August 14, 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

         
Telecoms:

Williams avoids long legal battle
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Telecom Restructuring Could Reproduce Glut
(WSJ: separate paid subscription required)

CDX to seek cramdown
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FCC says it had more reasons to seize NextWave's spectrum licenses
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Global Crossing deal `comfortable'
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The great telecoms robbery
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Deal for Global Crossing Clouds Sale of Asia Unit
(WSJ: separate paid subscription required)

Birch undercuts Bell's T-1 prices by more than 50%
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Telco handover a survival deal
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Lucent Says It's Not Target of Probe
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Final diagnoses for Global Crossing and WorldCom remain elusive. But one global carrier seems to be emerging
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Airlines:

Bankruptcy filing prompts union leaders to let members decide fate
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Airlines' Financial Woes Hold Danger for Leasing Companies
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For the price of two 747 jumbo jets, you can buy United
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Changes afoot across industry
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High time US air fares took off to a realistic level
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US Airways' Siegel assures hub cities
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Expect higher fares, one way or another
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US Air's troubles bumpy for Delta
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US Airways' Woes Could Free Up Coveted Stock Symbol
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Where now? - Smaller, low-cost carrier expected after bankruptcy
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Destination Uncertain
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Major Airlines to Cut Hundreds of Flights, Thousands of Workers
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American Airlines cuts 7,000 jobs
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A bright side to the US Airways failure
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Stock adviser's moves spared workers worst of bankruptcy
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US Airways announcement wet blanket on Cintra sale
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US Airways Loses 30 Percent of Indianapolis Market in a Decade
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Airline Workers Concerned About Cuts
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Order book fears hurt Bombardier: Shares dip almost 10%: Huge debt loads may force airline mergers, cut demand
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US Airways Says It Will Honor Customers' Tickets
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Airline stabilization board struggles to define its role
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High Cost of Competition
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County, airport officials say all systems are go despite bankruptcy filing
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Institutional Investors Now A Fixture In DIP Loans
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Law Firms:

Firms Look to Avoid Layoffs, But It Will Be Harder to Keep Your Job
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Four Partners, Including Chief, Quit Firm Following Layoffs
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Brooklyn DA Lays Off Attorneys
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KB Toys in Possession of Virginia Firm's Equipment that eToys Didn't Paid For
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Enron:

How one-stop banking led to Enron
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Enron Manipulated Market
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Severance claims by Enron former execs anger ex-workers

‘Don’t Brainwash Analysts’
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__________________

 

Ames:

Ames Chain Throws In The Towel
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Ames Department Stores to Liquidate and Close; Management Acts to Preserve Values for Creditors
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Creditors Seek Liquidation of Embattled Retailer Ames
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Bankruptcy alters board's role
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Salon seeking financing as cash dwindles
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Court Approves Asset Sale of DCI to ViewCast Corporation
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WorldCom:

WorldCom investors eye founder's 500,000-acre ranch in Canada
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Kickbacks eyed in probe of WorldCom
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Service Providers Seek Payments From Worldcom
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WorldCom in court fight for its life
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Citigroup Receives Subpoena
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WorldCom workers want rancher boss to pony up
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Ziff Davis Restructuring Bought Time, But Is It Enough?
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Chase Manhattan Automotive Finance Liable As "Vehicle Owner" for $28 Million in Rhode Island Crash of Leased Car
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Financial Chief Resigns from Troubled Oklahoma City-Based CD Warehouse Over Disagreement Over Handling of Bankruptcy
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Corporate Reform:

U.S. regulators to scrutinize JVs
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Will You Have To Blow the Whistle on a Client?
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Corporate Attorneys Have Role Similar to Auditors, Says Pitt
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SEC Rules to Require Lawyers to Report Misconduct
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CEO, CFO Sworn Statements Due: Who Has and Who Hasn't Filed?
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Lehman and SG Cowen broker charged in $50 mil stock scam
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Deadline up for honest accounts
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Citigroup Is Served Subpoena By House Financial Committee
(WSJ: separate paid subscription required)

My Son Couldn’t Vouch For His Company’s Statements Because…
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__________________

Energy:

PG&E questions regulators' payments
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Feds: Energy prices maybe tampered
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Energy Traders Face Questionable Outlook
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Chivor reorganization plan OK'd
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__________________

Armstrong World Industries' New Plan Looks Like Old Plan
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Camerons’ Dutch ally faces bankruptcy row
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Economy:

Fed holds steady on rates
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Accounting:

Arthur Andersen Plaintiffs Want Court Order to Prevent Asset Distribution
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Andersen: firm won't dissolve
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ICAEW report says non-audit work represents threat to independence
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____________________

IBM acknowledges in SEC filing that it's cutting 15,600 jobs
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Garden Way has path to liquidate
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Hartland, Maine: Bankruptcy judge OKs Irving’s bankruptcy organization
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New Bankruptcy Opinions
(1 new opinion 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 . . .

__________________

Trial Is Set to Decide if Missouri Cattle Business Was an Illegal Ponzi Scheme
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Satellite radio firm Sirius warns on possible bankruptcy
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Adelphia:

Adelphia Creditors Asked Ct To Block $300M From Banks
(WSJ: separate paid subscription required)

Adelphia Business Solutions gets financing from Dallas lender
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__________________

Dain Rauscher to Settle Orange County SEC Case
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Napster creditors hire firm to auction assets
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New Jore tax break on agenda
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Comdisco:

Comdisco set to exit Ch. 11
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Comdisco Returns from Bankruptcy as Comdisco Holding Co.
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__________________

Sheet maker, Owens Corning battle over invoice
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Behind the curtain at Standard & Poor's
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Steel:

Ross bulks up steel assets
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International Steel Group to Purchase Acme Steel Assets
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________________

Intelefilm awarded $12.1 M
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Plots & Ploys: Trumping Conseco?
(WSJ: separate paid subscription required)

Planet Hollywood:

Court report questions Planet Hollywood's sale of London location
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Planet Hollywood's 'web'
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_____________________

Japan:

Banks say downgrades by ratings firms are unjustified
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___________________

Australia:

Mrs Satellite seems to have spent $0.5m
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_________________

Japan:

Japan July Bankruptcies: Trend To Accelerate
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__________________

Poland:

Polish government to change bankruptcy procedures for firms
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________________



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