June 10, 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

         
As Companies Neared Bankruptcy, Analysts Still Cried "Buy"
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No Firm Is Safe From Bad Decisions - Life Cycles Of Powerhouse Companies Are Shrinking With Alarming Speed
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New Bankruptcy Shield Oked - Healthy company cites antitrust suit as basis for Chapter 11
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Adelphia:

Adelphia Founder's Son Defends Family
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Adelphia lenders want to see cash
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Auditing Firm Said to Be Dismissed by Adelphia
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Analyst doubts Adelphia's subscriber count
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Bankruptcy would test Sabres' arena lease
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Communities served by Adelphia cast wary eye on company's plight 

Adelphia Approaches Banks on Bankruptcy Financing
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Adelphia nearing collapse
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Rigas Clan In Line Of Legal Fire Over Adelphia Mess
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Adelphia founder's son: 'It really wasn't all about money'
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Telecoms:

Williams holders want probe
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KPNQwest network closure looms despite last-ditch efforts
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KPNQwest's network could close
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Airwaves filled with carrier distress calls
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The Emperor of Greed - With the help of his bankers, Gary Winnick treated Global Crossing as his personal cash cow
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Founder Winnick May Kick in Funds to Aid Global Crossing Rescue
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How Global Crossing Pursued Tony Soprano
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Starband Blames Chapter 11 On Echostar Maneuvering
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Motient offers layoff alternative

Does WorldCom Have a Future?
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Airlines:

Feds cool to airline aid
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On the Road, to Stay in the Air
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Analysts Say Airlines' Woes Run Deeper Than Terrorism's Impact
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US Airways and Unions Fail to Agree on Concessions
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Vegas airline loan guarantee likely to be rejected
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Repairing for TAKEOFF
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In a Hurry to Sell Bitter Medicine
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Risky business: Corruption, fraud on rise in boardrooms
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CEOs face clamor over paychecks
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Daewoo Files For Bankruptcy
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Is Nasdaq headed below 1000?
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EdGate declares bankruptcy, will maintain portals
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Simon Transportation Announces Intention to File a Liquidation Plan And to Cancel the Interests of All Common Shareholders
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York Research:

York Research runs out of gas
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York Research files Chapter 11 bankruptcy
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American Tissue:

Cascade's bid for tissue plants prevails
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Court Approves Cascades' Acquisition of American Tissue Assets
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A room with debt - Florida leads nation in hotel loan delinquencies 

Banks have made large provisions for Gilat
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Rating Agencies Worry Over High Credit Card Losses
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Stock Exchanges Aim To Stiffen Rules
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Former Shelby Yarn employees sue for medical costs, back pay

Denny's franchisee slammed into Ch. 7 - Liquidation wasn't what Cypress Restaurants planned; 'just ran out of cash'
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Lafayette bankruptcy lawyer says he didn't know of plot
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Default Judgment Set Aside in Huge Asbestos Case - Lawyers Switch Sides to Protect Settlements
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Woman Pays For Bankruptcy, But Never Gets It
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California Insurance Fund Is Told to Shape Up
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  Accounting:

Andersen Alternate Juror Would Have Acquitted Firm
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Andersen Trial Enters Sixth Week
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After 4 days, no verdict on Andersen - Long deliberations good sign for defense
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An increasing cry of failed firms: Sue my accountant
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Select Fields Starved for Graduates

Wyman warns of more big firm collapses
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Andersen's humiliating month in court

Jurors Work The Weekend Deliberating Andersen Outcome
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Two Firms Await Results of Document-Destruction Cases

Big Four Firms Face Post-Enron Scrutiny
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Andersen jury probes Duncan plea
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Feds Reopen Cendant Investigation, Looking At Auditors' Role
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Deloitte Consulting to go private

US probe said eyeing Ernst & Young staff tied to Cendant audit
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Regulators Draw From Audit Firms
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EU agrees to adoption of IAS by 2005 - An end to the ‘current Tower of Babel in financial reporting’?
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In the Great Accounting Shakeout sparked by problems at Chicago-based Andersen, the rich seem to be getting richer
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Church must pay the price of abuse
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The Earnings Cult
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Enron:

Enron Money Trail Remains Cold
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Too Close to the Flame
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Money management firm's response expected in Enron lawsuit
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Delaware Court Says Venoco Executives Breached Duties by Sharing Information With Enron
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After Enron Scandal, Dynegy Fights for Identity as Separate from Peers
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Enron wife tries hand at re-energizing fortunes through retail
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Houston Does Not Believe in Tears
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US Ex-Im bank chief won't recuse himself over Enron
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CMS continues corporate garage sale
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Cascades cleared to buy U.S. tissue mills
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SNTL Corporation Completes Reorganization Plan Voting
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Steel:

Foundry seeks Chapter 11 bankruptcy protection
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U.S. blinks in steel tariff battle: Agrees to exempt 61 types after Europe threatens retaliation
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NYSE to Delist Bethlehem Steel Stock
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LTV's Copperweld next on auction block
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Keep tariffs

Foundry seeking bankruptcy protection: Operations to continue on schedule at one of Shoals’
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Cruise plan won’t float, skeptics say
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How to Lose $850 Million — and Not Really Care
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When jesters invest: Tonga's cautionary tale
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For 100,000 Without Jobs, Time and Aid Are Almost Up
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Bankruptcy Reform:

More Than Two Thirds of Americans Support Tougher Bankruptcy Laws and If Enacted, Nearly 80% Would be Less Likely to File for Bankruptcy, According to The Cambridge Consumer Credit Index
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Visa, big banks are everywhere they want to be on bankruptcy
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Woman hid property while filing for bankruptcy
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Farmland:

Lawyers harvest rewards of Farmland's filing
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Former Farmland CEO says there were miscalculations during expansion
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Farmland's Trouble: Near End for Co-Ops?
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Small co-ops waver among giants

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Creditors question Polymer Group's plan
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Tech Companies Trudge Through Extended Slowdown
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New Bankruptcy Opinions
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Bankruptcy Jobs - 152 Jobs - Last Updated June 10, 2002
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Bankruptcy Court Web/Pacer Site Directory

It's All a Matter of Bad Timing - NTL, a 'good company with a bad balance sheet'
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Company loans to officers raising eyebrows
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Cheney's Company Finally Comes Under Investigation
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Company in Trouble? Just Let Him Loose
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Power Utilities:

Energy Traders Acknowledge 'Round-trip' Power Deals
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Sierra Pacific says Nevada Power gets $300 mln bond
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Calif. Gov. Seeks FERC Probe Into Perot Systems
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Head of Texas-Based Technology Services Firm Defends Company
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Credit Worries Crystallize at Williams
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Enron Investigators Send 'No Shred' Letter To Perot
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Moody's cuts Williams Cos. to Baa3, outlook negative
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CEOs are going, going, gone
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Bankrupt LLS Corp. could command $136.5 million
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Baldwin Piano just a fading note
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Executive Pay: Heads I Win, Tails I Win
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ClearBlue Technologies Purchases Managed Hosting and Development Assets Of AppliedTheory Corp Under Chapter 11
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Law Firms:

Time To Get Back To Basics: Law Firm Business Development During A Recession
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The Bay Area Looks Good to Outside Firms - Lures are cheap rent, falling partner profits
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Summer Associates: What Firms Nationwide Pay
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Summer Associates: Who Is Cutting Back?
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Major Downsizing Hits New York Firm
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Frisco Firm Feels Growing Pains
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Lone Star Cafe rebounds
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`Enron Effect' Turns Up Heat On Top Executives' High Pay
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Judge OKs sale of Magnesium assets
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Pentacon seeks OK of bid procedures
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Kmart:

Kmart's 'loans' to executives really just departure bonuses 

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Land woes - 1,800 acres of ranch land west of Fort Worth Alliance Airport has slipped into bankruptcy
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Bankruptcy: Why some CEOs may not see it coming
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Down, but not out of business - USi has emerged from bankruptcy with its business, though not its stock, intact
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Harrah's boosts stake in JCC Holding
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Big Biz Reaps What it Sows
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Germany:

Commerzbank, WAZ and Columbia join forces in bid for KirchMedia

Financial Supervisors Aim to Track Down Criminals
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Blimp-Maker CargoLifter Declares Bankruptcy
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Partial Victory for Kirch in Dispute With Deutsche Bank

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England:

UK ‘should be grateful for the alarm bell’ - An Enron-style scandal could happen here if corporate culture doesn’t change
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Japan:

New insurance rules for failed insurers
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Hong Kong:

Fortunes lost, fortunes gained: Five years after handover to China, Hong Kong struggles
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Restaurants' failure to cost $100m
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Argentina:

Argentina's Duhalde says no to new IMF demand
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Canada:

Cochran faces financial ruin
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