November 21, 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
Search prior headlines at http://bkinformation.com/PriorEditionsSearch.html

         
$103 million verdict against E&Y in suit alleging wrongful insolvency testimony in bankruptcy case
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Jury issues $102.7 million judgment against Ernst & Young
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Accountants ordered to pay $102.7 million
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Accounting firm found negligent in real estate case
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Law:

Rainmaker Defects From Top NY Firm
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Partner Ranks Bulge, Except in Silicon Valley
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ABA, Sprague Agree to Libel Settlement
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Managing Mergers - Get involved early to earn a choice spot in new firm
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Ex-Sidley Partner Avoids Tax Shelter Testimony
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In-House Counsel Complaining, But Staying Put
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HomeGold:

Examiner says accountants, lawyers for collapsed company neglected duties
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Tarnished HomeGold
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Ex-Carolina Investors chief indicted
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Investors in Bankrupt Columbia, S.C., Lender HomeGold Seek Harsh Justice
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American Plumbing & Mechanical, Inc. Obtains Final DIP Order
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Steel:

Weirton Steel Posts $12.4 Million Net Loss For October
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Federal probe of Weirton adds to uncertainties
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Weirton Steel ends free retiree benefits
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PBGC plays part in steel reform
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Republic urges Stark to back bid
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Weirton Steel Begins To Detail Benefit Plan For Retirees
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Weirton Steel Begins To Detail Benefit Plan For Retirees
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Slater Steel hit by charges, posts big loss
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Potential buyer emerges for Acme Steel
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Steelmaker Ivaco cuts jobs in Ontario and Quebec
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WCI Steel Presents Plan to Keep Executives
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Credit Counseling:

Credit Counseling Can Still Be Valuable
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Statement on the Credit Counseling Hearing Held by The Subcommittee on Oversight of the Committee on Ways and Means
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When getting out of debt, generic beats brand name
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IRS Takes Aim at Credit Counseling Groups
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Kmart:

Former Chief Financial Officer Is Key Figure in Kmart Financial Probe
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Creditors Take on Kmart's "Frat Boys"
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Criteria for Trust Issuers in U.S. Structured Finance Transactions
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  Asbestos:

Insurers' profits inflated by low asbestos reserves
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Travelers settles asbestos lawsuits
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Armstrong awaits court OK of reorganization
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S&P faults actuaries on insurer liabilities
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Airlines:

UAL: Intend To Continue To Fund Pension Obligations
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Air Canada creditors reject plan
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US House agrees to ease pension requirements
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Bill could delay what airlines owe pensions
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United Reports $25 Million October Profit
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Accounting:

Banks Deny Making Improper Tax Shelter Loans With KPMG
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Fraud examiners uncover what lurks beneath the numbers
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PwC faces Deloitte threat to No.1 status
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Survey Results Reveal CPA Firm Growth Despite Sluggish Economy

Survey Reveals Clients Deeply Dissatisfied With Professional Service Providers

Artificial Sweeteners - Why those cash-from-operations results may be misleading
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Energy:

PG&E's Backup Plan Thrown Into Question
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CPUC Judge Blasts PG&E Settlement
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Mirant delays release of third-quarter results
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Telecoms:

Qwest Seeking to Buy Allegiance Telecom
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Court Confirms Chapter 11 Plan For CTC Communications
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Hey, SBC--Wanna Drag? - Logix Morphing Into Smart Wiring Company
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Suit: Money Transfer Led to Maine-Based Great Northern Paper's Insolvency
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North Carolina's vanishing textile industry
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Schemes Did Not Make Missouri Cattle Brokers Wealthy, FBI Report Says
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Convicted Missouri Cattle Brokers Plan to Start Talking Soon
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Andrew wins Channel Master auction
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Court Approves $43M Sale Of Globalstar To Thermo Capital
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Few Holiday Bargains In Apparel, But Cheap Toys Galore
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Chi-Chi's asks bankruptcy court for permission to pay hepatitis victims
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State Looks At Dangers Of Coronet Bankruptcy
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Appeals Court Revives Wrongful Death Suit Against Gun Industry
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Water officials gleam lessons from Florida desalination fiasco
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Judge approves Penn Traffic's store sales
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New Bankruptcy Opinions
(1 new opinion today) 

Bankruptcy Court Web/Pacer Site Directory

Weird News
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Corporate Reform:

Ebbers Off Hook in Oklahoma - for Now
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Fund founders are charged
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Spitzer hits exorbitant fund fees
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SEC Eyes Unauthorized Hollinger Payments
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Criminal charges likely against financial firms
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NYSE told to do its job or else
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Enron:

Bidder for Portland General Has Ties to Oregon Pension
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Governor tied to Enron hires lawyer amid corruption probe
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Will Black Friday Leave a Black Mark on Your Credit Report?
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Casino reorganization plan filed in bankruptcy court
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West Boylston Woman Guilty of Bankruptcy Fraud, Reports U.S. Attorney
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Maine Blueberry Growers Awarded $56 Million in Price-Fixing Lawsuit
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Unease Mounts after Maine's Blueberry Suit - Bankruptcy Threats
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DVI unit agrees to transfer servicing to US Bank
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Formica taps Wells Fargo for financing
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FAO taking any, all offers: Sources: Toy seller may seek bankruptcy
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Canada:

Court orders return of New Skeena assets
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Forest company applies for bankruptcy protection
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UK:

NTL Needs To Shed Another 3,000 Jobs
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Current Distressed Companies Update
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France:

Finance minister is squeezed by budget woes and U.S. prosecutors
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Korea:

S.Korea's KEB agrees credit card rescue plan
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Australia:

Ansett unlocks funds to pay workers
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Report finds highest debt levels amongst unemployed and low waged
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Study on debt demographics
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Germany:

German bankruptcies tail off in August
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Russia:

Tax Havens May Have Fueled Legal Backlash
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