May 6, 2008

Daily Bankruptcy News

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Law:

EDNY Forms Federal Task Force to Clean Up Mortgage Mess
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Bankruptcy Lawyer Rebecca J. Winthrop Joins Ballard Spahr
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Plaintiffs Now Pulling for Quinn Emanuel in Parmalat
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A Dramatic Farewell Email (And proof of Paul Hastings layoffs)
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Associate Advice from the Corner Office: Part II
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Classes My Top-Tier Law School Should Have Offered as Warnings About the Profession
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How Rainmakers Do It
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Profits Per Partner of $20 Million?
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'Totally Driven' Lawyer's Suicide a Wake--Up Call for Others
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Clifford Chance associates face anxious wait for news on salaries
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Legal hiring expected to rise
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Lawyers of the Day: David Fink and Timothy Johnson
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Rebuke for Lawyer Who Forged Judge's Signature to Avoid 2nd Trip
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Everything You Always Wanted To Know About Starting Bonuses But Were Afraid To Ask
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A "Bubble" in PPP?
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April Is the Cruelest Month: Legal Sector Lost Jobs Again
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Fried Frank Partners With Hunter College in Diversity Initiative
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Judge Finds JetBlue Negligent for Destroying Document, but Declines to Impose Sanctions
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Brown Rudnick nabs Nabarro PE chief
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Lawyer Resigns State Job as IG Says Part-Time Job Took No Time at All
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Yahoo's Skadden Lawyers Engineer Rarely Used Tactic to Hold Off Microsoft
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David E. Kelley's 'Boston Legal' Takes On the Roberts Court
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Ohio AG Marc Dann on Hot Seat Over Affair With Staffer
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Democrats distancing from Dann, threaten action
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Having Sex With Your Entree? Not So Fast, Says Court
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"The Lucky Charms leprechaun"
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Judges:

Judge Pay Hike May Be Running Out of Steam
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Joking Judge No Laughing Matter to Lawyer in Case of NBA Star's Kin
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Health Care:

Wal-Mart cuts prices on more drugs
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Palm Drive hires CEO
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California Health Care Providers Sue State Over Cuts
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Court seen confirming ALT plan
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Once bankrupt BMC now turning a profit
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Workers Sue Firm For Not Paying Medical Bills
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Politics:

Hillary Clinton throws economists off the bus
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Food/Drink:

Pilgrim's Pride Loss Widens on Soaring Feed Costs
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Aviation:

UAL, U.S. Air could announce a deal within 10 days
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United Airlines Offers 7 Percent Fee For Waiver
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United-U.S. merger could trim out $1.5 bln in costs
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Delta says fuel costs forced combination with Northwest
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Southwest Is Waiting in the Wings
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Airline industry watchers wonder who will fold next
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UniCredit denies Alitalia talks with Lufthansa
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Textiles:

Scouler & Company Named Chief Restructuring Officer of Dan River, Inc.
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Furniture:

Credit worries on rise
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Home Interiors to close 2 subsidiaries
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Fraud:

SEC Obtains Asset Freeze, Halts Hedge Fund Fraud by Investment Adviser in San Diego
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Corporate Reform:

Success breeds failure
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French Firm Scrutinized In Global Bribe Probe
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Finance:

Fed says banks still tightening loan standards
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US Fed Survey:Loan Demand From Businesses, Households Weakens
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Nasdaq chief: Deleveraged world here "for a generation"
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Predatory Lending:

Paternalistic politicians out to kill valid loan options?
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Ban payday loans? Big mistake.
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Boating:

Missouri boat builder going out of business
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Telecoms:

Many wireless resellers going under
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Publishing:

Chief of Random House Said to Be Stepping Down Amid Mounting Pressure Over Declining Profits
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Ziff Davis to present amended plan
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Miami Media beats stalking horse
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Auctions:

Buying Art on Credit
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Pensions:

Employees see sizable shrinkage in their 401(k)s in Q1
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CEO Looted Pension Plan, PGBC Says
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Real Estate:

Bernanke Urges Action to Slow Jump in US Home Foreclosures
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Bernanke says traditional lender tactics won't cope with rising foreclosures
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Treasury Plans to Press Lenders
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Bernanke gives green light to Frank foreclosure bill
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US Rep Frank: No Bailout For Mortgage-Service Cos
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Doubts Raised on Big Backers of Mortgages - Will Fannie Mae and Freddie Mac will soon need saving themselves?
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Fannie Mae Posts Another Loss
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Credit Losses Mount at Fannie
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Foreclosures double, and home prices tumble
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B. of A. should exit Countrywide deal: analyst
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Countrywide Looks Even Less Enticing To BofA
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BofA Says Bid to Buy Countrywide Is as Planned
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Fitch places Countrywide on "Evolving" rating watch
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Countrywide Falls as Analyst Says Bank of America Should Walk
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ResCap May Not Be Able to Meet June Debt Obligations
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GMAC Buys Time for ResCap Unit as Threat of Bankruptcy Looms
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Prosecutors in NY form subprime task force
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Berkshire's Munger: Subprime Makes "Enron Look Like a Tea Party"
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House debates foreclosure rescue
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The High-End Real Estate Market: They Went Bankrupt?!?
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U.S. loosens rules for mortgage help after only 5,000 qualified
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Bankruptcy fails as eviction tactic
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The Psychology of "Walking Away"
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Regency Homes Gets Lean To Keep Building
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Developer fallout spreads with Dunmore Homes
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D.R. Horton Posts Quarterly Loss
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Randall to seek final DIP OK
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Internet, Younger Buyers Pressure Real Estate Commission
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Cedar faces new lawsuit, DA's probe
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A Few Small Law Firms Handle Most Minnesota Foreclosures
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Economy:

Central bankers warn global economy faces inflation risk from food
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Spending/Inflation In Technicolor
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Service sector in surprise rebound
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Oil Rises Above $120 to Record on Concern Over Nigeria Attacks
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The price of crude oil today is not made according to any traditional relation of supply to demand
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Goldman makes case of $200 oil
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Some In SF Bay Area Get Big Paychecks Despite Economy
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Wall Street:

Morgan Stanley to Cut 5% of Staff
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Stocks head for lower open
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Buffett Castigates Wall Street, Bankers on Blunders
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Risk of Suicide Grows for Stressed Traders
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The Street is covered with pink slips
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Newspapers:

Strib publisher tries to reassure the troops
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Star Tribune denies bankruptcy report
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The Strib on Blackstone Group: We mean business, not bankruptcy
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Strib union: timing of NY Post story "a bit curious"
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How the Housing Bust Is Boosting Newspapers
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Credit Cards:

High interest in credit
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Capital One sues CA AG Brown over access to records
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In $3.6 Billion Deal, Chase to Acquire Target's Card Portfolio
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Gambling:

Tropicana casino group files for bankruptcy
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Tropicana Entertainment makes money but still files for bankruptcy
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Tropicana bankruptcy could add to Tahoe's woes
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Tropicana: Harbinger accumulates bonds; crossholding rumors circulate after loan default notice
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Economic Troubles Affect the Vegas Strip
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Even Las Vegas gets the blues
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New Titans of Las Vegas Reinvent Old Formula
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Hedge Funds:

Stoked-up hedge funds fueling market volatility, study finds
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Citi Hedge Fund Investors Want Out
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Corporate Governance:

Corporate Officers' Duties in Flux
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Aflac Investors Get a Say on Executive Pay, a First for a U.S. Company
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Breaking Into the Boardroom
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Tech:

Nvidia buys 3DFX
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M&A:

Apax, Permira Drive LBOs in New York, Exploiting Cheap Dollars
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Broken merger contracts consuming lawyers' time
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Banks File to Dismiss Clear Channel Charges
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Year of the Failed Deal
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Distressed Investing:

Harbinger buys stake in Corn Products
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Consumer Bankruptcy:

Ride-Through Is Alive And Well In The Second Circuit . . . Kind Of
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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 Statistics:

US April Business Bankruptcy Filings Rise Almost 50% on Year
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Still on Target for 1,000,000 Bankruptcy Filings
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Autos:

UAW strikes GM Kansas plant making Chevy Malibu
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Fitch: Wholesale Vehicle Market Accelerating Loss Rates in U.S. Auto ABS
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Nardelli: Chrysler can meet job-cut goals
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Chrysler to guarantee gas at $2.99 a gallon! For three years
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Bankrupt auto supplier to close Ont. plant
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CAW faces GM, Chrysler hurdles
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Student Debt:

First Marblehead Cuts Jobs as Student Lending Falters
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First Marblehead cuts more than half of work force
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Fed rescues student debt; critics fear rise in pleas
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Municipalities:

Vallejo Back At The Brink: Bankruptcy Vote Tuesday
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Some Jefferson County residents react with anger to fee on non-users of sewer system
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Commissioner: Fee for those not on sewer system unrealistic
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Financial Literacy:

A crash course in credit - Area high schoolers sit in on a mock bankruptcy hearing
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Secretary Paulson Names Leadership for President's Advisory Council on Financial Literacy
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Utilities:

Reliant trustee motion put on hold
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Bonds:

Ailing FGIC could be next monoline to bring in new bucks
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Banking:

UBS Set to Cut 5500 Jobs After First-Quarter Loss
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Swiss Bank UBS reports $11 billion loss
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Mixed Reaction to Citi's Fund Aid Plan
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Citigroup's Pandit Faces Test
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A Bank Fires Its C.E.O., but Why?
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Forest Products:

Pope & Talbot to close Oregon mill
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HMC Bids for Timber Company
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Luggage:

Bag 'n Baggage is bankrupt again
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Cross-Border:

Jurisdiction for Insolvency-Related Proceedings Caught between European Legislation
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Retailing:

Linens 'n Things gets court approval for financing
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Linens 'n Things to honor gift cards
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Kohl's scales back expansion plans
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Trade Claims:

Trade Vendor Quarterly
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Jewelry:

Luxury Ventures gets 10 more days
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UK:

More attention needed to warning signs of personal debt, PWC
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Vanco runs out of cash
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Stupid Gordon, it's still the economy
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Repossessions set to soar to highest level for 17 years
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New disclosure rules for banks
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Italy:

Parmalat seeks $2.2 bln from Citigroup at trial
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Parma court unites main Parmalat trial with one other, four more continue in parallel
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Canada:

Regulating Payday Lenders in Canada: Drawing on American Lessons
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Canada:

Former directors of Broadway theater company plead not guilty to fraud
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Livent trials opens with allegation of 'large-scale fraud'
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Livent cooked books: Crown
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Harmac future looking bleak
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Embattled Shermag seeks creditor protection
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Hockey stick maker Sherwood-Drolet files proposal with creditors
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Australia:

Graeme Hoy in tears on radio
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Ken Done's lost fortune not our fault, say advisers
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EU:

Europe Producer-Price Inflation Accelerates in March
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Iceland:

Companies in Iceland Suffer from Credit Crunch
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