December 11, 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

         

Safety-Kleen creditors get OK to sue
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Panel can pursue lawsuit against Safety-Kleen lender
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Law Firms:

Changes Rock Boat at Boston Law Firms
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Dorsey & Whitney lays off 20 lawyers company-wide
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More legal motions - 20 attorneys make move from Schnader Harrison
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Feud Reaches New Heights - Prominent lawyer's ex-firm acts to collect award for him
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A firm-by-firm sampling of billing rates nationwide
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Alternatives to the billable hour
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Hourly billing rates for junior to senior associates
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Bitter Medicine
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Finance Group Star and Pepper Partner Joining Reed Smith
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Attorney Sanctioned $10,000 For Insults and Frivolous Filings
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Corporate Counsel Survey Signals Broad Interest in Value-Based Fees
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LL.M.: The Secret Resume Weapon?
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Weil Gotshal Announces Year-End Bonuses
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Travel firm Atinera files for U.S. Chapter 11
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Aviation Pioneer's Estate to Settle $45M Claim Against Airline
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Tyco:

Indicted, Convicted Keep Edifices at Harvard, Kozlowski's Hall
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Tyco Goes After Swartz, Kozlowski
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Tyco sues former CEO and CFO
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Accounting:

Suit Accuses D&T of "Dishonest" and "Unethical" Accounting Practices
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Salaries Down, Disgruntlement Up
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Few would meet SEC's 'financial expert' rule
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SEC Makes Public Rule Proposals to Implement Title II "Auditor Independence" of Sarbanes-Oxley Act
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Reality check for auditors
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Accounting for SPEs and the impact on the profession
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In all material respects, auditors' assurance falls short
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Tax deduction for attorney's fees is a complicated issue
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The effect of client fee dependence on audit independence
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Impaired Credit Loans May Face New Accounting Regime
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Outgoing executives to get $2.5 million each
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Experts Say Owens Corning Could Emerge from Bankruptcy Strong, Healthy
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CFS:

Debt firmís co-founder indicted
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Founder of bankrupt Commercial Financial Services indicted on 57 counts
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Former HomeBase stores still empty
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Sugar mill closure, a bitter pill
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Grumman Olson:

Grumman Olson aims to sell assets
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Grumman Olson Indus Files For Ch 11 Bankruptcy In NYC
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Energy:

Caribbean Petroleum: Still Negotiating $32M DIP Loan
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Risk management makes companies "timid"
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Your Chance To Buy A Piece Of The Nap
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Napster Firesale to Begin
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Environmental Oil Processing Technology Corporation Files for Ch. 11
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Steel:

Cleveland-Based Steelmaker LTV Limps Along Since Bankruptcy Filing
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Former Executives at Cendant To Face Fresh Set of Charges
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Former cable executive makes play for Adelphia operations
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UK, US banks face stress, says S&P
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Maintenance firm owners indicted on bankruptcy charges
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  Airlines:

