February 24, 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

         
Airlines:

UAL wins feud over CEO pay
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Northwest sets own course to weather the airline revenue storm
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Texas Pacific Meets UAL Unions To Discuss a Possible Investment
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No shelter from the storms hitting Boeing's businesses
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UAL chief plays down fears of liquidation
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US Airways misses debt payment
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Court Extends US Airways' Turnaround Plan Exclusivity
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The Flight To Bankruptcy Court
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The new face of air rage
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Judge OKs salary for United CEO
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Airports seeking rent from United
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Keep United aloft
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United team stirs division
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In court, union argues for US Airways pension plan
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Judge Rules Against Sale of United's Stock
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United's unions discuss alternate plan for carrier
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Trustee will have to sue to get money back in VisionAire case
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United locks in on Starfish - Tilton contends discount airline only alternative
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Airlines aim high with low-fare units
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US Airways tells judge it must cut pilot pensions
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Pilots' Union for US Airways Proceeding With Legal Case
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United's $700 million question
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Bankruptcy no longer offers shelter
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Conseco:

Fannie Bid For Servicing Rights Alarms Competitors
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FM Watch Vows Action To Stop Fannie Mtge Svcing Entry Bid
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Conseco still expected to emerge from Ch. 11 in May
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7/13/UST: Working in Partnership
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JLL horns in on Formica talks
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Kmart:

Kmart to slash jobs in Troy
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Kmart creditors eager to see plan
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Kmart's year in review
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Kmart's woes trickle down
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First Capital victims may recover treasure
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Millville glass firm files Chapter 7
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Corporate Reform:

Revolt of the Shareholders
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Web site tips firms' directors on ethics issues
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DOJ gets tougher on corporations
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Two Delaware judges continue to wrestle with the new governance regime and the ABA tries to define a lawyer
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'Five years from now you'll see virtually no CD stores'
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Divine Set For Ch. 11 Filing This Week
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Law Saves Soldiers Big Bucks
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Creditors back Adelphia move
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Farmland:

$270 million bid for Enid's future
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Erpenbeck's soul isn't at home
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Woman who helped found National Century sues bankrupt firm
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Austin: FDIC tries to block Bradley - Federal agency claims developer defrauded bankruptcy process, wants his debt left on the books
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STM Wireless bankrupt, looks for sale
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Possible bankruptcy puts damper on Boots & Coots stock rally
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RHC/Spacemaster, Subsidiaries File for Chapter 11 Bankruptcy
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Letter of credit beats regular security deposit
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What's Next
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  Vultures Raising Billions for Buying Spree
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Law Firms:

Trophy offices disappear as law firms get practical
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Attorneys at failed firm aren't idled for long
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Ex-Brobeck suitor moves in on assets
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Clifford Chance chooses sublet from Deutsche
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Another Los Angeles Satellite Closes Its Doors
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Firm, Former Client Clash Over Contingent Fee
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A New Kind of Employment Practice
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Holland & Knight Rebounds From Tough Year
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Once ad-shy lawyers now embrace Web
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Landlords Sue Dissolving Firms
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Milwaukee Law Firm Looks to Expand Chicago Presences
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Best of the Bar: Tax/Finance/Bankruptcy
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The Best Lawyers in America: Law Firm Calls Ad Ruling A Victory
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Law firms try new sales moves to drum up clients
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San Francisco law firm raids Ater Wynne
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Wilmer Cutler joins giants of Pa. Ave.
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Bankrupt filings in Eastern Michigan district jump
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Arts groups struggle under heavy debts
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Bankrupt Colorado Springs Symphony Cancels Season
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Bankruptcy Judge Holds Gavel on Sloan's Sale
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Asbestos:

USG says bankruptcy judge sets procedures for asbestos claims
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McDermott unit extension to DIP credit approved
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Companies cutting coverage for retirees
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Church Crisis - possibility of a bankruptcy remains alive
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Enron:

If employer gives it to you, it's probably not a gift - Gift or compensation?
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Enron Wants Payments To Be Shared Equally Among Creditors
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Enron a New Test for Law Guardians
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Exposing tax shelters
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Enron sues Whitewing, seeks return of $957 mln
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Pressure on Enron banks to settle
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Enron Takes a Chunk Out of Merrill
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Merrill's Latest Fine Is Tip of the Iceberg
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First big name pays for Enron liaison
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Citigroup, Like Merrill, Prepares to Pay Huge Fine To SEC
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Morgan faces dispute on Enron loan
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Lawsuits loom after Merrill settlement
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Judge gives Enron more time to file reorganization plan
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Enron fall spurred risk management consolidation
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US corporate bad applecart upset again
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Appeals court in Enron case may consider judge's actions
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Enron’s lawyers create new test for ethics police
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Verdict on the Enron tragedy
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Mitchell IV legal filings court may conflict
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Wade Cook cuts staff, cancels stock seminars
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Telecoms:

Globalstar floats $10 million loan
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Sprint Affiliate, AirGate's iPCS, Files for Bankruptcy Protection
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UnitedGlobalCom subsidiary restructured
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Security fears dog Global Crossing
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Nextel Communications Revives After Shunning Bankruptcy Advice
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ANC Rental sees better days ahead as it emerges from bankruptcy
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City wins fight over Ocean Journey property
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Wherehouse Music stores to close as parent company filed Chapter 11
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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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Steel:

‘Men of steel’ deserved better fate than losing benefits
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National Steel issues notice of possible loss of jobs
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Americans File for Bankruptcy in Record Numbers
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Bankruptcies break record with no signs of slowing
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Bankruptcy hits women more often
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Bankruptcy Reform:

Sovereign Bankruptcy Plan On G7's Agenda
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Chapter 11 in toy land (shhh! The children!)
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Sisters' dispute over land confounds bankruptcy judge
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New view says 'debt deflation' to delay recovery
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Unfair! Executives cry about pricing pressure from bankrupt rivals
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Accounting:

Once again, spotlight's on shelter-law flaws
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FASB Rule Not Open to Interpretation
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Ahold dives as CEO, CFO quit amid accounting probe
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A Culture Turned Against Itself at Andersen
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Stage Is Set for Auditors, Management to Clash
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Accounting Board Seeks Reforms
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Shredder for Hire
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Bankrupt Metro Health Stops Delivering Babies
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Burlington:

Burlington creditors leaning to Buffett
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Burlington Indus Unsecured Creditors Oppose Auction Rules
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Applied Digital on the brink
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Court of Appeals Could Review Denial of Remand

Energy:

Powerex wants $67 mln credit back from Calif. PX
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PG&E gets little support
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_______________________

Analysts abandon Wall St.
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Debt-Management Services May Not Always Have Client's Best Interests in Mind
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Hockey:

Bryden turns attention to loan from government
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Canada:

Ex-Alliance 'spy' bankrupt
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Remote paper mill towns face uncertain future
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Les Boutiques San Francisco West Coast unit to file bankruptcy
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Lending debtors a hand
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Who's responsible?
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Bankruptcy experts can't pinpoint reason Less insolvency here
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Caisse bears brunt of Old River bankruptcy filing
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Picking Up the Pieces After Stoddart-GDS Collapse
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Sale of Cotton Ginny stores falls apart
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England:

Bankruptcy views `old fashioned'
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_____________________

Australia:

Going under - Declaring yourself bankrupt will be more difficult under new rules
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Japan:

Like real reforms, banking crisis this spring unlikely to materialize
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Court declares Internet auto sales firm Quick bankrupt
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_____________________

Germany:

German corporations have been hit by a wave of investigations. Is Deutschland AG finally unraveling?
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