May 22, 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

         
Pinnacle Holdings:

Pinnacle Holdings files for Chapter 11
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Nasdaq to delist Pinnacle Holdings
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Accounting:

The Role of the Audit Committee
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Andersen manager details 'unusual' shredding activity
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Texas Fines Andersen $250,000
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Andersen Attorneys Question FBI Agent
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Andersen lawyer tries to show evidence doesn't prove firm obstructed Enron investigation
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Andersen's phraseology at issue in trial
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Andersen loses more partners, key clients
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Former Andersen Partners, Employees Create Chicago-Based Consulting Firm
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Andersen Loses Key Remaining Client
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Ernst & Young Hires Andersen Workers
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A Prison Avoidance Primer: Keeping the CEO Out of the Slammer
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Lawyer's Trial for Theft Gets Under Way
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ICH Corp Lenders Oppose Auction Procedures For Sybra Unit
(WSJ: separate paid subscription required)

Steel:

Nucor signs $615M deal for BirmSteel
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Steel-retiree health care fails in Senate
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Renaissance eyes Republic
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Midcoast Industries Wins Bankruptcy Bid for Georgetown Steel
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Birmingham Steel Signs Letter of Intent to Sell Substantially All Assets to Nucor; Reports Third Quarter Results
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Pittsburgh, Weaned From Steel, Weathers Recession
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Three more companies want to bid on Republic Technologies
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Telecoms:

Broadwing's Stock Price Plunges
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Creditors Won't Seek Liquidation of Winfirst
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Judge OKs Viatel's $2.7B debt-equity swap
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Teleglobe to miss deadline for financial filings
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Global Crossing to Sell $521 Million of Telecom Capacity It Never Used
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Broadwing Statement
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Bankrupt Telecom's Shareholders Organize
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ICG to Spend $100 Million on Expansion
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Global Crossing Creditors Shun Hutchison-ST Bid
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Hutchison, STT continue Global Crossing talks
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Banks face exposure to XO woes
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360networks defers issuing financial results
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Delay on Global Crossing deal - No other serious bidders for failed fiber optic firm
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Icahn Warns of XO 'Meltdown' - Financier Urges Creditors to Convert Firm's Debt to Equity
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S&P cuts Contour Energy corp credit rtg to CC
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Owens Corning Agrees to Pay $350,000 Settlement to Deloitte Consulting LP
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  Law Firms:

Chicago Firms Grow New York Offices As Stepping Stone to Super-Firm Status
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UK Firm Confirms Fried Frank Merger Talks
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Cooley Godward's Bubble Has Burst
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Thelen Reid Continues DC Hiring Blitz
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Kmart:

Kmart cuts investor dept.
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Equifax offers a credit workout
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Airlines:

US Airways Woes Make Hub City Nervous
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US Airways Fights Delay of Loans - Airline Says It Could Go Bankrupt Soon if Congress Passes Measure
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Midway flies more passengers, books less revenue
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Florsheim Completes Sale of U.S. Assets to Weyco
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Office Landlords Take a Hit As Leases Begin to Expire
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Bankruptcy Reform:

Bankruptcy Bill Returns, Perhaps For The Last Time
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Abortion Holds Up Bankruptcy Bill
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Law Professors Express Concern Over Pending Bankruptcy Bill
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Negotiators ready to make one last attempt to get deal on abortion provision of bankruptcy bill
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No Safe Haven for Threats of Violence in Bankruptcy - Schumer-Hatch Amendment Crucial
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Silicon Valley companies face fraud charges
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Business Tax Debtors in Washington State Find Themselves Listed on Web Site
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Failed venture files racketeering claims against Desert Passage
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Soccer Teams Confront Losses and Bankruptcy Ahead of World Cup
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Aquasearch reorganization plan heads for approval
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Power Utilities:

Nevada Power executives fired
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FERC Told by Edison of Market Rigging by Enron
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Reliant Energy Restates Revenues
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Lawyers Submit Bills in PG&E Bankruptcy
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U.S. energy traders cast a wary eye on counterparts
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FERC Probes Wash Trading of Calif. Power
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Probe into California energy trading widens
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USinternetworking: Now back from the brink and stronger
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U.S. Defense Dept. bids anonymously to win bankruptcy auction

Fun Key Wins Assets of Bankrupt Metaforia
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Former Quintus CEO charged with fraud
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Polaroid:

Unclear picture at Polaroid raises ire - Investors and analysts say firm should file reports with SEC despite Chap. 11
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CIBC cuts 100 brokerage jobs after Q2 profits fall by half to $235 million
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Bankruptcies increase in state
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New Bankruptcy Opinions
(3 new opinions today)

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

Trustee preparing a $200 million negligence lawsuit against `bankrupt brokerage's top executives
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Stockwalk reorganization approved
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Out of Bankruptcy, into Your Portfolio?
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Enron:

Enron's Other Strategy: Taxes
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Skadden Bills Enron More Than $6 Million
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Enron Men Bare Their Last Assets
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Lawyers for Enron Faulted Its Deals
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Enron's Top Family Sells Treasures
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Congress to Subpoena Feds on Enron
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BNP Paribas fired ex-analyst seeks $100 mln damages
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Feds Want Enron Subpoena Pulled
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January bills near $6 million
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Washington Senator Wants Enron's Long-Term Contracts Nullified
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Kenny Boy to Georgie Boy: "Welcome to the Club"
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Gleefully (almost) unemployed: Workers embrace layoffs as the challenge of a lifetime

Lenders, Investment Bankers Unenthused by New Fitch Review Process
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Judge Awards Chapter 11 Protection to Aircraft Firm Fairchild Dornier
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Merrill Lynch:

Merrill settles; who's next?
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Merrill Lynch settles charges
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Merrill Lynch to pay 100 million dollars in fines
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Chronology of Merrill Lynch Probe
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Adelphia: 

$1B lifeline for Adelphia?
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Bankruptcy looms for Adelphia
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Salomon Says Adelphia Stock Worthless: Taking Stock
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Adelphia reportedly seeks more time to get financing
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Adelphia wants $2B back
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Adelphia's Rigas agree on asset transfer, seats
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England:

Failed libel action costs Irving his home
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Controversial historian bankrupt
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British Commercial Insurance Rates to Climb Following Asbestos Ruling
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Australia:

Doctor faces bankruptcy
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Japan:

Japan banks face big losses

Historic Kawana Hotel files for bankruptcy after 66 years
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New accounting rules force firms to confront bad investments
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