May 8, 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

         
When the music stops - What will happen to all the practitioners when the insolvency boom ends?
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Insolvency: The transatlantic turf war
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Law Firms:

ABA set to overturn whistle-blowing ban
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NY Bankruptcy Practice Hit With Another Key Defection
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Ashursts left to pick up pieces as merger fails
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Hire When Ready
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Goldsmith and Barclays team up for radical pro bono plan
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Firms often lose key clients because influential partners are too scared to ask them what they think of them
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Telecom Team Defects
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Attorney Fees in Personal Injury Cases Targeted
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Hale and Dorr in profits hike
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Going to the Videotape - As video depositions become widespread, more questions arise
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Dentons enters talks over NQ intake and job cuts
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Couderts appoints new chairman
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AIG's Malpractice Business Grows
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UK firms blaze global trail with overseas promotions
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Akin Gump takes Brobecks partner
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Simmons set to follow Clifford Chance in cutting salary bands
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Nixon Peabody set for second US merger
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General counsel enjoy rising corporate governance profile
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Axa in bid to gain tighter handle on professional use
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Clifford Chance answers critics with pro bono support
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Kellerman quits Hale and Dorr for Morgan Lewis
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Asbestos:

Asbestos Verdict in California Case Worries Insurers
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Jury Rules Insurers Must Pay Future Asbestos Claims
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U.S. asbestos ruling could hit insurers
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Daisytek's U.S. units file for bankruptcy
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Struggling firms decide to go private
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Malden Mills clears reorganization hurdle
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Fleming could be for sale
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Corporate Reform:

Brokerage accord has lawmakers wary
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Securities regulators missed "systemic" problems on Wall Street
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Seeing Evidence in E-Mails After the Wall Street Settlement - Now Comes the Juicy Part
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Florida Philharmonic files notice that bankruptcy may be near
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Seattle struggling through severe slump
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Inflation's slowdown has many economists worried
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  Letter from Delaware
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Insolvency Conflicts: Great Barrier Reef
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Bankruptcy Reform:

SEC chief criticizes bankruptcy adviser change
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SEC Chief Pans Bankruptcy Adviser Change
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Airlines:

Layoffs, 'Bumping' Begin at American
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Head of pilots union says all unions at Northwest must take cuts
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Zip Air may not survive Air Canada's restructuring
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Hawaiian CEO John Adams' resignation is rejected, while top management distances itself from the legal battles
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United Airlines' new rules worse than salary cuts, workers say
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Airline execs expect cut-rate fleets to grow
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Hawaiian Air notches 2nd lease deal
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GE to share Air Canada loan risk
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Roddey opposes restructuring airport debt
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Jet X gets last of National’s plane parts
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Brazil's Varig Misses Filing Deadline, Mtg With Minister
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Bombardier threatens big layoffs
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Enron:

Ex-Enron executive pleads not guilty
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Judge expected to tell Enron to give back profits
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Another Enron Broadband executive surrenders
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Island Officials Hammer Lancer
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Clifford Chance hire boosts US insolvency
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Mystery over vendor as markets await £1.4bn Vivendi share sale
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Judge continues Hayes' hearing
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Accounting:

Auditors feel heat again
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Energy:

Mirant Seeks Debt Restructuring
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Fraud investigation underway after worm bankruptcy
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Worm Farmers Learn Business Has Slimy Side
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Doctors Community Gets Green Light from Bankruptcy Court to Borrow
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Kmart:

Kmart opens with hope as price of stock falls
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Kmart Ekes Out First Comparable-Sales Gain Since Aug '01
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New Kmart, old concerns
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Out of Bankruptcy but Not Out of the Woods
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Photoelectron to liquidate
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New Bankruptcy Opinions
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Bankruptcy Court Web/Pacer Site Directory

Weird News
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DIP Dimensions: Fleming Cos.
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Telecoms:

More affiliate woes bedevil Sprint
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Court OKs settlement between WorldCom, Global Crossing
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Court Approves Focal Communications Disclosure Statement
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IDT urges scrutiny of Global Crossing sale
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Global Crossing March Results
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Pacific Crossing Wins Court Nod For May 21 Asset Auction
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Steel:

Sorrow, uncertainty at Sparrows Point
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A broken trust
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Allou lender seeks trustee to take control of bankruptcy
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In Bankruptcy, Are D&O Policy Proceeds Considered Estate Property?
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Accounting:

FASB Says Firms Can Expense Cost of Options When They Vest
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Lead Bidder Named in Aladdin Casino Sale
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Court Approves Kellstrom Industries Disclosure Statement
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Boston: Bankrupt PCD sells unit to West Coast rival
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Charges Filed in Fraud Case in Oklahoma
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Boston: Commercial real estate rides out slump
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Richard Scrushy can access all of his assets as he defends himself in the HealthSouth accounting probe
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Fantastic Sams salon franchisors bid for chain
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Winding up in the EU
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Canada:

Canadian auto suppliers' demise may be accelerated
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ProMax to Restructure Under CCAA
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England:

Insolvency: Evolution not revolution
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Germany:

Germany facing slide into recession
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New Zealand:

CTU Seeks Insolvency Backup Bill For Redundancy Contracts
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Japan:

Disneyland operator decides to pass on Huis Ten Bosch rescue attempt
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FSA to help insurance firms
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