May 7, 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

         
DIP lenders come under fire - Provisions unfair to unsecured creditors?
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Telecoms:

NextWave, Wireless Firms to Talk, Deal Chances Low
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360networks to defer issuing annual financial results due to restructuring process
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NextWave Returns to the Table
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360net likely to seek protection extension

FastComm Beats a Path Back to Chapter 11
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Bonds threatened by WorldCom
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It's "Merge, Buy, or Die" in Telecom
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What's Next For WorldCom
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Kmart:

Troubled Kmart May Survive - Study
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Peregrine Begins Probe; CEO, CFO Quit, Vulnerable to Bankruptcy
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Buffett/Fruit of the Loom: underwear is better for investing than wearing
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Concern grows over predatory lending cases - Congress considers measures to clamp down on industry abuses
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Buffett blasts corporate America's crooks and their Wall Street allies
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Moody’s warns on bankers’ probe - `Any indictments could result in ratings cuts, Moody’s says
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Analyst rules head for SEC adoption, hit by critics
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Adelphia:

Moody's downgrades Adelphia ratings
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No News Is Bad News For Adelphia
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Picking Up Leases For Failed Retailers
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Investors fear rising asbestos claims
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Prandium Receives Favorable Vote on Its Prepackaged Reorganization Plan; Expects to Emerge Quickly as a Stronger Company
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A campaign to improve governance is bearing down on the corporate and political communities
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Power Utilities:

Nevada Power parent: Credit shaky
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Tampa, Fla.-Based Utility TECO Energy Says Enron Losses Could Reach $300 Million
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A sea of distrust
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Highland Park wants state's help
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Steel:

Geneva Gets More Time To Find Money to Survive
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Florsheim Scheduled to Close Sale With Weyco
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Sub-Prime Time
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A Banker's Perspective: Companies in Bankruptcy Reorganization Not Necessarily Pariahs

  Polaroid unsecureds seek solution
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A growing problem for bankruptcy courts - How to evaluate the assets of a company that has few of any traditional kind?
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Retention bonuses paid in bankruptcies being questioned
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Accounting:

Andersen to Pay $217M in Baptist Foundation of Arizona Civil Cases
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Andersen was winning Baptist case, jurors say
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Statement of Arthur Andersen LLP on BFA Settlement
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ACS buys contracts from Arthur Andersen
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Andersen says 90 pct of non-US divisions have found partners
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E&Y raids Andersen's U.S. firms
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AICPA May Ban Reports on 'Hypothetical Transactions'

Andersen trial to focus on motive for shredding
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Andersen jury selected
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Andersen jury selection begins - DOJ to call fired audit partner Duncan, firm attorney Temple, and auditor Odom
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BFA Liquidation Trust's Trial Against Arthur Andersen LLP Ends With Revived, Fortified $217 Million Dollar Settlement
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Andersen Enters Criminal Case With Partners Already Preparing to Jump Ship
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Jury selection reveals anger against Enron auditor Andersen
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We've been ambushed - Andersen
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Simple case will lead to many complications
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Andersen Sells Mich., Ohio Offices
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Auditor trial jurors picked
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U.S. to Say Andersen Officials Knew Of Efforts to Cover Up Enron Mess
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Calif. Accountants Say New Laws Don't Add Up
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Chertoff plays key role in Andersen's demise
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Andersen Goes to Court in First Enron-Related Trial
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Andersen's prosecutor revels in his reputation for tenacity
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The Andersen trial at-a-glance
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Andersen Already Knows Its Sentence
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SEC Sues 6 Former Anicom Execs For Fraudulent Accounting
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Prosecutors may call Andersen attorney to stand
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Judge sets the ground rules as Andersen comes to court
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SeeBeyond Faces Auditor Issues
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Zess Technologies files for Chap. 7 liquidation
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Providian expects 2,600 more firings - New management team continues to dig out from loan losses
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Creditors seeking $2.6 million pledged to Ocean Journey

Mills’ Return to Life - First buyer approved for American Tissue N.H. plants
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Court Approves Sunterra's Chapter 11 Disclosure Statement
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New Bankruptcy Opinions
(No new opinions today)

Bankruptcy Jobs - 143 Jobs - Last Updated May 1, 2002
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Bankruptcy Court Web/Pacer Site Directory

Enron:

Enron forced up California energy prices
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The great Enron sell-off
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Enron Lobby Shaped Clinton, Bush Energy Plans
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Cornyn donates $200,000 to retired Enron workers
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Enron memos reveal tactics used against California during energy crisis
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A scar on South America
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Cancellation of Enron Contracts Leaves Sierra Pacific Resources In A Bind
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Defendants jockey to escape Enron suit
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Lawmaker's Enron query gets minimal Treasury reply
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NYMEX seen as big winner in post-Enron world
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NTL on the verge of filing for Chapter 11 bankruptcy
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Law Firms:

Bad Economy Can Be Good Time for Lateral Partners
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Former Wolf Block Partner Pleads Guilty to Conspiracy Charges
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Womble Carlyle takes four lawyers from Poyner & Spruill
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ABA Survey Finds Lawyers Among Lowest-Regarded U.S. Professions
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3 Partners Leave Herrick Feinstein
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Recession feeds the fears of those just starting a new legal career
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(TimesOnline: separate free registration required)

Duane Morris Bulks Up in NY
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Court clears ways for ANC Rental to combine brands
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International Total Services Inc. Completes Sale of Commercial Security Business
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Argentina:

Scotiabank Plan to Sell Argentine Unit May Herald Similar Moves
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England:

Bank opens probe into stock trades of Railtrack
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Korea:

Hynix seeks new suitor
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Germany:

Fairchild To Be Kept Afloat By German Government
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Mexico:

Mexico's Gil Diaz Doubts Need For Easier Debt Workouts
(WSJ: separate paid subscription required)

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