May 20, 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

         
Bankruptcy Reform:

Filing for bankruptcy
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Bankruptcy-reform ideas spark debate over fairness
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A Quiet Attack on Women
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Abortion Rule Snags Bankruptcy Bill
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APW - Electronic Enclosure Maker Wins Approval to Reorganize
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Storm clouds: Nursing homes brace for Medicare cuts
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Telecoms:

Analyst says it could take years for long-haul networks to recover
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XO creditors look past Icahn
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Global Crossing Swaps Are Probed By Regulators for 'Round-Tripping'
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Williams Communications Not Alone as Victim of Tech Fallout
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Qwest breaks SEC rule on board member disclosure
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Banks tell Marconi to return £1bn
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Broadband Wireless Announces Progress in Chapter 11 Bankruptcy Case
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Investors Look for Survivors Amid Telecom Rubble
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Marconi hires insolvency experts to tackle £3bn debt

Marconi seeks last-ditch deal
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Global Crossing Alternatives Are Considered
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Enron Has Link to Global Crossing
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Waiting for the Pickup - Corvis, Stalled by the Telecom Downturn, Looks for Road to Recovery
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ITC in talks to avert bankruptcy
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Ebbers' severance: $1.5M a year for life
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CoreCare seeks Chap. 11 - Mortgage woes create financial bind for psychiatric provider
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Accounting:

Enron, Andersen Battled Over Financial Disclosures, Duncan Says
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Feds building case against Enron as Andersen trial unfolds
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Judge Agrees To Look At Enron Trial Inconsistencies
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Andersen's Attorney Steals the Show
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Andersen Squall Won't Affect Trial
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Computer Associates' Revenue Is Probed by Federal Officials
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Memphis, Tenn., Arthur Andersen Office May Close
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Andersen case rests on ex-partner Duncan's intent in Enron shredding
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Europe Reforms Audits, Urges U.S. Cooperation

Star Andersen Witness Loses Shine
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Transparency Is in Firms' Best Interest
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Prosecutor: Most critical Andersen witness Temple, not Duncan
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Duncan testimony pleases defense
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SEC Head Met With Xerox Chairman
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Andersen attorneys chip away at Duncan
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Andersen defense gets theatrical
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Asbestos strikes fear for gloomy insurers  

US lawsuits threaten Catholic Church finances
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Kellstrom-Inverness deal approved
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Energy Firms Are Likely to Tell Of Inflated Natural-Gas Trades
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Business insurance rates on rise
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Billion-Dollar Deadline - Number of plaintiffs who opt out of settlement may determine whether artificial joint manufacturer files for bankruptcy
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Mortgage banks face ire of OTS
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Classin' Up the Joint
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  Denver: Law firms bolster bankruptcy practices
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Enron:

Batson Expected to Be Nominated Enron's Examiner
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From Enron's Rubble, Life on a Luxury Tightrope
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Five men of Enron bare all for Playgirl Magazine
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White House aides may be subpoenaed
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Enron's Mariner Energy unit says net plunges to $1.9-mil

Enron Was Just The Beginning
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Canadians to Take Over Enron Unit in Bothell, Wash.
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Enron ethics lesson: If it feels bad, don't do it
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Prime Retail Inc. says it may default on loans
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'Who wants to be CEO?' is new big bucks reality game
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Angry shareholders spank executives
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Heard Off the Street: As bad as it seems, the sky's not falling

Credit card firms employ soft touch to collect debts
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Power Utilities:

Duke Energy Discloses Power Trade Buybacks
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Enron’s Revenge - Fallen energy giant may be out to tarnish other big firms in the great rip-off of California
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Energy Traders Need 'Go-To Guy' in Crisis
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Justice probes Enron's trades in California
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Dynegy says it did nothing illegal in California
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Look both ways before you cross the Street 

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Adelphia:

With Rising Debt, Nasdaq Threat, Bankruptcy Termed Unavoidable for Adelphia
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Bankers hold key to Adelphia
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Rigases' continuing control may intensify cash crunch
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Adelphia Is Said to Plan Disclosures of Dealings
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Criminal probe of Adelphia is possible
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Adelphia VP of Finance Quits
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Adelphia's Related-Party Deals Become Focus in Federal Probe
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Kailbourne faces daunting task at Adelphia
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Grand juries probing Adelphia cable firm
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Feds Probe Adelphia As Failure Looms
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New Questions Surfacing in Inquiry Into Adelphia
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Thirteen buyers divvying up Dollar Land
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A bumper crop of Farmland woes waits for new CEO
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Daewoo Motor America Files for Bankruptcy
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The clock's ticking on recovery

Kmart:

Kmart closings to be finished by next month
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VCs Turn the Screws
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Ten Worst Dot-Coms Show How Bad Ideas Fed the Web Bust
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Liquidation continues on Amfac land
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Companies squander billions on tech
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More Non-Conforming Borrowers in Michigan Doing Refis
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IRS Wants to Collect Payroll Tax on Stock Options

Passing the Buckeye: CEO to sell troubled egg farm
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Wolfe Nursery to close stores, cease operations
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Now Who Do You Trust? - Most investors still trust business, even while they mutter about a few rotten apples in the barrel. But the rot is more structural than you thought
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New Bankruptcy Opinions
(1 new opinion today)

Bankruptcy Jobs - 111 Jobs - Last Updated May 20, 2002
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Bankruptcy Court Web/Pacer Site Directory

Law Firms:

Brobeck Ousts Tower Snow - Unprecedented vote spurred by former chairman's attempt to 'raid' firm
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Law firms cut back on summer clerk recruiting
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Choate, McDermott are the latest law firms with layoffs
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Brobeck Deal Blows Up
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Ex-InverWorld boss formalizes plea deal
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Airlines:

US Airways Plan Seen as Lacking
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Aid deadline looms as United seeks CEO, labor deals
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When airlines die, do miles live on?
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Losses weigh down airlines
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Airlines in Push for Cost Cuts
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Big V closer to exiting Chapter 11
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Lodging industry leads the way in delinquent loans
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Trump Hotels Cancels $470 Million Mortgage Bond Sale
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Steel:

New investor joins Republic deal
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Republic Announces Financing Agreement in Principle for Asset Sale Plan
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Indiana Company Wins Bid for Bankrupt Chattanooga, Tenn., Steel Processing Facility
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Disclosure statement OK for Montgomery Ward
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Telematics left in dot-com dust
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Houston: Apartment owner files as foreclosure looms
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Where there's brass, there's muck - and a $600m fraud
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Napster:

Napster General Counsel Back As Bertelsmann Buys Company
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Bertelsmann to Acquire Napster
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Dallas: Café Patrique owner files for bankruptcy
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Pittsburgh: Bankruptcy judge will consider hospital settlement
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States Agree to Share Funds if Merrill Settles
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Troubled firms now pay staff to stay on
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WorldPoint ordered liquidated
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Maurice the Pants Man: Creditors left holding the bag 

Bankruptcy looming for World Cup pay-TV arm
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Fat pensions for fat-cat CEOs
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Argentina:

Telecom Argentina takeover by creditors likely
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Credit Agricole's Argentine Banks Taken Over by State Lender
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Japan:

Credit companies target the debt-ridden poor
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Canada:

Banks hammered on fears of more loan defaults
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England:

Legal Victory Heralds £8 Billion Asbestos Bill
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Daily Bankruptcy News is published each business day by BKINFORMATION.COM, L.L.C.  You can reach us at 281-242-6208 or at admin@bkinformation.com