June 30, 2008

Daily Bankruptcy News

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Law:

Heller Bobs and Weaves on Merger Rumor
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S&C Associate's Law Review Article Makes Cameo in Heller Opinion
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Scruggs Gets 5 Years in Prison; Judge Calls Conduct 'Reprehensible'
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Full five for emotional, regretful Scruggs
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US legal eagles fly in for Moscow case
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Economy keeps bankruptcy attorneys busy
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Companies Allege Firm Misappropriated Mortgage Database
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Dykema acquires Chicago firm Schwartz Cooper
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Law firm files for bankruptcy in midst of failing to aid clients with theirs
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Firms Try to Boost Profits By Spending More on Marketing Directors
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2nd Circuit Clarifies Pleading for Individual Scienter
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Firm Forms Outside Board of Advisers to Help With Direction
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A GC and a Corporate Lawyer Walk Into a Bar ...
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Canada Seeks to Retain Women Lawyers
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Northwestern Law School's "Accelerated JD" Program: It's Not About the Two Years
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Say What?!
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Court is ignoring juries: Victims losing 100 percent of appeals?
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The Extreme Dieting Made Me Do It
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Judges:

Judge Ordered Off Bench Over Fraudulent Expense Reports
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Judge of the Day: Kelly MacEachern
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Judge Kozinski's raunch collection raises questions about obscenity and humor
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Politics:

Obama says Fed in a "tough situation"
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McCain says opposes Big 3 bailout
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Obama, McCain and your money
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Layoffs:

Siemens to cut 17,000 jobs worldwide
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Anheuser-Busch to Lose 15% of Workforce to Cut Costs
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Aviation:

Delta Adds Frequent-Flier Fee, US Airways Drops Curb Bag Check
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Days of oversize airline carry-ons are limited
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Judge: Delta broke promises to contractor
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Kitty Hawk free to liquidate
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Foreigners to the Rescue for Airlines?
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Airlines have lost much of market value
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Midwest 'racing' to avoid bankruptcy filing
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Hedged fuel prices give Southwest room to grow
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American, flight attendants end talks
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Frontier Exceeds Estimates as Sales Crush Short Sellers
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Yucaipa takes over Aloha suit
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Airlines nickel and dime us to stay aloft
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Flights to increase in price, inconvenience
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Travelers Facing Deep Flight Cuts by Summer's End
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NWA pilots to vote on labor deal
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Alitalia faces 'last chance': chairman
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Air Berlin Drops as Oil Price Prompts Concern About Survival
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Sterling cuts flights and crew
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China airlines to raise fuel surcharge up to 50 percent
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Air Canada to stem losses with route cuts
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Retailing:

Major Retailers Closing Stores
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Linens 'n Things hires DJM Realty to sell 120 stores
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Banking:

New wave of loan defaults is threatening healthy banks
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Wachovia Faces Fitch Ratings' Cut Tied to Home Loans
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Bank Rights Offerings Reveal Need to Throw Good Money After Bad
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Fortis Snares $630 Million Infusion
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Citigroup to overhaul bonus system
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Small US banks feel the pinch
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Jewelry:

Fortgangs Fight Back in Fabrikant Case
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Bankruptcy judge asked to let suit against Friedman's proceed
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Bonds:

MBIA's GIC Exposure Could Trigger a Liquidity Crisis
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MBIA Position `Tenuous' After Moody's Downgrade
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Construction:

Modern Continental forever linked to failures
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Big Dig's flawed contractor
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Fraud:

Captured trader Luis Rivas facing federal charges in South Carolina
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Dryer begins three-week trial in Mile High Capital case
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Movies:

The Sky Keeps Falling: Tartan Films Folds
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Little Movies, Big Problems
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Furniture:

The Room Source to Hold $10 Million Bankruptcy Liquidation Sale
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Bellach's Leather heads into Ch. 7
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Dormia can tap DIP, close stores
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Distressed Investing:

Citi distressed debt traders leave to start fund
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Hedge Funds:

Ritchie Drops Suit Against Benchmark
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Buffett Has $2.1 Million Lunch Date With Hedge-Fund Manager
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Accounting:

New fair-value accounting lets in some light, just not enough
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M&A:

With buyout firms on the bench, corporations step up to M&A plate
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Finance:

The Real Scoop On The Credit Crunch
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Corporate-Debt Costs Stay High
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Newspapers:

Are Newspapers Doomed?
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Mass Torts:

Congoleum stays in Ch. 11
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Criminalizing asbestos cases
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Real Estate:

As Housing Bill Evolves, Crisis Grows Deeper
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The Bank of America Housing Bailout Bill
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Don't be fooled by lack of bankruptcies
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Home loans confuse, distress buyers
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Homeowners Fall Further Behind on Mortgage Payments
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Real Trouble
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Warren: When Kids Lose Their Homes
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Three Million US Mortgages Headed for Default
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Stubborn mortgage rates defy conventional wisdom
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Embattled lender looks to Sarver's company
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Builder Sierra Pacific in Chapter 11
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State accuses developers of fraud
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Ruling on failed Meadowlands developer
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KB Homes: 'Persistently Poor Demand'
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Foreclosure help line staying busy
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Mortgage scams hit home amid real estate crunch
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Houses Pile Up in Outlying Small Cities
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Levitt and Sons to liquidate
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Title agency's funds and founder vanish
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Foreclosure stigma haunts would-be renters
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Sales slow at posh spots
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Connecticut: Even Richer Areas Feel the Pinch
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Manhattan Office Rents Fall, First Time in 3 Years
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NY Foreclosure Compromise Passes
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These banks step in to avert foreclosure
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Hard times force residents to change ways
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Mozilo Exits Under a Cloud
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Countrywide's Mozilo passed out loans like candy
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Economy:

Clouds Over America
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Election could delay Fed rate rise until December
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Credit trends show growing anxiety, longer crisis
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Consumer Spending Rose More Than Anticipated
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Payrolls Probably Fell, Factories Slowed
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Taking stock of a shaky economy
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BIS: Economy Nears 'Tipping Point'
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World needs tough monetary policy to tackle inflation
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Stimulus Boosts Consumer Spending
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1930s-style collapse haunts economy
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Fed minutes show members mulled risks of opening lending facility
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Don't blame spike on oil speculators
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Is There Any Retreat in Sight For the High-Rise Price of Oil?
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Why Oil and Wages Don't Mix
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Envisioning a world of $200-a-barrel oil
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Gas prices hit $4.09 a gallon nationwide
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CDO Defaults Climb to $220 Billion on Deerfield, Declaration
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Growth risks to emerging economies increasing
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Dollar drops on record oil prices, ECB rate hike expectations
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No End In Sight To Commodity Inflation
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The end of the superbubble
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Wall Street:

Falling Prices Grip Major Stock Markets Around the World
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Stock-Index Futures Fall
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US Stocks Slump Friday, Pushing Dow Average to Brink of Bear Market
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Stock, Bond Slumps Signal Worse Than '94 on Inflation
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UBS E-Mails Show Conflicts With Auction-Rate Clients
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E-Mail That Investors Might Like to Read
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Auction-rate securities 'implied support'
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The sky is falling on Lehman, Merrill, Citi and big U.S. banks
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New Board Member Reflects Global Influence on Goldman
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Dodd, Shelby Tell Fed, SEC to Hold Off on Securities Agreement
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Moody's To Review Morgan Stanley Debt Ratings For Possible Downgrade
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Lehman's Fuld, McDade to Forgo Their 2008 Bonuses
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Wall Street to begin July on shaky ground
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Lehman spent $190K lobbying on mortgage bills
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Municipalities:

City workers object to Vallejo's bankruptcy claim
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City employees file objection to bankruptcy petition
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Napa risks bankruptcy unless pensions, benefits reduced
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Real Estate's Next Victim
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Forest Products:

Looming Palco issues go to court Monday
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Theme Parks:

Will This Summer Be Six Flags' Last Ride?
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Alternative Energy:

Red Shield companies owe creditors $5.6 million-plus
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Restructured Red Shield likely to survive
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Wyo. Ethanol awaits bankruptcy ruling
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High Corn Prices Bankrupt US Biofuel Plants
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U.S. biofuel plants go bankrupt on feedstock costs
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Bankruptcy Crimes:

City schools worker charged with bankruptcy fraud
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Gambling:

Greektown Casino loan is OK'd in full
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Princess gambling ship plans job cuts
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Education:

