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                           E U R O P E

           Friday, August 20, 2010, Vol. 11, No. 164



SOCIETE FRANCAISE: In Receivership; Has EUR11.1 Million Debt


HSH NORDBANK: Returns to Profitability in Second Quarter 2010
NOA BANK: BaFin Shuts Down Operations After Unit's Insolvency
SCHMACK BIOGAS: Delisting Shares From Frankfurt Stock Exchange


* HUNGARY: Mandatory Liquidations in Construction Biz Up in July


IRISH NATIONWIDE: Bailout Cost May Hit EUR3.2 Billion
K CLUB: Seeks to Defer Repayment of EUR55 Million Bank Loan
MERRION HOTEL: Has EUR2.4MM Deficit; Directors Pledge Support
TEBA: Survival Hinges on Lender Support; Owner in Talks With NAMA


VITESSE: Acquired by Georgian Investor Merab Jordania

U N I T E D   K I N G D O M

EMI GROUP: Terra Firma, Citigroup to Go to Mediation Over Buyout
FLIGHT OPTIONS: Collapse Prompts Viking to Return Leased Planes
JOYNER MORGAN: In Voluntary Liquidation; 40 Jobs Affected
LAUNCESTON RUGBY: Goes Into Voluntary Liquidation
REALTIME WORLDS: US & UK Buyers Mull Acquisition of APB Game

SIXTY UK: Files for Liquidation; Creditors to Meet on Sept. 8
TRAFALGAR NEW HOMES: Updates Info on Notice to Tap Administrators

* UK: More Budget Travel Companies to Face Insolvency This Year


* BOOK REVIEW: Courts and Doctors



SOCIETE FRANCAISE: In Receivership; Has EUR11.1 Million Debt
Poker 777 reports that Societe Francaise de Casinos has been put
into receivership after being hit by the financial and economic

According to the report, the company has accumulated a debt of
EUR11.1 million since late April and has difficulties with its
creditors.  Under observation for four months, it was finally this
solution of receivership which has been taken by the Commercial
Court of Paris, the report relates.

Societe Francaise de Casinos operates three casinos that are
located respectively in Chatel-Guyon, Gruissan in Puy-de-Dome and
Port-la-Nouvelle in Aude with a total staff of 167 employees.  The
SFC also has a few online gambling Web sites.


HSH NORDBANK: Returns to Profitability in Second Quarter 2010
Hellmuth Tromm at Bloomberg News, citing Frankfurter Allgemeine
Zeitung, reports that HSH Nordbank returned to a profit in the
second quarter.

According to Bloomberg, HSH Nordbank Chief Executive Officer Dirk
Jens Nonnenmacher told the German newspaper in an interview
published Wednesday that the bank will have a "positive operating
result" before costs for state guarantees.  Mr. Nonnenmacher said
the bank will also report a first-half pretax profit including
costs for state aid.

HSH Nordbank -- is a commercial
bank in northern Europe with headquarters in Hamburg as well as
Kiel, Germany.  It is active in corporate and private banking.
HSH's main focus is on shipping, transportation, real estate and
renewable energy.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on July 15,
2010, Fitch Ratings  affirmed HSH Nordbank's Individual Rating
affirmed at 'D/E'.

Fitch said the Individual Rating reflects the fact that HSH is one
of the German Landesbanken which has suffered the most severe
damage from the financial and economic crisis, exposing
substantial shortcomings in its approach to risk management.  HSH
is likely to break even in 2011 at the earliest and the
remuneration of the state-owners' guarantee will burden its
profitability in the foreseeable future.  In the long term, Fitch
expects HSH's profitability to be lower than in the pre-crisis
environment due to lower asset yields, relatively higher risk
provisioning levels in asset-based finance and significantly
increased funding costs compared to the pre-crisis environment.
The bank's ability to establish an adequate risk/return profile
while increasingly focusing on the difficult German wholesale
market remains challenged despite its established leading
positions in ship financing (globally) and corporate lending

Fitch said the upside to 'D/E' Individual Rating is currently low
in light of the challenges that HSH's management is facing to
sustainably restore the bank's partially damaged reputation.
Moreover, the results of the far-reaching restructuring process
initiated in 2009, which includes a 50% reduction of the bank's
assets mostly via its internal restructuring unit, have yet to be
realized.  In addition to a material reduction of credit risk from
its cyclical asset base, Fitch would need to gain comfort that the
bank is making progress in sustainably attracting sufficient
unsecured wholesale funding on competitive terms on its own merit
before it considers an upgrade of the Individual Rating.

