October 1, 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

         
Justices to Rule on Immunity of States in Bankruptcy Suits
(NYT: separate free registration required)

Supreme Court to Rule on States' Rights In Bankruptcy Case
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State Senate passes bankruptcy compromise giving workers limited priority over banks
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Bill changes bankruptcy-debt lien priority rules to help unpaid workers
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Companies Submit Bid for Pillowtex Assets
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Eleven bid for Pillowtex assets
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Pegasus moves on Farmland assets
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Law:

2003 Associates Survey
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LeBoeuf, Lamb, Greene & MacRae, L.L.P. Announces Management Changes
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Nossaman Opens Office in Washington, D.C. Area
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Top NY Firm's Chairman Steps Down
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The government is investigating several firms for tax shelter advice in addition to Jenkens & Gilchrist
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Austin, Texas, Law Firms Announce Merger
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New Buchanan CEO fights rumors
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VanKirk named CEO of Buchanan
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One Of New York City's Most Controversial Judges Steps Down To Join Law Firm
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Lawyers Win $8 Million Against Circle K in California Quick Pick Super Lotto Fraud Trial
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Top Firm Begins New Office Search
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Lawyer accused of 'shoot him' gibe
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Allen & Overy ‘victimised’ employee
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Unocal taps D.C. lawyer as general counsel
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Mississippi high court justices file complaint against colleague for threatening to whip Chief Justice
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It's easy to trumpet a class action as "the next tobacco" and watch it fizzle
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Corporate Reform:

Alliance Capital Suspends Two Execs
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Senators Urge Speedy SEC Enforcement
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Quattrone Prosecution Turns on Intent of E-Mails
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Payroll firm's bankruptcy leaves employers in limbo
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When Bad Things Happen During a Good Turnaround Using Strategic Public Relations Effectively
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Gunning for tobacco firms
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Malden Mills Founder May Regain Control
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Lawrence, Mass., Businessman Plans to Buy Control of Bankrupt Textile Maker
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Daisytek International Unit Gets OK To Sell Stock Of Canadian Unit
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Man indicted on bankruptcy fraud
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Penn Traffic tells bankruptcy court losses adding up
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Piccadilly:

Piccadilly Cafeterias Sets October Bankruptcy Filing
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Piccadilly: Potential Buyers Say Bankruptcy Part Of Deal
(WSJ: separate paid subscription required)

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Callaway Buys Top-Flite Golf Co. Assets
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When Brokers Go Broke
(Martindale: separate free registration required)

Eagle Foods Receives Court Approval for Sale of Certain Stores
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Investment Advisor Sued Over Its Work for Tonga
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Asbestos:

S&P comments on Halliburton Co ratings
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Airlines:

Turbulent Times Continue for Airline Industry Effects of Global Instability
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Midwest Airlines Arranges $40M Financing
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Midwest Express Details Outlook for Asset Sales
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Does size matter in the embattled airline sector?
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Enron:

5th Circuit denies request for documents' release
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Olson's righteous 'sin' as an analyst - He couldn't say 'buy' on Enron so Merrill fired him
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Maryland regulation of credit counselors takes effect today
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Energy:

Mirant Chapter 11 Judge: Wants Pepco Dispute in His Court
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Seitel: Equity Hldrs To See Projections From Berkshire
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Texas Commercial Energy Secures Financing and Credit Needed to Complete its Reorganization
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TCE secures $25M in financing, credit for reorganization
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Mirant says settles manipulation case with FERC
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Allegheny Surveys a Mountain of Worries
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Assignment of ‘Unassignable’ Contracts: Effects of the Bankruptcy Code, New UCC Article 9
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Steel:

WCI's Creditors Patient Despite Losses
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US Aug steel imports off 41.9 pct from year-ago
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Slater Steel lays off 500
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Telecoms:

Level 3 Says on the Prowl for Acquisitions
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Globalstar files joint reorganization plan with SEC
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General DataComm Industries Reports Loss in August
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Bankruptcy judge gives symphony 15-day extension
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Foreclosure Failure Foregoes Interest
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Troutman's Emporium bankruptcy nears date for hearing
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Bankruptcy court approves Trans World's purchase of Wherehouse stores
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Team America:

Team America bankruptcy leaves employers without insurance
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Team America fallout spreads wide
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Accounting:

Using Software to Sniff Out Fraud
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Management's Report on Internal Control Over Financial Reporting: SEC Issues Final Rules
(Martindale: separate free registration required)

SEC Investigating Fraud at Freddie Mac
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Deloitte Yearly Revenue Rose 21%
(WSJ: separate paid subscription required)

Big Companies Rule Out Non-Big 4 Auditors
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SEC v. KPMG LLP: Phase Two
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New Bankruptcy Opinions
(1 new opinion today)

Bankruptcy Court Web/Pacer Site Directory

Weird News
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Magellan:

Magellan changes reorganization plans
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S&P comments on expected postconfirmation rating for Magellan Health Services
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Key creditor backs Magellan plan
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Recent Delaware Case May Signal Expanded Scrutiny Of Director Independence
(Martindale: separate free registration required)

CFO Survey: Economic Recovery Accelerating
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The Sale of Trademarked Inventory in Bankruptcy: Pitfalls for Trademark Owners
(Martindale: separate free registration required)

S&P States Effect of Insolvency on European Hybrids
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Detroit's Big Three to shed thousands of jobs
(WSJ: separate paid subscription required)

Corp bank loan default rate lower than corp bonds
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Auction of Millinocket, Maine, Golf Course Delayed by Bankruptcy Judge
(DBN Subscription Required)

Adelphia Commun Sues 3 Insur Firms, Rigases Over Pa Suit
(WSJ: separate paid subscription required)

Federal Patriot Act Requires Lenders to Increase Customer Scrutiny
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UK:

British Energy, Creditors Agree on 1.5 Billion-Pound Bailout
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British Energy debt deal under way
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£1.3bn deal for British Energy
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Drax Creditors Seen Extending Standstill To Dec 31
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The Ostrich's Guide To Business Survival
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Understanding Insolvency
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Making a Career as an Insolvency Practitioner
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Brazil:

Metron files for bankruptcy protection
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Canada:

It keeps getting easier to fall into the debt trap
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Systech narrows loss before emerging from court protection
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Australia:

King Island Milk fails after first year
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Argentina:

Argentina to Extend Partial Ban on Mortgage Foreclosures
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Japan:

Morimoto Files for Bankruptcy With 215.3 Bln Yen Debt
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Accounting changes push Morimoto into bankruptcy
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Morimoto biggest listed Japan firm to fail this year
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SMFG says may not recover Y95 bln Morimoto debt
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450 sue over 'power-saving' scam
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Consumer Credit Company AEL Fails With Debts Y94B
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Germany:

Clearing Bank Hannover Went Into Liquidation - CEO
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