April 20, 2004 

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

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Asbestos:

White House Backs Asbestos Bill Coming to Senate
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GOP Pushes Trust Fund for Asbestos Victims
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Specter says Frist's asbestos plan is 'counterproductive'
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Asbestos fund is likely to be election-year issue
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Asbestos legislation's fate remains uncertain
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Proposed Asbestos Fund Divides Victims
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Demos get blame in asbestos aid delay
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Insurers resist boosting their share of asbestos fund
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Vento widow lobbies against asbestos bill
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Federal-Mogul Reports First Quarter 2004 Results
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Law:

White & Case lawyer imprisoned for fraud
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Cadwalader takes loss on property sale on chin
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Megafirm to Arise From Merger Between Wilmer Cutler, Hale and Dorr
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Hale and Dorr and Wilmer Cutler Pickering to Combine in Merger of Equals
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Hale and Dorr OKs merger deal
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Coca-Cola counsel quits amid corruption inquiry
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Law Firms Offer Lawyers Growing Opportunities to Reduce Work Hours
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Firm That Ousted Name Partner Says Arbitrator Was Too Expert
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Partners, Look Before You Leap
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Lawyers Can Be Sued Over Bad Cases
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US firms stump up cash for Kerry campaign
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If you donít have a conflict, youíre not really an important lawyer
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Stress Management: Donít Sweat The Stuff You Canít Control
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Hughes & Luce names new Austin leader
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Older New Lawyers Bring Other Talents to the Table
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Associate Cleared in Supreme Court No-Show, Partner on the Hot Seat
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Accounting:

Accountant Pleads in $45 Million Scam
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Ernst & Young Accepts Penalty
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Shell's Report on Its Troubles Cites Discord at Top
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Shell exec fought to correct errors in reserves estimates, lawyer says
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Accounting compliance software a bust
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Northrop Hid Accounting Flaws
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Jury Clears Two Former Qwest Executives
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PwC seeks protection against litigation
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3rd Shell Executive Quits Over Reserves Issue
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Shell deliberately lied about oil reserves
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Shell Report Exposes Lies, CFO Sacked
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E&Y refuses to sign off Adecco accounts
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Big Four teetering on 'burning platform'
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Adelphia's Tim Rigas Lied at Investor Meetings, Witness Says
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Federal judge dismisses lawsuit by Kmart against hundreds of communities
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Kmart's Property-Tax Lawsuits Dismissed by Bankruptcy Judge
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Kerry Uses Rising Personal Bankruptcies As Part Of Campaign To Appeal To Middle Class
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McDonald's turnaround wizard dies
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Jacko Wins A Round In Court
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National Century Liquidation Plan OKd
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Airlines:

US Airways CEO Siegel Resigns
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The Siegel era
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US Airways chief resigns after two turbulent years
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Bloated boss pay
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American Airlines to Service Rolls-Royce Jet Engines
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Air Kazakhstan Receives Bankruptcy Ruling
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Energy:

Mirant reports significant staffing cuts amid another huge loss
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Pacific Gas Says San Francisco Appeals Against CPUC Deal
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Steel:

Bidders brace for court battle over Weirton Steel
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Rival bidder makes one last pitch for Weirton
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Telecoms:

MCI emerges from Chapter 11 protection
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MCI still faces many challenges
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Emerging from Bankruptcy Today, WorldCom Faces $1B Tax Bill

MCI is expected to exit from Chapter 11 today, but Richard Breeden will remain as the company's court-appointed monitor
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MCI CEO Sees Wireless, Data as Priorities
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Brazil's Calais sweetens Embratel takeover offer
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New Orleans Fair Grounds' Future Up In The Air
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Fair Grounds deal not certain
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Track asks for court-supervised auction
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Deal with Churchill unravels
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Jackson fights for memorabilia
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Jackson wins memorabilia legal fight
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Bradley's bankruptcy hearing begins
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The next chapter -- Outside the U.S., bankruptcy laws remain a Babel of practices and jurisdictions. Reforms are coming, albeit slowly.
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Former Bre-X Geologist's Trial to Resume in December
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Getting Trumped: I Saw Hair, Opened Mouth, Inserted Foot
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Economic Survey Finds Hiring Improvements
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Battery maker wins OK on plan to exit bankruptcy
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The Rise of State Bankruptcy-Directed Legislation
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Judge approves SA symphony's reorganization
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One way to cover your assets when creditors come knocking
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Dinuba, Calif., Gets Hospital in Bankruptcy Settlement
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The Classica Group, Inc. Requests Liquidation under Chapter VII of the United States Bankruptcy Code
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Maine Paper Mill Pact with Prospective Buyer Requires Union Approval
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Toward An Understanding Of The Dialectical Tensions Inherent In CEO And Key Employee Retention Plans During Bankruptcy
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Minorplanet Systems USA, Inc. Announces Increased Funding Commitment
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How are the Bankruptcy Courts Treating Reclamation
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Elite taps Carl Marks for auction
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Beating the Bankruptcy Preference: Must the new value remain unpaid?
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Pre-Filing Investigation of Defenses to a Preference Action: Whose job is it anyway?
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Cutting In Line: How shareholders and bondholders are being paid ahead of trade creditors in Chapter 11
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New Bankruptcy Opinions
(6 new opinions today) 

Bankruptcy Court Web/Pacer Site Directory

Recent Ch. 11 Filings
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Weird News
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Fleming Reaches Deal With Major Vendors
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Alpine finishes Archibald buy
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Enron:

Enron judge is unmoved by defense 'whining'
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Corporate Reform:

S.E.C. Brief in WorldCom Case Cites Analysts' Influence
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Excessive Loans to Directors, Officers Under Scrutiny

Top CEOs paid $18m average wage
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Calif. Pension Fund Targeting Citigroup
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Ding-dongóItís Your Forensic Accountant
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Corporate Governance Officer: The Hot New Job
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Companies Look to Heal Shareholder Rifts
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Public skeptical of corporate corruption crackdown
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Man arrested in bankruptcy lawyer slaying is released
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Court OKs American Wagering Chapter 11 Plan Summary
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Golf club, creditor must submit financial plan today
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Bankruptcies No Bother for Underwriters
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Castle chain emerges from bankruptcy
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Mississippi Chemical Files Plan For Reorganizing
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Rising U.S. Gas Prices Dilute Tax Refunds' Benefit
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UK:

Eurotunnel reveals plunge in car traffic
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Cross-Channel price war hits Eurotunnel
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Workers to get greater share of pension assets in wind ups
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Pension wind-up rules face reform
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Insolvency Service seeks pensions clawback
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Administration order does not prevent time running under the Limitation Act 1980
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An injunction restraining the presentation of a winding-up petition would only be granted where the petitioner had no reasonable prospect of success at the winding-up hearing
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Cushnie refuses to give evidence in trial
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Current Distressed Companies Update
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Beware the dangers of going for broke ; Students in debt are risking their future by plumping for bankruptcy
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Mayflower investors ponder legal action
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Equitable Life says it will not sue government
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Canada:

Canada Payphone Corporation Announces Intent To Make Proposal For The Benefit Of Creditors
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Canada Payphone using bankruptcy to reorganize
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India:

Dabhol lenders to discuss debt options for revival
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Korea:

25 Chaebol Placed Under Watch List of Creditors
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SK Networks to Take Legal Action Against Sovereign
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Argentina:

Argentine data expected to confirm rapid recovery
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