March 31, 2008

Daily Bankruptcy News

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Law:

BigLaw Partner Should Face Criminal Charges, Bankruptcy Counsel Tell Judge
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Law Firms Beef Up For Bankruptcy Work, the Hottest Growth Area
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Law Firms Expect Rise in Bankruptcy Business
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Attorneys Predict Additional Bankruptcy Hiring in Next 12 Months
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White & Case number one as bankruptcy cases soar
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Associates Get Cut of New Biz at this Flex-Schedule Friendly Firm
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Former Latham Partner Pleads Guilty to Defrauding Clients, Firm
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Carl Icahn Gives A Lesson On How To Deal With Texas Lawyer Joe Jamail
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The U.S. News Rankings: Law Schools React
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Verdict Reached in Sonnenschein Trial
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Former Sonnenschein Partner Wins Higher Compensation, but Not Complete Victory
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Meet "Ms. JD"
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When lawyers use their laptops during meetings
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Sheppard Mullin Adds New York Bankruptcy Partners
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BigLaw Firm Settles Suit Claiming It Should Have Known Client Was Scamming Investors
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BigLaw Firms Pony Up More Donations to Obama, McCain
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Higher Powers: Churches Put Faith in Law Firms
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Judge Lashes Out at BigLaw Lawyer
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Firm's Claims Against Former Partner Not All Subject to Arbitration
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Firms Should Resist Urge to Sue Critics
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Ex-Judge's Law License Suspended After Badmouthing Judge in His DUI Case
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Compound Interest?: Man Held on $1 Million Bond for Spending $21 in Fake Dimes in 1990
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Federal Judge Blasts Health Care Companies Over Discovery
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Promotions kick off with rise in female partners
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'Neutral' Web Sites as Fronts for Firms
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23 Long Island School Districts Count Private Lawyers as Employees
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Troubled American School of Law Gets New Dean, New Name
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Eversheds supports offices with green bras
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Judge Elizabeth Halverson courts trouble in Las Vegas
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Asking a Judge to Save the World
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Billing on the Job or Pleasure?
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Wall Street:

Wall St futures dip, eyes on recession impact
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Bear's board was busy elsewhere
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Cayne Bear Stake Sold For $900M Loss
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Wall Street awaits government plan
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'A Big Wink to Wall Street'
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Sweeping Changes in Paulson Plan
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Why Paulson's Plan Is DOA
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A Nervous Wall St. Seems Unsure What's Next
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What CEOs don't know can kill you
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BlackRock CEO blames rating agencies for Bear fall
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Dodd looking into Dimon's Fed connection
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Overhaul of Wall Street regulation doesn't address current crisis
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U.S. Stocks Fare Better Than Most
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Economy:

Battle lines form around Paulson's reforms
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'Brace for $1 Trillion Writedown'
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Bush and UK's Brown in push to deal with crisis
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How worried should you be?
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Waiting for Armageddon: The worst is yet to come
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Is it or isn't it? Recession hard to call
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Novated Bears and the Education of Ben Bernanke
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Manufacturers caught in inflationary catch-22
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March consumer sentiment index falls to 69.5, with respondents expecting recession
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Fraud:

Lehman Brothers, claiming fraud, seeks to recover more than $355M
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Three Accused In $11 Million Ponzi Scheme
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Forest Products:

Bankruptcy court holds fate of Headwaters land
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Mendocino/Marathon have the best plan
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Ex-governor may manage timber firm bankruptcy
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Rodoni gives input to state on PALCO bankruptcy
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Toys:

Lionel Set to Exit Bankruptcy
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Insider Compensation:

CEO pay: Performance-based bonuses down, discretionary bonuses up in 07
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Countrywide's Top Execs Get Millions in Payouts
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Fedders creditors file insider complaint
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Personal Finance:

Middle-agers move back home
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Food Stamp Use at Record Pace as Jobs Vanish and Prices Rise
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Food/Drink:

