  We investigate backgrounds of Type IIB string theory with null singularities
and their duals proposed in hep-th/0602107. The dual theory is a deformed N=4
Yang-Mills theory in 3+1 dimensions with couplings dependent on a light-like
direction. We concentrate on backgrounds which become AdS_5 x S^5 at early and
late times and where the string coupling is bounded, vanishing at the
singularity. Our main conclusion is that in these cases the dual gauge theory
is nonsingular. We show this by arguing that there exists a complete set of
gauge invariant observables in the dual gauge theory whose correlation
functions are nonsingular at all times. The two-point correlator for some
operators calculated in the gauge theory does not agree with the result from
the bulk supergravity solution. However, the bulk calculation is invalid near
the singularity where corrections to the supergravity approximation become
important. We also obtain pp-waves which are suitable Penrose limits of this
general class of solutions, and construct the Matrix Membrane theory which
describes these pp-wave backgrounds.
