August 5, 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

         
WorldCom:

Creditors soon to meet with WorldCom
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No secrets at WorldCom
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Falling Star: How WorldCom Went From Highflier to Burnout
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Former execs may save WorldCom from charges
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Without Wireless Unit, WorldCom Takes First Step to Recovery
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Sales at WorldCom's European arm plunge 50%
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Some advice for WorldCom users
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Partying On A Sinking Ship
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Former WorldCom Finance Execs Mull Pleas
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FCC Issues Consumer Assurance Bulletin Regarding WorldCom Bankruptcy
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U.S. sets sights high in WorldCom action
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Cooked-book Authors
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WorldCom in longest ever rescue plan
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Riding out the WorldCom waves
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WorldCom Fallout Impacts Norcross, Ga., Telecommunications-Equipment Maker Movaz
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Motorola Wants WorldCom To Segregate Its Cash Collateral
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Worldcom Scuttles Boat Bash
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CalPERS defends pricey law firm hired for WorldCom suit
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WorldCom's Fate Carries 2.1M-SF Impact for Texas
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Bankruptcy Reform:

Bankruptcy Proceedings Facing a New Chapter
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Bankruptcy reforms hit consumers
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Bankruptcy Bill Seen as Hostile to Attorneys
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Opponents of bankruptcy reform win delay on vote
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Banks pour cash into campaigns
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Moral Maze - Bug-eyed Believers Balk Bagmen on Bankruptcy
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Bill Seeks Federal Bankruptcy Overhaul
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Business reform distracts Congress from prized pursuits
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Rich get protection, workers drown in debt
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Congress's Mixed Handiwork
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EPIQ will buy Conn. firm's bankruptcy unit for $31M
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Enron:

Cash transfers prompt FERC to seek limits
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Enron Reviewing SEC Order
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What if Enron Was A Mistake?
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Enron's SPEs: Can Banks Have It Both Ways?
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Invitation-Only Auction Set for 1.2M-SF Enron Center South
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Ties to Enron prove a handicap, as EOTT rebuilds business base
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Enron Criminal Probe Focuses On Alleged Corruption Abroad
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Enron Rai$es Its Ugly Head In War For Gov
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The Surety Thing - Bankers, insurers square off over Enron's pre-paid transactions. The question: who's on the hook for $1 billion
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Local brokerage house to handle disposition of Enron building
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Former Enron executives seek deferred compensation
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While Enron retirees wait, others have their money

US regulator questions $1 bn loan to Enron units
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Half a world away from Houston, idle Enron complex darkens futures

Two Subsidiaries of Enron Face Scrutiny Over Loans
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Bush campaign used Enron, Halliburton jets, records show
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Oracle of Omaha Warren Buffett snaps up bargains in down market
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The prophets of profit
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The weight of phantom space: Rental rates drop as landlords compete with tenants bent on shedding excess space
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Catholic Church:

Church confirms bankruptcy option
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Archdiocese bankruptcy would hurt victims
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Lawyer Squeezes Cardinal On $30m Perv-Priest Deal - Bankruptcy Under Consideration
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Consumer Credit: Is a Crunch Coming?
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Adelphia:

Coudersport, Pa., Residents Upset by Treatment of Adelphia
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Adelphia gets temporary L.A. franchise deal
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Company assets are frozen in $87 million fraud - Aventura group pursued by SEC
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Accounting:

Small accountancy firms fear reforms may hurt them
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Tyco Accounting Gets New Scrutiny
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Bankruptcy: CPAs Ride the Wave of Opportunity
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Accounting board weighing new options
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Expensing Options: The Debate
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When the SEC Knocks
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Pro Forma No Mora
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HPL execs sold stock before probe
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The future of aggressive tax planning
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Enron Affects All CPAs
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Custom Food Products Acquired by William E. Simon & Sons, Exits Bankruptcy
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1998: Allegheny collapse: Still a record
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  Kmart:

Kmart bonds hit by concern over strategy
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Anna Nicole's show will give glimpses of her bizarre world
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Companies should brace for double-digit increases in directors' insurance
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Small companies struggle with D&O insurance costs
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Area trusts benefit from bankruptcies - Delaware banks get boost from crumbling economy by servicing corporation accounts
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D-FW a hotbed for 'restructurings'
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Airlines:

An Unscheduled Landing for United: Bankruptcy? - With cash dwindling fast, the carrier could face a crisis by fall
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Panel Weighs United's Need for Federal Loan Guarantee
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United stock dives on news of '01 bankruptcy attorney hiring
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Bankruptcy's baggage - Kitty Hawk hoping to fly clear of financial hurdles
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Vanguard Reorganization Questioned
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Vanguard customers feel misled by other airlines
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Certificate may be Vanguard's prime asset
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With hopes fading, bankrupt Vanguard looks for a white knight carrying lots of green
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Airlines protest against Alitalia 'bail out'
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Airlines Stocks Dive As Recovery Fades
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Why didn't bankrupt Vanguard sell off assets?
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United stock dives on talk of bankruptcy
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Many obstacles remain for Midway
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State will have meetings for former Vanguard employees
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Corporate Reform:

Big Firms Face Day of Reckoning Aug. 14
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Grab execs' stolen loot
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Cheating binge props up filthy rich
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Middle-class Americans are disinclined to send crooked CEOs and bankers to real prisons to do hard time
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CEO pay defies hard times
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Corporate Reform: Any Idea in a Storm?
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Executives under pressure to fudge books: poll
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When It Comes to Ethics, B-Schools Get an F
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Corporate scandals could cost U.S. $37 to $42 billion
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Highly paid CEOs: Study shows where the buck stops
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Antifraud laws likely to help calm investors
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401(k) protection takes center stage in Congress
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White House Interpretation Leaves Whistle-Blowers at Risk
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Executive pay for executive performance
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Energy:

PG&E: Warburg back on board
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Former controller of DYNEGY says he was ordered to falsify an earnings report
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PG&E: Trades Potentially Deceptive
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Enron mined California loopholes

U.S. Government Wants to Regulate Utility Cash Flow
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Merchant Energy Firms Cut Dividends To Preserve Cash
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Dade Behring sponsors largely unhurt
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Farmland remains months away from filing reorganization plan
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Credit counseling is not bad
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Cracking Down on Mortgage Fraud
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Economy:

Economic recovery now in doubt
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U.S. jobless data send markets falling
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Decrease in Consumer Confidence Could Create Economic Domino Effect
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String of Weak Data Prompts Economists to Trim Forecasts
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As the Economy Crawls, a Firm Looks for the Jobs
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Market stress pressures U.S. economy and Fed
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Banks Face Fines Over Failure To Produce E-Mail
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AremisSoft Reorganization Effective
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Concerns over bankruptcy cause Tesoro stock to drop
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Top executive of failed mortgage company pleads guilty to federal charges
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Delaware: Some fear clash of federal, state corporate laws - Incorporation statutes at risk, some believe
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U.S. junk bonds: Oversold?
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Steel:

Steel industry woes evident in Eichleay receivership
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While Steel Enjoys New Boom, Hometowns Feel Shortchanged
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Steel Maker Seeking Extension of Loan
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___________________

NYC Distressed Shop Preps First Real Estate CDO
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Biz bankruptcies skyrocket
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Akron area harder hit by job cuts, bankruptcy
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M&A bankers: Endangered species?
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The Credit Store, Inc. Updates Liquidity Status
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Why Your Bank May Cut You Loose
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S&P cuts Conseco Inc. counterparty credit rating
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New Bankruptcy Opinions
(No new opinions today)

Bankruptcy Jobs - 54 Jobs - Last Updated August 4, 2002
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Bankruptcy Court Web/Pacer Site Directory

Weird News
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Ziff extends deadline again
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Market meltdown hits Main Street
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Regulatory Agencies Probe Affairs of Automatic-Teller Firm in Lodi, Calif.
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Regulators Clamp Down On IPO Tricks

Telecoms:

Global Crossing auction slows
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Marconi boss to quit as banks step in
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Baby Bells not eager to extend credit
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Birch: Trying to pass off failure as success is a cruel joke
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Ailing Genuity fights for its life
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SBC seeking safeguards from telecom turmoil
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Investors Accuse Grubman of Fraud
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Is There Any Way Out Of the Telecom Mess?
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Telecom woes leave workers without jobs
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Qwest sinks deeper into trouble
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How telecom execs got hot IPO shares
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Titans of telecom awarded IPO plums from broker
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NTG exec: It was 'Catch-22'
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Hutchison grp favored to buy GlobalCrossing
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Global Crossing to Recommend Buyer Soon
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Williams to Get Hearing on Reorganization Plan
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Birch investors cut off but show little ill will
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Madison, Wis., Food Cooperative Closes, Plans to File for Bankruptcy
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Workers stick by Jore during tough times
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SEC busts bond scheme, Adolph Coors family among victims who fell for 100% per week returns promise
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Tricord files for Chapter 11 bankruptcy
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Fandango Heads Off An End Run In Bankruptcy Court
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Law Firms:

For Associates, It's Home, Sweet Home at MoFo
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Fried Frank Pressed on Merger
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Century-Old Firm To Jettison Attorneys
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Law firm may go national
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Summer Associates Feel the Heat as Job Fears Grow
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Foley to consolidate Chicago offices
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Tightening the Spigot
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Firm Can't Cut Partners' Retirement Pay
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Hammonds loses second insolvency partner in a month
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Greensboro firms merge, focus on business law
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Singapore Joint Venture Folds
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Skirting Issues of Bankruptcy and Scandal, Financial Firms Launch New Ads
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Vista Park struggles in wake of filing: "You can just watch it all float away," judge warns quarreling partners.
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IMF pushing South America into default
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South America's dominoes
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Uruguay:

Uruguay Senate Approves Emergency Banking Legislation, Blocks Access to Long-Term Deposits
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U.S. to Give $1.5B Loan to Uruguay
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Hong Kong:

Bad loans hit Hong Kong banks
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Credit card debts hit Bank of East Asia
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US scandals pressure cost of executive cover
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England:

Company Winding Up and Bankruptcy Statistics
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Cut wages and share grounds - or it's curtains
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HSBC's $1bn bad debt adds to banking sector gloom
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Ex-director of Manchester United made a bankrupt
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Korea:

Individual bankruptcy filings soar in first half
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Australia:

Firms sit on edge of bankruptcy
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Insolvency Trustee office in NT closes
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Sydney Mardi Gras declares bankruptcy
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Germany:

Tycoon makes top bid for bankrupt TV company Kirch
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Helkon Media forced into insolvency
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Canada:

Board quits General Publishing over insurance
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Court Gives General Publishing Bankruptcy Protection Extension
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Japan:

Bad loans continue to mount at banks
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It's a banking business, but not as the Japanese know it
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