March 18, 2008

Daily Bankruptcy News

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Law:

Law Firms Across U.S. Are Boosting Paid Leave
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Subprime-Related Filings in Federal Court Increase Dramatically
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Fried Frank boosts revenue by 14 per cent
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Andrews Kurth creates subprime practice
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Layoff Watch: Edwards Angell Palmer & Dodge
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Have Resume, Will Travel
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Fired U.S. Attorney Tells All About Firings Scandal
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Lawyers Swoop in on Bear Stearns
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Skadden and Wachtell seal Bear Stearns buyout
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Which Firms May Miss Bear Business
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Holland & Knight LLP Elects Steve Sonberg as Next Managing Partner
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Kirkpatrick Names Bankruptcy Partner
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Law firms look to gain private-equity opportunities
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Zach Scruggs's Latest Lawyer, Ex-Miss AG Mike Moore
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Miss. GOP forks over Scruggs money, calls for investigation
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Tallying the New Partners
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Partnership 2008
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Aggressive Stance Drew Partners to Goodwin
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Firm Ordered to Pay $5.2 Million, Including $1 Million in Punitives, for Overbilling
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GCs Should Treat Legal Fees as Execs Treat Business Issues
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Separate but unequal
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Working for the Weekend: The Lawyers on the Bear/J.P. Morgan Deal
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Disbarred NY Lawyer Headed to Hoosegow Over Mortgage Scheme
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Judge Named as Unindicted Co-Conspirator in Extortion Case
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Radical Court Building
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Atlanta Lawyers Clean Up From Tornado
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Michael Clayton Was an Associate
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Credit Crunch Raises New Issues for Divorce Lawyers
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Court security officers' paychecks bounce
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Out of Prison, Judge, 82, Still Claims Innocence
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Lawyer Fined for Missing Client's Murder Trial
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Akin Gump Earns Top Spot on Lobbying List
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Cravath's Achilles Heel? Bedbugs!!!
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Economy:

Where Is The US Economy Going?
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The Pendulum Swings
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Rescue Tests the Credibility of the Fed
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Bush Says Ready for More Action on Markets If Needed
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Bush Backs Fed's Actions, but Critics Quickly Find Fault
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"We are close to a financial system meltdown"
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Moral Hazard: When a Safety Net Can Lead to Risky Behavior
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Fear is growing on Main Street
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Fed action on Bear Stearns leaves underlying instabilities unaddressed
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What the Fed is considering at its March 18 meeting
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A financial forest fire out of control
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Financial crisis too big for the Fed
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So when is a recession real?
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Oh great, now it's the D word
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Depression?
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Factory Data Adds to Economic Gloom
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Economic crisis worsens. Is anyone in charge?
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Can Markets Swallow Smaller Rate Cut?
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Economist: System under "extreme stress"
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America's savings a sign of the times
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Dollar Slumps Below 96 Yen to 12-Year Low on Subprime Losses
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Thinking About Implosions
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Oil Falls More Than $1 on Signs U.S. Economy Is in a Recession
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Is Bear Stearns Just the Beginning?
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Selective Bailouts: Help for Wall Street, Not Your Street
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Americans should start seeing tax rebates in May
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Politics:

Obama: financial market turmoil shows weakness of economy
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Presidential candidates on Bear Stearns crisis
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Economic Chaos, Political Consequences
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Clinton speaks on the economy
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New York governor sworn in amid financial woes
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Student Debt

Credit Crunch Hits Students Looking For Aid Hard
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Defaulted Student Loans Collections Market at $974 Million
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Colleges' debit-card deals draw scrutiny
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Ex-Student Finance Chief Is Sentenced
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Corporate Governance:

Lewis praises Delaware's business climate
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Oil/Gas:

Galaxy Energy files for bankruptcy protection
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Loan can't save Galaxy from Ch. 11
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Mining:

Asarco restart could be lengthy
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Construction:

Clinton library builder's CFO vanishes
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M&A:

ADS Says Blackstone in Deal Breach
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Symphonies:

Fremont Symphony Orchestra nearing bankruptcy
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Plastics:

Company offers $17.4M for Victor Plastics
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Trucking:

Shapes/Arch files for bankruptcy
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Health Care:

Former BMC buyer fails to appear
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Diomed looks to tap cash
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U.S. Demands $1 Billion From Tenet Health
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Insurance:

Conseco posts $72M loss, may seek sale, restructuring
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Real Estate:

March home builder index holds near low
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Democrats Want More Aid for Housing Market
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Sen Dodd: More Steps Needed To Help Distressed Homeowners
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Housing bailouts are simply unjust
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Gov't set to loosen capital collars
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Half a bailout
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Banks rethink relationships with mortgage brokers
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Orange County mortgage casualties
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Ross Buying Option One for $1.1 Billion
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Woes mount for SunCal
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Citigroup announces layoff of 185 home equity sales workers
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WCI's Loss Widens on Write-Downs
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Owners go to extremes to sell houses
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Banks bailed out, homeowners sinking
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Levitt Corp. narrows 4th-quarter loss as revenue falls
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Wall Street:

World markets attempt rebound before Fed decision
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Plunge Averted, Markets Look Ahead Uneasily
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Dow Ends Flat After a Day of Gyrations
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Investment Banks' Shares Sink Amid Jitters
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Goldman Sachs beats 1Q expectations
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Inside Bear Stearns's Demise
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Warren: The Bear is Dead
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Bear Stearns: Ch. 11 never an option
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Bear's Bankruptcy Alternative
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Saving Wall St. (For Now)
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The Street on Welfare
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Bear Sterns sale just a Band-Aid
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Fed deal for Bear Stearns unclear
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JP Morgan shares surge on Bear Stearns buyout
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What Was JPMorgan Thinking?
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What J.P. Morgan Gets
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Rallying the House of Morgan
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Could Bear Do Better?
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Though 'Arbs' Say Otherwise, $2 May Be It
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Aftershocks of a Collapse, With a Bank at the Epicenter
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Is $2 a Share a Fair Price for Bear?
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Bear Stock Price Suggests Shareholders May Hold Out For More
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JP Morgan sets aside $6bn to combat Bear Stearns claims
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Bear Stearns, By the Numbers
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The unraveling of Bear Stearns
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Bear Stearns Sale Bodes More Ill For NYC Economy
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10 Lessons Learned from Bear Stearns' Fall
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Banks' parallel universe has collided with reality
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How the Bear Stearns deal got done
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Bear Stearns' shareholders taking a bath, but bondholders buoyed by J.P. Morgan deal
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In Bear Stearns deal, Fed foots hefty bill
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The worst-case scenario - live
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Fears That Bear Stearns's Downfall May Spread
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Lehman Finds Itself in Center of a Storm
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Lehman rout tests Fed's resolve
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Is Lehman Brothers Next?
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Lehman profit falls 57 percent
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Funds Bit by Bear Stearns
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The enigma of the Bear Stearns building in Manhattan
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What to Do With Bear's C.E.O.?
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Bear Stearns' troubles include $45M adverse court ruling in NY
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Fire Sale At Bear Stearns And Panic At The Fed
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Case of the Vanishing Bear
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Bear Shareholders Already on the Prowl
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Bear Stearns Joins Drexel, LTCM on List of Wall Street Wrecks
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Bear Rescue Price Shocks Investors
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14,000 Stunned Employees Of Bear Stearns Wonder What's Next
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Gallows humor, realtor greet Bear's stunned staff
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Bear Stearns' Employees
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With crash in Bear shares, firm's staffers already dialing tort lawyers
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Why Fed helped JPMorgan buy Bear Stearns
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Bear Stearns Losses Hits Stocks
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Wall Street Fallout for Venture Capital-Backed Firms?
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After Bear Stearns Rescue, Who's Next?
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After Bear Stearns: Brady Bonds?
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Bailing Out Billionaires
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Bear Stearns Bear's pits
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How the Bear Stearns deal hit the markets
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Bear Stearns collapse catches regulators unaware
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Lehman Drops After Fuld Says Fed Eased Cash Concerns
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Most-accurate analysts less sanguine on Lehman first quarter than Street
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Bear's problems less likely at other firms: Moody's
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The Real Bear Stearns Story and the Risks of Systemic Collapse
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Spotlight back on financial strength of investment banks
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Bankruptcy Research:

LoPucki: Court Transparency
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The Law & Economics of Subprime Lending
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Environmental:

Asarco proposes environmental settlement for mine near Green Valley
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El Paso wants state to revoke smelter's permit
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Aviation:

Pilots' Talks Apparently Fail in a Northwest-Delta Hookup
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Letter from the Delta pilots union
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Alitalia to meet unions on Air France bid
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Alitalia Slides as Air France Meets Unions on Bid
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Dornier Aviation (North America) Bankruptcy Trustee H. Jason Gold Obtains Multi-Million Dollar Judgment against China's Hainan Airlines
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Northwest CEO says: 'Our passengers will have to pay more'
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Record Industry:

Money From $107 Million Claim Against Death Row Records May Be Up In Smoke
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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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Hedge Funds:

Hedge Funds Kill a Bear
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Bear Discovers Risk of Hedge-Fund Business
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Credit Suisse/Tremont Hedge Fund Index Is Up 1.61% in February
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Brokers:

MF Global seeks to calm investors as stock plunges
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Banking:

UBS drops as investor trust fades
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UBS Is Said to Consider 8,000 Layoffs
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National City shares plunge
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WaMu wins Winstar judgment
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Banks Fear a Deepening of Turmoil
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Deutsche Bk CEO: Concerted Intl Action Needed To End Meltdown
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CFO Promoted to Help Rescue SocGen
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Lead Arranger Reputation and the Loan Syndication Market
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Municipalities:

Derivatives Sins Need Absolution in Jefferson County
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States' Budget Crises Will Hurt Millions
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Warning signs for California cities
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Retailing:

Unable to buck soaring business costs, Big Dollar Stores closing, bankruptcy possible
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Fortunoff lays off 190 workers
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Finance:

Tightening small-business credit
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Autos:

Delphi allowed to subpoena over short-selling allegations
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Accounting May Stall GM, Ford VEBAs
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Dana lost over $500M, paid ex-leader $7.5M
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Dura creditors wilt under new plan
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GM stock falls amid investors' worries
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On final day for buyout, Ford holds breath for last-minute retirees
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S&P reviews credit ratings for GM, American Axle, other suppliers
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Corporate Reform:

New Trial Ordered for Former Qwest Chief
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Mahoney Delivers Again, this Time for Joe Nacchio
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Sentences Reversed for Parties in $100 Million Fraud Scheme
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Bear Stearns fiasco is regulatory failure
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Radio:

Radio stations fall into receivership
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Derivatives:

CDS Market Calms After Bear Stearns Deal
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Credit default swaps: how to spot the riskiest banks
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Accounting:

Profession shaken but not stirred over stock price woes
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Proposed Restatement Guidelines Draw Investor Alarm
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Deloitte Warned of Bear Stearns Trouble
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Jewelry:

Friedman's gets $72.5M bid
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Personal Finance:

Middle Class Citizens Struggle To Make Ends Meet
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Food/Drink:

Restaurant Closings Are Called Signs Of The Times
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NC judge permits suit tied to LeNature's debt
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Financial Privacy:

Breach exposes 4.2 million credit, debt cards
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Fraud:

SocGen's Kerviel to Be Released From Prison
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Rogue Trader in $7B SocGen Case Says Boss Watched
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Valuation:

New York Court Follows Third Circuit On Valuation
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The Valuation of Corporate Debt With Default Risk
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Predatory Lending:

Why Do People Use Payday Loans?
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Do Payday Loans Cause Bankruptcy?
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UK:

Northern Rock Cuts Third of Workforce, Home Lending
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Bear, the Rock and bank rescues
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U.K. Stocks Tumble to Lowest in Two Years
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Money talks in the pursuit of tax evaders
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Egg Cancels 161,000 Credit Cards
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The financial crisis: How bad is it?
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Slowing in personal insolvencies masks extent of debt problems
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Mortgage debt problems soar
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EU:

European govt bonds stay higher on expectations of more Fed rate cuts
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European govt bonds ease on profit-taking as Fed decision looms
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Canada:

Canadian financial sector erodes as U.S. monoline loss boosts potential writedowns
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Canada court gives bankruptcy protection to ABCP
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Court protection sets stage for new debt fight
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Whole Class of Debt in Canada Is Bankrupt
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Canada is sure to feel the US credit crisis
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Quebecor results delayed by print unit's troubles
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China:

China to Take `Forceful' Steps on Inflation
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Venezuela:

Venezuela wins asset freeze case against Exxon
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