September 16, 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

         
Big-business bankruptcy costs big bucks
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Severance packages criticized
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Airlines:

United's Union to Offer Alternative Recovery Plan in Coming Days
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National Airlines close to exiting Ch. 11
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United Airlines May Delay Announcement about Possible Bankruptcy
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United unions coming up with proposal by Sept. 19
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Hooters chief’s bid for Vanguard not a sure thing
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Deadline for United to File More Data Supporting Its Aid Request Moves Back
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E-tickets ousting paper, like it or not
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United faces tough call on bankruptcy
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Nonrefundable ticket means what it says
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Squeeze play - New fees and restrictions imposed by big, money losing airlines could alienate the customers that carries need to bounce back
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War will 'tip airlines into crisis'
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United Unions to Offer Concessions
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National bankruptcy plan progressing
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United's Union Plan to Miss Deadline
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Taking Credit Where It Wasn't Due? - Holbrook company included in civil suit filed by FTC
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Law Firm's Plea To Quit Wilkinson Bankruptcy Rejected
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Bankruptcy Reform:

House Tables Bill Targeting Pro-Life Demonstrators
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UAW and abortion (scroll down)
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Bankruptcy Bill Thoughtfully Includes a Loophole for the Rich
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U.S. Congress Expected to Toughen Bankruptcy Laws
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Bankruptcy bill stalled
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Fannie, Freddie, Others Decry Sen. Durbin Bankruptcy Bill
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Millions in Mansions
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New rules could make it tougher to shield millions in mansions
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U.S. bankruptcy bill backers say setback serious
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Economy:

Capital-Spending Hopes Are Clipped by Economy
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WorldCom:

Where will the road lead?
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Tishman bids $101M for WorldCom office
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WorldCom Plans to Sell Virgina Real Estate for At Least $101 Million
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WorldCom monitor reportedly tells executive to repay
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WorldCom to Cut Foreign Jobs
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"I believe God has a plan for people's lives, and I believe he had a plan for me"

WorldCom director targeted
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WorldCom seeks to end advertising deal with AOL
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US Diagnostic:

US Diagnostic's prediction true
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US Diagnostic Inc. Files for Chapter 11 Bankruptcy Protection
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Energy:

U.S. energy industry rewrites accounting rules
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As Blackouts Hit California, Traders Manipulated Market
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Williams Cos. Addresses Allegations about $900 Million Loan
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Sterling Chemicals Files Second Proposed Joint Plan of Reorganization
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Asbestos:

Owens Corning suit breaks new ground
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Asbestos deal to reduce cash for milder cases
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G-P's profile rises as others fall
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Bankruptcy Court Approves Denton County Electric Cooperative -d/b/a CoServ Electric- Reorganization Plan
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Bankruptcy Judge Approves Plan for Grapevine, Texas, Vineyard
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Lien for Mortgage Deficiency Was Avoidable

Former Baldwin workers still seeking severance pay
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  Bankruptcy practice now more lucrative
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Internet flameout burns firms anew: MarchFirst paid millions to Bay Area companies; now it's payback time
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The Life of a Vulture - Distressed debt is for high rollers like David Matlin. Should small investors dare to get in on this risky pursuit?
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Telecoms:

Venture Asset to squeeze Exodus
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Germany bails out Mobilcom
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France Telecom Stops Funding to MobilCom, Posts Huge 1st-Half Loss
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Teligent Faces New Sober Reality
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Future still unclear for MobilCom
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Embattled SpectraSite Faces Test
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Telecom firm WCI emerges from bankruptcy
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Global Crossing to file reorg plan
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Communications problems leave Michel Bon as just one of the casualties
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Cash on the way for Broadwing?
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Global Crossing to File Reorganization Plan Monday
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GT Group Gets Further Extension To U.S. Court Protection
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Telecom Slump Continues
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Morgan AT&T Canada's 3rd adviser
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Telecom Act blamed for industry rise, fall - Panelists agree recovery could take up to 18 months
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Group Telecom granted extension in U.S.
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Adelphia Communications Reports $72 Million Net Loss For July To Court
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No Bottom in Sight
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Lucent says sales likely will plunge
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Universal Service Fund Faltering Under Pressure
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The Check Is Not in the Mail - More tales of the misfortunes that befall Meshulam Riklis' creditors
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Enron:

Court Picks Up the Tab for Enron Witnesses
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Enron Is Center of U.S. Probe Of Alleged Power-Price Fraud
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Congress digs deeper on Enron, case seen expanding
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J.P. Morgan, Insurers Head For Trial
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Enron probe targets law firms in UK
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As deadline closes, Hines in game to buy Enron tower
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Enron project fizzles
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Going, going, gone: Auctioning Enron
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Morgan Suffers Setback in Fight With Insurers Over Enron
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Big fine urged over New Power bills
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Of pirates and porn - Maybe pornographers can do what the record industry couldn't -- make Napster work
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US companies subject to debt markets' great divide
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Steel:

Geneva Steel Holdings Commences Chapter 11 Proceeding
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Bethlehem Steel Retirees Gain Voice in Restructuring
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House of cards piled atop employees - Before there was Enron, before there was WorldCom, before there was Global Crossing . . .
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Big loans in this shaky economy put businesses on borrowed time
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Corporate Reform:

Lobbyists able to get pension reforms watered down
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'This is greed beyond comprehension'
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Adelphia Gives Some Results for 2 Months
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Rivals to pick up Consolidated workers: Terminal, customer base remain up for grabs
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For Creditors, the Toy Chest Is Bare (scroll down)
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U.S. Companies Still Awash in Debt after Late 1990's Boom in Borrowing
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PurchasePro:

Owner Casts PurchasePro As 'Shell'
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PurchasePro will lose name, little else in bankruptcy
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Tyco to make public report into directors
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New Bankruptcy Opinions
(No new opinions today)

Bankruptcy Jobs - 199 Jobs - Last Updated September 16, 2002
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Bankruptcy Court Web/Pacer Site Directory

Weird News
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Foreclosures foreshadowed: Lenders fire warning shot
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Accounting:

Andersen/Baptist Settlement: Appeal Could Delay Payout
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Accounting Reform Brings New Opportunities -- And Upheaval for CPA Firms
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Arizona Judge Gives Final OK to Andersen/Baptist Foundation Settlement
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When a Business Stands in the Dock - Conviction isn't the end of the world
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Employers are moving away from offering big pay deals to hang on to their IT staff, and offering training and lifestyle benefits
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Andersen Worker Turns Job Loss Into Inspiration for Musical Comedy Sketch
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IRS Hones Audits on Evasion Schemes
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Accountants Suffer Loss of Prestige after Downfall of Andersen
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Conseco Preferred Holders May Have Eye On Thomas Lee
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Burlington's Ameritex files reorganization plan
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SLI: Bankruptcy Court OKs $20 Million Interim DIP Financing
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MPTV:

Laguna Hills, Calif., Time-Share Developer Files for Bankruptcy Protection
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MPTV's Lake Trop LLC Files Chapter 11
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Court Grants Newcor More Time To File Reorganization Plan
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Analysts debate debt bubble - not all borrowing is bad
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Out of the bunker: When a company’s in crisis, share information early and often, experts say
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Loco Lupe's restaurants seek Chapter 11
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Law Firms:

Planning for growth and gaining competitive edge
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Firms to pay young lawyers to walk or defer
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From investor fury, a legal bandwagon - lawyers jump into business of suing firms over shareholder losses
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Law firms adjust to the increasing influence of women attorneys
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Houston energy prospects attract 100-year-old New York law firm
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Polishing the Image - Lawyers appear low in public status, moving some bar groups to action
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A new breed of law firm: Booth & Wright depends on technology to operate in 'virtual' manner
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Firms Can Monitor Internet and E-Mail Activity
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FTSE 100 fallout hits magic circle
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IP litigation partners' departure is the latest loss for Brobeck firm
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Choosing corporate attorney is an art, science
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Coudert Bros. cuts jobs, moves San Jose staff to Palo Alto
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The Perfect Fit: Dissatisfied Female Attorneys Start Own Firms
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Birmingham bound: Out-of-state law firms see city as good place to do business
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Austin: Restaurant owners say Sept. 11 attacks led to Ch. 11
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LeapFrog acquires KA.net: Move brings KA.net out of Chapter 11 protection
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Korea:

Daewoo Restructuring Plan Wins Backing From Court
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Poland:

Elektrim succumbs to bankruptcy
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Polish Elektrim Files For Bankruptcy With Warsaw Court
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Elektrim saga reaches climax with bankruptcy
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England:

Pressure grows for British Energy deal
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Credit card debt to increase personal insolvency
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Canada:

Liquidator drops claim against Dylex, agrees to pay former BiWay staff
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Student loan relief can be hard to come by
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