May 1, 2008

Daily Bankruptcy News

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Law:

Law Firm Profits: A PPPretty PPPenny
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Nation's Largest Law Firms Crest $2 Billion Barrier, but Record Five-Year Economic Run May Be Ending
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How NY Firms Fared In The 2008 AM LAW 100
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First-half M&A boom drives US firms to $64.5bn record in 2007
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The Am Law 500 - Fun While It Lasted
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O'Melveny to align pay for US and UK partners
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Survey Results: Weight Gains From Law Work?
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Sutherland Asbill & Brennan Confesses to Lawyer Layoffs
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Clients seek law firm bankruptcy
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Preparing for Business Development in a Recession
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Rule of Law 'Crucial' to Economic Success
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Investors group leader and Fulbright lawyer warned in USA Capital case - Federal judge raises potential for contempt
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Judge: Lawyers Cheated Other Lawyers on Same Side of Dispute
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Private eye Pellicano tells jurors he did not lead criminal enterprise
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Firm Announces Pay Freeze for Associates
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BigLaw Managing Partner Predicts the Future; Cost Control is Key
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The Advantages Of Hiring Contract Attorneys
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Cravath Welcomes New Strategy Director, Sort Of
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A Passage to India: Are Foreign Law Firms in the Country's Future?
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Rivals hunt Linklaters clients and staff
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Volokh and the Lesbians
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Grand Jury Indicts Francisca Medina, Wife of Texas Supreme Court Justice David Medina
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And the Best Law School Faculty Photos Award Goes to . . .
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Lawyer Who Wouldn't Stop Talking Suspended From Federal Practice
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Justice Thomas and McDonald's: He's Lovin' It
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Judges:

"Pump" judge back on the street
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Wall Street:

Fed Forgotten, Futures Edge Higher
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Stocks open flat after Exxon report
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Stock rally fizzles after rate cut
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Rep. Bachus joins chorus urging SEC intervention in ARS mess
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Wall Street worried about big picture
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Autos:

GM Not Quite As Horrible As Expected
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GM to cut more after $3 billion loss
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Auto lobby spends $70M
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Turnaround Under Way, GM Is Still Bleeding Cash
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GM forecast dims on talks, supplier strike
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Facing reality at GM
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Troubled offspring cost GM
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GM: Banging Its Head Against the Wall
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For Striking Factory Workers, U.S.-First Pledge Falls Flat
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Comparing General Motors and Ford is not as simple as it appears
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Big Three shifting priority to profits
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Judge gives Delphi more time to reorganize
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Sale to JCI called option A for bankrupt Plastech
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U.S. Parts Makers See Turnaround
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Aviation:

British Airways In Talks With AMR, Continental
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Virgin: Any British Air/AMR/Continental Tie 'Anticompetitive'
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Mesa to pay Hawaiian $52.5 million
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Hawaiian Air raises its fares and fees
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New bid for Hawaii air cargo company
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American Airlines Is Losing $3.3 Million A Day
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UAL Shareholders to Vote on Executive Compensation
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UAL pilots don't love US Airways
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Turbulent economy hits business class
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Aviation bill stalls on airline pension fight
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Durbin, Bond kill airlines' pension poison
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Merger is a good fit, bosses say
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Gas isn't the only thing breaking us
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Rising costs reshaping air travel across the USA
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Nationwide Airlines suspends flights
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EU may oppose Alitalia loan without buyer
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MCR called in for Eos Chapter 11
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Corporate Reform:

Former RightStar CEO arrested in Oregon
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Former COO of Monster Worldwide Charged in Options Backdating Case
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Credit Cards:

Credit card-backed securities performance likely to weaken
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Warning signs emerging amid stable US credit card ABS performance
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Bank's credit practices questioned
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Dodd pushes credit card reform
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Retailing:

Penney CEO sees more retail bankruptcies ahead
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Disney takes over Disney Stores from Children's Place
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Linen 'n Losses
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Sun Isn't Shining On Sharper Image
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Financial Literacy:

Third graders get a financial lesson
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Food/Drink:

Corporate execs go downscale to save on T&E costs - Out: expensive wine, lavish parties, glitzy fund-raisers. In: Planet Hollywood
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Starbucks hit as coffee drinkers cut back
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Predatory Lending:

Ohio Lawmakers Want One Of Toughest Caps On Payday Lending
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Rent-A-Center Defends Payday Loans
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Private Equity:

Show me the door, PE firms say
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Real Estate:

US panel to examine Countrywide, bankruptcy
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A little bad behavior at Countrywide
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Disappearing now: $6 trillion in housing wealth
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FDIC wants US aid to pay down risky loans
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FDIC Solves Subprime Crisis
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Fannie Mae chief sees no mortgage recovery until 2010
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Democrats hold off GOP challenges to Housing package
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A week in the life of mortgage "reform"
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Big lenders treating borrowers shabbily
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Mortgage rates creep up again
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K&L Gates Files Final Report In New Century Bankruptcy Investigation
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New evidence should lead to new trial, convicted National Century exec says
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Regency Homes working out financial difficulties
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Patriot's wins 3rd use of cash
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The Credit Crisis, Subprime, CDO Managers And Conflicts Of Interest
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Million-Dollar Homes at Half Price
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Oregon builder, his firms file for bankruptcy
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A lender's recipe for downfall
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Trustee wants White Tiger tamed
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Harmony Heaven banks on dismissal
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Fed's interest rate cut could help ARM holders
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Fed's cut a short-term cure for struggling homeowners
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Bankers Pan Appraisal Revamp Plan
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Bidding Wars Spring Up for Foreclosed Properties in California
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Economy:

Fed trims rates by quarter point to 2%
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Fed May Take Breather After Seven Rate Cuts, Emergency Loans
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Bernanke Cut? More Like A Trim
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Fed Has Bought Enough Anti-Recession Insurance
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Is Personal Consumption Really Up?
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Low Spending Is Taking Toll on Economy
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Bracing for the Jobs Report
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Jobless claims surge
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Paulson Says US Credit-Market Crisis Is `Closer to the End'
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Oil falls $2 after Fed announcement
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Most Americans Say U.S. is Entering Recession
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Commodities bubble already hurting many
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Banking:

Wachovia May Take $1 Billion Charge Tied to Leases
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More Citi stock floods sinking market
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Citigroup settles gender suit for $33 million
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Relocation:

SIRVA Reaches Agreement with Creditors to Resolve Plan Objections
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RVs:

Downturn drives motorhome makers into a ditch
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Software:

SCO, Novell trial underway
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Emergency Response:

American LaFrance creditors approve reorganization plan
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Furniture:

Dallas Woodcraft closing plant, laying off 109 employees
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Insurance:

Directors And Officers Liability Insurance And Subprime Mortgage Crisis Related Litigation
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AIG executive jailed in Mexico over D&O dispute, sources say
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Suit seeks to push back Poe deadline
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Accounting:

Forensic Accountants And Global Compliance, Fraud, And Corruption
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Section 404 costs way down, but total audit fees on the rise
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Off balance sheet structures too risky
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Hedge Funds:

Hedge funds take extra risk to lift targets
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Fund manager's assets frozen
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Cayman Islands hedge fund's request for US bankruptcy protection dismissed
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Drake to Shut Its Largest Hedge Fund, Plans New Fund This Year
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Cudgel Over the Quants
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SEC Must Come Clean in Pequot Probe, Sez Judge
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Victory At SAC: EEOC Says, 'Hormones Do Not Sexual Harassment Make'
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Hockey:

Barracudas Suspend Operations
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Enron:

A NatWest figure in Enron case goes to prison
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Writer and filmmaker who probed Enron plan book about Spitzer
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Mining:

Bids for bankrupt Asarco's assets are in
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Asarco can tap $5M
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Personal Finance:

Fewer Latino immigrants sending money home
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Millionaires say economy squeezing them too
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Theme Parks:

How it all went wrong
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Layoffs:

Pink slips coming, as planned layoffs surge in April
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Resorts:

LUH Resort wins liquidation OK
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New Bankruptcy Opinions
(3 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

Politics:

78% of Restructuring Experts Say John McCain Is the Best Candidate
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McCain promises billions in spending
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Bankruptcy Reform:

Bankruptcy reform may have exacerbated foreclosure crisis
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Property Of The Estate:

Is the Economic Stimulus rebate property of the bankruptcy estate?
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Insider Compensation:

CEOs Rake It In When Their Companies Tank - Some Say 'Game Is Rigged' in Favor of CEOs Who Profit When Their Companies Founder
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Paying For Failure
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Citigroup's Pandit among America's least paid CEOs:
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Och-Ziff Founder Clears $484M
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Municipalities:

Alabama Mayor Took $156,000 in Bond Deals, SEC Says
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Vallejo still seeks ways to avoid bankruptcy
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City bankruptcy averted - for now
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Arkansas town falls into bankruptcy
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Hiring leaps in public sector
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Health Care:

More Than Half of US Hospitals Insolvent, Near Insolvency, Study Finds
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Hospitals Face Financial Squeeze
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Keys to Philipsburg Hospital turned over to MVCG
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Oregon's largest mental health provider fears bankruptcy
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Push is on to save Cascadia mental health
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New CEO optimistic about hospital
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Hospital replaces leaders
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Are HSAs tax shelters for the well-off?
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Trucking:

Trucking has highest level of bankruptcy since '01
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Student Debt:

Senate backs bill to halt student loan crisis
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Bush to sign bill to ease student loan squeeze
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Sports:

Last ditch effort to save athletic association
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Forest Products:

Experts detail SCOPAC reorganization plan
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Palco case grinds on through testimony
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Recording Industry:

Death Row to buy Tupac disc
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Finance:

Yields down slightly, so more low-grade borrowers wade into the market
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Is there a junk bond revival?
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Lending will remain tight for a while
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Derivatives:

In Defense of Credit Default Swaps
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Religion:

Judge approves diocese's bankruptcy plan
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Corporate Governance:

Discovery of Special Litigation Committee Documents Compelled
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Jewelry:

Esmerian Kin Claim Antique Jewelry Collection Isn't His to Sell
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Fabrikant judge: Work it out
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UK:

Has The Buy-To-Let Bubble Burst?
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Bankers fury at attack on bonuses
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Bank of England now criticizes lenders for being too cautious
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Bank of England says debt risk exaggerated
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Au Naturale creditors offered 25p in the pound
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'Bling-itis' pushes young people further into debt
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IVA mail shot referred to watchdog
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Canada:

Debt collection: Doug, the bounty hunter
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Trial set to begin for Livent co-founders
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Failed deal leaves three BC mills in limbo
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South Africa:

Solidarity to request liquidator for investigation into management
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New Zealand:

Financial crunch coming warns budget service
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Australia:

Names roll in $100m offshore tax scheme case
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China:

Three Chinese banks in world's top four
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Germany:

EU bails out German bank for $7.8B
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Japan:

There's trouble in Tokyo
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EU:

For Europe's Middle-Class, Stagnant Wages Stunt Lifestyle
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