October 29, 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

         
Peregrine:

Terms set for Peregrine unit auction
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Peregrine gets OK for $110M DIP from BMC Software
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Did Peregrine Bully Its Partners?
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Law Firms:

Lawyers say Clifford Chance works them too hard
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Stop the Clock? Critics Call the Billable Hour a Legal Fiction
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Law firm denies staff fears of over-billing
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Clifford Chance calls 'war council'
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Clifford Chance Admits Billable Hours Requirements for Associates
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Clifford Chance Works on Repairing Image
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Lessons From Lawyers: How Not to Manage Staff
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Katten Won't Move
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Weil Gotshal Settles Long-Running Malpractice Claim
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The Top 100 Firms in DC
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Firm Expects Big Savings From Moving Offices
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Merging Firms Agree On Name in "About a Minute"
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Accounting:

Five Indicted In Ariz Baptist Foundation Fraud Case
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Accounting for change since Andersen implosion
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Andersen offices' art for sale - Auction may raise $1 million
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Tax Code is 'Absolute Gibberish' - Overhaul Pending
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PriceWaterhouseCoopers Pays $21.5 Million Settlement in Civil Lawsuit
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Oversight board's head oversaw both CIA, FBI
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SEC's chief accountant says companies will have big surprises coming
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Tax services face ban in US
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Guide to Appointing Auditors
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Securities Suits? Don't Settle - Why one company is choosing to fight shareholder suits
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Big accounting changes looming on the horizon for the leasing industry
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Airlines:

Overseas aid unlikely to save UAL
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Pilots Find Themselves Left Up in the Air
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Attack on Iraq would cost airlines $ 4 billion a quarter
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Employee Groups May Sell More UAL Shares
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Voluntary leave cushions the blow at airline
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Poor Revenues May Have Hit Low-Water Mark
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  We Need More Bankruptcy
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Court approves Mobile Tool DIP
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Telecoms:

WorldCom seeks novel procedure on filing of claims
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A week after startling lock-up ruling, court clears NII's emergence
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WorldCom director resigns over links with Bernard Ebbers deals
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WorldCom Eyes BellSouth Exec for Top Job
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Fiber-Based CLEC Shows Signs Of Floundering
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Qwest to write off another $40.8bn
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WorldCom director resigns after board moves for his ouster
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Who's afraid of WorldCom?
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Regulators May Force Bankruptcy By Banning Florida Medical Center from Treating Medicare Patients
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Budget:

Budget Group Reschedules Hearing On Sale To Cendant Unit
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Budget battling buyout objections
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Jury's Award against Shell Gives California Dealers Damages for Inflated Rent
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Adelphia approved to pay directors
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Lessor's Administrative Claims Payable Immediately To Sanction Debtor for Misrepresentations
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More Denhart properties sell in Over-the-Rhine
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Strawberry investors lose hope - Willinghams' creditors unlikely to get any of their $14 million back
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Enron:

Former Enron CEO Lay's Foundation Makes Contribution to Aspen, Colo., Ranch
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Seattle firm picks closing law office for local unit
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The Mood at Work: Anger and Anxiety
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Angeion Reorganization Plan Approved by Bankruptcy Court
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Corporate Reform:

Corporate Scandals Cost Over $200bn
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Compliance, ethics market takes off as firms look for help
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Citigroup's Weill Talks To NASD Investigators
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Bushmasters risen from bankruptcy
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Music awash in red ink - One after another, major symphony orchestras feel the sting of deficits
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Creditors ask court to take nursing home out of Conner's hands
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Swifty Serve:

Trustee deciding Swifty Serve bankruptcy status
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Workers get final Swifty checks
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New Bankruptcy Opinions
(No new opinions today)

Bankruptcy Jobs - 239 Jobs - Last updated October 28, 2002
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Bankruptcy Court Web/Pacer Site Directory

Weird News
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CFS: Firm Implodes and the Lawyer Is Sued
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Joint venture fiduciary duty unwaivable
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88 attorneys reach 10-year milestone in bankruptcy certification
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Kmart, Martha Stewart introduce new line
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Philadelphia District Makes First Payment to Edison Schools
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Arts & Letters Daily rescued from bankruptcy by US publisher
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Administrative Expense Claim for Substantial Contribution Awarded to Losing Bidder for Debtor's Assets
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Sterling Chemicals Announces Results of Alternative Plan Process For Petrochemicals Business
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Civil RICO Trial Scheduled, Includes PNC Bank as Cross-Defendant
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Swindlers of Orlando, Fla., Security Firm Pay Little Restitution
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Another Victim of the Bubble: Office Building Prices Decline
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Number of corp defaults decline in Q3
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Kaiser Aluminum To Sell Oxnard, Calif., Plant For $7.4M
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Australia:

New Insolvencies
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England:

Crane hire firm placed into receivership
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PwC's convenience store deal
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Canada:

Nu-Life announces restructuring
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Japan:

Bad-loan 'gaiatsu' may backfire
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Japan Bad Loan Agency Links With State Bank, Eyes 90 for Rescue
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Japan Sept. Jobless Rate Near Record; Production Down
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Japan's Sick Banking System Resists Therapy
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Shiokawa Says New Body Needed to Revitalize Companies
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BOJ Likely to Boost Bond Buying to Back Bad-Loan Plan
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Germany:

Concern over bad debts as German economy groans
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Russian Group Bids For Fairchild Dornier
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Is Germany Fast Turning into Another Japan?
(Business Week: separate paid subscription required)

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