September 24, 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

         
Adelphia:

Adelphia Founding Family Members Indicted
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Adelphia's Rigas, Sons Indicted for Looting Company
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Prosecutors call Adelphia scandal one of the `most elaborate' in U.S. history
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Feds Bid To Give Adelphia 5 $2.5b Kick In The Assets
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Adelphia fails to get ABIZ suit dismissed
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Adelphia Stabilizing
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Tyco:

The Tyco Follies
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How Did They Miss a Scam So Big?
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Tyco Committee Reportedly Knew of Executive Pay Packages
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Colony Capital bets on Aladdin
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Bankruptcy Reform:

Anti-Abortion Lobbyists Tying Up Bankruptcy-Overhaul Bill
(NYT: separate free registration required)

Will Bankruptcy Reform Make the System More Equitable and Efficient?
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Controversial Bankruptcy Bill Moves Forward - Creditor Interests Gave $63 Million
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The Common Cause Campaign Contribution Report

Opponents Say Bankruptcy Reform Bill Hurts Debtors, Wouldn't Help Creditors
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A Bankruptcy Plan for Nations?
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O'Neill on Bailouts: "We Need an Alternative"
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Enron:

Garden State Paper May Get New Ownership, New Name
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Enron examiner details sham deals
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Accounting:

Andersen Faces a New Inquiry by I.R.S.
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Accountants in Canada, Mexico, U.S. Can Practice Across Borders
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Many accounting firms are still consulting, too
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FASB Agrees to Issue ED on FAS 123 Transition and Other 123 Issues
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Peregrine:

Peregrine Sues Andersen for $1.6 Billion
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Peregrine Gets Lease of Life After Remedy Disposal
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Experts say BMC snared a bargain
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Peregrine under Justice Dept probe
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Steel:

US Bankruptcy Court Approves ISG's Purchase of Acme Steel Assets
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ISG wins Acme steel mill
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Wheeling-Pittsburgh Steel Corporation Applies for $250 Million Federal `Byrd Bill' Loan Guarantee
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Bankrupt National Steel Names CEO
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Bethlehem Steel Losses Continue at Slower Pace
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  Chicago Bankruptcy Judge Joins Goldberg Kohn - First To Leave Bench For Private Practice In 15 Years
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Exide Tech equity holders get own committee
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Airlines:

United unions expect deal soon
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U.S. Airlines Request Tax, Cash and Insurance Aid
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Mothballed Virgin planes back on schedule for US
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American airlines hit financial turbulence
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Struggling United Creates Task Force
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Asbestos:

Economic cancer
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Telecoms:

Grubman Charged - Much More To Come
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Salomon Is Spared the Rod
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Asia Global Crossing removes chairman Winnick
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Williams Communication Reaches Agreement with SBC
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NASD fines Citi's Salomon $5 mln
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Salomon Fined for Reports on Winstar
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Sprint's PCS Loses Subscribers As Many Fail to Pay Their Bills
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Asia Global Crossing quiet on China Netcom bid report
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Lawmakers to Hear About Telecom Capacity Swaps
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StarBand's Cost Cutting Avoids Need For New Funding
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Mark Nutritionals Seeks Fiscal Solutions from New, High-Priced CEO
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Corporate Reform:

They gave & it hurts
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Lawyer Demanding Death Penalty For Crooked CEOs

Xerox Faces Criminal Inquiry Tied to Financial Restatement
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Impact of Sarbanes-Oxley Act on Insider Trading
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Energy:

El Paso Corp. gamed California's gas market says judge
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Question on Edison accord
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SCE rescue plan appeal moves to top Calif. court
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Court Says It Will Confirm RailWorks' Ch 11 Reorg Plan
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Kmart Starts Web Site--For Well-Wishers Only
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Nutritional Sourcing Converts To Voluntary Chapter 11
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Kaiser Aluminum gets court OK to reject BPA power
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Honeywell settles claims as $200bn asbestos suit starts
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A Year Into Ch. 11, Warnaco Seeks New Leadership
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Biotech company Gliatech auctioning assets
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Ha-Lo Industries: No Plans To Restate Financial Results
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New Bankruptcy Opinions
(6  new opinions today)

Bankruptcy Jobs - 214 Jobs - Last Updated September 23, 2002
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Bankruptcy Court Web/Pacer Site Directory

Weird News
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State Title trustee's compromise draws arguments
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Law Firms:

Experts Say Ex-Partner May Have Claim Against Pillsbury
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Stephen Ball quits Gibson Dunn
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Piper Rudnick and Verner Liipfert Merge to Establish National Presence
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Two Firms Drop Names Of New York Merger Partners
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Firm's New Leader Eschews "Megamergers" as Bad for Earnings
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KLegal and Osborne Clarke slash partners
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Law firms held 'captive' over high insurance cover
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Slaughter and May caves in to Dresdner on hourly billing
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Partners Switching Firms
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Clifford Chance partner vote drags on as two knocked out
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After a year of being planted in Silicon Valley, Osborne Clarke's Simon Beswick has turned the firm around
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US consumer debt-burdened?
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England:

Bankrupt tycoon's treasure up for sale
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Voyage of the damned
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UK govt set to increase financial aid to British Energy
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Japan:

Record number of venture firms may go bust in 2002
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Bank of Japan finally pulls its head out of the sand
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Hong Kong:

Hong Kong bankruptcies and jobless rates hit record
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Malaysia:

Malaysia's Anwar May Face Bankruptcy Hearings
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Germany:

Mobilcom only latest in series of state bail-outs - Political loans still endemic, but banks resist pressure to help dying companies
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Australia:

Blake Dawson Waldron squeezed the now defunct HIH Insurance for A$1m (354,000) in fees in the final 24 hours before the insurer collapsed
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Argentina:

Argentina: Unbreakable? Argentine Decrees Halt Reorganization and Bankruptcy of Public Utilities
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