August 13, 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

         
The bust boom
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Airlines:

UAL bid for aid resisted
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Experts: USAir will still fly
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US Airways Charts New Course
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US Airways Creditors Calculate Exposure to Struggling Carrier
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Bankruptcy Move Jolts Confidence in Large Airlines
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American Airlines to Cut 7,000 Jobs
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Travelers Leery of Airline
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US Airways Says Fliers Won't See Much Change, Stockholders Will
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Two more airlines seen in fiscal peril
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US Airways to Be Test of Bankruptcy Role
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Airline Bankruptcy Creates Choices
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A Bright Side to US Airways Tale
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BofA leads $500M loan to US Airways
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American Airlines Will Retrench In Bid to Beat Discount Carriers
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Airline Bankruptcy Jolts Industry
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White-Knuckle Flight for UAL Holders
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Texas Pacific Hopes to Revive Another Airline
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Airline Union Hopes Jobs Are Intact
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Others Failed, but This Bankruptcy Is Given a Chance
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Fears of bankruptcy filing by United grow
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US Airways may benefit from Chapter 11
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US Airways Expects to Shrink
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What Travelers Can Expect
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Pilots for United Airlines Fear Investment in Company May Not Pay Off
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NYSE halts trading in US Airways stock
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US Airways Financing Blueprint Approved
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Burger King Airways?
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Uncertainty Among US Airways Customers
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EDS has $140M exposure to US Airways
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US Airways gets initial $75M in funds
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Another Airline Nose-Dives. Who's Next?
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Vanguard seeks OK to accept investor's advances
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US Airways' Rivals May Cut Fares, Travel Pros Speculate
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Seattle's Asta Networks files for bankruptcy protection
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Expert calls for probe of Planet Hollywood
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New York Law Firm Sued in Evergreen Scam Case
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Enron:

Former Enron execs seek extra pay
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Employee Committee Statement on Hearing Postponement Regarding Proposed Settlement
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Enron Tainted Democrat Contributor Has Big Role in Bush Administration
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The Feds Close In On Enron
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Senators, Executives Look for Links among Columbia Natural Gas, Chase, Enron
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Banks on the Hot Seat
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Adelphia:

Cable TV center named for Rigases owed $500,000
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Court Asked to Block Adelphia Bank Payments
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Auction begins for Napster assets
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Laid-Off Bridgeport Machines Inc., Workers in Connecticut Seek State's Help
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Case Closed on Charles J. Givens Jr., Last of the Big Spenders
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Texas Courts Split on 'Do Not Publish' Designation
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Telecoms:

Williams plan draws objections
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Before Telecom Bubble Burst, Some Insiders Sold Out Stakes
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Net carriers' struggles could cost customers
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Management deserves blame for Jacobson's
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Energy:

Competing PG&E Util Reorganization Plans Put To Test
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WorldCom:

Ebbers May Lose Trophy Ranch to WorldCom Shareholders
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Sullivan estate might not be exempt
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Service Providers Seek Secured Payments From WorldCom
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WorldCom keeps services going, but hurdles loom
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NY Fund Is Lead Plaintiff in WorldCom Lawsuit
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WorldCom Debt Tips Anchorage, Alaska, Telecom Firm GCI into $1.1 Million Hole
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New Mexico Cancels Deal with WorldCom
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N.Y. Stock Exchange moves to delist Conseco - Chapter 11 filing expected soon from Ind. finance and insurance company
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Steel:

Union concessions may help Wire Rope recover from bankruptcy
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Union, Bethlehem Steel Plan to Negotiate on New Bargaining Agreement
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Familiar refrain for Big Steel
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Struggling West Virginia Steel Firm Questions U.S. Plan to Aid Turkish Company
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Bankruptcy Reform:

Analysis of Consumer Provisions in Conference Report

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Law Firms:

Diamond McCarthy Taylor & Finley Adds Bryant and Falls
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Millions At Risk As Law Firm Is Probed
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Many Students, Few Vacancies - All-time application high collides with job crunch
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Landwell UK slammed by European partners
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Economic Downturn Slowly Affecting Big Law Firms
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The Few, the Proud, the Debt-Ridden
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Wilson Confirms It Will Cut Associates
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Allen & Overy plays catch-up in transatlantic insolvency
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NY Firm's Client Named Lead Plaintiff in WorldCom Suit
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Clifford Chance renews focus on Moscow with management shake-up
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Martha asked Congress to issue statement clearing her
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Corporate Reform:

Pitt: Lawyers, you're next
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You Bought. They Sold. - All over corporate America, top execs were cashing in stock even as their companies were tanking
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UK pledges to fight US fraud laws
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Investors Weigh In on New Reforms Aimed at Curbing Corporate Abuses
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SEC head warns business lawyers not to commit the sins of accountants
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The Cash-Out Kings
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Some Sad No-Signs of the Times
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Is Aug. 14 Filing Deadline a Nonevent?
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America's Most Overworked Company Directors
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The Stock Options Solution
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CEO Perks That'll Drive You Berserk
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Debtors, Judges Play Percentages on Chapter 13 Bankruptcy Filings
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Fate of Former Media Vision CFO Is Now in Jury's Hands
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Media Vision fraud case goes to jury
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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



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Bankruptcy Cartoon:

Note to all employees. . .

The damage is worse than first reported . . .

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Preparing Petitions: It Irks the Lawyers, but Is It Lawyering?
(NYT: separate free registration required)

Bankruptcy Reform:

Double Standard on Bankruptcy - When it comes to Chapter 11, the captain should go down with his ship
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Accounting:

Big Financial Firms to Announce A Joint Move to Expense Options
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Wanted: A few good accountants
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'Report clients', NCIS tells accountants
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Cutter & Buck CFO resigns; company says it has found accounting irregularities
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Pitt Pushes Ahead on Accounting Panel
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Retailer Reportedly Sues KPMG for Missing $1.6M Deception
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Dot-Coms Still Face Accounting Probes
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UK firms will be caught by US accounting rules

New Law Could Extend to Small CPA Firms
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PwC denies union 'pay cuts' claim
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J.P. Morgan, American Express, Bank of America to expense stock options
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Case Closed on Charles J. Givens Jr., Last of the Big Spenders
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Texas Courts Split on 'Do Not Publish' Designation
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Economy:

Greenspan under pressure
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Economists Predict No US 'Double Dip' Recession
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Street Falters on Lackluster Day
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Fed Likely to Keep Rates Steady
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Ohio: Bankruptcy filings hit record high
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Ziff Davis:

Ziff Davis dodges bankruptcy bullet
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Lenders Help Ziff Davis Avoid Bankruptcy
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Frederick’s of Hollywood Submits Plan to Emerge from Bankruptcy
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ScanSoft Reaches Agreement to Repurchase $7.0 Million of Its Shares from L&H Bankruptcy Estate
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Canada:

Executives caught unaware by Dylex skid to bankruptcy - Warning signs failed to stop disastrous leveraged buyout
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Germany:

Airship firm runs out of options
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Netherlands:

Getronics denies bankruptcy talk
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England:

Back on track
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E&Y seeks delay for JDS Equitable Life case
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