GE Capital is MIA in United's DIP
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Can United Keep Flying? - Despite its bankruptcy filing, United promises to keep its planes in the air ó but for how long?
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Lawmakers criticize panel for denying UAL aid
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UAL Creditor's Committee To Be Named By Trustee Friday
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Upstart Huron Gets Big UAL Consulting Contract
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United's biggest creditors line up
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CEO puts reputation on the line
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UAL's fall threatens collateral damage
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UAL Corp Wants Court Approval To Limit Stock Sales
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United strengths give it fighting chance, observers say
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Atlantic Coast Airlines Awaits Fallout from United
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UAL, Unions Restart Savings Talks
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As United files for bankruptcy, other big carriers want to start combining some operations
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With collapse of United, a bold experiment dies
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UAL Bankruptcy Could Be A Plus For Frontier Airlines
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UAL fallout measured
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ESOP trustee plans to dump rest of workers' UAL shares
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Running the world's still-second largest carrier will be the easier part of Tilton's job. Managing the bankruptcy process will be tough
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United's Optimistic Pitch Has Risk
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United's employee-ownership agreement could be a snag
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Vultures Find UAL Bonds Unappetizing
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United fliers to see few differences
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United Airlines Gets Good Mark in Public Relations on First Day of Bankruptcy
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United better in red than dead
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Less Marketing at United
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Weekend United flights reveal much about the troubled airline
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Banks have Y75 bil in loans to United Airlines
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Budget Airlines Threaten United
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Small Firms Tied to United Airlines Voice Fear of Bankruptcy's Ripple Effects
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"This puts a pretty big shiner on the reputation of employee ownership"
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UAL Bankruptcy Fuels Fight Against Delta's Planned Alliance
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UAL Corp. Receives Court Approval of Series of First Day Motions
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UAL/DIP Financing -2: Hearing Set For Dec. 30
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Airlines: Cut costs or perish
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American battles unions on costs
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Meeting planned with union advisers
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John Hancock sees losses on UAL investments
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UAL creditors list is 32000 pages
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Carriers Toughen Ticket Rules As Lawyers Probe the Legalities
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City won't take away United's gates
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Frequent fliers may be United's best asset
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Despite Disappointments at United, Some Still Tout Employee Stock Ownership
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Allied Pilots Association Expresses Sympathy for United Airlines Employees, Criticizes ``Fixation'' on Labor Costs
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UAL bankruptcy might ground planned merger of three airlines
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Unions huddle as airline kicks off charm offensive
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Don't Get Caught in Mid-Air with Failing Airlines; Advice for Air Travelers from Frommer's
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Can United get back on course?
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United to Issue Close to $70 Million in Back Pay to Machinists' Union Members
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Multiple Parties Have Stakes in United Case
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Taxman casts an eye at crowded skies
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AirTran chief sees opportunities in UAL bankruptcy
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US Airways' fliers see no change
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With eye on US Airways, Mesa asks for wage cuts
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Airlines Watch in Wake of Bankrupt United
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Airfare Price Trend Seen Down in New Year
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New Bankruptcy Opinions
(4 new opinions today)

Bankruptcy Jobs - 784 Jobs - Last Updated December 10, 2002
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Bankruptcy Court Web/Pacer Site Directory

Weird News
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Kmart:

Invoice reveals scope of Kmart probe
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Moral bankruptcy has arrived
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Chapter 11 seems a fitting metaphor for Catholic hierarchy
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Enron:

Enron Bankruptcy Has Been Fee Bonanza for Its Advisers
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UBS Warburg to offer move to a fourth of Houston staff
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UBS Warburg shuts down online trading platform
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Disclosure by Morgan in Suit Over Enron
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Two Canadian law firms embroiled in Enron saga
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Enron faked $1b loan to avoid Canadian taxes
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Canada to look at tax loopholes after Enron deal
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Hearing likely to link Enron deals with major banks
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Enron Objects To NewPower's Liquidation Plan
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Future Uncertain for Portland, Ore.-Based Subsidiary of Enron
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Telecoms:

Judge blasts WorldCom over exec pay plan
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Judge questions WorldCom chief's paycheck
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Rich compensation package for new WorldCom CEO raises judge's ire; $2 million signing bonus
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C&W used Andersen tax strategy
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Analysts question Level 3's intentions
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Microcell lays off 149, rearranges deal with supplier
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Bankruptcy trustee sues brokerage officials - Ernst & Young seeks $76 million from Valentine, 46 others at Thomson Kernaghan
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Rare court dispute erupts between Stockwalk sub MJSK, ex-broker
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Farmland:

Farmland hires two more local law firms
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Farmland settles fire insurance claim
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Corporate Reform:

Choice of SEC Head Lauded by Securities Lawyers
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Bush Names Donaldson to Head SEC
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Ford investors demand IPO profits from chairman
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The Gorilla Across the Table - Compensation committees appear set to push back on executive pay and perks
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Threat to privilege of big rating agencies
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Accused Execs Are Finding Plea Agreements Palatable
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Postal Vehicle Supplier Grumman Olson Industries To Reorganize With Prepack
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AIG Chairman Predicts Rate Hikes Likely to Continue
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Shilo Inn, lenders reach deal
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Chap. 11 may end for 27 Shilo Inns
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England:

Rewards for failed execs could be barred
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UK corporate reform measures planned
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Discounters call in administrators
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Company insolvencies still rising in November
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Australia:

Eyes water over foreign debts
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Japan:

S&P says Japanese banks' financial status still weak
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China:

China Bank Reform Cost Estimated At $373 Billion
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Germany:

EM.TV clutches at Formula One
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