January 22, 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:

United's woes may sock investors
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Airline faces financial pressure - American Airlines has hired bankruptcy attorneys
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American, other airlines hire bankruptcy attorneys
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More airlines bracing for possible bankruptcy
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Northwest's losses grow; more layoffs are possible
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Alliance carriers buck stipulations
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Northwest Airlines May Seek Contract Concessions from Labor Unions
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Looming Pension Funding Shortfall Shaking Up Industry
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McCain Mum On Plans For 'Binding Arbitration' Bill
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Unions call on AMR to end labor-law lobbying
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Airlines need this labor-law update
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Hockey:

Penguins' Lemieux can empathize with Sabres
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New Yorker makes bid for troubled franchise
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Ottawa feeling pinch off the ice
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Memo shows Senators with an $83-million loss
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Bankrupt Buzzards owe up to $1 million
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FAO dropped from Nasdaq
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Enron:

Initial examiner report to stay sealed until Feb. 14
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Enron tax schemes slammed
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Panel to Report on Enron Tax Shelters
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Shearman Could Be Next on Enron Hot Seat
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Telecoms:

WorldCom's Sullivan trial on N.Y. docket
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Former WorldCom CFO denied trial transfer
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WorldCom security holders to seek at least $77 bln
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New Globalstar Investor Faces Significant Risk
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EU approves Hutchison, ST Telemedia's acquisition of Global Crossing
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Telcos in the gutter, looking at the stars
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Telecom Property Market May Not Be Dead After All
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Accounting:

Corruption Fallout: Lawyers vs. Accountants
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SEC to vote on stricter auditor independence
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Big Four tax work under threat
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Accountant term limits ready for OK
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SEC Staff Urges Limit To Reforms - Vote Planned Today On Auditing Rules
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Restatement frenzy post Enron
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Tyco Delayed Some Bonuses, Likely Boosting Cash Flow
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Pitt Stumbles Toward the Door
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Accounting Board To Get Millions In Private Money
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  Are big bonuses during bankruptcy greed or need?
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Hazard to navigation - A company trying to steer its way out of bankruptcy must be mindful of IRS rules that complicate an exception to net-operating-loss limits
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The opportunity to treat a sovereign government like a common debtor
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Death Valley - Pricey commercial real estate leases are leaching the life out of tech companies
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Big Wall Street banks face $10bn lawsuits
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Wall Street counts the cost
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Bankrupt National Century's founders profited during collapse
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Peregrine:

Peregrine files reorg plan
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Peregrine Files Reorganization Plan to Pay Creditors
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Wherehouse Entertainment:

Wherehouse slips into Ch. 11 again
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Wherehouse declares Chapter 11
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Wherehouse declares Chapter 11; blames music pirating
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Wherehouse music retailer seeks bankruptcy protection
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Judge Orders Internet Providers to Help Trace Online Pirates
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Court says providers must name swappers - Ruling raises odds of catching pirates
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Law Firms:

SEC Will Drop Plan Forcing Lawyers to Report Fraud
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DOJ Fires at Lawyers for Big Tobacco
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Law Graduates Shiver Through Bear Market
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Another Firm Changes Partnership Rules
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O'Melveny Considers Moving NY Offices
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IP Partners Defect to Piper Rudnick
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Bush Official, Ex-Firm Partner, Runs Afoul of Ethics Rules
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Ellsworth heads Pittsburgh office of Jones Day
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Simmons bags entry to Safeway battle - Firm profits from A&O conflict
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O'Melveny targets silver lining in telecoms cloud
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Bankrupt Cemetery May Move Hundreds Of Remains
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VisionAire Corp.'s bankruptcy converted to liquidation
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Grape glut, imports sour California vintners' profits
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MandrakeSoft: Buy -- or We Die!
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Fed-Mogul Bankruptcy Wrangling Sparks Uptick
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Lighthouse Point businessman gets 8 years for $2 million bankruptcy fraud
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Corporate Reform:

Delaware ruling buoys investors
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American Tissue Mills of Maine files for bankruptcy
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Bankruptcy Trustee Has Questions About Birchtree Finances
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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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Kmart:

Clock ticks on Kmart
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Kmart to cut more jobs
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Kmart will undergo several changes as part of bankruptcy emergence
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Kidnapping impacts Kmart's restructuring plan
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Denver: Restaurateur Kevin Taylor files for bankruptcy
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First Floridian Auto and Home Insurance Company Now Offers Identity Theft Expense Coverage
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Not afraid to yell 'sell' - Newsletters well ahead of analysts on Enron, WorldCom
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Conseco:

Conseco, Inc. to File Plan of Reorganization and Disclosure Statement by January 31, 2003
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Conseco/Supreme Court: Appeal Involves $26.8M Award
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Aladdin casino improves cash flow for the year
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Lubbock Man Sentenced To 27 Months For Bankruptcy Fraud For Lying About Excessive Debt
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Asbestos:

10 million or more homes may have asbestos-tainted insulation
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GM May Halt Some Leasing As Liability Verdicts Pile Up
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Overdraft coverage skirts credit laws
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Utica Symphony Is in Danger of Closing
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Adelphia:

Adelphia's New CEO Promised Millions
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Adelphia Shareholders Criticize Pay Plan for 2 Top Executives
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England:

There has never been a more interesting or varied time to be a workout lawyer
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Big firms failing to pay on time
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Judge retires to consider Equitable decision
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Argentina:

Bondholders cast doubt on Argentine deal
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Canada:

Systech Retail Systems Corp, Inc. and it's Canadian affiliates granted a "foreign proceeding" Order applied for under Section 11 of the Companies' Creditors Arrangement Act
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Germany:

Bid for Kirch's Premiere arm 'on schedule'
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Korea:

Corporate Bankruptcies Rise In South Korea Amid Defaults
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