February 21, 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

         
Telecoms:

SBC gets split decision from regulators
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FCC Overhauls Phone and Internet Competition Rules
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Despite Winning Ruling, Bells Shirk DSL Investment Pledge
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STM Wireless/Bankruptcy: Seeks Close By March 31
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For Whom the Bells Toll
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Pacific Crossing Gets Authorization To Examine Affiliates
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Winning Allegiance
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WorldCom Gets Interim OK For Rules To Keep Tax Benefits
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Creditors endorse AT&T Canada restructuring
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Powell's Big Defeat at FCC Brings Mixed News for Bells - Vote Is Victory for AT&T, WorldCom; Local Carriers Fear Loss of Market Share
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Court Clears WorldCom to End Pacts With Adelphia
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United Pan-Europe Communications N.V. Announces Confirmation By U.S. Court Of Its Chapter 11 Plan of Reorganization
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Conseco:

Fannie Mae Bids On Conseco Mortgage Servicing Rights
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Preferred Group Says Conseco Insurance Ops Undervalued
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Loan-servicing problems continue for Conseco Finance under Chapter 11
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Energy:

FERC Turns Down Illinois Power's Move to Sell Transmission Lines
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PG&E Says It Can Satisfy Conditions in S&P Evaluation
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PG&E Issues Statement After S&P Evaluation Indicates Investment Grade Status Of Its Reorganization Plan
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New Board Provided for Under EOTT's Plan Of Reorganization
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FERC Sets New Restrictions On Asset-Backed Utility Debt
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Enron:

Enron near end of road - Liquidation may be only way out of bankruptcy
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Enron wins third plan extension
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Enron Report Shows Challenge Facing IRS
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J.P. Morgan May Face Action By Banks in Enron Loan Deal
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Judge gives Enron more time to file reorganization plan
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Merrill Case Ends With $80m Fine
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Enron Bankruptcy Judge Names Mediator for Disputes
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Accounting Fraud Not Cause of Enron's Collapse
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Employee Committee website has been revised
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Enron Faces Probe of Power Plant Role
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FERC launches probe of Enron cogeneration plants
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California-Based Herbal Extract Firm Considers Measures to Survive, Including Bankruptcy
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Law Firms:

Biglaw Associates Launch Their Own NY Firm
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Clifford Chance to Move Uptown
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DC Firm Acquires NY IP Boutique
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Brobeck Staffer Hires Attorney Over Unpaid Severance and Vacation
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'Cash register' tower welcomes law firm
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SLI unsecureds cleared to offer rival plan
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EMI mulls joining $17 billion suit against Bertelsmann - "If you act as the defacto banker of company you are liable for the actions of that company"
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Allied Devices goes bankrupt
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  Airlines:

The Dogfight for Control of United
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Unions seek investors to save United without its current CEO
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Denver could gain most from United subsidiary
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AT&T Canada set to emerge
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American Airlines' Unions Seek Details on Turnaround Plan
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Analyst: rivals to gain from a United shutdown 'Survivability' key in assessing airline industry
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US Airways pilots set to fight attempt to end pension plan
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US Airways in talks to draw final available DIP financing
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SAirGroup creditors could recover 93%
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US Airways misses payment on jets
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Air Canada flies toward change
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Continental raises fares, looks for more
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Aerospace Shares Drop on UAL Fears
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Air Lib chairman still hopes to halt liquidation by Creteil court
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United's profit plan includes smaller fleet
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United Airlines Creditors Object to Consultancy Deal
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American CEO Makes Case for Aid If War Starts
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Goldblatt's closing its stores; liquidation sales have begun
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Gliatech wins nod to shed Adcon Gel
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Steel:

Consolidation stalking steelmakers
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Gateway Center files for Chapter 11 reorganization
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Court Grants MagCorp Noteholders' Request To Name Trustee
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State sues reinsurers over failed health plan
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DaimlerChrysler To Advance $62.5 Million To ANC Rental
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Adelphia:

Adelphia Creditors Back New Exec Picks
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Adelphia Critical Of Opposition To Executive Pay Package
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Adelphia creditors push plan that could spur move to Denver
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Controversy over Federal Judgeship Pay Percolates
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Accounting:

FASB Issues Exposure Draft on Accounting For Real Estate Time-Sharing Transactions
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Hayes Lemmerz Announces Agreement Among Key Creditor Constituents
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To avoid taxes at home, some stash cash out-of-state
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Corporate Reform:

How to nail a CEO
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GE to Disregard Pension Income In Calculating Top-Level Salaries
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It's an inside job - Majority of corporate fraudsters on the payroll
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Kmart:

Kmart, Panel Oppose Ex-CEO's Bid to Use Insurance Funds
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College student debt grows with each swipe of the card
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Broker admits bankruptcy fraud
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Conner, aide ordered by bankruptcy judge to answer questions
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Laid off workers get first payments from settled lawsuit
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New Bankruptcy Opinions
(No new opinions 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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Asbestos:

Halliburton Posts Loss, Asbestos Settlement Delayed
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Ambulance chasers on the run
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W.R. Grace girds for long fight
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Asbestos Agenda - A policy option the economy will love
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Bankruptcy Reform:

Some steam for bankruptcy bill
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Tristaters rack up bankruptcy record
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Federal officials move against bankruptcy fraud schemes
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Judge Cordova, 65, was 'quintessential gentleman'
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Bankruptcy judge orders sale of Norfolk hotel
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Is Chapter 11 Working?
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Sale of Boulder, Colo.-Based Disk Maker DataPlay Appears Imminent
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Hockey:

Bryden seeks $21M break - Senators owner again asks Ontario to pay for balance of interchange cost
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Effort to Acquire Assets of Consolidated Freightways May Be Over
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Farmland creditors ask judge to cancel loan terms
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How To Demand What's Due
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Austin bankruptcies rose 11% in 2002
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Cash Flow Can Make or Break a Company
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Canada:

Deal to buy Cotton Ginny `not dead'
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Who's responsible? - Ottawa is overhauling the law to make it easier to convict corporations of crimes
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Bankrupt Manitoba farms soar in 2002
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England:

Banker 'feared for his life' while protecting investments in Russia
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Lehman 'used ex-KGB men' to collect debts
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Australia:

Australia's Telstra Writes Off Stake in Venture With PCCW
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Insolvency Notices

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Japan:

Still in the stratosphere
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________________

Loan sharks blackmail debtors with nude shots
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Myanmar:

Myanmar media black out news of bank runs
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__________________

New Zealand:

Fear of tax sting in rescue plan
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South Africa:

Bankruptcy protection legislation under review
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_________________

Spain:

Creditors block plan to revive Spain telecom
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___________________

Germany:

U.S. Billionaire Saban Moves in on Kirch Media
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