March 10, 2008

Daily Bankruptcy News

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Law:

Why Big Law is bracing for a leaner 2008
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O'Melveny Offers Buyout to Partners Over 50
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Firm reshuffle leaves Dechert partners on knife edge
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White & Case faces walkout as top partners move to quit
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White & Case's charm offense
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Do the Cadwalader Shuffle
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Beauty and The Law
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Economy Didn't Affect Big-Firm Bonuses, but Will Slow Salary Hikes
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DLA Piper arm in 60% '07 fees surge
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How a Morrison & Foerster Attorney Became Partner by Age 31
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Heller Outsources IP Work
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Signs that it's time to start looking
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An Insider's View of Why Law Firm Marketing Still Doesn't Work
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Firm Owes Co-Counsel in $26M Case Despite Claimed Lack of Profit
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The British Law Firm IPOs Are Coming
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Cutting-Edge Trial Tech
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Hollywood's Bugged Over Wiretaps
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Pellicano Believes in Omerta; Prosecution Calls Ex-Diamondback
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Scruggs' Downslide: His Cases Had 'Big Enemies and Bad Results'
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Junior Scruggs gets Government response to perjury claim
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Portfolios of Supreme Court justices a pain for corporate defendants
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House Prepares for Contempt Challenge
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2008 Predictions Revisited
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How Good Law Firms Can Avoid Bad Mergers
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Process or Passion?
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Where There's Smoke, There's a Law Firm Porsche -- and a Lawsuit
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Are Law Libraries Becoming Obsolete?
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Attorney Must Repay Pension from 5 School District Jobs
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Ex-Client Alleges Altered E-Mail, Seeks Womble Carlyle Sanctions
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New strategy at Barclays
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Autos:

American Axle talks continue as pressure mounts
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GM to hire 900 more workers in Brazil
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GM Loses Almost a Third of Daily Output as Plant Closings Widen
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GM's new CFO: He's face of the automaker's future
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American Axle workers want a 'fair shake'
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American Axle workers expect long strike
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Judge Rules In Delphi Bankruptcy
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Delphi to relaunch syndication
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Judge: Delphi can use GM loan
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Delphi may not get a better deal than GM's
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Plastech hopes to resolve JCI tiff
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Plastech touts improved quality
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Dura files revised exit plan
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Ford urges workers to switch jobs
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Wall Street:

Wall St seen opening higher on Fed speculation
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US stock futures point to flat Wall St.
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Stocks in Europe, Asia Fall
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Asia stocks at 7-wk low as global fears build
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Markets rattled by signs of renewed credit crisis
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Will the R-word incite the bears?
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Goldman bandwagon draws Wall Streeters
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Sense of crisis haunts trading floors
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Few corporate investors escaped damage
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As Good as Cash, Until It's Not
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Economy:

Boston Fed CEO sees light at the end of the tunnel
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The Face-Slap Theory
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IRS clarifies rules for federal tax rebates
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Research on How Americans Will Spend Their Tax Rebate Checks
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US can fast exit from bad times
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When Ben Bernanke Speaks ...
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Totally Uncharted Waters
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The global economic party has ended
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Big US Job Losses Are Sign Recession May Be Under Way
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Downturn Tests the Fed's Ability to Avert a Crisis
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Dangerous cracks appearing in job market
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Dollar weaker on recession fears
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Retailing:

Sales Probably Cooled as Fuel Prices Rose
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Sharper Image wants to close 96 stores
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Sharper Image Seeking Store Liquidators
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Furniture:

One woman's dream ends in bankruptcy
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Collezione can tap cash
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Health Care:

West Toledo nursing home files for bankruptcy
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A Closer Eye On Nursing Homes
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When lives end slowly, it's costly
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Natchez Regional's woes common in industry
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Ex-suitor for BMC may face court charge
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Municipalities:

Jefferson County, Alabama sewer debt swap agreement deadline passes
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Losses Mount in Birmingham
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Bond debt rates surge
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Utilities:

Utility's future linked to lease
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Hedge Funds:

