October 30, 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

         

Bankruptcy Reform:

Senator's absence may aid reform
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Wellstone stood up for little guy
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Crude legislation
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Enron:

Enron sues over $123 million draft
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US Senate cancels FERC, Enron hearing
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Another auction, another E - After making $3.3 million last month, second sale coming up
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Suit targets CRRA bank advisers
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Circuit Upholds Bankruptcy Court Decision That Swaggart Ministries Can Keep $2.5 Million - The Opinion
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Law Firms:

Associate Anxiety: It's About the Bonus Money
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Firm Announces Bonuses for Nonlawyers
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Firm Restructures Its Intellectual Property Group
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Associates Landing Jobs, Earning Promotions
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Bryan Cave boosts international trade group
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Kmart:

Microsoft objects to bluelight.com sale
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Firms claim stake in sale of Kmart ISP
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Microsoft: You Need Permission to Sell Our Software
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Jay Alix and Ward Mooney Receive Chairman's Awards from Turnaround Management Association
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Two cheers for bankruptcy
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Corporate Reform:

BoA caps severance pay, raising bar for corporate US
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CFOs: The New Patsies?
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Outrage Factor Fizzling In Washington
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Citigroup Plans Separate Unit Amid Pressures Over Analysts
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Bypassing bankruptcy
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Risky Business: Certain Bets May Come to Haunt Insurers - Possibly substantial losses from an array of business activities whose profitability is tied to the ability of corporations to pay off their bond debts
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Energy:

Accounting change to hit energy firms
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PG&E gets funding deal for plants
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TransCanada waiting to acquire U.S. assets in bankruptcies
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Hartford Financial Services Group Sued Over Asbestos Claims
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Deutsche Bank Is Expected To Sharply Raise Provisions
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Biotechnology Firms Run Dangerously Low on Cash
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How Plastic Put Sears in a Pickle
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  Anker Coal Group, Inc. Files For Reorganization
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Telecoms:

WorldCom gets OK for $25M retention plan
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Judge OKs bonuses at WorldCom
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Uncooking the Books at WorldCom - How Three Unlikely Sleuths Exposed Fraud at WorldCom
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Qwest reveals scale of accounting errors
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BellSouth/Supra: Asks for $26.2 Million Deposit For Services
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BellSouth Asks Court to Dismiss Supra Bankruptcy Case
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BellSouth puts heat on Supra
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AT&T lowers Velocita bid
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Broadwing to Cut 500 Jobs, Defers Unit's Dividend Payment Again
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Asia Global Crossing to Pay Interest to Bondholders
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Economy:

Venture capital dries up
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Consumer Confidence Tumbles, Giving Fed Reason to Cut Rates
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Retailers' holiday confidence shaken - A sharp drop in consumer confidence adds to retailers' holiday jitters
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How Blue Will Christmas Be? As sales keep plunging, retailers are panicking
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Advanced Lighting Technologies Receives Nasdaq Delisting Notice; Plans to Apply for Transfer to Nasdaq SmallCap Market
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Steel:

Buckeye Steel Plant for Sale
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Mango Moon files for Chapter 11
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Judge rules in favor of Clarks' bankruptcy try
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Creditors: Name trustee to run nursing home
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Northland Securities Employees File Motion in Opposition to Stockwalk's Creditors Committee Request in U.S. Bankruptcy Court
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Bankruptcy Law Firm Defeats Equipment Leases for Client in Chapter 11
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Crouching Profits, Hidden Debts": A timely seminar on unmasking financial statement fraud
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Accounting:

Valuing Intangible Assets
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Independence of auditors dismissed as fiction
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Accountants confront image darkened by Enron
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PwC sets LLP target date - Third Big Four firm to take up limited liability status in new year
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Fast track for Ernst & Young
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Fund group seeks limit on payments to auditors
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It's time for accountants to get tough
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Intercreditor Agreements In The Context Of Mezzanine Loans
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US Diagnostic asset sale approved
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New Bankruptcy Opinions
(1 new opinion 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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Airlines:

Airline Deals Put At $4.4 Billion For GE
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UAL's United Airlines Considers Reviving Low-Fare Business
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Creditors vote against rehabilitation plan for Balkan Airlines
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UAL woes years in making The fight to save United Airlines--first in a series
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Court OKs Farmland retention plan
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Waves of Doubt - Complicated financing deals were supposed to protect insurers and banks
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New Information Filing Requirements for Public Companies Incorporated or Qualified To Do Business in California
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Mo' Better Blues
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W.R. Grace Wins Court OK To Amend CEO Pact, Extend Bonus
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England:

Receivers seek buyer for market-leader Baldwins after US arm collapses
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Secrecy for Equitable inquiry
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Baldwins Industrial Services plc (In Administrative Receivership)
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PricewaterhouseCoopers Partners Appointed Administrative Receivers to Alldays plc and Announce the Sale of the Business.
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Industry welcomes defeats on competition legislation
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Japan:

BOJ to Increase Bond Purchases to Aid Bad-Loan Plan
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Takenaka, Opposed by Banks and Lawmakers, May Prevail
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Japan on tenterhooks for bank plan
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More bankruptcies, job losses threaten to hit Japan
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Japan-Strapped Economy
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Australia:

New Insolvencies
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Germany:

Archdiocese of Berlin challenged by prospect of bankruptcy
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Russia:

Putin Approves Federal Bankruptcy Act
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Italy:

Ex-Fiorentina boss under house arrest
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Korea:

Gov't to submit bill to help individuals avoid bankruptcy
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