March 4, 2008

Daily Bankruptcy News

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Law:

Uncertain Economy May Hurt Associates' Compensation
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Booming BigLaw Firm Drops Cute Act Once You Get Past the Lobby's Rubber Ducks
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A Conversation With David Boies and His Newest Weapon
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You're Fired! . . . Wait, No, Sorry, Just Move Practice Groups
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Dechert gives deadline to laid off associates
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Layoff Watch: Thacher Proffitt Follow-Up
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Bringing Sexy Back... to Simpson Thacher?
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Firms look to college and high school students for next wave of lawyers
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Arbitrator Is Not Liable for Attorney's Alleged Assault of Party, Court Says
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Goodwin Scores Four L.A. Laterals
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When Do Law Departments Go Too Far?
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Due process of law butts heads with free press in Scruggs case
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Are Law Firm Leadership Programs Worth the Money?
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At Issue in 'Exxon' Case: How Decisive Is Stare Decisis?
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Law-Firm Blogs: Marketing Device or Mere Diversion?
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Another law firm surfaces in Rezko case
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Planning Helps Law Firms Weather A Bad Economy
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$8.4M Pact, Seeming Cover-up Put Up to 12 Detroit Lawyers on Hot Seat
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Does Lawyer's E-Mail Snooping Merit 2-Year Suspension?
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Breyer, Known for Zany Hypotheticals, Considers Hungry Raccoons and Pet Oysters
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Lawyer of the Day: Michael Markins
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Speeding Lawyer Not Fast Enough on Her Feet With Court Excuse
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Rating Agencies:

Buffett sees headwinds for rating agencies
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Economy:

The Federal Reserve's rescue has failed
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Manufacturing Contracts, Choked By Prices
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US Treasuries Fall on Speculation Fed to Cut Rate 0.75-Point
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The Fed's doing more damage than good
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Commodities and inflation
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Manufacturing lowest in nearly 5 years
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Dollar Falls to 3-Year Low on Speculation Debt Losses to Spread
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Companies Are Piling Up Cash
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Economists get more gloomy
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Mass Torts:

Merck - 44000 of eligible 47000 people have enrolled in Vioxx settlement
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Aviation:

United board member says Continental talks in limbo
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Delta Disbands Outside Advisers on Northwest Merger
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Nearly 12 Pct of PBGC's Delta Stake Sold
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Plan mapped for Adam Aircraft
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Convenience Stores:

Firm buys 11 AmeriStops
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Boat Building:

Vivian Industries files Chapter 7
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Hedge Funds:

Funds have cash, appetite for big buy
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Man Charged with Christian Hedge Fund Fraud Denied Bail
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Credit Quality:

Credit managers index boosted by rise in manufacturer collections
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Derivatives:

Derivative trades on exchanges fell most in 14 years
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Citigroup, Wachovia Face Lawsuits
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Corporate Governance:

Corporate Law: How Much Longer Will Delaware Reign?
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Will Killing All the Corporate-Friendly Laws Kill the Delaware Economy?
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CEO turnover up 50% at big North American businesses
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Relocation:

Sirva OKs deal to sell UK units
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Fraud:

Investment company officials accused of fraud
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Credit Cards:

Unable to stay afloat
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Chase Bank Seeks Damages From Attorneys
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HSBC USA Card Charge-offs Jump 32% in 2007
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Telecoms:

Vonage May Change Bond Payout
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Tricom to seek prepack plan
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Lightwave gets cash-use extension
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Religion:

Alaska Diocese files for Ch. 11
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Controversy and the Catholic Church
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Software:

SCO CEO likely will be forced out of job
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Real Estate:

Lenders fall short in aiding at-risk California borrowers
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Relief for Homeowners Is Given to a Relative Few
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Hope Now: We've helped 1M home owners
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Few Cheers for Mortgage Bailout
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Bundled Mortgages and Dubious Fees Complicate Foreclosure Cases
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Fannie, Freddie to Overhaul Appraisals in Cuomo Deal
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Fannie, Freddie To Buy Loans Under Tougher Rules
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Suits add to lender's troubles
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Countrywide sees pay-option loan risk
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Margin calls endanger Thornburg Mortgage
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Thornburg Drops as Citigroup Sees Possible Bankruptcy
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Thornburg Mortgage Down 51 Pct on Bankruptcy Worry
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Bears Turn Their Focus to Thornburg Mortgage
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New Century gets blasted
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Lenders post more loan ills
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Fitch Cuts GMAC, ResCap Ratings
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Construction Spending in the US Decreased 1.7% in January
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Loan Crisis Seen As Top Economic Threat
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Quality Home Loans claim top $330M
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Paulson warns endangered homeowners to act
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Fed tells banks to report mortgage restructurings under HOPE NOW standards
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Va. Senate Passes Foreclosure-Prevention Bill
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Minnesota lawmakers aim to avoid foreclosures for those on brink
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U.S. Told to Reconsider Cuts to Housing Aid
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Builder files Chapter 11
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Meridian refiles for bankruptcy
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New wave of mortgage failures could create a nightmare economic scenario
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Judges:

Lawyers' Letter Supports Cross-Dressing Judge
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Bonds:

Bond insurer offer off the table, Buffett says
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SCA sees $1.5B charge; equity to plummet - "all but finished as a viable company?"
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Whitman holds firm on MBIA, Ambac bets
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Latest problem roiling the ARS market? A 'supply tsunami'
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Calif calls for reform of "unfair" muni ratings
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Bond price-fixing probe spreads to ex-workers at J.P. Morgan, UBS
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Autos:

GM, Ford, Toyota Post Declines in US February Sales
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GM Shuffles Executive Ranks
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Axle strike shuts more auto plants
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Ford cuts 2500 jobs at three US plants
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Another downshift at Ford plant
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GMAC's long-term IDR cut to 'BB' from 'BB+'; outlook negative - Fitch
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Chrysler Appeals Plastech Court Ruling
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Mercedes-Benz February global car sales rise 18% on year
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Delphi has temporary layoffs as sales decline
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Printing:

No successful bidder at auction for Boyd printing plant in Albany
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Seminars:

An Interdisciplinary Academic Conference
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Consumer Litigation: Ripple Effect or Tsunami in the Consumer Finance Industry?
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Municipalities:

Yes, deal has its weaknesses, but worth a try
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Judge rules McCall can raise $7M without voter approval
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Moody's, S&P Help Push Alabama County to Insolvency
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Celebs:

Pearlman to Plead Guilty
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Pearlman faces new federal charges as he changes plea to guilty
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Banking:

Fallout Exposes Holes in Risk Rules
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Stock Brokers:

E*Trade's New CEO Confronts Credit Woes
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Bankruptcy Crimes:

2 women accused of fraud
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Predatory Lending:

Payday loan overkill
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Mass. AG Obtains Broad Injunction Against Predatory Lender
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Pensions:

Tab for 401(k) matches has many bosses steering clear of auto enrollment
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Gambling:

Chancery Court at the Casinos: Issue of Indenture Default Addressed
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Will Chancery rulings send Tropicana spinning?
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Judge deals Tropicana body blow
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Enron:

A New Enron Record? Highest Legal Fees
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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:

Senator Durbin: Democrats will not Give up on America Homeowners
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IRS Means Test Data Updated
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Wall Street:

Fed's Plosser: Market woes warrant low rates
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FTSE slides 1.1 percent
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Wall Street racked up record fees, record losses in '07
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Asian stocks end mostly lower
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Aussie stocks extend losses as banks fall
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US stocks head for lower open
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Bankruptcy Statistics:

Personal Bankruptcy Filings Up 15 Percent in Feb.
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February 2008 Filing Rates Hit Post-BAPCPA High
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Growing bankruptcy filings a grim omen
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Corporate Reform:

Supreme Court rejects fraud appeal by Adelphia founder Rigas, son
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Kickback Probe IDs Former Home Depot Executives
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Conrad Black Starts Prison Term
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Construction:

Building Slowdown Goes Commercial
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Food/Drink:

Bankruptcy blamed on rising costs, soft sales
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Quick Service seeks cash collateral
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Soccer:

Rhinos rescuer blocked by bank
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Horticulture:

Bankruptcy judge approves Pike sale
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Health Care:

Buyer Of Bayonne Hospital to Pay US $2.5 Million
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Pascack to seek approval for $45M sale
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Sun Coast Hospital sale complete
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Investor details loss of millions
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Hospital, Nurses Union Reach Impasse
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Evidence:

Senate Passes Evidence Rule 502:
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Bankruptcy Rules:

Bankruptcy Rule Amendments: New Article Reviews The Important Changes
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Retailing:

Bankruptcy Makes Gift Cards Worthless
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Circling the retail wagons
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Tax:

Swiss Bank Julius Baer's Cayman Branch's Security Breached
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Consultants:

FTI Consulting Continues to Be Best of Breed
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Furniture:

Collezione Europa files Chapter 11
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Labor:

Rubber workers to get $2.3M
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Personal Finance:

Debt load will destroy us
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M&A:

PwC predicts strategic buyers will dominate in 2008
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Cash Management:

Sentinel Trustee Claims Bank of New York Aided Firm's Collapse
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Horse Racing:

NYRA seeks another short-term extension
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NYRA can sell 70 land parcels
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Finance:

Paulson Sees New Capital Markets Proposals in 'Weeks'
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UK:

Thousands wanted to go bankrupt in 2007
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HSBC fears it may have to pay back £300m in overdraft fees
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Spain:

Dubai Withdraws Bid for Colonial, Liquidity Crisis Looms
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Property valuations in focus amid Spanish angst
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Germany:

Scandals Tarnish German Business Elite
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Canada:

Ascalade unveils filing for creditor protection
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Forzani Group to acquire restructuring Athletes World for undisclosed price
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