February 11, 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

         

Steel:

Bethlehem Steel Begins Cuts on Retirees' Health Benefits
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Deal creates world's largest steelmaker
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Bethlehem retirees shaken by loss of health benefits
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US Steel to rebid for NatSteel
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U.S. Steel and Steelworkers set talks toward a labor deal at National Steel
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Its eye on National, U.S. Steel puts asset sale on hold
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U.S. Steel hopes to forge National buyout through union harmony
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U.S. Steel to challenge AK over National Steel bid
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Student Loans Are For Suckers
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Inacom to liquidate assets, end Chapter 11 case
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Danaher successful bidder for Tokheim's Gasboy assets
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Bankruptcy Court Approves DIP Loan For Ameripol Synpol
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Asbestos:

Lawyers Group Faces Tough Asbestos Debate
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ABA Asbestos Plan Would Destroy Legal Rights of Sick Victims of Corporate Wrongdoing
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Enron:

Enron Investigator Focuses on New York Firms
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Prosecutors now weigh cases holding best odds
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Fastow granted a delay
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Enron Powers Report endures a year later
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Enron opposes NewPower request to delay examiner report
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Enron prosecutors back in court
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Reams of paper delay Fastow case
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Comdisco Redeems $50 Million of Its 11% Subordinated Secured Notes
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Burlington Industries Seeks Plan-Filing Extension
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Telecoms:

CenturyTel wins Digital Teleport
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Executive Hires in Limbo at Adelphia Communications
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CCC tosses ATSI lifeline
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Pension Funds Plan to Plow $14B into Real Estate in 2003
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ISDA Publishes 2003 ISDA Credit Derivatives Definitions
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Bankruptcy Court approves sales of WROU, WRNB
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SpectraSite:

SpectraSite emerges from bankruptcy
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SpectraSite emerges from Chapter 11
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Corporate Reform:

Bill Is in Works to Speed Hiring for Stronger SEC
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Sprint Case Shows New Risk To CEOs When Things Go Bad
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Inside the Tough Call at Sprint: Fire Auditor or Top Executives?
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SEC on the Lookout for Corporate Fraud Overseas
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Essential Therapeutics Directors Aldrich, Walker Resign, Bankruptcy Possible
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Retailers Have New Resolve: Pare Down or Perish
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Lumenon files for Chapter 11
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Identity theft is an epidemic, and only bold reforms can stop it
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Advanced Tissue files liquidation plan
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Horizon Natural Resources Asks To Extend Exclusivity
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George Putnam: It's Crowded At The Bottom
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Judge OKs State Title compromise
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Big Iowa ranch once partly owned by George Young auctioned off
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  SLI:

Clock ticks on SLI buyout
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Investors Seek To Acquire SLI Assets In $86 Million Deal
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Kmart:

Kmart's fallout hits suppliers, workers
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Kmart's internal investigation enters final phase
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American Financial Group investor remains jailed without bail
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Hockey:

Creditors okay Bryden's bid to buy Senators
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Sens deal went down to the wire
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Ottawa Senators Win Court-Protection Extension
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Golisano on Sabres' sale: 'Things are progressing'
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Energy:

Calif. utility calls for harsher Reliant penalties
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Allegheny To Move Trading Unit To Suburban Pa From NYC
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Ratepayers To Benefit If Portland Buys Electric Co-Report
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Accounting:

Tax Scandal Is Worrying Ernst & Young Staffers
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Accounting, Financial Services Firms Prefer to Send Printed Newsletters
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Prosecutor Concedes PwC Knew About Tyco
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Tyco Ex-Officials Used Tax Shelters
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IRS Chief Counsel Scolds Attorneys on Tax Shelter Prosecutions
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Intricate web
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Ban on Tax Advice by Auditors Urged
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Accounting Firms Defend Tax Shelters as Clients Point Fingers
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'Flawed' Equitable claims heap more misery on chairman
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E&Y wins Equitable case - Assurer says it will appeal 'with speed and vigor'
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Equitable loses auditor claim
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Equitable damages bid blocked
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How Companies Account For Space Not Being Used - FASB Rules on Deserted Offices Raise New Questions Amid Rising Vacancies
(WSJ: separate paid subscription required)

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At Adelphia, Rigases are out and Playboy is in
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Law Firms:

Brobecks: the fall of a giant
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Firms Go All Out to Recruit Brobeck Partners
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Cisco open to offers after Brobeck collapse
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Brobeck Coffers Helped by $2.5 Million Fee in Sports Agents' Fight
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Firms Find Excess Office Space Eating Up Profits
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'Pillsbury does not have insurance to cover $45m lawsuit'
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Frugal General Counsel Look for Savings
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Southern Discomfort: Lawyers Suing Lawyers
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Criminal team walks out on Dechert to go it alone
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Sarbanes-Oxley Act's provisions to alter attorney-client relationship
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Skjerven collapse sees Pillsbury partners return
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Act's proposed 'noisy withdrawal' aspect brings disturbing changes
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A&O Germany trims associate pay
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Law Firm Moves Signal Challenges Facing Smaller Firms
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Derks Star partner retires as disciplinary case looms
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Mayer Brown continues Paris expansion
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Pillsbury keeps Dentons on tenterhooks over UK merger
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Landwell loses tax litigation team to Dorsey & Whitney
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New Bankruptcy Opinions
(1 new opinion today)

Bankruptcy Jobs 871 Jobs - Last Updated February 3, 2003
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Bankruptcy Court Web/Pacer Site Directory

Weird News
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A&O, Cadwalader in conflict storm over collapse of TXU - Conflict builds as City law firms play controversial dual role for TXU administrators and creditors
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Relationship between the Bankruptcy Code and Nonbankruptcy Law

Florida's Second-Most Expensive Home
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Airlines:

United 'prepared' for war but sees fewer flights, help from lenders
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UAL keeps lease terms secret
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City, state seeking deal to save United maintenance center
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Northwest must cut up to $1.5 billion to survive
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Airlines stand to lose big
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S&P keeps United on credit watch
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American in tailspin over record loss
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Moody's Cuts AMR, American Deep Into Junk
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Air Canada tries to adapt for survival
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Air Lib staff in Paris airport clash
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Air Lib demo gridlocks Paris airport as police fire tear gas
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Air Lib rescue efforts take off
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Credit Cards to Swipe Profits At Sears During Turnaround
(WSJ: separate paid subscription required)

Enforcement of Creditor Rights

Ira Rennertís House of Debt
(Business Week: separate paid subscription required)

Bankruptcy attorney sentenced in own filing scheme
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Limitations on Creditor Rights

Monetary Obligations

Wall Street:

An Iceberg of Irate Investors
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CSFB and Salomon to face SEC fraud findings
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Canada:

Court rules directors not responsible for Peoples Stores demise
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Once a financier of last resort, Congress Financial widens its horizons
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D&O insurance hikes rock firms
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China:

Timid banks hinder reform
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Japan:

Goldman Sachs takes a swing at golf with purchase of bankrupt golf-course
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South Africa:

Debt collectors lose muscle
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England:

BE's Jeffrey backs down over payoff
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Ipswich to restructure debts
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Laytons raids Pannone for insolvency push
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Ex-Tory Minister Declared Bankrupt
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DLA insolvency head joins Eversheds
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Company winding up and bankruptcy petition statistics
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The streamlined administration process and its proposed application to partnerships
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DTI figures indicate big rise in consumer bankruptcies
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New Zealand:

Bankrupt director on beer club company fraud counts
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Australia:

HIH inquiry takes new twist
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