May 27, 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:

UAL's early exit plan may be too pushy
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Collision Course For UAL, Creditors
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UAL To Give Committee Better Access To McKinsey Firm
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Judge Approves UAL Debt Restructuring with GE Capital
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Union deal lifts recovery hopes at Air Canada
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Can staff ever rise above the bumpy ride?
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Airline, CAW deal means 800 lost jobs
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Seabury Group promises soft landing - When bankruptcy grounded US Airways and Air Canada, they turned to investment banker John Luth for help
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Trusting in full pension protection might be costly
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The world's airlines face bleak prospects
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Bankruptcy knocking at door for Mexican airlines
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Airlines' idled planes amass in US deserts
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Case Study: Going for Broke
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Panel clamors for judgeship bill
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Unsecureds to run Inacom
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Carolina Investors: A town's trust lost
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Telecoms:

Putting a Spotlight on Cisco's Lending
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WorldCom, creditors brace for showdown
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Phone companies trade allegations
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WorldCom just can't win, despite $300m tax rebate
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WorldCom Stockholders Owe SEC Thanks for Almost Nothing
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Pres Of XO Communications To Leave Co
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Accounting:

Ahold Finds $29 Million in Errors
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CPA grads greeted with job offers
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Sarbanes-Andersen combo punches up audit fees: Many corporations saw double-digit increases in 2002
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Cushnie auditors face suit
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Sarbanes-Oxley to rewrite HR's job description
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Shareholders Unite to Expense Options
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When McKesson was embroiled in an accounting scandal, it helped federal investigators with information. That decision may cost them dearly
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Accounting Board Limits Testimony by Chief Auditor
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Dallas: Mercado landlord files for bankruptcy: Action stalls foreclosure that could evict 200 Hispanic merchants
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Wall Street:

Investors are filing arbitration claims against their brokers in record numbers in the wake of the bull market's collapse
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Creditor Wants Judge to Toss Rock Promoter's Bankruptcy Plan
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Junior Consensual Lien Included In "All Other Liens"

Capital Call Agreements As Credit Enhancement
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Omnicare, Inc. V. NCS Healthcare, Inc.
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Detroit Medical hopes to heal itself
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Strouds prepares for liquidation
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Colorado Filing Statistics Confirm Economic Softness
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DaisyTek units win cash use extension
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Minority holder sues over Saban deal
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Jobless forced into debt
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Orlando, Fla., Laser-Equipment Maker Files for Bankruptcy
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  The Doctrine of Necessity and the 'Kmart' Decision
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King of Pop Going Bust?
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Ex-Financial Advisers Sue Michael Jackson
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Las Vegas Bankruptcy Judge Looks At District Court Judgeship
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Judge makes transition to Chicago
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Enron:

Enron Unit Finds Buried Papers Withheld in Pipeline Deal
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Workers sort through buried pipeline documents
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Lea Fastow: Try my husband first
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Asbestos:

ABB shares fall on delay to asbestos settlement
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Striking a deal
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Hatch pushes asbestos bill
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Armstrong files 4th reorg plan
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Armstrong World Sees Reorganization Value $2.4B-$3B
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Law Firms:

Law firms try to buck economy by boosting marketing
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Jones Day cuts 10 per cent of London lawyers
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We the Undercutters - The legal bar is trying all sorts of tactics to quash low-cost competitors
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Another law firm preparing to enter D.C. space race
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Establishing a precedent: Law firms must learn to embrace technology to survive
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A bestiary of summer associates
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Law firms spread influence with global groups
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Law firm hits out at EU plan on contracts
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Law is less of a boys' club, but progress is slow
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Pillsbury head isn't driven to lead the firm but she is driven to make the firm a leader
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Letting clients take the law into their own hands
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Vinson & Elkins hits a gusher
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Sex, God & Greed
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A credit trap for consumers
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Bidders line up for E-B
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Sacramento: River Rock aims to survive 2nd bankruptcy
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Hawaii: Palisade developer bankrupt
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Austin: Bankruptcy trustee's lawsuit alleges fraud
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Defunct Oread's Investors Make Deal to Sell Leftover Project
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HealthSouth:

HealthSouth: Bankruptcy might not be all bad news
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HealthSouth Spotlight Turns to Ex-Auditor
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E&Y Got HealthSouth Tip Five Years Ago
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Steel:

Bethlehem Steel Retirees See Return On Claims Unlikely
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Pittsburgh: Company hopes to regain viability through Ch. 11
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Carolina Steel & Wire files for bankruptcy
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Lodgian Completes Fincl Restructuring
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Insurance tycoon Steinberg blamed for Reliance demise
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New Bankruptcy Opinions
(1 new opinion today)

Bankruptcy Court Web/Pacer Site Directory

Weird News
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Debtor companies should study the impact of troubled debt restructurings on their financial statements, and how stakeholders view the results
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Divine assets fetched $57M Z
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Texas-Based Luby's Cafeteria Chain May Move toward Bankruptcy
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Luby's Defaults on $10 Million Loan to Houston Restaurateurs
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Senate passes tax relief bill without private tax collections
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Energy:

State Supreme Court to review Edison electricity deal
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CL&P Asks US District Crt To Take On NRG Contract Dispute
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NorthWestern to defer interest payments
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Addicted states want tobacco firms profitable
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American Pad & Paper To Pay Back $65.8M To Creditors
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Kmart investors ignored Chapter 11 warnings
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Empty Ghostly Downtown L.A. Office Tower May Be Getting Its Fill
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Allou Distributors Seeks OK Of Bid Rules For Asset Sale
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Bico Ex-CEO Gets Probation in Fraud Case
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England:

Debt firm deficit set to top £10m
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Equitable could face £400m bill
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Credit boom, then going bust
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Singapore:

Debt collectors beat up, burn guard over ex-wife’s loan
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India:

Debt default as strategy
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Japan:

Damaging impact of SARS on Japanese economy
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Japan's big banks' losing streak fuels solvency worries
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Japan banks see profits ahead after record Mizuho loss
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Ireland:

Get ready for the LLP 'big bang'
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Bank concerned over Shelbourne rent
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Korea:

SK Corp warns bail-out could spark crisis
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SK Global faces liquidation without bailout
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Canada:

Conor Pacific Group Inc. Proposes Steps to Reduce Outstanding Indebtedness
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Bryden's Terrace Corp. in bankruptcy
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Indonesia:

APP agreement set to be signed this week
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Thailand:

Court steps in with plan to mediate talks Both sides must be able to accept plan
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Creditors in new TPI offer
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