December 23, 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

Due to the Christmas holidays, The Daily Bankruptcy News will not publish on December 24 or 25, 2002

         
An investment fizzles out - Williams, Blank may lose millions as energy firm goes bankrupt
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Coatings factory SAC International files for bankruptcy
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Former U.S. Trustee Fails to Get Job Back
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Airlines:

For UAL combatants, one place to sit
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United bankruptcy cuts pilots' bargaining power
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Aircraft Leases a Lingering Risk to Banks
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Tilton's Path to Bankruptcy Surprised Airline Industry
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UAL Names CFO to Bankruptcy Leadership Team
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UAL's contract tack is no labor of love
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United Tries to Cut Airline Partner Fees
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Will cost-cutting at United eventually include leases?
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US Air sets plan for a rebirth by March
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US Air's Renewed Viability Faces Significant Challenges
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As Delta Cuts Costs, Pilot Pay Is Likely to Be Its Next Target
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UAL's United Lays of 646 Mechanics
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US Airways details revamp
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US Air, Lender Agree To Return Of $36.6M Of Nov Payment
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The Airline Industry Seeks Bigger Portions of Pie in the Sky
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Airline files reorganization plan
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Two US Air Unions Agree To More Than $530M In Wage Cuts
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Frequent flyer perks could become limited
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Airlines hurt their most-loyal customers
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Oakwood DIP sparks tug-of-war
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Bankrupt Las Vegas Strip Resort May Change Name to Planet Hollywood by Sheraton
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FAO Schwarz:

FAO hopes its bank has the Christmas spirit
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Christmas cancelled as toy store faces endgame
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Ameripol Synpol Rubber Plant Likely to Close Doors
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Steel:

National Steel's Rough Year Puts Company's Future in Question
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Buckeye Steel files for bankruptcy
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Wheeling-Pitt Files Reorganization Plan
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The rise and fall of life and steel at 'the Point'
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Beth Steel's road to health gets rockier
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Big Banks Are Jumping Into The Small-Business Market
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Accounting:

As the Bubble Neared Its End, Bogus Swaps Padded the Books
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ODI sues KPMG over insurer collapse
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Accountant Admits to Role in $200 Million Insurance Scheme
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GAO Finds Flaws in SEC Oversight Process
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Accounting Legislation Won't Salvage Public Perception
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Sarbanes-Oxley and the "Reliance on Others Defense"
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Bankrupt Hawaiian Palisade assets attract another suitor
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Energy:

PG&E OKd for wholesale market
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S&P comments on Allegheny's bankruptcy threat
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Legacy of Power Cost Manipulation
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Kaiser Aluminum to sell smelter, idle plant for 2 weeks
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AMERCO Continues Talks With Bondholders
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When the company crumbles third-party credit risk rumbles
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Eight Board Members Have Left San Diego Software Company Peregrine since May
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Subprime Borrowers Take Aim at Lehman
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Austin: Rush hit with court judgment
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Chapter 11 Plan Can Provide For Substantive Consolidation

'Hiding Your Money' Author Indicted
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  Asbestos:

Asbestos defendants make progress
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Many victims of runaway asbestos litigation
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Armstrong Files Proposed Disclosure Statement for Chapter 11 Plan of Reorganization
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Halliburton: Halfway Home?
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Corporate Reform:

Time: Persons of the Year
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Three whistleblowers honored by Time as heroes of 2002
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Critics pan Donaldson
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3 Women Of Courage Win Time's Top Honor
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Wall Street to pay $1.4B
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Spitzer's Slap: Small Change on the Street
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Tough new hunt for audit committee members
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Regulators Set Analyst Pact, But Some Issues Still Remain
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New York Attorney General Says Institutional Investors Deserted Responsibility
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Schools in dilemma over disgraced donors
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Firms fined $1.43 billion for misleading investors
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The new independents: Outside directors, in increasing demand, face era of intense scrutiny
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George Soros convicted of insider trading
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Tyco Delays Release of Results Of Internal Accounting Probe
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Enron:

