February 4, 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

         
Enron:

Son and Sister of Enron Chief Secured Deals
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Dynegy Lawyer: Andersen Told Us Enron Was Clean
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Enron mess: What is a subsidiary, anyway?
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Enron boss backs out of congressional appearance
(DBN Subscription Required)

Lawyers Say Board Report Has Limited Value for Them
(NYT: separate free registration required)

Ex-workers let down as Lay alters his plans
(DBN Subscription Required)

Lay's fall from Aspen
(DBN Subscription Required)

US Senate cancels Enron hearing as Lay refuses to appear

Text of Letter of Ex-Enron Chief
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Bank of America Subsidiary Sued over Advice It Gave on Enron Bonds
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Lay Cancels Congressional Testimony, Citing Reaction to Report
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Lawyers for Former Enron Workers File Motions
(DBN Subscription Required)

As Enron Purged Its Ranks, Dissent Was Swept Away
(NYT: separate free registration required)

Enron Scandal Spotlights Lawyers
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After Enron, the World Cries Foul
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How to lose friends in Washington
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Excerpts From Enron Investigation
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Explaining the Enron collapse through simple financial terms
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A closer look at the Enron debacle
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Kenneth Lay, Others From Enron
Face a Full Schedule of Hearings
(WSJ: separate paid subscription required)

Ex-Enron officer Kopper subpoenaed by House Energy panel

Big Boots to Fill
(DBN Subscription Required)

Ex-Enron's Fastow, Skilling to face Congress Feb 7

Curiouser and Curiouser
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The Deal Enron Didn't Get
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North Carolina's biggest banks feel fallout of Enron collapse
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Enron Conflicts Abounded
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Auction to clear out Enron HQ
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The Real Enron Scandal
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Enron Official Seen Facing Criminal Prosecution
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Bermuda firms risk perception of dodgy dealings
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In a Galaxy Far, Far Away . . .
(WSJ: separate paid subscription required)

Head of Enron's Internal Probe Walks Tightrope as Board Member
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Enron Gives Some a Case of Deja Vu
(WSJ: separate paid subscription required)

How Enron implosion is hurting California
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PR spin hides truth about Lays
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More Enron Fallout
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Enron Swallowed $357M in PGE Payments
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Minutes From a 1997 Meeting Reveal
Enron Brass Were in Partnership Loop
(WSJ: separate paid subscription required)

Are the Lays as Destitute as They Say?
(WSJ: separate paid subscription required)

Pittsburgh company being sold to raise money for Enron
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Enron II': There's no such thing as a free banquet
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The house that Enron built
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Immunity to Enronitis May Be Illusory
(WSJ: separate paid subscription required)

Enron Scandal Shocks Even Those Who Helped It Along
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Lay's political savvy backfires / Insider status now under scrutiny
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Enron's failures rippling
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Company's collapse shows system works
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Students eye Harvard link to Enron
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Ex-Enron Employees Face Tough Times
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The rise of Ken Lay as dramatic as his fall
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Enron and its overseers have left ethics in shreds 

Many Will Listen to Kenneth Lay
(DBN Subscription Required)

How the Treasury Lost a Battle Against a Dubious Security
(WSJ: separate paid subscription required)

Enron creditors facing a choice
(DBN Subscription Required)

Enron execs 'cleaned up'

Enron by Any Other Name
(WSJ: separate paid subscription required)

Davis Conferred With Enron's CEO During State Energy Crisis
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White House Told to Save Enron Records
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Report blames Enron culture for collapse
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Congressmen Question Legality Of Some Enron Transactions
(WSJ: separate paid subscription required)

Enron: Crisis -- and Opportunity
(WSJ: separate paid subscription required)

Tougher Rules Seen for Enron-Type Deals
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Enron Specter Haunts World Forum
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Poll: Majority Favors Congressional Right to Know
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Bush proposes post-Enron pension reform
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Bush guards energy files
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Enron staff ran secret sideline
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Enron Executives Got Rich Hiding $1 Billion Loss, Report Says
(DBN Subscription Required)

Shareholders eager to sue in the aftermath of Enron
(DBN Subscription Required)

BPA ending contracts to sell $285 million in power to Enron
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Memo to Enron's Lays: It's hard times all around
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Ties to Enron Pose Vexing Problem on Campaign Trail
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Enron's India Power Plant Goes under the Hammer
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Enron extraordinarily lucrative but wrong
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Investigators To Take Hard Look At Enron's Board
(WSJ: separate paid subscription required)

Deep Roots of Enron Fall Studied
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How a fledgling water business helped sink Enron
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Sports authority repays ballpark loan
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Limbach touched by Enron crisis

Bentsen heads roundtable session with ex-Enron workers
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Lay: Corporate father figure-turned-condemned business titan
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Jackson seeks support for ex-Enron staffers
(DBN Subscription Required)

Enron Vacates Most of Its California Offices
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The Enron watch
(DBN Subscription Required)

____________________

  Houlihan Retained In Bankruptcy Case Despite Being On Both Sides
(DBN Subscription Required) 

