March 24, 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

         
Oak to bid for bankrupt Divine
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Economy outranks war on worry scale
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Energy:

Bonuses Are Likely for PG&E Officials Despite Bankruptcy
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Power company bankruptcy sends customers scrambling
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El Paso lawsuit one of many against alleged energy manipulators
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Conn L&P Asks Court Not To Dismiss Petition Against NRG
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The D&O devil in the detail
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Bankruptcy Reform:

Senate gears up for bankruptcy debate
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Text of House Debate (I),(II)
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Enron:

Enron Employees Must Finance Plan
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U.S. Charges Loom Over Enron Venture
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Examining Enron's enablers
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A Whistle-Blower's All-Too-Familiar Story
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Last-Minute Bid Holds Up Sale of Bankrupt Bangor, Maine, Paper Company
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Judge to hear arguments in sale of Great Northern Paper
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Businesses brace for war's impact
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No business is immune to war impact
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SonicBlue:

Sonicblue to file for bankruptcy
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Mired in debt, SonicBlue files for bankruptcy
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Sonicblue seeks bankruptcy protection
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In bad times, some do well - Pawn, thrift shops thrive in shaky economy
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Philip Morris loses $10 bln verdict
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Accounting:

Deloitte & Touche Settles Kentucky Negligence Claim for $23 Million
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D&T to become LLP
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Implementing and Exiting Rabbi Trusts
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Regulators Dismiss Audit Standards
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Accounting scrutiny nears at private firms
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Scandals create business for forensic accountants
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Telecoms:

NextWave needs more time
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Customers stick by Worldcom
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Pension Fund Sues WorldCom Auditor, Banks
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Perle advising Global Crossing
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Richard Perle's Conflict
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Satellite-makers rake in war dollars - Surge may not be sufficient to resuscitate financially troubled industry
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Fullplay gets defensive, files for bankruptcy
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HealthSouth:

A Fraud Particularly Bold
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HealthSouth May Need Funds to Avoid Bankruptcy Filing
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HealthSouth Junk Bond Trading Points To Restructuring
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NYSE reviews listing of HealthSouth shares
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Counselors get call as debt cases rise
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PacifiCare of Texas Signs Binding Memorandum of Understanding with the Texas Attorney General
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Lawyer to Testify in D-Day Memorial Suit
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Erpenbeck condos next on block
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  Airlines:

More Airline Cuts Expected This Week
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U.S. Airline Crisis Deepens, Rescue Plan Is Adrift
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Hawaiian Air files for Ch. 11
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Hawaiian Air/Chapter 11: Got Union Concessions Earlier
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IRS owes United $360M refund
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War may hasten shakeout of airline industry
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United to Seek Temporary Leave For Some Employees
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War accelerates reshaping of airline industry
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Four Disparate Negotiators to Determine American Airlines' Success or Failure
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For pilots, reduced pensions
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War prompts U.S. carriers to cut back
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Continental wants to cut landing fees
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Aviation Industry Continues Nosedive; Northwest, Hawaiian Airlines Falter
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Boeing is bracing for loss of leases
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As War Deepens Airline Crisis, Split Develops Over Rescue Plan
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Laid Off Employees Search for Other Flight Paths
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Fuel Drop Won't Save All Carriers
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Airline industry bailout won't fly
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Pension negotiations stall at US Airways
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Hawaiian Airlines blames the lessors of its aircraft for forcing Chapter 11 filing
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Hawaiian Airlines beset by financial turbulence
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Aloha Air Says It Is Not Prepared For Bankruptcy
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Government may bail out airlines
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Cost of 'survival' is too high
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Judge Sets Trial Date For UAL, Union Contract Dispute
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Saving Midwest Air
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Frequent-flier miles still valuable
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Carrier files for bankruptcy
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Airlines are 'biggest losers' of war
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War May Cost Ailing Airlines $10Bln
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1990s argue against bailout
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As war buffets the world's airlines, which ones will still be in it for the long haul?
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Law Firms:

The thin gray line - can lawyers serve as watchdog for shareholders?
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Law Firm Malpractice Premiums on the Rise
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Before Your Firm Signs a Lease
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Risky SEC rule for noisy withdrawal?
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Firm Apologizes for Parody Rife With Asian Stereotypes
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Firm Equips 530 Staffers in DC Office With Gas Masks
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Buchanan firm moves ahead, despite loss
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Years After Going Out of Business, Firm Is Still Winding Down
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McGuireWoods grows, cuts ties with Virginia group
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The most complicated lease D.C. has seen in decades tested veterans and optimists alike
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Firm Taps New Co-Chair for 300-Lawyer Practice Group
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War could mean more business for law firm
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New leader at Jenkens: J. Rowland Cook takes over reins of firm's Austin office; William Parrish joins board
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Care and Feeding of Mentors
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Peabody & Arnold steadies after upheaval
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Tax Cases Shine Light On NY Law Firm Partnerships
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New Bankruptcy Opinions
(1 new opinion 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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Greenboro firm forms national turnaround franchise
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Truckers get smoked by diesel costs
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Asbestos:

One-Time Charge Leads to Record Loss for Armstrong
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Halliburton has until July to file unit prepacks
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Bankrupt Lancaster, Pa.-Based Flooring Firm Offers Plan to Pay Asbestos Claims
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Owens Corning Lease: Bondhldr Filed Proof Of Claim
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Corporate Reform:

Rush to re-judgment - recasting of the venerable business-judgment rule?
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Court OKs Wherehouse Entertain Bonus Plan, Insurance Deal
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Steel:

Bethlehem Retirees to Fight Health Cuts
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Steel union, National suitors near deadline: Bankruptcy hearing set for March 27
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Weirton Steel bent on toughing out U.S. industry shakeup
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Bethlehem Steel Retirees Try to Delay End of Health Plan
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Bidding War Continues for Mishawaka, Ind.-Based National Steel Corp.
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Adelphia CFO quit over probe's independence
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Cannondale:

Pegasus flies off with Cannondale
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Cannondale Completes Auction of Bicycle and Motorsports Divisions
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Aero Aire Corp. gives it up now that assets go to receiver
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Attorney Compensation From Chapter 7 Estate

Replacing Empty Anchor Stores Can Be a Struggle
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Resort Chain Offers Discounts to Members of Bankrupt Resort
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Former Polaroid Seeks 120-Day Extension Of Exclusivity
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Demand Anemic for Asset-Backed Specialists
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PCD Inc. Announces Sale of Assets and Bankruptcy Filing
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Solectron to trim staff by 12,000 more workers
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Magellan's bankruptcy leaves local providers, insurers seeking funds
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Credit counselor demand strong in weak economy
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Bankrupt Resort in Las Vegas Soon to Select Bidder
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Bickering bogs down Key3Media
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South Africa:

RAG's case brings shortcomings in liquidation industry into focus
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England:

Bankruptcy threat to Imperial bosses
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One rail firm in four 'technically insolvent'
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Chairman hits out at his players
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Birmingham Mint in administration
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Korea:

Creditors to Bail Out Hyundai Corp.
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Japan:

Japan condo firm Cesar seeks bankruptcy protection
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Germany:

Bankruptcies rise in Germany
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