City lawyers defy courts over Enron
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What About Enron’s Lawyers?
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Names of fame, infamy
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Judge won't cut Enron's business partners from suits
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Enron Ruling Leaves Corporate Advisers Open to Lawsuits
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Kirkland & Ellis Dismissed From Enron Shareholder Class Action
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Underwriter says Enron fooled him
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Will Fastow’s Wife Be Charged?
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Ruling Leaves Most Players Exposed to Suits on Enron
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CBS flick shows difficulty of making drama out of Enron
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Alliance Capital/Lawsuit: Related To Enron Investments
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Whistle-blower Watkins one of Time's 'Persons of the Year'
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Court Gives Some Relief to Bankrupt Troutman's Emporium
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Ohio Claims Second-Highest Foreclosure Rate in Nation
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Bexar County, Texas, Foreclosures Post Biggest Month-to-Month Jump in 11 Years
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Uniroyal Technology Reaches Deal To Extend $10M DIP Loan
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Malden Mills:

Malden Mills Creditors Blast Plan
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Malden Mills seen near accord
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Henninger Consolidates Its Production
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Friede Goldman Halter Receives Approval of Offshore Division Asset Sale
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Dioceses around the nation face financial crisis as many angry parishioners give less
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Telecoms:

PBGC Reaches Agreement On Former Global Crossing Plan
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Metromedia Fiber gets $41.5M for PAIX
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Focal Commun: Can Use Cash Collateral Through Jan 23
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Supra, BellSouth want access to bills, finances
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Canada's Newer Telco Firms Losing Ground
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WorldCom Shrugs Off Critics
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Grubman May Agree to Fine of $15 Million
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Telling truth at telecom lauded
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Building on the ruins: The WorldCom meltdown brought hundreds of layoffs and inspired some local entrepreneurs
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Once-Successful Trucking Firm Alterman Transport to Liquidate
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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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The zone of insolvency
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Trustees aid creditors
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Law Firms:

Inside Recruiting Week: Pick Me
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Changeable Partners - What does 'primary outside counsel' mean these days anyway?
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Inside the Gen Am meltdown: Kansas City law firm could see big payday with win
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Japanese lawyers scramble to protect their walled garden from outsiders
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When a law firm's founder retires, all eyes are on the handoff
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Big Six call for SEC reprieve
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Lawyer of the Year: James Ellis
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Law firms get collared: Safety first: Corporate criminal defense lawyers in heavy demand
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Scandals help erode privilege
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Short on staff, some law firms seek temporary solution
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Unless holiday shoppers deliver a last-minute miracle, some small retailers may not survive the year
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Shoppers go down to the wire
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The Bubble's a Memory, but the Mess Lingers
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Bankruptcy court OKs sale of EAC assets
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Bottom-fishing For Bankrupt Stocks
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Conseco:

Conseco poised for 'rebirth'
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The Big, Big Bankruptcy
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Conseco's Finance Unit Plans to Ask for Sale Approval
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US Trustee to Form Conseco Creditors' Committee Jan.3
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Conseco Finance Unit Gets Approval for DIP Financing
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Conseco hit by struggling low-income consumers
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Conseco game plan includes keeping fieldhouse name
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Executive Shuffle at Conseco Foreshadowed Firm's Looming Financial Crisis
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Buyers Place More Than 4,500 Bids on Swifty Serve Assets in Bankruptcy Sale
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Judge Finds Madster in Contempt
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It all depends on how you define 'loan'
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American Tissue: No Paper Trail
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Economy:

Economic recovery will crawl in 2003: Part 1
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Economic recovery will crawl in 2003: Part 2
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Atlanta: Environmental technology firm files bankruptcy
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Japan:

Industrial revitalization guidelines strict, but short on specifics
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England:

Regus threatens US bankruptcy procedures
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Regus sells off crown jewels to stay alive
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Bankruptcy judge attacked with rolled up papers in court
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France:

Crédit Agricole rues its attempt at a top ten hit
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Germany:

KirchMedia assets to be sold to Bauer
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Australia:

Australia's Austar: Part Owner Files For Chapter 11
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Scotland:

Scottish Business Failures Soar
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Switzerland:

Gretag Imaging collapses - 1,000 jobs at risk
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