October 21, 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

         

Tampa Lawyer Has Case Of Bad Luck With Bankruptcy Fraud Indictment
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U.S. retailers head to clouded holiday season
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New bankruptcy judge to fill vacancy
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Turnaround titan ready to reload: Greg Brenneman awaits next challenge after Continental and PwC
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Airlines:

United Airlines nears bankruptcy
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UAL reaches deal with 4 unions
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United They Fall - Why UAL's loan guarantee request should fail
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United set to resubmit plea for state aid
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UAL loses $889 million in 3rd quarter
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Is Bankruptcy Good for the Airlines?
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More US Airways layoffs possible
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US Airways will open its finances to more potential bidders
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Possible bidders emerge for US Airways
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Nothing but gray skies for debt-laden airlines
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Is United union deal a route for others? - Struggling with labor costs, airlines watching unprecedented pact
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Managing the Data Deluge
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Doe Run Avoids Bankruptcy
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Company blamed for massive lead pollution reaches deal to stave off bankruptcy
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Utah Bankruptcies Keep Climbing
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Judge approves Newport Creamery bankruptcy settlement
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Telecoms:

GT Group Telecom loses contract worth $1.5 million US a month
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Bad debt costly for BellSouth: It wants risky telecoms to pay deposits before service
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Long-distance battle brewing
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Song Networks (Tele1 Europe) Files Bankruptcy Plan
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ITC DeltaCom to exit in November
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C&W volte-face leads to US exodus
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Lucent Investors Still Worried About Bankruptcy
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Hearing delayed on ex-Global Crossing CEO pay plea
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Bankruptcy Reform:

Daschle Disappointed with Congressional Session
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Dealing With Deadbeats
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Reform/Ch. 12 still on agenda
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Congress still has bankruptcy on wish list
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Mixed Results for Business as Congress Breaks
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Hawaii: Lindsey is given 6 months in prison for bankruptcy fraud
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Owners of high-end homes get antsy as market falters
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San Antonio: Ceramic manufacturer shutters operations and files Chapter 7
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Economy:

Burden that's set to bring down America's economy
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Trustee Supports Napster Use of Cash Collateral
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Examiner To Review American Classic's Creditor Treatment
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Accounting:

Mystery of how pots of gold turn into black holes
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Auditing the Auditors
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Andersen gets the all-over tar treatment
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Beware as taxman sails into offshore havens
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PwC hit With $100 Suit Over HPL Audit
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New York lawmakers ponder tougher legislation on corporate reporting
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Sorting out mania of quarterly reports
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Malpractice insurance market for CPAs hardens
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PricewaterhouseCoopers Sued for Fraud in Dallas; Suit Says World's Largest Accountancy Failed to Detect Fraudulent Revenue Reporting
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Accounting firms looking at impact of Sarbanes-Oxley
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Hotlines Flourish With Passage of Sarbanes-Oxley Act
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New auditor duties to raise costs for clients
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Moving on after Andersen's collapse
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Ernst & Young doing 'fine' after Andersen purchase
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How to confront GAAP's credibility gap
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Far-reaching federal law may not be the last word
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The Final Four: Post-Andersen, it's a new bottom line: Smaller players move in as auditing prices rise
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Indiana continues to see highest bankruptcy filing rates
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Expensive lifestyle, investment losses led to bankruptcy
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Austin: Former CEO of Earful faces lawsuit over loan
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  Adelphia:

Insurers seek to drop Adelphia policies
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Adelphia Has Loss of $29 Million in Aug.
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Adelphia's bankruptcy bills could total $200 million
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Bankruptcy attorney, radio host plead guilty
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Laid-Off Workers Win Lawsuit against Excite@Home
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Law Firms:

NY Firm Edges Closer to UK Merger
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Duane Morris in nesting mode for expected growth
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Firm Launches Programs To Stop Slide in Associate Morale
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Companies spiff up dress codes in recession
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Another Firm Leader Bolts Brobeck
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Sullivan & Worcester cuts 5 lawyers, trims newcomer class
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Former Partners Settle Suit Over Payouts After Merger
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Law firm mergers should be good for clients
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Smart strategies help Preston Gates overcome slump: The law firm's emphasis on full service has helped it weather the soft economy
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St. Paul tries to stop losing legal professionals
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Steel Hector may vacate its downtown digs
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Energy:

PG&E renegotiates debt
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Energy industry's dirty little details about to see light
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Shaw takes involuntary bankruptcy legal action on project
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Legal morass bogs down energy trader deals
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Energy trading leader resigns as Dynegy disbands business
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Dynegy Fires Six Workers For Submitting False Data
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Bankruptcy hovers on the back burner as Aquila simmers
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Xcel's NRG unit misses bond payment
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Diamond McCarthy Taylor Finley Bryant & Lee Announces Investor Lawsuit Against TXU Corporation
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TXU May Cut Price on U.K. Customers to Shed Power Contracts
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2 Companies Make Offer for Part of TXU Europe
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Calif. High Court Rejects Claim That PUC Improperly Devised Bankruptcy Filing
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NRG Energy, Inc. Receives Extension on Collateral Requirements
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Dynegy fires six for giving bad trade data
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Dynegy Sells Canadian Natgas Assets
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FBO of Parker, Colo., filed for bankruptcy
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Steel:

Rendell pledges $200 million to assist retired steel workers
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Debt pulls Advanced Lighting into dark
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Agway dealers not part of bankruptcy
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Supplier forces Brick Network into bankruptcy
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Corporate Reform:

Last days of the Imperial Regulator?
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Public institutions must enhance audit committees in the wake of corporate scandals
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CSFB to Face More Grief, This Time in Massachusetts
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Potential-juror opinion distrusts corporations
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Shareholders Rise Up (In Wild West Fashion)
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After String of Scandals, Culture of American Businesses Undergoes Change
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Sears:

Sears Shares Fall on Earnings Woes
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Sears May Be Cut by S&P
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Bankruptcies in corporate world raise fairness issues
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Death by lawsuit: Texas doctors, nursing homes, insurers are victims of greed
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U-Haul:

U-Haul in talks with bondholders
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A moving tale as money woes deluge U-Haul
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Take a Hard Look at Situation Before Turning to Bankruptcy
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Making the Most of Tough Times
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Wichita: Torre's Pizzeria files Chapter 11, officials say restaurant still intact
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Swifty Serve - Inconvenience Stores
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Turnaround artist: North Carolina native helps revive Vermont Tubbs
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China Company to Buy and Run a Bankrupt U.S. Battery Maker
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ArgoMed garners $3.15M in bankruptcy auction
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New Mexico: USDA seeks settlement from bankrupt grocer
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'Vultures' finding real estate deals
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New Bankruptcy Opinions
(No new opinions today)

Bankruptcy Jobs - 220 Jobs - Last Updated October 21, 2002
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Bankruptcy Court Web/Pacer Site Directory

Weird News
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Peregrine, creditors spar over bonuses
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Banks get a chunk of bankrupt firms - Creditors end up as owners in return for wiping out troubled companies' debt
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WorldCom:

WorldCom seeks OK for worker retention plan
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WorldCom Proposes Retention Bonuses
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Former WorldCom CEO set to sell Savannah yacht company
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Speyer disconnects deal while WorldCom desperately seeks tenants
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National credit counselor sues DA - The lawsuit stems from a law prohibiting groups other than lawyers from charging for credit counseling.
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Some businesses thrive in bad economy
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Insurers keep score with credit - Debt data likely to be factor for Texans hunting for homeowners policy
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Cost of directors, officers insurance is rising: Huge settlements are partly to blame
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Foreclosure rates at 22-year high in Missouri
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Kmart:

Kmart not giving up on Martha
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Martha May Be Kmart's Best Christmas Hope
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REBUILDING DURING BANKRUPTCY: Kmart focuses on keeping current customers happy
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Kmart Retains Broker To Sell Former HQ
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Enron:

EOTT's DIP wins tentative OK
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Disgraced Enron star portrayed as tragic figure by friends
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Welcome to the wide world of Enron sports
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Lawyer Who Sued Enron Slams Scandals
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New York buyer sees gem in Enron tower
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The pride and the fall of Enron
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A Year Later, Enron Is an Emblem of Greed
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Everybody knows Enron's name - But pop icon status probably won't last
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Enron Ushers in Regulatory Activism Era
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Enron Anniversary No Cause for Celebration
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For Enron's Belden, 'Success Bred Power'
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Employers alter investment advice post-Enron
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Top U.S. banks named in Calif. lawsuit over Enron
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Representative enjoys 'the hunt' in collections
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Timeliness Of Unscheduled Creditor's Nondischargeability Complaint
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Ad campaign to stop asbestos lawsuit abuse
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Careside:

Careside Files Bankruptcy
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Careside seeks $2M DIP loan
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Russia:

Russian cash crisis unleashes bio threat
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Germ storehouse at risk in Russian bankruptcy case
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Japan:

Japan selling its golf courses
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Golf club operator files for court protection
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STT Kaihatsu seeks protection - Japan's largest this year
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Canada:

President of bankrupt orchestra asked to resign
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England:

Ex-auditor accuses MyTravel
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Bill could multiply personal bankruptcies, peers warned
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MyTravel haunted by spectre of Andersen
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Fat cat executives get fatter
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Ailing NTL triples chief executive's salary
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Leicester City petitions for administration
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Hong Kong:

Hong Kong bankruptcies at record levels
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Czech Republic:

Bankruptcy law coming, but lawyers may balk
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Australia:

New Insolvencies
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