October 17, 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 Dimensions: EOTT Energy Partners
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Attorney Billing Statements Shielded by Attorney-Client Privilege
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Airlines:

Will UAL land in Ch. 11?
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Better doesn't mean well
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United won't rule out Chapter 11 filing
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United Airlines Statement
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Skies Darken for Boeing, AMR And UAL as Aviation Ills Grow
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American Airlines halts aircraft deliveries
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Midway plans get DOT approval - But airline still needs loans, jets
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Telecoms:

SpectraSite misses payment deadline
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Williams reemerges with new name, new credit
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Williams Communications emerges from bankruptcy as WilTel
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Leucadia aids WilTel rebirth
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History of Tulsa, Okla., Telecommunications Firm Traces Paths of Boom, Bust
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Communication Dynamics, Inc. Receives Approval to Continue Use of Interim Cash Collateral
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AT&T Canada restructuring may change telco landscape
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Lucent could run out of money
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Despite the Baby Bells' howls, states are wisely slashing the access rates that Bells charge their local-service rivals
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New Report Claims Wireless Spectrum Auction - NextWave Dispute -  Hurting Economy
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EToys Nears Confirmation Of Plan
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Court Approves Interliant’s Debtor-In-Possession Financing
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Law Firms:

Having Their Say - At Latham, members of associates committee have power over their peers
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Law firms to hire more in 2003
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The 2003 Job Forecast: Hire Learning - The employment outlook for the upcoming year: so-so
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Reed Smith to merge with Calif. firm
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Reed Smith continues aggressive expansion with California merger
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Ashursts extends Fried Frank joint practice links
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Wacks Caller stung again as insolvency expert Willmott jumps ship
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Lovells targets insolvency Counsel for recruitment ad
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Sidleys launches JV with top Tokyo lawyer
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Orange axes top lawyer as staff await more cuts
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Pacific Basin Food, Inc. Files Bankruptcy
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WorldCom:

Who’s in charge at WorldCom? - It is almost easier to figure out who isn’t in charge of WorldCom Inc.
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WorldCom Won't Pursue Pact To Sell $101 Million Property In Va.
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Second Chance Doesn't Get One
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Bankrupt Aliquippa Hospital gets new leader
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With pricing power weak, borrowing is just too costly
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Economy:

A Cloud Over the Recovery: Businesses' New Frugal Ways
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Does deal structure make a difference under state law fiduciary principles? In Delaware it does
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Bankruptcy Reform:

Lobbyists Push Congress Over Bankruptcy Laws
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Central Recycling Inc., A Scrap Facility for Non-Ferrous Metals, Liquidated By Way of Chapter 7 U.S. Bankruptcy Court
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  Judge Barbara Houser: Cutting to the chase
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Letter from Delaware: At home in restructuring
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Enron:

A Prosecutors' Roadmap - Does detailed complaint foreshadow what's to come? - "If you're in there, you are going down."
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Key Enron Trader to Plead Guilty
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RBC's Enron deal: Who's at fault? - Rabobank lawsuit raising questions about due diligence
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Oregon AG Files Claims Against Enron
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Coping after Enron - Many ex-employees still are struggling to pick up the pieces of their lives
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Abbey sues US banks over Enron
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Grateful for Enron
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Mars weighs sale, auction
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Energy:

Dynegy steps not enough, analysts say
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Dynegy to Exit Energy Trading
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Are U.S. utilities borrowing their way to collapse?
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NRG misses bond payments; bankruptcy may loom
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TXU Europe Holds Off Payment on Some Bonds
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Steel:

LTV Copperweld to reorganize
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U.S. Steel to sell some operations to raise $500 million
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Maverick Tube to buy LTV Tubular
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Acme Metals seeks more time to develop turnaround plan
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PBGC must comply with USWA request
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LTV reorganizes Copperweld as separate company
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Corporate Reform:

Business Scandals Rock Juror Attitudes
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Democrats Hope Corporate Crime Wins Them Votes
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SEC set to look at corporate reforms - The SEC is set to look at four reforms meant to make corporations more responsible, including a requirement that firms adopt and monitor codes of ethics.
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Clawbacks: the Next Indignity Facing the Troubled VC World
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Accounting:

Andersen Gets Maximum Sentence for Obstruction of Justice
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After Andersen sentencing, anger lingers
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Andersen's ties with tissue maker American Tissue studied
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Enron's auditor is given the max
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Former Andersen Legal managing partner branches out into legal consultancy
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AICPA to Auditors: Let's Get Skeptical
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Arthur Andersen Is Put on Probation
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Auditor Is Unlikely to Certify Tyco's Results by Release Date
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Senator Skeptical of Tax Collection by Private Firms
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The three Cs of fraudulent financial reporting
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Deloitte & Touche Is Sued Over Reliance Insurance
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Lawsuit Blames Deloitte & Touche for Fall of Philadelphia-Based Insurer
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Accountants Sued in Reliance Furor
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SEC Set to Tap Accounting Board
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Disclosures, whistleblowers, and document destruction
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E&Y Partner Named Woman of the Year
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SEC requires regular certifications
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Despite scandals, profession poised to wield influence in November elections
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New Bankruptcy Opinions
(2 new opinions today)

Bankruptcy Jobs - 240 Jobs - Last Updated October 14, 2002
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Bankruptcy Court Web/Pacer Site Directory

Weird News
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Ames:

Ames, Jamesway Were Looted By Liquidators, NYC Prosecutors Say
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Ames stores set to close for good Oct. 19
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Ames' final days bring bargain-hunters
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Judge saves Gilat from receivership
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AMERCO:

Bankruptcy feared for U-Haul parent Amerco
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Amerco calls bankruptcy speculation "unfounded"
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U-Haul hurt by parent's bond default
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Amerco stock drops sharply
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AMERCO Lenders Indicate Willingness to Enter Into Restructuring Discussions
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Medicalogic/Medscape Gets More Exclusivity
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Farmland files amended petition to hire UBS Warburg
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Banks rally as people spend
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Impulse Media Files Ch 7
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J.P. Morgan, Regional Banks Post Weak Quarterly Results
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J.P. Morgan's Net Drops 91%; Firm to Cut About 2,000 Jobs
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Rough Cut at J.P. Morgan? - Lower dividend feared after bank's earnings drop again
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Stocks of Subprime Lenders Sink
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Baby Jogger Co. files for Chapter 11 bankruptcy
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Court Approves Desa International's Retention Bonuses
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Safety-Kleen agrees to pay $148 million. Over 100 Years.
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Austin: Bradley's bankruptcy extended
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3dfx Files for Voluntary Bankruptcy Protection Under Chapter 11 of the Bankruptcy Code
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American Banknote Emerges From Bankruptcy
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Gibson's stores closing doors
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Bankruptcy could keep slopes open
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AremisSoft boss arrested in Cyprus in fraud investigation
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Japan:

Japan nears day of reckoning for its banks
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Loan sharks thriving
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Japan's Prison Population Swells as Economic Slump Breeds Crime
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Japan Expected to Establish Safety Net for Indebted Firms
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Bandai Resort Files for Court Protection
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Cost of reform alarms Japanese
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Now not the time for BOJ measures, Hayami says
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Time To Position For Radical Changes In Japan
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Canada:

Cash crunch silences CPO
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Musicians say CPO plan falls flat
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England:

City firms battle SEC for exemption deal
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Russia:

Upper house approves bill on bankruptcy
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Russian Senators Landslide Bankruptcy Bill
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