November 8, 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

         
Paper Trail, Shell Game? - When their company collapsed, creditors couldn't find most of the assets
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Airlines:

No refunds on tickets as National closes
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National Airlines Ceases Operations After 2 Years in Bankruptcy Court
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National won't hurt Vegas tourism, aviation industry, experts say
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Passengers stranded after bankrupt National Airlines quits flying
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Carriers try to help National Airlines passengers
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Ground zero women grounded - National Airlines leaves women stranded
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Spirit offers seats to National passengers
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AmWest could profit from demise of competitor
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Shutdown of airline likely to hurt 757 program
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Airline's closure marks a 'sad day'
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US Air gets DIP approval
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US Airways gains court approval for $500m
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Worldspan backs away from US Airways ultimatum
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Agency Seeks Loan Info From United
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AMR buckles down
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National Century:

National Century's Chairman Will Drop Some of His Duties - Payment Problems Are Appearing In Another of Firms's Bond Issues
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Lender's Woes Stall Pay for D.C. Health-Care Providers
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Is Adelphia shrinking?
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Law Firms:

Clifford Chance names global practice heads
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Firm Lays Off Staff and Closes Office, More Layoffs Suspected
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Firms Still Look Good to Lenders Despite Debt and Defections
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Debevoise joins Chinese goldrush
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Ex-Cop Makes Partner at Cleary
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Vinson & Elkins in post-Enron cutbacks
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Firm Re-elects Chairman, Plans to Acquire Other Firms
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Weil Gotshal Chosen By Microsoft for Pilot Program
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Kmart:

Kmart Finds Buyer for Corporate Jet
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Holiday sales vital to Kmart future
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Asbestos:

Asbestos Appeal Centers on Fear of Cancer
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Halliburton Asbestos Plaintiffs Agree to Extend Stay
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Cheney's old group Halliburton delays claimsZ
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Federal-Mogul CEO Sees Emergence From Bankruptcy In June
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Trend Technologies Files For Chapter 11 Bankruptcy
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Corporate Reform:

GE Adopts Broad Governance Reforms
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GE's Mile-Higher Governance Bar - Will other companies follow?
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SEC image tarnished in Pitt fallout, casts doubt on reforms
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Legislator Turns Up Heat On Bank Loan Tying
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SEC Reportedly Targets Goldman, J.P. Morgan in Laddering Probe
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Steel:

Bethlehem Steel Continues Retirees Health Insurance into 2003
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Bethlehem ’ s future hangs in balance
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Wire Rope pensions to be topic of meeting
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Bethlehem Steel Waits for Federal Pension Insurance Agency to Take Action
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Bethlehem exec says U.S. to take over pension plan
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  Telecoms:

Supra pays BellSouth $3.5M; promises more
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BellSouth/Florida Responds to Supra News Conference
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Telecom's Bankruptcy Deal with BellSouth Ensures Customers' Connection
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Supra customers switching
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Supra ordered to pay up
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Most telecom companies that go through bankruptcy will not be viable competitors
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After WorldCom: How Much Consolidation Can U.S. Telecom Regulators Permit?
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FBI and other top US agencies probe Global Crossing sale
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SpectraSite to File Bankruptcy Plan
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Global Crossing’s loss widens
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Global Crossing Gets Nod For 3 Units To Subordinate Debt
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Global Crossing to Have $10 Bln Writedown of Assets
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Several U.S. airlines hang up on MCI
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WilTel Plans Listing on Nasdaq for Near Future
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Judge Refuses to Block QwestDex Sale
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AT&T Gets Network, Cheap - Bankruptcy Court Approves Purchase of Velocita
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The Wireless Tightrope Walk
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Truck School Loan Defaults Catch Insurers In Headlights
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Oklahoma City Flu Detection Test Maker Files for Bankruptcy
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Highlands Insurance, Units File Chapter 11 Plan
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Accounting:

Webster to Face More Pressure To Quit His Post on New Board
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Accounting firm claims Webster fired it when it raised financial problems
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Lipstick, lust and promotion - Sexism is alive and well within accountancy
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Fired in Dispute, Accounting Firm Rebuts New Overseer on His Role
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New fraud audit standard approved by Auditing Standards Board
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Pitt Departure Will Slow Accounting Reform, Many Predict
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So Much for Cracking Down on the Accountants
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An optional expense?
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FASB Extends Talks on New Accounting Rules
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American Candy Company Has Retained Keen Realty In Chapter 11 Proceedings
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Unexpected wedding gift - After caterer bankrupts, reception goes on with strangers' help
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Mars Music liquidation to begin shortly
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Stockwalk:

Stockwalk wants $30 million from defectors
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Stockwalk probe nears end, suit expected
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Enron:

Judge Denies Latest J.P. Morgan Motion in Enron Surety Dispute
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Long odds - Shareholder suits
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J.P. Morgan Gets Trial Date for Surety Case
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Financial Fraud On A Grand Scale - Enron Was Nothing New
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Feds cast their net wider in Erpenbeck investigation
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Layoff roundup: week ended Nov. 7
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Zaxis of Hudson going out of business
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Ex-Graham-Field Exec Charged
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Denver: Casino files bankruptcy
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J.P. Morgan Rumor Mill Spins Again
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UST objects to excessive fees paid to president, family of Ch. 11 debtor
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Lawyer and Wife Stricken With Bubonic Plague
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New Bankruptcy Opinions
(1 new opinion 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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Bankruptcy Reform:

A new Congress, a rate cut and you
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Interim Senator Holding Key to 2 Weeks' Control
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SEC, BMA Renew Calls For Bankruptcy Netting Legislation
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The old, new, majority leader speaks
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Farmland:

Farmland tries to beat the clock
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Farmland gets court OK to sell unit
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Energy:

Excel Energy Subsidiary NRG Proposes Chapter 11 Filing to Creditors
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Scottish & Southern Energy facing £175m hit if TXU is made bankrupt
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Energy Trader to Re-Audit Books
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Berkshire and CSFB Lend CenterPoint $1.3 Billion
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More job losses seen in shaken U.S. power market
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Mirant hints at Ch. 11
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Union Acceptance lays off 230
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Merlin Software Ends Operations Due To Lack Of Financing
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2 indicted in $166M cattle scheme
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IRS Seeks Fee For Processing Offers-in-Compromise
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Questions linger over pension protection ; PBGC was created with companies like Kaiser in mind
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St. Louis: Crystal Highlands turned over to Union Pacific Corp. After Bankruptcy Court Ruling
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Warning: Don't Try This at Home - Stupid CEO Tricks
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Australia:

New Insolvencies
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Germany:

MobilCom teeters on the brink
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Canada:

Doman rallies at brink of bankruptcy
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AT&T backs away from ATTC
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Japan:

FSA loan scrutiny to begin in February
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Tokyo plans corporate restructuring body bill
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Malaysia:

Proposed bankruptcy law may stunt business growth, says ACMM
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England:

R3 Welcomes Bill's Royal Assent
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Insolvency and debt threat turn up heat on businesses
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Wealthy taxpayers under Revenue spotlight
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Mexico:

Steelmaker faces down lenders
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Confusion reigned in back-to-back AHMSA shareholder meetings
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Scotland:

More Scottish Companies Go to the Wall
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