January 2, 2009

The Daily Bankruptcy News

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Law:

Corporate New Year's Resolutions in a Tight Economy
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Business of bankruptcy bustles in Wilmington, Del.
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Skadden, Cadwalader Reportedly on Next Chemical Maker Bankruptcy
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For deal lawyers and deal-makers, 2008 brought many lessons that are likely to shape future takeovers.
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John Quinn Cracks a New Year's Whip
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'Egregious Misconduct' In Bankruptcy Strips Attorneys of Fees
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Legal Newsmakers of 2008
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Bonus Watch: Akin Gump
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Happy 2009
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Blackwater Suit Against Wiley Dismissed
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Corp. Counsel Alarmed By Proposed Accounting Changes
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Eckert Seamans Merges With West Virginia Firm
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Firms Re-Group to Meet Client Demand Amid Crisis
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Linklaters Tops Deal Advisers as M&A Volume Plummets 38 Percent
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6 Share: ‘What I Did During the Meltdown’
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Attorneys Working Part-Time Are Overwhelmingly Women
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Police to wear smiley-face masks
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2008: a year that kept lawyers busy
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Laid Off? Find Out What to Do Next
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Lawyer's Settlement Letter Constituted 'Publication,' but Privilege Defeats Defamation Action, Judge Says
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Pro Bono Hours Go Up in Down Economy
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New Moniker for NYC Federal Courthouse
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Don’t Talk Like a Lawyer
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Judges:

Randy Judge Jerked From Bench
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Annual Report on the Judiciary: Costs are Down, and Pay Needs to Go Up
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Judge Kaye’s Last Legal Issue
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Chief justice: Inflation outpacing pay for judges...
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Judge at War with Sheriff
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Wall Street:

US Stock-Index Futures Advance; GM, Citigroup Gain in Europe
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Global Stocks Rise on First Trading Day Of Year
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US Stocks Rise Weds. , Trimming Worst Yearly Drop Since Depression
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After the Collapse of 2008, Guarded Hope
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In 2008, 6 Years of Market Gains Are Lost
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Worst performer in S&P 500 to close 2008 with losses of more than 50%
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Asset-backed securities comeback?
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Wall Street's dominance could be dwindling
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Merrill Lynch’s Run to End as Bank of America Closes in on Deal
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Worldwide, a Bad Year Only Got Worse
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Berkshire Has ‘Nowhere to Hide’ in Worst Drop in Three Decades
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2008: The Year the Chickens Came Home to Roost
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Executive Compensation:

Pay-Cap Enforcement Still in Works
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Citigroup CEO Pandit, Chairman Bischoff Forgo Bonuses
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Citi Expense Accounts Frozen
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Fraud:

Investigators Probe Whether Madoff Stashed Money in Offshore Accounts
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Will money trail lead to Barbados?
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Markopolos, SEC Inspector General Will Testify on Madoff Scheme
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Madoff scandal hits near-farcical note
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Madoff to meet SEC deadline on assets: lawyer
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List of Bernard Madoff’s Assets Won’t Be Made Public, SEC Says
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Madoff Provides Details of Assets
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Madoff's Victims: Finding Meaning in the Devastation
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Madoff Investor’s Suicide Leaves Questions
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Thieves 'Educate' Madoff On Stolen Property
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"Dream Team" to Help Madoff Investors
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Madoff and the ‘I've Got a Guy’ Syndrome
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Montana Investors Lost $18 Million With Madoff, Regulator Says
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Steinhardt Says He Lost $2 Million in Madoff Fraud
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Sterling Stamos Says It Invested With Madoff Through Merkin
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Ira Millstein’s Opinion Helped Steer Yeshiva’s Money to Madoff
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LA's Most Successful Female Chef Lost Everything to Madoff
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Austria Weighs Overseer for Bank in Madoff Case
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New Year:

Cash Crunch: Many partying at home
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Chemicals:

LyondellBasell considers bankruptcy filing
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LyondellBasell lines up help in case of Chapter 11
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Texas towns wary over health of chemical industry
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Lessons from the troubled Lyondell-Basell merger
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Lehman:

Lehman Bankruptcy Triggers Loss in Stable Value Retirement Fund
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How Much Lawyers Stand to Benefit: Lehman By the Numbers
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Retailing:

Wal-Mart Is Only Retailer Projected To See Sales Rise In Dec.
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Wal-Mart Poised to Repeat Share Gains, Grab Target’s Customers
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Where hope and comfort are $1
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Thousands of stores to disappear in 2009
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Macy's customers might be overcharged
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Are bargains real at liquidation sales?
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Experts: Use gift cards now
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Gambling:

Trump Casinos May Miss Deadline
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Trump Entertainment noteholders OK forbearance
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Atlantic City's luck may be mostly bad in 2009
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Retirement:

Prepare for a Gruesome Retirement
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Americans Under 70 May Find 2008 Was Their Least Favorite Year
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Bankruptcy Crimes:

Funeral home operator indicted on charges of concealing assets and faking funeral expenses
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Health Care:

Medical devices not immune to recession worries
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Sunwest affiliates file bankruptcy
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Sunwest chief files for personal bankruptcy
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Hospital bid may be public Monday
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Telecoms:

Thousands Lose Net, Telephone Service: 911 systems, hospitals affected after Qwest cuts off local provider
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Food/Drink:

As Recession Deepens, So Does Milk Surplus
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Jewelry:

Jeweler's sudden shutdown leaves customers in a jam
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Economy:

Jobless claims dive while mortgage rates ease again
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Mixed Data on Jobless Claims
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US Manufacturing Probably Shrank at Fastest Rate Since 1980
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Officials: tracking bailout money is difficult
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Less than week to read the $1 trillion bill before voting?
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Treasury Has Pledged More Rescue Funds Than Authorized
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US rescue averted 'financial collapse': Treasury
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Fed to start MBS purchase program in January
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Crisis propels US Treasuries to best run since '95
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Which part of the world will recover first and why?
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The Losers From the Year That Was
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Rail industry urges Obama to include freight train component in stimulus plan
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Steel Industry, in Slump, Looks to U.S. Stimulus
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It was the worst of times for ordinary Americans. And even worse times for deregulators and supply-siders. The bright side? Their party is over
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More People Bartering Online
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Real Estate:

Mortgage rates hit fresh 37-year low
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Are Home Prices Still Too High?
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What Does IndyMac Owe Fannie?
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The Many Models of Mortgage Modification
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Creditors Force Ezri Namvar into Bankruptcy
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Company with links to OneCap Mortgage seeks bankruptcy
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‘Liar Loans’ Earn Their Nickname
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Mortgages: What You Need to Know in 2009
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Rule Change May Hurt 'Jumbos'
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Home-Mortgage Rates' Next Stop: Below 5%

Nonprofit Sues Banks Over Foreclosures
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1st Metropolitan Mortgage Added To Ailing/Watch List
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Mortgages: What You Need to Know in 2009
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Autos:

GM seals deal on loan, Chrysler working out final terms
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Treasury May Provide Funds for Any Company Deemed Crucial to Auto Industry
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Detroit has been given a brief reprieve, but the threat of bankruptcy still looms
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GM, Chrysler May Lead Sales Slide to Cap 16-Year Low
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Chrysler Aid Is Bogged Down
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Gettelfinger: Change policies to aid auto industry
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Treasury Drafts Broad Rules on More Auto Industry Aid
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GMAC fails to hit debt swap target
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GMAC bondholders agree to swap $21.2B in debt
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GMAC's Merkin on the Way Out
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GMAC: Bank Holding Companies Do Go Bankrupt
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How car dealerships are coping with the tough economy
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Culling car dealerships tricky
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Wiggins filing Chapter 11, hoping to reorganize with new investors
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Bank, car dealer disagree on loans
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Detroit 3's losses cut deep into charities
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Hyundai, Korean Carmakers’ Sales Drop for Second Straight Month
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Banking:

