January 20, 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

         
Burned NTL traders seek mulligan
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Its future is fuzzy - FAO Schwarz's Chap. 11 filing puts statue's fate in question
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Expenses Draw Criticism for Bankrupt Toledo, Ohio, Building Products Firm
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Baptist Foundation of Arizona Settlement to Help Reimburse Investors
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Kmart:

Tribulation For Two
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Kmart to 25 executives: 'Pay us back'
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Kmart spurns J.P. Morgan funds
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Kmart's chief executive unexpectedly quits
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Its Bankruptcy Incomplete, Kmart Changes Chiefs
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Kmart plan guts investors
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Controversial loans may provide revenge
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Kmart Fires Remaining Execs Over Loan
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Hit the jackpot? Ante up, child support debtor
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Massachusetts home foreclosures dropped in 2002
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Judge puts Wade Cook firm into Chapter 11
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Law Firms:

40 Under 40 Class of 2003: Parres puts creativity into bankruptcy law: Larry Parres, 39, Partner, Lewis, Rice & Fingersh
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Unefon sues its lawyers over alleged conflict
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Metroplex lawyers viewing the year with optimism
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Message for minorities: own law firms: National Bar leader touts ownership not partnership
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Jones Day picks spot near arena
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Invisible hands keep legal wheels turning
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Powell Goldstein loses two more attorneys to Sidley
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Hosuton: Soft office market leads law firm to renew lease in First City Tower
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Law firms tiptoe into marketing arena: Proactive approach to winning business is beginning to gain ground
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Austin: Law firm is born
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Filling a niche: Two law firms show specialization can lead to success, even in a down economy
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More lawyers break away, hang shingle at client's behest
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'We're here for keeps,' says new Gray Cary leader
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Ex-currency trader at AllFirst sentenced, fined
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WebLink Finds A Buyer
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Nutritional Sourcing Corporation Reaches Agreements On Principal Terms of a Financial Restructuring
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Hayes Lemmerz Receives Approval to Preserve Exclusivity On Previously-Filed Plan of Reorganization
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Regional Groceries Get Darwinism Lesson
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Court Grants Request For Examiner In NewPower Ch 11 Case
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Orlando: Hotel bankruptcy filing tossed; foreclosure looms
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Steel:

Wheeling-Pittsburgh Steel Announces Layoffs
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Accounting:

FASB Issues Guidance to Improve Financial Reporting for SPEs, Off-Balance Sheet Structures and Similar Entities
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IRS Committed Fraud, Appeals Court Rules
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SEC set to adopt money manager rules
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Selecting right accountant for your company
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Big Firms Avoiding SEC Ire
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Smaller firms see opportunity in Sarbanes-Oxley
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New rules from SEC take on goofy income
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How do corporate fraudsters get away with it?
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Industry accountability: Regulations for audits of public companies could affect private firms
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How the SEC Might Lower the Boom
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Expensing stock options is still under discussion at most U.S. firms: Announcement on issue is expected by the FASB
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Accountants fighting tighter state regulations
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Forensic analysts dig deep for information: When evidence is hard to find, it's time to call in the experts
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Broken Bankruptcy Laws Cause Capacity Woes
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Bankruptcies likely to have ramifications for everyone
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Examiner named at NewPower
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Bankruptcy Reform:

Bankers Need Reform
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  Corporate Reform:

Book Shows CEO Pay, Profits Link Is Weak
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Greed: the essential engine
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US Senate Wants Monthly Reports On Corporate Stock Options
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Corporate Government Consultant Is Trendy New Role
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Due diligence a must for aspiring directors
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Brokerages ask insurers to pay their large fines
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Airlines:

Judge accepts US Airways' reorganization plan
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Major airline group gets conditional OK
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United Move May Soothe Worried Frequent Fliers
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Norwalk, Conn.-Based Air Cargo Firm Files for Bankruptcy
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United post-bankruptcy: Small, but with sprawl
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US Airways/Creditors: Confirmation Hearing March 18-20
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Bombardier 'surprised' by debt rating downgrade
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Air Canada lays off 300 staff
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I’m Linda, Fly Me - The real reason Tom Daschle didn't run for president
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Examiner to probe Polaroid sale
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Landlord must know rights when business tenant goes bankrupt
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Telecoms:

No Shortage of Opinions on Salvaging WorldCom
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WorldCom Cancels Aid Contracts to Groups
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Full Text search WorldCom Pleadings

