March 14, 2002 

Daily Bankruptcy News

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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

         
Enron:

Enron Plaintiffs May Name Citigroup, J.P. Morgan
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Enron's banks, law firms may become new target: Citigroup, J.P. Morgan: List of defendants in suits likely to be expanded
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It's The Lawyers' Turn To Answer For Enron
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Class warfare
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Employees' Committee To Be Appointed Within Two Weeks

Judge to Select Examiner to Look into Fraud Claims at Enron
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Congress Investigates Enron Lawyers
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Second Examiner To Be Appointed
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Judge to name examiner to look into fraud claims at Enron
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Enron's law firm may face new scrutiny over its role
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Lawmakers Get Conflicting Advice On Enron Fix
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Enron tripled money spent on lobbying Washington
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Enron to auction services contracts
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Electricity contract auction, utility settlement receive OK
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Hollywood pumps energy into Enron projects
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State Street Is Set to Oversee
Enron's Retirement Plans
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Enron Auditor Faces Obstruction Rap
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Astros Airbrush 'Enron Field' Away
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Former employees to get bankruptcy committee status
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Florida Prepares for Pension Fight
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For love or love of money? - The tale of Anna Nicole Smith's legal triumph
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Moody's to Report on Companies' Ability to Raise Cash
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Pros say poor discipline main cause of credit ills
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Power Utilities:

Bankrupt utility gave executives big bonuses
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SoCal Edison Retains Certain Claims Against Enron
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California lawmakers to subpoena Enron officials
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The Energy Crunch: A Year Later
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Classic:

Classic Communications trying to amend DIP
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Classic Cable Negotiating to Amend DIP
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Guilford Mills Files Reorganization
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Friede Goldman To Reorganize Its Offshore and Marine Segments
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Investors in Bankrupt Dallas-Based Home-Textile Firm Learn Tough Lesson
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Bankruptcy looms as Highland Park lays off workers - City may dissolve
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W.R. Grace:

Charges against bankrupt Grace can proceed
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Grace bankruptcy is here to stay
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Update On W.R. Grace Proceedings
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Economy:

Recession Arbiter Says U.S. Economy
May Be on the Mend, Citing Jobs Data
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U.S. Scrutinizes Bermuda Tax Shelter
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Retailing: The Vultures Are Circling
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Troubled Retailers Leave Behind Cavernous Sites in Central Texas
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NY Lawyer Sanctioned $25,000 for "Obnoxious" Comments (scroll down)
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Central Freight Lines of Texas Wants to Buy Bankrupt Simon
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  Accounting:

Arthur Andersen Loses Two Possible Merger Partners
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Ernst & Young rejects Andersen takeover
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Andersen May Head to Bankruptcy If Buyer Not Found
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How Accounting Fell From Respectability
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Household International drops Andersen
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Andersen Considering Bankruptcy Filing Over Enron
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Accounting firm sued over business valuation
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Andersen's Difficulties Makes Lease for New York Office Space Uncertain
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Andersen tries to head off indictment
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Leaving Arthur Andersen
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US Congress probe will test plans for audit review board
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Ernst & Young Won't Try to Acquire Arthur Andersen
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Indictment Looms for Andersen
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Andersen, feds may settle soon; firm reportedly would pay huge fine
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If Andersen goes under, so will hopes for reform
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Former Andersen CEO Calls Enron Scandal Genuine Disaster
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Do Funds Have Auditing Conflicts?
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Accountants' Insurance Rates Rise
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Justice Department, SEC working on different tracks in Andersen case
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Justice continues hard line with Andersen
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Buying Andersen Poses Big Risks
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Auditors are figuring out a way forward post Enron
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Andersen options dwindle as suitors exit
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Ernst & Young Rules Out Andersen Combination
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Andersen: Saga of Image Blunders
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Another Accounting Debacle
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Judge OKs bankrupt Dictaphone exit plan
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Bankrupt Online File-Sharing Entrepreneur's Liabilities Top $700,000
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Firms bid for Kmart inventory
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Telecoms:

Global Crossing viewed in light of Enron collapse
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Job 1 at Global Crossing: Hanging On to Customers
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High Court Adds New Possibilities To NextWave Picture
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Miami Heat Goes After Premium-Ticket Deadbeats
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Global Crossing hearing rescheduled
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Global Crossing Looking at Bids
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The firesale at Global Crossing 

New York Firm Is Top Bidder for Bankrupt Massachusetts Telecommunications Provider
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Verizon Wants Credit For NorthPoint Investment
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Trouble With Telecoms
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Steel:

DIP Dimensions: National Steel Corp.
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Tariffs on Steel Alloys Send Inquiries to Bethlehem Steel Corp.
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Conseco still faces cash crunch
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Business Debts Reached $30 Million for Troubled Davenport, Fla., Box Maker
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Movie chain's family business becomes public - Some creditors are grumbling over revelations from Edwards' new owner
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New Bankruptcy Opinions
(No new opinions today)

Bankruptcy Jobs - Updated March 13, 2002
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Bankruptcy Court Web/Pacer Site Directory

Valuing the Invisible: How to Manage Bankruptcies of Knowledge-based Companies
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Airlines:

Sun Country Airlines Wins Court Approval for $1.5 Million Loan from MN Airlines
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Airlines slow to recover - Losses continue despite return of travelers and employees due to low fares
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Bankrupt Décor Gravure sells assets
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J.P. Morgan Takes Big Hits as It Seeks to Boost Fees
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J.P. Morgan Shows a Knack for Being In the Wrong Place at the Wrong Time
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Coram bankruptcy trustee named
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HQ Global:

HQ Global seeks bankruptcy
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FrontLine Capital unit files for Chapter 11 bankruptcy
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HQ Global Workplaces Files Voluntary Petition for Relief Under Chapter 11 of U.S. Bankruptcy Code, Receives Commitment for $30 Million in Debtor-in-Possession Financing
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Law Firm Restructuring:

Hiring Trends and Outlooks
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2002 Associate Hiring Down at Philly Firms
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Non-Lawyers Gaining Power at Some Firms
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Bankruptcy Court Says Parent of Minnesota Brewing Can Use Funds for Cash Flow
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Casual Male Corp. Announces Agreement to Sell Work 'N Gear Business
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Seller of Home Warranties in St. Louis Closes, Consulting Bankruptcy Attorney
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Former Dot-Com Executives in Philadelphia Area Discover Not-Com Lives
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'80s teen con artist turns tables on fraud
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Allfirst Senior Executives Are Fired
For Failing to Detect Massive Fraud
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Sulzer Medica says it filed final dlrs 1 billion settlement
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Crestland creditors face offer deadline Friday
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Korea:

Daewoo creditors won't accept GM demands: 'It's a game of chicken at the moment' over renegotiating price: Buyout talks stalemated
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Daewoo Electronics, 21 Other Firms Face Delisting on Accounting
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China:

First bankruptcy auction of a wholly foreign owned firm fails
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Japan:

Japan Raises Economic Assessment, Signals Recession Near an End
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Prospects of Economic Reform in Japan Look Dismal
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Japan Feb. Bankruptcies Rise 14.6%; 6th Monthly Gain
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FSA, BOJ dispute risks financial system
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World Bank Sees Risk Of `Severe Credit Crunch' In Japan
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Germany:

Company Insolvencies Expected to Climb Sharply
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Holzmann No Longer under Threat of Insolvency
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Canada:

Lawsuit filed against BiWay owners
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Killer credit squeeze - Bankruptcies up, expert says easy credit is one big reason
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