February 7, 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:

Federal Court's Ruling Pleases Qwest
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Ebbers ghost haunts Sprint
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Dishonorable Discharge - A case now before the high court gives bad debtors an unfair option
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Law Firms:

Morgan Lewis to Add 50 Brobeck Partners
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Morgan Lewis in Brobecks hiring spree
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Some Escape Valentine's Day Massacre at Brobeck
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Gouldens seals future with Jones Day
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Some Firms Announce Associate Bonuses Amidst Closures
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Competitor Has Brobeck on the Brain
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Associates Discover Boss Is Not a Lawyer
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Another US firm bites the dust
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Pillsbury adds Skjerven attorneys
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No Paychecks at Brobeck, But Work Goes on as Lawyers Seek New Homes
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Support Staff Hit Hardest by Firm Closures
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Kmart:

Former Kmart exec wants to tap D&O policy
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Former Kmart CEO wants insurance policy to fund defense
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Eminem close to buying home of ex-Kmart CEO
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Goodyear Gets Breathing Space From Creditors
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Enron:

Judge removes Enron's protection from abuse law
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Bonuses at Enron cleared
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Enron subsidiaries file for Chapter 11
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Judge Backs Enron's $29 Million Plan to Retain Employees
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Enron's Portland General Dealt Setback
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Steel:

KESI finally succumbs
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National Steel bid status set
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Union hails Bethlehem-ISG combination
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Steel Supplier Is Threatening to Drop G.M.
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Federal Judge Approves AK Steel As Lead Bidder in National Steel Acquisition
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Bayou Steel Corporation Announces Agreement With Existing Senior Lender to Provide DIP Financing
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Kentucky Electric Steel, Inc. Makes Bankruptcy Announcement
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Laclede Steel Settles CERCLA Claim
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Energy:

Clouds linger over energy trading business
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Strike a possibility at PG&E
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American Classic:

Cruise line liquidation approved
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American Classic bankruptcy plan gets nod
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  Airlines:

Court allows UAL to keep lease terms secret
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United Tries to Determine Its Fleet Size
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United facing lease-talks deadline
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Will regional airlines get bumped?
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Little Lift from United's Discount Airline
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The Even-Friendlier Skies
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United to make payments on 154 planes
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Two Motions in UAL Bankruptcy Case to Be Continued
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United pay OK'd for managers
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EEOC sues United Airlines
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United Seeks More Time on Lease Payments
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American Hires Bankruptcy Lawyers
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Air Lib grounded as last-ditch talks fail
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Thousands stranded by collapse of second-biggest French airline
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French Airline Air Lib Loses Operating License
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Airline industry braces for turbulence from Iraq war
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Air Canada's woes follow years of problems at the airline, experts say
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Battered Air Canada to restructure
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Great Northern: A mill town's resort
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FTI Consulting Prices Offering
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Corporate Reform:

Over the brink - Sarbanes-Oxley may have an unintended effect
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The Sarbanes-Oxley Act Of 2002 And Related Developments
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Board Members, IR Staffers Face New Tasks Under Reform Rules
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Blowing the Whistle on Fraud - Sarbanes-Oxley´s Provision That Protects Employees Who Report Wrongdoing May Pose Problems
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SEC makes stock analysts vouch for recommendations
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SEC Reforms: A Mixed Record
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Hayes Lemmerz:

Hayes Lemmerz has half a deal
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Hayes Lemmerz Reaches Agreement in Principle Regarding Plan of Reorganization
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Accounting:

Wealthy Suing Accountants Over Rejected Tax Shelters
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The Debate over Fair-Value Accounting
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Accountants Cry Foul Over H&R Block Television Ads
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FASB Establishes User Advisory Council and Plans First Council Meeting for February 13
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Andersen and audit partners face Wickes tribunal
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One Equity buys PwC unit
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Sprint Tax Shelter Was Sparked By Scrapped WorldCom Merger
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Lawmakers Revisit Debate On Options: Letters to FASB Target Accounting Standards
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Accounting Firms Face Backlash
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Two surveys predict CPA firm pay trends
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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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Help Wanted: Turnaround Firm Faces Range Of Challenges
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Marshals arrest debtors tardy on student loans
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Doing Deals With Insurers on the Edge
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Conseco:

Conseco Seeks Nod For Top Executives' Retention Plan
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Conseco investor group opposes Chapter 11 plan
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Conseco Finance Seeks OK To Settle Dispute With Insurer
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Conseco aims to retain 6 of its top executives
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Shareholders' Voice Sought in Peregrine Case
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Wellington files for bankruptcy
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Embezzler Brought Elevator Firm To Brink of Bankruptcy
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Cemetery bankruptcy draws fire
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Control of Palm Beach, Fla., Cruise Ship to Stay With Operator Rather Than Bankruptcy Trustee
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Oversecured Lender's Legal Fees Held To Reasonableness Test
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Bankruptcy role reversals open eyes to fears, frustrations
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Safety-Kleen Wants More Time To Persuade Creditors
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Formica wins nod to get exit financing
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Wells Fargo may lose Californian mortgage license
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Hockey:

Bryden’s bid for Senators accepted
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Report: Creditors O.K. Bid for Senators
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Sabres seek OK to pay players' bonuses, $15 million credit line
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Bankruptcy filings soar
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Care home blocks sale by filing for bankruptcy
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Doctors Agree to Pay to Safeguard, Copy Abandoned Illinois Patient Records
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Lumenon gets default notices from convertible note holders
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Japan:

FSA plans easy way out for failing life insurers
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Cuts to guaranteed yields only hope for insurance industry
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England:

Hewitt escapes bankruptcy
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Di 'love rat' pays up to fend off bankruptcy
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Regulator under fire on easier insurance rules
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Insolvencies in the Fourth Quarter 2002
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Germany:

Another difficult year for German banks
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Germany Has Europe's Highest Insolvency Rate
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Babcock Borsig sheds asset
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