July 10, 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
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Letter from Delaware
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Chapter 12 expiration hurts farms
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Asbestos:

Halliburton up on Senate asbestos plan
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Leahy says senators "close" on asbestos reform
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Texas House Committee Approves Asbestos Measure That Requires Signs of Illness
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Labor Raises New Concerns About Asbestos Fund
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Debate continues on asbestos bill
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Halliburton may save $3.5bn in asbestos agreement
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Asbestos trust fund a business windfall?
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Airlines:

US airlines to post qtly losses, profits far off
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New York Hedge Fund Buys Debt in Air Canada
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Air Canada asks unions to support pension deficit plan
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Crunch Time Hits Air New Zealand As Qantas Tie-Up Flounders
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Delta College faces bankruptcy
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Asset Purchaser's Guide to Bankruptcy Sales
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Actrade Financial Says Major Customer Filed Bankruptcy
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Peregrine:

Bankrupt San Diego Software Company Nears Reorganization Deal
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SEC: Decision to forgo financial penalties based on Peregrine Systems' unique situation
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Could California Default?
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Accounting:

Accountancy boss calls for legal defense
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Final SEC Rules Regarding Audit Committee Financial Experts
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Final SEC Rules Regarding Auditor Independence
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Final SEC Rules Regarding Furnishing of Earnings Information on Form 8-K
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Final SEC Rules Regarding Non-GAAP Financial Information
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Final SEC Rules Regarding Off-Balance Sheet Transactions
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Pay-before-boarding plan touted
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New deal coming for bankrupt Horsehead
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HealthSouth:

Attorney: Scrushy deserves some credit for HealthSouth rebound
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HealthSouth treasury department under fire
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Sale of Aladdin Moving Forward
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They stood in the aisles for a seminar on bankruptcy
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Polaroid target of employee suit
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Furr's:

Furr's Restaurant Gets Extension To Use Lenders' Cash
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Furr's Restaurant Group, Inc. Announces Asset Sale Agreement
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Bankruptcy lawyer mixes business, pleasure on vacation with high speed Internet/fax on cruise ship
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Chart:

Chart seeks brief Ch. 11 stay
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Bankruptcy a positive move for Chart Industries Inc.
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Phoenix Group Corporation Announces Court Approval of its Plan of Reorganization and Disclosure Statement
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  DIP Dimensions: Amerco Inc.
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Telecoms:

Bankruptcy Boondoggle
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Global Crossing granted exclusivity extension for STT deal
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WorldCom to Pay $30.9 Million to Qwest
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ST Telemedia Expects Global Crossing Bid to Overcome Objections
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MCI Advances in Lobbying Fight With Its Rivals AT&T, Verizon
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Great Atlantic stock jumps as bankruptcy risk drops
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Enron:

Lawsuit may be first Enron-related civil case to get to trial
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Missed deadline delays Brenham suit
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Enron Judge to Set Shareholder Trial Date
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Enron Seeks Crt OK To Sell EcoElectrica Assets For $130M
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French court orders freeze on Messier severance package
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Nebraska Bank Sues Fort Smith National, Alleging Failure To Protect Collateral In Bankruptcy
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Palm Springs plastic surgeon faces bankruptcy fraud charges
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Law Firms:

Morgan Lewis Elects 17 Partners Firmwide
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Chrysler Group Puts Texas Lawyers on Trial
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Law Firm Is Sued Over Conduct in Liability Case
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Refugees From Collapsing Firm Form New Partnership
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Hubris? “Simply put, we do it all and we do it well.”
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Orricks closes in on Cooleys deal
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Weavin’ Stephen
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Sexual Harassment Suit Against Law Firm Reinstated
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Tracy L. Treger and Kristin K. Going Join Gardner Carton & Douglas’ Bankruptcy Practice

Altheimers European practice fractures
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Lawyer Charged With Trying to Kill Enemy by Mailing Him Poisonous Snake
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NY Firms Dominate in Sagging Mergers Market
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Paralegal Allegedly Imprisoned On Cruise Ship For Working at Law Firm Suing Cruise Ship Firm
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Sidleys makes up 28
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Thelen Reid raids Akin Gump IT team
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Number of Law Firm Mergers Down, But NY Firms Are Most Wanted
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Partners urge caution over conflicts
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Houston Litigation Practice Team Defects
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Linklaters' former NY chief quits
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E&Y wins support for ‘close links’ strategy
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Appeals Court Says Firm Owes Ex-Partner
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Final SEC Rules Regarding Attorney Conduct
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Law Student, Judicial Clerk in Baltimore Adjusts to Roles Despite Blindness
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Lawyers' Discovery Abuse Leads to Dismissal of Case
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Freshfields shakes up corporate finance team
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Partner at Center of Race Controversy Bolts NY Firm
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Steel:

Pay cut part of Wheeling-Pitt contract offer
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Mego Financial Corp. Files for Reorganization
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New Bankruptcy Opinions
(4 new opinions today)

Bankruptcy Court Web/Pacer Site Directory

Weird News
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Hired gun - Years of going to battle on Carl Icahn's behalf
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Burlington Industries, Pillowtex face deadlines
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Energy:

NRG asks court to allow it to drop contract
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NRG Energy Creditors Seek Court OK To Trade Securities
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Seitel to restructure $255M in notes
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TransTexas Files Amended Plan of Reorganization and Thornwood Files Creditor's Plan of Reorganization under Chapter 11 of the Bankruptcy Code
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2nd PG&E unit goes under
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Public Service Commission briefed on its rights/powers in utility bankruptcy
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PG&E may sell 2 plants
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Calif PUC Judge Sets Dec. 18 Bd Vote On Pacific Gas Deal
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TXU shops German utility
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Mirant Sweetens Offer to Banks for Refinancing
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Montana leaders asked to prepare for potential NorthWestern bankruptcy
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Americana to sell Tennessee subsidiary assets through bankruptcy
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Cleveland Bar Association Sponsors Bankruptcy Seminar

Boundless Corp Seeks More Time To File Turnaround Plan
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HQ Global Seeks Court Approval To Amend Credit Agreement
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Judge to Review Bids for Assets of Bankrupt Rubber Manufacturer Ameripol Synpol
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Adelphia Pays L.A. $2.6 Million in Back Fees
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Conseco:

Conseco's ex-CEO gives testimony
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Conseco Chairman Says Loan Program Risky
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ConFreight continues property auctions
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Graves Museum files for bankruptcy amid debt, turmoil
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Renaissance Mark wins Fleming Packaging auction
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Bill would require free credit report
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World Theatre Files for Bankruptcy
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Fort Kent, Maine, Loses 40-Year Children's Wear Manufacturing Tradition
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Tobacco:

Tobacco stocks tumble on Philip Morris legal worry
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More Wrestle with Credit Card Bills
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Recent Going-Concern Statements
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Credit check plan to hurt some homeowners - regulations would let insurers tie rates to credit histories
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On the Brink of Bankruptcy: Assisting Clients in Financial Distress
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U.S. COMPANIES contributed to the problem of underfunded pension plans by siphoning off billions of dollars during the past decade to pay for severance and health benefits
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Canada:

Consumer bankruptcies far ahead of last year
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Debt hits a record high
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Canadians racking up debt
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England:

Recent Decision Bodes Ill for U.K. Mutual Insurer's Policyholders
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UK probes wealthy widow's Cordiant stake
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