November 18, 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

         
Deepening-insolvency theory is attractive, but no panacea
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Bankruptcy Reform:

Bankruptcy ax likely to fall
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Bankruptcy Bill Hits Roadblock
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Bankruptcy `reform' bill still around, and it's still a bad bill
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Bankruptcy bill passes House
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US Sen Daschle: Bankruptcy Bill Dead For Year
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Bankruptcy reform doomed in Senate
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How GOP control will impact wallets. Reform more likely
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ICBA Statement on the Latest Disappointing Twist Over Bankruptcy Reform
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Senate Balks at Big Bills Sent Over by the House
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Airlines:

US Airways' switch to smaller jets could hike area funeral costs
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UAL Encounters Obstacles in Bid for Government Loan Guarantee
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United to cut 9,000 jobs as well as pay
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United's Plan Includes Cutting Jobs and Flights
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Investors buy cargo airline out of Ch. 11
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National Airlines Aims to Sell Permit
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Empty seats, empty skies: Airlines hurt by drop in business travelers
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What gives when they go broke?
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Rapid5 shutters operations in Richardson, San Jose, expected to dissolve
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Denver: Hoover probe continues, but creditors just want money
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Law Firms:

The Aftermath of Mergers Can Be Layoffs, Departures - KMZ, Holland & Knight, Pillsbury Winthrop all lost people
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The National Law Journal 250: 2002
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Suit May Set Rules on Poaching Law Firm Partners
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Give and take
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Partners suffer less stress, survey finds
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Slow economy means fast times for creditors' rights firms
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Baker & McKenzie Is Number 1
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Slowing the Pace
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Eckert Seamans bolsters Hub presence with hires
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Sagging economy doesn't mean slump in law work
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Skaddens hires senior European anti-trust lawyer
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Firms coming to terms with changing office space needs
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Growth rate spurs Reed Smith search for site to consolidate operations
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Debt Keeps Law School Grads From Taking Government Jobs
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Technological, political changes provide new opportunities for sole practitioners
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One size fits all at this firm
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BDO survey: income guarantee to slash pupillages
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Judge Rules DOJ Lawyers Are Entitled to Overtime Pay
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KLegal defers trainees
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KLegal faces student rebellion on forced deferment
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Piper Rudnick sues startup for fees
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Boston: When the dust settles ...: Larger, nationally focused firms are expected to dominate
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Tumult at SEC plays well down at Wilmer, Cutler
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Reed Smith US partner slashes 15 from equity
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Barristers' earnings reach record level with leading QCs averaging £281,000
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Law firms see rewards, give boost to contingency work
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Dayton: Law firm closes, vacates downtown property
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Nine leave Linklaters as partner churn surges
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Morley emerges favourite in three-way fight to head A&O
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Maitland Chambers offers record pupillage award
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Corporate scandals mean hikes in D&O coverage
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Enron:

Watkins Quits Job At Enron
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Enron Moves to Get $230 Million From Dynegy
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Enron, Dynegy in Dispute Over Deals
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Jurisdiction decided in part of Enron suit
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City of Enron Carries On, Battered but Unbowed
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DrKW bankers seek escape hatch
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Don't ignore buyouts
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Advice for Ex-Ford Chief as He Arrives at Polaroid
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  Faces of Restructuring
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The crisis manager
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Pushing the button
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The piemasters
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The fireman
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Time-tested
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The protégé
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Going for broke
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The young and restless
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The session man
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The veteran
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The asset manager
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Energy:

PG&E's Future Rests With Court Case
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Dynegy's survival might depend on banks, it says
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Conseco, Delaying Filing,Warns of $1.8 Billion Loss, Bankruptcy Possibility
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Oakwood cutting 1,700 jobs, filing for Chapter 11
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Buy bankrucpty assets for pennies on the dollar
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Judge: Insurers May Pay for Rigas Costs
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World Kitchen reorg plan OK'd
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Energy:

Pressure on energy companies intensifies
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Telecoms:

WorldCom praised for Capellas hire
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'At this time,' HQ to remain in Clinton
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Capellas pledges WorldCom independence
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Major WorldCom investor wants Giuliani to be named chairman
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Capellas Spurns Gates, Takes WorldCom Job
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Capellas: WorldCom a "unique" chance
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WorldCom set for overhaul under Capellas
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N.Y. preschool's link to Citigroup probed
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AT&T Latin America revenues breach vendor financing agreements
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AT&T LatAm may be headed for bankruptcy
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Inside Supra: Lawsuits, ex-workers talk
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Icahn wins control of XO
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"Telecom is an opportunity because they're so beaten down."
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SpectraSite Holdings Files Expected Chapter 11 Reorganization; Reaches Agreement with Cingular
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China Group to Buy Asia Global Crossing
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Global Crossing Statement on Asia Global Crossing Proposed Equity Investment and Chapter 11 Filing
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Mass. telecom industry growing
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Court to hear Flag’s wind-up petition
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Kaiser Marketing Group's plight a mystery
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Down And Out? Many More Of Us Will Soon Be, Too!
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Electrical company rewires - Chapel Electric leaves parent firm, Encompass
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In bankruptcy, ATM reseller aims to keep the faith
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US buy brings Napster burning back
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Selling to the highest bidders
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Warren Electric white knight faces blackball
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Retailers wait to see what Santa will bring
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Polymer Group, Inc. Announces Filing of Modified Plan of Reorganization; Seeks to Have Modified Plan Confirmed Prior to Year End
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Corporate Reform:

Lawyers deal with unknowns in the aftermath of Sarbanes-Oxley
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A real dilemma ...: Our round-table panelists wrangle three real-world quandaries that would test the ethical and moral mettle of any business person.
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Bad boys
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Archdiocese, struggling to avoid bankruptcy, set to sue own insurance co.
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FBI seizes $6 million in alleged investment scheme
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San Jose Symphony Opts to Dissolve
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Asbestos:

Companies bewildered by asbestos suits
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Asbestos suit lawyers are fined $500,000
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St. Louis: The Lumber Co. strikes out, property rights auctioned off
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Orius Corp. Files Prepackaged Plan of Reorganization Operations Continue; It's Business As Usual
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New Bankruptcy Opinions
(2 new opinions today)

Bankruptcy Jobs - 247 Jobs - Last Updated November 11, 2002
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Bankruptcy Court Web/Pacer Site Directory

Weird News
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National Century:

FBI Raids Medical Lender's Offices
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Healthcare's bankruptcy domino effect
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Judge blocks Med Diversified
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Bankruptcy Filing Expected for Health Services' Lender
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Med Diversified Confirms Complaint Filed Against J.P. Morgan, Bank One and the Independent Directors of NPF VI and NPF XII
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________________

Ocean Journey dollars flow to handle bankruptcy fees
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When the bank comes calling, companies fall
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J.P. Morgan's Thorny Dilemma on Troubled Loans
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Washington: Creditors look to force ad firm into bankruptcy
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Provell seeks new life in reorganization plan
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Steel:

Geneva Steel Fails to Beat the Bankruptcy Deadline
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Steel Mills Get Leaner
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New owner breathes life into spent steelmaker
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Big former HomeBase stores still mostly empty
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No Return of Collateral Under SBIA's Usury Remedy

Accounting:

Defining "Non-Audit" Services
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IRS to keep eye on abusive trusts in 2003: Business owners can end up with huge bills for back taxes
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SEC Chief: The Job Nobody Wanted
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Sarbanes-Oxley to ban accountants from acting as experts
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E&Y Chair Herdman Ordered to Testify in Cendant Case
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Finding and Retaining Staff Tops List of Concerns for Accounting Firms
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Triad CPA firms brace for next wave of fraud act
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Firms scramble to pick up Andersen clients
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What, no TV shows about sexy auditors?
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Big six to launch SEC fightback
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Comdex feeling the pinch
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Fleet Trading to close
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Shaw s wins Ames stores
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Martha Stewart Is Less Visible in Ads for Kmart
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Japan:

Fewer bankruptcies but high liabilities left behind
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Japan plays down talk of bank seizure
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Diet passes 2 bills to protect small firms
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Japanese ruling-party calls for 83-billion-dollar extra budget
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Phillipines:

Meralco warns on debt payments after ruling
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Canada:

LBL Skysystems files a notice of intention
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Australia:

Passing the big bucks
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APRA calls for board cull
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New Insolvencies
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Auditor moves may backfire
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England:

Debt-for-equity swap touted as solution for BE
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Thick as a brick
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Vodafone Files Claim Against NTL Over Fees
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Many firms still in trouble, says KPMG
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Current Distressed Companies Update
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Hong Kong:

Record high personal bankruptcies in HK
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Germany:

German Banks Trapped in Vicious Economic Circle
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MobilCom close to rescue pact
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Scotland:

New Era For Scotland's Judgment Enforcement
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