengers
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Airlines Cut Long Flights
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More airlines fold as fuel prices soar: IATA
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Retailing:

Analysts blame rapid expansion, low margins for Steve & Barry problems
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Q and A on the fate of faltering Steve & Barry's
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Steve & Barry's Squeeze: Without White Knight, Liquidation a Possibility
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Weak economy may be Wal-Mart's strong suit
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Vacancies at smaller malls hit a 13-year high
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Dawahare's taps Hilco for sales
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Jewelry:

Report: Gitanjali Gems Interested in Whitehall
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SIVs:

A novel proposal for the restructuring of Cheyne Finance could signal a change in fortunes for other crunch-hit structured investment vehicles
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SIV restructurings alone do not a structured finance industry make
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Newspapers:

42 Out In Miami Herald Newsroom
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Tax:

UBS Liechtenstein Adviser Had Scandal-Tainted Clients
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Layoffs:

NASA contractors issue layoff notices for 2,300
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Siemens cutting 16,750 jobs to cut costs
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Chapter 13:

Favorable Ruling For Debtors In Jones v. Wells Fargo Bank Upheld
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Real Estate:

Home Prices Fall in 23 of 25 U.S. Metropolitan Areas
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IndyMac to exit most home lending, slash 3800 jobs
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IndyMac Woes Could Spell Trouble For Regional Banks
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Indymac Says "No Bids On Its Mortgage Loan Portfolio"
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Freddie Mac, Fannie Mae Plunge on Capital Concerns
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An accounting rule change may force the mortgage giants to raise $75 billion
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Fannie, Freddie credit default swaps widen 10 bps
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Fannie, Freddie Shares Plummet on Capital Worries
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Congress Returns, Vote for Foreclosure Prevention Act to Happen This Week
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Housing shares drop after Fed official's comment
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Subprime the Highest Risk Segment in Seriously Delinquent Loans
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Radian Reshuffles Mortgage Insurance Execs, Looks to Regain Momentum
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Agency Mortgage-Bond Yield Spreads Rise on Potential Bank Sales
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Countrywide Employees Express Concern over Severance Pay
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Countrywide Seeks to Bar Cameras from Courtroom
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Levitt set for disclosure hearing
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St. Louis Fed Economist: Let Mortgage Mess Resolve Itself
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Prudential Americana set to try to emerge from bankruptcy
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Landing looks to repay creditors
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Servicers Not Doing Enough for Troubled Borrowers, Consumer Group Says
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The Most (and Least) Risky Home Price Markets
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Autos:

Why GM Should Embrace Bankruptcy
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GM Says Hummer Is Only Brand Being Reviewed for Sale, Shutdown
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GM brands, overlapping models are under review
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GM might decide to sell Buick, Hummer, Saab, Saturn
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What's fair game at GM?
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Did GM leak brand realignment to raise stock?
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Shrink or sink for GM
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More cuts at GM are not going to help
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GM's slump could bring more job cuts, dumping of brands
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UBS drops Magna target price to US$77 on auto industry concerns
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GM the "Lindsay Lohan" of the bond market
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GM Has `No Choice' But to Consider Additional Brand Sales
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Visteon Says Loss in Sale of UK Plant Was About $50 Million
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GM sues auto firm
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That '70s Show: Detroit
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Medina to ask for case dismissal
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U.S. Auto Loan Delinquencies Plunge
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Workers set up blockade at Progressive Moulded Products
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Michelin, Rheinmetall Drop as Analysts Say Car Demand Will Fall
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Fiat to Idle Plants as Economy, Fuel Costs Hurt Sales
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Consumer Lending:

Cash America raises 2Q profit outlook
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Corporate Reform:

Fed to get more information about securities firms
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Health Care:

Judge OKs breakup of Haven Healthcare
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State To Request Receivers For Bankrupt Nursing Homes
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Aspects Of Haven Healthcare Sale Trouble Creditors
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Receiver named for four Haven homes
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Post-sale VHS to develop plan
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Pricey Drugs Put Squeeze on Doctors
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The Glebe defaults on bond payments
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Highland Medical wins cash use
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Bad economy equals stress
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OctoPlus Has Record Decline After Report on Low Cash Position
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Furniture:

Furniture shares fall on Raymond James downgrades
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Auto Racing:

NASCAR's feeling effects of slumping economy
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Trustees:

Trustees Bad, Bankruptcy Courts Bad Good
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Celebs:

Michael Vick Seeks Bankruptcy After Dogfighting Plea
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Buying Kayne West's contract for a song
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Fraud:

Coke Settles Fraud Suit for $137.5 Million
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Sentencing for adviser in Ohio fraud case
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Parish: A legacy of fraud and excess
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Classic scheme helped Parish defraud investors for decades
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Tourism:

Energy crisis hurts tourism in Caribbean
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Despite economic uncertainties, many Americans still traveling
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Resorts:

Wall St. Journal shines bright light on Tamarack's troubles
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Tennis star Andre Agassi's resort project in Idaho double faults
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Northern Bay strikes deal
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Hedge Funds:

Ichan's hedge funds fall 7 percent
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Corporate Governance:

Recent California Decision Addresses Whether Directors And Officers Can Be Liable For Unpaid Wages Of A Bankrupt Company
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Fiduciary Duty and the Corporate Psychic
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Oil/Gas:

Umma wins reorg plan OK
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Mass Torts:

What happened to the yacht?
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Telecoms:

One IP to seek reorg approval
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Rating Agencies:

House Committee to Vote on Credit Rating Reform Bill
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Biotech:

Immunicon sets auction
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New Bankruptcy Opinions
(2 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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Bankruptcy Reform:

Obama to propose overhauling bankruptcy laws
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Barack Obama on BAPCPA
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Banking:

Fed to Clamp Down on Subprime, Keep Discount Lending
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The Looting Of America Continues
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Wall St. brokers see 2008 loss for Marshall & Ilsley
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Politics:

Obama Hits McCain On Bankruptcy Laws
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Obama and McCain square off over economy
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Hedge funds invest in Hill allies
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Forest Products:

Bankruptcy judge denies PALCO noteholders' claim
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Noteholders' claim denied in Palco case
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Municipalities:

Gaming considered to help solve Jefferson County debt crisis
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Stockton's credit takes a tumble
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M&A:

Who do you trust? In fractured LBO market, no one
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Buyout Spats Bruise Many, Damage Trust
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Party on, Garth
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Publishing:

Bankrate's shares pummeled after outlook cut
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Gambling:

Vegas Economy Still Sagging
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TVs:

Syntax-Brillian files Chapter 11 bankruptcy
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Bonds:

Ambac says downgrades raised costs, lost business
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Fannie, Freddie Capital Concerns Send Bond Risk to 14-Week High
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Funeral Services:

Mausoleum trustee wants to give up property
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Bankruptcy Crimes:

Dubuque man sent to prison for bankruptcy fraud
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Food/Drink:

Starbucks shares fall on June sales worries
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Accounting:

Reznick and Palladium Team on Troubled Real Estate
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Personal Finance:

Apple Pie, Fireworks, and the Financial Squeeze
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Elder Debt:

More middle-age and older people on financially shaky ground
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UK:

UK Faces `Serious Risks' of a Recession, BCC Says
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Bank of England 'Credit Conditions' report: a cruel summer lies ahead
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Pound Falls, Bonds Advance After UK Manufacturing Contracts
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UK business confidence hits lowest level since 1992
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UK Homebuilders Face More Writedowns
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Bradford & Bingley At Fresh Low on Outlook Woes
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Drop VAT to end cash crisis
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UK Government Bonds Climb on Heightened Concern of Recession
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House prices and mortgage lending continue to slow
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UK House Prices Rise at Slowest Pace Since 2006
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Savills Drops the Most Since 2001 on Housing Slump
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Persimmon Eliminates 1100 Jobs; First-Half Home Sales Drop 34%
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Employers seeking to place their pension debt under government control in a bid to avoid insolvency are finding the Pension Protection Fund and the Pensions Regulator anything but a soft touch
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Canada:

Canada workers get new protection in bankruptcies
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Canada Consumer Confidence Drops to 13-Year Low
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Conifex buys bankrupt mill
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SAAN employees losing more than jobs
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Federal Gypsum employees unsure about next move
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Quadruple Filers
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Japan:

Japanese bank lending rises in June
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Japan Merchant Sentiment Falls to Lowest Since 2001
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Japan H1 corporate bankruptcies +6.91 pct yr/yr
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Japan's Bonds Gain Most in 2 Months on Concern Over Writedowns
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Japan Stocks Fall to 3-Month Low
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Japan, Australia Corporate Bond Risk Rises, Default Swaps Show
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New Zealand:

Petricevic given a week to get money
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Australia:

Credit squeeze curbs home building
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Australia's S&P/ASX Falls to 2 Year Low on Slumping Confidence
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Australian Business Confidence Drops to 7-Year Low
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Ireland:

Bank of Ireland Falls the Most in 19 Years on Economy
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France:

Minister keeping the faith despite France's 'bankruptcy' rumors
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South Africa:

South Africa Heading for a Recession, Moody's Says
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Germany:

Kirch courts date with Deutsche Bank
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Spain:

Riding out the storm
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