June 27, 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:

An all-time low
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The WorldCom We Hardly Knew
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Accounting Spot-Check Unearthed A Scandal in WorldCom's Books
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Some Think It's the Tip of the WorldCom Iceberg
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Banks tally WorldCom exposure
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WorldCom Fiasco Brings Crisis of Trust
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Company Was Negotiating to Nearly Double the Amount of Its Loans
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WorldCom's ousted CFO drove growth strategy
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Andersen Blames Client; Auditor's Role at Issue
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Salomon Is Likely to Come Under Fire
(WSJ: separate paid subscription required)

The Latest Corporate Scandal Is Stunning, Vast and Simple
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Another Big Loser: Campaign Coffers

WorldCom Plunges Step Closer to Bankruptcy After Latest Accounting Scandal
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WorldCom cheerleader goes quiet
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Syndication may cushion banks' blow - Crippled WorldCom's debt estimated around $30 billion
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The company sketched out on the back of a napkin that grew to $180bn
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Scandal Puts WorldCom Near Bankruptcy
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How WorldCom, and others, fudged results
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Ebbers, down but not out
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WorldCom in 'death spiral'
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Fund Bosses Burned By Bad Calls On Telecom Giant
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Staffers: We've Been Idle For Months
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Bush Says WorldCom Probe Coming
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WorldCom May Dump Real Estate to Cut Costs, Adding to U.S. Glut
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WorldCom Woes May Be Good for Sprint
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Strategy Behind Scheme Is Simple
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The rise and fall of Bernie Ebbers
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WorldCom ploy prompts outrage
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How Will the WorldCom Situation Affect Telephone and Internet Service?
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WorldCom Employees Seem Numb to Company's Revelations
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Banks Hanging Up On Worldcom
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Investors' prospects look grim
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Cable industry faces WorldCom knock-on effect
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Fujitsu, Other Suppliers See Sales Little Changed on WorldCom
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Experts Puzzled by WorldCom
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Effects Ring Loudly
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Banks' WorldCom Risk Said Below Enron Levels
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Traders Picking Up the Pieces after Worldcom Shock
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WorldCom Scandal Setting Off Alarms
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Web Unit Shines Amid Troubles
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Employees left angry, gloomy at WorldCom
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Spending spree that crippled the giants of telecoms
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Analysts' Advice Came Much Too Late
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Business Customers Weigh Options Should WorldCom Fall
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WorldCom Fallout Is a Call Waiting
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WorldCom Debacle May Keep Exec Insur Rates High Into '03
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For Firms, Losses In The Billions
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Market Eyes Office REITs With Exposure To WorldCom
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WorldCom charged with fraud by SEC
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WorldCom Inc.'s Accounting Actions Could Lead to Higher Prices for Businesses
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WorldCom fallout is hurting U.S. banks
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Mississippi Residents Grapple with Fallout from WorldCom Scandal
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Will WorldCom Wreak Havoc the US Financial System?
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Credit Default Swaps Widen After WorldCom
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WorldCom's simple scam
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$4bn US fraud scandal sparks market turmoil
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EDS Faces a New Headache
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Disgraced WorldCom faces fraud charge
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WorldCom Problems Affect Austin
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WorldCom May Survive After All

WorldCom CEO Says He Won't Abandon Sinking Ship
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Amtrak Reaches Pact With U.S. To Receive $100 Million Loan
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Weyerhaeuser to Contest Claims in Paragon Lawsuit
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  The price of success - Are bankruptcy professionals getting excessive bonuses for just doing their jobs?
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DIP Dimensions: Farmland Industries
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Investors fear the worst is yet to come
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Letter from Delaware: Trustee shake up
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Richfood Settles for Lower Debt in Norfolk, Va.-Based Grocers' Reorganization
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Enron:

Playboy's women of Enron tell of boom to bust
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Payment Denied for Enron Workers' Lawyers
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Playboy's 'women of Enron' issue hits newsstands
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Bank of England says Enron collapse exposed vulnerabilities
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Land Office: Enron owes $4.6 million from oil, gas
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Enron Says It Will Let Option to Repurchase 16,600-Mile Pipeline System Expire
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Secret Enron loans being scrutinized
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Enron criminal inquiry looks at two British banks
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What Enron can't cover-up
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Senators say Enron holding up investigation
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Accounting:

Andersen attorney may be next investigation target
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Lawyers See Lessons in Andersen Trial - Routine tasks can become calamities
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Andersen says it didn't detect WorldCom 'mistake'
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Works of fiction shake investors
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Frankly, Ebitda
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Andersen tries for new verdict
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EBITDA: Anatomy of an Accounting Gimmick
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WorldCom sparks more reform talk
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Fighting for strong reform
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Value of Audit Reports Disputed
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Call auditors to account
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KPMG Consulting to Pay $63 Million for Andersen Consulting Operations
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WorldCom accounting scandal spurs new pressure for reform
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Bankruptcy judge lets Emerald Casino talks go on
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NASD's Records Hide Past Sins of Bad Brokers, Investors Say
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CoServ:

CoServ Files Reorganization Plans
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Bankruptcy Settlement Forces CEO Out of Electric Cooperative
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Aladdin sale moves along
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Telecoms:

Fibernet Shuts French, German Networks, Begins Review
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Williams Commun, Trustee Oppose Bid For Shareholder Panel
(WSJ: separate paid subscription required)

Group Telecom seeks creditor protection
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Andersen denies KPNQwest sign-off
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NEON Communications to Complete Financial Restructuring and Reduce Debt by Approximately $250 Million Through a Chapter 11 Filing
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Accounting errors highlight chaos in industry
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ITC DeltaCom files for bankruptcy
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SNET Opposes Network Plus Exclusivity Extension Request
(WSJ: separate paid subscription required)

Bidders vie for KPNQwest unit
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ITC DeltaCom files for Chapter 11; tentative plan devised
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Tougher times seen for telecoms
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Qwest Down 63%; Analysts Make Comparisons To WorldCom
(WSJ: separate paid subscription required)

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Farmers to Appeal Bailout Decision
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Crackdown Intensifies: 'Purifying' Card Losses
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Law Firms:

What was Dorsey's undoing?
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Associates: Where Have All the Good Times Gone?
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More Defections From Brobeck Being Negotiated
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Andersen Killed His Firm But He's Not Bitter ... Really
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Critics Say PacifiCare Misled Investors in Selling Bond Deal
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'Under God' in Pledge ruled unconstitutional
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Napster asset auction gets court OK -
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Electricity:

U.S. judge lets PG&E appeal bankruptcy case setback
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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

The gang that couldn't loot straight
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Chapter 11 prevents medieval headaches
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Will this mess ever end? - Guys! Guys! You're supposed to have all this tech and telecom stuff fixed by now!
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Martha:

Martha Stewart Shares Tumble, Fueled by Reports of Wider Probe
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U.S. Prosecutors Want to Persuade Stewart's Broker to Give Testimony
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Fearing Scandal, Executives Spurn Offers to Helm Public Companies
(WSJ: separate paid subscription required)

Kmart:

Kmart extends investigation to its directors
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Judge to Decide on Kmart Lawyers
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Landlords/Owners Hope to Rent Former Kmart to Big Box Stores
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Kmart/Investigations: Attorneys Reviewed 600,000 Pages
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Kmart lawyers ask for power to subpoena - Move signals progress in accounting probe
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Kmart Looks to Share Information
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Kmart's Martha tarnished
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Kmart Seeking New 'Joint' Committee For Investigations
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Corporate tax dodgers continue flight overseas
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Adelphia:

Will ABIZ's unsecured cry fraud?
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For Bankrupt Adelphia, Debt Load Gets Heavier
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Adelphia finally bottoms out
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Adelphia Stakeholders Tell Judge of Their Anger

Cablevision Stock Takes a Hit
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Adelphia Vultures Take Another Look
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Bankrupt cable giant Adelphia reorganizing with $1.5 billion loan
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Adelphia, Founders May Face Suit by Los Angeles Over Service
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Los Angeles Seeks Part Of Adelphia Loan For Cable Upgrade
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Adelphia Communication Corp. Pays Riverside, Calif.-Area Franchise Fees -Even if the municipalities that have agreements with Adelphia wanted to get out from under their contracts, chances are they wouldn't be able to
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Adelphia Details Creditors In Its Filing for Bankruptcy
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Adelphia cable sales seen easier in bankruptcy
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Bankrupt Adelphia begins reorganization efforts
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No harm to cable service expected
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Bankrupt Adelphia discloses $18.6bn of debt
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Bankrupt Phar-Mor to Auction Off Its Assets
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Fraud claims probed in Vegas - Firm claimed products would enlarge body parts - State wants to appoint bankruptcy trustee Tom Grimmett as ancillary receiver
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Faith in corporate America crumbles

Plans Filed to Settle Denton County Electric Cooperative Bankruptcy
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Seat of power: Lawmakers' spouses get board seats
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Illinois Gaming Board will wait on Emerald Casino settlement
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Bidders Battle for Opportunity to Revive Polaroid Corp.
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Associated Wholesale Grocers to Acquire Assets of Bankrupt Oklahoma City-Based Firm
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Confidence takes a dive
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More scandals inevitable - Accounting fraud and insider trading reflect freewheeling days of go-go '90s
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Airlines:

US Airways Asks For Support Of Loan Guarantee
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_____________________

Canada:

Can yields prevail over credit woes?
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WorldCom crash hits Canadian firms
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Manulife and Sun Life exposed to troubled WorldCom for millions
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____________________

Japan:

Watchdog raises bank scrutiny
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____________________

England:

Generation D is destined for the dole queue
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___________________

Indonesia:

Manulife seeks to go back in business soon
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Manulife's Indonesia Unit Wins Small Victory in Its Legal Battle
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