March 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

         

Bankruptcy lawyers in demand
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Bankruptcy Reform:

Tough times to tighten credit rules
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House Judiciary Panel To Mark Up Bankruptcy Bill Wednesday
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Telecoms:

Report Criticizes Global Crossing's Outside Counsel
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Domino effect - As more telecoms restructure their way to competitiveness, more will face the need to follow suit merely to maintain parity
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NorthPoint settles Copper dispute
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Worldcom Waits For Blame Game
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Pension Funds Lose Bid to Return WorldCom Fraud Case to State Court
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Focal unsecureds take second crack at fees
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Soaring prospects wind up in bankruptcy
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Bankrupt nTelos says assets will decrease
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Court OKs $350,000 in Settlements for Network Commerce
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NTelos Takes Unusual Step: Chapter 11
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e.spire saga to go on and on
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Tokheim Corporation Closes Sale of North American Assets
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Executive Aircraft owners retain control of assets because no other buyers offer a bid
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Asbestos:

Federal-Mogul files reorg plan
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Firm seeks to set aside 50.1% of stock for asbestos claims
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Parts supplier files reorganization plan
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Payment sought on D-Day memorial
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America's big hitters head to Florida
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Buying Assets From A Distressed Company Or Debtor In Bankruptcy
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Enron:

Enron Seeks To Hire Another Law Firm
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The Bandits of Big Business
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Full Text Search Second Interim Examiner Report and Appendices

The Examiner Report - Appendix A - Appendix B - Appendix C - Appendix D - Appendix E - Appendix F - Appendix G - Appendix H - Appendix I - Appendix J - Appendix K - Appendix L - Appendix M - Appendix N - Appendix O - Appendix P - Appendix Q
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CIBC-Enron dealings revealed
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Houston Symphony on strike to protest effort to impose pay cut
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San Jose Medical Group gaining strength under Chapter 11
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Workers today face new pension reality
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$2 Million Left for Denver Aquarium's Unsecured Debt
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LinkNet Files for Bankruptcy to Help Fight SEC Charges
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San Antonio: Local real estate agent files for bankruptcy protection
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Judge blocks bankrupt mill from polluting
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Dowagers in Distress - America's grand old department stores struggle for relevance
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Investors seek clear rules for complex derivatives
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Debt relief available in call to duty
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Regulators Place Washington Casualty in Receivership
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Wilkinson property sold at auction
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Property/Casualty Company Insolvencies Remain High
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Postdischarge Motion To Convert Case Granted

Skunk Train facing shutdown
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Malden Mills:

Malden Mills plans summer bankruptcy exit
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GE-led creditor group to control Polartec maker
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New Frisby may emerge by June
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Cablevision Takes Steps to Liquidate Wiz Stores
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Directors and officers beware: D&O coverage is not foolproof protection
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Conseco:

Buffett too late for Conseco Finance
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Judge Tosses Objection to Conseco Sale
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Details delay Conseco Finance sale's OK
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Airlines:

UAL unions, TPG face obstacles
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UAL Workers Lose Majority Rights as Stake Declines
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Employees invest in company at stock at their own risk
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Employee Acceptance of UAL Plan Overrated
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US Airways Makes Airbus Aircraft Payments
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The Airlines' Unlikely Catalyst for Change
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Feds Probe UAL's Work For Military
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Union says it will miss deadline for UAL givebacks
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Air industry needs government help
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UAL: Exiting Stage Left
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Bankruptcies won't strand travelers
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On course, on schedule to end of bankruptcy - Industry watchers say US Airways has methodically reduced its costs and debt since it entered Chapter 11 in August.
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Other carriers unlikely to start up operations
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American flight attendants convene, ponder how to save AMR
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Demoralized, airline employees coping
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U.S. Airlines Show Disparity In Hedging for Jet-Fuel Costs
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Midwest halts some plane payments: Airline hoping to renegotiate terms to preserve cash
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Midwest to launch leisure airline; will lay off 430
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Investment firm drafts rescue plan for United
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Business-Class Air Fares Sink
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Miami airport boss preps for renewed debt debate
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Rival union seeks vote to represent United mechanics
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Corporate Reform:

FBI corporate fraud hotline stirs doubts
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Spiegel Charged With Fraud by SEC
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Law Firms:

Scavenging Brobeck's remains - Other firms snapped up lawyers, but leases are a harder sell
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The trials of the new century: Economic shifts shake the legal profession
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Cadwaladers results: fees up 18%, profits $1.25m
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Law firms no longer wooing graduates like it's 1999
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California's New Reality - With many firms keeping to smaller class sizes, associates have to work longer, harder to make partner
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General counsel cutting the fat
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Learning how to trim off the fat
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Law firms shut down branch offices: More closures expected as tech hot spots hibernate
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Fierce competition forces lawyers to sell themselves
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The Road to Compliance - Rules on attorney conduct are changing, but here's what you can do now
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It's Not the Economy - D.C. firms made plenty of new partners, but many hedged their bets
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Paul Hastings results keep pace with LA rivals
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Law firm makes out by farming out work
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New Partners, Class of 2003
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Kramer Levin hires Brobecks NY managing partner
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Bingham's profit tops $900K per partner
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Capital group leaves McGuireWoods: Local partners strike out on their own after association with law firm doesn't work
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Pro bono becomes unlikely beneficiary of lawyer glut
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Law firm argues tough case: Jumping into VC and tech work now
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Freshfields shock as Emmerson quits for Milbanks
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Orrick rests its case in new space
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Professional groups grapple with out-of-work lawyers: Unemployment among white-collar workers is at its highest rate ever
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Steel:

WHX pension fund seized
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Wheeling-Pittsburgh Steel's union leaders surprised by pension organization's suit
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Action by Congress May Be Necessary
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AK, National extend deadline
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New Bankruptcy Opinions
(5 new opinions today)

Bankruptcy Jobs 871 Jobs - Last Updated February 3, 2003
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Bankruptcy Court Web/Pacer Site Directory

Weird News
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ANC Glare finds AutoNation spinoff
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Kmart:

Misery loves companies - Close ties to troubled Kmart cause major pains for Acme distributor
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Kmart's fate is linked to branding blunders
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Adult video chain fails
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Delaware and the New Federalism
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Accounting:

Code Of Ethics Requirements Under The Sarbanes-Oxley Act
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Accounting firms find recruiting tough going
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Divine buyer drops out
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MarchFirst trustee reclaims unit
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Another Page In Chapter 11 - The Line at Bankruptcy Court Won't Shorten Much in 2003
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Former US Senator Hiram Fong Sr. blames bankruptcy filing on family feud
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Energy:

Calif. PUC pans Lehman Bros. PG&E plan
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CMS like a 'house of cards'
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PG&E pays more bonuses
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PG&E Bonuses Protested
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$1 million severance package proposed for Agway CEO
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Budget may be fatal to struggling Monsour Medical
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Photoelectron:

Photoelectron seeks savior
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Photoelectron Plans Asset Sale, Chap. 11
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Ford denies it's close to bankruptcy
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Startup seeking assets of Gliatech
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Bankrupt filings in Western Michigan district jump
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CoreCare files reorganization plan
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Great Northern:

Bankruptcy neared, bonuses paid
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Bankrupt Millinocket, Maine, Papermaker's Creditors May Have to Return Funds
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Cover your assets in event of another's bankruptcy
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Ravenswood tumbled toward bankruptcy, but paid lawyers' first-class travel, food
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Kaiser Aluminum Seeks To Keep DIP Loan, Not Pay Pensions
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SEC mulls moratorium on new financing firms
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Key3Media Agrees To Slow Down Reorganization Process
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Bronco Bowl is back in bankruptcy court: Chapter 11 filing may jeopardize investors' other Dallas projects
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Immortal plastic
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England:

Business failures could rise to 20,000 this year
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One-year extension for British Energy
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Online auction for Arrows
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Independent's creditors will sue UK regulators in European court
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Canada:

Lawyers win another shot at credit reporting agencies
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Turnaround expert revitalizes Cott
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Ireland:

Watchdog targets dishonest directors
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Scotland:

DTI-backed firm crashes owing creditors 2.6m
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Japan:

Suicides over debts surge in Japan
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