August 19, 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

         
Bankruptcy filings drop in Delaware - Court too busy, firms say
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CDX seeks to sell D&O claims
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Boutique law firms bite into corporate bankruptcy bonanza
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Corporate Reform:

'New scandals inevitable'
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US corporate lawyers put on notice
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VC boards under assault
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Options for the Future
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Firms can't fulfill SEC order
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As Voters Seethe, GOP Turns on Big Business
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Passive-Aggressive? Behind the Curtain at S&P 500
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White-collar prison camp still hard time

SEC checking the fine print - Regulators flag 11 companies that couldn't certify
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Corporate governance bill merely a pyrrhic victory?
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Large Funds Oppose Board Proposal
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The Rah-Rah Boys
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Economy:

Analysts split on economic prospects
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Credit-Card Scrutiny Hits Lenders And Threatens to Damp Spending
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Steel:

Cold Metal Products To File For Ch 11 Protection
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Cold Metal steelmaker to seek protection: Latest casualty of industry's high costs
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Big Steel might lack flexibility to survive
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Agency takes over pensions covering ex-GST workers
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Bethlehem Steel Files Motion To Establish Committee
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Steel Jobs Lure Thousands to W.Va.
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RTI sells regional assets, saving 2,500 jobs
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Canned. Sacked. Axed. Fired. But not laid off!
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Chief Restructuring Officers Respond to Corporate Distress Call
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Accounting:

Deal to Skip Fine Strips Andersen of Texas License
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"It's Like When Someone Robs a Bank"
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Arthur Andersen loses its Texas accounting license

Criminal probe targets Charter
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Deloitte plans frequent rotations
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Judge: Gov't Reneged on Agreement
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`Mind-boggling' accounting fraud stuns tech industry
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Small Caps Slowly Joining Push To Expense Options
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Govt revokes operating licence of Arthur Andersen
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Ernst & Young at odds with disciplinary scheme
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Corporate audit prices skyrocket
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Internal auditors can't hide behind big brother
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Deloitte could be in trouble over RAG's books
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The summer of workforce discontent
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Did 9/11 Tilt Infinite to Bankruptcy?
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Church bankruptcy - Indians sue over church abuse
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US Co Denies Conspiracy Alleged In Suit Filed By Tonga
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Junk Bonds Market Grows 'Distressed'
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Going negative / Wall Street's glum outlook on county finances
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When Your Employer Is Sinking, Should You Stay Onboard or Jump Ship?
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Lure of credit offers undergoing downturn

DOI takes over Raleigh insurer
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Conseco:

Conseco Creditors Hire Houlihan Lokey, May Swap Debt
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Conseco Units Protected
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Kmart:

3 executives among 23 jobs cut at Kmart headquarters
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Home-Loan Servicing Firm Catches New Heat from San Antonio Clients
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Vivendi Chairman Says Company Was on Verge of Bankruptcy Filing bankruptcy
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Easy credit fed bankruptcy rise
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Consumers Facing Crises File for Bankruptcy at Record Pace
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Bankruptcy Reform:

Punishing the Poor to Bail Out the Credit Pushers
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Bankruptcy reform on hold in House
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Thanks, but no thanks - More consumers reject rising credit-card solicitations
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Casino advocate looking to buy bankrupt S.J. cardroom
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Early-out clauses in leases heighten risks for lenders
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  Airlines:

National Airlines Memo To Employees
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National likely looking for new backers
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Airline execs: Bailout board biased
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Skies and limits
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Global View: The airlines as harbingers
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A Loan Officer for the Airlines
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Is There A Doctor On Board? - How buyout king David Bonderman is infusing US Airways with new money — and maybe new life
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Airline tailspin began pre-9/11
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How to save $9.6B
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Little sympathy in capital for troubled airlinesZ
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Stakeholders grapple with US Airways move: Institutional investors stand to lose millions
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Airlines' bankruptcy filings won't ground passenger flights
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Transformation needed to help Vanguard exist
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Lost Note Points At UAL Exec Shuffle
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D.C. may escape pain of US Airways Ch. 11
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Relax, frequent fliers; airlines need miles, too
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Loan denial raises issue of fairness
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Finding the right niche may save airlines' bacon
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US Airways up in the air
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The cost of cheap air fares
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Can Major Airline Dinosaurs Cut Enough & Survive?
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United's route to trouble
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Advice for Wary Travelers Using Airlines Under Siege
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National, Spirit fly without any loan help
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US airlines pay the price for the easy ride
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As Several Other Air Carriers file for bankruptcy, Fort Worth-based Kitty Hawk Inc. is emerging
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Air Travel Gets a New Model - Going broke fast, the major airlines will have to change the way they operate. Here's what it means for you
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Flight attendants blast United for bankruptcy threat
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Signaling a Sea Change in the Air Game
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Alaska Air Group misses SEC deadline
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United's Bankruptcy Warning Spurs Sales of Atlantic Coast
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US airways not alone in financial quagmire
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Airports dodge Ch. 11 flak
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No reason to overreact to airline bankruptcies
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Planet Hollywood:

Arnie queried over chain
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Adelphia:

Towns aim to form united front to deal with Adelphia cable
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City Hall Gives Adelphia Cool reception
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Insurance increases raise mortgage rates substantially
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Telecoms:

Different telecom shakeout: Small local players see tough times
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Telecom Bust Takes Heavy Human Toll
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Icahn extends offer for XO debt
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Ahead Communications May Emerge from Bankruptcy Protection
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The master of the universe who fell to earth with $32m in his pocket
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Managed Telecom Grows Amid Telco Rubble
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Marconi to relinquish control to banks and bondholders
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GRUBMAN $32 MILLION DOLLAR FALL GUY - Severance package of Global Grossing and WorldCom bull worth more than some bankrupt telecom companies
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Telecom analyst had influential supporting cast
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Embattled telecoms analyst leaves Salomon but legal battles remain
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Energy:

PG&E fights for its reorg plan
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Dynegy, Williams Hiring Halt Hurts Graduates in Texas, Oklahoma
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PG&E on right track
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Energy Giant Williams to Pay 30 Percent Interest on Loan
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NRG President: Banks To Forebear On Collateral Due Monday
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PG&E Util's Power Cost Recovery Trial Set June 9, 2003
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Dynegy Completes Sale of Northern Natural Gas, Key Part of Restructuring
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UBS Energy-Trading Business May Shed Staff
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QPS Inc. files for Chapter 11 bankruptcy protection
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Kaplan to Acquire Boston's Arthur D. Little School of Management
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Bankrupt equipment firm NationsRent gets new CEO
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Aladdin lowers its financial backstop
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Challenges Ahead at Household International
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New Bankruptcy Opinions
(No new opinions today)

Bankruptcy Jobs - 54 Jobs - Last Updated August 19, 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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Atlantic Express:

School bus company goes bust
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Atlantic Express Transportation Files For Chapter 11
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School Bus Firm Crashes Into Bankruptcy
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UB prof says bankruptcy survival tied to timing
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Public to pick up tab for terrorism insurance
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WorldCom:

WorldCom CEO ouster attempt
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WorldCom says Sidgmore plan has key support
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Boardroom tensions heat up at WorldCom
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Former Enron trader's book traces his journey at energy giant
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Enron's reputation hurts job prospects
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Deferred payments at Enron under fire

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Enron:

Senator Questions Enron Indictments
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The City Swept by Hurricane Enron
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Clear-cut primer on Enron debacle helpful to investors
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Now, Enron chief executive's wife demands severance pay
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CBS' Enron saga adds Elizabeth, Farrell, Kane
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Interim CEO Must Simplify Enron to Save It
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Maybe It Was Shredded
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Enron Insider Book, TV Movie Deal
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Lawyers proud of role at Enron - Firm touts expert legal work despite corporate debacle

Former gas trader sentenced to three years for gas diversion scheme
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Law firm promotes off-the-books expertise
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Law Firms:

Moving sideways to satisfaction
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Federal Judges Try To Imitate OPEC
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Busy Firms Cut Back On Hiring Amidst Layoff Fears
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Firm Eyes California Merger
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Second London Partner Bolts US Firm
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New associate spends first week on fraud raid
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Baker Botts bags Halliburton: Law firm's big gain could reduce role of Vinson & Elkins
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Mintz Levin will cut 27 staff
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Class-action litigators busy with scandals
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Chapter 13 Trustee Enjoyed Quasi-Judicial Immunity
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Asbestos:

No Stay Of Friction Cases Pending Supreme Court Appeal
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Court Confirms UCI Med Chap 11 Reorganization Plan
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Deal carefully with a customer in bankruptcy
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Ames:

Ames Failure Should Have Little Impact On CMBS Deals, Analysts Say
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Ames changes policies in 7 states
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Milinx Business Group Files For Chapter 11 Bankruptcy
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Economic downturn equals more state, federal tax liens
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'Doctored Defaults' Worry Commercial Realty Lenders
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Sting nets toxic PIPE financiers
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India:

Does corporate India doctor its books?
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In India, Money Launderers Clean Up
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Hong Kong:

Hong Kong's Economic Slump Deepened in July
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Canada:

Failed firm Gemeral Publishing seeks ok to sell division
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Japan:

Should Japan be rated below Botswana?
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Price war in appliance market claims old retailers
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FRC Members Questioned Sogo Debt Relief Plan in 2000
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