March 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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Bankruptcy Courts Compete to Bag Big Cases
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Kmart:

Kmart Asking Key Suppliers to Return $300M After Ruling
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Kmart ruling claws back payments
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Airlines:

Should I buy UAL stock?
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Midwest Air: Making a return flight
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Travel industry is shipping more of its customer-service work overseas
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The Math Flies
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The Little Guys Gang Up
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Enron:

Bad karma in crooked `E' space?
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Enron’s implosion and ensuing trials offer cautionary tale
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Enron indictments meant to hide economic failures
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Corporate Reform:

Prosecutors Want Boies on the Stand in Tyco Trial
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Judge Denies Swartz Team a Look at Boies' Notes
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Will Government Legislate Executive Pay?
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Adelphia Criminal Trial Tests Rigas Family Loyalty
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Former Insider Seen as Pivotal in Rigas Trial Starting Monday
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NYSE Wants Money Back, Grasso Digs In

The post-Enron era doesn't seem to have fazed law schools, which still put very little emphasis on legal ethics courses
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Martha Stewart's Surreal Ordeal
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What impact the Stewart trial will have on Wall Street
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Web of Friends and Business Blurs Stewart's Glossy Image
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Fraud Count Dismissal in Stewart Case Could Cut Both Ways
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New Hollinger bombshell expected
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Tycoon ponders next move after damning verdict
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Independent directors begin affecting policy
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Accounting:

Haven or Hell?
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Tax benefit for certain bonds to slip away
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Restatements for accounting error dip in 2003
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The 7 Most Crucial New Reporting Rules for 2004
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Outsourcing returns, raises concerns
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Salary Offers to Accounting Majors at $42,045
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Cap Gemini results disappoint
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Deloitte survey questions worth of IT execs
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Telecoms:

Supra battle rages on in bankruptcy court
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Ex-Salomon analyst Jack Grubman back in business
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Jurisdiction and Enforcement of the Bankruptcy Code
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Bank of America Could Face $1.75 Billion Withdrawal
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$100M Settlement in Cemetery Desecration Case Said to Be in Jeopardy, Bankruptcy Mentioned
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Cross-Border Guarantees and Similar Arrangements -- Tax Pitfalls
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No pre-litigation jury waivers: Another court ruling might increase firms' legal costs
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Credit cards dangle carrot to pay tax bill with plastic
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Condo residents get sticker shock, bankruptcies loom
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Dayton Title sues Chari realty firm for $35M
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Retirees worried over pension uncertainties
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Pensions insured by government, but with some limits
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Portland: Rose Garden owner files for Chapter 11 bankruptcy
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Arena company controlled by Paul Allen seeks bankruptcy
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Agresti to be sworn in as bankruptcy judge
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Guilford Mills agrees to be bought by Cerberus
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Creditors left holding the (golf) bag
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  Asbestos:

Frist to Bring Up Asbestos Bill by April
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W.R. Grace Plans Stock Sale
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S. Ct. oral argument today in Tennessee Student Assistance Corp. v. Hood: Can Congress abrogate state sovereign immunity under the bankruptcy clause of the Constitution?
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Energy:

NorthWestern expects to file reorganization strategy on time
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Pacific Gas&Electric to pay $310 mln maturity
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Moody's cuts CenterPoint sr unsecured debt rating
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Former Westar Chief Sentenced to 4 Years
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Steel:

Keystone Consolidated Industries Files In Bankruptcy Crt
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Keystone bankruptcy worries employees
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U.S. Steel looks for value buys
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Steel is in: buyers can't get enough
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Law:

