December 5, 2003 

Daily Bankruptcy News

Brought to you by BKINFORMATION.COM - The Source for Business Bankruptcy Information on the Internet 

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FAO:

FAO Liquidates Toy Inventory
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FAO Does Not Own Rights to Name
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Christmas Socking For FAO
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FAO Seeks Court Approval To Use Lenders' Cash Collateral
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FAO Inc Lists Largest Unsecured Creditors
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Saks says not candidate to buy FAO assets
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Retailer FAO Schwarz makes bankruptcy filing official
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Bankrupt FAO starts discounts
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Enron:

Banks knew of Enron fraud, UBS did not-examiner
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The Examiner's Report
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Royal knew of fraud at Enron, says examiner
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Enron examiner's conclusions naming RBC 'erroneous,' bank says
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Enron Report Focuses On Special-Purpose Entities
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Enron report slams two accounting firms
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Examiner Slams Banks, Auditors on Enron
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Enron examiner report lands Andersen in new lawsuit
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Enron executive indicted in California energy fraud
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Enron examiner allowed to return to law firm
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Eyes turn to Enron's examiner
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Enron Examiner Billed Estate for $100 Million
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Enron report says Royal Bank employees turned blind eye
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New Charges in Probe of Enron Trading Practices
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Judge rules Enron can auction Oregon utility
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Court rules put sale of PGE open to all bids
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Rules for Portland General auction set
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Enron Seeks Crt OK To Take Back $88M Insurance Payments
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Enron Makes Final Plea For PUHCA Exemption Before SEC
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Energy:

Wittig, Lake, Former Westar Leaders, Charged by U.S.
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Former Westar executives face fraud case
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Calpine sells PG&E note for $133.4 million
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California Regulators Question Electric Utility's Bankruptcy Proposal
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PG&E/CPUC: Three Commissioners Modify Chap 11 Plans
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Another PG&E option in offing
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New PG&E plan proposed
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NRG Energy plans $2.2 bln financing
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NorthWestern Corp Sees No Svc Problems Due To Bankruptcy
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Northwestern: Utility reorganizing, isn't for sale
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Accounting:

Calif. goes after illegal tax shelters
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Treasury and IRS Shut Down Abusive Tax Avoidance Transaction

Up North, Audit and Non-Audit Still Mix
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China Minmetals says pursuing Kaiser Aluminum
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Gary's Tux Shops closes; competitor will take over transactions
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Charleston, WV: Housing group declares bankruptcy
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New law to curb credit abuses
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State tax amnesty rakes in 4 times expected total: $175 million
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Sears' same-store sales down for November
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Creditors Take Rupert, Idaho-Area Food Dehydration Firm to Bankruptcy Court
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N.C. Burger King Franchisee Seeks Bankruptcy Protection
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Miami-Area Executive Can Buy 131 Burger King Stores, Court Says
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Doctor loses his battle for PhyAmerica physician service
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Physician Networks Try to Adapt As HMOs Falter
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Bridal Store Owner Trying To Make Amends After Bankruptcy
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Eola International to claim bankruptcy
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  Bidders Buy Back Own Consignment goods At Bankruptcy Auction
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Airlines:

Cerberus to make final airline bid
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Cerberus to bid again for Air Canada
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Judge orders Cerberus to abide by confidentiality agreement with Air Canada
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AirCan rival bid on runway
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Shared shame in airline bids
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Air Canada Provides Update on Restructuring
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Air Canada to Evaluate New Bid From Cerberus Capital
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Judge brokers truce for Air Canada suitors
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Cara Says Air Canada Catering Accord to Cut Profit
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Delta and Pilots Start Talks on Concessions
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Just 8 months out of bankruptcy, US Airways' future still cloudy
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New low fare airlines starting to bump into each other
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Asbestos:

ABB: U.S. Asbestos Court Date Delayed Again
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Lloyd's reinsurer may raise asbestos reserves
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Asbestos Industry Claims Against Court Clerk Dropped
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Monsanto, Solutia battle over $3 mln legal bill
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Federal-Mogul creditors can change CEO
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Executive Life charges to be aired
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Steel:

Bush Administration Lifts Tariffs on Steel Imports
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Bush cancels tariffs on steel
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EU, Asia Welcome Dropped Steel Tariffs
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In the End, Bush Was Pressed
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Decision is harmful
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The big meltdown: Why steel tariffs were a no-win for president
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Steelworkers Rip Bush, Fret for Future
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Immediate impact to steel industry expected to be slight
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Big Steel's surprise comeback
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Unions say they won't support Bush in '04
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Stelco chief financial officer stepping down
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Investment Firm Eyes Fort Wayne, Ind., Operations of Slater Steel
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Weirton Steel Expects to Endure End of 201 Tariff Program
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Assistance OK'd for Weirton Steel
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PBGC Assumes Responsibility For 3 Special Metals Pensions
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Telecoms:

Ricochet Networks' last gasp now sigh of relief at purchase
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ST Telemedia to Pay $200 Mln More for Global Crossing
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Conseco:

Conseco accuses Hilbert of stalling on loan debt
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Moody's ups Conseco insurance financial strength
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In Collection Battle, Conseco Ex-CEO Is Fighting Back
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Judge may force Love Israel clan to sell off land
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Bankruptcy Judge to Rule on Shut Down for Hazardous Waste Firm
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Yacht maker has date with fate
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Lenzing employees fear for pensions, benefits; file suit against company now in bankruptcy
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Eastern averts strike at Brewer, still working on bankruptcy plan
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Ventura Couple, Willinghams Held in Alleged Investing Scam
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Big Bears stores on auction block; results uncertain
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Siblings Linked to Collapsed Detroit Auto Supplier Cannot Be Sued Personally
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PGE Urges CPUC To Adopt Proposed Settlement Pact
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Hepatitis Backlash Hits Pa. Restaurants
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Settlement Reached in Tri-State Crematory Case
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Bankrupt elevator's proceeds at issue
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New Bankruptcy Opinions
(1 new opinion today) 

Bankruptcy Court Web/Pacer Site Directory

Weird News
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Law:

Firm Raises Some Associate Starting Salaries
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Pennie & Edmonds Loses Palo Alto Office to Morgan Lewis
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Prevent employees from stealing by dividing up accounting duties
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Team Players: Law Firms Get Tangled in Client's Woes
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NY Firm's German Chief Calls It Quits
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CART lawyers sort through sale stoppage
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How CART spun out of control
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Corporate Reform:

Ex-Exec to Forfeit $1.5M in IPO Case
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IRS Auditing Executive Compensations
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SEC files charges in mutual fund fraud
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Bankrupt Trash Firm in Bergen County, N.J., Has Five Potential Bidders
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US Liquids May File Chapter 11; Credit Maturity Extended
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UK:

Bank to be brought to account over BCCI collapse
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Leeds edge closer to security
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Leeds Utd puts up 'for sale' sign
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Companies bill gets tough on accountants
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New laws published to improve corporate conduct
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New bill calls for Sarbanes-Oxley style oaths
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Leeds United Receives Approach by Sheikh, Leighton Quits Board
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Accountant in Bankruptcy goes West
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Iraq:

Iraq strives to escape $200b debt trap
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Japan:

FSA seeks DIP experts to run Ashikaga Bank
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Regionals lag behind big banks on bad loans
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Japan to pre-empt further regional bail-outs
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Canada:

Gauntlet Announces Results of Creditors Meetings
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Personal, business bankruptcies up in October from September
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India:

Is public humiliation of loan defaulters ethical?
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Argentina:

Argentina's Bondholders Seek Help in the Courts
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Argentina finds common ground with bond holders
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Argentine minister defends debt restructuring plan
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Argentina to Pick Advisers for Debt Talks Next Week
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Hope for settlement on Argentine debt
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Germany:

New bankruptcy record
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Switzerland:

Erb Group: Bank Loans Were Used For German CBB Holding
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Erb Group To Write Down CBB Holding Stake To Zero
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Erb folds under a mountain of debt
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Mexico:

Number of Mexican companies facing bankruptcy increases
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South Africa:

Banks knew RAG needed a buyer to stay afloat'
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Indonesia:

Indonesian Bank Mandiri's Bad Debt Up Due To IBRA Loans
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Italy:

Capitalia Chmn Investigated For Cirio Fraud Complicity
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