LeNature's warning
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M&A:

Credit crunch squeezes a buyout maven
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A moment of clarity in Clear Channel mess
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Bonds:

S&P cuts FGIC rating to junk
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California may create bond insurer, rival Buffett
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Insurance:

Subprime Suits Blur D&O Outlook
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Mining:

Company asks Benjamin to recuse himself again, this time with poll numbers
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Bankruptcy Research:

Equity Offerings in Financial Distress: Evidence from German Restructurings
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How the Bear Stearns Collapse Affects the Financial Markets
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Real Estate:

New Century's GC Warned Managers of Subprime Danger
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Foreclosure Machine Thrives on Woes
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Homeowners Trash Their Homes Before Handing Over the Keys
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Bush Touts Voluntary Program
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Some lenders won't help homeowners in trouble
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Policymakers confront awkward home truths
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Little guy gets jailed as big firms get bailed
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Could housing take a decade to recover?
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Hawaii foreclosures 'slowly building'
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Hawaii's real estate short sales
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Long Island leads state in subprime foreclosures
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Thornburg Gets Another Break
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Lawmakers rush to act on mortgage crisis
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Plea To Save Homes Puts Republican Lawmakers In Bind
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Clock is ticking on Willan fraud case
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Housing Woes Shake Fremont
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KB Home reports larger-than-expected quarterly loss
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Big Home Builders Launch Solo Lobbying Effort
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Tucson Copper holds an ace
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Judge OKs Jensen Ranch plan
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Couple lose home in Countrywide dispute, but may yet win
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Latest real-estate fad: Hunting for foreclosure deals
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Credit crunch hits equity lines of credit
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Pami wants Hamlin's only asset
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Bad property loans boomerang on REIT
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Commercial Mortgage Delinquencies Remain Low
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Look for Commercial Real Estate Crisis This Summer
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HUD Secretary Expected to Quit
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Aviation:

Aloha Air Stops Passenger Operations, Citing Finances
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Aloha closure: Q and A
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United, Hawaiian offer help but no guarantees to Aloha passengers
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Aloha Airlines to stop flying Monday; CEO calls it 'an incredibly dark day'
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CEO's letter to Aloha employees
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Aloha Employees Angry, Heartbroken
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Governor Announces Plan To Fight Aloha Problems
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Last-minute Aloha-Hawaiian deal fails
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Northwest Looks to Delta to Revive Merger Talks
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Northwest hits turbulence, but it's likely to prosper
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Alitalia cuts flights in Milan, talks resume Monday
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Banking:

Paulson to overhaul bank controls
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Fed Offers $100 Billion More to Banks
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UBS to mark down value of auction-rate securities
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UBS to call for 16 billion Swiss francs capital hike
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A banking bear turns most decidedly bullish
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Financial jobs falling fast - Credit squeeze will get worse, says survey
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Publishing:

Ziff Davis' Ch 11 Bankruptcy Hearing: The Headwinds With Unsecured Bondholders
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Ziff plan wipes out PE owners
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Newspapers:

As newspaper spending falls, some companies face end
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Politics:

Cash-strapped Clinton fails to pay bills
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Obama Moves Past Clinton in Calling for Wall Street Oversight
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Obama Casts Wide Blame for Financial Crisis and Proposes Homeowner Aid
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The No-Bailout Caucus
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Quick Housing Deal Isn't Likely
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Hillary Campaign Chief Profited in Subprime Biz
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Alternative Fuels:

Ethanex Energy files for bankruptcy
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Firms see ethanol boom run out of gas
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Payroll Services:

Axium's Collapse Raises Vendor Management Questions
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Autos:

Supplier moves to hire as union workers picket
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American Axle strikers in Detroit respond to plant closing threats
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High-tech gear disables car if borrower misses payment
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Municipalities:

Cities paying high salaries, even amid financial crises
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Lawrence faces 'inevitable fiscal crisis'
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Jeffco gets extra time to make $53 million sewer debt payment
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Jefferson County's ultimatum to Wall Street banks carries risks
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Horse Racing:

NYRA Net Operating Loss at $34 Million
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Apparel:

Isabella Fiore wins DIP approval
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Golf:

Creditors Push Promontory Toward Bankruptcy
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Credit Cards:

More Americans using credit cards to stay afloat
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Changing paradigm of plastic
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"Fee-based company" targets "scum of the earth": one credit card company's business model
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Credit Card Fair Fee Act
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Furniture:

Wickes wins final use DIP
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Mass Torts:

Cellphones: More dangerous than smoking, asbestos
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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

Bankruptcy Reform:

Should bankruptcy laws be tweaked to help homeowners
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Homeowners may get bankruptcy relief
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Senator Reid Trying To Help Homeowners Avoid Foreclosure
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Going for Broke
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Trucking:

Prices prompt talk of possible truck shutdown
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Truck drivers' strike picks up speed
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Motorcycles:

IronHorse slams on the brakes
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Health Care:

Not-for-profit may be million dollar idea
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The New Wave Of Hospital Bankruptcies
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Defunct Louisville nurse staffing firm to plead guilty in Medicare billing case
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Hospital district quashes rumor of Menifee medical center's sale
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Defendant in fraud case not wearing monitor, can't be found
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Hostage to health care
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Derivatives:

Prepare for more swaps suits
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Enron:

Skilling Tries to Reverse His Ruling
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Former Enron shareholders gather, want answers
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Corporate Reform:

Plan would make Fed a financial supercop
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DOJ Meets Setbacks in Case Against Former Bristol Exec
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White House taps two Democrats to fill vacant SEC seats
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White House to Tap Two Dems to SEC
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Sarbanes-Oxley rules get reprieve in subprime mess
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Accounting:

Overtime Pay for PwC Audit Associates?
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Xerox Pays $670 Million to End Suit
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Xerox has D&O cover of $100M to put toward settlement
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KPMG faces fallout from New Century
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Ex-PWC partner in $4m sexual harassment settlement
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Hedge Funds:

Bear Stearns feeder funds to liquidate in Cayman Islands
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Hedges Hold On
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Heather to take on deals banks reject
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Awards keep hedge fund investors in comfortable ignorance of the full picture
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Retailing:

J.C. Penney tumbles on pessimistic outlook
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Student Debt:

Student Lender Discusses Ratings, Delinquencies
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Tax:

Supreme Court Holds Oral Argument in Piccadilly Cafeterias: Ability of State and Local Governments to Tax Transfers on Sales Approved Outside of a Chapter 11 Plan before the Court
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Predatory Lending:

Payday loans bring relief, then groans
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Logistics:

Summit can proceed with sale
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Shearson Financial Network appoints new chief restructuring officer
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UK:

CBI says profits drop in financial services
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The financial crisis: Now it's personal
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Investors pull $100bn out of equity funds
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Credit Squeeze Brings Mixed Blessings to the IVA and Debt Business
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Queen cancels party over recession fears
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Japan:

Lehman to Sue Marubeni to Recover 35 Billion Yen, People Say
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Lehman Brothers file criminal complaint after $350m scam
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Japan stocks likely to fall, caution before data
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Yen Rises as Subprime Losses May Hurt Demand for Carry Trades
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EU:

Europe Inflation Accelerates to 3.5%, Sentiment Drops
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Korea:

Korea Could Face Mortgage Crisis
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Russia:

TGK-11 Asset Ruling Postponed Until May
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Canada:

Union demands new trustee to dispose of Trentonworks assets
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Quebecor World may lose parent's business
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Faces of the ABCP crises
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Spain:

Credit tremors rock Spanish housing boom
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Spain Rains On Inditex
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Australia:

Stock market turmoil the worst in 20 years
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Israel:

Israel can't escape subprime woe
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