July 17, 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

         

Corporate Reform:

House Passes New Fraud Measure After Senate Approves Similar Bill
(WSJ: separate paid subscription required)

Excessive CEO pay fuels mistrust
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Fraud Legislation on Fast Track
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Declaring Bankruptcy, Living Large
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Enron:

Playboy's 'Women of Enron,' Cashing In on the Bare Market
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Enron troubles started with electricity plant in India
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Hamilton Bank depositors due checks
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Panaco:

Panaco to file for bankruptcy
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Panaco is latest small oil firm to seek bankruptcy protection

PANACO files for Chapter 11 bankruptcy
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Accounting:

Forensic Accountant Recognizes Corporate Red Flags
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Pricewaterhouse to Pay $5 Million To Settle SEC Enforcement Actions
(WSJ: separate paid subscription required)

Official Takes on Accounting Messes - Special-purpose entities are targeted by the House bill
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Amendments threaten reform bill
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Accounting Board May Be Funded With Fees - Senate Bill Would End Voluntary Aid
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Andersen Loses Its Last S&P 500 Client
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International talks aim to agree share option position
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Bank One to Count Options as Expense - First Big Firm to Make Change in Industry Where Grants Are Common
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Canada considers new accounting rules
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Experio Solutions Hires More Than 370 Consultants From Arthur Andersen and Gains Key Clients
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House GOP's Leaders Fight Audit Plan - Lawmakers Seek to Dilute Some Senate-Passed Reforms
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Sony Shares Drop on Accounting Questions
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The Shareholder Lawsuit: A Red Flag for Auditors?
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Banker Helps Turn Around Brokerage Firm's Fortunes
(WSJ: separate paid subscription required)

European junk bond default rate rises
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Bankrupt baseball team buyers are up against clock
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For Newly Ensconced Cellar Dwellers, No Easy Way Out
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Many bidders interested in Phar-Mor operation
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  Halliburton Asbestos Plaintiffs Agree to Extend Current Stay on Asbestos Claims
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WorldCom:

Banks-WorldCom case to U.S. court
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WorldCom Bank Case Moved to Federal Court
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Customers keep WorldCom -- for now Many train close eye on service, ready to ditch if it slips
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Worldcom Gets $2b; Ch. 11 Looms
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WorldCom’s troubles jeopardize contracts
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Exec Hoped to Avoid Probe
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WorldCom Sues Former Controller
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CalPERS Sues WorldCom for Bond Losses
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Illinois Regulators Sympathetic to WorldCom's Problems
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The Big Crackdown by Europe's Banks
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Telecoms:

Yipes Emerges from Chapter 11 with New Funding
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Broadlink Communications Enters Bankruptcy Reorganization
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Banks swap debt for Energis equity
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Private-Equity Group Is in Talks To Buy McLeodUSA Phone Unit
(WSJ: separate paid subscription required)

FCC chief foresees telecom mergers
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Bids May Help Global Emerge From Chapter 11
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Williams, Unit to Break Ties
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Wireless consolidation looms
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Steel:

Beth Steel retirees await bankruptcy fallout
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Contour:

Contour loses last two outside directors
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Contour Announces Resignation of Two Outside Directors
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Embattled Daewoo Sells Cars Cheap, Struggles to Find Replacement Parts
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Electricity:

GAO: Energy Cos. Exploited Calif.
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Lawmakers want utility held in contempt
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Mirant, Other Traders Sued by Wash. Utility
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Ha-Lo sheds asset
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UPMC Health System's Bid for Pittsburgh Hospital May Entail Bankruptcy
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New Bankruptcy Opinions
(No 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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Retailers in the red
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Balfour approved to advise Intellisec
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Kmart:

Kmart wants Katz as mediator
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Bankruptcy Struggle for Kmart May Bode Ill for Worker's Comp
(WSJ: separate paid subscription required)

Kmart Wants Judge To Delay Ruling On Attorneys For Board
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Maker's morgue
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J.P. Morgan Denies Liquidity Rumors
(NYT: separate free registration required)

President Casinos, Inc. Announces First Quarter Results of Operations
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Airlines:

US Airways looks to restructure
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AMR's Loss Widens in Period, Will Cut Capacity, Spending
(WSJ: separate paid subscription required)

Mexican airlines await industry recovery
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Law Firms:

Making Partner in Today's Market
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KLegal cuts claim 62 staff including 20 lawyers
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Trustee sues Stockwalk executives over firm's loss
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Applebee's buys 21 of its restaurants
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Japan:

Goldman Golf Course Operator Seeks Bankruptcy Bunker
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France:

Bank of France Governor to stand trial over banking scandal
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Former IMF chief was third-world debt maestro
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England:

Bankrupt's breach of trust
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'Dangerous' step in reform of British bankruptcy laws
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Director penalties proposal receives wide support
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Hong Kong:

Hong Kong celebrity Kenny Bee files for bankruptcy
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