December 29, 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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Bankruptcy Reform:

Few Legislative Days Expected for Senate In Election-Year, Bankruptcy does not appear to be a "priority"
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Energy:

Judge Turns Down Request to Block Mirant Power Pacts
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Attorneys, Specialists in Bankruptcy Case Cost Mirant over $34 Million
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Pepco, FERC Opposed Mirant's Attempt To Use Bankruptcy Laws
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Court approves El Paso//Mirant $87.5 mln settlement
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Toy Story: A Tale of Two (Different) Stores
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Administrative freeze and setoff: don't delay!
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FAO:

FAO to Sell Certain Assets to D.E. Shaw Unit
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FAO/Right Start: Jt Venture Conducting Sales
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FAO Schwarz toy stores to be 'rescued'
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FAO Back In Play
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Judge Rejects Bid for FAO's Baby Business
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For many stores, little Xmas cheer: With a few exceptions, sales weaker than forecast
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The Blue$ Cruise
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Steel:

Weirton Steel retirees keeping benefits, for now
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Severstal hopes for flat '04 for bought Rouge Industries
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WCI Steel Reports $8 Million Loss for November
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TJX/Bob's Stores: Sees Long-Term Potential
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Asbestos:

Asbestos judge grants critics' request
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ABB Must Settle Asbestos Lawsuits, Sell Units to Win Investors
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ABB: Asbestos Deal on Track Despite Delay
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Solutia doles out millions to shed Monsanto liabilities
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Insurers and manufacturers succeeded in sealing asbestos records
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Asbestos -worker-turned-lawyer sues insurers
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Legislation takes aim at asbestos lawsuits
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Safety-Kleen emerges from Chapter 11 bankruptcy
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Attorney Says Two Missouri Cattle Brokers Treated All Creditors in Same Way
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Commune to Close, After Years of Strife and Striving
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Judge Orders Hospital To Free Funds For Payroll
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Pay at Santa Paula Hospital Delayed
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Closed Hospital Files for Chapter 11
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New York Insurer Formed for `Excess SIPC Protection
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Accounting:

The Auditors Never Noticed
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Auditor to Sue Paper in Parmalat Case
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Accounting firms push layoff ploy
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Consulting: More Players, Lower Fees
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FASB Issues Accounting Standard to Improve Disclosures about Pension And Other Postretirement Benefit Plans

PwC to Settle Travel-Expenses Lawsuit for $54.5 Million

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Lender To Pay $1.2M For Charging White Customers Higher Fees
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SEC Freezes Accounts Of California Firm
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Against Your Will
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New 2002 ISDA Master Agreement
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Blood from a stone - Ordering bankrupt businesses to keep meeting payroll: arrogance or lunacy?
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Relocating Debtors Couldn't Use Homestead Exemption

Farmland's dreams of a revival are dashed on the auction block
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Lehman Gets Le Meridien Hotels for $1.2 Bln
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  Enron:

Dissecting the fall of 'World's Leading Company'
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Enron Fallout Creates Chinks in V&E's Armor
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Nevada utilities should bear Enron case cost, advocate says
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Potential Enron billings drawing fire from critics
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Ex-execs reach agreement
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A rundown of Enron trials next year
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The Dangerous Doctrine of Moore v. Bay
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Corporate Reform:

What Scandals Loom in 2004?
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State treasurers put heat on Wall Street
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2003 year of corporate crime crackdown
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NYSE to Try to Recoup up to $100 Million from Grasso
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CEOs lose the aura of infallibility
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A Year’s Debacles, From Comic to Epic
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Dialing for dollars
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Law:

I.R.S. Unit Will Focus on Lawyers and Accountants
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Country now has a million lawyers
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Firms hiring more lawyers to fill depleted ranks
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Breakup Turns Sour for Law Firm in Kansas City
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Lawyers strike over contract
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Legal profession driving force in commercial real estate industry
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Judge Denies Fliers Claiming He's A Deadbeat Dad
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Executives spending lavishly on lawyers
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Office move entails far more than shifting furniture
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Dealmakers See Rise in Mergers in 2004
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Chicago Law Firm Acquires San Francisco Firm
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Birmingham: Major changes at local law firms set the tone for 2003
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Power shift takes place at Fulbright
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Foley's Boston acquisition dropped
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Consumers face burial under debt in new year
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The Reporting Dilemma: Clarifying the Record on SEC Reporting in Chapter 11
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Adelphia Waits for Bankruptcy to Come Through
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Vegetable Processor Files for Chapter 11 Bankruptcy
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Hawaii: Quality Homes files for bankruptcy
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Golden Northwest Files for Protection
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Parmalat Shows Bank-Created Problems Still Ticking
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Bailment: The Fallacy Cost Reduction
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Telecom Industry Sees No Signs of Recovery in 2004
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Recent Developments in Bankruptcy Tax
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Irvine, Calif., Mortgage Lender Averts Bankruptcy by Liquidating Assets
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Indian Motorcycle Firm May Be Sold, Liquidated in Mid-January
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Georgia's 2003 Legal Elite: R. Neal Batson
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Eastern Pulp reorganization hearing postponed
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Managing Your Working Capital
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Ex-Westar Execs Likely To Seek Legal Fees
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Economists Predict 2004 May Be Banner Year for Economy
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What if the Turnaround Professional Reports to an Incompetent Board?
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Wizards of the Coast to close its stores
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CycleLogic Inc. Files For Bankruptcy In Delaware
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New Bankruptcy Opinions
(4 new opinions today) 

Bankruptcy Court Web/Pacer Site Directory

Weird News
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The Debtor's Digital Reckonings
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UK:

Ministers act to avert bankruptcy explosion
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International Power to buy UK plants
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UK govt nervy about Equitable claims
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How to shelter from the downpour of debt
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Take-over plan for troubled club
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Canada:

Lawyers get $2M bonus for proving government drove company into bankruptcy
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Korea:

Woori, Other LG Card Creditors Mull Group Bailout
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Japanese investors back SK Corp
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Banks Prepare For LG Card Debt Workout; Auction May Fail
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Italy:

Parmalat Insolvency May Make Investors More Cautious on Italy
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Parmalat Founder Arrested in Probe
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Granarolo Says It's Interested in Parmalat's Milk Operations
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Parmalat founder to be held for further questioning
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Parmalat's Bondi Tells Judge Situation
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Creditors of Parmalat Sue Cayman Island Subsidiaries
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Judge in Italy adds more charges against founder of food giant
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Parmalat Auditor Says It Had No Role in Hiding Losses
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Thornton's Image Threatened by Parmalat
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Scandal Outrages Europeans; Solutions May Be Patchwork
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Scandal at Parmalat Broadens; Staff May Have Destroyed Files
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Parmalat May Have Been Falsifying Books for Years
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Prosecutors say founder is under investigation for misappropriating at least $620 million
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Italy’s Lucky Leader Faces Rash of Embarrassing News
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Bondi to focus on food group's bondholders
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Parmalat Bondholders See Few Returns as Banks Favored
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Any Sale of North American Units Might Prove Tough
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Camelot It Wasn't, But Italy Bails Out Parmalat
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Founder of Parmalat is arrested in Italy
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Former Parmalat Executives Face Small Fines If Convicted
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The Italian tale behind the dairy scandal
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Skimmed $$ At Parmalat Could Milk U.S. Banks
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Lifeline for Parmalat workers
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Parmalat may be forced to seek Chapter 11 in US
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Total Parmalat Debt Up From EUR8.2 Bln At End Of 02 - CEO
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The latte hits the fan: how Parmalat's dairy-fresh success story turned sour
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Grant Thornton Executives to Go to Italy to Aid Parmalat Probe
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Japan:

Bank bankruptcy rumor sparks dash for cash
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Too soon to say who will foot Yamaichi bill
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Ashikaga Financial Files for Protection
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Prosecutors to indict Takefuji
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Relief eyed for small firms set to go bust
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Australia:

Computer training firm Carich owes $8.8m, says receiver
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A vintage year for the wages of sin and the wagers of lawyers
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Regulator says deal won't save Kaye
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