July 1, 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

         
Northern California Gets Interim U.S. Trustee
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Angered Bush to Give Speech on Corporate Reforms
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Bush vows zero tolerance on corporate fraud
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Bush, others seek jail for CEOs
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Hospital officials fearful of Health Plan of the Redwoods collapse
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Fractured trust - In a season of shame, on whom can we rely?
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Is There a Port in This Financial Storm?
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Execs Have a Lot Of Explaining to Do
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Ashamed to Be an Executive
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That's not play money, kids
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'Corporate America has got to understand there is a higher calling than trying to fudge the numbers'
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A system crashed
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Investors losing faith in financial system
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Herd on the Street: A Quarterly Stampede
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US giants 'inflating their profits by billions'
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Business leadership is `taking a beating'
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A new week, a new scandal - Experts agree that more corporate transgressions will likely be uncovered

Bankrupt Alaska hockey team goes up for sale on eBay
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Airlines:

America's Airlines: Pilot's cap in hand
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US airlines hit by ratings downgrades
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USAir placing its hope in talks
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Clock ticking on bid to save US Airways

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Enron:

British Banker Fraud: Truth stranger than fiction
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Enron Charges Give Road Map for Investigation of Top Officials
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More light may be shed on Enron

Southern Co. Clears Hurdle to Enter Gas Marketing Field
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Court Modifies NewPower Interim Cash Collateral Use Terms
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Questioning options
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Enron hedging web at scandal's core
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Andersen auditors at heart of Enron bankruptcy
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Enron case extradition push begins

Senate Reviews Enron Documents - May Have Been Altered
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Corporate scandals; Sick beds full to bursting as Enronitis sweeps the States
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Enron deals depicted debt as income, analysts say - Aggressive accounting was similar to Worldcom's
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Adelphia:

Adelphia's loan package approved
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Communities scrutinize contracts after bankruptcy filing
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Lawyers rally cable creditors
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Adelphia Goes Into Bankruptcy as Deloitte's Role is Questioned
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Cable-Installation Firm Roots for Adelphia
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Advanced Rigas-itis
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Adelphia saga tests region
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Rigas reports health problems, depression; laments failing 'ordinary people'
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Learn Now, Pay Back (Somewhat Less) Later
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Top VCs hit by data storage startup failure
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Telecoms:

Industry cowboys facing high noon
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NextWave Case On Court's Next Term
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No decision in Williams bankruptcy
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Investors check for exposure as debt mountains loom larger
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Telecom Had WorldCom-Like Errors
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Monsters Inc brought to account - Who's Next?
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GT Group granted U.S. creditor protection
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ICG says bankruptcy plan will change

Key Card Communications, which folded in April, faces lawsuits and an; investigation for international stock fraud
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More telecom startups shut down, stage layoffs
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Assets of Bankrupt Santa Barbara, Calif.-Based Telecom Scheduled for Sale
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Ericsson faces a new kind of market reality
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Savvis Communications Gains $20 Million in Funding
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Time for struggling telecoms to do it right
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Loudcloud scales down for survival
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Golden years elude many boomers
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Techies faces creditors, won't file bankruptcy on own
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  WorldCon:

WorldCom's Creditors Face Decision
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WorldCom report will face scrutiny
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Insurance Claims Face Rejection
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WorldCom’s Wrong Numbers - A simple math trick may end up dwarfing the Enron scandal, and the fallout is only beginning to spread
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WorldCom Investigators Shift Focus to Ousted CEO Ebbers
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WorldCom May Lack the Cash Needed to Survive
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Employees In Area Wait For Layoffs
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WorldCom starts massive layoff
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Want a Piece of WorldCom? Contact the Company's Bankers
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Finance Professor Says WorldCom a 'New Low in Bad Accounting'
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WorldCom debacle worries landlords
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You are Bernie Ebbers... now what?
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In Blossoming Scandal, Culprits Are Countless
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Trying to Catch WorldCom's Mirage
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Merger king Sullivan was Wall Street darling before collapse
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IDT hoping to get WorldCom network cheap
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Reeling from WorldCom - Experts think firm escaped notice with simple tactics not flagged by auditors
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WorldCom Troubles Likely to Widen as Investigators Dig Deeper
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WorldCom rekindles reform fire in Washington
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Ebbers's ranch faces uncertainty
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WorldCom cash report is key
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UnumProvident Faces Serious Loss with WorldCom Woes
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WorldCom customers explore other options

