August 20, 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:

Bankruptcy court OKs Midway deal
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US Airways admits $6.5bn commitments
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Bankruptcy May Trigger Industry Profitability In 2004
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Kmart:

Kmart Trims Nearly 700 Jobs in Cost-Cutting Measure
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Out for Milk, off to Court
(WSJ: separate paid subscription required)

Telecoms:

Bankruptcy Envy
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'Dead' telecoms become scourge on the living
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KPN hit by 3G losses
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Judge Grants Williams Communications Group Extension of Bankruptcy Deadline
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SEC Targets 'Swap' Deals by Telecom Firms
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Shareholders lose out in Marconi liquidation
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Broadband Bust-Up
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Banks toughen loan standards
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Asbestos:

Automakers Stalled in Asbestos Cases
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ImClone:

ImClone probe gets testier
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Martha Stewart to turn over files
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Bidders sue Vestcom
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IRS Steps Up Efforts to Combat Credit Cards Issued by Offshore Banks
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Scandals bring rise in sleuthing
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Chapter 13 bankruptcy filing may be only hope
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Farmland Industries Seeks Approval For Asset Sales
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Conseco Memo Points to Funding Cutback
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A year after Sept. 11, attacks' economic impact lingers, but effect is disparate
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WorldCom:

WorldCom's bankruptcy hurts REITs
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Washington studies whistleblower's claims
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MCI bondholders hire Zolfo Cooper
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Business as usual for WorldCom in Asia
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WorldCom Execs Give to Political Action Committee
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Ex-WorldCom Worker Testifies
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Enron:

5th Circuit Puts Kink in Strategy for Enron-Related Suits
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Enron Sues Over Newsprint Swaps
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Enron's Democrat Pals
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FERC to Investigate Portland General, Avista, Enron Unit
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Corporate Reform:

Pay raises for CEOs the lowest in a decade
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Senior Execs Expect Boards to Be More Assertive
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Accounting:

More firms to expense stock options
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Help Wanted: Five Clean Accountants
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KPMG completes €657m sale of consulting arm
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Treasury and IRS Crack Down on Abusive Split-Dollar Life Insurance Agreements
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Reform Law Will Have Repercussions
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US accountants ordered to hand over tax data - Internal Revenue serves summonses to get information on tax-avoiding companies
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FASB to Issue ED on 123 Transition, Disclosures
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Norwegian buys equipment from failed Project America program
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Aladdin's Inexperienced Owners, Poor Design Led to Disaster
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Wall St. severance gets stingy
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In search of AFG's vanishing millions
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Energy:

Energy refunds remain elusive - State unlikely to get $8.9 billion; many companies low on cash
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These Energy Round Trips Produce Cash for Wall St.
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Edelnor filing to affect unsecured loans
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Asset Sales Seen Hurting Energy Cos' Long-Term Cash Flow
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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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Steel:

LTV Unable to Certify Results Because of Bankruptcy
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Zinc producer files for Ch. 11
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Secured Lenders Agree to Continued Access Of Geneva Steel LLC to Cash Collateral
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Malden Mills:

Creditors Question Lawrence, Mass., Textile Company's Bankruptcy Emergence
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Malden Mills Files Solvency Plan
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Law Firms:

Brobeck Pays to Keep First-Year Associates at Bay
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The California 40
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Crosby Heafey may merge with Reed Smith
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Political Ad Says Holland & Knight Was Mismanaged
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Mayer Brown, A&O set for UK LLP revolution
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White & Case lures Baker & McKenzie Japanese partner
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NY Firm Acquires Second Texas Office Through Merger
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Jones Day Poaches New NY Practice Head
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Steptoe&Johnson reels from shock exit as Wollenberg quits
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