May 21, 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

         
Telecoms:

Metromedia files for Chapter 11
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Metromedia Fiber Files for Chapter 11 Protection
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Wrong Numbers - Are Bells Paying To Drive Competitors Into Bankruptcy?
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Broadwing Stemmed a Sales Drop by Changing Accounting
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Top bidders for Global to seek extension on deal
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Global Crossing bid stalls
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Icahn Warns of XO 'Meltdown'
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Fiber Optek draws up Global Crossing plan
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Ardent Communications pieces sold
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Bankruptcy court approves plan for ICG Communications
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Chief Operating Officer Unter to leave Corvis at end of month - Third executive to quit company since Jan.
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Global Crossing may go in pieces
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Offer for Global Crossing in doubt before deadline
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ICG goes bust
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TD Financial faces further telecoms woes
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BtN acquires bankrupt Ardent's network assets
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Global Crossing Issues Statement in Response to a Report That Appeared in The New York Times
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Globalstar Boosts Revenues, Cuts Expenses
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Telco Considers Rescue of Sinking Fiber to the Home Provider WinStar
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Law Firms:

Snow's Fall - Brobeck partners see his ouster as 'unifying' event
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Federal authorities claim financial fraud at three Northern California software companies
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RealNames bankruptcy forces CNNIC to scramble
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Stay extended on Halliburton suits
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Polymer Group Term Sheet Gives Holders Some New Equity
(WSJ: separate paid subscription required)

Louisiana woman added to Ponzi scheme indictment
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U.S. Aggregates may fetch more
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Credit-Card Firms' Late Fees Are Reaching Record Levels
(WSJ: separate paid subscription required)

Arianespace, on verge of bankruptcy, fights to survive
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  Bankruptcy Reform:

Lenders' Ads Urge Senator to Drop Item From Debt Bill
(NYT: separate free registration required)

Bankrupt bills - Bankruptcy reform may receive a fresh look in Congress because of a surge in filings. The bills still penalize ordinary Americans.
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Bankruptcy reform: It's ba-a-a-ck, ugly as ever
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Kmart:

Kmart Had 1st-Qtr Costs of $1.05 Bln, Reviews Pay
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Top Kmart execs get parting perks
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Airlines:

No rubber stamp for US Airways
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US Airways Expected To Sidestep Bankruptcy Filing
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Losses Weigh Down Airlines, as Struggle to Economic Recovery Continues
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Troubles at Dynegy
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ICH Corp Lenders Oppose Auction Procedures For Sybra Unit
(WSJ: separate paid subscription required)

Special Master Hearing Set in Carnegie's $2.1 Billion Suit vs. Grant Thornton
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If These Walls Could Talk: The Merrill Lynch E-mails
(WSJ: separate paid subscription required)

Adelphia:

Adelphia, Rigases Are in Talks on Transfer of Assets to Firm
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Odds Get Longer for Adelphia Holders
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Adelphia's Rigas family resists leaving board
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Ford Security Breach Likely to Speed Compliance with New FTC Privacy Rule
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Polaroid Yet to File Reports with SEC since Filing for Bankruptcy Protection
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Enron:

Atlantan in line for examiner job
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Former Enron executive sues partnership he ran
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Batson to Serve as Enron Examiner
(WSJ: separate paid subscription required)

Enron, Global reportedly put together deceitful deal
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Alleged church abuse victims sue under racketeering laws
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FHA Criticized For Default Rates
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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

$900 million fiasco - Allegations of fraud, financial malpractice surface against Boston Chicken chain
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Value judgment
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Napster to file for Chapter 11 before it relaunches
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Accounting:

Accounting under siege
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Andersen breakup tests Final Four
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Lawyer's notes: Andersen feared Enron audit would face scrutiny
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Andersen's Bauer Avoids Testifying By Invoking Fifth Amendment Right
(WSJ: separate paid subscription required)

Andersen given fines, reprimands for work for two firms
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Andersen's Lawyer Paints Duncan as Pressured to Plead
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Andersen Jurors Watch Video
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Agent Reads Andersen Papers to Jury
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SEC Accounting Probe Expands in Silicon Valley
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SEC Alleges Ernst & Young Broke Rules
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Andersen Managed Documents Well
(WSJ: separate paid subscription required)

Lawmakers Prepare For Battle Over Audit Reforms

SEC Chief Criticized for Meetings
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SEC closes two payday lending firms
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WR Grace Wins Court Approval To Hire Claims Consultant
(WSJ: separate paid subscription required)

Economy:

Measure of Economy Falls
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Bankrupt Freedom Forge looks at offer from Farrell & Co.

Power Utilities:

CMS Says Round-Trip Trading Aimed to Lift Market Standing
(WSJ: separate paid subscription required)

Pacific Gas and Electric Company Announces Interest Payments on Unsecured Financial Debt, Including 7.90 Percent Deferrable Interest SubordinatedDebentures, Series A
(DBN Subscription Required)

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Germany:

Kirch spurns News Corp. tactic
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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