July 1, 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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Airlines:

United Raises Fares on Int'l Flights
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UAL says making progress in aircraft lessor talks
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Airline Seeks Funds From Bank
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Failed United Airlines bid may cause ripple within industry
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Air Canada releases proposed business plan
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Air Canada creditors to get cents on dollar
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US judge postpones hearing on Avianca plan
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Avianca to Pay Unsecured Creditors At Least $55 Mln Under Plan
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Alitalia Is Spoiling Air Travel for Other Carriers
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Kmart to Sell as Many as 54 Stores to Sears for $621 Million to Raise Cash
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Deal with Sears boosts theory that Kmart is all about real estate
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Corporate Reform:

Adelphia jury to deliberate a 4th day
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When Whitey Goes to Prison -- White-collar crooks fall from grace
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Indictments Push Commerce Bancorp Down
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Belnick Didn't Want to Be Seen As Snoop
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SEC probing New Jersey tech company where SEC chairman was a director
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Martha Stewart lawyers again urge judge to grant her a new trial
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Crony Capitalism
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Group files suit over CA's executive pay -- bid to recoup more than $1 billion
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Wyly seeking to send a $1B message -- Ranger Governance asks for return of 'ill-gotten' bonuses, salaries from previous and current execs
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Firms Say Connecticut May Be Barred From Investing Because It Sued Forstmann
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Marketplace Awakens to Threat of Fraud Long-Term Fallout Can Be Companies' Undoing
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Fraudulent Schemes Can Be Distressingly Simple Multiple Reviews, Division of Authority Are Best Defenses
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Fund Probe: Spitzer's Unfinished Symphony
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Tyson: I've slept with the devil
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Noteholders Say A.B. Dick Co May File For Bankruptcy
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Coal miners protest outside Ky. hearing
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Barneys Explores Possible Sale of Company
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Shopping Barneys
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Easy credit fuels bankruptcies
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Creditors File Involuntary Chapter 11 Petition Against ORBIT BRANDS CORPORATION
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U.S. Chamber of Commerce Lobbying to Kill Class Action Lawsuits
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Orbit Brands: Creditors File Involuntary Chap 11 Petition
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US Company Bond Sales Slump to Least Since 2002
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Despite bankruptcy filing, Pegasus Satellite Television says call center jobs are safe
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Utah: Ex-chairman: State too quick to declare bank broke
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12 simple steps to help you get the most out of your law library
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Criminal Investigations Need Not Handcuff Turnarounds 10 Ideas for Making the Best of a Bad Situation
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Fed raises key interest rate
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Two Ways to Make a Buck Off Bankruptcy
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Debtors write new chapter in bankruptcy trends
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Lancer receiver announces holdings of common shares of Zi Corporation
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Papa Tony's workers running out of dough
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Freddie Mac falls into earnings crater
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Families Struggle with Medical Debt
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Bank of America Tops In Leveraged Loans
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Enron:

Winning Grandma Millie's Vote
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New Mexico enters pipeline fray
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PUD talks with Enron officials
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Accounting:

PwC tube estimates 'grossly incompetent'
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Judge allows KPMG to audit MCI, get back fees
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SEC Chief Accountant Open to Delaying Stock-Options Expensing
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PriceWaterhouseCoopers announces new UK partners
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Steel:

Geneva Steel asset fetches $19 million
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Law:

Coudert enters advanced talks with Squire Sanders
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DLA and Piper Rudnick deal on the table
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Clifford Chance closes its third West Coast branch
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Wal-Mart Adds to Legal Team
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Linklaters reclaims M&A lead
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Court to decide on conduct of lawyer who told clients they were absolute morons
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Dechert in US raid on Mayer Brown
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Malicious spyware is a serious threat that cannot be ignored by law firms
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Lawyers get a grilling at McDonald's
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Sued Over an Employee's Phone Call
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While a modified lockstep seems to be the answer, will it discourage loyalty and increase risks for firms?
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With skepticism over the accuracy of some firms' end-of-year figures rife, LLP status may shed some light
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Lawyer's license suspended for sixth time
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Bakers' head of derivatives jumps to Sidley Austin
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Judge Leaves Rights to Famed Brothel Name Undecided
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Cole Shotz Signs New lease
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Confidence reaches record levels as firms predict fee income hikes
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One thing that can take the shine off a firm's profits is its bad debt expense
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UK lawyers going to work for US firms face financial transition issues
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Feds: Lawyer Bought Philly Treasurer's Office
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Slaughters to shut down in New York, Singapore
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Bankrupt hog farm cancels auction after only one bidder emerges
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Decision on diocese bankruptcy filing likely by Sept. 15
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Land O'Lakes Completes Transaction to Purchase Farmland Interest
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Minorplanet Systems USA Obtains Confirmation of Plan
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Parmalat creditors ask judge to rule against company
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Satmex Seeks Creditor Financing to Launch Satellite
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Most states rebounding from money woes
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Hospital creditors demand millions
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Singing Machine Company Expects Going Concern Qualification
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Redline Performance Products Gets Going Concern Warning
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Winfield Capital Corp. - Going Concern Doubt
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Durango wins extension of injunction
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Life Insurance Exemption Reviewed in Regard to Husband and Wife in Separate Bankruptcies
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New Bankruptcy Opinions
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Bankruptcy Court Web/Pacer Site Directory

Recent Ch. 11 Filings
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Weird News
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Telecoms:

Arch Wireless, Metrocall sued over proposed sale
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GlobalStar Telecom Files For Chapter 7 Bankruptcy In NY
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Garden Ridge's Lease Disputes Heat Up
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Judicial Conference Committee on the Administration of the Bankruptcy System and the Federal Judicial Center 2004 -- Conference on Large Chapter 11 Cases
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Brando's 11m Problem -- Hides Oscars to prevent them being seized by creditors?
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Federal judge won't block ex-Conseco director's move to Florida
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Society Expeditions files for bankruptcy
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Asbestos:

Hardie: did it deceive?
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Why is James Hardie based in The Netherlands
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Hardie faces range of lawsuits
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Hardie asbestos questions raised
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Chase CEO sued over Bank One deal price
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Consumers savings earn more, debt costs more
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Pittsburgh in crisis
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UK:

Amicus Calls for A Review of Insolvency Laws to Protect Workers
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Wind-ups 'will hit 65,000'
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Second downgrade reveals further 12bn pension shortfall
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Pensions bill will not stave off looming crisis
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M&S chief in search for the snoopers
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How Golden Is a Secret at Goldman?
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George was fed $2bn lie BCCI trial is told
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Bantams on the brink
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Chunnel train offers faster ride but travelers turned off by cost
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M&S cuts costs to bolster takeover defense
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Consultant plays down pension safety fund fears
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Germany and France lead Europe...with insolvencies
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Euro Disney Debt Restructuring Plan Passes Key Hurdle
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Euro Disney deal costly for U.S. parent
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Canada:

Alternative Fuel Systems creditors approve restructuring plan
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Court sets date for suitors to bid on Laura Secord
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Concert Industries Receives Extension of CCAA Order and Annual Shareholders Meeting Deadline
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Russia:

Yukos Refuses to Pay Full Bill
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Gerashchenko says Yukos ready to pay back taxes on conditions
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Court Bailiffs Arrive at Yukos' Office
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Co-defendant in Khodorkovsky fraud, tax embezzlement trial moved into common jail cell
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Japan:

IRCJ says it's saving firms at an 'extraordinary' speed
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Debt Could Drag Japan Back Down
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Italy:

Parmalat Brasil posts 236 mln reais 2003 loss
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