June 26, 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 Finds $3.7B Hidden in Books, Bankruptcy Predicted
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Bankruptcy for WorldCom?
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WorldCom woes cap a collapsing industry
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Australian shrs sag 1.1 pct as WorldCom takes toll
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WorldCom uncovers huge accounting fraud
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Andersen turns on CFO in Worldcom scandal
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WorldCom Internal Probe Uncovers Massive Fraud
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Shattered WorldCom heads down Enron road
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WorldCom Debacle Shakes Asian Markets
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Numbers crumble at WorldCom
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Telecoms giant admits huge fraud
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Cowboy's parting shot will rock US
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Europe sees WorldCom scandal as "American disease"
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Worldcom Could Be Forced To File For Bankruptcy
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Japan telco, tech shares sink in WorldCom's wake
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ING declines to detail WorldCom exposure
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Where Will the WorldCom Damage End?
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Humans driving Earth bankrupt
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Adelphia:

Adelphia Files for Chapter 11
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Adelphia Filing Seen As Opportunity
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Another Corporate Belly Flop
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Adelphia Founding Family Sidelined
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Adelphia Communications chronology
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Adelphia to File for Chapter 11 Bankruptcy Protection Tuesday
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Adelphia Files for Chapter 11; Financing to Keep It Operable
(WSJ: separate paid subscription required)

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Accounting:

Seitel accuses ex-executives of misusing funds
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Accounting profession facing a dwindling population
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Andersen and Developer Scuttle Times Square Deal
(NYT: separate free registration required)

Auditor row over KPNQwest accounts - Deloitte denies having signed off last year's company accounts
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Peregrine Names New Auditor
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Andersen asks to throw out verdict or grant new trial
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Seitel Finds Possible Wrongdoing
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ICAEW reveals the firm of the future
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Audit Reform Plans May Leave GASB Out in The Cold
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Standard to sell Ranor unit
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qServe seeks cash collateral use
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Advanced Systems Gets Petition For Ch 7 Involuntary Relief
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Sale plan for the Aladdin finalized
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CSFB loses bid to dismiss client suit over IPO practices
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Summary Judgment On Liability Granted Against Weyerhaeuser in $400 Million Breach of Warranty Case BY Bankruptcy Estate
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Law Firms:

Texas law firms post healthy gains
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Boies firm carves new niche
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Boston Firms Get No Respect
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Austin Tech Firm Refugees Seek New Homes
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Could Antitrust Loss Bankrupt Visa and MasterCard?
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Guardian angels or costly middlemen - Credit counseling services have supporters, detractors
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Pennsylvania Seeks Damages In Reliance Insurance Collapse
(WSJ: separate paid subscription required)

  Southeast Banking:

Settlements Close Books on Southeast Banking Case; Trustee Agrees To $51 Million in Settlements
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A $51M settlement for Southeast
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$39.5M paid in Southeast bankruptcy - Law firms, auditor, directors settle
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UST:

Attorney General Fires U.S. Trustee
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PG&E trustee to be fired
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Attorney General fires U.S. Trustee who is watchdog for thousands of bankruptcy cases
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Ashcroft Ousts California’s Bankruptcy Trustee
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Ashcroft fires bankruptcy administrator
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Concerns Over the Use of SPEs by Financial Institutions (Mondaq: separate free registration required)
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Feds: AremisSoft faked deals
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Economy:

Shares in fresh plunge
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Consumer confidence tumbles to four-month low
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Poll finds wealthy wary about economy
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Airlines:

Air Do files for protection
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Airlease Ltd. Commences Litigation Against US Airways
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US Air Shares Off After Payments Deferred
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US Airways deferrals could cause grief, or relief
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Peru's Aero Continente unit files for bankruptcy
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Right Stuff for an Airline Loan: Political Pull
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Electricity:

PG&E Issues Statement After CPUC Retains UBS Warburg
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UBSW: Will Finance State's Alternate PG&E Plan, If Needed
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Utility Regulators Join UBS Warburg
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Wall Street Firms Marketed Deals To Burnish Energy Firms' Results
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Dynegy's credit rating lowered
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Warburg to push PUC plan
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Napster:

Napster wins approval Of $5.1 million debtor-in-possession loan
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Bankruptcy Court OKs Bid Rules For Napster Sale to Bertelsmann
(WSJ: separate paid subscription required)

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Enron:

RBC sues Rabobank in Enron matter
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Payment Denied for Enron Workers' Lawyers
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NewPower can't pay Enron
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Enron Criminal Investigation Is Said to Expand to Bankers
(NYT: separate free registration required)

Connecticut probing failed trash-to-energy deal with Enron
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Conn. to launch criminal investigation into failed Enron deal
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U.S. Probes NatWest Ties To Enron Partnerships
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Enron forces EU to focus on company law
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Banks-Enron Link Investigated
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Homeland Files Joint Plan of Reorganization
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Buyout firms vie for Phar-Mor
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Credit Card Delinquencies Steady, Auto Loan Defaults Dip
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Steel:    

Bush Gives Steel Tariff Exemptions
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Scam may have kept bankrupt steel company alive
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Bush Advises U.S. Steelmakers To Use Tariff Benefits Wisely
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New Bankruptcy Opinions
(1 new opinion today)

Bankruptcy Jobs - 132 Jobs- Last Updated June 24, 2002
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Bankruptcy Court Web/Pacer Site Directory

US Money Laundering Controls: Current Regulatory Activity (Mondaq: separate free registration required)
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Martha:

Congress looks at Martha Stewart's ImClone trades
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Martha Stewart Faces Wider Probe Over Her Sale of Shares of ImClone
(WSJ: separate paid subscription required)

Martha Stewart image coming under attack
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This target's just too easy
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__________________

Summary Judgment Issued To Bankrupt Paragon Trade Brands Vs Weyerhaeuser
(WSJ: separate paid subscription required)

Senate Derivatives Oversight Hearing Seen in July
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Kmart:

Kmart Hldr Panel Withdraws Request To Hire Fincl Adviser
(WSJ: separate paid subscription required)

____________________

Telecoms:

FCC blasted on Verizon ruling
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KPN Disputes Amount It Owes to KPNQwest
(WSJ: separate paid subscription required)

Judge approves Teleglobe DIP
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SEC Adopts Tougher Position On Qwest Accounting Methods
(WSJ: separate paid subscription required)

ITC Deltacom files for bankruptcy, to cut debt
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KPNQwest trustees meet, may pick buyer Wednesday
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Nasdaq Futures Drop on WorldCom Slump, Adelphia's Chapter 11
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Court OKs Globalstar Settlement With Ericsson Affiliate
(WSJ: separate paid subscription required)

360networks sees restructuring completed by fall
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Integrated Telecom Express Provides Update on Liquidation
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Alcatel hammered by warning
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______________________

Bankruptcy Crt Sets Mar 3 Deadline For Federal-Mogul Claims
(WSJ: separate paid subscription required)

One-fifth of junk bonds now distressed
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Stage Stores Puts Bankruptcy Behind, Starts New Store Roll-Out
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Pa. Regulators Sue Paul Steinberg
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McDermott sees losses from asbestos claims
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Indonesia:

Indonesia takes Manulife judges off cases for probe
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'Govt must quickly resolve Manulife fiasco'
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CIBC boosts Manulife to "Buy"
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Judges grilled over controversial Manulife ruling
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Manulife Wins Court Approval To Reopen Indonesian Operations
(WSJ: separate paid subscription required)

Indonesia probes 'irregular' bankruptcy
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Many Indonesian Hospitals Bar Manulife Clients
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______________________

England:

Tech boss warns of small firm collapse
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Time to boot out the super creditor rule
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House price slowdown likely, says PwC
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_____________________

Canada:

Microforum's Creditors Approve Plan of Compromise or Arrangement
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Supreme Court of British Columbia extends order enabling 360networks to restructure
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______________________

Hong Kong:

Bank of China HK passes parent HK$7.4bln of bad debt
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_____________________

Argentina:

Blows Keep Coming for an Argentina Long in Crisis
(NYT: separate free registration required)

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