May 29, 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:

Andersen tries to explain so-called 'smoking guns'
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First Witness for Arthur Andersen Unwittingly Delivers for Prosecution
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Andersen Prosecutors Shore Up Case With Documents, Investigator Testimony
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Andersen Exec Testifies on Policy
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Andersen staffer describes 'lot of excess paper'
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Andersen accountant says she regularly shredded documents to destroy extraneous paper destroy extraneous paper
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Peregrine fires KPMG
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Andersen Staff in Ernst & Young Hands - Hundreds of Andersen employees and partners will transfer to Ernst & Young's offices across the nation
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Jacksonville: Anderson expects to close office soon
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Andersen Auditor, Prosecutor Tangle
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Case against Andersen strong, but the legal game is tight
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Andersen prosecution rests; pressure doesn't
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Andersen seeks to stop handover of Enron plans
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Go West, young auditor
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Ernst&Young Hires 332 Andersen NY Workers
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New Nasdaq Rules Will Put Audit Opinions in The News

Andersen Lawyers in UK Find a Home
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Enron:

Enron Probers Facing Complex Task - Prosecutors Focusing on Mid-Level Workers to Unravel Executives' Actions
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Dynegy's CEO steps down
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Shock, surprise -- but no panic to Dynegy news
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Enron meter is running

Gephardt Meets Ex-Enron Workers
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Will PGE rise from Enron's ashes?
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Enron Value Up in the Air
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Daewoo Dealers Struggle to Get Parts, Reimbursements
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Orlando: Defunct towers deal raises lender questions
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Power Utilities:

Bonuses and Batting Averages
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Enron's demise unveils California energy schemes
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Power Trading's High Toll - Executives at Three Energy Companies That Used 'Wash' Strategy Have Resigned
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EDO Corporation to Purchase the Assets of Bankrupt Condor Systems, Inc.
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Airlines:

U.S. House Moving To Curb Airline Loan Guarantees
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US Airways labor talks start slow - A deal is needed to avoid bankruptcy; unions still willing to talk
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ATSB Rejects Vanguard Airlines Loan Guarantee Request
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Bankruptcies on record pace across nation
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Experian, Ford Still Unsure How Hacker Stole 13,000 Credit Reports
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Debt continues climbing amid economic recovery: But bankruptcies still plague the local economy
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ExciteAtHome to Auction Off Remains
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A Look at ExciteAtHome's Fire Sale
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Wait 'til next year for commercial real estate recovery, experts advise
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State Title claimants separately seek surety bond
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  Sinking ships seek out specialist captains
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Omna unsecureds could get half
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Tottering NTL paid out $2m in bonuses
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Robert Drain Appointed Bankruptcy Judge

Lenders allege fraud in sale of SunCruz
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Nine Out of 10 Americans Have Never Considered Filing for Bankruptcy, Says Survey

Things will perk up again, perhaps not as soon as hoped
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Law Firms:

Survey on Firms' Tech Spending Reveals Progress Without Planning
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California Firms Expand New York Offices
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Brobeck's Problems Aren't Over Yet
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Williams Cos. unveils plan to shore up finances
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Asbestos:

Government accuses Grace of hiding assets - Court intervention sought to win help for asbestos victims
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Halliburton settles 30 asbestos suits
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Firms' Spinoff Plans May Not Help To Contain Old Asbestos Liabilities
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Conseco:

Moody's cuts Conseco, warns of bankruptcy risk
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Conseco CEO blasts Moody's downgrade
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Conseco Downgrading By Moody's Second In Five Weeks
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Cash-starved Farmland rejects Smithfield offer for meat business
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Conflicts of Interest Are Everywhere
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Fansteel Announces Approval of DIP Financing
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Kmart:

United States Trustee's Office O.K.'s Appointment of Kmart Equity Committee
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In the red, everything's a blue light special
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Blue light special - six Kmart leases in auction
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Kmart chief will not rush restructuring 

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Adelphia:

Rigas Family Acted as Though Adelphia Communications Wasn't Publicly Held
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Adelphia Scrambles for Funding as Major Cash Crisis Looms
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Adelphia in Talks with Charter
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Allen reportedly bidding on Adelphia cable assets
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Adelphia Stock Drops on News of Questionable Dealings
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Adelphia Steps Up Talks to Raise Capital
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Sale/leaseback deals gain momentum but what does it mean in a securitization?
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FIFA: Rolling in money or near bankruptcy?
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Cincinnati: Erpenbeck's sad lessons - a mini-Enron?
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All debt counselors are not the same
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Bankruptcy Reform:

Bankruptcy filings surge as Congress tackles reform
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Bankruptcy filings grow
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Washington County joins in lawsuit against bankrupt claims processor
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Rail World affiliate signs agreement to buy Bangor & Aroostook
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McMahon show stumbles, forced into bankruptcy
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New Bankruptcy Opinions
(No new opinions today)

Bankruptcy Jobs - 148 Jobs - Last Updated May 29, 2002
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Bankruptcy Court Web/Pacer Site Directory

How can I never repay you? The CEO loan racket
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Telecoms:

Teleglobe's U.S. Unit Seeks Chapter 11
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Teleglobe weighs U.S. bankruptcy
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Put Teleglobe under court control, lenders say
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Global Crossing: We can work it out
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Bank of Montreal profit falls 50 pct on Teleglobe
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Motient Begins to Rebuild after Bankruptcy
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Global Crossing outlines shake-up
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Sales of Global Crossing assets possible
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Fiberlink: A lesson in how to avoid a wreck
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Telecom Giant to Cut 30,000
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Oklahoma Department of Securities Investigating Williams Communications Group's Bankruptcy Filing
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Sparks sure to fly at Qwest's annual meeting in Ohio
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Rehabbed ICG Ready to Return to an Uglier Market Than it Left
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Global Crossing Creditors' Committee Says End of Stalking Horse Negotiations Reflects Company's Improved Prospects
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WorldCom to kill wireless unit
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SEC:

SEC Chair Won't Disclose Meetings, "might upset markets"
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Harvey Pitt's Lonely Crusade
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Pillowtex Emerges From Chapter 11
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AEI Bankruptcy Reorganization Plan Approved
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Bankrupt Acme Metals Inc. has put its three Chicago properties on the market for a total of $18 million
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Steel:

Bankruptcy judge keeps Republic Technologies bidding competitive
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The Right Thing for U.S. Steel
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Welcome news: Buckeye egg farm owner flying the coop
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Hayes Lemmerz Wins Authority To Implement Retention Plan
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Court delivers First Capital judgment
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Senate hears pleas to close 'foreclosure factory'
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Bankrupt ex-governor Wilkinson needs bypass surgery
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England:

Barclays' bad debt fears

Lawyers say Enron-style collapse possible in UK
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Cash call as Alstom freezes top pay
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Railtrack rebels claim legal support
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Britain's Besieged Transport Secretary Resigns
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Norway:

Shipyard faces bankruptcy after all
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Canada:

DCI Expects to Apply for Extension of CCAA Protection
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_______________________

Italy:

Fiat, banks working on debt plan
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