August 15, 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

         
Bankruptcies at record high with more to come, analysts say
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U.S. 2nd-Qtr Personal Bankruptcies Rose to Record
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Orange County, Calif.-Area Bankruptcy Filings Drop Almost 13 Percent
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Debtor filings rise in Metro Detroit
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Letter from Delaware
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Ames:

Ames decides to liquidate
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Ames decides to close
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Bankrupt Ames hanging it up
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Bankrupt NTL to relist shares later this year
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Lawsuit Threatens Textile Company Reorganization
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Bankruptcy Reform:

Bankruptcy and Abortion -- II
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Accounting:

Sex email epidemic in accountancy
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Securities watchdog's top accountant faults U.S. accounting rules
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Accounting Board Proposes a New Rule on a Hot Topic: Options
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Andersen Sells Off Art Collection
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Former Andersen clients face hard task to certify
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Grand Union Workers Laid Off When the Firm Went Under to Get Back Pay
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WorldCom:

No vacation for you
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So Many Hats for So Few Heads
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WorldCom Loans Bought Land
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WorldCom Doesn't Have to Pay Security Deposits For Phone, Electric Service
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Former boss eyes SkyTel anew
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Enron:

Spokane energy company embroiled in Enron trading investigation
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Enron Requests Delay in Building Roseville, Calif.-Area Power Plant
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Enron Doesn't Certify All Statements
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Pioneer service lacks subscribers, warns of bankruptcy
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Ex-Executive Sues Tyco for Over $9M in Severance Pay
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With significant losses mounting, Key3Media hints its lenders might be a bit perturbed with the IT trade show producer
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Inaction on bankruptcy request could make lawyer a defendant
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Solid Computer files for bankruptcy
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Insurers Feel Cumulative Impact Of Sept. 11, Accounting Scandals
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Airlines:

Hooters Airline?
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UAL warns of possible bankruptcy
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Too Many Passengers, Not Enough Planes
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Panel Denies Loan Guarantees to National and Spirit Airlines
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United Parent Warns It May File for Bankruptcy without Wage, Cost Concessions
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Bankruptcy has no impact on new carrier
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U.S. Airlines' Problems Create Ripple Effect
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United may file for bankruptcy
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US Airways' Siegel seeks to ease fears
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Why US Airways dropped out of the sky
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Bankrupt airlines owes $90,000 to Mobile Airport
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Rock-bottom airfares may be on the way out
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Who would 'U' be if US Air faltered?
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As U.S. airlines stall, European carriers are flying high
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Former-TWA Pilots Now Flying for American Ask Airline, Congress for Seniority
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Lehman to drop 30 junior bankers
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Kmart Asks to Report Greater Loss
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Bay 101 files for bankruptcy
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At Planet Hollywood, a 'tangled web' of insider deals
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Corporate Reform:

Several Large Companies Restate Earnings in Wake of SEC Certifications
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Certification Deadline Reveals Mostly Simple Account Errors
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Certification Mumbo Jumbo Won't Help Anything
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CEO Deadline Snares 3 Firms
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Corporate clean-up chief accused
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Legal--But Lousy
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Adelphia says it can't attest to accuracy of SEC filings
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Investors may have gotten dose of confidence from CEOs vouching
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Markets soar as companies vouch for results
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Telecoms:

Is Powell Fiddling While Telecom Melts?
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XO Communications Announces Second Quarter Results; Company reports positive quarterly EBITDA
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Qwest is sued over accounting
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Arch Wireless Reports Second Quarter Operating Results
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Investors Continue to Dump Sirius' Stock on Bankruptcy Concerns
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UPC warns may file for bankruptcy if no debt deal
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Small firm learned hard lesson - Protect your business from other's bankruptcy
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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



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Bankruptcy Cartoon:

Note to all employees. . .

The damage is worse than first reported . . .

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DIP Dimensions: Burke Industries Inc.
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California foreclosures take a nose-dive to 10-year lows
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ImClone directors sue Sam Waksal
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Globalstar Struggles To Find Investors
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Conseco:

Conseco announces huge loss, accounting investigation; warns of bankruptcy
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Conseco Considering Bankruptcy
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Law Firms:

Layoffs hit Wilson Sonsini
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Wilson Sonsini Says It Will Ax 100 Jobs on 900-Member Staff
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The harder they fall
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40 Under 40
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$40.8M Awarded to Duane Morris Lawyer, Wife
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The Brussels Shuffle
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Attorneys Fined $520,000 for Frivolous Suit
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Judge Allows Chesterfield, Mo.-Based Jet Maker VisionAire to Convert Involuntary Chapter 7 to Voluntary Chapter 11
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Energy:

Dynegy May File Bankruptcy Should Pipeline Sale Fail
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State justices reject challenge to PUC plan - Consumer group contested proposal to revamp PG&E
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Smaller Banks Take Bigger Hit From Energy Loans Gone Sour
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England:

League rethinks supercreditors
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Bonus threat to UK FDs, CEOs
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