July 15, 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

         
Bankruptcy Doctors Are Most Definitely In
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Corporate Reform:

Scandal? What scandal? - Homes of the rich and infamous
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SEC chairman Pitt says he won't resign
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Just a Few Rotten Apples? Better Audit Those Books
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Summer Of Mistrust
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'SWAT' team vows to pursue corporate criminals with vigor
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Bill OK'd to prohibit loans to executives
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Loan Perks for Execs Dry Up
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Stock options lavished on executives come under fire
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Dirty, rotten corporate scoundrels
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Companies Find It Hard to Obtain, Afford Insurance for Executives
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"Why do executives at Adelphia, Enron and WorldCom need to borrow money from their stockholders? Why can't they go to the bank like everyone else?"
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Coke to begin expensing options
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World watches U.S. corporate meltdown and wonders, 'Who's next?'
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A rich history of corporate crime - Fraud dates back to America's Colonial days
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Bush Says Restoring Confidence in Business Integrity Is Economy's Greatest Need
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As Greedy As It Gets Herd on the street
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Hunt Investment Group, L.P. Announces Bankruptcy Court Approval for Purchase Of Assets By RT Acquisition
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Playboy's Search is on for the 'Women of WorldCom and Arthur Andersen'
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Horizon ready to bid on BryLin Hospitals
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Airlines:

Teamsters break off talks with US Air subsidiary PSA
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Telecoms:

Verizon Loses Bid to Throw Out Most of $4 Bln NorthPoint Suit
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Bankrupt Firm Tries to Keep Staff With Bonus Program
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KPN halts funding KPNQwest, talks on sale continue
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KPNQwest network near shutdown - Plug might be pulled on the network of bankrupt telecommunications company
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Arch Wireless Offers Weblink Wireless Creditors New Plan
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Qwest May Restate 2001 Results
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Future not so bright for telecoms
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Global Crossing Gets Several Bids for Company
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Telecom firm folds amid phony invoices - Interim CEO discovered inflated bookkeeping
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Accounting:

Andersen/Baptist Settlement Approved By Bankruptcy Judge
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Accounting reform to clear Senate
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KPMG axes 700 in the UK
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Judge Approves Rent-Way Accounting Lawsuit
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Trustees sought for global standard-setter
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Andersen's local 'Perfect Storm'
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SEC to Investigate Cheney's Former Firm, Will Take Enforcement Action If Needed
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Deloitte attacked for Vodafone work
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Small firms benefit from Andersen fallout: Many former clients are looking outside `The Big Five' for their accounting needs
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Governments Push Accounting Boundaries
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Mid-tiers back auditor rotation
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US CMBS, REITS Won't Feel Tenant Bankruptcies
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Archibald gets full $45M DIP
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Earth Springs sets bankruptcy hearing
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Acme Metals' Packaging Division Reorganizes
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Bankers' bubble burst with Net - Demise of high-flying S.F. firm reflects flaws of dot-com dream
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Officials to crack down on business tax delinquents: Property assets could now be seized under new collection policy
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Halliburton CEO Says Cheney Knew About Firm's Accounting Practices;
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Robertson Stephens shut down - FleetBoston Financial fails to find buyer for arm
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Moral bankruptcy leads to bankrupt companies
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  Breaking Records--For Bankruptcies - Chapter 11 is the hottest fad in business. But that's not even the half of it.
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Church Unlikely To Return Money
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Eight bidders chase Phar-Mor
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Spanking Client Not Legitimate Trial Prep Tactic
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Kmart:

Kmart sits on ready cash - Reserves can reassure vendors, other creditors
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Bankrupt retailer nurturing relationships with employees
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Adelphia:

Feds set to indict Adelphia family
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Adelphia says it will soon give update on problems
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Sprint seeks court OK to cut off service to Adelphia
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Adelphia will survive
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Electricity:

Electricity cost could sway creditors in bankruptcy plan vote
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Duke: Trading Business Faces Probe
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El Paso says U.S. Justice Dept. subpoenas records
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Power losses darken office market
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PG&E proposal best for company, state and customers
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Customers suffer under company's reorganization plan
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Bankruptcy Reform:

Loophole trumps reform bill
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Abortion And Bankruptcy
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Offer made to purchase idled American Tissue Mill
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Industries awash in troubled times
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Baseball:

Bankruptcy Fallout Would Prove Thorny
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2 teams get loans for payrolls
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Big difference between liquidation and reorganization
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MLB lenders wary of Selig's remarks
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CEO Accepts $1M Pay - To - Stay Bonus
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Siegel Snags Sandy Lake Towers With $100 Bid
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Guilford Mills:

Guilford Mills files reorg plan
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Guilford Mills files reorganization plan
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Law Firms:

Clifford Chance Succeeds In Attracting Brobeck Clients
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Orrick Managing Partner Defects
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Schnader's indigestion: Acquisitive law firm beset by partner defections
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Tower Snow's Exit Wounds
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Weil Gotshal Ending Lockstep Pay for Some Associates
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Top British Firms Layoff Staffers
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City tries to keep law jobs
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Foreclosure on the rise
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Lightyear files to sell business line
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For Investors With Strong Stomachs, It's a Good Time for Bottom Fishing
(WSJ: separate paid subscription required)

Jacobson cuts more than 250 employees
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Coalition forms to fight asbestos litigation
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Book by bankruptcy judge seeks answers to '67 Israeli attack on U.S. spy ship
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Anna Nicole:

Anna Goes Prime Time
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ITC DeltaCom forges ahead: Local division sees no changes after holding company files Chapter 11
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Bankruptcy recovery takes time
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Once a stigma, Ch. 11 seen as 'management tool'
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Local Daewoo dealers, owners left in neutral
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Utah bankruptcies lead nation
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New Bankruptcy Opinions
(4 new opinions today)

Bankruptcy Jobs - 89 Jobs - Last Updated July 15, 2002
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Bankruptcy Court Web/Pacer Site Directory

Weird News
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GE Capital to audit Ward's vote
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WorldCom:

New WorldCom financing plan
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Scramble to protect WorldCom debt
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Three Big Lenders to Provide WorldCom With DIP Financing
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25 banks suing WorldCom to freeze funds, fraud
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Bondholders eye WorldCom loan
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WorldCom Cooked Books in '00
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FCC chairman mulls allowing merger of WorldCom, phone company
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Bankruptcy may be lifeline
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Andersen Ignored Warnings On WorldCom, Memos Show
(WSJ: separate paid subscription required)

Big creditors believe WorldCom will soon declare bankruptcy - Congressional committee closing in on founder Ebbers
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Congress looking out for WorldCom investors
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Ebbers Allegation Was Kept Quiet - WorldCom Officials Doubted Assertion
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Makes Enron Look Good
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Banks Move to Put Curbs on WorldCom
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Banks Tried a Freeze Play on WorldCom - Though denied in court, the move by a group of the telecom's lenders threatens to complicate any Chapter 11 bankruptcy filing
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Governance specialists doubt Sidgmore's commitment to firm
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Banks fail in attempt to recoup WorldCom funds
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WorldCom Accounts Shifted in 2000
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Court-Ordered Probe Ending on Alleged Insider Deals at Planet Hollywood
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Enron:

Enron's $2.9 billion electricity plant in India now a rusty ghost town
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Carrion lawyers hoover up remaining scandal money
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Houston: City of scams
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Enron under glass
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Amid corporate woes, Houston's resilience is tested
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Not all of Houston fell along with bankrupt Enron
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Centrica to buy NewPower assets for $21.9 mln
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Steel:

Beth Steel toiling to forge an assured future for itself
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Judge to hear motion on Gulf States Steel sale Aug. 21
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Done Deal Dooms Indiana Steel Plants
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________________

Outlook Grim for Bonds Near Junk Status
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Israel:

First VC bankruptcy in Israel: Argoquest files for Chapter 11
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_________________

Canada:

Thomson Kernaghan bankrupt - Ernst & Young named trustee by court
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Bankruptcy trustee takes over at Thomson Kernaghan while probes continue
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Skeena Cellulose and union battle on
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Japan:

Bankruptcy fall gives hope for Japan
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Banks planning fund to rehabilitate Daiei
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____________________

China:

China Plans Tougher Rules on Financial Fraud
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Australia:

Domestic debt level 'starting to bite'
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____________________

Argentina:

Finding cures for an ailing Argentina
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_____________________

Poland:

Attorneys tuning up for new bankruptcy law
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