July 17, 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
Search prior headlines at http://bkinformation.com/PriorEditionsSearch.html

         
Letter from Delaware - NRG Energy advisers taken to the woodshed, Blank Rome objects to high fees, Carl Icahn faces rough ride in Texas
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Bankruptcy Court Internet Access Still Down; District Court Eyes Web Glitches
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Energy:

GE Capital to provide Mirant DIP
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Mirant Could Further Test Companies' Ability To Shed Contracts
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Judge Allows Mirant to Pay Some Debt
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Mirant Critical Vendor Order
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Three Canadian Banks Owed Money by Mirant
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Two Days after Bankruptcy Filing, Mirant Shares Plummet
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Mirant Names Robert Dangremond Chief Restructuring Officer; Two Others Also Named To Company's Restructuring Team
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Mirant Says Won't Force Pre-Packaged Plan On Banks
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Mirant's Demise Rattles Energy Investors
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Court rejects NRG request to halt FERC order
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Edison Mission Motion in NRG bankruptcy case delayed
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Law Firms:

Suitors Step Up for Sedgwick
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ABA in disclosure battle with market regulators
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Happily, corporate attorney gives up an ocean for a pond
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Three Bankruptcy Partners Bolt Firm
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Special Report: Women GCs
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Rivals bicker over Clifford Chance deal in M&A tables
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Lawyers expect corporate upturn
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Atlanta firm to take Altheimers London arm
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Four Partners, Counsel Defect From NY Firm
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Personal Knowledge of Malpractice Can't Be Imputed to Firm
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Arent Fox: “Last season’s fruit is eaten and the fullfed beast shall kick the empty pail”.
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NY Bar dumps out of state ban
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Do the SEC's Proposed Standards of Professional Conduct for Attorneys Apply to You?
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Vinson & Elkins set to launch practice in Dubai
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MoFo puts brakes on European expansion in strategy rethink
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Mayer Brown boosts Houston with hire
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Mego Financial Execs Resign After Chapter 11 Filing
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Recent Going-Concern Statements
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Retailing:

Sears Shares Up on Credit Sale; Now What?
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Successor to Citigroup throne beats a talented field
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Subprime Default Risk Inches Up

Experts Concerned with Consumer Debt Levels as Economy Struggles to Rebound
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Default Risk Results in Cut in Kemper Insurance's Rating
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Wall Street:

SEC To Move Its Cases To Fast Track Starting This Week
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What To Do About Plan Loans and SOX?
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Experts Say Arizona Bankruptcy Filings in 2003 May Surpass Last Year's Record
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Utah Regulators Take Control of Workers' Comp Writer, Ask to Liquidate Company
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  Asbestos:

The asbestos mirage
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Wanted: bankruptcy judge; some experience necessary
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Conseco:

Conseco to seek cramdown
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Conseco Proposes New Seven-Member Board
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Conseco files another reorganization plan
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Couple accused of bankruptcy fraud detained in Mexico
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Accounting:

Ernst Clients Face IRS Audits Over Tax Shelters
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Lessons Learned from the Arthur Andersen Case
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SEC Adopts Rule Revisions that Implement Sarbanes-Oxley Prohibition on the Improper Influence on the Conduct of Audits
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Hurt By Lost Tax Funds, States Join IRS in Shelter Crackdown
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Telecoms:

Lower-level Touch America managers received bonuses in February
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Concerns of Wiretapping Imperil a Planned Merger
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Sales plummet at struggling Marconi
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Com21 hopes for $850,000 DIP
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STT, Global Crossing Offer Safeguards to US
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World Wireless Communications, Inc. Announces Freeze of Assets of Its Major Stockholder Group
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WorldCom fixed wireless sale hearing postponed
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Bankrupt Landlord's Sale Terminates Leases
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Boston investment firm, chief counsel found guilty
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Credit quality - The bankruptcy courts are back in business
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Corporate Reform:

Code of Ethics Requirements Under Sarbanes-Oxley
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Demystifying Sarbanes-Oxley: Suggestions for Public and Private Company Preparedness and Compliance with Employment and Whistleblower Provisions
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KERPs On The Way To UK? Not Quite
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Firms seek payment in HomeGold case
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Payouts by BMI shipyard approved
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Jacobson's banks, creditors fight for scraps
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Steel:

National Steel Corporation Announces Settlement Agreement Regarding Medical Benefits And Life Insurance Coverage For Retirees
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Nonunion Steel Retirees Face Cuts
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Fleming files suit in bankruptcy to halt litigation against employees
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Loral:

Loral's Schwartz, Facing Bankruptcy, Won't Give Up Space Dream
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Loral Space Shares Move To Pink Sheets
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Elan misses second deadline for U.S. filing
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Elan risks default on £1bn debt after accounts delay
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Textile company files for bankruptcy protection
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Farmer Avoiding Debt Goes on Crime Spree in Pursuit of Jail Sentence
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New Bankruptcy Opinions
(1 new opinion today)

Bankruptcy Court Web/Pacer Site Directory

Weird News
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DIP Dimensions: Crown Pacific LP - CIT Group is protecting itself in case the lumber company sells its prized wholesale business
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Rigases Seek Legal Fees From Adelphia
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Airlines:

AMR posts $357 million loss
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AMR to cut over 2,000 jobs in St Louis
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AMR says losses show shrinkage -- thanks to aid, cuts
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St. Louis Officials Put Best Spin On American's Decision
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Midwest Airlines to avoid Ch. 11 filing
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United's Undoing Was a War Within
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United Airlines Files Sept. 11 Suit Against AIG Subsidiary
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Denver Mayor Rips United Airlines over List of Demands
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Ottawa offers $80 million in airport rent relief for struggling air industry
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Airline seeking huge cash injection
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Congress Can Help Airlines with Pension Relief
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Pilots agree to concessions; Midwest tries to avoid bankruptcy
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Enron:

Enron trial ready to go in 2005
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Lawyers say Lays did nothing wrong
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Lawyers: Judge wrong in not adding defendants
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Calpine Confirms Settlement With Enron
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FERC Judge: Enron Should Refund $32.5M In Trading Profits
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Enron & Affiliate Ratings Unchanged By Fitch Following Bankruptcy Plan Filing
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Court mulls whether Enron suit to be first to trial
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Principal cites debt of Enron in 2nd suit
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India Tata Power, BP Group Plan JV To Buy Enron's Dabhol
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Early Lessons from the Powers Report (Or What We Can Learn from Enron)
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Ford downbeat on US economy
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Use Restriction Rejected in Tenant's Bankruptcy
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Thailand:

TPI planner moves to fix credit line
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Canada:

Mosaic Group Obtains Extension of Protection Order
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Mexico:

Iusacell creditors push alternate deal
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Iusacell Bondholders May Block Sale
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Korea:

Korea's SK Global HK Subsidiary Files For Liquidation
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England:

WPP gains from Cordiant's exit
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Japan:

New auditor policy bad news for banks
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