Sunbeam to seek DIP loan extension
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Bankruptcy Reform:

Lawmaker interest in bankruptcy reform fades
(DBN Subscription Required)

Hope for near-bankrupt countries
(DBN Subscription Required)

____________________

Telecoms:

NextWave wants top court out of license dispute
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Level 3 says does not anticipate bankruptcy
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Bankruptcies rattle giants of telecom
(DBN Subscription Required)

More opposition to ICG's disclosure statement
(DBN Subscription Required)

Bankruptcies, Losses Roil Telecommunications Industry This Week
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Broadslate Networks to cease operations
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Global Crossing Faces SEC Probe Of Accounting Practices on Leases
(WSJ: separate paid subscription required)

A Port in the Storm for Global Crossing?
(DBN Subscription Required)

Not Corrupt, Just Stupid
(DBN Subscription Required)

Connecticut Wants $96 Mln Forstmann Little Stake Back
(DBN Subscription Required)

Denver Attorney Questioned about Role in Failing Bermuda-Based Telecom
(DBN Subscription Required)

Nextwave Urges Court to Reject Appeal on Licenses
(DBN Subscription Required)

Tale of 2 telecom stocks
(DBN Subscription Required)

The Strong Will Survive the Fallout in Telecom
(DBN Subscription Required)

After Years of Struggles, Bankruptcy, Dallas-Based Wireless Phone Firm Launches Service
(DBN Subscription Required)

Brownstein denies insider trades
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_____________________

Automakers Report Sales Decline
(DBN Subscription Required)

Goss To Be Bought Out Of Bankruptcy
(DBN Subscription Required)

Derivatives Cops Are Wanted
(WSJ: separate paid subscription required)

Stockton, Calif.-Area Grower's Production Lines to Hit Auction Block
(DBN Subscription Required)

Dow Corning to Cut Work Force by 700
(DBN Subscription Required)

 

Burlington Industries trying to stitch wounds and get well
(DBN Subscription Required)

Law Firm Restructuring:

Brobeck Boots Associates, Staff
(DBN Subscription Required)

___________________

Accounting:

Arthur Andersen Hiring Paul Volcker
(DBN Subscription Required)

Accounting group drops resistance to SEC limits
(DBN Subscription Required)

American Institute of Certified Public Accountants Agrees to Federal Rules (DBN Subscription Required)
(DBN Subscription Required)

Tougher rules for shady deals Off-balance-sheet entities to be in focus 

Spooked! - The accounting woes that shook the market are far from over
(WSJ: separate paid subscription required)

Enron's Troubles Are Felt Overseas As Companies Rethink Accounting
(WSJ: separate paid subscription required)

SEC investigating accounting allegations at Global Crossing
(DBN Subscription Required)

Accounting giants move to end conflicts
(DBN Subscription Required)

American Institute of Certified Public Accountants Agrees to Federal Rules
(DBN Subscription Required)

Andersen under attack from all sides
(DBN Subscription Required)

PWC chief seeks accounting principles - Feb. 1, 2002
(DBN Subscription Required)

Pitt Wants Quick Answers on Partnership Accounting
(DBN Subscription Required)

KPMG Posts 2nd-Quarter Profit
Despite a 16% Drop in Revenue
(WSJ: separate paid subscription required)

World needs tough accounting rules, economic forum told 

For Andersen's Berardino, Overhaul Pledge Marks Reversal
(DBN Subscription Required)

Auditors get jump on jobs with clients
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Concerns rise as Ashland OKs auditor
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Andersen announces major restructuring
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Audits and the Bubble
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Unilever to review dual role of PwC auditors
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CPAs offer 'tips' too late
(DBN Subscription Required)

After Enron Controversy, Questions Raised about Employment of Accountants
(DBN Subscription Required)

Disney Move Prompts Firms to Mull Severing Auditing, Consulting
(WSJ: separate paid subscription required)

Auditors often fail to warn of bankruptcies
(DBN Subscription Required)

Enron debacle forces focus on audit committees
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__________________

GOP candidates blast trial lawyers
(DBN Subscription Required)

Sulzer:

Firm to pay $1 billion for faulty hip replacements
(DBN Subscription Required)

Sulzer Medica settles hip and knee law suits
(DBN Subscription Required)

____________________

Advances in Loss Mitigation Will Ease Foreclosure Burden
(DBN Subscription Required)

Doctors who heal ailing companies
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Analysts Comment on Houston Economy
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Executives' image slips in new poll
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Employees rescue S.F. printing from bankruptcy
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Comdisco-Tyco deal falls apart
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Tyco Reveals $8 Billion in Deals
Made Recently, but Not Disclosed
(WSJ: separate paid subscription required)

A patchwork recovery
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De Lorean car scandal returns to the headlines
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Store Closings Dominate News in January
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WebLink Wireless files reorganization plan
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The payoff for years of hard work
(DBN Subscription Required)

Enron (cont. from 1st col.):

DLA $1.1-mil cobalt sale to Enron "under litigation"

