February 23, 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

Prior editions available at http://bkinformation.com/bankruptcy_news.htm
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Telecoms:

With Icahn Help, XO Ready To Deal
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WorldCom Gains in Takeover Appeal as Exit From Bankruptcy Nears
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Supra Telecom bankruptcy case anything but friendly
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MCI Cites Higher Professional Fees for Its Wider Loss
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Privacy-Related and Other Amendments to the Bankruptcy Rules Became Effective December 1
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Federal Court Finds that Investors in Bankrupt Company May Be Liable to WARN Act Plaintiffs
(Martindale: separate free registration required)

Claim Disallowance Statute Not Bar to Preference Action

Bankruptcy immunity case to come before S. Ct. on March 1
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Enron:

The last loose ends are closer to being tied up
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Analysts like one post-Enron company; remain skeptical of the other
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Enron sees its future in the rearview mirror
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Enronís Survivors
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Now It's Skilling's Turn -- Why Enron's ex-CEO will 'fight this thing until the day I die.'
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Skilling colleague passed by on chain gang
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Insufficient case might put Enronís Lay in the clear
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Enron's Skilling finally takes his walk
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Former CEO Shunned Convention, Focused on Bottom Line, Took Enron to Top
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Enron's Ken Lay may be tough to prosecute
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LaSalle throws National Benevolent $50 million lifeline
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D&O Underwriters Face an Uncertain World
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Retirees hit as employers cut coverage
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Corporate Reform:

Next up on scandal parade: Adelphia
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Judge Could Drop Securities Fraud Charge Against Stewart
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Lawyers for Martha Stewart and her former Merrill broker are strongly leaning toward not putting their clients on the stand
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Maybe Martha Didn't Say It
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Lord Black on back foot in court bout
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Conrad Black says he is victim
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Barclays factor looms large in Black case
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His Black Mood
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Corporate governance evolving fast in Europe
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Corporate Boards Need to Do More to Reform

Sun Life, CIBC hit by fallout from scandals in U.S. mutual fund industry
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Former Lyonnais Chairman Under Fire
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Boards Getting Injection of Old Blood
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The Wheel of Misfortune
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SRI:

Bankruptcy Has Artificial Sun Setting on AstroTurf
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Company bankruptcy leaves some schools in a lurch
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Warranty of football stadiums in question with company bankruptcy
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Payback time for Wall Street's big hitters
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Avado lenders may eat up to $153 million
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Megabanks cast giant shadow over regulators
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Stockwalk expects to pay $1 million to creditors in March
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Royal Olympic denied protection
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Comdial makes a move to Sarasota, untangles itself from bankruptcy
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Golf Club of New England files for bankruptcy protection
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Millionaires golf club a bust
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Cone Mills bondholders could chase off Ross
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Music business OK despite bankruptcy, illegal freeloading
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MCSi closing
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Federal Forge files for Chap. 11
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Years later, InfoSAGE pays workers: Former employees get funds from asset sale
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Asbestos:

Study: Companies Facing Asbestos Claims Still Prosper
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Penn. Court Reinstates Asbestos Lawsuits
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Crown Holdings, Inc. Comments on Pennsylvania Supreme Court Decision
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State legislature Nears Asbestos Reform
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Law:

Weil Gotshal: fee income exceeds $800m
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Bankers, Lawyers Hit It Big on Cingular
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Firms Cutting Back on Summer Associates
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Post-consolidation, Oppenheimer values home base
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Wachtell Grabs Key Deal Roles
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Cadwalader's CMBS Dominance Continues
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Microsoft Says Class Fee Request Doesn't Compute
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Price war brewing in Chicago
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Orlando, Fla.-Based Law Firm to Merge with Tallahassee Firm
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Steel:

Steelworkers vote yes to concession-free agreement with potential Slater Steel buyer
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Slater finds buyer for unit
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Interested buyer sees 'strong growth potential' in Slater Steel unit
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U.S. steel prices have jumped at least 30% in less than two months, causing buyers to stockpile supplies and seek cheaper alternatives
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Dreams replace steel's nightmare
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Tech jobs spring back
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Good credit skills essential for students
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Adelphia:

Adelphia noteholders seek say in Chapter 11 plan
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Adelphia aspires to emerge from its troubled past
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Cable Company Adelphia May Ditch Name Tainted by Scandal
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Adelphia Fraud Trial Set to Begin
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Adelphia's founder, sons face trial in huge fraud case
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Airlines:

United wins more time for its reorganization
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Bankruptcy court appoints examiner in United retiree flap
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United's unions assail plan to cut retiree benefits
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United unveils new colors, first ad campaign in 4 years
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Unions oppose Milton's proposal
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US Air Pilots: Co To Create Hybrid Network To Boost Rev
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US Airways pilots agree to negotiate on givebacks
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County seeks to regain loans from bankrupt airline
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A mortician on one hand and an obstetrician on the other
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City slaps $1 million-a-day fine on cable company RCN
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RCN Bank Debt Holds Despite Chapter 11 Buzz
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Defunct tech schools force students to reboot
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SunCruz Casinos' assets sold for $36.1M
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Retirees sue Formica Corp. to stop benefit reduction
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State alleges insurer fraud - Lawsuit names Berkshire unit Seeks damages
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American Hospitality:

American Hospitality Concepts Files For Bankruptcy
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American Hospitality says it's bankrupt
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Ground Round Franchisor Files Chapter 11
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When the beautiful business turns ugly
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Derbytown Electric files Chapter 7 bankruptcy
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Reconsidering a Personal Guarantee as a Credit Enhancement
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Potential buyers weigh Castaways' potential
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Las Vegas entrepreneur 'settling with the universe'
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New Bankruptcy Opinions
(4 new opinions today) 

Bankruptcy Court Web/Pacer Site Directory

Weird News
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Bankruptcy Reform:

Senate floor action on HR 975?
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Asbestos reform still on radar, bankruptcy reform less likely
(WSJ: separate paid subscription required)

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Oglebay Norton files for Chapter 11
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Oglebay Norton Co. to Complete Restructuring Within Chapter 11
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Not for the Faint of Heart: Securities Litigation and the D&O Market
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Accounting:

Choose clients with care, lawyer warns accountants
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The Internal Auditor's Role in Sarbanes-Oxley

Cracks in the opaque ceiling?
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Accountants In India Launches for U.S. Firms
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KPMG appoints new tax leaders
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Grand Jury Investigating KPMG Tax Shelters
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Stuck in the SAS 70s - many companies are thinking hard about offshoring their business processes
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Accounting Boards Face Derivatives Dilemma
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UK:

Personal insolvencies soar but insolvent company numbers fall in Yorkshire & Humberside
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Pension safety net must set tough rules
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Middle classes struggling to escape prison of debt
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Steps you owe it to yourself to take
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Directors & Officers Insurance Market Set to Grow in United Kingdom
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Italy:

Parmalat creditors face off
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Parmalat Capital low on cash: Ernst & Young
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Law Firm for Parmalat Under Scrutiny
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Provisional Liquidation of Parmalat Capital Finance Limited
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Banco Sumitomo Brazil Rejects Parmalat Allegations
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Parmalat's '£300m a year' losses
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Italian bank executive rejects claims that banks knew about Parmalat's real finances
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Canada:

When hard work leads to no pay
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Province orders audit of bankrupt chain of nursing and retirement homes
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Ontario Teachers' fund faces $6.2B shortfall
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Korea:

Citigroup Agrees to Buy Koram Bank for $2.73 Billion
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South Africa:

Rehabilitation hampered by exorbitant cost charged by liquidators
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Australia:

Elliott appeals company directorship ban
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Administrator to file Elliott bankruptcy proceedings
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Investors eye rebranded Pasminco
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Germany:

Swiss bankers face lawsuit over Nazi legacy
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France:

French winegrowers' crisis as sales plummet -- 1,000 close to bankruptcy
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Argentina:

Argentine bondholders meet to plan recovery of losses
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ĎArgentina must revamp at least 50pc debtí
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Argentina Eyes Sweeter Deal for Mom & Pop
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Russia:

Bankrupt museum honoring Lolita writer looking for savior
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