March 18, 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:

It will be a scramble if Anderson shuts down
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Industrial scale shredding alleged
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SEC to issue guidance on Andersen
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Android machine risks slowly bleeding to death
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Andersen Misread Depths of the Government's Anger
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9th Circuit Sets Higher Hurdle in Accounting Fraud Suits
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Andersen's Global Partners Worry
About the Effects of U.S. Indictment
(WSJ: separate paid subscription required)

Andersen finds itself butt of jokes in Washington
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Andersen loss would sting Chicago
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Andersen's Defense to Obstruction Charge Is Shaky, Experts Say
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Spanish partners look for way out after breaking away from parent company
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Wanted: Andersen alive, not dead - Criminal charge may prove costly to Enron victims
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Andersen Stays Afloat, but for How Long? [
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Race to rescue Enron auditor

Andersen also talking to KPMG, Ernst & Young
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Auditing-Consulting Springboard Questioned
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Close ties between auditors, clients raises questions
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SGV may drop Arthur Andersen as partner
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Chicago firm can't keep going, many think
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Wyeth Is Likely to Leave Andersen
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Preserving staff is priority: Anderson
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Widespread misuse in accounting feared
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Andersen employees say they're victims, too
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Defiant Andersen running out of road
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Andersen Workers Struggle to Stay Focused as Troubles Mount
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Andersen begins to fragment after charges in Enron case
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More States Review Andersen Licensing
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US companies rethinking Andersen ties after Enron
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Odds of Arthur Andersen's Survival Are Narrow Following Its Indictment
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Experts see bankruptcy as best move for Andersen
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Andersen, Deloitte Deal Just Missed
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Change Likely for Accounting Industry in Aftermath of Enron Scandal
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Berkshire Adds $4.9 Bln Off Balance Sheet Loan to Balance Sheet Following Review
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Justice Is Left With Much to Prove
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Andersen faces bigger client exodus

The Costs of Auditor Chaos
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Andersen left to a lonely, lingering death
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Cover-up gets 'em every time
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Andersen Fallout May Prove Short-Lived, As Competitors Take Lost Business
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The end of an empire
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Chap 11 Could Signal Andersen Surrender
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Andersen Staff Vows to Fight with 'Gloves Off
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Death knell for Andersen?
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Andersen Loses More Clients
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Wireless Group cuts links with Andersen
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Statement denies that Anderson's UK division destroyed Enron documents

Andersen seeking quick trial, Washington Post says
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Polish Andersen Branch Considers Separation From Troubled Parent
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Arthur Andersen Vows to Fight Government Ban
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Criminal Charges Could Threaten Arthur Anderson Survival
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Master shredder to be chopped into pieces

Arthur Andersen Comeback Seen Unlikely
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KPMG, Andersen Sale Still Alive, but Liability Hangs Up Deal
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Andersen loses 3 more big clients
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Auditor faces flight in ranks
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Andersen Lawyer Says Speedy Trial May Avert `Death Penalty'
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Andersen employees say they're victims, too
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Rebuilding after bankruptcy
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American Classic Voyages gets court hearing
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As Global Lenders Refocus, a Needy World Waits
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  Checks not printed for former workers for Chapter 7 estate - Victims say they were misled by court-appointed trustee

Facing down foreclosure: As unemployment spreads through region, more are struggling to keep their homes
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Foreclosure suits filed by homeowners groups add up
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Man 'faces bankruptcy' after having penis amputated
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Conseco Is Expected to Request
Extension on Due Dates for Bonds
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Sunbeam gets $40 million DIP addition
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Economy:

A Recession in Name Only
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Chief executives too pessimistic about recovery
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Wholesale Prices Rise Modest 0.2 Percent in February
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Industrial Production Data Reveals
A Recovery That Is Gaining Steam
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__________________

A bidding war for Hesson Labs?
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Steel:

EU Leaders Back WTO Action on U.S. Steel
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Japan, U.S. fail to agree on steel
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Two investors bid to reopen 'Tube Mill'
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In the next phase of their efforts to bolster the U.S. steel industry, Big Steel execs and United Steelworkers of America leaders are focusing on the retirees' health care costs
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Calumet Steel Closes Facility in Chicago Heights, Ill.
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Laclede Steel to liquidate; drops reorganization plan
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____________________

Extended joblessness takes toll on hunters
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Enron:

Enron: Still Wasting Money?
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What was bottom line at Enron?
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Judge OKs sale of Enron contracts
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Enron Official Warned Company About Partnerships as Early as '99
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Post Enron, Moody’s Rallies Support for Securitizations
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2 Insurers File Suit Vs Enron, JP Morgan
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SEC confronts two major issues after Cooper review
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Action on Securities Sentencing Laws Gains Post-Enron Urgency - Legal, ethics experts discuss reform of corporate guidelines
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Ex-employee tells tale of Enron's 'original' sin
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CFTC not yet found signs of manipulation in Enron case

Shareholder lawyers suing Enron may sue banks too
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Washington cuts Enron links
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US Weighs Next Steps in Enron Case
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Rewriting the Ground Rules / Congress splits over reforms after Enron fall
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Guilt by association
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US firm sues Enron over botched petroleum deal
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SEC's Pitt Deflected by Enron, Sept. 11
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______________________

They Face Steeper Living Costs, Lower Severance Pay
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Friede Goldman:

Restructure aims to pluck FGH units from Chapter 11 protection
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Friede Goldman Halter Signs Contract to Sell Friede & Goldman, Ltd Division
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_____________________

Bankruptcy fraud trial of former trustee Lindsey postponed
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Airlines:

Swissair Asks For Extended Bankruptcy Protection
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Gulf Air facing bankruptcy
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Air France resumes negotiations with Air Afrique, which has filed for bankruptcy
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_____________________

Kmart:

Is Kmart Out of Stock in Answers?
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Kmart's Shopping List for Survival
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Charities wait out Kmart bankruptcy
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Kmart's New CEO: "Who Is Kmart?"
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Red light for Kmart charity?
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______________________

Theaters Emerging From Bankruptcy
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US bank giant eyes $70bn bid
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Bondholders approve Crestland sale
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Portland, OR: Four Shilo properties file for bankruptcy
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New Bankruptcy Opinions
(No new opinions today)

Bankruptcy Jobs - Updated March 18, 2002
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Bankruptcy Court Web/Pacer Site Directory

PE firms lose big on WINfirst
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Hard fall, slow recovery / Silicon Valley mired in downturn even as the national economy improves
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`Roll-ups': The pitfalls of conflicts
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ANC Gets Court Approval To Join Car-Rental Brands
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Anchor Glass to file bankruptcy plan
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Lottery winner gets break in bankruptcy - Even after settling bills, selling winnings, plenty of cash could be left
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Confusing times for student travel - World of student travel has been shaken by the bankruptcy filing of this country's largest student travel agency
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Telecoms:

Global Crossing battling over $500 million pension fund
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Global Crossing spreads pain
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Scandals 'R US
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Global Crossing spreads pain far and wide in telecom sector
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Global Crossing CEO to Testify Before Congress
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Federal Officials Probe Stock Offer to Union Chiefs by Global Crossing
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N.Y. Will Sue Global Xing
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Lawsuit says WorldCom kept bad debt on books
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Chase's Early Dalliances With Global Crossing
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______________________

Pinnacle Holdings Inc. Announces Interest Payment Not Made on Its 5.5% Convertible Subordinated Notes, Bankruptcy Possible
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AremisSoft Files for Chapter 11
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Law Firm Restructuring:

Brobeck Pays For Empty Valley Office
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Signs of economic weakness hitting law firms are showing in South Florida
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What Enron May Mean for Your Firm
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______________________

Polaroid, retirees in court
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Court cracks offshore trust - Stint behind bars persuades businessman to help locate funds
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The FINOVA Group Inc. Announces Net Loss
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Orlando: Fight for Vista Park lands in Chapter 11
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Larsen Homes' closing leaves buyers in lurch
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Valuing collateral is a banker's nightmare - A proposal to revamp the Basle Committee on Banking
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St. Louis: Golf course operator files for Chapter 11 bankruptcy
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Charleston, WV: Mental health agency now in bankruptcy
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Bankruptcies will increase unless economy turns
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Bankrupt landlord can't sue insurance company
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England:

Back From Bankruptcy, The Grand Old Man of Stripping
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___________________

Canada:

Captain John's awash in heavy debts
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Worthless cheque one reminder of Skeena's tumultuous fortunes
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___________________

Australia:

Skase blamed everyone for failure
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_______________________

Korea:

Hyundai Virtually Dissolved 1 Year After Chung's Death
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_________________

Japan:

The worst still to come for Japanese construction industry
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Japan faces office building glut
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Ballooning bankruptcies strike fear in Japan -  Major threat to an already fragile banking system

Credit addiction goes global
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____________________

Germany:

Holzmann Plummets on Concern Builder May File for Bankruptcy
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______________________

Hong Kong:

Bankruptcies triple for HK in Jan/Feb
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____________________

Argentina:

Argentina resists IMF demand to modify bankruptcy law
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_______________________

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