September 4, 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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Debtors' Lawyer Avoids Liability for Carrying Out Fraudulent Transfer
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Top-Flite:

Callaway Golf Wins Auction for Top-Flite
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Adidas To Turn To Organic Growth After Failed Golf Co Bid
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What Is Driving Americans Into Debt? - The No-Frills Middle Class
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State says fund manager bilked 89 investors
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Las Vegan Bankruptcy Judge Jones may be named federal District Court judge
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Bankruptcy judge moves closer to new post
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Chart Industries Plan of Reorganization Confirmed
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Energy:

PG&E Corp. Chairman Says Company is on a Clear Path to Increased Financial Performance
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Consumer advocates call PG&E bankruptcy settlement too expensive
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El Paso Files Bankruptcy Suit Seeking To Terminate Master Netting Agreement With Mirant For Ipso Facto Default
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Moody's turns negative on Nevada Power
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Expanded probe of NWC OK'd
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Conseco agrees to sell long-term-care insurance units
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Telecoms:

9 states seek more time to investigate MCI
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Ebbers Faces Music in Oklahoma
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WorldCom directors asked to fix "bad stuff" on many fronts
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Ex-WorldCom CEO Pleads Innocent in Okla.
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Competitors oppose MCI creditors' request for subpoenas
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WorldCom's Embratel Agrees to Buy AT&T Latin America
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A Novo Broadband Seeks More Time To File Chapter 11 Plan
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Superior TeleCom Inc. Receives Court Approval of Disclosure Statement
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Global Crossing Pares Down Even Further Prior To Sale Deadline
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MCI Questions Rivals' Practices In Routing Calls
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Founders Target of National Century Probe
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World's hyper-borrower need not fear its creditors
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DVI Files Emergency Bid To Prepare For $20M DIP Loan
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Bankruptcy Leaves Firm's Ships, Crews Stranded
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Troubled D.C. hospital postpones update
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Slump puts Loral at risk
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Mestek Settles Two Class-Action Suits for $18.5 Million
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A hedge-fund manager arranged with mutual-fund firms to improperly trade fund shares - against the fund firms is "almost certain"
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Scandal Finds the Funds' Sly Secrets
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Asbestos:

USG Corp Wants Six More Months To Tally Asbestos Claims, Monitor Reform Legislation
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EPA Didn't Tell Whole Truth About Asbestos In Air After 9/11
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Silicosis Suits Rise Like Dust
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Asbestos Reform Still On Congress' Long Agenda
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Insurer Royal & Sun seeks cash, cuts more jobs on asbestos worries
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Six Texas Counties Sue Oil Companies, Claiming Conspiracy to Defraud
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Filing for bankruptcy

Philadelphia: What happens to the Barnes if deal falls apart? Bankruptcy is possible, but not inevitable
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Agway lawyers line up for fees
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Bankrupt Fey will pay 65 cents on dollar
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  Enron:

Royal Bank Sued by Hedge Funds Over Enron Funds
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WorldCom Probe Could Put Heat on Enron
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The Women of Enron : A New Calling
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Court wants fast answers on request for transcripts
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What's the Word on Andrew Fastow?
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CRRA lobbyist denies Enron advice
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Massachusetts Lawmaker Asks for Review of Report in Polaroid Bankruptcy Case
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Elan to File Report by Tomorrow to Avoid Default
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Law Firms:

The Nation's Oldest Law Firm Looks to Relocate
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Allen & Overy board set to decide on landmark India outsourcing move
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Firm bucks trend with pure lockstep bid
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Baker & McKenzie unveils 2003 results
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VLG snubs Orrick with Heller merger
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Wharf Law Firm Comes In At The Bottom In Earnings Poll
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IRS sues Jenkens for client list
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US firms join forces from London lobby group
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Beringer wins second term at Allen & Overy helm
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Too few law firm managers apply their knowledge of their firmsí culture to their longer term planning
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Dorsey swoops on E&Y
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Why lawyers are terrible in bed - probably
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Lawyers of Arabia
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Beware: associate leverage gearing does not immediately translate into high profits
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Accounting treatment may seem a dry issue, but it can impact on law firm performance by at least 20 per cent
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Seyfarth Shaw in talks over Chicago merger
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A new twist to the salary war
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The implications of choosing the right law firm ISP
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Partners question in-house privilege
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Tyson: Open biz partner's books
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Tyson asks former adviser to give documents to bankruptcy court
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Credit Lyonnais to Plead, Pay in Executive Life Case
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Kroll Provides Consumer Tips on Protecting Against Id Theft
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Identity Theft Costs Billions in U.S.
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When ID theft hits: What to do
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Court Approval to buy Daisytek Canada
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Accounting:

IRS workers poor on tax law advice
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Deloitte Relieved of Duties After Questioning Accounting Methods

Tax Lawyers Exit Big Four, Head For Law Firms

Tyco Auditor Takes A Fall
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Bankruptcy Judge Orders S.A. Symphony, Union To Negotiate
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Trenwick Group Seeks Court OK Of Employee Retention Plan
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U.S. officials urge delay on ICO/Globalstar acquisition
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Court Approves Amerco's Request For Probe Of Investors
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Paramount OKs out-of-court debt deal with Kirch - $192 million settles $1 billion debt
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Lawyer faces $40,000 fine for contempt for calling judge "a complete cretin"
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New Bankruptcy Opinions
(No new opinions today)

Bankruptcy Court Web/Pacer Site Directory

Weird News
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Airlines:

Pilots Union Balks as Midway Airlines Pressured to Emerge from Bankruptcy
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Airline bankruptcy won't strand fliers
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Air Canada to complete claims process by month's end
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Blackstone Group, Carlyle May Invest in Air Canada
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Olympic Airways Flights Cancelled After Stewards Call in Sick
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Trustee Moves To Stop Hawaiian Air Pension For Pilots
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Adelphia:

Adelphia founder Rigas due for second arraignment
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Evidence In Rigas Case - A Hard Drive - May Be Tainted
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Philip Services Corporation Sells RMF and Delta Union Businesses to Nooter Construction
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Tuition, credit cards keep students in debt
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Exide Technologies Receives Court Approval of Disclosure Statement; Confirmation Hearing Initially Set to Begin October 21
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Superfund Suffering Cash Crunch
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Actrade Fincl Hldr Seeks Meeting; Wants To Remove Board
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Steel:

Mill faces uncertain future
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Weirton Trims Bonus Plan by $350,000
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Union Contract with Special Metals Will Be Nullified on September 11th
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Protecting Yourself Against "Rogue" Vendors: Beyond "Divine" Guidance
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Bankruptcy Court Approves $29 Million Settlement in LTV Bankruptcy Case
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More Utahns losing homes
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Neenah Foundry Gets OK Of Cash Collateral, Commitment Fee
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Court Officials Expect Northwest Ohio Bankruptcies to Set Record in 2003
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NC Official Seeks Vacation Pay For Fmr Pillowtex Workers
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Shawnee Hills creditor gets time to find buyer
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U.K.:

Pacific Retail Pays 17.2 Million Pounds for U.K.'s PowerHouse
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Shopping turns U.K. into 'maxi-version' of U.S. on debt
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FSA warns listed companies on accounting standards
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Appeals court rules firms not liable for partnersí out-of-office dealings
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DTI winds up five holiday companies
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Australia:

Pan founder challenges pharmacists' right to vote
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Japan:

Japan's Asahi Juken Declared Bankrupt
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Nomura wins bid to rehabilitate bankrupt theme park
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Philippines:

Meralco meets financial advisers for loan restructuring scheme
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Mexico:

Troubled Mexican Co With Govt Stake Battles ING In Court
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Germany:

German banks send distress signal
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