July 9, 2008

Daily Bankruptcy News

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Law:

Report shows law firm mergers are up
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Judge Lambastes Lawyer Filing With Limerick
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A month from prison, Scruggs still bickering over attorneys fees
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Ex-Skadden Counsel Sues, Says She Was Fired for Her Age, Not Being "Macho"
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200-Lawyer Firm Offers Shorter Hours, Smaller Paychecks
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The Dark Knight at Simpson Thacher
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Latham & Watkins in mass transfer to Middle East
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Ethics Complaints Filed Against Two Former DOJ Lawyers Over Hiring
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Lawyer Ordered to Pay Fees After Pursuing 'Frivolous' Suit
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Nifty Ways to Leave Your Law Firm
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He Was Born a Ramblin' Man
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Law Firm Seminar Video Leads to DOL Application Scrutiny
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Lawyer's Suit Over Junk Fax Settles for $1.8 Million
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Judges:

Judge Janice Rogers Brown in a Purple Haze
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Judge Halverson Loses Suit, Must Run for Re-Election
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Justice Breyer Is Among Victims in Data Breach Caused by File Sharing
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Aviation:

Court permits Frontier to delay jet delivery
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Angry flier uses emergency slide to exit Delta jet
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Flight Attendant Union Cries Foul; Midwest Air Would Cut Pay Up to 35%
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Midwest pilots brace for pain
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Comair to cut 300 pilots, 220 flight attendants
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Aviation workers face tough times
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Soaring aviation fuel costs ground many private pilots
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European Airline Deal May Signal Shakeout
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Air Macau crashes
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Economy:

Fed Sees Turmoil Persisting Deep Into Next Year
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IMF Gloomy on Growth, Warns on Inflation
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Dollar Rises as Bernanke Says Fed May Extend Lending, Oil Falls
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Bernanke Floats Bigger Fed Role
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Fed's Lacker Says Recovery Should Prompt Higher Rates
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Wholesale Inventories Rise
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Bernanke Testimony Set for July 15-16
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JPMorgan CEO says credit conditions may get worse
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More Bailouts, Please!
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Crude continues post-holiday skid down to $136.04
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Derivatives:

Fed's Bernanke: Swaps market needs improvement
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Ratings Agencies:

SEC Ratings Probe Reveals Conflicts in Grading Debt
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E-mails from credit raters revealed serious shortcomings, SEC says
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EU to introduce legislation to oversee ratings agencies
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Politics:

A Trailer Woman Beseeches Obama
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Obama Addresses Economy, Slams McCain on Tax Breaks
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Ailing economy the battleground as downturn bites
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Candidates Move Closer Together On Housing Crisis
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Judicial Advisers Line Up Behind Obama, McCain
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John McCain's Record on Helping Families Facing Medical Bankruptcy
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McCain, Obama pitch economic plans to Hispanics
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Congressional Approval Rating Falls to Single Digits
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Forest Products:

Mendocino Redwood looks to close on Palco; appeal awaits
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Red Shield Continues Restructuring Process
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Sierra Pacific no answer for Pacific Lumber's ills
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Pigeons:

Surprises and more questions in Pigeon King bankruptcy
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Municipalities:

Jefferson Co. Fires Merrill, Two Others - Says Firms Produced 'Unacceptable' Plan
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Jeffco Sewer Debt Crisis: New team of advisors hired
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Goldman May Step in After Merrill Lynch Fired Over Alabama Debt
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JEFFCO Still Looking For Magic Bullet To Fix Sewer trouble
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Health Care:

For-profit entity resumes control of Ozarks Community Hospital
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Docs Bailing Out of Medicare, Medicaid - Plummeting Reimbursement Rates Have Some Doctors Looking for a Way Out
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Scam on Medicare Used Dead Doctors
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River Oaks seeks access to two DIPs
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Big Island hospital staging layoffs
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Awards:

Los Angeles Law Bankruptcy Partner Named to State Bar of California Post
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Food/Drink:

Sam Seltzer's gets cash, DIP
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Real Estate:

Fed plans new rules to protect future homebuyers
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Pending US Home Resales Drop in May
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MBA's Mortgage Applications Index Increased 7.5% Last Week
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Fannie, Freddie shares gain after OFHEO comments
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Fannie, Freddie Downgraded by Derivatives Traders
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Fannie, Freddie Should Have to Meet New Capital Rules
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Feeling Fannie's and Freddie's pain
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Regulators: FAS 140 should not apply to Fannie Mae, Freddie Mac
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Fannie, Freddie rise after dive a day earlier
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A Timeline of the Mortgage Crisis
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House Panel Sets Hearing on Systemic Risk
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IndyMac May Struggle With New Business Model
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IndyMac Blames Senator's Comments for Withdrawals
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IndyMac depositors pull cash as mortgage woes grow
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Analysts have zero hopes for IndyMac
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Why IndyMac is heading down
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IndyMac selling most mortgage branches
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Former mortgage lending giant faces its grim future
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Fitch cuts IndyMac long-term ratings
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Housing market slump seen stretching further
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National Realtors' group sees sales falling
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AHM seeks to sell 82 loans
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Paulson Touts Covered Bonds As Way to Boost Homebuying
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Paulson says US home foreclosures to stay high
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Paulson: Many foreclosures "not preventable"
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Jennings Strouss attorney to represent Mortgages Ltd.
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Reno lender taken over by regulators
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California requires pre-foreclosure calls
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Md. judge asks lawyers for help on foreclosures
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Lender case stuck in market
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Printers Row is another Falor failure
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Autos:

Auto supply recovery takes unforeseen detour
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GM says developing plans to cut costs, save cash
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If Only GM Could Start Over
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To Avoid Stalling Out, G.M. Plumbs Its Resources
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Peugeot Citroen warns of car sales slide in Europe
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Distressed Investing:

Credit Crisis Enables Bold Strikes by Investors
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Wall Street:

US stocks look to open lower Weds. as oil prices rebound
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US stocks look to open higher
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US stocks solidly higher Tues. as oil drops, Fed talk calms worries
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Wall Street posts best day in a month
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Bernanke cools it for Wall Street
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The worst may not be over on Wall Street
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Dimon on How Wall Street Helped Create a Crisis
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Dimon Says Serious Issues Remain
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Merrill may get $5 bln for Bloomberg stake
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Preparing for Bear Stearns II?
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Goldman's $100 Million Man Walks
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Oil/Gas:

Blast Energy Services Receives $0.5 Million Advance on Settlement Agreement From Hallwood
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Finance:

US Credit Crunch Is Worsening, Nomura Says
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Retailing:

Burlington Square Mall faces foreclosure
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Retail Chain Said to Face Bankruptcy
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Retailer a perfect fit for Sears, Kmart?
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Steve & Barry's Nears Bankruptcy
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Office Depot: Caught in the Shredder
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Eddie Bauer looks to mountaineer Jim Whittaker for turnaround help
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Linens 'n Things sets next steps
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Lawsuits Put Chargebacks on Front Burner
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Layoffs:

Cardinal Health cutting 600 jobs
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Telecoms:

Vonage is seeking help to avoid bankruptcy
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Gambling:

Tropicana's former owner wants to regain control of casino
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Auto Racing:

Hard times at the racetrack
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Health and Beauty:

Solar Cosmetics wins sale OK
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Regis to close up to 160 underperforming salons
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Pensions:

Bankruptcy Filing Date Treated as Plan Termination Date for Certain Purposes; Guaranteed Benefits; Allocation of Plan Assets; Pension Protection Act of 2006
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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 Reform:

Obama and McCain Trade Barbs Over Bankruptcy Laws
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Warren On Obama
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Obama calls McCain part of problem with bankruptcy
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Obama proposes easing consumer bankruptcy laws
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Obama Pushes Bankruptcy Ideas
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Could Obama Plan Ease Bankruptcy's Sting?
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Obama to focus on reforming bankruptcy laws
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Bankruptcy in America
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Bankruptcy Statistics:

2007 Annual Consumer Bankruptcy Demographics Report
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Advertising:

Economic gloom leads to cuts in US ad forecast
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Textiles:

Pillowtex breakup legal bills still growing
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Mining:

Grupo Mexico Drops to Five-Month Low as Metals Slide
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Resorts:

Wall Street Journal Analyzes Idaho Resort's Collapse
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Promontory receives interim financing
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The Trouble in Tamarack
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Pismo Beach company might buy troubled San Joaquin Valley Resort
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Hedge Funds:

In Hedge Fund Land, Newcomers Feel a Chill
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Hedge fund CEO gets jail in Ohio fraud
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Hedge Funds Fell 0.75%, Worst First-Half Performance
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New Hedge Funds Grow Fatter
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Fewer US hedge fund starts so far this year
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Predatory Lending:

Predatory Lending: Boom and Bust Clients fought back over subprime loans
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Payday lenders sue Ohio AG
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Trucking:

IdleAire attracts two bidders
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Independent drivers and companies see profit margins evaporate
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Newspapers:

Chicago Tribune says it will cut 80 jobs
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Extra, extra, read all about it - or, sadly, not
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Accounting:

Corporate accountants got hefty pay raises last year
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Roars on Auditor Liability
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Wall Street wrong to blame credit crisis on accounting
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Corporate Reform:

Credit Suisse Helps With US Probe of Former Brokers
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Software:

DTI sale to Intrinsyc approved
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Celebs:

Michael Vick surely knows the fine print now
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Pity Michael Vick's Visit With Natasha Wyckoff
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Michael Vick Will Dig Up Hidden Money When Released From Jail :)
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UK:

UK lenders could take stake in troubled B&B
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Bankruptcy notices up 40%
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Housing decline 'over within a year'
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British credit spending teeters on brink
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New Rules Governing Dissolution And Liquidation
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UK Mortgage Rates Surge, Consumer Confidence Slumps
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Equitable Life report expected
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Bovis, Redrow slashing staff by 40 pct
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Canada:

Bankruptcy law changes impact RRSPs and students
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Gottlieb 'ruthless' but kind, ex-Livent CFO testifies
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Dozens of Canaccord clients own $132M of ABCP
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Judge denies AB&C workers
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Australia:

Australian Bankruptcies Are Highest in 10 Years
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Australian business hits the skids
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China:

China's economy to become 'world's biggest' in less than 20 years
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Korea:

SKorea prosecutors indict Daewoo founder again
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