HSH's continues to carry an E+ bank financial strength rating,
which carries a developing outlook and currently maps directly to
a B1 stand-alone baseline credit assessment, from Moody's
Investors Service.  The bank also carries a Caa1/negative rating
from Moody's for its hybrid securities.  The ratings were affirmed
by Moody's in December 2009.

NOA BANK: BaFin Shuts Down Operations After Unit's Insolvency
Patrick Donahue at Bloomberg News reports that Noa Bank GmbH was
forced by German regulators to shut down its operations after one
of its units filed for insolvency.

Bloomberg relates BaFin said in an e-mailed statement that the
bank, with assets of EUR179.2 million as of Aug. 17, "has no
systemic relevance."

Separately, The Associated Press reports that BaFin on Thursday
imposed a so-called moratorium on the Duesseldorf-based bank
stopping sales, payments and dealings with clients.  According to
the AP, the financial regulator says this was necessary to secure
Noa's remaining assets because it could face insolvency and over
indebtedness.  The closing follows a conflict between the bank and
BaFin over Noa's capitalization, the AP notes.

Noa Bank GmbH focuses on ethical and ecological investments,
according to Bloomberg.

SCHMACK BIOGAS: Delisting Shares From Frankfurt Stock Exchange
Anna Czajkowska at Bloomberg News reports that Schmack Biogas AG
on Wednesday filed to delist its shares from the Frankfurt Stock

Bloomberg relates the company was taken over last year by
Veissmann Group, a heating systems maker, after filing for
insolvency.  It changed its formal name to Abwicklungsgesellschaft
in January, Bloomberg discloses.

The shares, now listed under the Abwicklungsgesellschaft name,
traded since May 2006, when the company's initial stock offering
was priced at EUR31 (US$40) each.  It surged as high as EUR74.57
in April 2007 then lost two-thirds of its value in July after
slashing revenue forecasts, Bloomberg notes.

As reported by the Troubled Company Reporter-Europe on Jan. 7,
2010, as of January 1, 2010, the local court of Amberg opened
insolvency proceedings on the assets of Schmack Biogas as well as
their subsidiaries Carbotech Engineering GmbH, Hese Biogas GmbH
and Stelzenberger Biogas GmbH.  Attorney at Law Dr. Hubert
Ampferl, Chancellery Dr. Beck & Partner GbR from Nuremberg, who
acted so far as preliminary insolvency administrator, was
appointed as insolvency administrator.  Since January 1, 2010, Mr.
Ampferl was authorized to dispose administrator.  Since January 1,
2010, Mr. Ampferl was authorized to dispose of the power of
administration and control over all assets and the power of
representation of these companies.

Based in Schwandorf, Bavaria, Schmack Biogas AG is a German
supplier of biogas plants.  Established in 1995, the company
provides its services through two divisions, namely Design and
Construction and Service, and is one of the few full-service
providers in the industry.  In addition to full-service repair and
maintenance contracts, the company also provides comprehensive
microbiological support and integrated plant management services.


* HUNGARY: Mandatory Liquidations in Construction Biz Up in July
MTI-Econews reports that information compiled by Opten shows that
the number of Hungarian construction companies that went under
mandatory liquidation in July reached 393, up 35.5% from the same
month a year earlier.

According to the report, the number of construction companies that
went under voluntary liquidation in July came to 229, 17.7% more
than in the same month a year earlier.

The number of mandatory liquidations in the economy as a whole
rose 29% in July from the same month a year earlier, the report


IRISH NATIONWIDE: Bailout Cost May Hit EUR3.2 Billion
Fiona Reddan at The Irish Times reports that Patrick Honohan,
governor of Ireland's Central Bank, said the bailout of Irish
Nationwide Building Society is likely to exceed the original
estimated cost of EUR2.7 billion by up to one-fifth.

