May 22, 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:

Pay dispute settled at American Airlines
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American Airlines Cutting Fares, Adding Seats
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American renegotiating to cut costs at sports arenas
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Union says Air Canada wants 7,100 more layoffs over three years
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Air Canada CEO tells union more layoffs, pay cuts needed
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CIBC ponders $60 million hit to credit card revenue
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April adds to losses at Hawaiian
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Where U.S. Airlines Stand For Executives and Workers
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Swissair windfall
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Steel:

Weirton Steel Pensions Could Be in Jeopardy
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Penn Traffic could fall for second time
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Daisytek:

Daisytek U.S. Subsidiaries Receive Extension of Court Approval to Use Cash Collateral Through June 13, 2003
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Daisytek: Administrators Sell Large Amount Of ISA Unit
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Crown Pacific raises specter of Chapter 11
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OMC estate sues Travis
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HealthSouth:

HealthSouth Shareholder Alerted Auditors
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Scrushy Lawyer Seeking to Buy HealthSouth
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Scrushy Chided Staff About Profits, Tape Reveals
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Private investors gathering to buy HealthSouth
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Ernst & Young received a letter in 1998 raising questions about HealthSouth's patient accounting
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Scrushy to HealthSouth: Pay My Legal Tab
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Rigases Want Separate Adelphia Trials
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Ruling sinks Jazz Photo
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Accounting:

Audit fees could jump 50%
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The IRS clarifies the effect of Section 351's control requirement on some post-transfer stock disposals
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Equitable court deal on E&Y suit a possibility
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EU Seeks to Strengthen Audit
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EU Warns U.S. on Auditor Registration
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No Accounting for Politics
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SEC Proposes Additional Rules Contemplated By Sarbanes-Oxley Act: Disclosure Requirements and Restrictions on Improper Influence of Auditors
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E&Y bucks trend and tightens legal alliance
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Do We Really Have to Do This? Some Observations on Dealing with the Sarbanes-Oxley Act
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Zurich Financial In Settlement Talk With California Regulator
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Eagle Food Centers Receives Court Approval on Final DIP Financing
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Wilbur Ross Is a Man of Steel -- and anything else in deep, deep trouble
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Businesses seeking safe havens - Delaware and four other states tops in the nation in state liability systems for their perceived "fairness and reasonableness."
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Princeton Video Image to File Chapter 11 Bankruptcy
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  Asbestos:

Halliburton Chairman Tells Shareholders Asbestos Bill No Crimp in Settlement
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Asbestos fund faces fight
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Fuller Austin No. 3 In Top 10 Verdicts of 2003
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Bankruptcy Reform:

House panel OKs 'netting' measure
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Law Firms:

Former Finley Kumble Partner Gary L. Blum To Head Becker & Poliakoff’s Bankruptcy Practice
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Firms Take Hard Line On Law Directories
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Bird & Bird freezes UK promotions for 2003
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California courts to scrap ban on out of state lawyers
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Mass Defection Threatens Firm's Satellite Office
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Management visionaries
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Firm Expects Big Things From Basketball Phenom Client
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Ashursts Dewey hire secures US law launch
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Corporate lawyers reel as M&A code hits the buffers
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Sarbanes-Oxley Section 307: Rule Implementing Standards of Professional Conduct for Attorneys
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The art of spin
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In the age of globalisation is the current approach to conflicts working?
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Telecoms:

IPCS committee awaits okay to sue Sprint
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Senator Probing WorldCom's Federal Contracts
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Turnaround specialist works with Touch America
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Allegiance Telecom Announces Delisting by Nasdaq
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Judge Sets Roadmap for WorldCom Investor Litigation
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Metromedia Fiber Sees Enterprise Value Of $230M-$330M
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Enron:

Brazil Probing AES, Enron Allegations
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German bank wins $39 million Enron judgment
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Conseco:

Conseco Group Won't Pursue Bank Of America Insider Claim
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BofA denies insider-trading charge
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Conseco Expecting to Exit Bankruptcy in July
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Conseco bankruptcy hearings postponed
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Investors would get money back in Emerald reorganization plan
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Firm Sues Bank Subsidiaries over Failed Purchase of Bankrupt Kansas City, Mo., Jewelers
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Medical Malpractice Insurer with Virginia Business to Cease Operations
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Sun Healthcare Group, Inc. Announces Term Loan Acceleration and Scheduled Foreclosure Sale
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Regulators Place Republic Western Under Supervision As Amerco Resolves Financial Problems
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Petals Inc. business wilts, files for bankruptcy
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Wall Street:

SEC Looks at Brokers And Mutual-Fund Sales
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New Bankruptcy Opinions
(No new opinions today)

Bankruptcy Court Web/Pacer Site Directory

Weird News
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DIP Dimensions: Acterna Corp.
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Letter from Delaware - The latest on asbestos litigation reform, Enron's restructuring and more
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Restructuring Advisory Expert Joins Huron Consulting Group
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Department of Justice Seeks District Court Order to Prevent an Acquisition in Bankruptcy
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Stroud's:

Fog Cutter expects funds back from bankrupt Strouds
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Stroud's Failure Spoils Portland, Ore., Venture Capital Firm's Debut
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Florida court tosses out $145 billion tobacco verdict
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The Incredible Shrinking Consultant -- To survive, the Big Three strategy firms--McKinsey, Bain, and BCG--need to make big changes
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Magnatrax Wins Court Nod For $8 Million Interim DIP Loan
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England:

The Bank of England is spending £1m a month defending itself against BCCI charges of "misfeasance in public office"
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Huge operation employs insolvency experts to clampdown on illegal wine sellers
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Thailand:

Court States Neutral Party Best for Bankrupt Thai Petrochemical Firm
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Many Thai Firms in Bankruptcy Bounce Back into Black
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Germany:

Another German bank is insolvent
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Korea:

S Korea Creditors Talk Tough On Troubled SK Global
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Japan:

Japanese bailout prompts political backlash
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Greenspan Urges Japan to Take Painful Steps
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Canada:

SLMsoft Inc. Seeks CCAA Protection
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Italy:

Cirio Declared Bankrupt; To Vote On Debt Restructure Thur
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Mexico:

Mexico's TMM whittles self down to nil
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Iraq:

Inside Failed Bank Run by Man U.S. Backs for Key Role in Iraq
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China:

Marketing China's Bad Loans
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Scotland:

Law society records large rise in complaints against solicitors
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Norway:

Norwegians deeper in debt
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