January 13, 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

         
Conseco Unit Asks Court To Stop Surety-Bond Cancellations
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The Future of SPEs
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Airlines:

More concessions from US Airways workers
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US airline industry takes another nosedive
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Boeing Capital ponders $1.3 billion UAL debt
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A new United approach to business, overseas markets unfolds
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United takes aim at pilots' perks
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Pay Cuts Ordered for United Machinists
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American Airlines to Cut 4% Of Its Flight-Attendant Jobs
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Airlines may seek federal aid
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Consumers, exporters to feel pinch of United demise
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Senate halts plan to let US Airways string out pension payments
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Air Midwest hoping US Airways bankruptcy leads to more business
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Markets Await Clear Strategy from Management of United Airlines
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Mechanics face tough times
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Slump is a challenge for airline
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Midwest Airlines hires financial firm to assist in negotiations
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A Sad Chapter (11) In Nation's History
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Know all the rules regarding company's 'liquidity events'
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Gambling ship hits rough financial seas
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An Xmas Eve eviction for Wade Cook Financial
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Companies greet new year with D&O insurance hikes
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Economy:

Market Experts Like Tax Plan
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Investors should salivate over planned tax break
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Dividends a big deal, but credit card standards bigger
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Card Solicitations May Have Hit 4 Billion in 2002
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Credit Card Giants Defend Against Antitrust Charges
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Obstacle to easing Trump debt recedes
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Hockey:

Media fights for disclosure on Senators' demise
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Little Cash, But Big Results
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Bryden seeks to keep Senators' books secret
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Sens struggle to sell tickets
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Sinking Senators are first sign of financial storm to come in NHL
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Lawyers consider blacked-out version of Senators books for public scrutiny
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Let's kill foreign content limits
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Nutty tale of the Senators' debt load
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Players will be paid, if Pittsburgh is any guide
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Some Senators players paid via direct deposit on Friday
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Sabres' Story May Add A Sad Chapter
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Getting a bit nasty in Ottawa
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Pay problems not new to pro hockey
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State aid to Sabres a small price to pay
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Great Northern:

Great Northern Paper folds
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Cianbro will not push for payment during Great Northern bankruptcy
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Outcome of vital ABB asbestos deal due in February
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Solectron gets $48M breakup fee from Lucent
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State still wants to disclose doctor groups' financial health
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Creditors Seek To End Federal-Mogul's Plan Exclusivity
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Wellington files for bankruptcy liquidation
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Symphony fans fear for Springs
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The fallout at General American: Liddy's $12.7 million
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Small banks seeing less trouble with business loans
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Enron:

Lawyer who wrote Enron memo rejoins Portland firm
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Recession may erase women's gains of 1990s
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Pay the bill, or report your child to police
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SBA urged to rein in oversight of loose lenders
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NextCard Asset Auction Set for Jan. 15
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Statute Precluded Public Housing Tenant's Eviction

Companies paid by Whitaker may soon receive preference bills
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Corruption Fallout: Lawyers at Odds With Accountants
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Companies Fight Shortfalls in Pension Funds
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Buyout firm set to bid for Ha-Lo
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  Supreme Court Hears Arguments In Bankruptcy Case Today
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Bankruptcy Filing Keeps New York Racetrack's Hopes Alive
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Bankruptcy law doing well, even when the economy doesn't
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Telecoms:

WorldCom Investors to Complain to NASD
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New rules may be death knell for BellSouth piggy-backers
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Investor Group Files for Arbitration Over WorldCom Advice
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FCC rule could put competitors to test
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BellSouth drops hike in deposits: FCC chills plan to protect Bells from telecom turmoil
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WorldCom to unveil 100-day plan this wk; focused on internal targets
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Wake Up WorldCom
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WorldCom's Bridgeton data center could be put on block
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Metromedia Fiber's banks face legal pressure
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Corporate Reform:

The go-to guy when scandal hits
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System overload
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Bush to boost SEC funds to fight fraud
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Wall Street Handed a World of Deuces Wild
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This Corporate Reform Lacks Spine
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Steel:

A new model for big steel
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ISG's bid for Bethlehem Steel is not a done deal until it's a done deal
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Bankruptcy King Tries His Hand at Steel Industry
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As Steel Industry Consolidates, Workers' Benefits Begin to Shift
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State closer to deal on LTV mine remediation funds
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Bayou Steel: May Need New Loan To Avoid Bankruptcy
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More Firms Link Bond Business to Loans
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Analysis finds flaws in retail industry
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Investors in finance firm out millions
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Bankruptcy Reform:

GOP Leader Scolds Republican Colleague Over Interference With Bankruptcy Reform
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Signing Up for Credit Cards Can Affect Scores, Milwaukee Counselors Say
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Bankruptcy in Utah Hits a New High
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Bankruptcy Judge Accepts Bids for Tallahassee, Fla.-Area Convenience Stores
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Former Senator Mitchell files for personal bankruptcy
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Adelphia:

Aligning interests at Adelphia
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Ex-accounting director at Adelphia pleads guilty
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Rigas lawyers aim for venue with the better odds for jurors
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Accounting:

S.F. Accuses Pricewaterhouse of Concealing Client's Fraud
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Only alternative left: a strong cop
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PricewaterhouseCoopers gets tough - Firm declares it's accountable for its actions
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'Off the Books' Cleanup Turns Out to Be Tough
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CPAs wary of state upping ante on Sarbanes-Oxley
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New accounting rules step up audit committee's role
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Advertising Has Hurt Accounting's Ethics
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Sarbanes-Oxley subjects CPA firms to new level of oversight
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PCAOB to Begin Inspecting Firms Soon, Starting With Big Four, Chairman Says
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CPAs: Bloodied and Bowed - They're trying to salvage some political clout. But they can't even rally behind their chief trade group
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Forensic accountants expect more demand in wake of scandals
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Small CPA firms affected by rules aimed at large shops
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Can This Man Polish Accountants' Image?
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Compliance elusive with SEC's new rules
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No joy in Toyland: City's FAO to close
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Valley execs will decide fate of Lifeguard's assets
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Texas T Petroleum Ltd. Has Withdrawn from Proceedings Underway in the US
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Bankruptcy trustee sues ex-Reeves exec
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Blocking credit files no breeze
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Apyron seeking dismissal of involuntary bankruptcy
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Promedicus:

Promedicus bankruptcy filing irks Univera
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Promedicus group declares bankruptcy in dispute with HMO
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New Bankruptcy Opinions
(No new opinions_ today)

Bankruptcy Jobs - 784 Jobs - Last Updated December 10, 2002
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Bankruptcy Court Web/Pacer Site Directory

Weird News
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NY Firm's Bankruptcy Group Defects
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FleetBoston quarterly earnings far off forecast
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Reserve for Bad Loans to Hammer FleetBoston's 4Q Results
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Mattress Discounters Confirms 'Fast-Track' Reorganization on Schedule
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Bankruptcy for bucks: Consultants add bankruptcy work to transaction expertise
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Law Firms:

Piling On
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Law firm's demise serves as a wake-up call for profession
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Law firm Dechert may move; knocks Phila. for its high taxes
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Law firms advise clients: Give us more business
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Move brought law firm more clients
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Internal controls increase under Sarbanes-Oxley Act: Law, accounting firms busy helping clients create compliance plans
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Dechert goes LLP; partner leaves for SJB
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Brobeck Cuts Staff as Merger Talks Continue
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Skaddens tops table as US M&A slumps
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Local law firm HRO expands into Germany
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Pittsburgh: Houston Harbaugh contemplates leaving its Downtown location
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Legal Headhunters Fight Over Six-Figure Fee
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Holland & Knight taps new Boston leader
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Choate picks up another Hill & Barlow castaway
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Firms increase hiring of corporate criminal defense lawyers
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Kmart:

Kmart may shutter 300 stores
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Kmart Closings Coming
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Sun Capital closes $500M fund
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Enterprise director's loans at risk
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Slump forces lessors to adjust lending terms
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Energy:

Two Banks Holding up Allegheny's Debt Restructuring Deal
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Calif. Energy Probe Faces Hurdles
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Post founder trying to buy bankrupt energy company
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PG&E's future tops agenda for reshaped PUC
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Henninger Closes Its Office in Richmond
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COO predicts Aliquippa Hospital will be in the black within six months
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Australia:

Martino's New Tel denial
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Late bid to buy New Tel rejected
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Australian insurer acted 'illegally'
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Arthur Andersen, APRA contributed to HIH failure
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New law to seize partner's assets
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England:

It all depends on penalties
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A further blow for Maxwell scheme victims
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How I kicked the debt habit
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London Insurance With-Profits Slashed for Millions of Savers
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Japan:

Running away from problems, at a price
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As the economy goes down, the danger is rising for security guards
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Karaoke Crisis
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Sogo looks on track for early comeback
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Seibu to close 4 stores, wants 230 billion in debt assistance
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Canada:

Beat goes on despite debt
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'Lifecare' homes owners file for personal bankruptcy
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Single mom 'harassed' to pay debt
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Ernst & Young Inc. Appointed Receiver-Manager of Aris Canada Ltd.
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Basis100 Receives Filing Extension for EFA Group
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Israel:

`U.S. guarantees reflect bankruptcy'
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Bosnia:

Bosnian Serb firms face first bankruptcies
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