July 2, 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

         
WorldCom:

WorldCom creditors interview lawyers
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SEC 'disappointed' by WorldCom report
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WorldCom Shares Plummet to 6 Cents As Investors Sell 1.5 Billion Shares
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Analysts call for WorldCom customer exodus
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Insurers Likely to Balk at WorldCom D&O Coverage
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Worldcom Ex-CEO Ebbers Tells Church He Committed No Fraud
(WSJ: separate paid subscription required)

Scandals don't always come home to roost for some of those involved
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WorldCom Debacle Could Have Big Impact on Banking Industry
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Bankruptcy Looms for WorldCom
(WSJ: separate paid subscription required)

EDS downplays WorldCom impact
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Lawmakers Unload Worldcom Donations
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WorldCom probe turns sour
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WorldCom in default, closer to bankruptcy 

Reserves raid piles pressure on WorldCom: Telecoms group deeper in mire after counsel admits to more uncertainty
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WorldCom troubles adding up
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The WorldCom Message: It's Dangerous to Live in a Dream World
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States Ready to Sue For Pension Losses
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WorldCom Watchers Focus on Big Customers
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WorldCom May Face Federal Work Ban
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WorldCom Says Audit Uncovered Additional Irregularities as Far Back as 1999
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WorldCom: The worst may not be over
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EDS Details Its Exposure To WorldCom
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CEO Insurance Hits New Highs
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Chase Counters Accusers in Disguised-Loan Case
(NYT: separate free registration required)

Class Action Defendants Seek Reforms to Stave Off Big Losses
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Office Vacancies Grew, Rents Fell At Slower Rate in Second Period
(WSJ: separate paid subscription required)

Justice Dept. Unrelenting in MC/Visa Case

Monarch Dental Corporation's Credit Facility Expires
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Bad Economy Is Good News for Litigators
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Trism Files Liquidation Plan, Disclosure Statement
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ACT:

3 bidders seek ACT Manufacturing
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Late bids delay ACT auction
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Orbital Sciences Opposes Exam Request By Unit's Creditors
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Lason Emerges From Bankruptcy
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Failed Conn. Bank Lent Millions at Last Minute

California, N.C., N.Y. demand Wall Street firms end conflicts
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Democrats Ask Bush Backing on Corporate Reforms
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Sale of ex-MarchFirst block OKd for $11 mil.
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More financial revisions expected
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Texas Gov. Perry focuses on corporate fraud
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  Telecoms:

Second Judge Withdraws from Williams Communications' Bankruptcy Reorganization
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Cities, feds force firms to pay for rights-of-way
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Telecommunications-Equipment Maker Offers Gloomy Forecast
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Denver-Based Qwest Asks Workers to Take Unpaid Summer Leave to Trim Costs
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U.S. court extends exclusive period for 360networks to restructure
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Bankrupt Telecommunications Firm Hopes to Auction Off Waterbury, Conn.-Area Facility
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Atlanta's Office Market Hurt More by WorldCom, Enron Scandals
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Abrasive Wachtell Partner Lands New Job
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Experts questioning compensation practices - Lavished with stock options and loans, executives went for the quick bucks
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Adelphia:

Adelphia vs. Deloitte in a Game of Blame
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Adelphia held information back, ex-accountant said
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Accountant said Adelphia made inconsistent statements
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DirecTV Launches 'Guerrilla' Campaign Vs. Adelphia In LA
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Adelphia's loan package approved
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Scandalous

Gaming Board accepts Emerald Casino settlement offer
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Accounting:

Accountants' Black Eyes, Moral Black Holes
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Deloitte's Andersen U.K. deal OK'd
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KPMG comes under sharper scrutiny
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FASB Fights Reforms, Xerox Ignites Squabble Over GAAP

New U.S. Accounting Partnership Rules Are Readied
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Amid scandals, US firms swap fired auditors
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Companies Should Close Credibility Gap in Books
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PwC Makes Cash Settlement With IRS

SEC Orders Corporate Officers to Certify Financial Statements

__________________

Foster Wheeler gets waiver extension
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IRS Intensifies Scrutiny Of Income From Trusts
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Airlines:

Pilots halt talks; US Airways defers payments
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US Airways Defers Payment on Public Aircraft Debt
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US Airways to Defer Payments On Some Aircraft-Related Debt
(WSJ: separate paid subscription required)

United, US Airways Put Loan Guarantees to Test

US Airways Loan Guarantee: May Be Able To Avoid Chpt 11
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US Airways attendants' union OKs concessions
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_____________________

Lodgian Gets OK To Use Creditor's Cash Collateral To 7/31
(WSJ: separate paid subscription required)

What recovery?
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Creditor Beware - VCs are aggressively using debt tools to try to salvage something of their own investors’ money
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Can Williams Find a New Energy Level?
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New Bankruptcy Opinions
(2 new opinions today)

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

Pleasure palaces for execs of bankrupt companies continue going up
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George Proctor - He understands the human side of bankruptcy cases
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Implausible Deniability: The SEC Turns Up CEO Heat
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Kmart:

Kmart chief's vow: Save jobs
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Adamson talks tough
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Glee at Martha's misfortune
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Kmart chief: bankruptcy was a surprise
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Kmart Wins Court Approval For Sale Of Leases To Kimco
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It's a Good Thing Martha Has Top Lawyers
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________________

Enron:

JP Morgan Chase hits at insurers over Enron
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Judge Denies Enron's Request To Expand Swidler's Duties
(WSJ: separate paid subscription required)

Employees stop aiding examiner

J.P. Morgan and Citigroup Face Fresh Scrutiny Over Enron Work
(WSJ: separate paid subscription required)

Enron Asks Committee for E-Mails
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__________________

Bankruptcy administrator says regional aircraft maker Fairchild hasn't found an investor, faces being sold off in parts
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Drkoop.com bankruptcy sale raises e-mail concerns
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Bankruptcy Reform:

Bankruptcy bill passage prospects brighten
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Law Firms:

Stroock Raids Competitor's Bankruptcy Department
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Am Law 100: Prosperity Meets Reality
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Gardere Settles With SEC for $1.2 Million
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Profit Plunge - The Bay Area was the only region to see profits per partner decline in 2001
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Sidley's Big Gamble
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Revenues for Large Law Firms Reached Record Levels in 2001
(WSJ: separate paid subscription required)

Brobeck Loses Key Staffers to Clifford Chance
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Life on the Bubble
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Shearman Raids London Firm
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___________________

Komag Says Emerges From Chapter 11
(WSJ: separate paid subscription required)

Cereva Networks collapses
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Aladdin bankruptcy issues move closer to resolution
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Time for Another Debt Sales Boom?
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CMGI acquires assets of bankrupt iLogistix
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Russia:

Duma moves to end seizing of property in false bankruptcies
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__________________

India:

Inability To Pay Debts as a Ground for Winding Up the Company
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