The Irish Times relates Mr. Honohan, speaking in Beijing, China,
put the net cost to the government of recapitalizing Anglo Irish
Bank at "about EUR22-EUR25 billion," and on top of this, he said,
would be added about EUR4 billion "mainly to cover one small
building society."

Mr. Honohan's comments indicate that the cost of propping up Irish
Nationwide could rise to about EUR3.2 billion, The Irish Times

The final cost of bailing out the building society is likely to
depend on the total discount applied to its transfers to the
National Asset Management Agency, The Irish Times notes.

As reported by the Troubled Company Reporter-Europe on July 23,
2010, The Irish Times said that Irish Nationwide suffered the
largest discount in the second wave of loans sold to the Nama due
to writedowns of up to 90% on loans provided for speculative land
purchases where no planning approval had been secured.  The Irish
Times disclosed the building society took a 72.4% writedown on
EUR591 million in loans sold to Nama in the second tranche linked
to 23 borrowers in the tier below the 10 biggest development

Irish Nationwide Building Society, headquartered in Dublin, had
total assets of EUR14.4 billion at year-end 2008.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on April 7,
2010, Fitch Ratings downgraded the Individual rating of Irish
Nationwide Building Society to 'F' from 'E'.  The rating was
downgraded to 'F' to reflect that, in Fitch's opinion, it would
have defaulted if it had not received external support.

K CLUB: Seeks to Defer Repayment of EUR55 Million Bank Loan
Emmet Oliver at Irish Independent reports that Bishopscourt
Investments, the company behind the K Club, is seeking to defer
repaying a bank loan of EUR55 million amid crippling losses that
are expected to continue at least until next summer.

The report says the bank loans are with Irish institutions,
including Irish Nationwide Building Society, and become payable
within a year because of a breach of covenants.

According to the report, along with a lot of other luxury golf and
hotel complexes, the K Club is struggling amid a major reduction
in consumer spending.  The complex, which includes a hotel,
country club and two courses, has racked up a loss of EUR8.1
million, with revenues plunging to EUR13.9 million -- down from
EUR20.3 million, the report discloses.

The report relates KPMG, the auditors to the company, included an
"adverse opinion" on the company, pointing out that while the
property assets at the K Club are worth EUR96.1 million, no
valuation has been done on these assets during the period, and no
provisions have been made for potential writedowns.  The report
notes the auditors said not making a provision for impairment was
likely to "materially overstate" the value of the group's assets.

The Kildare Hotel and Golf Club (abbreviated The K Club) is a golf
and leisure complex located at Straffan, County Kildare, Ireland.

MERRION HOTEL: Has EUR2.4MM Deficit; Directors Pledge Support
Emmet Oliver at Irish Independent reports that businessmen
Lochlann Quinn and Martin Naughton pledged continued support and
cash for the loss-making Merrion Hotel in Dublin city center.

According to the report, the hotel's latest accounts show that it
is posting an annual loss of EUR503,603 with turnover tumbling
from EUR16.8 million to EUR13.3 million.

The balance sheet of the hotel for 2009 shows a shareholder's
deficit of EUR2.4 million after losses in 2009 and 2008, the
report discloses.

The report notes that while the hotel has managed to reduce its
after tax losses from EUR624,147 to EUR572,946, conditions remain
difficult for hotels, particularly at the top end of the market.

"The directors have, since the year end, provided a letter of
comfort confirming their support and that sufficient cash will be
made available," state the accounts of Merrion Hotel, according to
the report.  "In the light of this . . . the directors believe it
is appropriate for the financial statements to be prepared on a
going concern basis."

Merrion Hotel is a hotel located on Upper Merrion Street, Dublin 2
in the Republic of Ireland.

TEBA: Survival Hinges on Lender Support; Owner in Talks With NAMA
Emmet Oliver at Irish Independent reports that property developer
Joe O'Reilly, whose companies include Teba, has opened
negotiations with the National Asset Management Agency about his
borrowings as the agency examines the business plans of the top 10

"Discussions are taking place with the company's lenders,
including the National Asset Management Agency, regarding the
company's borrowings," the auditors to Mr. O'Reilly's company,
Teba, stated, according to the report.

