May 27, 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

NO NEW EDITION ON MONDAY, MAY 27, 2002 - HOLIDAY

         
Bankruptcy Reform:

Bankruptcy Bill Nears Final Action in Congress
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Telecoms:

Qwest Credit Lowered to Junk S&P Rating
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Qwest head rips S&P downgrade
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KPNQwest files for protection
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KPNQwest files for protection
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Board of KNPQwest resigns amid talk of bankruptcy
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Metrocall Inks Deals With Creditors
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Telecoms stocks take a beating
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WINfirst may avoid Chapter 7

Trouble Mounts at Qwest
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360networks to delay release of financials
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Seattle investors buy bankrupt caviar firm
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AHERF endowments to get money

Law Firms:

Eight Gunderson Lawyers Get Axed in Second Round
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Survey Ranks What Firms Pay Non-Lawyers
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Australia: Starting salaries graduating to higher levels
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Thompson Hine acquires Cleveland firm
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Shook Hardy office merges with London firm
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Kmart:

Kmart Seeks Independent Lawyers
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Kmart letter accuses company of misleading shareholders
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Kmart accused of lying - Whistleblowers claim execs misled and accountants knew
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Kmart Loses $1 Billion in Five Weeks
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T. Jay Collins Elected To Chairmanship of Friede Goldman
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BMK:

Sun Capital hikes BMK bid to $70M
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Court Approves BMK Sale for $70 Million to Unit of Sun Capital Partners
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Pentacon:

Pentacon's sale part of plan
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Anixter International Announces Proposed Acquisition of the Operations And Assets of Pentacon, Inc.
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When Spreads Blow Out
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Airlines:

US Airways sees grim cash situation
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US Airways Proposes That Pilots Absorb $595 Million in Cuts
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Siegel can't promise zero layoffs in US Airways restructuring
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Good and bad in Midway report
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Sulzer Settlement Acceptance/Bankruptcy Deadline Moved To May 30

  Adelphia:

Rigas, Clan, Surrenders Adelphia, Forks Over $2 Billion
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It's Rigas-cide!
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Rigas family gives up control of Adelphia

Adelphia's Rigas family steps aside
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Adelphia, Rigas Family Had Vast Network of Business Ties
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EToys:

EToys Sues Goldman for Mishandling IPO
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EToys takes Goldman to court
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College-Age Adults at Risk for Money Abuse
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Accounting:

Andersen watchdog vague on shredding
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Andersen Prosecutors Make Unusual Move
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Andersen Prosecutors Set to Wrap Up Case Against Auditing Firm
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Andersen shredder also shredded for FBI
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Georgia High Court to Review Ruling on Accounting Firm
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Auditing's bottom line: Accountancy must account for its credibility
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Texas board wants to revoke Andersen license
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Calpers to Vote Against Auditor Choices
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Andersen watchdog says shredding not mentioned
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Andersen Endures More Shake-Ups and Another Week in Court

Panel Wants to Bar Andersen From Practicing in Texas
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FASB Releases Exposure Draft on Guarantees

Dual-Auditor Requirement Coming Just for Banks?
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Andersen Prosecutors Want to Show Who Took The Fifth
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Andersen Spin-Off Opens Doors to Fortune 500 Clients

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Bill Knapp's files for Chapter 11
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Scandal Sheet
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SEC's Pitt says agency eyes analyst certification rule
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Analyst reforms not bulletproof
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Shaw to buy Beneco after all
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Steel:

Algoma Steel seeking new president and CEO
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EU appeals steel tariffs levied by the U.S.
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Nucor Blasts Bill Aiding Geneva
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Prandium, Inc. Moves Forward With Existing Reorganization Plan
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Engler backs Flint takeover, reforms fail to halt takeover, bankruptcy possibility
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Halo to sell marketing unit
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Executive shuffle at J.P. Morgan
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Saf T Lock/Chapter 7 -2: Listed Cash Of $142 At March 31
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Questor gets Aetna Industries
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New Bankruptcy Opinions
(No new opinions today)

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

Martha Wilkinson Files Ch. 11
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Collapse of a Nursing-Home Empire
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Enron:

White House, Enron Ties Detailed
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Enron judge OKs counsel
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Democrats: Latest WH info on Enron not enough
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Bankruptcy veteran questions Enron efforts
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Judge keeps Enron creditors' law firm on the job
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Enron Developments
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White House accused of dragging feet on Enron disclosure
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Rothschild may win Dabhol financial advisor's job
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White House's Enron worries ran deep, chronology reveals
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Federal Agency Sets Up 'Enron Link'
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The tide is turning Enron ripples to waves
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Export-Import Bank questioned Enron's India project
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Duncan `Naive' About Record Destruction, Witness Says
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Power Utilities:

Pacific Gas and Electric Company Files Settlement to Help Ensure Stable Market For Natural Gas Deliveries
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Portland Utilities May Have Aided 'Ricochet' Trading by Enron, Others
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Davis asks FERC for $8.9 billion energy refund
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Albany: Lawrence Group's $5M fraud claim reinstated
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Arizona bankruptcies increase 15%
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When Japan has a cold, Hawaii sneezes, too
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Cincinnati: Erpenbeck condos unit files Ch. 11
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30 States Join Wall Street Probe
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Australia:

Cotton industry 'near collapse' due to hedging
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Credit misuse drives up youth bankruptcy
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Japan:

Below-par economy spells disaster for golf courses
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Japan's Steel-Makers Sink Into Red
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Japan Still World's Top Creditor
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Canada:

General Publishing gets life line
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General Publishing gets more help
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England:

Noble's bankruptcy is set aside
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