December 6, 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

         

Former National Century CEO says company did nothing wrong
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American Paper gets two bids
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Will Further Crackdowns in the Offshore Centres Really Assist the Fight Against Money Laundering Post September 11th?
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Laid off DCT employees still waiting for pay
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The Deadbeat Economy
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AmeriKing Wins Interim OK To Tap Banks' Cash Collateral
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Enron:

New indictment sought against Fastow
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Enron Teaches Tough Lessons
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Dismissal decision due soon
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Last of Enron's tilted Es goes for only $8,500
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Why Dynegy Backed Out
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A Year Later, Still Angry
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Drawing power of Enron fast losing its luster
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Telecoms:

Global Crossing factions make opening arguments
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Qwest Bondholders Sue to Stop Debt Deal
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GlobalCrossing Bondholders In Legal Fight
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One-third of staff laid off by GT Group
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Adelphia unit seeks OK to sell telecom assets
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Interest groups push for new limits on lawsuits
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Layoff roundup: week ended Dec. 5
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Borrowers seek court action
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Consolidated Freightways starts auctions
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Owner of Castle Superstore sex shop seeks bankruptcy
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FTC sues bankrupt Mark Nutritionals, says weight-loss ads were deceptive
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Corporate Reform:

Signs of scandal fatigue emerge
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The Poorly Equipped SEC
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Will Foreign Boards Play by U.S. Rules?
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Steel:

Insurer requests steel firm pensions
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PBGC weighing takeover of National Steel pensions
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Court to decide fate of Wire Rope pension plan
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Ky. Bankrupt Nursing Home Owner in Suit
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Former Rhode Island Broker's Pay-Back to Scam Victims Under Trustee Watch
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Skunk Train smells bankruptcy
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Sealed Air Announces Approvals of Agreement in Principle
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Market continues downward spiral
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More Rhode Island Debtors Go for Broke
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Bankruptcy court approves Lernout & Hauspie settlement with SEC
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ANC Rental Gets Extension Of Exclusive Plan Period
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The Most Overpaid CFOs?
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Tyco Denies Report of Talks With IRS Over $1.7 Billion in Taxes
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  Airlines:

Can UAL survive Chapter 11?
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United may declare bankruptcy Sunday
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The Unfriendly Skies
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Going, going….
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No sacrifice in store for CEO of United
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Even by Bankruptcy Standards, This One Seems Different
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United presses to keep flying
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California could lose big if United falters
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United's Next Pitch: Rhapsody in Red Ink?
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Banks Queue Up to Fund United after Its Disappointment
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Unions Vow to Press Fight for Aid Reconsideration
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United Boasts Coveted Routes That Could Save the Airline
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UAL Removed From Dow Transportation Index
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Costs Are Important, but Revenue Is Crucial
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Revenue Estimates Doomed United Bid
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UAL Bankruptcy Would Hit Chicago
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United Airlines chases bankruptcy cash
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How Bush Decides to Aid Ailing Industries
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United strife may hurt US Airways
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Tough Love for United
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It's an airline scenario that seems oddly familiar
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Bush "Respects" ATS Decision On United
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Lufthansa Weighs Move to Help Partner United Airlines
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After a bankruptcy filing, S&P airline analyst Philip Baggaley sees a reorganized carrier emerging. Til then, "it will be noisy"
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United plans 'sincere and straightforward' ads to communicate with customers
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United bankruptcy only days away
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Competitors poised to pick United's bones
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United Air's Fate in Bankruptcy Would Hinge on Labor
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Continental favors federal decision to deny United's loan bid
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Flying Too Low
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Many in Washington Are Waiting for United's Next Move
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Few major changes for customers
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No Clear Way Forward for Airlines
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UAL turbulence blows rivals' shares higher
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Refusal to help United reflects role of politics
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UAL's Global Partners May Suffer Fallout
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UA may share pain
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Creditors Work to Keep UAL's Planes in the Air
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Gradual cuts in flights predicted
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Hancock faces $85m in losses from UAL Corp. bonds
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Stock's 'not worth squat,' workers say
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Canadian air industry firms seen taking hit from UAL woes
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United's employees, who hold 55 per cent of its worthless shares, have no-one to blame but themselves
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For Competitors, a Cost-Cutting Alibi
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Implications for United Airlines Bankruptcy
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Major Changes Are in the Air
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Protecting United's Brand Image
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Amid signs the deal may be falling apart, US Airways, investor rejigger loan deal
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Fund Wins Majority on US Airways Board
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New Bankruptcy Opinions
(No new opinions today)

Bankruptcy Jobs - 265 Jobs - Last Updated November 25, 2002
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Bankruptcy Court Web/Pacer Site Directory

Weird News
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Accounting:

More Cases of Accounting Problems Lurk
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PwC's audit disclaimer causes alarm
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IASB to Unveil New Merger Accounting Rules
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IRS to Limit Audits to Material Issues Starting in January
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Suit Accuses D&T of "Dishonest" and "Unethical" Accounting Practices
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Boston Archdiocese:

Boston Archdiocese moves closer to possible bankruptcy
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Boston archdiocese priest had fathered children, didn't respond immediately to overdose
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Church, Law must reject bankruptcy
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California Dioceses Brace for New Abuse Suits
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Kmart:

Kmart attorney gets court approval for confidentiality
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Kmart Atty: Management Review On Target To Conclude By Year End
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XSDP gets Blackstone Tech
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Aluminum companies owe BPA $30M
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Law Firms:

One-stop stalls
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Tooze attorneys joining Foster Pepper
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Meet the Biglaw Refugee Behind the Merrill Lynch Probe
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Attorneys Setting Up Shop as Stockbrokers
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Slow Economy's Pregnant Pause - What are corporate lawyers to do now that there isn't a steady stream of IPOs?
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Is Your Time Free?
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Con Artist Clipped Biglaw Firms
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India:

Legal Risk of Entering Into OTC Derivatives Including Currency and Interest Rate Swaps in India
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Canada:

ATB kissed off $100M in world's largest mall bankruptcy
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England:

Debt laden casino group rejects takeover offer
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Insolvency, Recession, Recovery and all that
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Solomons Islands:

Bankruptcy threat to Solomons retirement fund
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Japan:

Laws enacted to speed up bankruptcy proceedings
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Japan's Leading Index Points to Shrinking Economy
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Koizumi throws reforms into doubt
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Germany:

Insolvencies reach record high
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Fairchild Dornier aims to split assets
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Germany's Dresdner Bank says it will cut 800 jobs in its corporate customers division
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