Ex-SEC Accounting Chief Sutton Moves To Front Of The Line For Top Spot At FASB
(DBN Subscription Required)

Federal Agencies Handle Enron Order
(DBN Subscription Required)

SEC Didn't Keep a Close Watch on Enron
(DBN Subscription Required)

The Big Picture Enron scandal: They all fall down
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Arthur Andersen says Enron committee report "troubling"

Fallout from Enron's Downfall: Energy Policy Back in Spotlight
(DBN Subscription Required)

Barclays hires 2 ex-Enron executives to run energy trading desk
(DBN Subscription Required

Formosa to seek $14.7-mil from Enron in bankruptcy claim

______________________

 

New Bankruptcy Opinions
(2 new opinions today)

Bankruptcy Jobs - Updated February 4, 2002
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Bankruptcy Court Web/Pacer Site Directory

Bankruptcy attorneys thrive in tough times - Some criticize the 'mill' feel, but others say clients are served well
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Increasing debt traced to attacks
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AMF plan gets confirmed
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Judge OKs Derby Cycle's liquidation plan
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Kmart:

Investors wagering on Kmart recovery
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Unkempt Stores a Source of Kmart's Problems
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In the retailing game, Kmart finds field position is everything
(DBN Subscription Required)

Martha Stewart sticks by Kmart - for now; judge may have other housing plans
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Going it alone would be good thing
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__________________

CoServ:

CoServ files Chapter 11 to stop foreclosure
(DBN Subscription Required)

Lender Forces CoServ Electric Into Chapter 11 Filing
(DBN Subscription Required)

Dallas-Area Utility Files for Bankruptcy, Sues Lender
(DBN Subscription Required)

_____________________

Asbestos: It Could Be Hiding
Somewhere In Your Portfolio
(WSJ: separate paid subscription required)

Primestone Appeals Crt's Dismissal Of Bankruptcy Petition
(WSJ: separate paid subscription required)

Gates Sees No Economic Recovery in 2002
(DBN Subscription Required)

Leon Black charged in Executive Life suit
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Hawaii: Not everybody doing the Local Motion
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A penny saved - During a recession, what's wrong with being a cheap date?
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Airlines:

UAL Posts Biggest Loss in Airline History
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United Expected To Seek U.S. Aid
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Wide-body graveyard
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Delta posts $734 million loss despite government bailout
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United operating in restricted space
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United's aim now survival
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Canada 3000's cargo service sold
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_____________________

GE chief faces questions from the skeptics
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Data Point to a Healing Economy
(WSJ: separate paid subscription required)

Awash in a Sea of Deals
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As Firms, Consumers Feast on Debt, Some Say Economy Can Stomach It
(WSJ: separate paid subscription required)

Selling out the faithful
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Executives' pay stirs furor amid big failures
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Bankrupt Phar-Mor gets filing extension
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Perks for top brass still shine, but out of shareholders' sight
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Winds of uncertainty sweep US boardrooms
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The enemy within USA Inc
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Boards need to ride herd on executives
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Warburg would retain big stake in PhyCor
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Credit concerns threaten business investment plans
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Polaroid pension threat seen
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Failures outpace regulators
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Bail? Here Are Seven Signs Your Company Is Sinking
(WSJ: separate paid subscription required)

AMRESCO mortgage firm to be delisted from Nasdaq
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Charlie Falk financer files for bankruptcy
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Default Management: Too Much Debt?
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When a company enters bankruptcy, shareholders can kiss their money good-bye
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Some Stores in Raleigh, N.C., Area to Call It Quits
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Sam & Libby may go Wild after liquidation
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Anadarko shows how to handle big blues

CalPERS Doubted Enron Partnership
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Steel:

LTV trust will give its money to charity
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___________________

More Northern Floridians File for Bankruptcy during Recession
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U.S. court orders liquidation of insurer PHICO
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Argentina:

Argentina shelves crisis plan due bank curb ruling
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Argentina closes banks to buy time
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Argentina poised to announce economic crisis plan
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Argentina Unveils Crisis Strategy, to Ditch Dollar
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Body blow for Argentina
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Argentina to Let Peso Float Against Dollar, Print 3.5 Bln Pesos
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___________________

England:

Ministers say Enron links 'entirely proper'
(DBN Subscription Required)

Enron donated to Charles' fund
(DBN Subscription Required)

Charles defends Enron meetings
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British Official Resigns Over Enron Role
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___________________

Japan:

Sports Shinko golf firm bankrupt
(DBN Subscription Required)

Koizumi's honeymoon ends
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FSA to apply new law to failed banks
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___________________

Scotland:

Insolvencies rocket 21%
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Scottish business failures at 10-year high
(DBN Subscription Required)

___________________

Canada:

Le Soleil developer loses control of 122-room hotel
(DBN Subscription Required)

Bankrupt Uniforet gets extension
(DBN Subscription Required)

______________________

Chile:

Chile Studies Law on Bankruptcies in Football
(DBN Subscription Required)

_________________

Germany:

Deutsche's profit plunges 

____________________

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