May 12, 2008

Daily Bankruptcy News

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Law:

Law Firms and Layoffs: Who Are the Most Vulnerable?
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The Right Message When Firing Lawyers
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Linens 'N Things: Results from Lawyer Beauty Contest Are In
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BigLaw Firm Denies Layoffs, But Axed Associate Says Otherwise
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Paul Hastings Denies Reports of Layoffs
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The Paul Hastings Performance Review: How Do You Rate It?
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Lawyers 'in the Middle' at Most at Risk of Firings
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A Case Study in Crisis PR
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London firms rally to aid banks as credit crunch bites
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Law Firm PEPP "Bubble" To Burst?
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Allen & Overy Avoids Associate Raises for 2008
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Robert Bennett Writes His Memoir, and D.C. Pays Attention
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Dorsey Lawyer Caught in Insider-Trading Probe Gets Pink Slip
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'100s and 100s' of N.Y. Lawyers Involved in Pension Scheme, AG Says
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'Perk of Partnership' at N.Y. Law Firm: Public Pension for No-Show Job
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From Star Associate to Budding Novelist
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A Snapshot of Arbitration in China . . . And the Strange Case of Dr. Wang
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Skadden Posts Huge Capital Gains
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1st Circuit Gets Its First Woman Chief Judge
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For Am Law 100 Firms, the Sky's the Limit
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How Not to Change a Potential Lateral Hire Into the One That Got Away
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How to Manage Your Litigation Costs
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9th Circuit Blasts U.S. Prosecutor for Withholding Documents
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Big-Firm Lawyers Partner to Open Women-Owned Boutique
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Bad economy boosts business for some
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Ohio AG kicked out of Democratic Party
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Why law's largest firms will again be emulating their 'big four' accountancy counterparts on the global stage
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Lawyers of the Day: Drinkin' on Company Time vs DUI + Lovechild
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I Was Wondering Where I Left My Pants
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Cocktail Dress Faux Pas Can Spell Trouble for Female Lawyers
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Lawyer Gets 25 Years to Life in Murder of Client's Husband
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Poop Happens
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Bad Economy Makes Divorce Issues More Difficult
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Say What?!
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Judges:

Queen of Mean?: Judge Accused of Demanding Royal Treatment
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Insurance:

Behind AIG's Nasty Surprise
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A.I.G. loses billions, but says its business is great
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AIG chief under siege
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AIG downgraded by Goldman Sachs
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Retailing:

Circuit City Gives Up the Fight
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Strong retail sales in April, but stores closing in droves
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Linens 'N Things Marks Product Up $10 During Free $10 Gift Card Promotion
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Retailers likely to post grim 1st-quarter results
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Malls trying to hold their own in these times
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Economy:

The Fires May Not Be Out - The crisis appears to have passed for the U.S. financial system, but scores of companies still face default and bankruptcy
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The global slump of 2008-09 has begun as poison spreads
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The Recession That Wasn't
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The Problem With Paulson
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Market Values Fears Ease, So It's Time to Be Fearful
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Experts: Fed wrong to prop up industries
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When Should the Fed Crash the Party?
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Big Rescues Can Work. Just Ask New York.
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Oil Records Smashed: $126 Barrel
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Hints of a rift at OPEC about production
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Alternative Fuels:

Rethinking Ethanol
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Municipalities:

Vallejo one of few cities to use Chapter 9
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Unions only answer to avoid bankruptcy, time is running out
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Jefferson County lacks debt management policy
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We're angry ... now what?
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City, unions meet with mediator
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Vallejo's Bankruptcy Might Have Been Prevented
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TN City May Have To Declare Bankruptcy
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Pre-packs:

Bankruptcies now come pre-packaged
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Bankruptcy Crimes:

Attorney: Bankruptcy fraud claims against Jeffrey, Dawn Prosser are false
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Predatory Lending:

Trapped by Web loan with the 842% interest rate
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Title lender target of Va. suit
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Gambling:

Slump deals bad hand to gambling
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B&M Casinos Come Up Short in First Quarter
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Tropicana Entertainment boss may lose influence
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Bargains galore in Las Vegas
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Trump Casinos Lose $19M in Q1
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Promises kept, problems remain after 30 years of casinos
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Property Mogul Poised to Fall Again
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Bankruptcy Statistics:

Bankruptcy filings continue to climb
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In California, bankruptcy cases soar
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Pensions:

The prophet of pensions
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cription Required)

Real victim of pension underfunding? Future earnings, says UBS
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Savers make costly 401(k) mistakes
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Furniture:

Chapter 11 filing for Omega Wallbeds
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Food/Drink:

IBC gets more money, time
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Prime 121 hurt by lean times
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Resorts:

Pivotal's DIP request denied
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Real Estate:

In mortgage market, 'walkaway' homeowners may be urban myth
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Mortgage Holders Find It Hard to Walk Away From Their Homes
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Losing a Home, Then Losing All Out of Storage
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Asset-Backed Deal Spotted and an I-Bank as Victim
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New Century Mortgage managers ignored default rates, investigator says
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Mortgage Fees in Chapter 13: Rules to the Rescue?
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Housing Reform: Saying No to Everything
(NYT: separate free registration required)

Democrats Face Rescue Backlash
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A Couple's Descent Into Foreclosure
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Brokers, bankers unite to question worth of deal on appraisals
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Rates on 30-year mortgages edge down slightly
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Credit restrictions getting into specialized niches
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Countrywide investor fears: Still simmering
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Bank of America vs. bondholders
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"Mortgage Loan Welfare"
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Getting Loan Extensions Not as Easy as AD&C, Home Builders Find
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The Home Mortgage Frenzy and a Victim.
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Mortgage Firms Cool to Principal-Cut Plan
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Subprime loans taking homeowners down
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Lewisville home builder files for bankruptcy
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Northeast Bank suing over $35M Ramsey Town Center loan
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Meadowlands builder insists it will stick with the project
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Homebuilder WCI's Stock Slides On Negative Analyses
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Man losing nine homes in mortgage mess
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The subprime house of cards
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Ousted mortgage CEO seeks redemption with new company
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Almost homeless over $100
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Half of Cleveland's subprime loans ended in disaster
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For Mortgages Underwater, Help Swims In
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UST:

Debtor Audits Resuming
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Debtor Audits to Start Again - What Does This Mean?
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Autos:

GM offer contingent on settling strike
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GM assistance to Axle was a practical decision
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Union slams Axle plans
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Ford, GM showing signs of recovery
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Generous Motors
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American Axle Rift Remains Despite GM Contribution Offer
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Local Companies Worried For American Axle Workers
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American Axle seeks to exit Buffalo area
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What it'll take to keep it open
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Choice hits Chrysler's laid-off workers
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GM suppliers learn to scatter eggs to survive
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Solidarity For Never
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The CAW and Panic Bargaining
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UAW strikes sting GM dealers
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Delphi Asks Court to Increase Bankruptcy Loan by $254 Million
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Delphi: a legacy in limbo
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Delphi reports wider loss
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Delphi's tab for failed investment plan: $79 million
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Delphi to Shift Some Pension Liabilities to GM
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Renault eyes world's cheapest car
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High School Sports:

Galles is going to make MHSAA pay
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Plastics:

Hilex Poly Receives Court Approval Of Its First Day Motions
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Golf:

Cap's manager blaming Corzine
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Golf course in talks to reopen
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EnCap Golf sinks a hole in none
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Finance:

When Small Biz Can't Get a Loan
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Damn the Junk Defaults, Full Speed Ahead - Despite warnings that the default rate will soar this year, investors pour cash into the market with growing zeal.
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Newspapers:

Journal Register says risks default by July
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Student Debt:

Turmoil in Student Lending
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Student Loans and U.S. Bankruptcy Law: Hard to Understand
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Wall Street:

US stock futures lean higher
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Construction:

HIG Capital to Finance Shapes Bankruptcy
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Corporate Governance:

Chancery Rejects Claims that Directors Breached Fiduciary Duties to Creditors by Company Filing for Chapter 11 Bankruptcy; Excessive Compensation Claims Also Rejected
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Chancery Gives Victory to "Freedom of Contract" and Refuses to "Find" Fiduciary Duties in LLC Agreement When Not Clearly Stated
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Credit Cards:

Americans relying more heavily on their credit cards
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Consumer revolving credit jump significantly in March
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Not Valid Unless Signed
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Will U.S. Credit Card Crackdown Make a Major Difference?
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Recording Industry:

Judge OKs Death Row bid procedures
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Rating Agencies:

S&P to fold risk management into its credit ratings
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Corporate Reform:

Critics: SEC no match for investment banks
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Health and Beauty:

Solar Cosmetic can tap DIP
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Convenience Stores:

Soueidan confirmation delayed
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Roller Hockey:

MIHA to seek dismissal
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Accounting:

Tax evasion 'killing millions'
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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:

Consumer group spent $180,000 lobbying gov't in 1Q
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Making the Banking Industry "Chew Brick"
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Mass Torts:

The asbestos 'game' exposed at last
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Study finds asbestos-suit racket booming again
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Asbestos defense attorney called to serve in Iraq
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Rhode Island is Not Canada
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Banking:

HSBC Sets Aside $3.2 Billion for More Bad US Loans
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Pandit's Shrinking Citi
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Citi to lighten up, shed whopping $400 billion worth of assets
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Bank Gives Up on Lost Money, Reassigns CFO
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Banks that sell insurance much more profitable, study finds
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Foreign stakes in big U.S. banks may spark bribery investigations
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Source of House Data Skews Loan Losses
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Aviation:

First Data nearly led to last of Frontier
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Frontier surprised First Data
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High oil prices will break some airlines
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As airlines skyjack-up prices, biz rethinks budgets, policies
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Delta Leads Latest Round of Fare Hikes
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Northwest Airlines raises fuel surcharge
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Some view Delta-Northwest merger as sunny, some cloudy
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UAL and US Airways
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Aloha Cargo Pilots Fly Without Getting Paid
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Former Aloha Air staffers adjust
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Southwest eager to seize market share from ailing rivals
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Avoid airline surcharges with ease
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Italy Seeks Domestic Solution For Alitalia
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Cambodia carrier ends Taipei flights over its financial crisis
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Forest Products:

The end of the line
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Transforming BC's failed mills
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Portland-based timber company liquidated
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Deal struck by Palco, Mendocino Redwood
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Pacific Lumber Settlement Is Questioned by Bondholders
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M&A:

Clear Channel Financing Dispute Will Go to Trial Against Banks
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Television:

Pappas Telecasting files for bankruptcy
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2 Fresno TV stations part of bankruptcy filing
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Health Care:

Fremont General says a bankruptcy filing is likely
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Charity care squeezes hospitals
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Westchester Square gets extension
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Leiner Health Products Submits Proposed Agreement with Department of Justice to U.S. Bankruptcy Court for Approval
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Bonds:

MBIA slides to huge loss on big charges
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Mining:

Asarco trial starts Monday
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Arizona mining company suing Mexican parent for billions
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Asarco, City Agree on $1.2 Million Penalty
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Asarco committee assessing prospective buyers
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Bankruptcy Litigation:

Be Careful What You Wish For: Delaware Chancery Court Provides a Cautionary Tale Against Perfunctory Requests "For Other And Further Relief As The Court Deems Just And Equitable"
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Collins Signs Bankruptcy Trustee Wins $13.5M Lawsuit Against Nissan For Forcing Company Into Bankruptcy
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Bankruptcy trustee goes after defrauded investors
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Textiles:

Pakistani mills seek goods worth $4.9 m from Dan River
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Religion:

Property deeds handed over to parishes
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Hedge Funds:

You Can't Make This Stuff Up, or Can You?
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Investors to pour $200 billion into hedge funds this year
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UK:

Dealing With Debt
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Live the dream and suffer the nightmare
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U.K. home repossessions hit highest level since early 1990s
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'I welcome the crunch: it's shut off the easy loans that destroy lives'
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Farepak investigation complete
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UK taxman to access Swiss bank accounts
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Credit turmoil slashes £2.5bn off banks corp tax
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Ireland:

ACCA boss suggests government should form state bankruptcy body
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Hong Kong:

Overdue bills from overseas swell to US$100b
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Australia:

Catching a falling knife
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Toll Tunnel Achieves Junk Bond Status
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Australian Banks Set for Shakeup
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Canada:

Alleged Criminal Organization Specializing in Abuse of Credit Dismantled
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Ascalade seeks Canadian venue
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CapCity principal accused
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China:

Inflation At Worrying Heights In China
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Japan:

Japan Merchant Sentiment Falls as Inflation Quickens
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Japan April Corporate Bankruptcy Cases Up 24.0% On Year
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