The report notes that although most of Mr. O'Reilly's companies
don't have to publish financial information as they have unlimited
liability status, they are still required to publish an auditor's

Teba incurred significant losses in the year ended December 31,
2008, leaving the firm with a negative shareholders' fund
position, the report discloses.

"The company's ability to continue as a going concern is dependent
on the continued support of its lenders," the auditors from
accountancy practice BDO stated, the report relates.  The report
notes the auditors added the company may be required to hold an
EGM because its liabilities are in excess to its assets.

Every major developer has submitted to NAMA what is known as a
debtor business plan and these are being considered over the
summer months, the report says. Final decisions on what companies
are viable for the future are expected to be taken in the coming
weeks, according to the report.


VITESSE: Acquired by Georgian Investor Merab Jordania
Radio Netherlands Worldwide reports that Georgian investor Merab
Jordania has bought Vitesse.  It is the first professional Dutch
football club in the hands of foreign investors, the report notes.

The report relates the club got into financial difficulties and
Karel Aalbers was forced to resign following fraud allegations.
After his departure in 2000, it became apparent that "FC Hollywood
on the Rhine," as the club was once dubbed, was seriously in debt,
the report states.  Gelderland's provincial council and the city
council as well as influential business people in the region
managed to rescue Vitesse from bankruptcy, the report discloses.
Since then the club has played to beat relegation rather than win
the league, the report says.  According to the report, a EUR27-
million debt was written off two years ago, but there were still
fears for the club's financial future.  The new owner says these
problems are a thing of the past as money is no object.

The Associated Press reports the businessman pledged to pump cash
into Vitesse to buy players and build a new training complex.

Vitesse is the Netherlands' second oldest professional football

U N I T E D   K I N G D O M

EMI GROUP: Terra Firma, Citigroup to Go to Mediation Over Buyout
Andrew Edgecliffe-Johnson at The Financial Times reports that
Terra Firma and Citigroup will go to mediation in New York next
month to break the deadlock over the private equity group's
troubled GBP4.2 billion takeover of EMI, to which the bank was the
sole lender.

According to the FT, people familiar with the offer of mediation
said that it was made recently by Guy Hands' group and had been
accepted by the US bank.

The FT relates Terra Firma sued Citigroup in December, alleging
fraud over how the bank represented the state of competition in
the EMI auction, a claim Citigroup denies.  Hearings were due to
begin on October 18, and will go ahead should mediation fail, the
FT notes.

The FT says any compromise could require concessions from
Citigroup on the value and terms of its GBP3.04 billion in
outstanding loans and from Terra Firma, which would have to
sacrifice some of its original equity and offer to inject more

As reported by the Troubled Company Reporter-Europe on Aug. 19,
2010, the FT said that an assessment by Maltby Capital, EMI's
private equity owner, shows that EMI will fall short of its
banking covenants until 2015 and will need a far larger injection
of fresh equity next year than the GBP87.5 million (US$136
million) it received in 2010.  The FT disclosed that while Maltby
outlines strong operational improvements in the business in its
annual report, the gains remain insufficient to satisfy tightening
banking covenants, raising the pressure for a renegotiation with
Citigroup to avoid breaching the terms of the GBP3.04 billion debt
due between 2014 and 2017.  The FT noted that although it has a
provisional commitment from Terra Firma funds to provide the
GBP26.9 million it expects to need for the periods ending June 30,
September 30 and December 31 this year, it expects "a further
significant shortfall" when the covenant is tested at the end of
March 2011.  The FT said EMI could require "substantially in
excess" of the GBP87.5 million in equity cures injected in 2010.
Further smaller sums may also be required for the remaining three
covenant tests in 2011, the FT stated.

EMI Group Ltd. -- is the fourth
largest record company in terms of market share (behind Universal
Music Group, Sony Music Entertainment, and Warner Music Group).
It houses recorded music segment EMI Music and EMI Music
Publishing.  EMI Music distributes CDs, videos, and other formats
primarily through imprints and divisions such as Capitol Records
and Virgin, and sports a roster of artists such as The Beastie
Boys, Norah Jones, and Lenny Kravitz.  EMI Music Publishing, the
world's largest music publisher, handles the rights to more than a
million songs.  EMI Music operates through regional divisions (EMI
Music North America, International, and UK & Ireland).  Private
equity firm Terra Firma owns EMI.

