August 19, 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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Court Narrows Chapter 11 Tax Loophole
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Chapter 11/Tax Loophole: Supreme Crt Review Unlikely
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Asbestos:

Confirmation of ABB settlement is appealed
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ACandS Flagged By US Trustee Over "Remarkable" Subcontractor Conflict - Asbestos Claims Evaluation Vendor Owned By Paralegal On Leave From Plaintiff's Firm
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Telecoms:

Verizon Wireless Eyes Bid for NextWave Airwaves
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StarBand Communications Issues Turnaround Plan Details
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The Touch America Auction: When Coming In First Doesn't Mean You Win
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MCI workers gird for layoffs
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Blame spreads far in telecom's fall
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Fixing Billing Loopholes Would Be Costly, Tough for Long-Distance Phone Firms
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MCI to pay Qwest $17 million
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Airlines:

North America blackout to hit airline bottom lines
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Government allows NWA to contribute stock to pension plans
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Air Canada hopes flyers forgive, forget
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United backs off threat to sue Denver over lease
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Discount Tango fares to spread to entire network: Air Canada
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Mellon returns as Hawaiian Holdings' stock agent
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Corporate Reform:

Disgraced Grubman still on payroll at Citigroup
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Settlement talks progress in IPO-spinning lawsuit
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Same old biz fraud
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Corporate America's new accountability
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Horsehead Industries, Inc. Moves Forward with Sale
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Accounting:

Bid to Overturn Pending Halliburton Settlement Could Make Cheney a Target
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SEC Settles Case With Audit Firm With No Action
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New York targets 20 worst deadbeat parents
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Nu Van Technology emerges from Chapter 11
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James Cable Partners hopes to reorganize
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Consumer Bankruptcies Hit Record 1.61m
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Board picks Mutch to lead post-bankruptcy Peregrine Systems
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Do's and Don'ts for College Students Facing the Credit Card Deluge
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Personal bankruptcy is running rampant among members of so-called Generation Y, those from 8 to 23
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Joseph E. Myers of Clear Thinking Group Named as Litigation Trustee for Peregrine Systems
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Penn Traffic Has $3.3 Million Net Loss For May 30-June 28
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Billings farmer pleads not guilty to bankruptcy fraud
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Swiss reports SFr333 million first-half loss
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  Personal bankruptcies at record pace
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Law Firms:

Bicoastal Firms Get By in the Dark
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Attorneys Face a Paradox In the SEC Conduct Rules
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Allen & Overy ignites associate opposition over "recordable hours"
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"Thought about a client while on the toilet? That'll be $150"
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How Out-of-Town Firms Coped When the Lights Went Out
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Clifford Chance fights fraudulent billing claim by former client
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NY Firms Keep Working During Huge Blackout
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Female partners still battling the odds
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Lawyers Seek Big Fee for Negotiating Credit Card Deal
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Debit-Case Lawyers' Bill Is Titanic
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Summer Associate Hiring Declined Again
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Key clients revealed in Deacons - White & Case "client soliciting" dispute
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Attorney Lures Former Co-Workers to Non-Existent Firm, Unemployment
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Altheimer flogs its chattels to help pay off $30m debt
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Cadwalader Finishes First in CMBS Rankings
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Clifford Chance's Canary Wharf move begins in earnest
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Stormin' Normans
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The smarter barter - If you thought alternative fee arrangements were a thing of the past, think again
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Energy:

FirstEnergy Under Scrutiny for Blackout
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FERC Orders NRG Unit to Keep Supplying Power to CL&P
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Crt Confirms Icahn Affil's Ch 11 Plan For TransTexas Gas
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Xcel sets more NRG charges, dividend at risk
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Shocking list of risks for NWE
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FirstEnergy/Lawsuit: Alleges 'Reckless' Actions
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Texas Petrochemicals Gets Court OK Of Securities Trading Rules
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CEO Who Guided Troubled Peregrine Quits
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Altria Back to the Brink
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Will Hoover:

Tip spurs second arrest of bankrupt financier
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Denver: Hoover arrested and jailed
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Boston: KM Logistics' CEO charged in bankruptcy fraud scheme
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Debt collection helps bottom lines
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Capital Bank's CEO resigns
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Amerco creditors approve deal
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Have You Filed for Personal Bankruptcy?
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With the collapse of National Warranty Insurance Company, dealers nationwide are scrambling to protect themselves from what is turning out to be a colossal mess
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Court OKs EarthCare liquidation
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IRS: $150 Fee May Discourage Offers in Compromise
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New Bankruptcy Opinions
(1 new opinion today) 

Bankruptcy Court Web/Pacer Site Directory

Weird News
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Bankruptcy Court Trustee Protests Payments to Acme Metals Executives
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Appaloosa: Galloping 'Vulture' - Funds That Seeks Distressed Firms Have Climbed 76% So Far This Year
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Enron:

Fastow tells judge she's aware of lawyer pitfalls
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Super Bowl in Houston may crowd first Enron criminal trial, lawyers say
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Enron's Implosion: Reporters Tell How They Unraveled Scandal
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National Century:

Ex-National Century Exec Admits Fraud Plan
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National Century's Ex-Chief Poulsen Implicated in Fraud Scheme
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Colorado indicts Florida man in bankruptcy fraud case
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Mortgage backed securities seen as disaster in waiting
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England:

Drax May Get Bid From New York-based Energy Group MMC
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World Travel turns to telecoms for salvation
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Peak in negative corporate warnings has passed, but fears for retail figures remain high
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France:

Fat cat, moi? I have let down my shareholders, so I have decided to give back my 3m pay-off
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Saving a Company, Paris Sets A Pattern of Flouting EU Rules
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Alstom ex-boss refunds pay-off
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Old attitudes haunt France's bankruptcy laws
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Australia:

Pan suitor to sweeten offer to claimants
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National Australia Bank: No Problems With Korea Loans
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Canada:

Court approves sale of PanGeo natural health lines to Jamieson
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Steel-tough times
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Look Communications' quarterly loss grows slightly to $1.5 million
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Hong Kong:

Property Value Fall A Tale of Caution
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Japan:

Older firms can't afford to rest on their laurels
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South Africa:

Rattling Liquidation Sector's Skeletons
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Mexico:

Grupo Shareholders Block Sale of Stake
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Jordan:

Saddam's Orphans
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