Hedge funds wither as banks call their bluff
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Hedge Funds Reel From Margin Calls Even on Treasuries
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Hedge funds get trimmed
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Fear of domino effect as shares suspended
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Energy Hedge Fund Loses More
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Valuation:

Accord should benefit independent appraisers
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Fitness:

Pumping Fraud
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Real Estate:

Examiner's Report May Cast Light on Subprime Mess
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Feds target Countrywide mortgage lender
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Bank of America Plans to Push Ahead With Countrywide Takeover
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FBI checks out the truth of Countrywide's statements on quality of loans
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Issuers' super-senior moment
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Global subprime losses hit $215 billion
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Thornburg to restate earnings
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Thornburg survival at stake after big margin calls
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The End of the Road Likely for Thornburg
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Reeling ResCap Puts Pressure on Builders
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How mighty Carlyle fell
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Carlyle Capital Says Lenders May Force Further Sales
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Carlyle Capital faces liquidation of $16 billion of collateral
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Houston foreclosure rate slows, but problems lurk
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How the sun-kissed Florida dream fell apart
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Miami Condo Mess Brings 'Vultures,' More Bad News
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Port St. Lucie hit hard by housing slump
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In Contra Costa, evictions becoming common
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Foreclosure sales 23% of fresh O.C. home deals
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Illinois Probes Mortgage Firms
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TOUSA Can to Sell Asset in Ch 11 Case
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Subprime Crimes From Wall Street to Brooklyn and Beyond
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How building slump hurts nearly everyone
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Next shoe to drop: Prime mortgages
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Foreclosure remedies shouldn't go too far
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Wall Street, D.C. developing 'Halle Berry complex"
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White House's slow response to foreclosure mess has done little to help homeowners
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At these auctions, nobody's bidding
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On The Hook For Your Neighbor's Cable Bill
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Houses of pain
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Subprime-related lawsuits spreading to new industries
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Mortgage insurer MGIC risks tripping its loan covenant
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The Role Of Race In The Mortgage Mess
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Do ex-mortgage workers face subprime stigma?
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Mortgage lenders see more borrowers give up
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Commercial-Property Slump Limited
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All aboard the foreclosed-homes bus tour
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Insider Compensation:

Congressional panel rips subprime CEOs' lavish pay
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Whom Do Consultants On Pay Work For?
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Congress Questions Executives on Pay
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Mozilo defends cashing in Countrywide stock
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Waxman blasts Mozilo, supersized CEO pay
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Fat-cat failures blame the press
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Wall St defensive on compensation deals
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They fiddled, we burned
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Puzzling Pay Packages
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Movie Gallery chief, colleagues eligible for six-figure bonus
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Goldman CFO gets $57.5 million in '07 comp
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Food/Drink:

Delay granted for bankruptcy exit hearing for Interstate Bakeries
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Manchester wins Xyience
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Celebs:

Pearlman Home Won't Go To Highest Bidder
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Mogul leaves local banks out $28.5M
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Tori Spelling's Shopping Addiction Almost Bankrupted Her
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Financial Literacy:

Teaching dangers of credit is critical
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Credit union to help improve money literacy
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School Promotes Financial Literacy
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Youngsters expect to earn $72,000 by time they are 25
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Bonds:

MBIA Looks to Pick Up the Pieces
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If You Don't Like Your Grade, Fire the Teacher
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Carlyle Capital margin calls soar past $400 million
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Carlyle Capital seeks standstill pact
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Security:

Armored-truck maker answers questions about paying its debts
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Corporate Governance:

Rules of corporate governance have changed
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Fraud:

MF Global's Rogue Was Small Fry
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Predatory Lending:

High-interest car title loans may leave borrowers without wheels
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Predatory Lending Preys on the Vulnerable
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Personal Finance:

Rebuilding credit after bankruptcy takes time, work, lifestyle changes
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Food Pantries See Increase In Traffic
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Corporate Reform:

White-Collar Crime: Have Feds Focused, or Lost Their Focus?
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Politics:

Obama's mortgage plan likely to bring unfavorable results
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Oil/Gas:

PRB Energy requests use of cash
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Asset Protection:

Bogus Loss of Income Policy Equals Tax Evasion Indictment
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Derivatives:

Credit derivatives turmoil strikes
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Bank Debt More Risky Than Corporate Bonds, Default Swaps Show
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Fear Cycle Hits Structured Products
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Bankruptcy Research:

When is Bankruptcy Threat Bad News? Risk and Return Analysis of Firms Announcing Bankruptcy in the US and Germany
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Distress Without Bankruptcy: An Emerging Market Perspective
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DefProb: A Corporate Probability of Default Model
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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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T-REX
Sell your bankruptcy claim to the highest bidder
Distressed Debt Auctions

Trustee attacked with a sword - Judge says he's never seen 'such lawlessness' in a bankruptcy case
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Credit Counseling:

The Debt Settlement Trap
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Too Much Debt? Too Bad - These days, credit-card companies aren't so willing to ratchet down rates for some strapped consumers
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The Debt Settlement Trap
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Banking:

WaMu's executive bonuses ignite backlash
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Fed Boosts Lending to Banks as Credit Rout Continues
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Repurchase Agreements and Covert Nationalization
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Shareholder sues BofA over losses
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Local banks: Mortgage mess big boys' problem
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Credit Cards:

Warren: Credit Squeeze
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Taking on Credit Cards
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Finance:

Little Hope for Debt Upgrades
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Bankruptcy Reform:

Using bankruptcy code to help those facing foreclosure makes sense
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How should government respond on home foreclosures?
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Daley urges mortgage protection
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Change the mortgage rules
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M&A:

Tight Credit, Tough Times for Buyout Lords
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Carlyle Group Disrupted by Mortgage Fund's Blowup
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Wall St looks for legal precedent in deal disputes
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Market Downturn Opens Door To More Takeover Battles
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Buyout All-Stars Stumble
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Strine on specific performance
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Sovereign Debt:

Fund settles $100 million Congo debt case
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Printing:

Quebecor Fails to Reach Accord on $1 Billion Bankruptcy Loan
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Stock Brokers:

E*Trade Short Sellers Find Box Full of Money
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Aviation:

Airline Mergers? Forget It
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Delta: Pension plan safe under any merger
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Kitty Hawk sale brings in $3.5M
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Pilots have much to lose during mergers
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Student Debt:

PHEAA in financial difficulties; will suspend lending on March 7
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Credit Card Debt Leads to Dropouts
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Forest Products:

Scopac jettisons DIP loan
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Alternative Fuels:

Is ethanol boom going bust?
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Mass Torts:

Some Asbestos Grace
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Tax:

World's tax havens targeted in cloak-and-briefcase offensive
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IRS is Scrutinizing Tax Returns of Wealthy Individuals
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Former Miller Canfield Partner Indicted in Tax Shelter Case
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Telecoms:

Sprint-Nextel debt troubles pushing it to the brink
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Ant Farming:

Who's Coming to Our Rescue?
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UK:

Treasury to take the shame out of bankruptcy
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Protection for both debtor and creditor
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Northern Rock group to lobby MPs
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Insolvencies cost taxman billions
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Money Markets May Force BOE to Revive Auctions, Barclays Says
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Ex−Bank of England Governor Lord George described the credit crunch
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U.K. Producer Prices Match Fastest Gain Since 1991
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Taxman targets middle class
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Germany:

Deutsche Bank Chief Investigated
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Canada:

Reorganization Under Canada's Companies' Creditors Arrangement Act
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Desperate times, desperate measures - The fallout in northern B.C. is mounting from the downturn in the forest sector, as companies cut shifts, reduce work weeks and in some cases, shut down entire mills
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Doubt cast on alleged sale of ICI
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What's all that debt really worth?
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Italy:

Parmalat Falls in Milan as Forecasts Disappoint Some Analysts
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Japan:

Japan's Bank Loan Growth Accelerates for Second Month
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Africa:

Subprime crisis will hit Africa
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Germany:

HSH Profit Declines on Subprime; Bank Postpones IPO
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