June 4, 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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Airlines:

Teamsters Local 2000 Sues Northwest Airlines
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Air Canada in deal with American Express
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Air Canada debt for equity plans
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Bankruptcy Is Changing Air Canada
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Air Canada not paying plane leases
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Mexicana de Aviacion denies bankruptcy rumors
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Controllers threatening to strike
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Airline workers get stress relief
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Analyst sees 'slaughter' for United stock buyers
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Airport Chief Sees a Scaled-Down US Airways Hub for Pittsburgh
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US Airways May Traffic Dn 11.9%
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United Airlines To Offer Freebie After Three Trips
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Enron:

U.S. Attorney arrests former Enron exec on fraud charges
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Enron -- Lessons To Be Learned by the Insurance and Surety Industry
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Enron power trader taken off to jail / He's accused of designing schemes that fleeced California
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Caginess in broadband claims may benefit Enron defendants
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Arizona Man Pleads Guilty to Embezzling Over $1 Million From Massachusetts Company in Bankruptcy,
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Third Circuit Defines Bankrupt's Exemption
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WestPoint Stevens Receives Court Approval Of First Day Motions
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Louisville Orchestra board is to meet Monday to weigh bankruptcy
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Larry's Shoes files for bankruptcy protection from creditors
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Larry's Shoes seeks help
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California Hospital to Pay Creditors in Reorganization Plan
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Roundy's Bids $121M for Rainbow Stores
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MCSi Files for Reorganization under Bankruptcy Code; Actively Negotiating with Lender Group Regarding Comprehensive Restructuring Plan
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Martha Stewart prosecution likely
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Martha Stewart woes come at a bad time for Kmart
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Kmart probably OK even if Stewart charged
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Merrill Lynch gets back into Orange County's good graces
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The requirement for continuity of shareholder interest differs sharply in spinoffs compared with how it applies to acquisitive reorganizations
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Daisytek International Corporation Voluntarily Files for Chapter 11 Reorganization
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Philip Services Corporation Files for Chapter 11
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Orange County, Calif.-Based Investment Group Makes Bid to Buy Aladdin Casino
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Delaware Business Trust Statute Changed To "Statutory Trust Act"
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New owner for Palmer Johnson Inc. within 60 days?
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Owners Seek Bankruptcy Protection after Closing Modesto, Calif., Restaurant
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Asbestos:

Key asbestos decision looms
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Asbestos bill faces testing time as support slips away
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Owens Corning Ch 11 Plan Statement Faces Many Objections
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Law Firms:

Latham's Ladder
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Bankruptcy Attorney Evan Hammonds Joins Bernstein, Shur, Sawyer & Nelson
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Rite Aid Suit Yields $83M in Fees
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Another Leading NY Firm Adopts LLP Status
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Foley to open Tokyo office
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Citigroup Axes More Investment Bankers
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Judge's Leap to Law Firm Triggers Ethics Questions
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Attorney-Client Privilege May Be Lost Through Communication with Accountants
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Telecoms:

Judge approves WorldCom auctions
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USTA Calls For End Of Bankruptcy And Tax Law Abuse
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Bankruptcy Judge OKs Rules For MCI's Wireless Asset Sale
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Deal With Global Is Binding, Source Says
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WorldCom Seeks Time for Chapt. 11 Vote
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Cable and Wireless to withdraw from US, cut 1,500 jobs
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Court Approves A Novo Broadband's Asset Sale Plans
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Energy:

Mirant bankruptcy threat shakes U.S. energy market
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Greater Chance Of Mirant Bankruptcy If Bondholders Balk
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Mirant stock plunges as it shops bankruptcy plan
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Connecticut Electricity Users May Pay Less for Bottleneck Charge Than Thought
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Feds set Fri. deadline for information on CL&P-NRG dispute
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Tower Moves Closer To Bankruptcy
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More Closings, Layoffs at Wherehouse Entertainment
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More than $3.1 billion in shares were sold last month by corporate insiders, the largest amount of such selling in two years
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PBGC takes over Consolidated Freightway's pension payments

Accounting:

Some Businesses Face Unwanted 'Concern' Label after Audits
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Survey: Audit Fees Expected to Rise 35 Percent
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Congress, FASB in Stock Option Flap
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FASB Urges Congress Not to Delay Rules
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E&Y Dismisses SEC's Conflict Criticism
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SEC Investigating IBM for Accounting Practices
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New Bankruptcy Opinions
(No new opinions today)

Bankruptcy Court Web/Pacer Site Directory

Weird News
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Lender Demands Auction for Bankrupt Rock Promoter's Memorabilia
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Party Universe asking for interim DIP
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NY Lawyer in Evergreen Mortgage Securities Scam Faces 25 Years
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Gemini Industries, Inc. Will Not Proceed With Acquisition of Recoton Assets
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Adelphia Biz asks for only two months more
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BioPort Corporation Completes Purchase of Assets From Bankrupt Antex Biologics, Inc.
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Paper Warehouse files for bankruptcy protection
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Advanced Lighting Technologies, Inc. Reaches Agreement in Principle with Creditors Committee and General Electric Company in Voluntary Chapter 11 Reorganization Proceedings; Would Become Privately Held
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Steel:

U.S. Steel Weighs Plans to Increase Productivity, Considers Job Cuts
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Steel Workers Resume Work At Laclede Plant In Illinois
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Auction Held to Liquidate Pennsylvania Gear Corporation
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SEC: Former Stockwalk trader faked documents
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Judge affirms additional prison term for Brennan
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Bankruptcy Reform:

Involuntary Bankruptcy bill introduced
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Moll signs off on plan to end bankruptcy
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Blackhawk Casino Operator Betting It Will Do Better On Its Own
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Credit Reporting Agency Held Accountable for Errors
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Diversion of Progress Payments to Pay Expenses on Another Project Constitutes Breach of Fiduciary Duty Owed to Surety Arising From Express Trust Relationship Created by Indemnity Agreement: Principal's Debt to Surety Not Discharged in Bankruptcy
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Birchtree Healthcare appeals decision for bankruptcy liquidation
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Worm farmers squirm in wake of Oklahoma bankruptcy
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Japan:

Concerns raised over Resona bail-out
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Japan Opposition Claims FSA Pressured Resona Auditors
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England:

Energy Firm `bust' Fear
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Advice may cost BE 100m
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Australia:

Judge considers Elliott penalty
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Alston, business leaders vouch for Elliott
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Korea:

Sovereign: Concerned By SK Corp's Bailout For SK Global
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GM scraps Daewoo purchase plan
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