August 15, 2003 

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
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Energy:

NRG, Shaw Units In Talks To Settle Chap 7 Case, Lawsuit
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Ex-Merrill trader under second federal probe
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NorthWestern Reports Second Quarter 2003 Financial Results
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Northwestern posts loss, issues bankruptcy warning
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Corporation edges closer to bankruptcy
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Montana will investigate NorthWestern
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Seven Seas Emerges From Chapter 11 Protection, Announces New Management And Board of Directors
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Bankruptcy Law, Meet Environmental Law
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Environmental Claims and Bankruptcy - Managing Liabilities on an Uneven Playing Field
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Airlines:

Arbitrator Sides With American Eagle Pilots in Dispute
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Southern Air flies out of bankruptcy
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Suit: Citi Pushed Worldcom Bonds
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Asbestos:

Senators Who Backed Asbestos-Reform Bill Might Pull Their Support
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Go back to work on asbestos crisis
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Union Acceptance Bankruptcy Plan Approved
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Fraud Hits One in Three Companies
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Telecoms:

Will WorldCom Get A Second Chance or Will Plug Be Pulled Forever?
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MCI Issues June 2003 Monthly Operating Results
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Tampa: Newcom Inc. files for Chapter 11
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CEO quits, staff furloughed as AM's troubles grow
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National Class Action against Insolvent Roof-Shakes Maker Earns $140 Million Settlement
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Enron:

Payment sought for pension work
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Louisiana Pacific: Enron's 'misrepresentations' justified ending contract
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Conseco:

Conseco Ex-CEO Trims Annuity For Inclusion In Releases
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Wendt OKs Conseco bankruptcy plan
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Steel:

Georgetown County, S.C., Steel Mill Moves on with Bankruptcy Plan
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Weirton Steel completes layoffs, reduces management jobs
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Raleigh Country Club gets reprieve from foreclosure
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Nashua, N.H., Businessman Wins Industrial Building Bankruptcy Auction for Second Time
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Some 3DO assets sold in bankruptcy auction
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Law Firms:

Zapped by Huge Power Outage, Firms Scramble to Cope
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Hold lawyers accountable in corporate fraud scandals
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IRS Sues To Force Law Firm To Name Tax-Shelter Clients
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Lawyers Face Off in Houston-Area Court Battle Worth Millions
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Fried Frank Partner Dixie Johnson Named Chair of ABA's Federal Regulation of Securities Committee
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Debate Rages over Deaf Attorney in Orlando, Fla.
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More U.S. Firms Are Using Paid-Time-Off Days
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Baker & McKenzie Adds Bankruptcy Lawyers in San Diego
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Would-be law students just got one less reason to crack the books
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Electronic Discovery: Is Your E-Mail Safe From It?
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Bankruptcy Reform:

The Roadblock to a Sovereign Bankruptcy Law
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Do Sovereign Debtors Need a Bankruptcy Law?
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Fitch Ratings Comments on DVI's Announcement
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NYSE Suspends Trading Of DVI Inc. Stock
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Textile Institute: Industry Doomed
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One-Time Orange County, Calif., IT Superstar's Investment Partnership Bankrupt
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Jones New York Bid for Kasper A.S.L., Ltd. Confirmed in Bankruptcy Court
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Nucentrix delists stock, may file for bankruptcy
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Priest under fire files for bankruptcy
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Elan Pays Creditors for Third Waiver to Avoid Default
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Amerco's real estate unit in Chapter 11
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Ex-stockholder sues Citigroup for pain and suffering
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Calif. Lawyer Pleads Guilty to Taking Kickbacks While Bankruptcy Trustee.
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Feuerstein May Need Time for Buy Back
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Seitel Releases Second Quarter and First Half 2003 Results; Company Reports on Reorganization Progress
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Battle to Control Orlando, Fla.-Based Manufacturer Heats Up before Judge
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Intelsat Shareholders Approve Proposed Acquisition of Loral North American Satellite Assets
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Target's credit operations: a boon or potential bust?
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FTI Consulting to Host Business Update Presentations
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Parent Firm of Big Bear Supermarkets Quits Contributing to Some Pension Funds
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Duty of Directors to Affirmatively Review Major Decisions of Officers and Management, as well as Definition of Independent Director, Clarified by Recent Decisions of the Delaware Court of Chancery
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Judge OKs sale of Fleming Cos.' grocery division
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Utah bankruptcies fall 7%
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New Bankruptcy Opinions
(2 new opinions today) 

Bankruptcy Court Web/Pacer Site Directory

Weird News
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HealthSouth Delays Filing 2nd-Qtr. Report
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HealthSouth interest payments an attempt to avoid bankruptcy
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Bankruptcy Judge Vetoes Best Buy at Springfield, Ore., Mall
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Accounting:

Pricewaterhouse Partner Named to Key S.E.C. Post
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The SEC launched an informal inquiry into Wachovia's referrals of wealthy clients to its auditor, KPMG
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England:

Goldman offers to buy 130 mln stg of Drax debt
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Accident Group 'victims' await pay-off
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Accident Group owes 100m
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Accident Group employees likely to remain unpaid
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Taxman set to be an Accident Group loser
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Creditors weigh up the two offers
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Abacus Trust Counting The Cost
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United Pan-Europe: Should Be Out of Bankruptcy by October
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Japan:

Bankrupt Japanese companies become exception, not rule
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Family feud sets back IRC rehabilitation plan
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Cayman Islands:

Creditors Back in the Driving Seat Over Liquidators' Remuneration: U.K. Insolvency Rules Apply
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Australia:

Selim won't get to make Pan sale papers conditional
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Board bars two insolvency specialists
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Creditors circle troubled Sydney school
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As much to learn from 'worst practice' as 'best practice'
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Australia's Pan Pharma Receives One Bid For All Assets
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Reynolds' bitter taxation harvest
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Thailand:

KTB withholds new funds after talks fail Bank prefers to wait until TPI amends restructuring plan
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Korea:

Default Rate Of Korean Construction Firms Rises Rapidly
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Hong Kong:

Property Slump Ruins Many in Hong Kong
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Argentina:

The Tango Effect: More Flexibility for Restructuring Debts
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