FLIGHT OPTIONS: Collapse Prompts Viking to Return Leased Planes
Rachel Graham at Bloomberg News reports that Viking Airlines,
which provided services for Flight Options Ltd., will take three
Boeing Co. 737 jetliners out of service following the collapse of
the U.K. tour operator.

Bloomberg relates Ian Bradley, a spokesman for the Stockholm-based
airline, which links cities in Britain and Sweden with resorts in
countries including France, Greece, Spain and Turkey, said it will
hand the planes back to leasing companies earlier than scheduled.

Mr. Bradley, as cited by Bloomerg, said the airline operates 12
aircraft in total.

As reported by the Troubled Company Reporter-Europe on Aug. 19,
2010, Daily Express said Flight Options went into administration.
Daily Express disclosed the company ceased trading at 5:00 p.m. on
Tuesday, August 17.

Flight Options was a budget travel firm based in London.  It was
the parent company of Kiss Flights and Holiday Options.

JOYNER MORGAN: In Voluntary Liquidation; 40 Jobs Affected
BBC News reports that Joyner Morgan, one of the main
subcontractors working on Weston-super-Mare's new pier, has gone
into liquidation.

The report relates the firm went into voluntary liquidation on
Friday, Aug. 13, with the loss of about 40 jobs.

The pier was expected to be completed in June but has been hit by
delays, the report notes.

Joyner Morgan is a Bristol-based mechanical services contractor.

LAUNCESTON RUGBY: Goes Into Voluntary Liquidation
BBC Sport reports that Launceston Rugby Football Club Limited has
gone into voluntary liquidation.

According to the report, the club has been struggling financially
for some time.

The report relates a statement on the club Web site said it had
not succeeded in coming to an agreement with its major creditor,
Her Majesty's Customs and Revenue.

The report says the club took the step of going into voluntary
liquidation to avoid being put into receivership.

Launceston Rugby Football Club Limited, known as the Cornish All
Blacks, is a Cornish rugby club that plays in the National League
-- one of the English rugby union leagues.

REALTIME WORLDS: US & UK Buyers Mull Acquisition of APB Game
Erikka Askeland at The Scotsman reports that potential buyers from
the US and the UK have expressed an interest in buying APB: All
Points Bulletin, a game created by Dundee-based Realtime Worlds
which went into administration on Tuesday.

According to The Scotsman, Paul Dounis, joint administrator from
Begbies Traynor, confirmed the company was continuing to trade and
the APB game can still be played as the servers remained up and

The company's latest accounts show that for the year ended 2008,
it had made an operating loss of GBP19.2 million, The Scotsman

The Scotsman notes administrators confirmed that 53 of the
company's 210 staff were being retained, including 14 of the 42
jobs at its headquarters in Boulder.

On Aug. 19, 2010, the Troubled Company Reporter-Europe, citing the
Financial Times, reported that Begbies Traynor said "lackluster
demand" for the game, which was several years in the making,
contributed to the company's demise.

Dundee-based Realtime Worlds is a software technology company
specializing in the entertainment sector.  The company was founded
in 2002 by Dave Jones, who had previously created Lemmings and
Grand Theft Auto.

SIXTY UK: Files for Liquidation; Creditors to Meet on Sept. 8
Suzanne Bearne and Katherine Rushton at Drapers report that Sixty
UK has filed for liquidation after the High Court last month
rejected its Company Voluntary Arrangement.

According to Drapers, business restructuring firm Bridge Business
Recovery sent a letter to Sixty UK's creditors inviting them to a
meeting on September 8.  The meeting is expected to settle how
much the liquidators will be paid and by what means, but there is
no mention of remuneration for creditors, Drapers says.  The full
list of creditors has not yet been disclosed but they are likely
to include British landlord Mourant & Co Trustees, which entered
into a legal battle with the firm over two UK store leases at its
Metquarter scheme in Liverpool, Drapers states.

