October 2, 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

         

Trustee in Bennett case wants $14 million compensation
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Napster:

Bankruptcy Trustee Named in Napster Proceeding
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Napster Creditors Sue Bertelsmann, Seeking Debt Recharacterization
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Founder of bankrupt Madster Seeks to Replace Boies Schiller As Attorneys
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Dire Days for D&O
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WorldCom:

WorldCom wins one, loses one
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WorldCom to pay laid-off employees $36 million
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Former WorldCom employees to get more money
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WorldCom Gets OK To Sign $150 Million Bond Deal With AIG Unit
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WorldCom strips "inner circle" executive of operational duties
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WorldCom's cash grows, needs less financing
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Magellan Health unable to refinance bank debt, bankruptcy possible
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Budget Group Wants $16 Million Retention Bonus Plan
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Accounting:

Law and Order Script? Manhattan DA Questions PwC about Tyco
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Andersen Holds Rummage Sale at Chicago HQ
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Audits Now Provide Essential Gut Checks for Firms
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Fed ponders 'off-balance-sheet' rule
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Mobile Tool files for Chapter 11
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Telecoms:

360networks working to emerge from Ch 11
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Memo To Telecom Exec: Sell Now
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NextWave, FCC to Spar Over Airwaves Worth Billions
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Bankruptcy judge approves Williams Communications reorganization plan
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Williams Communications Productive during Bankruptcy Reorganization
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Metromedia won't pay $11M in interest
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Winnick defends stock sales
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Winnick to pay workers $25 million
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Winnick 'heard no warning' on Global Crossing
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Bankrupt Telecom Pays Off Large Chunk of Debt
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Global Crossing Chairman Testifies About Controversial Deals
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Spitzer in talks with Salomon amid IPO probe
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Telecom crash hits investors, former employees
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Global Crossing executive denies insider trading
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Lucent Settlement with General DataComm Awaits Bankruptcy Court Approval
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Suit: Analysts lied in their ratings
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Telecom rules a failure, CEO of Verizon says
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Bankrupt Provincetown, Mass., Ticket Agency Run by Repeat Filer
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Applebee's buys debt from bankrupt franchisee
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NRG South Central Misses Payment, Remains In Talks With Lenders
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Bankrupt Carbide/Graphite Group, Inc. Enters Into Sale Agreement
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Role of Peregrine Exec in Question - John Moores was on watch when irregular accounting practices began
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Strafford, MO Mayor Files for Bankruptcy
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DE: Hotel developer gets reprieve from Bankruptcy Court
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Report says Amtrak might not be able to pay its debts if liquidated
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Georgia Fair Lending Act takes effect
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Viasystems files for bankruptcy protection
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Enron:

US reinvents Lay as consumer champion
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The tip of Enron's iceberg
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Ex-Enron CFO Fastow to Surrender on Charges
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Enron, Creditors Seek to Sue Ex-Officers Lay, Fastow, Skilling
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Enron Execs Could be Personally Liable for Retirement Plan Losses
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Creditors can sue former executives
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Unshredded truth from an Enron insider
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Enron's former CFO to come in from the cold
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Fastow charges could hint at probe's thrust
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Secret Deal Part of Tangle in Enron Case
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Aladdin sales plan to be distributed to creditors
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California Companies May Be Possible Suitors for Bankrupt Aladdin Resort
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Judge Names Richmond, Va., Bankruptcy Lawyer Examiner in Polymer Group Case
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Rigases Get More Time to Answer Adelphia Suit
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Warnaco:

Warnaco files reorganization plan
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Warnaco to Emerge from Bankruptcy
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San Jose Doctors' group files for protection
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Bankruptcy court gives Polaroid more time for turnaround plan
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Comdisco starts distribution to claims holders
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Airlines:

Coming Out of the Clouds: Kitty Hawk Emerges From Bankruptcy
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Vanguard Airlines Prepares for Liquidation
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United Machinists Waiting on Airline
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Militancy runs deep in Machinists
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Trinidad Airline Might Face Bankruptcy
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U.S. House Members Reach Agreement on Airline Rescue Plan
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US Airways To Offer Standby Coupon Purchase Choice
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Champion Plastics loses only customer, closes
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An Illinois medical group is in bankruptcy court after a 10-year streak of business decisions gone wrong
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Interliant Seeks OK To Sell Hosting Assets
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Water line break closes President Casino; company gets new bankruptcy funding
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Economy:

Economists dismiss US recession fears
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Steel:

Concessions End
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Texon International Limited Reaches Terms for Recapitalization With Ad Hoc Committee
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Sale of Wheland Automotive Industrial Park Questioned in Court
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Asset buyer from bankruptcy estate sues firms that represented him for $1 million
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Buffalo Color Corp. files for bankruptcy protection
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Tyco: The Vise Grows Ever-Tighter - Half its debt is coming due--but where's the cash to pay it?
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FERC orders CalPX to return money to Constellation
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Guilford Mills Preparing to Emerge From Bankruptcy
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Bankrupt Tacoma auto repair chain acquired
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New Bankruptcy Opinions
(1  new opinion today)

Bankruptcy Jobs - 240 Jobs - Last Updated October 2, 2002
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Bankruptcy Court Web/Pacer Site Directory

Weird News
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Why was UST Linda Stanley fired?
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Agway files for bankruptcy
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Albany, N.Y., Law Firm Will Appeal Malpractice Judgment Based On Advice That Chapter 11 Was Only Option
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Corporate Reform:

Michigan boards get bad rating
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Are CEOs Worth Their Salaries?
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Burlington Industries Gets OK To Modify DIP
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Law Firms:

Arnall Golden Gregory beefs up bankruptcy practice
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Boot Camp Reality Bites - How could a summer program dubbed "boot camp" surprise students with its toughness?
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Morton Fraser gains new clients through Robson McLean raid
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Brobeck hangs on to $10m of owed cash
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Clifford Chance senior partner contenders square up for round three
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Eversheds divided over managing partner vote
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Powers mysteriously quits JP Morgan
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Agway bankruptcy latest stumble for farm co-ops
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Spitzer Raises the Heat on Citigroup
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Fort Worth: Poynter Scifres Cos. files Chapter 11
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Asbestos:

Asbestos Suits Push Lancaster, Pa., Firm ACandS Inc. into Chapter 11
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Greedy Lawyers Cheat Real Asbestos Victims
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Rocor files bankruptcy, contemplates sale
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Hawaii: Bankruptcies fall for quarter
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England:

Only the beginning - Collecting judgments in England and Wales
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High Court lifts Railtrack PLC out of administration; effective 7.00 am Oct 3
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Japan:

Japan banks, borrowers wilt on tougher debt stance
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Japan Bank Czar to Tackle $352B Debt
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Japanese Executives Think Recovery Is Losing Momentum
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Is Japan ready to reform?
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Japanís banking crisis
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Shiokawa Cautions Faster Bad Debt Disposal Could Cause Disaster
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Law eyed to erase loan mess
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Takenaka appointment shocks banks, borrowers
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Canada:

Doors close at Standard Furniture
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Consumer bankruptcies continue to rise
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Poland:

Elektrim seeks hearing delay
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Mexico:

AHMSA: Banks moved by ulterior motives
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Creditors Of Mexico's AHMSA Seek Management Ouster
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