June 21, 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

         
Accounting:

Andersen on life support
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Andersen Jurors Allege Two Slept During Trial
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Big Accounting Firm's Tax Plans Help the Wealthy Conceal Income
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Ernst & Young helping wealthy cut taxes
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The Enforcers of Wall St.? Then Again, Maybe Not
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Andersen employees face tough interviews
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SEC will consider PAB
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Deloitte hires 39 Andersen partners, 320 Andersen staff
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Moscow judge throws out case against PwC
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GAO Releases Report on The Accounting Profession

Democrats Assail SEC Audit Plan
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Governance Panel Says It Will Not Shy From Tough Issues
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Domain name pain for PwC's Monday
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Andersen's RI unit merges with Ernst & Young
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SEC Unanimously Accepts Reform Plan
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IRS Scrutinizes Rapid Climb in Tax-Book Differences

Tighter oversight of accounting industry, bolstering investor confidence now partisan issue as SEC endorses Bush plan
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SEC proposes auditing its own monitor
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IRS to Expand Requests For Tax Accrual Workpapers

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ACT:

Court OKs ACT Manufacturing Asset Sale Bidding Procedures
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ACT bidders must beat Baring Asia
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Standard auction rules to get OK
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Federal Agency Takes Over Pensions Of ABC-NACO Inc
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Electricity:

Dynegy halts online trading platform one day after layoffs and CFO departs
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Power traders see little impact from Dynegydirect's end

Perot E-Mails Show Edison Contact
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Perot Systems Submits Documents to the California Attorney General and a California State Senate Committee
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Judge Sets Schedule For FERC Hearing On PG&E Plan Issues
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Malan Realty seeks shareholder approval for liquidation plan
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Judge: Pay up or go to jail - Ben Mar principal owes $48,933
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Martha Stewart Cringing
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How ImClone's dirty dealings soiled America's diva of domestic perfection
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Kmart:

Kmart board blindsided?
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Kmart takes in $46.65M from lease auction
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Cozy Kmart exec deals blasted - Creditors urge bankruptcy judge to stop retirement supplements
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Subsidiary bought 2 planes - Purchase came just before cash ran out
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Kmart shareholders' committee asks for attorneys
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Airlines:

Midwest Express Airlines Says It Won't Seek Federal Loan Assistance
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Airlines hit hardest by downturn
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President Casino:

President Casinos craps out
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President Casino in downtown St. Louis files for bankruptcy
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Malan Liquidation Plan Far Short Of Co's Value 2 Yrs Ago
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Morgan Stanley Goes to Washington To Curb State Regulators' Power
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  Williams, unsecureds to proceed
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For Directors, Blurred Loyalties
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Telecoms:

Global Flameout - Chairman Gary Winnick spent like a Roman emperor. But the fall of much-hyped Global Crossing spells trouble for other telcos too.
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WorldCom throws debt weight at banks
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Domino effect of CLECs filing for bankruptcy aggravated by the anti-competitive behavior of SBC Ameritech?
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Bankrupt XO Communications Can Pay $8M To Vendors
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McLeod Is Test Case of Theory: Chapter 11 Helps Telecom Firms
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Manulife sets aside $320M for telecom losses
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KPNQwest in last minute rescue?
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StarBand, EchoStar End Their Dispute
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New Rescue Package for Dialpad Eyed
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Marconi May Convert Debt to Stock
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Stiffer white-collar penalties sought
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Law Firms:

For Verner Liipfert, Next Shake-Up May Be Merger
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Paralegals Pinched By Economic Downturn
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New York Judge Cites Ethics Concern Over $625 Million Tobacco Case Fees
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Partner Recalls How His Transatlantic Merger Got Done
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Firms Limit Headhunters, Continue Campus Recruiting
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Ex-Kronish Lieb Partner Resigns From Bar Over Improper Expenses
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Denver Firm Stakes California Claim
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Snow Forecasts Associates Raid, No UK Mergers for NY Elite
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Pepper Hamilton Managing Partner Steps Down
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Partner Who "Unretired" Can Be Denied Benefits
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Defections, Layoffs Kill Satellite Office
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Firm Goes On Silicon Valley Hiring Spree
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London Firms Muscling Up To Take on More US Work
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Partner Defections Hit 10 Percent After Merger Failed
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Farmland lenders agree to concessions in post-bankruptcy financing
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Economy:

U.S. Consumer Confidence Falls to 9-Month Low in Bloomberg Poll
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Junk bond defaults rise
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Stocks Tumble to New Lows for the Year
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Amtrak:

Amtrak is about to be run over
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Amtrak may start shutting down trains next week without government help
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Transport Chief to Call for Big Changes at Amtrak
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More bleeding, less competitive lending
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Enron:

Enron subsidiaries' employees want in on severance
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Executive Greed At Enron
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Enron Calls Off PGE Sale
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Bankrupt Seafood firm's assets sold
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Sweet Factory must wait
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Lenders More Optimistic About Domestic Lending Than Any Other Time In Last Two Years, According to Phoenix Lending Survey Results
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Court returns $8 million to Eagle Cash Management Account System for Debt Recovery investors
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New Bankruptcy Opinions
(1 new opinion today)

Bankruptcy Jobs - 149 Jobs - Last Updated June 18, 2002
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Bankruptcy Court Web/Pacer Site Directory

Trademark Applications Take a Dive With Economy
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Adelphia:

Adelphia Defaults on $45 Mln in Interest, Dividend Payments
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Bankruptcy Looms at Adelphia
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Adelphia Business Solutions Enters Into Agreement Relating to Proposed $15 Million DIP Financing
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Adelphia Announces Grace Period Has Expired for Interest Payments And Preferred Dividend Payments
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11 Adelphia Business Solutions affiliates file Chapter 11
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NHL Takes Control Of Sabres
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Former LA Mayor Says Won't Buy Adelphia Assets
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LA Official Threatens Adelphia's License
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Adelphia Scandal Leaves Ditch Digger In The Hole
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Adelphia Gives Reassurances About Services
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Adelphia open to bankruptcy move
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Adelphia woes bring cable box restrictions
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BellSouth buys Adelphia lines
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Nikon Corp Objects To Sale Of Polaroid's Assets
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Sunterra to emerge from Ch. 11
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Deal Approved to Return Funds to Investors in Collapsed Capital Consultants
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Assisted Living Concepts announces layoffs, asset sales
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Bankruptcy Judge: Labels can pursue injunction against Madster
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Steel:

Bankruptcy Plan Gives Geneva Access To Cash
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Secured Lenders Agree to Continued Access Of Geneva Steel LLC to Cash Collateral
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Republic Announces Approval for Sale of Plant in Cartersville, Ga.
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TMA Financing Survey
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Pension Fund Agency Sees Declining Surplus
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Japan:

Change at banks starts in personnel departments
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Canada:

White Rose withers into bankruptcy
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White Rose Crafts and Nursery files for bankruptcy, board resigns
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Indonesia:

Canada may strike back at Indonesia
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Manulife fights bankruptcy case
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Manulife Financial Fight Gains Steam in Indonesia
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Indonesia Receiver Orders Canada Manulife To Stop All Ops
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Indonesian VP Warns Canada to Avoid Retaliation Measures
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Panel of judges voted 2 to 1 to declare Manulife bankrupt
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Manulife Indonesia Barred From Business as it Fights Ruling
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Ruling Shakes Investors in Indonesia
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Germany:

Jetmaker considering other suitors: Fairchild Dornier
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England:

Board pay gets out of hand
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Equitas cheers with asbestos claims freeze
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