August 25, 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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Polaroid:

Examiner: Polaroid Bankruptcy OK
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KPMG Faulted on Handling of Polaroid Financial Reports
(NYT: separate free registration required)

KPMG Defends Audit Work for Polaroid
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Examiner's Report (large Adobe file)
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Polaroid report undercuts 'fire sale' claims
(The Deal: separate paid registration required)

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Airlines:

Midwest Express Finalizes Labor And Aircraft Financing
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United Air VP Says `Revenue Turnaround Has Begun
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Air Canada Cuts Jobs, Planes And Lemon Slices
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For many flight attendants, the fun has gone out of flying
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Regional Carriers Must Offer Some Jobs to Furloughed United Airlines Pilots
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Colombia Set to Assign ACES Routes to Other Providers
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Growing expenses, unsound practices doomed the Florida Philharmonic to bankruptcy
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Goldman Versus Citi Showdown Tests `Big Is Best' on Wall Street
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Citigroup Exec Charged With Embezzlement
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Promissory Note Was Unambiguously Part of Property Division

Record Credit Rating Slump Seen Lingering
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Corporate Reform:

Going Overboard
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In Corporate Reform, Directors Rake It In
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Directors paid well, but changes forcing more to earn it
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Boards: Time to dump perks
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Blanchat adds new leaders as it look to emerge from bankruptcy
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Specialty hospitals suffer slump
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InfoSpace Founder Ordered to Repay $247M
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Samuels Jewelers, Inc., Submits Debtor's Plan Of Reorganization
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Depositors of Failed Chicago Bank Still await Recovery of Lost Millions
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Florida Orchestra Trying To End Its Bankruptcy
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SMNC Bankruptcy Dismissal Motion Granted by Court; Bankruptcy Dismissed
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  Enron:

Enron backs workers' bid to recover $53 million
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Enron Supports Employees' Effort to Recover $53M From Execs
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Before fall of Enron, a flawed financial strategy
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EU's energy traders nostalgic for Enron
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Eastern Pulp Postpones Loan Hearings; Maine Mill Left off Superfund List
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Law Firms:

Law firms pitch their case with more marketing
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Associates Say They Were Laid Off, Firm Keeps Mum
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Con Artist Convicted of Posing As Lawyer
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Less is more in new law office library space designs
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Law partners' names are disappearing
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Midsize law firms cut costs, hold their own
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Judge Who Solicited Defendants for Sex Gets 3 Years
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'Dream Team' lawyers say it never hurts to drum up business
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17 Newman, Freyman lawyers go their own ways: High overhead, possible conflicts of interest lead to firm break-up
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Another Mintz Levin partner goes the boutique route
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Accounting:

SEC Probing Impath Accounting
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Sarbanes-Oxley drains profits of smaller firms
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Peregrine Systems' New Chief Executive Said to Be Aggressive, Abrasive
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Galey & Lord to sell overseas unit as part of reorganization
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Former Dot-Commers Are Adjusting, Painfully
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Trustee for Bankrupt Ice Cream Chain in Rhode Island Sues Lawyer
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Citigroup's Brokerage Unit Is Fined by Stock Exchange
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HealthSouth starts paying off debts
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First federal bankruptcy judge in Baton Rouge dies, age 84
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Small biz optimism slips; tax cut fails to spur new investment
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Economic indicators show bankruptcies, unemployment up
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Organogenesis going private in Ch. 11 exit
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New Bankruptcy Opinions
(No new opinions today)

Bankruptcy Court Web/Pacer Site Directory

Weird News
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Weird News
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D&O Policy Is Not an Adelphia Asset
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Judge mediates asbestos settlement talks
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Telecoms:

Inside the $750 billion telecom heist
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MCSi Files Plan of Reorganization - Supported by Bank Group
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AT&T Statement in Response to the Official Committee of Unsecured Creditors of MCI Bankruptcy Filing
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WorldCom to Drop Stock Options After Emerging from Bankruptcy
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The WorldCom wrangle
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Bankruptcy judge inherits full docket
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Energy:

Allegheny Energy Unit Seeks Lender OK For Contract Sale
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Allegheny Energy Lenders Want Proceeds In Pledged Account
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Edison To Pay Preferred Securities Before Reinstating Dividend
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PG&E trading unit pulls the plug
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Lenders jockey for Mirant DIP
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______________________

Power failures mean business for banks
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Workers' comp crisis building as companies choose bankruptcy over insurance
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England:

1bn bankruptcy windfall for banks
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France:

France draws up plans to reform bankruptcy rules
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________________

Thailand:

Thailand Moves to Clean Up a Lingering Corporate Mess
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___________________

Singapore:

Singapore July bankruptcy petitions hit 55-month high
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Germany:

German May Corporate Insolvencies Up 6.9% On Year
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