December 30, 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

         
Execs to get bankruptcy windfalls
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More Layoffs Expected Down on Wall Street
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Corporate Reform:

Wretched excess rides high in many executive suites
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Scandals mar faith in U.S. corporations
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Annus horribilis / Corporate scandals, lingering recession made 2002 truly horrible year
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The year executives paid the price for cooking their books
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Directors get scarce, board seats get pricey
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Insurers Move to Protect 'Split-Dollar' Compensation
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Enmeshed in scandal
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Finding Wrongs, Through the Prism of Silicon Valley
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Thanks For The Memories
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Pop quiz!
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Scorecard on Fraud Investigations
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The Kings of Excess, and Other Standouts
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Options Payday: Raking It In, Even as Stocks Sag
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Priest scandal snowballs - Boston case starts a chain reaction
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Dayton firms rode roller-coaster in '02
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CyNet files for Chapter 11 bankruptcy protection - UST moves to dismiss
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Wall Street tallies dead and wounded
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Retailing:

Some retailers face survival test
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Retailers face tough times to come
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True Blue: Customers loyal to struggling Kmart
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Some Retail Analysts Expect Worst Yuletide Sales Growth in A Decade
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Kmart's Bankruptcy Story: Tangled Up in Blue
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Target-ing Kmart's lost heft
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Christmas Sales Are Seeing New Bounce in 'Week After'
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Beleaguered Kmart trims unprofitable stores
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Retailers in 2002 saw pockets of success, failures
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Accounting:

Accountants may drop audits to avoid scandals
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Andersen: 2002 added up to a zero
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Accounting Profession Faces More Rules, Transition, Turnover, Competition
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Some Basics in Fraudulent Accounting
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The last gasp at Andersen
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Big Four might pull out of auditing
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J.P. Morgan Cuts Options
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U.S., Bankrupt Funsters Casino At Odds Over Back-Tax Issue
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IHS creditors back plan to sell company
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Lawyers File Suit against Three Credit Reporting Agencies
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Little for Lifeguard creditors
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NationsRent Set for Recovery
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EAC bankruptcy plan raises questions about the law and justice
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NationsRent amends reorg plan
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Can You Really Afford That House?
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Former Employees of Defunct Mortgage Lender Sue Bear Stearns
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San Marcos baker files Ch. 11
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Approval of Polymer plan delayed
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Banks face more bad loans
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Repo men thrive in a bad economy
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  Airlines:

UAL Seeks Court Permission to Abandon Labor Contracts
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Judge steers carrier's fate
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United heads to court in drive for concessions
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The Motion
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Union urges United workers to OK pay cut
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Almost All United Unions Accept Steep, Temporary Wage Cuts
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Bank files objection in United Airlines bankruptcy
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Machinists reject request to reduce pay
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A town united in worry
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UAL wins backing from unions for cuts
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GE allowed to advance US Airways money
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United in deals for wage cut
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UAL Wins Some Union Concessions, Still Seeks to Scrap Contracts
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Gloom as air industry remains in doldrums
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United Airlines May Give up Asian Flight Courses
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Hooters takes to the sky
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US Airways Has Potential for Long-Term Success Despite Bankruptcy
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A choppy flight for Vanguard Airlines
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Vanguard makes hard landing in bankruptcy, then liquidation
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Headlines chronicle the tale of Midway
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Enron:

JP Morgan sues Enron over loans
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Kirkland Protected by Silence in Enron
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Enron stretched and reached limit
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Broadband claims investigated as fraud
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Ex-Enroners find success is best revenge
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Flowers, strippers, lies, billions and bankruptcy
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Former Enron Treasurer Targeted by Government Probe
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Consulting group merges after Enron deals dry
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Pressure on ex-Enron treasurer Glisan builds up
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Executives resisting Enron prosecutors
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Energy traders pummeled by Enron fallout in 2002
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Enron investigation gets down to basics of pipelines and plants
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Bankruptcy means new chapter for some, epilogue for others
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Telecoms:

XO's Akerson to resign
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XO Communications CEO to Resign After Reorganization
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John Sidgmore
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Digital Teleport Gets Bid for Fiber Optic Network
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Don't expect telecom's angst to subside quickly
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WorldCom unable to stem losses under bankruptcy
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Loss Widens at Adelphia Communications
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Overseer confident WorldCom will come back
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Southwestern Broadband forced into bankruptcy
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Credit analysts lukewarm on Qwest debt swap
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Court protection sought by TriQSI
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Borrowing tough but not impossible after bankruptcy
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Stanley Grading files for Ch. 11 bankruptcy
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Struggling US firms impose hidden fees
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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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Asbestos:

White House thwarted EPA's asbestos-insulation warning
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ABB to Make Formal US Asbestos Offer Soon
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Lancaster, Pa.-Based Floor, Cabinets Maker Predicts Growth after Bankruptcy
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Law Firms:

A Profession Under a Cloud
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Clifford Chance Issues Bonds for Expansion
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NY Firms Lease Backup Offices
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Management Changes at NY Firms
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Inadvertently Produced Document Protected by Attorney-Client Privilege
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Many shifts, few major changes occur in legal landscape
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More docs aim for law degree
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A third of nursing homes face insolvency
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CEO shares his strategies for troubled times
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As Chapter-11 Filings Proliferate, Vendors Vie to Make Critical List
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No 507(a)(4) Priority for Insurers' Claims

Rulings May Increase Conseco Unit's Value at Auction
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Watch this space
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Is Your Guarantor Really Personally Guarantying the Credit Sale?
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Massachusetts: Dealing with the deadbeats
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In Too Deep for New Year? What to Do About Debts
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What Does The Statement Of Cash Flow Really Tell?
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Employee Insurance: a Corporate Cash Cow
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Evergreen Stage Line rolls no more
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England:

Business failures on the rise
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New warning after business failures reach eight-year high
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Corporate failures climb sharply
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Clubs fight for survival as finances dry up
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More people going bankrupt because of high living
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Japan:

Japan's banking giants may need bailout next year
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Golf courses landing in the rough
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Struggling in Debt, Sacrificing Pride
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Small firms can't help jobless in 2003
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Bad loans cited as motive in hostage incident at bank
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Japanese output plunges, recession risk rises
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UFJ, Mizuho, Other Japanese Banks, May Need Bailout in 2003
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Australia:

Market scuttles deposit-bond promise
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Israel:

Israeli Communications Giant Plans to Trade Assets to avoid Bankruptcy
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Greece:

Manos Travel's bankruptcy shocks Greek tourist market
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