July 28, 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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Telecoms:

MCI Faces Federal Fraud Inquiry on Fees for Long-Distance Calls
(NYT: separate free registration required)

Investigators said probing long distance carrier MCI
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WorldCom inquiry haunts MCI
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Verizon Backs Ending U.S.-WorldCom Deals
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WorldCom confirms MCI subpoena
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MCI rivals have brought a new set of fraud allegations to the attention of federal prosecutors
(WSJ: separate paid subscription required)

AT&T to offer data in MCI case
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WorldCom Gets U.S. Subpoena in Access-Charge Probe
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Prosecutors investigate MCI's 'Canadian Gateway' cost-saving scheme
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Explosive New York Times Story Reveals More MCI Fraud; Company Bilked Competitors out Billions of Dollars
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'MCI faces fresh fraud inquiry'
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WorldCom pensions 'unsafe'
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Nortel faces long road to recovery
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Allegiance Telecom Announces Postponement of 2003 Annual Stockholders' Meeting
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Machine Tool Co. Bankruptcy Sends Ripple Through JSF Program
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Internet-Service Provider Fastnet Hopes to Exit Bankruptcy by October
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Some XO Investors To Get a Second Chance
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Bankrupt Butte, Mont.-Based Touch America Lists Names of 14 Lawsuits
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Documentation missing from Touch America
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Airlines:

Midway Airlines close to bankruptcy exit
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British Airways' CEO Says Unions May Bankrupt Airline
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America West at 20
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Creditors Approve Details of Midway Airlines' Plan
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Worker ownership was UAL nightmare
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US Airways, county authority settle on value of airport contract
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United Airlines Considers Sources for Possible Infusion of Capital
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Bombardier's bailout
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Appeal by Air Canada supplier dismissed
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Air Canada Provides Update on Restructuring
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Kistler gets DIP, needs much more
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Exide Technologies files disclosure statement
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Enron:

Prosecutors ask to try Fastows at same time
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A shred of truth for Enron
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Enron Indictments Don't Go to Top; Justice Says Such Cases 'Can Take Years
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Portland, Ore., Official Seeks Group to Watch Enron Bankruptcy
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Corporate Reform:

Corporate America put on notice
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CEO pay still not results-based
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Yes, there are some management problems that hostile takeovers can cure but the kind of accounting fraud that mushroomed in the '90s isn't one of them.
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Oxbow Capital accused in 'Ponzi-like scheme'
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Execs lobby to buy Greater Southeast
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  Conseco officers turn on Wendt
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There's Still a Lot of Money to Be Made When a Company Goes Bankrupt
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Energy:

Pepco is talking of a $700 million Mirant claim
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Mirant facing warring creditor groups
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Mirant Corp. Workers See Rough Road Ahead with Bankruptcy
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NRG in talks with CL&P
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Energy's moribund tendencies
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PG&E National Energy Noteholders Ask Court For Panel
(WSJ: separate paid subscription required)

Allegheny sells new securities to investors
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Court Approves $10 Million Interim DIP Loan For Seitel
(WSJ: separate paid subscription required)

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Law Firms:

U.K. may allow MDP law firms
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Kilpatrick law firm adds 50, returns to hiring mode
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Justice, Attorney Charged in Mississippi
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Chief Defends Dallas-Based Law Firm Jenkens & Gilchrist after Controversies
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Two NY Bankruptcy Partners Defect
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'Pretty good year': Wichita law firms remain profitable in 2002 despite rough economy
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Summertime shuffle of upper-level lawyers has begun
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Clifford Chance Reports Plunge in Profits, Flat Revenue
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Merger talks collapse between Orrick and Cooley
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UK Firm Launches US Litigation Practice With Raid on Top NY Firm
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NY Firm Infamous In Wall Street Corruption Suits
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Firm Ravaged by Defections
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Ashursts bounces back with profits rise
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NY: Out-of-state lawyers may face new rules
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Pressed by Securities Litigation Reform, a NY Plaintiffs' Firm Goes To Work for Big Corporations
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Dechert's move would be a blow
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Firm's Demise Dims Partner's Senate Political Future
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HealthSouth:

Securities Law Tested
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Prosecutors Expanding HealthSouth Probe
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Growing danger to pension plans has government officials worried
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American Wagering Inc. files for Chapter 11 in Reno
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German court blocks $17bn Bertelsmann suit
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HomeGold:

Victims to vote on Carolina Investors' bankruptcy plan
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Creditors of HomeGold Financial and Carolina Investors likely will receive little
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HomeGold executive Ferrell dies
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Deep in debt, N.J. family makes bank heist family affair
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Stanford, Conn., E-Mail Marketer Files for Bankruptcy
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Kleinert Gets Court Approval For Employee Retention Plan

New ownership aims to get Una Mas out of Chapter 11
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$30 million Burger King bankruptcy spreads pain to Wichita creditors
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Permira may bid for ProSieben
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New Bankruptcy Opinions
(No new opinions today) 

Bankruptcy Court Web/Pacer Site Directory

Weird News
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U-Haul: A bumpy ride
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Amerco's history full of fighting by Shoens
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WL Ross has best offer for Burlington
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Burlington Industries Picks New York Equity Firm's Ownership $608 Million Bid
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Housing Market: How high is too high?
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Lenders Extend Pillowtex's Deadline
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Bonus Stores files for Chapter 11 bankruptcy protection
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Baugur's US Unit Bonus Stores Files For Ch 11 Bankruptcy
(WSJ: separate paid subscription required)

An Arduous Undertaking
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Elan makes last-ditch plea over 500m debt
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High-flying Colorado company lands in court
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Houston: Occupancy downtown tumbling, but three towers defy trend
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Adelphia Elects 2 Independent Directors
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Stay Relief Order Didn't Annul Bifurcation Holding

Accounting:

E&Y partners face Equitable bill
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_____________________

Mortgage.com suit ends in settlement
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CEO who paid workers after fire faces burden to keep plant
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Jomed: Unsure If Hldrs Will Get Part Of Investment Back
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Analysts Downgrade Western Digital after Buyout of Bankrupt Read-Rite
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RCC insolvency takes bitter turn
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Founder Says Entertainment Technology Firm Mismanaged Firm, Took Patents
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Former bankruptcy court official Frederick Reyland Dies at 93
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Loral:

Official Creditors Committee Named In Loral Bankruptcy
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Decades Building Loral, Now Trying to Save It
(NYT: separate free registration required)

_________________

National Century bankruptcy hurts schools, local gov'ts
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England:

Watchdog inundated by split-fund probes
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Oldham owner signs club over to buy-out team
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Footy fan facing bankruptcy
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Germany:

German broker insolvent after assets frozen
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__________________________

Australia:

Debt rebounds on the collectors
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__________________

Pakistan:

State Bank governor urges government to enact bankruptcy law
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_________________

Ireland:

Troubled Giants face wind up threat
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____________________

Italy:

Italy's Cirio Lacks Bondholders' Backing For Rescue Plan
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Crunch day for Cirio
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