Drapers relates Jonathan Richards, managing director of Sixty UK,
confirmed the company would be winding down but said orders would
not be affected.  He said there would be no redundancies, Drapers

As reported by the Troubled Company Reporter-Europe on July 27,
2010, The Financial Times said that the High Court's Mr. Justice
Henderson rejected a company voluntary arrangement entered into by
the owners of the Miss Sixty fashion chain.  The FT disclosed on
July 23 that in the High Court, Mr. Justice Henderson said the CVA
was prejudicial to the Metquarter landlords.  Sixty UK's CVA
proposal was supported by more than 75%t of Sixty UK's creditors,
but the Metquarter landlords opposed it, arguing leases had five
years to run, the according to the FT.  They claimed they would
have foregone rental income of about GBP4 million, the FT stated.

Sixty UK is the UK distributor for young fashion brands Miss Sixty
and Energie.

TRAFALGAR NEW HOMES: Updates Info on Notice to Tap Administrators
Trafalgar New Homes PLC disclosed that the winding up petition
that was served on the Company by a creditor on July 26, 2010 has
been dismissed.  The Company also announces that it filed a
further notice to appoint Administrators at Court on August 18,

Trafalgar New Homes Plc is a United Kingdom-based company.  The
company is engaged in property development.

* UK: More Budget Travel Companies to Face Insolvency This Year
Angus McDowall at Dow Jones Newswires reports that more U.K.
budget travel companies are facing insolvency after a combination
of the economic downturn, volcanic ash, bad weather and strikes
resulted in a sharp fall in holiday bookings this year.

According to Dow Jones, the Civil Aviation Authority said 33
companies under a customer protection scheme failed last year.
The total is likely to be higher as not all travel companies are
protected by Air Travel Organisers' Licensing, which ensures
customers are compensated for any money paid and repatriated to
their homes, Dow Jones notes.

Dow Jones relates companies were forced to compensate millions of
passengers for the disruption caused by the Icelandic ash cloud on
top of the costs of looking after and repatriating stranded

Dow Jones says while large companies like TUI Travel and Thomas
Cook will survive the downturn, the smaller, low-budget operators
are under huge pressure.

"Budget businesses work off low margins and emergency reserves
have been eroded during the downturn," Dow Jones quoted
consultancy firm PricewaterhouseCoopers as saying.  "This year's
shock events, such as the lingering ash cloud, have forced them to
price low to win business.  This discounting has been enough to
push some over the edge."

PwC, as cited by Dow Jones, said travel companies were at greater
risk of insolvency because unlike other leisure-sector businesses
like pubs or hotels they had no assets to offer in a controlled
restructuring.  Instead, they relied on new bookings to pay
suppliers, which made late summer a dangerous time for tour
operators, Dow Jones states.

"This is a tricky time of year in terms of cash flows," said
Douglas McNeil, transport analyst at the stockbroker Charles
Stanley, according to Dow Jones.  "That seems surprising in the
middle of the holiday season, but cash flow is at its strongest in
spring and early summer.  Companies have to pay out to their
suppliers about now, so this is the time of maximum

"Most people try to preserve their holiday plans, but they might
trade down from two weeks to 10 days or a week," Mr. McNeil said,
according to Dow Jones.  "All the budget companies are now feeling
the squeeze and there might be another handful of insolvencies
before we're done."

Competition in the market is fierce, adding to the tour operators'
problems, Dow Jones discloses.


* BOOK REVIEW: Courts and Doctors
Author: Lloyd Paul Stryker
Publisher: Beard Books
Softcover: 261 pages
Price: US$34.95
Review by Henry Berry

Beginning in the 1930s, medical malpractice lawsuits in New York
State began climbing.  In 1930, there were 256 lawsuits more than
there were the year before, a rise of thirty-three percent.  This
equated to one lawsuit for every 22 members of the 12,500 members
of the Medical Society of the State of New York.  During these
years, Lloyd Stryker, as the Medical Society's general counsel,
was responsible for advising its members on how to defend
themselves against medical malpractice lawsuits.  He also acted as
the lead counsel for many physician members caught up in the
rising tide of lawsuits.

