June 30, 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

         
Is Formica's sale tarnished?
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Airlines:

Airline trustee search extended
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Ex-airline trustee continues with job
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United Meets Bankruptcy Requirements
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U.S. Aid Gives United's Parent a Profit
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United Airlines meets demands of lenders
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Contractors might pick up more plane maintenance
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Alaska Air Brass to Take Pay Cuts
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AC pilots in peril
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Air Canada pilots resume vote
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Union urges pilots to okay cuts
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Are airline stocks flying too high?
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Low interest rates are keeping weak businesses alive by allowing them access to cheap cash
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Telecoms:

Global Crossing case goes to judge
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Global Crossing Wants to Hold on to Singapore Deal
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XO wooing Global Crossing bondholders with US$200m
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Touch America's largest investor says bankruptcy being rushed
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WorldCom, Metromedia Fiber Seek To Exchange Some Assets
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U.S. Weighs Suspending WorldCom Contracts
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Accounting:

Scandals Focus More Attention on Off-Balance Sheet Transactions
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Alstom U.S. Unit Underestimated Loss; SEC, FBI Probe
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Alstom Shareholders to Vote on Stock Sale to Help Recovery
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Steel:

Maryland refuses to record ISG deed - Transfer tax dispute
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Strapped Baltimore Marine lays off 80 at shipyard
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Biotech files for Chapt. 11
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Corporate Reform:

Sarbanes-Oxley Extends Statute of Limitations - It is unclear if act revives expired claims or extends period for pending claims
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SEC will require options approval
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Feeling stuffed
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Top Executives' Lucrative Deals Tie the Hands That Pay Them
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Securities firms face more regulatory and legal actions stemming from alleged abuses, including further looks at IPO spinning
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Las Vegas audit defense company in bankruptcy
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Untimely disclosure of fee guaranty warranted sanctions

'Luck runs out' for D-FW office-furniture companies: Bankruptcy has ripple effect on hard-pressed local firms
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Fleming Signs Letter of Intent to Sell Grocery Wholesale Business to C&S Wholesale Grocers
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Airport hotel heads to the auction block
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Inmates Caught Liening On Fed
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  Spiegel creditors fear transfer of funds
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Conseco:

Conseco trial short on drama, intrigue
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Conseco asks judge to seal D&O loan info
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Delaware: A new way of analyzing director independence.
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Law Firms:

Law-firm revenue continued to climb last year despite the economic slump, rising 8.5% to $38 billion at the top 100 firms
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Altheimer & Gray law firm ready to close its doors
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Altheimers to dissolve in July
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Vinson & Elkins Sued For Racial Discrimination By Associate Denied Partnership
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NY Firms Look to Build Specialist Appellate Practices
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Former Associate Sues V&E Alleging Discrimination
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Revenues and Profits Up at N.J. Top 20, As Out-of-State Firms Make Inroads
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Bankruptcy partner leaves Moore & Van Allen for Katten Muchin
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Lawyer malcontents link with truckers, join Teamsters
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Firm Calls It Quits
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Testa Rainmaker Defects
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Law firms weigh into campaigns
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Firm Fighting Demand for Client Information
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Substance Abuse Persists at Law Schools
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Downsizings, mergers lead to professionals going solo
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82 charged with insurance fraud after FBI sets up fake law firm
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Boom led to bust for Cleveland law firm
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Expenses soar under Sarbanes-Oxley Act
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AmeriServe: Long-running drama
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Enron:

Enron, creditors reach tentative pact
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Enron pushing for inexpensive mediation decision
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Deal reached with creditors, Enron says
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Enron to Seek Extension Until July 11 for Its Bankruptcy Plan
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Enron seeks extension on reorganization again
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Enron public relations exec tells what it's like at center of a storm
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Lawyers bite off $744m of Enron's pie
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Flood of Fees Draining Enron Funds
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Enron Bill $500m So Far
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Enron art auctioned
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BPA Withdraws Claim Against Enron
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Waterlink files for Chapter 11 protection
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Farmland to pare taxpayer-supported HQ
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Investing in bankrupt firms is risky
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Evolve Software Proposes To Pay $10 Million In Liquidation Plan
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Deltagen Files Chapter 11 Bankruptcy
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New Bankruptcy Opinions
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Bankruptcy Court Web/Pacer Site Directory

Weird News
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National Equipment Services Files For Chapter 11
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Victims of Brennan Stock Fraud Get Closer to Resolution with Restitution Plan
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Net-friendly courthouses spark public-access debate
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Energy:

Funds From Xcel Hinge On Dec 15 Exit From Chap 11
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Foreclosure business has 'virtually disappeared' in San Diego County
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Hawaii: Lindsey’s debt to IRS puts bank in tight spot
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Ex-trustee Lindsey faces big IRS lien, bank foreclosures
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San Antonio: By creating a string of companies and then filing for bankruptcy, a pair of businesswomen avoided payroll taxes
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Ex-Evergreen Officers Are Convicted of Fraud
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A degree in bankruptcy - New college graduates can quickly find themselves in rough financial waters
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Carolina Investors:

Carolina Investors kept HomeGold afloat, report says
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Carolina Investors probe now criminal
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Austin: Bradley denies fraud claims
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Denver: Trustee pushes Chapter 7 for Hoover
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BCCI employees settle claim with liquidators
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England:

Final bid to save Le Meridien hotels
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Meridien rescue mission
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Australia:

Elliott slams 'unfair' sentence
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Judge launches scathing attack
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The rise and fall of John Elliott
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Canada:

Behind on your taxes?
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Cable Satisfaction gets bankruptcy protection from creditors
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Iraq:

Iraqi Banks Want to Rejoin Banking System
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Philippines:

Creditors push for sale of National Steel assets
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Japan:

Workers to get 3 months pay after bankruptcy
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Dispute over fix for Japan's economy
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Ferry firm, units file for protection
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Resona shareholders divided over bailout
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Korea:

Creditors reject SK Global debt buyout
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