What's a Willkie Farr Partnership Worth? Panel Makes It Clear
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The Lateral Report 2004
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Hang the Lawyers--Again
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How do Washington superlawyers work?
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Lobbying firm suspected of having conflict of interest
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Baker Donelson opens office in New Orleans
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Jacobs puts its money on legal outsourcing
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Bonus decreases offset salary gain
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Law firms taking cue from banks
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Judge rules in favor of former Brobeck employees seeking pay
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Bankruptcy Cases Crowd Connecticut Courts
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Supporting Debtors' Powers
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Restricting Debtors' Powers
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Supporting Creditors' Rights
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Restricting Creditors' Rights
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Cross-Border Cases
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Legislative Developments
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Judge Removes Stay On Cone Sale ; But She Also Agrees To A Hearing On A Request That She Reconsider Her Decision To Approve The Deal.
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Metropolitan Mortgage: Call In the Feds. Uh, Maybe Not.
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Bankruptcy likely the best solution for pensioner with massive debt
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Once-coveted MBA has fallen on hard times
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Convenience Store Chain's President Under Fire in Tulsa, Okla.
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Banker turns to defeating credit misuse
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Sad Tyson only face of boxing left
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Trump Looking for Lucky Hand with Deal
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Infinia bankruptcy on council's agenda
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No administrator for FAO
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SRI's bankruptcy puts customers on new turf
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Calif. lawsuit against Telefonica by defunct company to proceed
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Court rejects bid to block Aurora Foods Chapter 11 merger
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Adelphia escrow plan irks lenders
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State probes tax settlement for troubled shipyard
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Albany: Bankruptcy filed in Meet the Need case
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Corporations Not Entitled to Sue for Damages Under §362(h)

Blinder found wealth, infamy in penny stocks
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Billionaire ranks are thriving
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Agway Gets Bankruptcy Court OK On Liquidation Plan
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Paying for Adelphia's Exit From Bankruptcy
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For Junk-Bond Investors, a Time to Turn, Turn, Turn
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Swiss Didn't Block Second Acct In Parmalat Probe
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Battered Toys R Us May Tap Baby Boomlet for Growth
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New Bankruptcy Opinions
(5 new opinions today) 

Bankruptcy Court Web/Pacer Site Directory

Weird News
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Tower Records gets final OK on loan
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Ex-American Financial Group official's choice: Tell all or go to jail
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Desert Hot Springs: City makes move to deliver itself from bankruptcy
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UK:

Call girl client wrecked company
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Fund to restore trust in pension schemes
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'Robin Hood of pensions' joins wind-ups fight
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The money game
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Leeds Bidders: We Are Not Asset Strippers
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Soccer club Leeds nears knife-edge with lenders
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Creditors force Birch's hand
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Penalty fear for former Leeds chiefs
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Cherry Whites ripe for administration
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After the debt, the grind
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Ex-con's rage over debt query
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Debt-laden hotel chief makes £1m abroad
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Lawyers Woo and Brawl in Sunny Londontown
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Canada:

Ontario Court Rejects Crown Super-Priority for GST Claims in CCAA Proceedings
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Creditors apparently rejecting Interfor bid for Doman assets
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Australia:

Pan founder faces $400m in damages
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Pasminco to relist on Australian exchange
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Fine line between risky and reckless
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Futile Overhauls Hurt Lenders
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Italy:

Errant banker got Parmalat's $43m
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Parmalat restructuring plan ready within days: Italian minister
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Parmalat Brazil Says Two Banks To Provide Credit Lines
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Inquiry into Parmalat bond sales
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Parmalat probe lists 26 set to face charges
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Italian football in accounting fraud inquiry
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Russia:

New schemes to trace tax dodgers
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Japan:

Movie Television To File For Bankruptcy Mon
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Greece:

Greek Court Proceeds in Royal Olympia Case
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Switzerland:

Major fraud trial opens in Switzerland
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China:

Chinese Reform Picks Up Speed
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Warning on Spiraling Local Government Debt
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Argentina:

Most Argentines Back Their President, Not Debt
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South Africa:

Municipalities' top creditor status challenged
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Consumer campaign highlights crooked debt administrators
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Legal revamp for bad-debt orders
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Korea:

Delinquent Firms Hit Record High
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Hermes joins rebel effort to push out SK Corp managers
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Indonesia:

IBRA: Mission unaccomplished!
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