August 9, 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

         
Telecoms:

Qwest scrambles to renegotiate bank facility
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Regulators open to Qwest deals
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Telecity paints grim picture of Web hosting sector
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Qwest posts loss, talks loans with banks
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Global Crossing Delays Hearing as It Studies Offers
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International carriers also feeling pain
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Qwest: Please deposit another $500M
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Economy:

Rates lowest since '71
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$135 million went to Tyco CEO, report says
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Judge Approves Conseco Settlement
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Pillowtex Corporation Announces Second Quarter Results
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Buffett Is Hunting `Elephants' for His $20 Billion Buying Spree
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Cable Pulls Plug
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Steel:

J&L deal collapses
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Gaming Board aims for quick sale of Emerald license
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Hawaii: Amfac, ERS near suit settlement
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Hawaii: Trustee, bank oppose plan to sell bankrupt builder
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Theft Changes Supermarket Company's Finances
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Law Firms:

Firms Shrinking Size of Attorneys' Offices
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Another IP firm, Lyon & Lyon, Closes Up Shop
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Los Angeles Partner Sued for Lover's Death From Cocaine Overdose
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Partners Switching Firms, Associates Making Partner
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Lovells overhauls management structure
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Prestigious law firm closes
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US Firms Outperform UK Rivals in London
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Accounting:

FASB to Reconsider Accounting for Employee Stock Options
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Interpretation to SSARS No. 1 Issued
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College Students Rate PwC Top Employer
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Proposed SOP on Derivatives, Hedging Released by AcSEC
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Drive-By Audits Have Become Too Common and Too Dangerous
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SEC and Senate Banking Committee Put Forth Proposals for New Regulation of Public Company Auditors
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SEC Issues Proposals to Increase Reliability, Transparency and Timeliness of Financial Reporting
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  WorldCom:

WorldCom Finds Further $3.3 Bln in Misstated Results
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WorldCom reveals 3.3B in new fraud
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WorldCom uncovers further Ä2 billion in fraudulent accounting
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Ebbers not to blame for WorldCom woes -lawyer
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SBC asks court to make WorldCom prepay for services
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WorldCom providers to fight for place in pay line
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Pataki Returning WorldCom Campaign Donations
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Highwoods hurt by WorldCom
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WorldCom woes ripple throughout economies
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Justice Dept. names Eisen region's bankruptcy trustee
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Doe Run dissidents to keep bonds
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Corporate Reform:

Alsup Turning Up the Heat in Securities Fraud Suits
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CEO's Personal Wealth May Be At Stake in Investors' Lawsuits
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Bush urges Congress to OK laws protecting pensions
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Kozlowski, Nacchio, Sommer Join Former Role Models Now Fallen
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Enron, WorldCom, Xerox, ... Corporations donít go to prison ... executives do
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Old Investments Pose Ethics Issue at SEC
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SEC Has Executives on Pins and Needles
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Bust-up update
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Adelphia:

SBC To Pick Up Adelphia's Slack
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Scientific-Atlanta's sales part of SEC probe
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Feds look into Motorola's deals with Adelphia
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SBC to pick up 13,000 customers from bankrupt Adelphia
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Asbestos:

McDermott shares soar on asbestos claims agreement
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A Tax Maneuver in Delaware Puts Squeeze on Other States
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Court Confirms Anchor Glass Recapitalization Plan
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Stewart Friend Cooperating in Insider-Trading Investigation
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Enron:

Beg, Borrow, and Deal
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Jacobson's Liquidates Buildings With Merchandise
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Judge delays Chapter 7 decision on Jore
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New Bankruptcy Opinions
(4 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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Lazard Turns to Salvaging Debt-Laden Companies
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Kodak sues North Carolina bank over a $30 million loan
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Bankruptcy Reform:

Bankruptcy Bill Opponents Criticize Loan
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Bankruptcy bill debate brings up loan to one of bill's sponsors
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Airlines:

US Airways Pilots Agree To Wage Cut
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Citi Accused Of Solly-gagging
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Payouts to Baptist investors hit snag
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Seafood Restaurant to Open in Charleston, W.Va., Despite Financial Woes
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Deferred compensation drawback suddenly evident
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Hauppauge, N.Y.-Based American Tissue Sues Former Officers for $100 Million
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Energy:

Calif. Approves PG&E Bankruptcy Plan
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Wall St bankers busy in energy garage sale
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PG&E energy unit cuts officers in reorg plan
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FERC, Northwest Natural reach pipeline loan deal
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El Paso in "active" talks on Calif. contracts
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Furniture Warehouse Bankruptcy Filing in California Leaves Customers in Lurch
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Canada:

Standard Furniture files for protection
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One in five Canadians say fraud occurs in their workplace
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Papau New Guinea:

PNG Plans Big Budget Cuts To Stave Off Bankruptcy
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Russia:

Bankruptcy must be flexible, Putin says
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