May 22, 2008

Daily Bankruptcy News

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Law:

The Bankruptcy Boom
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Lehman Creates Restructuring and Finance Group
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Layoff Watch: Secretaries Suffering Too
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Working in Biglaw = Killing Babies?
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Supreme Court Shot for Hillary Clinton?
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Long road to the top for associates as partner track continues to grow
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While the Economy Struggles, Profits Can Be Made
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E-Mail Meets the Statute of Frauds
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Partner at Center of Subprime Meltdown Suits Switches Firms
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Kentucky Heart Charity Takes Center Stage in Fen-Phen Trial
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20 Years After Leaving BigLaw, Ex-Associate's Writing Career Pays Off
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Q&A With "Goodfellas" Actor (and Dechert Lawyer) Ed McDonald
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Lawsuit of the Day: As the Paralegal World Turns...
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Feds: Million-Dollar-a-Year Lawyer Hasn't Filed a Tax Return in 14 Years
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Lawyer Accused of "Stalking" Opposing Counsel Found in Violation of 27 Bar Rules
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Fifth-Generation Lawyer Graduates From Family Alma Mater
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The hidden talents of law students
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Ex-Attorney's Canadian Anthem: Hell No, He Won't Go (Back to Texas)
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Say What?!
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Jerry Springer's Words of Wisdom Win Over Skeptical NU Law Grads
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Judges:

Bar Urges Dress-Wearing Judge to Reconsider Resignation
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Somma: On the Bench or Off?
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Be On the Lookout for "Cranky" Judges
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Ex-Associate-Turned-Judge Wins Round Against Ex-Clients Suing Him for Lying
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Judge Stepping Down After Dismissing His Doctor's Speeding Ticket
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Scalia Makes With the Jokes, Folks
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Under UK Judges' Robes: Suits, Shorts, Jeans
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Former Pa. Chief Justice Says Lawsuit is "Preposterous"
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Wall Street:

Futures point to higher Wall St
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UK Stocks Decline
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US Stocks Extend Drop on Fed Minutes
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US Stocks Fall on Credit-Rating Concern
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More Lehman layoffs
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JPMorgan to cut 55 pct of Bear staff: CEO
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The Man Who Saved Wall Street?
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CDOs based on asset-backed securities headed for oblivion
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Rating Agencies:

Moody's Falls Most in 9 Years on Ratings Error Probe
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Moody's Faces Scrutiny of Computer Error, Possible `Cover-Up'
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Moody's hires law firm to probe error - but can't quell the uproar
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Trucking:

US trucker Jevic files for bankruptcy, shuts down
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Laid-Off Workers Sue Jevic Transportation - WARN Act
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Creditors challenge IdleAire sale plan
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New players filling void in truckstop anti-idling biz
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Golden 'Chutes
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Interstate buys more time
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Autos:

Auto-Stake Risks Rise for Equity Firms
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Chrysler puts brakes on gas prices
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Fox Collision bankruptcy nears completion
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Detroit local decides Axle fate
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Buyout offers ending at GM
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First-lien lenders to control BHM
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Celebs:

Lou Pearlman Sentenced to 25 Years in Prison
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Wesley Snipes Seeking Bond as He Appeals Tax Convictions
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Vegas Casino, DA Deny Charles Barkley Has Paid Gambling Debt
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Lawsuit demands that Holyfield repay loan
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Financial Literacy:

Teens, young adults should learn basic money management
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Third-graders get a financial lesson
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Bank making financial literacy fun
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Retailing:

Linens 'n Things judge approves higher bid to liquidate stores
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Gift Card Holders May Get Short-Changed by Bankrupt US Stores
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Corpus Mall owner's debt stands at $9.6 million
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Retail's real estate reverb
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Mining:

Grupo Mexico wants chance to value Asarco
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Grupo Mexico Demands ASARCO's Independent Board Properly Consider Its Full Payment Plan
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Asarco settlement with Montana OK'd
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Accounting:

Accounting Regulators Investigating Subprime Cases
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Hockey:

Corpus Christi Rayz To Suspend Operations
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Enron:

Enron logos sold, moving to NY
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Insider Compensation:

Section 304 of SOX: New Tool for Disgorgement?
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Rite Aid CEO gets $5.6M as chain grew in money-losing year
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Real Estate:

Mortgage demand nears 2008 low as rates rise
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U.S. crunch turns back clock on mortgage lending
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Foreclosures and More Bankruptcy Filings
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Making Legal Lemonade From Foreclosure
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Staying "Bought"
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In reply to e-mail, Countrywide CEO criticizes plea for loan help
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How mortgage firm Delta Financial Corp. collapsed
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Cerberus Rues ResCap as Mortgages Put Brakes on Plans
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ResCap Says Bondholders Tender $8.6 Billion of Notes
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Lending's Impact on Impac? It Could Be Fatal Former mortgage high-flier, being reviewed by SEC, lost $2b last year and warns that its survival is in question
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Empty homes, ruined neighborhoods
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Woman: Lawyer tricked me into buying 3 houses for $5M
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Owning a Home Doesn't Necessarily Benefit Families
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City alleges Wells Fargo targeted black homeowners with refinancing offers
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Squatters seize day in surge of repossessions
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Foreclosure scams prey on yearning for 'quick fix'
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Diamond Creek project in bankruptcy
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Den-Mark wins OK for more sales
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Hess Farm filing to be weighed
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UT: Shurtleff calls on lenders and lawmakers to 'step up' on subprime crisis
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Economy:

Fed Officials Cut 2008 Growth Forecasts to Range of 0.3%-1.2%
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Fed's Forecast Grows Gloomier
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Jobless Claims Drop to Lowest Level in 4 Weeks
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Fed Says `Most' Officials Viewed April Rate Cut as `Close Call'
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Fed Signals Contraction Won't Spur Interest-Rate Cut
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Economy sputters, but finance execs see rising profits this year
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Oil Rises Above $132 on US Supply Drop, Bank Price Forecasts
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Oil Rises Above $135 After Unexpected Drop in US Inventories
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Big Oil defends profits before Senate panel
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Blame Wall Street for $135 Oil on Wrong-Way Betting
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Fears of a oil shortage within five years
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IEA to Slash Oil-Supply Estimate
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Record gas prices: 15 straight days
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$12-15-a-Gallon Gas
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U.S. congress could ban speculators from commodities
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Aviation:

American to impose first checked bag fee, cut capacity
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Checked Bag Fees: Money for Nothing
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More fees for fliers
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AMR's Bag Fee Just the Beginning for Travelers
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American's Desperate Move to Shrink
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American crash lands on Wall Street
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More thoughts from the AMR annual meeting
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American Air: We're Not Built for $130 Oil
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AMR Puzzler: Deal v. Collapse
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How Bad Does It Have To Get Before American Airlines Does A Deal?
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Allied Pilots Association to Picket AMR Shareholders Meeting on May 21
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Judge approves NWA $2 million payment to charity chosen by former chairman who gets $200K
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Frontier unions accept wage cuts
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What to Expect as Airlines Cope With Soaring Fuel Costs
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Next Up: $5 Per Lavatory Visit
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Airlines awash in red ink
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His only attire was a pair of flip-flops and a wristwatch
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Italy converts Alitalia loan to win auditor blessing
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Alitalia would see much interest if it goes into administration
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Eos's Auction Plan Challenged by Delta, Mexicana
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Air France Has Quarterly Loss; Annual Profit to Fall
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Student Debt:

Student Loans Get Tighter in Credit Crunch
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The Silver Lining of Economic Collapse
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Lenders request federal help on student loans
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Glass:

Judge Calls Diamond Glass "Volatile, Competitive," Approves Modified Plan
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Food/Drink:

Interstate Bakeries posts wider loss, lower revenue
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Alternative Fuels:

Creditor deadline nears for E3 bankruptcy
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Derivatives:

When Hedges Fail
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Debt Collection:

The Repo Man Cometh
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Distressed Investing:

J.P. Morgan's Dimon looking for deals in the South?
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Relocation:

AllStates gets more time
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Credit Counseling:

Credit counseling benefits the counselors
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Construction:

James Hardie Slumps as Profit Falls on US Weakness
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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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Committees:

Linens 'n Things unsecured creditors and the indignity card
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Credit Cards:

Warren: The Credit Card Lesson
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US Credit Card Industry Moving into Uncharted Territory
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Bonds:

Greenspan Helped Pimco Make Billions, Gross Says
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Obituaries:

Michael Leppert
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Tax:

Offshore Bank Account Holders, Here's Some Advice
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Tough Calls for US Tax Dodgers & Counsel; Secret Bank Accounts Exposed
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Bush Threatens Veto Of House Energy, Business Tax Bill
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Layoffs:

Boeing expected to cut 750 jobs in Southern California
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American Air to Cut `Thousands' of Jobs
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Personal Finance:

Can't retire, can't find job: Older workers struggle
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Forest Products:

Sierra Pacific's plan for Palco's Scotia mill
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Scotia's future on hold
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Banking:

Top banks call for relaxed writedown rules
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Housing fallout spreads to smaller U.S. banks
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UBS set to finance $15bn securities carrier
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UBS to Sell Shares at 31% Discount in Rights Offer
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Citigroup's `Last Roman' CDO Spotlights Banks' Enron Accounting
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Municipalities:

How Pension Debt Ballooned
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Money woes may have led to bridge collapse
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JPMorgan Swap Deals Spur Probe as Default Stalks Alabama County
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Religion:

Church lender to get paid
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Attorneys seek second contempt charge for defrocked Iowa priest
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Corporate Reform:

Few Investors Back Say-on-Pay Plans
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SEC Extends Reach to U.K., Italy Cases
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Fraud:

Hedge fund manager convicted in Ponzi scheme
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Bankruptcy Crimes:

Feds: W. Pa doctor sent assets to Lebanon during bankruptcy
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Health Care:

Supervisors call for a study of Natchez Regional Hospital
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Sale of NOMC a good idea but not at city's expense
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TrimSpa distributor files for bankruptcy protection
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Bidder For Haven Healthcare Withdraws Offer
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California Demands 'Hundreds Of Millions' From Drug-Maker McKesson
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Mass Torts:

Foster Wheeler Tops List of Companies with Open Asbestos Claims
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Hotels:

Hotel Deals May Fall More Than 50% on Credit Crunch
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Oil/Gas:

Global Energy wins oil wells
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Credit Reporting:

Post-Bankruptcy Credit Reporting Violates The Discharge Injunction
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Newspapers:

Newspapers' Funeral Dirge
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UK:

UK Bonds Fall as BOE Minutes Signal Reluctance to Cut Rates
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"There is a lag between the start of a downturn and corporate difficulties"
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Banks face crisis on scale of 70s
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UK recession looms large, manager warns
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Nationwide mortgage lending drops 40%
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Lenders predict 35% drop in house sales
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Final call for debt recovery company
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Ponzi scheme allegations put trio in court
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UK Retail Sales Fell for a Second Month in April
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Canada:

Firm struggles to find new buyers after Harmac closes
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Madill is being sold off bit by bit
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Russia:

Russian Prez Moves to Clean Up Courts
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Japan:

Bank groups' subprime loss hits 980 yen billion in FY 2007
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