November 4, 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

         
Lawyer vs. Legend
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Airlines:

Pilots OK $2.2B cuts to help United
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United Air Reaches Tentative Pact With Transport Workers Union
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January date set for Midway
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US Airways loses $335 million, continues to furlough
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UAL Pilots Seek to Stave Off Bankruptcy
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Failure of deal may ground National Air
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Slashing AA's costs presents daunting task: Observers say bulk of $3 billion in cuts must come from pilot salaries
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Frequent flyer miles are safe, expert says
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York reorg plan OK'd
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VCs face bankruptcy battle
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Potential Buyer Approves $250,000 Napster Loan
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Three keys to defeating debt — now
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Divorce and bankruptcy can be a bittersweet mix
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International Heritage Inc., CEO and other former company executives
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Asbestos:

Flood of asbestos lawsuits from people who aren't sick threatens to dry up funds
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Asbestos diseases wait to attack
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ABB in negotiations with U.S. asbestos plaintiffs' reps
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ABB Talks With U.S. Asbestos Plaintiffs About Prepackaged Bankruptcy for Unit
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ABB Asbestos Settlement May Top $1.1 Billion
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ABB plan aims to limit damage
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Asbestos fears hit engineering groups
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Insurer hit by asbestos claims
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Market declines hit the retirement funds of some big companies
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Medical group's creditors piling up
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Lawsuit against bankruptcy lawyer not first
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Chapter 11 can be the last act or new start for troubled firms
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Morgan Stanley Faces More Charges at Unit
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Sunbeam's plan to reorganize draws skeptics
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Steel:

ISG eyeing troubled Bethlehem Steel
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Sallisaw seeks to get control of bankrupt race track
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Denver: DA sends Will Hoover case to grand jury
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Citibank CEO hiring new team - Banking giant faces legal battles
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Morton sub MCP, LLC Reaches Agreement to sell assets, files bankruptcy
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Daewoo Owners May Be Able to Win Benefits in Bankruptcy Court
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Bankruptcy Assault: Ohioans keep hitting financial failure, and nowhere more heavily than in Columbus
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Hawaii: Financial, legal troubles catch up to Hiram Fong
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A Down-Payment on a Disaster: Families Battle for Their Homes
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Cast Off from a Tainted Company?
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Asarco creditors keeping eye on cleanup
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Magellan Health:

Mental-health insurer's financial woes threaten care
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Magellan gets loan extension on the very day its CEO resigns
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  Law firms use reputation, word of mouth to attract bankruptcy cases
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Law Firms:

The Global 100
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Law Students Seeing Job Offers Rescinded
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Choate Hall lays off 13 associates
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Reed Smith grows with California merger: Deal with Crosby Heafey effective beginning of the year
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After quick start, law firm has become national player by sticking to its knitting
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After 100 years, Venable makes Washington its home
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Testa takes pro bono work to full-time, corporate level
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Kmart:

Red light special
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Kmart May Close Over 500 More Stores in 2003
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Kmart could close up to one-third of its 1,800 stores after the ever-crucial holiday season
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Kmart needs attention of shoppers
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Kmart's next round to go?
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Corporate Reform:

New Pension Rules Change Little in Post-Enron Era
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Corporate scandals cost fund millions
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Calls for reform prompt freer rein for lawmakers
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A call to restore public confidence Stung by corporate venality, experts search for solutions
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Corporate boards need to emerge from 'centuries-old time warp'
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New 'corporate sheriff' starts tough talk
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Recent scandals, reforms turn spotlight on audit committees
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Accounting:

Increased risk, scrutiny drive audit fees for big firms
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Demise of Andersen Hurts Prospects for Accounting Students Nationwide
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Despite Pressure, Bush Publicly Backs SEC Chairman
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US accounting regulator 'may resign' - Newly-appointed William Webster says he fears hindering the board's work
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CPAs: Keep new rules confined to public-company auditing
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Ernst & Young Faces $548M FDIC Suit
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Fraud examiners shine a light on shady practices
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New Fraud Standard Expands All Auditors’ Responsibility
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New SEC rules spell booming business for some
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Stock Options Issue Awaits New Accounting Rules
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CPAs take new facts into account
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Internet Firm Files for Chapter 11
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Home prices keep soaring in recession-hit valley, California
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Judge approves eToys liquidation plan
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Most brokers recommended failing firms right up to bankruptcy
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Slow Payments Plague Utah Subcontractors
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Horbach companies take Chapter 11 refuge in Utah
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Pinnacle Completes Restructuring Transactions; Announces Emergence From Bankruptcy
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Bankrupt Tricord Announces Execution of Asset Purchase Agreement for the Sale of Assets
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Fansteel agrees to sell subsidiary
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Thermadyne Holdings Corp. preparing to file a reorganization plan
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VisionLand, Part 2
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New Bankruptcy Opinions
(4 new opinions today)

Bankruptcy Jobs - 251 Jobs - Last updated November 4, 2002
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Bankruptcy Court Web/Pacer Site Directory

Weird News
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Enron:

Enron loss major blow to law firm
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Enron's Pipeline Agrees Not to Raise Rates
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Highlands Insurance bankrupt
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Trustee asks to have FrontLine Capital converted to Ch 7
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Mars Music:

D&O coverage: Issue becomes complex; firm is in bankruptcy
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Mars falls out of orbit; Guitar Center to come
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Telecoms:

Despite pedigree, telecoms struggle
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Probe of Lucent Is Broader Than Company Has Disclosed
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Citigroup Reportedly Holds Stake in Ebbers Company
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Telecom optimism up as job cuts ease
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Acquisition talk swirls around Level 3
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Document shows how close Citigroup was to Ebbers
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Dutch data group faces dual probes
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WorldCom sponsorship valued about $10 million
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Fiber Optics Glut Strangles Corning Profits
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Interliant, Inc. Sells Non-Core Private-Label Business
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Kansas City: Rehab Designs bounces back from bankruptcy
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Union Acceptance:

Union Acceptance To Hold Conference Call To Provide Reorganization Plan Update
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Auto finance company seeks bankruptcy protection
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KCK's EPIQ gains market share in automated bankruptcy software
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Bankrupt retailer to unload leases
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Energy:

Seriously: Now the big energy companies are in trouble
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Knowledge is power: Filings offer clues about whether a company is headed for financial trouble
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Germany:

When Germany's big businesses fail, the state bails them out. But state policies toss smaller firms into bankruptcy
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Deflation is now Germany's biggest worry
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Soaring bankruptcies have saddled German banks with billions in bad debts. What are they going to do about it?
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Australia:

New Insolvencies
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England:

Bankruptcy Rising
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Thailand:

Net tightens on debtors hiding assets - Creditors set to have longer claim period
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Japan:

Pyramid-sales firm paid partner before going bankrupt
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Canada:

Canada has become the international headquarters of telemarketing fraud
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