June 11, 2008

Daily Bankruptcy News

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Law:

Deryck Palmer Named Co-Chair of Cadwalader's Financial Restructuring Department
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Cads names ex-Weil man as restructuring co-chair
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Another Am Law 100 Chairman Heads for NYC
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Are 'Benevolent Despots' Running Big Law Firms?
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Ballard Spahr Beats Back Potential Client's Malpractice Suit
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Perk Watch: iPhones
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Lawyers Are on (Work-) Life Support
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With Allegations of Juror-Stalking, Fen-Phen Trial Grows Even Stranger
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More Revenue, Less Pay at Philadelphia's Fox Rothschild
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What Happens to Summer Associates Next Year?
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Firms Snoop on Others' Rates
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Lawyer Layoffs Hit Georgia's Public Defender System
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Portland Lawyer Pleads Guilty To Theft
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Holland & Hart singled out by CO corporate directors
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Judge Aborts Trial Because Jurors Were Playing Sudoku
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Lawyers Go Low-Tech in GE Redaction
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Asking for Coffee Not Grounds for Sex Harassment Suit
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High Court Denies Cert in Ruling Re Non-Debtor Parties
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Say What?!
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Online Social Networking Lessons for Lawyers
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Weil Gotshal Holds Networking Event at Henri Bendel
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Republicans thwart $1.6 billion tax break for trial lawyers
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The Lawyer and the Bachelorette (Week 4)
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Economy:

Bernanke Says Fed to Resist Price Expectations Surge
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Bernanke's speech: Hawkish comments on 'irrational exuberance' for 2008
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Global Inflation's Bite Worsens
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Bernanke Sneezes; Europe Catches Cold
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Trade gap widens, inflated by record oil prices
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Global Central Banks Halt Rate Cuts on Inflation Risk
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Canada Unexpectedly Keeps Rate at 3%
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Bank of Japan May Keep Rates on Hold
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Gazprom Sees Oil at $250 in 'Foreseeable Future'
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China oil consumption jumps
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Crude Oil Rises in New York on Speculation of Inventory Decline
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Credit Cards:

Feds seek up to $200M from CompuCredit, banks
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Warren: Have You Already Lost?
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Leading Arbitration Firm Favors Creditors Over Individuals
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Dichotomy in Card Delinquency Trends May be Due to Tough Collection Environment
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Hedge Funds:

Bayou's Israel May Have Committed Suicide, Police Say
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Was It Suicide? Or An Elaborate Plan to Avoid Prison?
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Police Investigating Possible Suicide of Former Hedge Fund CEO
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With returns dwindling, investors pull out of hedge funds in droves
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Bankruptcy Statistics:

Bankruptcy filings going up again in W.Va.
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Retailing:

US retailer Goody's wants to begin closing stores
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Printing:

Quebecor Posts C$428.1 Million First-Quarter Profit
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Gambling:

Board wants Greektown to proceed through Chap. 11
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No forced sale for Greektown Casino
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Theme Parks:

Judge Reopens Wild West Sale Process
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Judge halts negotiation on Wild West sale
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Celebs:

Why Athletes Go Broke
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Is Lil' Wayne Broke Or Just Irresponsible?
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Agriculture:

Tomato industry reeling
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Corporate Governance:

Yahoo Shareholders Seek Repeal of Severance Plan
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Automatic Stay:

Agreements for Future Relief From Automatic Stay - Where Do Things Stand?
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Art:

Salander Sale Upstate Brings in Over $1 Million
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Hockey:

Court may appoint NHL-experienced trustee for Del Biaggio
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Avoidance Actions:

Guaranty Can Be Revived Following Avoidance
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Real Estate:

Fannie Mae spent nearly $1.4M lobbying in 1Q
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Gov't changes Fannie, Freddie reserve
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More U.S. commercial property defaults likely
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Spitzer Looking At Distressed Real Estate
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What's next for pension funds in the real estate fallout?
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Calpers May Sell Some Land Holdings After 31% Decline
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Recent Bankruptcy Litigation Pulls in Mortgage Lenders
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The List: Subprime Lawsuit Dismissals and Denials
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NJ Affordable Homes founder arrested in scheme to bilk investors
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Del. subprime lenders face federal fines
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Three big LA projects in trouble
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Mortgage Bonds Resume Stumble; Some Debt Nears Lows
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Mississippi Faces High Number Of Delinquent Mortgages
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Oregon home builder files for bankruptcy
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Mortgages Ltd. shores up firm's operations
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Paying for Mistakes
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Aviation:

Rancor grows in pilots' union
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Airlines Seek Out New Ways to Save on Fuel as Costs Soar
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Pinnacle may lose Delta Connection contract
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Frontier to retain all planes
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New Focus on Pilot Fatigue
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Airlines at Alitalia's throat, ask for bankruptcy
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Alitalia Sale Search May Be Imperiled by EU Probe of Italy Loan
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EU to declare Alitalia loan illegal state aid on Wednesday
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Employees demand gov't help for FAT
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Begbies Traynor salvages Silverjet
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Bonds:

Monoline downgrades present multiple problems for banks
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Banks face 'possible' $10bn writedowns
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Dollar jumps and oil sinks, but bond market pays the price
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Fidelity Sued Over Losses in Bond Fund
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Banking:

Regional banks seen at bankruptcy risk
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Citigroup says banks uneasy about corporate credit
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Investors sue Franklin Bank
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BNP to Buy Bank of America's Equity Prime Brokerage
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National City ratings unchanged by MoU with regulators - S&P
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Autos:

Chrysler Boss Says Cerberus Not Second Guessing Deal
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Chrysler may cut output amid truck sales fall
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Chrysler joins, cuts dealerships
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Kerkorkian Stirs Ford's Pot
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Take my Ford stock, please!
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Kerkorian's Ford bid reveals much
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Ford Investors Offer Half of Carmaker to Kerkorian
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Forest Products:

Palco finale pushed out two more weeks
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Halsey mill to be resold
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Fraud:

Investors' loss reaches $31 million in scam
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Judge Orders Hold On Funds Rivas Deposited In Banks
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Trial date set for lawyer in Refco fraud case
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Financial Literacy:

EOUST Report to Congress Shows Debtors Highly Satisfied with Debtor Education Programs
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Convenience Stores:

Uni-Marts seeks $3.5M DIP
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Tax:

Senate Issues Subpoenas in Liechtenstein Tax Probe
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Predatory Lending:

ACORN Asks for AG's Help In Fighting Predatory Lending
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Tourism:

QM lessees got millions, auditor says
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Distressed Investing:

Former Bear Stearns Exec. Preps Global Distressed Fund
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Trucking:

Dunkirk trucking company closes
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UST seeks examiner in IdleAire case
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Bankruptcy Crimes:

Klassy convicted on 28 federal charges
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Sales:

Asset Sales: When It's Too Late To Up a Bid
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New Bankruptcy Opinions
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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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Personal Finance:

Culture Of Debt - The Great Seduction
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Utilities:

Electric companies wilting away in summer heat
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Riverway Power gets clearance to dump customers
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Texas Power Meltdown: What should you do?
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Houston electric company is fourth to fold
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Reliant Energy reaches new deal for bankrupt plant
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Health Care:

Indianapolis doctors' practice seeks sale
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NBTY Swallows Leiner Health Products
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Medical Coverage Woes Reach Middle Class
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Highland gets operating cash
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Enron:

Ex-Merrill executives seek inquiries on trial
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Another jolt from Enron's fall
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Attorneys: Enron founder's widow paid condo dues
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Mining:

Mexican mining chief takes stand in Brownsville federal court
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Grupo Mexico CEO defends Asarco transfer
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Grupo Mexico Chief Denies Looting Asarco
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Wall Street:

Wall Street ends mostly lower on economic worries
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Inflation Worries Unsettle Global Markets
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Tudor hires ex-Bear Stearns distressed-debt team
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Troubled Lehman not likely to sink, analysts say
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Lehman: Independent for How Long?
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A fund manager's critique of Lehman raises questions about which rules apply when "talking your book."
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Goldman, Citigroup Options Foreshadow Dividend Cuts
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Bear Stearns Savors Victory in Win Over Lehman
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Buffett: S&P 500 will outperform hedges
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Food/Drink:

Cork & Olive files for Chapter 11 bankruptcy
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Albany: Cepiel's Midon Restaurant Corp. files for bankruptcy
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LeNature's creditors favor liquidation plan
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Politics:

Obama vs. McCain on Bankruptcy
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McCain wants low corporate taxes, regulated CEO pay
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McCain and Obama Trade Charges on Economy
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Obama's Oddly Revealing Economic Speech
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Obama Says Tax Increases for Rich Depend on Economy
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Obama Fires Back on Taxes
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McCain: Obama Is Bad for Business
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McCain Blames Oil Price Rise on Speculators, Supply and Demand
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In an "extremely unusual" move, WaMU goes to bat for Rep. Richardson
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Congresswoman 'deadbeat,' group says
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Dems dominate foreclosure report
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Finance:

More Changes to Libor Procedures
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Bankers warn of confusion in Libor reform
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S&P president: Structured finance business in the tank
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UK:

BOE's King says crisis not over
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Up. Up. Up. Child poverty, pensioner poverty, inequality
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EU:

Stark says ECB not signaling series of rate hikes
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Canada:

Former Livent CFO testifies she blew whistle
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Iran:

EU mulls asset freeze for Iranian banks
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Japan:

Japan's regional banks showing signs of deterioration
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Japan's economy surges ahead in first quarter
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Germany:

Goldman Sachs Buys 93,000 Homes in Germany
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Germany's Weise Says Unemployment May Fall More Than Expected
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Australia:

Opes director points to ANZ
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