August 21, 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

         
Budget:

Cendant Agrees to Buy Budget Out of Chapter 11 Protection
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Cendant to Buy Budget Group
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Budget gets another day
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Bankruptcy Court Says Ryder Can't Proceed With Suit
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Alleged ID Thief Targeted Lawyers
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Airlines:

Continental Adopts Cost-Saving Steps
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US Airways Comes Up Short on Union Concessions
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Investors dump Boeing bonds over airline fears
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Frequent-flier miles safe, airlines insist
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US Airways to trim fleet
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United Pilots Shelve Pay Cuts Vote
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How About Letting Airlines Help Themselves?
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Air Transport Industry Chiefs to Confer on Crisis
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National Seeks OK for Finance Plan
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US Airways to Trim Fleet, Lay Off Pilots
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U.S. ruling benefits stranded fliers
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Airport Authority given seat on US Airways creditors committee
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Airlines Try to Get Back on Even Plane
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Judge Approves Midway Airlines' Plan to Operate Small Fleet, Fly Again
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Top U.S. Majors Shift Into Survival Mode
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New IRS team targets Texas tax avoiders
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Telecoms:

U.S. FCC Puts on Hold SBC Crackdown on Credit Risks
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CLECs - The Bells' Big Local Headache
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What, Me Worry? - The banks that led $365 billion in telecom lending have avoided big losses. The folks they used to offload the risk weren't so lucky
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C&W denies plot on competition
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SEC rejects telecom firms' swap accounting
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Globalstar Will Slash Rates in Bid to Boost Customer Interest
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Icahn extends offer for XO Comm debt again
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Qwest Sells Directories Arm To Obtain Cash Infusion
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Law Firms:

Wilson Proceeds as Planned With Layoffs of 100 Staffers
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Associate Recruiting Lumbers on Despite Poor Economy
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Perkins Coie bolsters LA office
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Firms Struggle With Managing Growth
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Court Approves RailWorks' Chapter 11 Disclosure Statement
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Integra warns of potential bankruptcy
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$178 Million Record Setting D&O Verdict D&O Against An Internet Company Is A Wakeup Call To Corporate America
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Conseco:

Conseco, Inc. Noteholders Form Ad-Hoc Committee
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State agency reassures Conseco customers
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Conseco ready to open talks with debtholders
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  Enron:

A Guilty Plea In Enron Case
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N.Y. boy caught in the Enron mix
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Kopper may not be enough - Will financier's plea satisfy cries for action?

The talent myth
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Plans to Save Workers from Future Enron Get Tied Up in Congress
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Anatomy of Greed: The Unshredded Truth from an Enron Insider
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Asbestos:

National Gypsum offshoot files Ch. 11
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Asbestos Claims Management Corp. (f/k/a National Gypsum Co.) Files For Chapter 11 Protection
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Carmakers seek single asbestos lawsuit
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Pittsburgh Medical Center Folds
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Economy:

Business owner blues - Small business owners across the country are pessimistic about the economy and prospects for the future
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Corporate Reform:

SEC pleased with response by executives
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Errant execs should be made to stay and fix what they broke
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Experts to Tyco board: Scram!
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SEC Finds 16 Firms Whose Executives Couldn't Certify Reports
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CEO Pay Tomorrow: Same as Today
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One Chief's Take on CEO-itis
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Plundered 401(k)? At least scandals have benefited collectors
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Energy:

UBS Warburg Energy Cuts 130 Jobs
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California Is Pressured to Boost Bond Sale
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Bank Lenders Delay Collateral Requirements for Troubled NRG Energy
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New World to Receive Additional Proceeds From ENBC/ENBP Bankruptcy Estates; Court Approves Settlement Regarding Asset Distribution
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Malden Mills Plan Has Few Cuts
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Bankruptcy Reform:

Christian Coalition Warns of 'Threat' to Pro-Life Protesters
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WorldCom:

Accounting Issues at WorldCom Speak Volumes About Disclosures
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Polymer Group's losses increase
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We Can Work It Out
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Pinnacle's financial woes continue
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Augusta, Ga.-Based Golf Store Closes Down
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From Chapter 11 to Rapid ROI: The Story of AMF
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Attorneys Find Jury Pools Tainted by Antibusiness Bias
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Trial set for December in cattle company bankruptcy
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Devon Mobile Files Chapter 11
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Trade Group Asks Bankruptcy Judge for Input in Adelphia's Reorganization
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From Naugahyde, to LEDS, to bankruptcy?
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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:

Veteran of fight to save Chrysler faces yet another tough challenge
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Bethlehem Moves forward on Retiree Benefit Cuts
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Financially troubled National Forge seeks buyer
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Bill Knapp's:

Bill Knapp closes all locations
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Bankrupt Knapp's closes 29 restaurants in Mich., Ohio
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Houston Lawyers, IRS to Square Off Over Privilege
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BuildNet, top creditor compromise
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Accounting:

Asleep at the Trial - When players snooze, does the client have recourse?
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Employers Looking for Dirt - Spooked by accounting scandals, prospective employers are prying into personal lives
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Investors Unfazed by Expensed Options
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Auditors Should Brush-Up on Liability Issues
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Tax cops will get personal, randomly
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The Sarbanes-Oxley Loan Ban - an Update on Benefits Issues
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E&Y Launches Alumni Web Site for Former Employees
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Complying With The Sarbanes-Oxley Act: Four Top Priorities
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Investment broker charged with securities, mail fraud has day in bankruptcy court
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Canada:

Skeena Cellulose union rejects deal
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General Publishing division to file for bankruptcy
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Japan:

Suicide epidemic
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Accounting standards board to investigate stock options
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England:

Lloyd's Names oppose Citibank settlement
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Indonesia:

3 Indonesian judges under scrutiny for Manulife case
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