Remnants of Silver State Helicopter auctioned off
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Personal Finance:

Starting Over, Financially
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Financial infidelity
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A day in bankruptcy court would make you sick
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Tips for Homeowners in Trouble
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Utilities:

NorthWestern suitor facing tough times
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For Sale: One slightly used electric company
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Bankruptcy Litigation:

New venue for KPNQwest trustees' suit
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New Bankruptcy Opinions
(No 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:

Lenders create a bankruptcy monster
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Autos:

Dura exits from bankruptcy
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Cramer: GM Should File for Bankruptcy
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Chrysler sale near, some predict
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Layoffs haunt Ford salaried staff
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GM Dethroned?
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Detroit's mood grim as automakers face the brink
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Delphi ready to sell its exhaust business
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Axle CEO awarded $8.5-million bonus
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Plastech paid the Brown family $6.4M
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Plastech's secrets should be exposed
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June sales likely to be down sharply
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As oil hits $140, a new low for Detroit
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Toyota could overtake GM in US sales
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Subprime auto lender files for bankruptcy protection
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Bankruptcy Statistics:

Bankruptcies Back on the Wrong Track
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Liquidations up as companies anticipate financial turnaround
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Business Chapter 11 filings and reorganizations are booming
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Health Care:

Haven Eldercare sale bedeviled by trouble
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Omega Healthcare Announces Plan for Haven Facilities
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Foreign infusion may heal hospital
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Highland attorney asks to sell to highest bidder
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Pontiac agrees to sell North Oakland Medical Center property
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CHS plan confirmed
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Healthcare workers protest benefit cuts
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Doctor investors explore legality of hospital closure
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When insurance isn't enough, everyone loses
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Publishing:

Olsson's Braces For Chapter 11 Filing
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Credit Cards:

Credit soliciting faces limits
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Feds target deceptive credit issuers
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Think your credit card interest rate is safe? Think again.
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Many Credit Card Users Hit By New Borrowing Limits
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Reeling economy forces more into credit card debt
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Corporate Reform:

Smaller raters cry foul over SEC's proposed disclosure requirements
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SEC back at full strength with Senate confirmations
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Records:

At 81, This 'Hopeless' Investor Has Filed for Bankruptcy 8 Times
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Apparel:

Distressed Firms Face Adverse Credit Climate
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Food/Drink:

Restaurants struggle as gas, food costs soar
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American Halal eyes extension
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Sam Seltzer's On The Rocks
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Driggs gets cash collateral OK
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Placer Vineyards lenders can't agree on sale: Two tiers of lenders at odds over whether to foreclose or keep land
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Insider Compensation:

Total accumulated CEO wealth increased 6.1% in 2007 from 2006
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Financial Literacy:

Instead Of A Bailout, Let's Try A Teach-In
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Insurance:

AIG to Absorb $5 Billion Loss on Securities Lending
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Insurance offered for hedge fund fraud
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Books:

High Wire The Precarious Financial Lives of American Families
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Pigeons:

Bankruptcy Leaves Birds in Limbo
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Corporate Governance:

Demand Futility Established and Presumption of Business Judgment Rule Rebutted
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Trucking:

Alvan Motor Freight to close down, file for bankruptcy
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UK:

UK Consumer Confidence Falls to Lowest Since 1990
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UK housing sales plunge to record low
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UK May Mortgage Approvals Decline to Record Low
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Debt helps to push business fraud up by 74%
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Mortgage approvals at lowest level since records began
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Turner and Newell victims receive asbestos compensation
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Payday loans have APR of more than 2,000%
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Pendragon Falls as Company Says Can't Forecast Profit
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Trinity Has Biggest Drop as Profit Misses Forecast
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Australia:

Mortgage stress bites deeper
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Funds to tackle rising bankruptcies
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Canada:

Quebec race tracks facing tough times
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TQS ruling sends 'dangerous message'
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Japan:

Japanese Banks' Fiscal Year Profits Fall 34%
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Japanese Notes Rise on Speculation Business Confidence Weakened
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EU:

European Bonds Decline After Inflation Is Higher Than Forecast
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European business confidence index falls to lowest level since May 2005
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Mexico:

Mexico May Report Lowest Confidence in Five Years
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