August 30, 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

         
CGI to buy INSpire Insurance for $8.2M
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Telecoms:

Global Crossing Chairman Winnick May Be Subpoenaed by House
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Panel Widens Probe Of Global Crossing
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360networks in turnaround mode
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Corning's "Very Narrow Straits"
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Global Crossing's Winnick Is Tied to Swap
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Faint Hope Lingers for Shriveled Williams Communication Shares
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D&O Insurance Not a Sure Thing
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Baseball:

Baseball Talks Down to the Wire
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When it comes to bookkeeping, Major League Baseball sure has a funny way of keeping score
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The economics of pro sports can't be sustained, period
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How Unbalanced is Baseball? No More So Than Other Sports
(WSJ: separate paid subscription required)

Baseball's Team Mascots Are Unhappy
(WSJ: separate paid subscription required)

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Kmart:

Court allows amendment to Kmart credit agreement
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Kmart con Salsa: Will It Be Enough?
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Worries at Malden Mills
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Leap to restructure debt, could be delisted
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Creditors for Vlasic Claim Campbell Lied About Spinoff
(WSJ: separate paid subscription required)

Accounting:

Last Task at Andersen: Turning Out the Lights
(NYT: separate free registration required)

We're not in Kansas any more
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Record consultancy fees for Big Four
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Andersen: Who Is to Blame?
(Business Week: separate paid subscription required)

Andersen to pull down shutters on Aug 31
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How to spot red flags in the accounting of related-party transactions
(WSJ: separate paid subscription required)

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Enron:

Enron to include 36 more in severance deal
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Enron Creditors Circle Insurers
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Respected FBI Fraud Investigator Sets Sights on Enron
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Lay May Be Nailed For Insider Trades
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Enron Examiner Won't Seek Trustee Power to Sue Former Executives
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Judge OKs settlement of Dynegy, Enron takeover lawsuit
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Former employees tell grand jury about deals
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Investigation looks at Lay trading

Judge orders collaborators to cooperate
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Enron Seems More Willing to Sell Than Before
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Portland, Ore., City Council to Enter Portland General Electric Negotiations
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Abrams letter cites hidden assets
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Eliot Spitzer: "Stay Tuned"
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Airlines:

Airlines consider pay toilets to supplement costs
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UAL's United Airlines Raises Paper-Ticket Fee, Tightens Rules
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United Asks Unions For Deep Cuts - Employees Balk at Plan To Slash Pay, Benefits
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United Airlines Pilots Call Company's Terms 'Unacceptable and Unrealistic'
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Fears rise of United Airlines collapse
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Customers Worry about Frequent-Flyer Miles If United Goes Bankrupt
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Unions divided on USAir pact
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Will John Walker Land at United?
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Uneasy fliers, economic woes portend cheap tickets
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Union says it would fight a US Airways bid in court for givebacks
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United Airlines' Management Bears Responsibility, Too
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US Air Readies for Court Fight With Union
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United seeks $1.5b in concessions; pilots assail plan
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Braced for landing - If United Airlines files for Chapter 11, SFO will roll out plan B
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Goldman Takes Another Bite Out of the Airlines
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Steel:

Granite City Steel parent making progress in bankruptcy
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Debt collection venture with a twist launched by former CFS head
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Tulsa, Okla., Businessman's Career Marked by Ups, Downs
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WorldCom:

WorldCom-Salomon Dealings Probed
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Here Comes The Bribe
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Teacher Aid In Jeopardy After Fall Of WorldCom
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WorldCom investigation gains momentum after new indictments against executives
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Ex-AHERF chief pleads no contest
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Virginia Beach, Va.-Based Software Developer Submits Preliminary Debt Plan
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IRS Seeks Credit Card Records in Tax Probe
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Crisis at Citi
(Business Week: separate paid subscription required)

Citigroup to Get New Subpoena in Congress IPO Probe
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PNC replaces another top executive
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Bankrupt Las Vegas property reports loss
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Haleos:

Shipley Company wins bankruptcy auction to Acquire Haleos, Inc
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Haleos workers will keep jobs
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Advisers Charged in Evergreen Fraud
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Economy:

Corporate Profits Lose Steam
(WSJ: separate paid subscription required)

Back-to-School Season Gets an "F"
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________________

Energy:

S&P reports on U.S. energy merchant industry
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Purchase Agreement For Bankrupt New Mexico Waste Water Utility Is Approved
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New Bankruptcy Opinions
(2 new opinions today)

Bankruptcy Jobs - 58 Jobs - Last Updated August 26, 2002
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Bankruptcy Court Web/Pacer Site Directory

Weird News
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Bankruptcy lawyer hopes to gallop to glory
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Law Firms:

Gray Cary Lays Off Associates and Staff
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Lyon's Club of IP Lawyers Will Join Orrick After Firm Shutters
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N.J. Firm is Raided by Kirkpatrick
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Porter & Hedges brings aboard nine veteran Houston attorneys
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WTO Grants EU $4 Billion In Sanctions Against U.S. Over Corporate Tax Law Subsidies
(WSJ: separate paid subscription required)

Bankruptcy Reform:

Consumer groups say bankruptcy bill threatens laid-off workers
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Lame-Duck Session of Congress Looks Likely as Work Piles Up
(WSJ: separate paid subscription required)

Consumer groups push N.Y., N.J. lawmakers to oppose bankruptcy bill
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MBNA picketed over bankruptcy bill
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Commercial Consolidators Announces Adverse Developments, Bankruptcy Under Consideration
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Data Race files Chapter 7 bankruptcy
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Equinox scrambling to renegotiate debt
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Former Owners, Trustee of Providence, R.I.-Area Restaurant Chain Reach Deal
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Financial swindler boasts of secret funds, revenge
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Corporate Reform:

The (Fat) Wages of Scandal
(Business Week: separate paid subscription required)

Governance: Look Who's Still at the Trough
(Business Week: separate paid subscription required)

How to Halt the Options Express
(Business Week: separate paid subscription required)

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Former Parent Company of Handy Andy Supermarkets Files for Bankruptcy
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Monsour's fate teeters on bankruptcy court ruling
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Napster Sale Hearing Continues Friday
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San Antonio Care Provider's Sale Suffers Complications
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Bankruptcy Judge Closes Raleigh, N.C., Restaurant
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Japan:

18,425 workers lose jobs due to bankruptcies in July
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Japan plans to encourage bank mergers
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Japan's Contraction Ends
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Japan Retailer's Ex-Finance Chief Is Held
(WSJ: separate paid subscription required)

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England:

Lloyd's says most members support overhaul
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Sharp rise in insolvencies
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_________________

Argentina:

No financial relief in Argentina
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Germany:

German retail woes continue
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