September 17, 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

         
Airlines:

US Airways' hints about cutting fleet worry pilots
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Airline Changes Leave Some Passengers Out In Cold
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United unions want to trim 'inefficiencies,' not salaries
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Enron:

Lawyers finally called to account in Enron debacle
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Enron puts "Crooked E" sign up for sale
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Eyeing 'The Crooked E' through blue-colored glasses
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Lay, Skilling may be next on feds' hit list

U.S. Bankruptcy Court to Hear Further Arguments On Enron, Sierra Pacific Resources Litigation
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Ill winds of Enron reach Buffalo Ridge
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Enron under investigation by second grand jury
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Napster assets draw more than a dozen bids-banker
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Law Firms:

Eversheds bosses in clash over leadership
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Garretts five allowed into Taylor Wessing partnership
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Banks demand that firm drop restrictive covenants against partners who left
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Lovells goes limp on condoms
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Amidst Allegations, Ex-Pillsbury Partner Drops Plans to Move to Latham
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Firms Renew Focus on Vetting Lateral Partners
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Odd couple
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Firms' Merger Completed
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War of words as Clifford Chance partners do battle
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The Sun Rises
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Eversheds bosses in clash over leadership
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CC, Freshfields and Linklaters break into France's legal top 10
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Corporate Reform:

Break Down of Jack Welch's Perks
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Pricking One More Bubble: Outlandish CEO Enrichment
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IRS Seeks Fast Shelter Settlements
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You Stray, You Pay -- CEOs should be penalized for financial abuses
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Tyco Report to SEC Is Expected To Specify Beneficiaries of Loans
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Condominium Residents Evicted From a Building in Debt
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Steel:

Geneva Steel goes begging again
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SpectraScience files Chapter 7 bankruptcy
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Cash-poor orchestras face sounds of silence
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Scient sale approved
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Wary Banks Link Loans to Markets
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Will New Delaware Law Facilitate Securitization?
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Asbestos:

Claims Prompt Bankruptcy
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High Court Rejects Delay on Asbestos - Big West Virginia Case Is Cleared for Trial
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Asbestos Lawsuit Stays On Docket
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Lawyers for Asbestos Reform
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S&P comments on defaults and bank loans
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Court OKs CoServ Electric's reorganization plan
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Kmart posts loss, Ch 11 emergence timeline blurry
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Telecoms:

Global Crossing Plan Won't Shield Winnick in Suits, People Say
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Global Crossing Gets Exclusivity
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MobilCom sees no insolvency after rescue deal
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Global files reorganization plan - Banks, bondholders given priority while stock investors are expected to get nothing
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Behind the High-Speed Slowdown
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Faced with dark clouds of debt, more people seeking shelter of bankruptcy
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Experts urge caution if considering bankruptcy - "You lose everything because they really penalize you big-time."
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SpectraSite:

Tower leaser seeks shelter - Bankruptcy likely for SpectraSite
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SpectraSite Holdings can't pay debt, talks with lenders
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SpectraSite Holdings skips payment; CFO foresees October bankruptcy filing
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Class Action Fee Experiment Struck Down
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Sandbox.com's New Game: Bankruptcy
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WorldCom:

Some Mississippi Lawyers Find WorldCom Is Tough to Crack
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Investigators Scrutinize Loans To WorldCom Operating Chief
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Kmart:

Anonymous employees ask SEC to step up pressure
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Kmart: Vendor Allowances Recorded Prematurely
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Kmart Says Out-of-Stock Items More Perception Than Reality
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Accounting:

Auditor rotation will not boost independence
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When companies, auditors disagree
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Board to back U.S. accounting changes
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Preliminary Discussions Begin on Proposed SPE Consolidation Interpretation (scroll down)
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E&Y Grabs Seven Andersen Execs For N.Y. Tax Unit
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Judge KOs Andersen Appeal

Accounting's White Knight
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New Bankruptcy Opinions
(4 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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Adelphia:

Rigases seek insurance payments for legal fees
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Rigas: Reopen Cookie Jar
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Bankruptcy Reform:

Texas homestead exemption survives reform proposal
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Critics Pan "Employee Abuse" Bill

New Debt Proposal Allows Overhaul for Poor Nations
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Depository Trust & Clearing Corporation on Employee Abuse Bill

LoPucki Commentary Supports Durbin-Delahunt Bill (click here for a transcript)

National Conference of Commissioners on Uniform State Laws on Employee Abuse Bill

Republican Study Committee Analysis of Abortion Provision
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House Democrats Back Bill

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Soo Plastics, Inc. files for Chapter 11 bankruptcy
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Energy:

Xcel's NRG Energy Unit Missed Bond Payments
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PG&E seeks buyer for all or part of NEG unit
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Williams Cos. to Sell Natural Gas Pipeline
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Lawyers want off Starlight bankruptcy
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Isle of Capri lands two new casinos
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Insurers rush to unload assets
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State's largest casino turns to turnaround pros
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Former finance secretary being sued in Wilkinson case
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Canada:

Bankruptcy lawyer tries to stem tide of Canadian filings in U.S.
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Hong Kong:

Hong Kong bankruptcies soar
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Hong Kong Aug. Unemployment Unexpectedly Dips to 7.6%
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China:

New Challenge for China's Shaky Banks
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Poland:

Elektrim Fires CEO, Management
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Bondholders Drop Bid For Elektrim's Telecom Assets
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England:

Administration threat grows at British Energy
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Bank hands over customer details on offshore accounts
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