Bankruptcy Court Voids WorldCom Contracts For 900-Plus Agents
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University of Calif. to Sue WorldCom in State Court
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Genuity to Proceed with Sale to Level 3
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Head of US Telecom quits
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Four out in SpectraSite shift
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New Globalstar Investor Accepts Big Risk
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XO is among the few to return with a cleansed balance sheet, solid network and a workable plan. Now, it must execute
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Lightyear reaches agreement with its largest creditor
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Asbestos:

Owens Corning moves to settle asbestos claims
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Owens Corning files reorganization, cancels stock
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Victims cheated by asbestos litigation
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ABB Faces Uncertainty Over Asbestos Proposals
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Owens Corning: Provides Partial Pay Of Creditor Claims
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Asbestos lawyer to resign from bar
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ABB Faces Uncertainty Over Asbestos Proposals
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Asbestos progress for Honeywell, ABB
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Halliburton/Extends Stay: Progress Report Due At Hearing
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Honeywell to settle 236,000 asbestos claims - Jan. 17, 2003
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Texas Pension Fund for Teachers Loses $16.2 Billion in Two Years. Will Be Insolvent By 2005
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Struggling Crown Central seeking buyer for assets
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Martin Frankel's Estate to Be Auctioned
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Adelphia:

Adelphia Founder Asks Judge to Toss Suit
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Adelphia names new CEO, COO
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Aladdin tries to reinvent itself while seeking suitor
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Energy:

PG&E Unit: Lenders Agree to Fund Projects
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As Ampad Reels, Are Its Owners Paper Tigers?
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Ad firm makes no defense against threat of Ch. 7
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Fueled by Chapter 11 filings, 2002 sets bankruptcy record
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Fabrics Firm Files for Bankruptcy Protection in North Carolina
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EMEX FILES CHAPTER 7 LIQUIDATION; 'REVOLUTIONARY' GTL PROCESS CLAIM LEFT UNPROVEN
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Epic Resorts Settles Major Disputed Issues in Bankruptcy Case
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New Bankruptcy Opinions
(2 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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Enron:

Bidding war for Enron in pipeline?
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Alcan takes big Enron hit
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Funds Aid Ex-Workers of Enron and WorldCom
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Ex-staffers rip "Crooked E" to shreds
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Wisconsin sets a record for bankruptcies
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Exemption Planning Did Not Warrant Discharge Denial

Retailing:

Retailers face challenge to reinvent
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A sinking feeling at the cash register
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Hockey:

Bottom line as battle line - PLAYERS, OWNERS ALREADY POSITIONING FOR CBA FIGHT
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Financially, the NHL might be just skating by
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NHL bosses, meet your mess
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Hamister's resolve unshaken despite Sabres' troubles
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Sabres, Senators can only blame themselves for bankruptcies
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Original investors feel shut out
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Shutdown of league looming
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Potential Sabres owner Hamister gets third extension
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Legal Disputes Remain - A number of legal disputes within the State Title Services bankruptcy remain to be resolved before creditors see any of the money they lost access to a year ago
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Sterling emerges from bankruptcy.
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Bankruptcy Doesn't Always Signal Death of Company
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Doctors entangled in lawsuits after practice they bought back goes bankrupt
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Conseco Finance bids due Feb. 24
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Foreclosure blizzard on: Delinquencies climbing, myriad reasons cited
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Colorado Springs Symphony troubles appear headed for mediation
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Local dealers remain skeptical of Daewoo's new deal
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PMSI vendors may be protected - Lapsed security interest may still prevail
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Credit-counseling calls increase volume
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Great Northern

Great Northern bankruptcy provides wake-up call
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$1 million approved for Great Northern
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England:

Debt becomes the norm for middle classes
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Retiring debts
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New rules to stop boardroom abuse
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Directors Fear Review’s Boardroom Blitz
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Canada:

Anglican Church lawyer attacks deal with Ottawa
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Reprieve for Devine on repayments
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Province may not rescue Wheat Pool
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Monitor sees quick Cotton Ginny sale
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Russia:

Independent gas company fears bankruptcy from "blackmail" by gas giant
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Kazakhstan:

Kazakhstan's only atomic power plant declared bankrupt
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Japan:

Loan service can't give money away
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Banks that sell loans to get tax breaks
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Japan's Koizumi Must Outwit LDP Foes to Pass His Plan
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Japanese bankruptcies increasing
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Australia:

No escape from new bankruptcy laws
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HIH: Time to stop the rot for good
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Deloitte's boss falls on sword
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