August 8, 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 Reform:

Pence chooses life in bankruptcy reform debate
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Double standard on bankruptcy
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Bipartisan bankruptcy "reform" punishes US consumers, rewards banks
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Does Your Reclamation Demand Letter Sufficiently Identify Our Goods?
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AMRESCO Announces Effectiveness of Plan of Liquidation
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Trucking company files for Chapter 11
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Warnaco's Ex-CEO Wachner Seeks $25.1 Million Severance
(WSJ: separate paid subscription required)

WorldCom:

Dividing the WorldCom turf
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AT&T: WorldCom's Not All That
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WorldCom: Calls For CEO Ouster 'Unfounded Speculation'
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Grubman: Bullish on WorldCom too long?
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Letter from Delaware
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Miss. A.G. Working on WorldCom Probe
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For WorldCom, Acquisitions Were Behind Its Rise and Fall
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WorldCom Default Hits Telecare
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MCI customers facing new monthly charge
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WorldCom examiner Thornburgh: 'Go Where Evidence Leads'
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Former U.S. Attorney General Dick Thornburgh Confirmed as Examiner In WorldCom Bankruptcy Proceedings
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Energy:

Williams to Cut More Than 110 Energy Trading Jobs
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S&P cuts California power projects to junk status
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California May Have New Energy Deals
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UBS Warburg Energy May Reduce Work Force
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Global settlements near in Calif. power case
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Energy companies lead Gimme Credit's "Bottom Ten"
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Coho Energy Announces the Approval of the Sale of All of Its Oil and Gas Properties
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S&P cuts Edison Mission Energy Funding's rating
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Energy traders play the survival game
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Metals USA:

Reliance Steel buys Metals USA units
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Reliance Steel/Metals USA Agree to Deal, Subject To Auction
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Airlines:

Midway Deal Gets Preliminary OK
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VisionAire to file for bankruptcy
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Vanguard needs more money to meet payroll
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Federal bailout board denies Vanguard loan
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Metals USA Announces Asset Sales Totaling Approximately $50 Million; Continues Progress Towards Exit From Chapter 11 Court Protection
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Interliant execs quit following bankruptcy filing
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Car Agency's Chapter 11 May Disrupt REIT's Budget
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Law Firms:

Supervisor Kills Partnership Payroll Tax Plan
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Firms Continue to Raise Hourly Rates
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Latest Lawsuit Bait: Accountants
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Penske to auction local Kmart auto centers
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  Telecoms:

Icahn Group Extends Tender For XO Communications Senior Secured Loans
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High-flying Stock analyst is under fire after telecom collapse
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Global Crossing delays deadline for auction again
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360net CEO sticking around
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Qwest shareholders to focus on possibility of Chapter 11
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Qwest Posts $1.1 Billion Net Loss
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SBC says unauthorized switching of customers on the rise
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Global Crossing Considers Bids, Exiting Chapter 11 Without Sale
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WorldCom Creditors Review CEO's Role
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Some analysts believe Qwest is headed for bankruptcy
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Jilted Global bidders back as vultures
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Telecom debacles and their fallout
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Tough Times Ahead for Telecommunications Industry, Analysts Say
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DIP Dimensions: Budget Group
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Globalstar Creditor Panel To Investigate Launch Contracts
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AmeriCredit's Shares Plunge Amid Concerns About Rise in Delinquency Rates
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Enron:

Ex-Executives Say Sham Deal Helped Enron
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60 Former Enron Workers Opt Out of Proposed Severance Plan
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GOP Lawmaker Seeks SEC Probe of Rubin, Enron
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CRRA's Law Firms Sued Over Enron Losses
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Ex-Enron Director Joins Commodities Board
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Pinnacle:

Pinnacle Holdings Inc. Announces Update on Contemplated New Credit Facility to Fund Bankruptcy Plan
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Pinnacle in Ch. 11 limbo
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Wrench thrown into Pinnacle's reorganization plan
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Learning From Crashed Startups
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Burst Bubble Memorial Stadium
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Rocor secures $10.6M collateral
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Derailing the Train to Delaware - Keeping Chapter 11's in Your Home Jurisdiction
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Ziff-Davis:

Ziff, bondholders come to terms
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Ziff-Davis Extends Exchange Offer Amid Restructuring
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Bankruptcy Courts Continue To Recognize Essential Vendor Doctrine - The Judicial Approval of a Preference
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The Retail Industry in 2002
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Corporate Reform:

New Law Has Corporate Lawyers Scrambling
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Scrutiny of Corporate Governance Most Intense Since 1980s, According to New CARMA Study
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What Awaits Execs Accused of Wrongdoing
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How Tyco spent millions to keep Kozlowski in the Monet
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Kozlowski's questionable activities involved millions from Tyco
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The bright side of all the bankruptcies and liquidations out there: There's a lot of IT equipment for sale
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Nearly Half of Americans Planning to Cut Their Use of Debt
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Hidden Perils of Offshore Tax Havens
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Purchase of Dairy Mart wins approval
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Business mistakes killed Jacobson's, not old age
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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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This Week's Poll:
     
BK Polls

Will the pending bankruptcy legislation pass and be signed by the President this year?

Yes
No



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Cleaning up, American style
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Conseco:

Conseco may file for bankruptcy
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Wendt Fails to Deliver Conseco's Turnaround
(WSJ: separate paid subscription required)

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Desa files for Chapter 11
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Bankruptcy Court Clarifies the Ordinary Course of Business Preference Defense, and Vendor Prevails
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It's who you know
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Cleanup of bankrupt Houston company's land could cost millions, but officials see no health threat
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Asbestos:

Panel to hear asbestos cases
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McDermott posts loss after asbestos claims at unit
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Adelphia:

Probe of Adelphia's Rigas Family Widens
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Ziff Is Close To Deal With Creditors As Deadline Nears
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Accounting:

Citigroup to Expense Stock Options
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Arcane accounting rules are in the spotlight
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KPMG profits plunge
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Andersen UK partner gets 1,700 penalty - practising without a practising certificate
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S&P watching J.P. Morgan outlook for possible cut
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American Tissue:

American Tissue sues ex-officers for $100M
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Investors bid $1.4M for closed paper plant
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Merrill Lynch deal said to be sham to boost profits, bonuses
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Bankruptcy Judge in California Rejects Tri-Valley Growers' Deal
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Europe's Prized Leisure Life Becomes Economic Obstacle
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Silicon Valley waits for next wave
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Steel:

Former Calumet Steel Mill in Chicago Heights, Ill., to Hit the Market
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Ex-ImClone CEO indicted for insider trading, bank fraud
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Doe Run restructuring hits snag
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Canada:

Executory Contracts and the CCAA
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Bankruptcies hold steady, but lawyer warns trouble ahead
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England:

Solicitors make debt recovery click and speedy
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Poland:

Polish govt to debate new bankruptcy law
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Germany:

Rough Shoals for German Banks
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Daily Bankruptcy News is published each business day by BKINFORMATION.COM, L.L.C.  You can reach us at 281-242-6208 or at admin@bkinformation.com