May 14, 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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Energy:

Bankrupt Sioux Falls, S.D., Utility Raises Concerns about Montana Bid
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Official objects to NWC's plan
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May they be successful
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Corporate Reform:

Confusion as a sales tactic
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Cattle Futures Trading Probed
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Adelphia Lawyers Doctored Files
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Adelphia's law firm, Buchanan Ingersoll, drafted backdated document
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Michael Rigas Never Asked Witness to Commit Crime
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Plea Deal of Witness Is Questioned by the Defense in the Adelphia Trial
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First Loan of Ex-Lawyer for Tyco Is Recalled
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Cendant execs face the music
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Sarbanes-Oxley 'driving CEOs to tears
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Ex-Rite Aid CEO Reaches New Plea Agreement
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Asbestos:

Hanging on to the cash for obvious reasons
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Dusty old days for the big boss
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James Hardie fights on in asbestos case
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Enron:

Banks strike deal to sell Rawhide assets
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Economy:

S&P sees Fed rate at 1.5% by year-end
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Senate Passes S1637 allowing for the collection of Federal tax debt by private collection professionals
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Steel:

Purchase of Chicago Coke Plant by International Steel Group Delayed
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Stelco CEO applauds Ont. govt. offer of third party to assist talks with union
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Eastern Pulp:

FAME kills deal for mill
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Maine's Governor Tries to Salvage Paper Mill Purchase as Deal Collapses
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Fraud trial for ex Graham-Field -exec
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Jake's to come back, in Florida
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Burger King Franchises Struggle
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Attorneys have new plan for Emerald casino license sale
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Casino firm, board try to save Rosemont deal
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Quebecor World to Shut Illinois Plant, Cut 600 Jobs
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Restructuring on track but much more work ahead for Ford Motor
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Arizona: Cow Palace closes -- Owner files for bankruptcy; restaurant expected to reopen
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Check is not in the mail in WorldCom settlement Disbursement of funds will take year or longer
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J.P. Morgan quiet on WorldCom talks
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Wall Street Gets Sticker Shock From Citigroup
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Bank Of America CEO: Can't Comment On WorldCom Litigation
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  Airlines:

UAL Creditors Seek To Hire Consultant To Evaluate Board
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UAL Seeks Extension of $1B Bankruptcy Loan Until End 2004
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United Airlines names veteran as COO
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Delta names new negotiators
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U.S. airlines face crisis, despite big bailouts
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U.S. deliberates airlines' future as losses pile up
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Anderton riled at leak of Origin loan rejection
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Alitalia approves plans to spin off ground and service operations
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Delta in agreement with pilots on scheduling
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Disney Puts Delta Air Lines Exposure At $119M
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Air Canada pilots union optimistic deal can be reached by Saturday deadline
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Witching hour approaches for insolvent Air Canada
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Cara risks losing Air Canada contract as union digs in heels
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Law:

Allen & Overy results: billings flat at 649m
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Federal Courts Brace for a Budget Crisis
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Clifford Chance fights off Weil Gotshal raid
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Eleventh hour plea to delay UK conflict rules
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UK firm cuts associate bonuses after missing billing target
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UK firm axes corporate associates
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Employment of New Law Graduates Just Shy of 89%
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Clifford Chance raises its salary rates in symbolic market first
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Nowhere to hide for the top UK players as three-year slowdown hits home
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Partners predict profits gloom as upturn fails to lift top firms
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Lawyers Profit By Challenging Colleagues' Fees
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Vying for Prize in Fund Scandal -- Class-Action Lawyers Compete With Gusto to Get Lead Position And Cash In on the Wrongdoing
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DT Industries files Chapter 11
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DT Industries Files For Chapt. 11, Plans To Sell Some Ops
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Ohio company DT Industries seeks bankruptcy protection
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Receiver still looking at claims against Las Vegas firm
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Bankruptcy court confirms Today's Man liquidation plan
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Liberty CEO: Firm Would Consider Adelphia Bid With Cox
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Adelphia auction could unleash flurry of cable M&A
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Georgia Mayor Kills Himself Amid Fraud Allegations
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Fee, fie, foe, fum: Giant banks eating little people
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Former Wynn's manager disputes allegations his actions caused bankruptcy
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NBS Tech Ends Pact To Buy Assets From US Wireless Data
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Tandex Technologies declares bankruptcy
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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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Delaware judge sends Liberate west
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Huron seeks to raise $100 million in IPO
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Digital Lightwave Settles Debt With Jabil Circuit
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Accounting:

Senator Vows to Support FASB Stock Option Reform
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Why Auditors Resign
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U.S. Companies Faster Than European Firms in Closing the Books

Wave of Tax Shelters Could be Unleashed in the Coming Weeks

Bill Closes Loopholes, Includes Corporate Tax Cuts

Deloitte tax chief faces high-profile divorce case

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Some bondholders accepting cash offer, HealthSouth says
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UK:

Workers to Be Compensated for Lost Company Pensions
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Blair strives to avoid pensions revolt
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Government to explain plans for ASW pensioners
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Government to set up 400m pension compensation fund
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TUC warns of union strikes to guard pensions
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Australia:

Govt to overhaul bankruptcy laws
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Elliott sells last rice holding in insolvency's wake
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Australian Govt Moves To Stop Misuse Of Bankruptcy Laws
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EU tax evasion crackdown hit by Swiss secrecy demand

Japan:

Ripplewood expresses interest in MMC
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Italy:

Parmalat's Bondi Confirms Revamp Plan Ready By May 31
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Parmalat rescue plan under scrutiny
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Korea:

2 Bidders for LG Securities
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Asia Needs More Sophisticated Rating System
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France:

Balmain enters bankruptcy protection
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Russia:

Scandal In Sodbusinessbank
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Indonesia:

Amendment to bankruptcy law must include solvency test
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Court annuls company's US debt
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South Africa:

Delinquent Debt Tops R40bn
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