WorldCom Woes Pop the Region's Telecom Bubble
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Founder cites mistakes in WorldCom's official history
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WorldCom probes accounting history
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Ebbers's Knowledge Has Implications
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Day the WorldCom world was turned upside down
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The complicated trail of WorldCom debts
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WorldCom Paves The Way For Fast-Action Audit Reforms
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WorldCom Probes Accounting History
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The Great WorldCon
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Mississippi Reels From WorldCom
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'Who hasn't bounced a $26 million check?'
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CEO had great run, hard fall
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The telecoms pyramid that tumbled like a house of cards
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Rivals going after WorldCom customers 

Workers file suit over company stock losses
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Wall Street applauded WorldCom acquisitions

Ebbers, others to testify
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Workers to get layoff slips today
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Office Market Awaits Fate Of WorldCom
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WorldCom asks when its books got cooked

Fund holds WorldCom? Don't go on a witch hunt
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The "confession" by the Bernie Ebbers gang at WorldCom seems to hit especially hard.
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WorldCom CEO vows to co-operate with SEC: Pension funds set to sue
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Survival, not theft, motive, experts say
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Judge clamps limits on WorldCom

Phone monopolies must like the look of life after WorldCom
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WorldCom collapse could impact auto racing
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WorldCom urged to come clean
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WorldCom Workers Blame Ebbers, Sullivan for Woes, Back Sidgmore
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European arm sells itself down the river
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WorldCom Came Up Short in Game of Numbers
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Crisis adds to insurers’ woes
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Can we trust anyone? - We thought we were protected but now cynicism is a way of life
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Sani-Dryer files for Chapter 7 liquidation
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Greed rises to top in scandal-hit news makers

24 Arkansas banks under supervision
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Evergreen trustee looks offshore for cash: Bahamas, Costa Rica are targeted for new litigation in stock fraud
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Credit affects insurance eligibility
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Henninger Media considers Ch. 11
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Economy:

Financial Experts See Major Problems with Economy
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New Bankruptcy Opinions
(No new opinions today)

Bankruptcy Jobs - 83 Jobs - Last Updated July 1, 2002
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Bankruptcy Court Web/Pacer Site Directory

Bonuses Once Meant to Retain Talent Now Risk Outrage
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Tutor Time makes last-minute deal
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Bankruptcy Calendar July 2002
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Judge Rules to Stop Credit Card 'Warning' Law
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Accounting:

Twelve Frustrated Jurors
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Investors Want List Of Andersen Clients
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Audited by the state
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Andersen at Center of Scandal Again
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Investors Rediscover Recipes to Cook Books
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Retired Andersen partners face pension fears
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Tweaking Numbers to Meet Goals Comes Back to Haunt Executives
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Dallas suits name Ernst & Young
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Fired Auditors Play Musical Chairs
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Pitt Says Those Liable for Xerox Reports `Will Pay'
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Xerox's hole in books costs US market dearly
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Copycat Xerox In 6B Scam
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Xerox Shareholders and SEC Target Accounting by KPMG
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At Xerox, they hope the truth won't hurt
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Vice-President's oil firm facing SEC probe into accounts
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Andersen UK assets set for Deloitte transfer
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SEC Fines EY, More Auditor Independence Cases to Come
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Treasury could back auditor rotation
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New Partnership Rules Are Readied
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Some Intriguing Accounting, This Time at EDS
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SEC Orders Sworn Statements From CFOs and CEOs
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Wealthy Clients Can Present Pitfalls For Accounting Firms
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Dutch Auditors, E&Y Settle With SEC
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SEC reported probing 'number of' audit cases
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Ernst Young sacks 150
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Companies Take Steps to Manage Accounting Rumors
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Now Xerox admits $2bn hole
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US financial world encounters 'perfect storm of failure'
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Proposed Changes in Tax Laws Take Aim at Offshore Havens
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Date Set in Grace Fraudulent Transfer Asbestos Suit
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Law Firms:

In Too Deep? - During the boom years, profits soared. But so did debt. It's reckoning time
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Polaroid: 

Judge signs off on Polaroid sale: Bankruptcy law blocks help for retirees, he says
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Bank One gets Polaroid
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It doesn't look good for Jacobson's stores
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Kmart:

Judge OKs lawyers for Kmart holders
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No stop-loss order found in Stewart stock probe
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Kmart could be big loser if Stewart's woes mount

Martha's Boardroom Makeover
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Ins and outs of insider trading
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The party's over

Martha's Imclone Deal Stirs Kmart Pot Of Financial Woes
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Big Contracts Mean Big Risks for EDS
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Indonesia:

Manulife case, another blow to foreign investment
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England:

McKinsey probed its advisers' work for Enron
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No techs please, we're British
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Argentina

No more economic reforms planned for Argentina:
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Brazil:

Brazil's debt adds to fear of financial contagion
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Japan:

Daewoo Japan goes bust
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Taisei Fire's rehab plan puts liabilities at Y95 bil
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