December 17, 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:

WorldCom judges clear CEO pay terms
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Incoming WorldCom CEO Retains $50 Million Pay Package in Altered Form
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WorldCom monitor to keep clout
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Court OKs WorldCom CEO's 50M
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Pay cut for new WorldCom boss
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Business Is Ticked Off By WorldCom Trouble
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Global Crossing Service Revenues Up
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Stibbe links up with Shearman & Sterling on Versatel restructuring
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Conseco faces the abyss as acquisitions turn sour
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Bankruptcy Reform:

First the Senate, now the House: Bankruptcy reform will be back
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Clarent to file for bankruptcy
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Emporium chain files bankruptcy
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Debt Repayment Is in Doubt After Filing by LA Hospital
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Kmart:

NYSE to halt trading of Kmart's shares
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Kmart Expects Common Stock and Trust Preferred Securities To Be Quoted on the OTC Bulletin Board
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Horry plants' parent files for bankruptcy
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Hayes Lemmerz Files Plan of Reorganization In Key Step to Emerge from Chapter 11
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Man Gets 5 Years in Pyramid Scheme
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Enron:

Enron party video foreshadows life
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Enron To Rethink Stake In Gaza Station
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Enron division to take tax rap
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Enron sells construction unit to New York equity firm
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Enron's Broadband Subsidiary Indicted
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Bankrupt TransTexas Gas Reports Third Quarter Results
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Asbestos:

Manville Trust Settles $3 Billion in Asbestos Claims, Making It Largest Toxic Tort or Personal Injury Trust
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Denver: Hoover sues his attorney
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Accounting:

AOB mulls shift from rules to principles
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KPMG Faces Suit Over Disclosure Failure
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Audits Will Cost More in 2003
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Cascade Effect of Federal Reform - The state-level fallout of Sarbanes-Oxley is beginning in earnest
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In-Depth Servicing of Lawyers - Look beyond law firms as referral sources
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Andersen Loses Appeal in Class-Action Suit
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Strengthening the role of the audit committee
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Ocean Journey gets judge's OK to hire consultant
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Insilco:

Insilco brings suitors to Ch. 11
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Wachovia Bank Has $138 Million Insilco Unsecured Claim
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Insilco declares bankruptcy; will sell off businesses
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Japanese company buys bankrupt AcoustiSeal for $20M
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Tough times lead well-known farmer to bankruptcy
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Banks Not Liable when Check Returned "NSF" Even After Confirming Funds Are On Hand
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  Airlines:

State Street Bank and Trust Seeks to End Trading Freeze on UAL Shares
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Unions Reviewing United's Plan
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Broken promises
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Hastert to take United plea all the way to the White House
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United Regionals Unscathed By Bankruptcy
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If this is a new beginning, a new end can't be too far behind
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United's Ability To Avoid Liquidation Questioned
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Lenders demand United cut labor costs, union says
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United: We need twice as much in wage cuts
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Big wage-cut proposal shocks United unions
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United Airline Bankruptcy Gives Lawyers, Consultants Plenty of Business
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UAL Retirement Plan Bars Employees From Buying Stock
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United bondholders stand to lose
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Mechanics blast new demands for cuts
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United plans up in the air on cost cuts
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United Pac's Funds Dwindle To 15 Grand
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2 more airlines bow on standby fees
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Relations Are Fragile for Struggling United Airlines, Indianapolis Mechanics
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ALPA Takes Up Battle Cry Against Security Costs
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UAL Gives Fliers More Time To Earn Elite Mileage Status
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American Not Planning Bankruptcy Filing
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AMR chief says firm faces cash crisis
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Hub Airports Face Credit Risks From United Filing
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US Airways, United advance code-sharing
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Illinois Businesses Brace for Ripple Effect from United Airlines' Troubles
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United Gets OK to Drop Some Plane Leases
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BA chief attacks US government for United rescue
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Heat over United rejection
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US Airways Labor Talks Intensify
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United Bankruptcy Places Further Pressure On Values
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Corporate Reform:

The Hunch That Led to Tyco's Tumble
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The CEO as Thief
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New lives for fallen executives
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Lawyers object to proposed SEC rule
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Attorneys: We Don't Want to be Squealers
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Non-U.S. auditors, lawyers to air gripes with SEC
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Investors feel betrayed - Stevens Financial Groupís bankruptcy will likely yield just pennies on the dollar
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Calculating the Preference Period
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Considering the Industry Standard of the Ordinary Course of Business Preference Defense
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Lean quarter challenges Wall St firms
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Goldman Makes Riskier Bets
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Locals seek Friede Goldman
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Former Financier Brennan Beset with Additional Penalties in Federal Court
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Nursing home to be taken over - Bankruptcy judge's ruling puts Conner out of business
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Builder's bankruptcy includes title probes
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Davenport Chapter 11 opens door for buyer
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New Bankruptcy Opinions
(1 new opinion 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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Aetna unsecureds near payout
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Ameripol Synpol files for federal bankruptcy protection
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Report Says Van Heusen Eyes Warnaco's Calvin Klein
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U.S. Trustee staff probes bankruptcy fraud cases
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Law Firms:

Modern Sam Spades
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Sullivan & Cromwell and Shearman & Sterling Announce Bonuses
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A&O matches Wall Street bonuses
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Poll Reveals ACCA Members Unhappy With Outside Firms
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Kirklands opens in San Francisco
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MDP: Leading from the front
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Pride of Legal Authorship
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NY Name Partner Switches Firms
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Court Panels Urge End to Parochial Practice - Proposed rule changes would abolish bona fide office rule and allow multijurisdictional practice
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Clifford Chance Antitrust Chief Defects to Simpson Thacher
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Firm Sends NY Partner West To Expand into Bay Area
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UK Firm Puts Detectives on Trail of Partners Who Leaked Firm Merger News
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Prime Retail pays off loan with stifling high rate - Payment erases threat of bankruptcy
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FAO to Close Stores, Raise Cash as Net Loss Widens
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Bankruptcy filing dissolves San Jose Symphony
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Ex-D-Day Memorial Head in Mistrial
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Planet Hollywood:

Hurdles remain for Planet Hollywood
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Planet Hollywood hopes for 2d sequel
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Actrade Financial Technologies Ltd. Announces Nasdaq De-Listing
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When Your Insurer Goes Broke
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Steel:

U.S. steps in on Beth pension
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Merger of Steel Companies Appears to Be Falling Apart
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Steel group says it's near agreement with union
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Energy:

More employees join Xcel Ch 11
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More Former NRG Energy Officials Join Bankruptcy Push
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NRG Energy asks court to reject bankruptcy bid
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Organogenesis names Gillheeney as COO
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Japan:

BOJ Keeps Policy Unchanged; Won't Boost Bond Buying
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Japan launches bond blitz at individual investors
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Japan Banks, In Reversal of Fortunes, May Seek Co Aid
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Japanese regulators step up pressure on assurers
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Scotland:

Royal Bank of Scotland hit by $1.2m laundering fine
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England:

Trust in financial institutions eroded
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