July 16, 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

         
Creditors Keep a Close Eye on Bankruptcy Fees
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Accounting:

An Andersen Old-Timer Looks Back
(WSJ: separate paid subscription required)

Audit reform bill sweeps Senate
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Accountants Target Brazil Soccer
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Audit threshold expected to rise
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SEC Deadline to Certify Results Presents Dilemma for Executives
(WSJ: separate paid subscription required)

For students, Accounting Fraud 101
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Former Internet Darling DrKoop.com Sold for $186,000
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Contour Energy:

Contour Energy files Chapter 11
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Contour Files for Chapter 11 Protection
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_________________

Baseball:

If a team went bust, it could still play
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Economy:

Dow plunges over 400 points
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Dow Industrials Tumble By More Than 400 Points
(WSJ: separate paid subscription required)

__________________

Kmart:

'Frat Boy' leaders made big decisions without planning
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SpectraSite: Back to square one
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Airlines:

US Air presses final 2 unions on concessions
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Concessions could lead to more cuts at US Airways
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Adelphia:

Adelphia Charges
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Adelphia Indictments Readied
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Harvard Industries sells 2 more plants
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Polaroid, Creditor Committee Win Extension Of Exclusivity
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Financial Services Alert
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Banks toughen anti-laundering stance
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R&B producer Teddy Riley has filed for bankruptcy
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Spitzer Gathers Salomon E-Mails Which Criticize Analyst Grubman
(WSJ: separate paid subscription required))

Citigroup pushes rules for analysts
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Operator of Bankrupt Schools at Lakeland, Fla., Airport Faces $9 Million Federal Claim
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  WorldCom:

WorldCom May Skip Some Bond Payments to Conserve Cash
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WorldCom missed interest payments
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WorldCom Spreads Out Severances
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Scramble For WorldCom Claims Pits Banks Vs Bondholders
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WorldCom documents tell tale
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E-Mails Shed Light On WorldCom's Goals
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Judge controls WorldCom fate
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WorldCom Aftershocks May Include Price Hikes -- Telecom costs for business customers could rise as much as 15%
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Will a Baby Bell buy WorldCom? - FCC, faced with telecom crisis, could approve merger
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Bankruptcy lurks around the corner, as the telecom industry prepares for a changed landscape once the dust settles
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FAA Rejects Key WorldCom Bid for Telecom Network
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`Greed Took Over' Firm
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Enron:

Energy America Agrees to Acquire NewPower Customers
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Noranda faces legal woe over Enron
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Lenders spar over Enron Dabhol asset
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Centricas unit gets NewPower gas customers
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Corporate Reform:

Forward Planning: New war against corporate financial terrorism, fraud
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Banking system on top of US corporate scandals
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CFOs join their bosses on the hot seat
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It's About A Lot More Than Accounting
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Trust in corporations waning in wake of scandals
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Banks' news on earnings is mixed
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Playboy uncovers corporate scandal
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Growth of credit derivatives
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Electricity:

Duke Energy admits to 'wash' trades of $1bn
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Farmland Posts $190 Million Loss for Third Quarter
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Court OKs Disclosure Statement For NTL Inc's Ch 11 Plan
(WSJ: separate paid subscription required)

Law Firms:

In Too Deep? - During the boom years, profits soared. But so did debt. It's reckoning time
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Daewoos selling for a song, and not a happy one
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New Bankruptcy Opinions
(2 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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Bank of America climbs on cost controls
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Survey Points to Close Ties Between Investment Bankers, Bankrupt Companies
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Bankruptcy gurus enjoy best of times
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Telecoms:

Teleglobe lenders sue parent
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Sprint Seeks Approval to Cut Off Service to Bankrupt Adelphia Communications
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NorthPoint Wins Court Round
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Global Crossing still pushing standalone plan
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WebLink to emerge from bankruptcy
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Williams closes in on PE funds
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Teleglobe Lending Syndicate Lawsuit Launched
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360networks continues to defer issuing financial results as it develops a reorganization plan
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Telecom's other victims
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Embratel exec sees possible bankruptcy
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Adelphia Commun Sued By Ex-Unit Over Insurance Proceeds
(WSJ: separate paid subscription required)

Sandoz family buys KPNQuest assets
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Log On America files for bankruptcy
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Adelphia Wireless suspends service
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The deadline for a piece of the carrier's pie ended Thursday afternoon, again
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Bankruptcy Reform:

Loans to Rep. Moran erode public trust
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"Abortion Clinic" amendment
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How to raise an orchestra from the dead
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Ailing Conseco pays CEO bonus
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Six ImClone Officers Didn't Disclose Their Sales of Stock Worth Millions
(WSJ: separate paid subscription required)

Poland:

Finance Minister to unveil measures to aid companies near bankruptcy
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Hong Kong:

Bankruptcies in HK hit record high
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Japan:

Japan's recession-proof underground economy flourishes despite slowdown
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Daily Bankruptcy News is published each business day by BKINFORMATION.COM, L.L.C.  You can reach us at 281-242-6208 or at admin@bkinformation.com