April 22, 2009

The Daily Bankruptcy News

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Law:

NY Law Students Trapped in Grip of Anxiety as Graduation Nears
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Firm Freezing Pay, Instituting Unpaid Vacations, But Layoffs Still on the Way
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Career Confusion for 140 NYU 3Ls Deferred By Fall Employers
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What Can You Do With a JD from... Anywhere?
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Wiley Rein Moves Associates to Lower Salary Track
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Clifford Chance cuts 20 more support staff roles in New York office
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Kirkland & Ellis Staff Cut Follow Up
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BigLaw Firm Puts 2009 Associates on Hold, Slashes Summer Associate Program
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Mayer Brown Extends Associate Deferral Option to a Full Year
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Meyer, Suozzi Adds To Bankruptcy
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The Bankruptcy Files: Midway Games, My Rich Uncle
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Conflicts Over Bankruptcy Client Ensnare Second BigLaw Firm
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Bankruptcy advice in high demand
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Snapshot: Eric Brunstad
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Firm Going National, But Aims to Keep "Small Firm Feel"
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Baker & McKenzie Reportedly Cuts Pay for Some Associates
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Insurance Company Challenges Latham's Fees in Toxic Tort Case
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2nd Circuit Reverses Reprimand of Dorsey & Whitney
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Small Firm's Flex-Time Program Avoids the Guilt Trips
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Financial GCs Become Casualties as Wall Street Shrinks
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Links to pay £5 as $55m negligence battle ends
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Sheppard Mullin Lures Lawyers Away from Bigger Firms
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D.C. Taxi Driver Protest Points Finger at DLA Piper
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The Ethiopian Community in Washington is Hating on DLA Piper
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Role-Playing Game Suggests Lower-Paid Future for BigLaw Lawyers
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Firms Get Hitched . . . Well, More Like They're Going Steady Really
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Profs Jump Ship at Law School Facing Big Budget Cut
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Law Prof Wins Pulitzer
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San Francisco School of Law Student Wants Meritocracy, Achieves Possible Mental Meltdown
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Obama Says Prosecuting Lawyers for CIA Memos Is Up to Justice
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And the ‘Peeps in Law’ ‘09 Winner Is ...
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Lawyer Offers to Give $25K to Charity if He Gets 25K Twitter Followers
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Judges:

Leading Deregulation Proponent Changes His Mind, Now Calls for Regulation
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Roberts Steps in to Moderate as Justices Spar
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Justice Breyer’s Public Undressing
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Wall Street:

US Stock Futures Retreat
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UK Stocks Advance as Banks Rebound; Barclays, RBS Lead Gains
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Pessimism Plagues Chinese, Australian Shares
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Who Stole the Recovery?
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Banking:

IMF: Banks Need Billions More
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Geithner Says Most US Banks Have Enough Capital
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Geithner Weighs Bank Repayments
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Geithner Says Banks May Convert Shares, Seek Private Investment
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Let banks pay back TARP now
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U.S. banks to get stress test results Friday: report
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Regional Fed chief: Let insolvent banks fail
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Geithner welcomes return of bank bailout funds
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David Faber: Regional Banks 'Starting to Scare People'
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Conn. Treasurer targets BofA's Lewis
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Profit Falls at Bank of New York Mellon, State Street and Northern Trust
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Angry Words From Citigroup Investors
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Heavy Equipment:

Caterpillar Posts Loss, Hurt by Weak Sales, Charge
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Food/Drink:

Humboldt Creamery files for bankruptcy
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Bruno's employees may go on strike
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Awards:

MorrisAnderson's Domenic Aversa Named One of Turnarounds and Workouts' "People to Watch"
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Bonuses:

Bruno's can pay bonuses to top managers, bankruptcy judge rules
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Setoffs:

Triangular Setoffs May Be Unenforceable in Bankruptcy
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Celebs:

Matt Ryan, Michael Vick a study in contrasts
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Michael Vick's agent denies jailed NFL star shopping a reality show
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Printing:

Quebecor World eyes July exit from bankruptcy
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Municipalities:

Pacific Grove California Explores Bankruptcy Over Pension Issues
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An Effort to Save a City by Shrinking It
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Layoffs:

Fewer US Companies Plan to Start Cutting Jobs
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Tuition Help for the Unemployed Gains Traction
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Hedge Funds:

Funds of Hedge Funds Get $85 Billion in Withdrawals Post-Madoff
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Gambling:

Kerkorian and Icahn -- Bluffing for MGM's Billions
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LV Sands, Wynn alter credit pacts
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Penn Stalks Las Vegas Strip for Bargains as MGM, Harrah's Battle Debt Load
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Health Care:

Ted Kennedy's Call to Action
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Economy:

Enough left in TARP to get job done, Geithner says
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Credit Markets Still Tight, Geithner Says
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Geithner defends bank rescue program amid warnings
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I.M.F. Puts Losses From Crisis at $4.1 Trillion
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IMF needs a new calculator
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Confessions of a TARP Wife
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Unmasking Portfolio's Anonymous TARP Wife
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Top Fed Official: 'Too Big to Fail' a Farce
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Soaring U.S. Deficit Means Billions in Bond Sales as Tax Receipts Collapse
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Real Estate:

Treasury weighs new mortgage subsidies
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Reports: Freddie Mac official found dead
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Mortgages Declining to 4% Become Bernanke Focus as Housing Slump Persists
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Las Vegas tops foreclosure list
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California, Florida Metropolitan Areas Lead in Foreclosures
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Foreclosures hit 'sand state' metros
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Home groan in Queens: Borough leads city rise in foreclosure crisis
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Denver foreclosures down 46% from a year ago
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Fitch Revises Outlook to Negative on 20 US CMBS Deals
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Uncertainty Drives Office Vacancy to 24%
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For Housing Crisis, the End Probably Isn't Near
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Shakeout Nears for Real Estate Firms
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Shakeout Nears for Real Estate Firms
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Tenant Exit Strategies
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Myths about a Loan Modification
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Autos:

Bill Ford Says GM Bankruptcy Wouldn't Be Quick, Easy
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GM Bankruptcy = Another Financial Panic?
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How the US Will Save GM and Chrysler
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GM reportedly to Speed cuts in Plants, Models to Lower Break-Even Point
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GM salaried retirees likely to face Delphi retirees' fate
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Obama's Automotive Task Force Said to Seek GM Bondholder Talks
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GM's debt-for-equity swap offer likely to fail
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Why a Fiat/Chrysler Partnership Could Work
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Chrysler stakeholders need to get serious
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Chrysler lenders offer to cut debt, take stock
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Banks Want Chrysler to Pay Higher Portion of Its Debt
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Creditors seek stake in Fiat deal
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Debtholders vs. US Over Chrysler Deal
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Obama official: Chrysler lender proposal unjustified
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When banks have no reputation left to lose
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Geithner defends auto aid conditions
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$1.25 billion to back car warranties
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Comerica, Huntington most exposed to US autos
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Unsigned executive comp waivers to blame for Chrysler Financial aid rejection
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Shares of AutoNation fall
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Courtesy Chevrolet closes in Morgan Hill
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GM to close Grand Rapids stamping plant June 26
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Jump-starting an American car town
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Chrysler Financial Downgraded
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In China, G.M. Remains a Driving Force
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GM Plans to Double China Sales in Five Years
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Volvo to cut more than 1,500 jobs as markets weigh
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Volkswagen, Peugeot hit by sharp drop in demand
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Peugeot first-quarter sales slump, sees difficult '09
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UK May Announce Car Scrap Plan to Lift Sales
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Rating Agencies:

A First Amendment Defense for the Rating Agencies?
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Fraud:

Madoff Investors Want UK Unit's Bankruptcy Moved to New York
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Meridian Diversified, Jeanneret Named in Madoff Suits
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Antigua's Stanford receiver challenges US counterpart
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Islanders aim to press Stanford bankruptcy in US
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Report Details Broad Scope of Fraud at Satyam
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History:

Learning From Penn Central
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Video Games:

Judge says Sumner Redstone treated Midway 'like a toy'
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Soccer:

Indebted Valencia facing fire sale
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Theme Parks:

Ghost Town hiring, despite bankruptcy filing
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Auto Racing:

Thunderclouds hovering over NASCAR
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Travel:

Parent company of Windstar Cruises sheds assets in bid to avoid bankruptcy
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Corporate Reform:

Who will and who won't be prosecuted
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Chapter 13:

Chapter 13 Rate Down Sharply in March
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Magazines:

Worth's Odd Recession Strategy
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Corporate Governance:

The battle for corporations, or North Dakota vs Delaware
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Fiduciary Duties for Activist Shareholders
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Chancery Court Imposes Fiduciary Duties on LLC Members
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Workouts:

Loan Extensions: Bridge to Nowhere?
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New Bankruptcy Opinions
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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)
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Bankruptcy Reform:

Geithner lukewarm on cramdown
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Legislators Prepping for a Cram Session
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Mortgage Cramdowns Can Help
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Mining:

Clash over Asarco heats up
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Grupo Mexico, Asarco, and USW Corporate Campaign
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Asarco: Awaiting the Right Buyer!
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Newspapers:

New York Times loss widens; shares down 13%
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NY Times CEO: Company exploring online pay models
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NYT CEO: 'Extremely proactive' Globe cuts
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Star Tribune halves operating loss in March
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At the Strib, coping in these dark hours
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Lenders jockey for pole position
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Does Great Journalism Pay?
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Congress Gets Into the ‘Future of News' Game
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Congressman Offers Support to Philadelphia Newspapers
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'Inquirer' Gets Permission To Pay $4M To Vendors
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80 percent of newspapers gone in 18 months? Not likely.
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Agriculture:

Arizona-based Eurofresh files Chapter 11
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Retailing:

Filene's Basement sold to liquidation firm Buxbaum
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Hedge fund, Target take off gloves in proxy fight
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Insurance:

We Fought AIG and AIG Won
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Conseco still facing credit problems
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EU Passes Insurance Solvency Overhaul Sought by Allianz, Axa
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Aviation:

Continental posts loss on weak demand
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Accounting:

Deloitte to PCAOB: Don't Second-Guess Us
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Bicycles:

Details of Iron Horse Debts Emerge
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ARS:

A New Auction Rate Securities Litigation Variant
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Dinosaurs:

Another Dinosaur becomes extinct
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UK:

Darling Predicts Worst U.K. Recession Since World War II, 3.5% Contraction
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U.K. Deficit Largest Since World War II; Unemployment Reaches 12-Year High
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Darling Plans Record $392 Billion Deficit as Recession Saps Tax Revenue
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Bank unanimous on rate decision
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Little Room to Maneuver on Budget for Britain
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UK Bank Bailouts Will Cost 175 Billion Pounds, IMF Estimates
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IMF withdraws £200bn bank bailout claim
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UK Mortgage Lending Rose 16% in March, CML Says
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EU:

France to press EU to commit more IMF funds
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EU bank losses will rise to €579bn, predicts IMF
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EU Says Comments by ECB's Weber on Bank Rescues `Misguided,' `Misinformed'
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Canada:

Rights Of Trustees In Bankruptcy And Secured Creditors To Licenses Held By A Debtor
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BNP Paribas to Cut 27% of Canadian Workforce
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CanWest Holds Talks With Creditors Into Evening
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Austria:

Austrian Experts Gear Up For Insolvency Rush
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Latvia:

Latvia struggles to meet conditions of IMF handout
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Germany:

Merkel's Coalition Seeks More Time for Bad-Bank Solution
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German Katz Group files for bankruptcy
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Australia:

Bid to transfer BrisCon liability another bizarre twist
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China:

Foreign Capital Worries and Debt Dodging in China
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Hope and Caution on Chinese Economy
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Ireland:

Irish bank bail out most expensive in the World.
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IMF report 'damning' indictment on FF
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Japan:

Yen Rises on Concern US Stress Tests May Show Crisis Not Over
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Japanese Exports Fell in March
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A Workers’ Paradise Found Off Japan’s Coast
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France:

Belvedere Says Court French Accepts Most of Plan to Fully Pay Creditors
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