May 19, 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:

Former ATA exec faces daunting task at United
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The judge singles out a $25 million tender offer in his decision that effectively removes its chairman and CEO
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Speed up Air Canada talks: judge
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Denver Airport Official: Mulling Options if UAL Folds
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Hawaiian Airlines: Will Work Closely With Trustee
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Airline Gaffes Raise Questions
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Bankruptcies have frequent fliers on edge
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Airline's directors feel judge's heat
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Clergy abuse settlement seen unlikely
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The Delaware Supreme Court's decision in NCS HealthCare is startling
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Life with NCS
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Supreme Court of Delaware Declares that Deal Protection Mechanisms that Fully Lock a Merger are Unenforceable and a Breach of Fiduciary Duty
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Lesser debtholders challenge Conseco
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Enron:

Enron May Remove PGE From Auction Block
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Fastow to be arraigned on new charges
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Fast living, quick riches filled Enron exec's days
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A deep and dark mystery
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Variety of organizations offer credit counseling
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Shrinking paychecks are the new reality for many Americans. How global markets and a weak economy are affecting how we work—and how much we make
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Steel:

Retired Steelworkers In A Health Care Bind
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Bankruptcy may be next for Weirton
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Fertilizer maker files for Ch. 11
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Fitch Ratings Downgrades Mississippi Chemical's Sr Unsecured Debt To 'D'
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Global Water Tech goes bankrupt
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Motorola Has $77M Reserved To Cover Iridium Litigation Costs
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Cash Concentration Accounts in Bankruptcy: "Property" of a Parent Corporation or its Subsidiaries
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Conseco-Trump Arbitration Ends; Decision Seen By May 28
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Peregrine Systems(R) Files Third Amended Plan of Reorganization And Disclosure Statement
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Peregrine's net worth is a negative $201 million
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Other cities' symphonies face the music of bankruptcy, deficits
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Pro Hockey Club bankruptcy case dismissed
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Accounting:

Sarbanes-Oxley proves a headache for many
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Auditors in high demand
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Out of class: MBA grads in mixed demand
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A Primer for Audit Committees after Sarbanes-Oxley
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Michel files for Chapter 11
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  Energy:

PG&E wins legal victory
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NRG Energy gets $250M DIP
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CL&P Moves To Prevent Termination Of NRG Power Contract
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Energy Supplier Can't Pull Plug
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Orion's $75M DIP loan approved
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'Faux filing' a new bankruptcy trend?: Threat of filing being used against creditors earlier than ever
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Avoiding Traps for the Unwary in Drafting a Secured Creditor's Plan of Reorganization
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Telecoms:

Judge rejects request for MCI trustee
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WorldCom to pay $500m fine
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MCI Aims to Make WorldCom History
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Judge Indicates Fraud Claims To Proceed In WorldCom Case
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WorldCom, SEC OK $500 mil settlement to scandal victims
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Touch America: Bankruptcy may negate executive payments
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WorldCom Files Revised Version of Disclosure Statement
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MCI Creditors Lose Round
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The Greenspan conspiracy
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Allegiance Telecom Gets Interim OK To Use Lenders' Cash
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'New' Marconi makes its debut
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Leap Wireless Hopes To End Plan Talks With Creditors Soon
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Ebbers Misses First Loan Payment to WorldCom
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Handling Involuntary Bankruptcies: Top Twenty Tips for Petitioners, Judges, Alleged Debtors, Assignees, Secured Creditors and Trustees - (Part II)
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Bad loans up 69% in past year
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Bids for Sears Credit Unit Seen
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Napster may sing a different tune in music giants' pact
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CEO Survey Shows Fewer Forecasting Better Bottom Line in 2003
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States Take Action on Broken Job Promises
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Corporate Reform:

Trappings of power come down from executives' walls
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Reform is elusive target on compensation issue
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The worst never surfaced from Eliot Spitzer's 20 pounds of documents. Some analysts even argue that the evidence was, legally speaking, benign.
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Bankruptcy Filings Outnumber Judgeships 5,000-to-1
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HealthSouth:

HealthSouth: Scrushy grossed $124M in 2002
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UBS Pushed HealthSouth Away
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Docs, CPAs and lawyers can go .pro
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Theories Of Alternative Liability For Debts To The Medicare Program
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$2M Punitive Award for Bad Faith Involuntary Filing
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New Bankruptcy Opinions
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Bankruptcy Court Web/Pacer Site Directory

Weird News
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Bankruptcy Reform:

House Panel to Vote on Bankruptcy Rules
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Kmart:

Is Kmart headed for bankruptcy all over again?
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Law Firms:

The magic circle's profitability struggle and boutiques keep disappearing
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Baker Donelson adds 3 bankruptcy lawyers
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Firm Sees Merger Talks Fizzle, Targets New Possible Partner
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LA Firm Expands Its Reach in NY
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Law firms hunger for Big Apple's legal work: To boost billings, Boston firms expanding to bolster N.Y. presence
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NY Partners Defect, Bring Associates With Them
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Bill Targets Class Action Lawyer Fees
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Houston's Heavy Hitters -- Part I
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A first for lawfirm King & Spalding
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Former Senator Roth takes job with Washington lawfirm
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Lease dispute leads defunct law firm to file Chapter 11
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AT&T Latin America Can't File 1Q Results On Time
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Pittsburgh: City studies budget options - including bankruptcy
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DirecTV Latin Amer Gets OK To Keep Worker Retention Plan
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Asbestos:

Hatch Proposes Medical Criteria for Asbestos Bill
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ABB CEO Confident End To Asbestos Litigation Near
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Comdisco Completes Quarterly Distribution to Creditors
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Bankruptcy Court Confirms American HomePatient, Inc. Reorganization Plan
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Japan:

Resona rescue rattles bank bonds, but no contagion
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A bailout to end all bailouts in Japan?
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Japan aid adds to fears
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Australia:

Stockford creditors to vote
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Daisytek Australia, ISA Intl Appoint Voluntary Administrators
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Water Wheel creditors set for a turn of fortunes
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Small pickings for the undertakers
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Korea:

South Korean banks' first quarter profit drop sharply
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Canada:

Quebec Superior Court sanctions Uniforet Inc.'s restructuring plan
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