August 12, 2002 

Daily Bankruptcy News

Brought to you by BKINFORMATION.COM - The Source for Business Bankruptcy Information on the Internet 

Also available on the Web (with links to the news stories)  at: http://bkinformation.com/News/DailyNews.htm

Prior editions available at http://bkinformation.com/bankruptcy_news.htm

         

Airlines:

US Airways files for Chapter 11 bankruptcy; operations to continue
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US Airways at a glance
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US Air Files for Chapter 11 Despite U.S. Loan Guarantee
(WSJ: separate paid subscription required)

US Airways plummets, Wall Street set to drop
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US Airways Granted Interim Relief By Court Sunday night
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Top US Airways events from 1939 to present
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US Airways Bankruptcy Filing Provokes a Raft of Questions
(WSJ: separate paid subscription required)

US Airways/Bankruptcy - Sees Meeting ATSB Conditions
(WSJ: separate paid subscription required)     

US Airways/Bankruptcy - First-Day Motion Hearing Monday
(WSJ: separate paid subscription required)

Airbus Says It Has 38 Planes Due For Delivery To US Air
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Juggling of Routes May Mean Chaos for Passengers
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Texas Pacific Hopes to Save U.S. Air
(NYT: separate free registration required)

US Airways/Bankruptcy: To Pay Workers, Vendors Normally
(WSJ: separate paid subscription required)

US Airways/Bankruptcy -2: Files In Virginia
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Machinists Respond to US Airways' Bankruptcy
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Airline industry struggles to rebound
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Dollar Defensive After US Airways Ch.11
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Vanguard ticket-holders winner in federal ruling
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United Airlines Nears Finish of Search for New Chief Executive
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US Airways says 200-jet order on hold until emerges from Chapter 11
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Airline's filing leaves Charlotte at crossroads
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UAL Loan Application - A giant game of chicken?
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US Airways flight attendants OK concessions
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Travelers mostly unfazed by US Airways bankruptcy filing
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Gov. Schweiker Issues Statement on US Airways Decision To Declare Chapter 11 Bankruptcy
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WorldCom:

WorldCom's new errors complicate talks
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WorldCom's Abuse of Reserves Is Largest `Cookie Jar' Accounting
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Ex-WorldCom workers unite, fight back
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Ignorance may be good defense for Ebbers, but not Sullivan
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WorldCom's False Profits Torment Telecom
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WorldCom's Creditors Seek to Broaden Review Prior to 1999
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WorldCom: Downfall in 2000 - Financial shell game intensified as numbers softened
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WorldCom Execs Earned $104M in Salaries Amid Accounting Fraud
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Back-up strategies for a world without WorldCom
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Entrepreneur has his eye on MCI
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WorldCom's latest disclosure could lead to high-level changes
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WorldCom Can't Plan Until Probes Finish
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WorldCom creditors may seek asset sale
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Boston Archdiocese may declare bankruptcy
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Leading the Fraud Fight
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Bidders vie for Arby's outlets
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Law Firms:

Job market tight for law graduates
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Corporate Governance Practice Groups Spawn From Troubled Waters
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Partners Switching Firms
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Bryan Cave Bulks Up in NY
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Defections Continue to Plague Firm
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Former Partners Settle With Now-Defunct Firm
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Economy:

Wealth plunge puts squeeze on consumer confidence
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Stagnant Wages Pose Added Risks to Weak Economy
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More and more confusing
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  Conseco:

Conseco suspends interest payments
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Comdisco Executives Try to Justify $109 Million in Loans
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Conseco Planning `Radical Change'
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Conseco to change debt structure amid reports of possible bankruptcy
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Conseco On Brink
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Goldman Sachs Slashes Bonuses
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Telecoms:

Global Crossing holds out, gets less
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Global Crossing goes for a song
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Global Crossing sold to AP telcos for three times less than original offer
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Judge approves Global Crossing sale
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Global Crossing sells for $250 million
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Congress To Slap Solly With Subpoena
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FLAG Telecom Announces Court Approval of Filings Containing Proposed Plan of Reorganization
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KPNQwest Banks to Recover Part of Loans Via Sales
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Salomon's Grubman Attended 10 Telecom Board Meetings
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Telcos may get boost as CRTC rethinks price-caps
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Northstar sells assets, continues troublesome trend
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Steel:

Easing the steel standoff
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Napster assets up for auction
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Kmart:

Kmart Grand Jury Impaneled
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Kmart subpoenas issued
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Corporate Reform:

New Stock Exchange Rules Aim to Ensure Directors' Independence
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The Good Old Days - When the Truth Had Consequences
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The Klepto-CEOs
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Battling corporate sleaze
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Making Execs Give Back the Cash
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Complex plans leave employees gasping
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Corporate America: A Deer in the Headlights
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CEOs under gun to sign SEC dotted line
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Cut out the rotten apples, but don't harm America's core
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Some Executives Say Filing Statements with SEC May Not Restore Investor Trust
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Boards begin to change, and for the better
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Big companies' truth deadline nears
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Bank One Board Is on Verge Of Adopting Stricter Policies
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Class Action Lawsuit against Sunbeam Corp. Is Settled
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Boris Becker faces more financial problems over internet company
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Vice presidents are quickly becoming a "lost generation" as they struggle just to stay on the payroll
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Fiduciary Defalcation Despite Lack of Duty to Creditor
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Pappas-backed ArgoMed falters
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Being Martha Stewart
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Pittsburgh: How dual family floral dynasties nearly landed on the compost heap
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Accounting:

Big accounting firms shedding dual roles
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Congress Passes The "Sarbanes – Oxley Act of 2002"
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A dusty firm of bean counters?
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Four Significant Accounting Changes of the Sarbanes-Oxley Act
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The SEC's New Weapon: Section 10A
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___________________

Collection centers ratchet up volume
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New Bankruptcy Opinions
(No new opinions today)

Bankruptcy Jobs - 58 Jobs - Last Updated August 12, 2002
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Bankruptcy Court Web/Pacer Site Directory

Weird News
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This Week's Poll:

BK Polls

One flavor of pending bankruptcy reform legislation (the Employee Abuse Prevention Act bill) would prohibit corporate debtors from filing for bankruptcy relief in a district based solely on (a) the debtor’s incorporation in the State where that district is located; or (b) the presence of a subsidiary or affiliate in that district.

This week's topic is:

A corporate debtor should be allowed to file bankruptcy in the State where the debtor is incorporated even if that State is not the debtor's principal place of business in the United States.



Strongly Agree
Agree
Neutral
Disagree
Strongly Disagree



_____________

Bankruptcy Cartoon:

Note to all employees. . .

The damage is worse than first reported . . .

__________________

Employees' Rights After Chapter 11 Reviewed
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Big bankruptcies mean big business for area law firms
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Enron:

Three-Judge Panel Rejects Houston Law Firm's Appeal on Enron Suits
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Enron brief nets veteran $650 an hour
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Are there Enrons in the Nutmeg State?
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Investigators widen probe into Enron accounting practices
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Whistleblower Watkins: Accounting Needs New Rules
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A year later, Watkins' memo tip of iceberg

After Enron, Issues for Directors, Audit Committees & Company Relationships with their Auditors
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_________________

ABIZ wins extension, DIP approval
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Goodwin Procter gets $5.8M in A.D. Little bankruptcy
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U.S. life insurers exposed to troubled firms
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Coal Company Hit With $50M Verdict Over Dispute That Forced Plaintiff Into Bankruptcy
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Energy:

Go-go energy-trading companies learn that booms aren't forever
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PG&E says its plan is only way to get creditors paid
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Competing PG&E Util Reorganization Plans Put To Test Mon
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___________________

Parker beef biz faces liquidation
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A 9/11 Tort-fest
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Ziff Davis Media Restructures, Avoiding Bankruptcy Filing
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Federal-Mogul wants to sell unit
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Hawaii: Bankrupt isle firm raided, suit claims, company looted with help of KPMG
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Giant Industries CFO Plans For Continued Margin Woes
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Chapter 11 filing halts Pantherland sale
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Sun Capital to buy Clark operations
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Adelphia:

Adelphia Business Solutions Closes on $15 Million DIP Facility and Receives Funding
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________________

Tech Riches Fade After Wild Decade
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Courting' possibilities: The upside of bankruptcy comes with investors seeking deals on prime property
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Indiana Sees Record Number of Bankruptcy Filings
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Collection Tips from the Field
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Tech Tycoons Adjust To Life Off to the Side
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Hong Kong:

Banks bemoan HK's credit card 'delinquents'
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__________________

Australia:

Anger as Sydney's Gay Mardi Gras goes bust
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_________________

Canada:

Businesses still search for answers after sewage spill - Readers offer help to store owner who faces bankruptcy
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Half-million-dollar shopping spree costs former bookkeeper Nadine Johnson 2 1/2 years for fraud
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_____________________

Poland:

Court ruling helps Netia
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____________________

England:

E&Y seeks Equitable delay
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