Courts and Doctors was written by the author for the Society's
members as he approached retirement.  The Society asked Stryker to
make his accumulated knowledge, experience, and observations on
courtroom procedures in medical malpractice lawsuits available to
educate present and future members.  His work then found a much
wider audience when it was published by Macmillan in 1932.

The basics of a medical malpractice suit have not changed much
since that time.  Thus, Stryker's work is still relevant in
explaining how a medical malpractice case is handled by the
judicial system.  Courts and Doctors also offers an appendix of
legal cases and indexes with innumerable legal references.  These
cases and references remain instructive and relevant too.

Stryker wrote Courts and Doctors with the intention that "the
medical profession may come to a better understanding of the
courts and of the problems with which judges wrestle."  However,
the author also hoped that judges would read his book and develop
"an even greater sympathy and understanding [of] the difficulties
of the doctor" when engaging in his or her profession.  New York
State's definition of a doctor offers an explanation of why
medical malpractice cases are frequently brought against doctors.
The definition -- seven lines long -- reads, in part, "A person
practices medicine . . . who holds himself out as being able to
diagnose, treat, operate or prescribe for any human disease, pain,
injury . . . who shall either offer or undertake by any means or
method to diagnose, treat . . . for any human disease . . . or
physical condition."  Every state has a similarly broad definition
that exposes a doctor to liability on many fronts.  The author
further notes that physicians perform their services under
conditions determined to a large extent by the state.  In New York
State, "[t]he doctor is . . . a quasi public servant in that he is
licensed to practice; and . . . the State exercises certain
privileges and determines in a large measure the conditions under
which the physician shall practice."

Although medical law has remained largely unchanged, the prospect
of a malpractice lawsuit is higher than ever.  At the time of this
book's writing, doctors were subject to a modest number of laws
that prohibited the use of narcotics in the practice of medicine.
Today's doctors are subject to infinitely more laws and extensive
regulatory oversight governing the dispensation of medications and
other treatments.  Also, most physicians practicing today have
more staff under their supervision.  This, too, raises the stakes
for those who choose to practice medicine.

Physicians looking to navigate their way through today's legal
minefields will find Stryker's book to be an excellent guide.  The
author offers 11 precautionary measures doctors can follow to
minimize the possibility of a malpractice lawsuit and improve
considerably their chances of successfully countering a lawsuit if
one should be brought against them.  Stryker advises giving
realistic thought to becoming involved with certain medical
conditions or treatments in the first place.  For example, he
tells doctors to "inquire honestly of yourself whether you are in
fact competent to treat or operate for the particular malady which
confronts you."  All recommendations of surgery should be fully
justified.  Stryker also recommends standard "instruments and
appliances," careful record keeping, and keeping up with the
latest developments in the medical field.

An introductory chapter and brief recounting of preventive
measures is followed with a thorough examination of the basic
elements of a medical malpractice case.  These include elements
found with any civil legal action and also those particular to
malpractice cases.  Among the former are the statute of
limitations, the grounds of the case, and standards of proof.
Elements central to a medical malpractice case are expert
testimony, standard of care the doctor is said by the plaintiff to
have departed from, and the use of medical texts.  Aside from
exceptional circumstances, which are noted by the author, a
plaintiff cannot recover damages in a malpractice lawsuit without
the aid of expert testimony.  Stryker devotes an entire chapter to
this crucial aspect of medical malpractice law. Decisions in
medical malpractice cases often hinge on how receptive a judge or
jury is to testimony of expert witnesses.  Lay persons rarely have
the requisite medical knowledge to make informed decisions in
these often complex cases.  Thus, the witnesses in the case,
whether those of the plaintiff or the defendant, have a large
bearing on which side prevails.

Courts and Doctors offers a useful and relevant study of medical
malpractice law, leaving the reader with a good grounding in the
complex legal issues of this subject.

In the 1920s and 1930s, Lloyd Paul Stryker was general counsel of
the Medical Society of the State of New York, one of the nation's
leading medical organizations.


Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through  Go to order any title today.


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Joy A. Agravante, Valerie U. Pascual, Marites O.
Claro, Rousel Elaine T. Fernandez, Frauline S. Abangan and Peter
A. Chapman, Editors.

Copyright 2010.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Christopher Beard at 240/629-3300.

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