Fannie in Talks With FDIC to Force IndyMac to Buy Back Loans
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Fifth Third completes TARP asset sales
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New York Community Bancorp gets $596M in gov't aid
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Atlantic Capital turns down bailout funds
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Bank of Clarke says no to $10 million federal investment
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First Capital decides against TARP
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Idaho Bancorp eyes TARP funds
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Capital One, M&T deals signal thaw in bank mergers
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US bankruptcy court approves Williams as WaMu president
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Housing, credit crises slammed bank stocks in '08
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B of A, Wells close mergers as banking transforms
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Bank-Failure Central? Try Alpharetta, Ga.
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Oil/Gas:

Oil ends year with a bang, rising by more than $5
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Crude Oil Declines as Traders View Previous Gains as Excessive
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Motorists' habits spur call for tax increases
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Ausam Energy files for bankruptcy protection
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PRB Energy says all its stock to be canceled if court OKs plan
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Calgary energy firms facing ruin
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Insurance:

Insurers weathered financial storm in 2008
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AIG may seek changes to asset sale rules
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Hard market will arrive next year
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Corporate Reform:

Peregrine Figures Get Prison, Probation
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Tech:

MPC says to liquidate remaining assets
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Commodities:

Commodities Boom, Then Bust in 2008, Slammed by Economy’s Crash
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Copper Rises Most in Three Weeks; Metal Plunges 54% in 2008
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Newspapers:

Government aid could save newspapers, spark debate
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Should the Government Bail Out Newspapers?
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Student Debt:

Unspoken Link: Credit Cards and Colleges
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Poetry:

2008 Was Far From Great
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Native Americans:

Economic Woes Pinches Navajo Families
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Dog Racing:

Track's lawyer: bettors' accounts paid workers
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Financial Services:

Trustee named to manage Radical Bunny
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Debt Stress:

Human cost of credit crunch
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Art:

Art Imitates Crunch, With Few Exceptions

Pretty bubbles
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RVs:

Ore. RV maker Country Coach teeters on edge of bankruptcy
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Mining:

Sterlite may face competition in Asarco bid
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Copper Falls, Extending Biggest Annual Decline in Over 20 Years
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Fashion:

Cheap copies to set trend for recession styles
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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)
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Bankruptcy Reform:

Bankruptcy Act Limiting Lawyer Advice Under Fire
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Bankruptcy Statistics:

Boston bankruptcies surged in 2008
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Albany-area bankruptcies increase 21.5%
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Bankruptcy Reform:

Mortgage 'Cram-Downs' Loom

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Prognostication:

Soothsayers: Peace and calm for 2009, but not economic recovery
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The Doomsayers Who Got It Right
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Aviation:

Continental Pilots Say No Deal on Pay, Benefits
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Lake Wobegon’s Keillor Muses on Airline Lavs
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Finance:

Market for junk bonds continues to dwindle
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Bonds:

Emerging-Market Bonds Cap Worst Year in Decade Amid Crisis
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Pimco suspends dividend on 2 more funds
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Municipalities:

Link between bankruptcies and potholes is closer than you think
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Workers Ordered to Give Up City-Owned Cars
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Alabama lawmakers and Jefferson County talking about sewer crisis
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State Bankruptcy Fears May Be Overstated
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Layoffs:

Saying Good-Bye to Banking
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Thousands of workers are losing their jobs. America now faces the hard task of getting them back to work
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Visteon cutting worker hours, pay
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Motorola to 400 Employees: Looks Like We, Heh-Heh, Forgot to Fire You
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Utilities:

Coal-Ash Spill May Cost Utilities Billions in Rules
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Distressed Investing:

Equity Returns for Loans? I Wonder...
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Mining:

Mining industry falters as recession spreads
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Personal Finance:

Piggy banks fly off shelves
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A Resolution That May Stick: Spending Less in ’09
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Elder Debt:

More seniors turn to credit cards for survival
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Payment Processing:

Firm says it can't pay money it collected for Little Leagues
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Sovereign Debt:

Ecuador to Seek 70% Discount on Bonds in Buyback
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Breakingviews.com: Capital Question for Small Nations
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UK:

Directors warned against misusing pre-packs
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New rules for creditors come into effect on 1st Jan 09
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Brown Says ‘Energetic’ Government Will Help UK in Recession
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UK manufacturing sector shrinks again in Dec
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UK Mortgages Drop to Lowest Since 1999 as House Prices Fall
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Nationwide 'will not pass on Bank of England rate cuts'
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Oilexco Falls as North Sea Oil Unit Faces Insolvency
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Church of England puts its faith in Al Gore's investment arm
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150,000 ‘will be bankrupt’ in 2009
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Boozy Britain's bloody New Year: An emergency call every 7-seconds in alcohol-induced mayhem
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Companies collapse as UK slides into recession
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EU:

Europe's flawed insolvency regimes will face a severe test in 2009
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Europe Manufacturing Recession Worsens in December
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Ukraine:

Russia-Ukraine gas talks 'fail'
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Russia cuts off natural gas to Ukraine
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Russia, Ukraine Poised to Resume Talks After Gas Halt
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Canada:

Canadian Ballet Seeks to Avoid Bankruptcy
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Japan:

Recession to stay until latter half of '09: experts
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France:

Sarkozy Says He’s Ready to Do More to Stimulate French Economy
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Germany:

Germans Upbeat Personally, Gloomy for Country, 2009 Poll Shows
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Economic pall clouds German bank merger
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China:

China 2009: Confidence Deficit
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Philippines:

House committees to jumpstart talks on corporate rehabilitation bills
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S. Korea:

Massive Industrial Restructuring to Take Shape From February
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Economy Blunts Korea’s Appetite for Plastic Surgery
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SKorean president vows to kickstart slowing economy
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Tighter Rules for Troubled Builders, Shipyards
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Australia:

Stimulus Program Begins
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Singapore:

Singapore Economy Shrinks 12.5 Pct in 4th Quarter
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Singapore recession deepens, govt cuts 09 outlook
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Belarus:

IMF to Lend $2.5 Billion to Belarus
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Italy:

Parmalat founder sentenced following conviction for bankruptcy fraud in Milan
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Please note that the Daily Bankruptcy News is primarily a news link gathering service.   This means that most of the headlines contained in the publication are a collection of links to stories posted on the Internet by various third party publications.  Such content is owned by third party sources, not the Daily Bankruptcy News, and in some cases, these links change or expire, which means you may not be able to view some news stories in prior editions of the Daily Bankruptcy News. The DBN subscription fee for access to certain links is not a fee for access to the content of the links, but is a charge for the considerable work involved in gathering, organizing and presenting the links. Use of this site and The Daily Bankruptcy News is subject to our Terms of Use.If you received the Daily Bankruptcy News via email (and you have a paid subscription account), to view a news story, click on the headline, and the story should open in your web browser. To view additional stories, click back to the email and click on additional headlines, which will cause new stories to open in your web browser.  You can view the Daily Bankruptcy News on the web by clicking here, or by going to BKINFORMATION.COM and clicking on the Bankruptcy News button.  Note that the Daily Bankruptcy News is distributed via "HTML email" in which the links to the news stories are embedded in the headlines.  The email you receive should look like a 3-column newspaper, with headlines for each story. If you receive the Daily Bankruptcy News by email and the copy you receive is not formatted like a 3-column newspaper, or does not seem to contain links to the news stories, you may have an email client that is not capable of receiving HTML email, or is not configured to display such email.  You can however, receive a daily email notifying you when the Daily Bankruptcy News is updated on the web site. If you would like to receive such an email, please let us know at admin@bkinformation.com.You can search the headlines from prior editions of the Daily Bankruptcy News by clicking here.

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