May 12, 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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Just a Trim - Big-firm lawyers receiving their full rates may seem like a fantasy - But such cases do exist -- in bankruptcy court
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Bankruptcy paying off for USG's CEO
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Airlines:

Air Canada, unions get intermediary
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Frequent flyers try to save miles
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Unions seek clarity from Air Canada through facilitator
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Bankruptcy Judge Faris will make a trustee decision soon in Hawaiian case
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Judge Urges Hawaiian, Boeing To Reach Agreement
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Hawaiian CEO takes the stand
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Commuter terminal closing at Pittsburgh airport due to US Air lease rejection
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AMR board nixes cash compensation: High-profile members agree to take stock upon retirement; annual meeting set May 21
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`Co-pilot' battles turbulence
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Air Canada Provides Update on Restructuring
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5 unions, Air Canada ordered into talks
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Air Canada Pilots Offer to Take Two-Month Wage Cut
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United Airlines follows American in boosting fares
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Brazil's Nearly Bankrupt Varig Airline Names New CEO
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City, state make claim on United
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Parts distributor buys National inventory, to develop LV shop
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Enron:

Enron to keep overseas assets
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Enron To Form International Energy Business
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Enron 'whistle-blower' doesn't come clean
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Trial move opposition is voiced
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Enron to Keep 19 International Assets
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Asbestos:

Babcock: More time for reorg
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Armstrong Reports 91 Percent Earnings Drop
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Judge rules RSA liable for asbestos claims
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Lancer Partners Agrees To Appointment Of Examiner
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Kmart:

Kmart investors left out in cold
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Kmart's employee victims look for justice
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New board member is 3rd major investor
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Shareholders Feel the Sting of Kmart's Bankruptcy Travails
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Some bargain hunters stuck with worthless Kmart shares
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Credit Laws Ignite A New Battle
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Lender rejects a good risk and it just doesn't add up
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E-mail warns of bogus risk to your credit privacy
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Computer glitches, bad information create flawed credit system
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Legislative reforms don't fix credit-reporting system
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Credit score gaps can count against borrowers
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Wall Street:

Bear Stearns Used Analyst To Tout IPO Despite Pact
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Accounting:

The IRS warned investors against several tax-shelter maneuvers that use insurance companies
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Grant Thornton formulates plan to restore trust: Changes instituted by Sarbanes-Oxley Act
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Top accountants wary over high-risk firms
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Forensic financials
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Living with Sarbanes-Oxley
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Some real changes ahead in rules for synthetic leases
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Britney: Oops, I lost out again
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65 child-support deadbeats lassoed in posse roundup
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Think of debt like food: Cut those calories!
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"Liquidity trap" worries economists
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  Law Firms:

Weil Gotshal - Knee-Deep in Debt
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Profits at the top 50 US law firms rise 8% with bankruptcy and restructuring leading the way
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The Money Machine - Delaware requires local counsel in all bankruptcy proceedings. For a handful of boutiques, that's been a very good thing
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The No. 1 "Go To" Bankruptcy Lawyer In Central Florida
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Firms Reject Raising Associate Pay
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Kreindler & Kreindler Hunts For The Baghdad Billion
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Indiscreet
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ABA suggestion ripples through legal industry
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New Bankruptcy/Commercial Finance Boutique Opens in SF
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Pitt Returns to Scene as Consultant
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NY Firm Snags Clifford Chance Practice Leader for London Satellite
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Attorney-Client Legal Files Rescued From Auction
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Home Free
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Partners Quit Firm, Undoing Merger
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V&E losing legal heavyweight: Political power broker Joe B. Allen leaving to start boutique firm
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Firm Fined and Forced to Drop Dead Partner's Name
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British Lawyers Face Practicing Without Wigs
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Disaster designs: Law firms contingency plans prepare them for the worst
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Judge blocks Magellan shareholders
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Bankrupt Kleinert's to sell Buster Brown
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Telecoms:

Thornburgh Looking Deeper Into Worldcom, Salomon Link
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WorldCom to sell wireless assets to Bellsouth
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Metromedia files revised plan
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Key3Media statement is approved
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Who will be the next titans of turnaround?
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Defying The Odds For Control Of Bankrupt Mill
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Chelsea firm gains edge in battle with Tyco
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Corporate Reform:

Prison time gets harder for white-collar crooks
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Auctioning Off Symbols of '90s Executive Excess
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Executive compensation scorecard
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Fools Fly Into Marts
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Companies can expect more reforms
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Wall Street titans sunk by greed
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Firms pick up tabs for country club, even pay CEOs' taxes
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Highflying penny-stock promoter now man behind bars
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Laidlaw to issue notes for creditor distributions
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HomeGold to submit plan
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Hockey:

One final hurdle for Melnyk
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NHL's low ratings worry networks
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Creditors Approve Senators Sale
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Sale of Sens gets creditors approval; lawyers disagree on releasing info
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Melnyk expects purchase of Senators to be finalized by the end of May
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U.S. Seeking Trustee in Allou Bankruptcy
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Tobacco:

Tobacco firm's reduced appeal bond upheld
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Philip Morris decision debated
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Plaintiffs Get First Claim to Philip Morris Note
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Contingent stock arrangements popular in troubled times
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Customers Turned Away, as Bank in Blanchardville, Wis., Ordered to Close
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Struggling companies find a quick but expensive solution through rescue finance
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New Bankruptcy Opinions
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Bankruptcy Court Web/Pacer Site Directory

Weird News
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Energy:

Northwestern Says It Can Avoid Bankruptcy
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Atlanta Energy Firm's CEO Opens Up on Company's Struggle
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Mirant facing summer bills: Energy firm must restructure debt
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N.C. bankruptcy lawyer sentenced for fraud
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L.D. Brinkman struggle leads to Chapter 11: Floor-products supplier to close distribution centers, plans layoffs
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Florida Philharmonic:

Florida Philharmonic Suspends Operations
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Near-broke Philharmonic seeks 'hero'
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An ailing Philharmonic forced to stop the music
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Last Movement
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National Century decides to keep operating, pay some debt
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Court OKs "evergreen retainers" for professionals

HealthSouth case to test post-Enron laws
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Fleming:

Fleming to close some warehouses
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Fleming can't pay severance for 170 workers
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The lowdown on company closedowns
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Reviving sick companies - Turnaround experts flourish in an anemic economy
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Court Rules Waste Management Company Can't Rely on Defunct Reliance
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Bankruptcies maintain record pace, with consumers feeling pain
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AMERCO:

Amerco Shares Fall After Report Questions Financing Terms
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AMERCO: Re-Auditing Work Performed By PwC
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Daisytek:

Daisytek Names Eric Logan As Interim CFO
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Jobs evaporate as Daisytek closes warehouse
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How do you know it's time to declare bankruptcy?
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Steel:

Steel Retiree Strains to Pay Health Bills
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St. Louis: Fleming Printing creditors force it into bankruptcy
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India:

Defaulters, directors named in Chhani bank fraud case
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Thailand:

Thai TPI Creditors Delay Vote On Debt Planner To May 19
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England:

Workers 'left without pensions'
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Retailing raider plays hard
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Will Debtors Prefer Bankruptcy
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90% of young women trapped by debt
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Einstein Channel besieged by angry creditors
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Imperial bosses go bankrupt
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More sorrow for policyholders
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Iraq:

Suspension of Iraqi debt repayment eyed
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Germany:

Bankers give guarantee on Kirch ProSieben bid
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Japan:

Firms turn to counselors amid rise in work-related suicides
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Korea:

SK Corp set to bail out troubled unit
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