February 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

         
Enron:

Enron Scandal May Force Reconsideration of New Legal Ethics Rules
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Creditors' committee can quiz auditor
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Enron's Legal Staff Battered, Confused
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Can UBS Tame Enron's Wild Traders?
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Enron Executives Wanted a Lawyer Fired For Approach to Partnership Negotiations
(WSJ: separate paid subscription required)

Records show stock sell-off
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Enron Collapse Means Contest for Billions to Lawyers
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Enron Official Didn't Warn Workers Of 401(k) Plan After Finding Trouble
(WSJ: separate paid subscription required)

Enron losers in Europe trade debt to limit exposure
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FOX: The Growing Enron Scandal
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AIG, Chubb pay up to $300 mln on Enron gas deal
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Some Enron Lawyers Called Back, Others May Be Tainted
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Enron is current on Enron Field licensing obligations

Allegations Swirl Around Former Enron In-Houser
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Enron Execs Sold Stock as Losses Grew
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Power to the people, but only after Enron 'fixed the price' 

An Unenviable Position
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More Ritual Than Result - Subpoena Issued For Kenneth Lay, But Doesn't Mean He Will Talk
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Enron officials discussed delaying 401(k) revamp
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Ripples From Enron Rock Bond Market
(WSJ: separate paid subscription required)

Her Dreams Of The ‘family' End In Tears
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Calpers defends decision to keep quiet on Enron
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Some Victims of Enron Are Seniors Who Became Shareholders Inadvertently
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Probe Into Enron Collapse Prompts Panel to Review 1995 Curbs on Suits
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McLucas' Enron Report Maps Path to Prison
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J.P. Morgan Chase Had `Too Much Exposure to Enron,' CEO Says
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CFO Pressured Enron Staff on Deals, Congress Told
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America's crony capitalism: Enron's collapse could prove more damaging to the US market model than the crisis in Argentina
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Senate to probe Enron officials' final bonuses - Executives subpoenaed to explain why employees lost severance
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As Congress Talks, States Act on Enron Reforms
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Enron's Argentine gas, power trading on block

Bush Brushes Off Demand for Enron Prosecutor
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Berardino refutes Enron claim
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Andersen CEO Cites Lack of Enron Facts, Is Criticized
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2 Officials Are Expected to Leave Enron
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Astros go to court over Enron name
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Investigators Buying Time for Inquiry
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Congress hands Lay 2 subpoenas
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Valley company helps in Enron investigation
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Powers: Lay aware of Enron practices, but not wrongdoing

Enron Gave `Retention Bonuses' Yet 4,500 Workers Denied Severance
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Enron erred in depending on political ties
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The Finance Wizard Behind Enron's Deals
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Lay Knew Enron Was Misleading the Public
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The Whistleblower's Dilemma - Auditor Was Demoted After Questioning Company's Shady Dealings
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(cont. to 2d col.)

_________________

  How go-along boards jam up firms
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Comdisco keeps tech, health care, telecom units
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Brill to file for bankruptcy protection

Salvage tactic
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Tighter Terms Expected from Syndicated Lenders
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Going For Broke - Crash! There goes another company into bankruptcy
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Kmart:

Kmart shakes up operations
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Eticing stores: how Target beat Kmart
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Kmart bankruptcy teaches retailers they need to adapt
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Kmart wants out of Daytona 500 deal
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Hamptons 'Celebrity' Kmart Shows Few Signs of Bankruptcy
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____________________

Arthur D. Little:

Cerberus takes over debt-ridden Arthur D Little
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Arthur D. Little files after selling self
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____________________

Arby's franchiser I.C.H files Chapter 11
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Accounting:

Lawmakers urged to overhaul auditing rules
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Accounting: It's a Brave New World
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Deloitte splits audits and consulting
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Scholars Disagree on Consulting, Audit Links
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Many Firms May Play With Numbers
To Paint Prettier Pictures of Themselves
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History Suggests New Audit Rules Will Be Hard to Pass
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Accounting Debacles Spark Calls
For Change: Here's the Rundown
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SEC's Pitt Faces Investor Pressure for Audit Rules
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Volcker can't save Andersen
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Reliant Energy Unit Startles Market with Accounting Issue
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Andersen Hit With Subpoena
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REITs Reporting of Building Gains Is Scrutinized
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Ernst & Young Latest Auditor Moving to Alter Some Practices
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_____________________

Einstein/Noah Bagel factions to share $36M
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Kasper A.S.L. Ltd. Files For Chapter 11
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Steel:

Company reports $8 million in costs due to bankruptcy
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Algoma loss tops $392M for 2001
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Steel processor Huntco files for bankruptcy
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___________________

World Access springs new proposal on creditors
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White House Lobbying Gets Knottier For Firms Facing Desperate Situations
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Dotcoms:

Bankrupt Exodus Seeks Court OK To Sell $45M In Assets
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____________________

Factory Card Outlet Announces It Expects to Emerge from Bankruptcy in Spring
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Enron (cont. from 1st col.):

Enron prevention ideas offered up
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Senate Commerce Panel unanimously subpoenas Enron's Lay
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Labor secretary to testify as congressional hearings continue in Enron collapse
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Petrobras looks at legal action to buy Enron assets
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___________________

 

New Bankruptcy Opinions
(No new opinions today)

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

Tyco Plunges on Rating Downgrades, Credit Concerns
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Telecoms:

Global Crossing Bidders Propose Canceling All Debt
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Global Crossing Co-Bidders May Face Opposition From U.S. Conservatives
(WSJ: separate paid subscription required)

Filing Stops Ex-Global Employees' Severance
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Hutch, STT to own 79 pct of Global Crossing
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Insiders at Global Crossing sold shares before collapse
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Network Plus files Chapter 11
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Quincy-based telecoms company Network Plus files for protection, will lay off 700
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Verizon sues FCC
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Worries over Growth, Accounting, Big Debts, Shrink Telecom Industry's Hopes
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Global Crossing Reorg Investors May Get $50M Breakup Fee
(WSJ: separate paid subscription required)

McLeodUSA: Business as Usual
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Bankruptcies Rattle Telecom Giants
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Ex-Global Crossing Official Says 'Roundtripping' Skewed Results
(WSJ: separate paid subscription required)

_____________________

Berkshire Reports Underwriting Loss
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Privacy issues, experts debate the value of legislation, legislators question their ability to pass it
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Sun's Medicare settlement clears
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Maryland: Local Co.'s Seek Liquidation Of ITEnclosures
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Corporate Debt Drags on Economy
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WGI hacks millions from its projected profits
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Nevada panel to hire companies to collect taxes
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Directors resign from Stockwalk
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After Lawsuit, Yellow Cab Company of Tampa, Fla., Files for Bankruptcy
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Carmike Cinemas, Inc. Announces Effective Date and New Ticker Symbol
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Allied Irish Bank:

Irish Bank Says It May Have Been Hit by $750 Million Fraud
(NYT: separate free registration required)

Allied Irish Banks Says Missing Trader
Is Suspected in Loss of $750 Million
(WSJ: separate paid subscription required)

__________________

Poland:

Elektrim creditors want execs, adviser ousted
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___________________

Japan:

Japan's regional economies worsening
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BOJ May Ease Policy This Week to Avert Bank Crisis
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Japanese owners of small businesses express anger at prime minister's policies
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__________________

England:

Is the ombudsman meddling too much?
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R&SA takes asbestos hit
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First UK project with Insolvency Service
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_____________________

Canada:

Enron's shadow reaches corporate Canada
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Canada banks detail loan loss provisions
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__________________

Germany:

Some 40,000 German firms threatened with bankruptcy
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__________________

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