May 25, 2004 

Daily Bankruptcy News

Brought to you by BKINFORMATION.COM - The Source for Business Bankruptcy Information on the Internet 

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Spiegel:

Spiegel Catalog sold for $53.4 million
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Spiegel selling catalog business for $31 million to Michigan-based company
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Spiegel Catalog sold to Pangea Holdings
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Accounting:

Deloitte Must Defend Lawsuit Over Audits for Philip Services
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Trans-Industries Auditor Grant Thornton Steps Down
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SEC Charges Ocumed, Two Execs With Forging Auditor Report
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Shell Reserves Downgraded Again
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Groundhog Day for Royal Dutch/Shell
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Shell seeks to draw a line after fourth cut in reserves
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E&Y faces criminal probe of tax shelters
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Tax avoidance rules to cost Big Four 1m each
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SEC Official Strips Auditors of Tax Fees
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Corporate Reform:

Former WorldCom CEO indicted on new charges
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Ex-WorldCom CEO faces new charges
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Feds Slap More Charges on Ebbers
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Ebbers Hit With 6 New Fraud Counts
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Prosecutor: Adelphia paid for Rigas' private cable buys
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Spitzer Sues Former NYSE Head Grasso
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Text of Grasso Lawsuit
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More Than One Canary Sang
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Spitzer Faces Tough Job In Collecting Grasso Pay: Experts
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Civil Suit Filed Over $187.5 Million Pay Package for Ex-NYSE Chairman Grasso
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Grasso: Will Contest NY Suit in Court
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CEOs cash in
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Pressure building for changes in compensation
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At corporate helm, extra benefits attract, keep high-priced talent
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Martha Stewart to request new trial
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Martha Stewart and the pursuit of a wholesome American jury
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Defense Seeks Swartz Testimony in Tyco Trial
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Wall Street CEOs Dodge Spitzer Bullet
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Bianca Is Spared Apt. Boot
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Pittsburgh: Recovery proposal unveiled
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Parmalat:

Parmalat creditors file suit against BofA, others
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Advocacy Group Is Parmalat Plaintiff
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Parmalat creditors' legal moves gather pace
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Seven firms interested in Parmalat's Uruguayan assets
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Italian prosecutors to call for Parmalat trial
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DVI Creditors Select CapitalSource for Special Servicing of $188 Million Portfolio of Healthcare Loans
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Lawyers for Bankrupt Las Vegas Dot-Com Firm Want Former CEO's Claim Dismissed
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Trial of Former Health Care Mogul Gosman Draws Legal, Financial Community Interest
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Jillian's:

Albany Jillian's sold following company bankruptcy
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New chapter for Jillian's after bankruptcy filing
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Dave & Buster's to buy nine Jillian's locations
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Jillian's enters two deals
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Man pleads guilty to bankruptcy fraud
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Jensco sues National Benevolent Association
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Oglebay Norton Files Disclosure Statement with Bankruptcy Court
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Request for mistrial denied in Hoover case
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Benson firm may get Golf Club of New England
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Houston Judge leaning toward ruling in TSP's favor
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U.S. judge rules government can seek $280 billion from the tobacco industry
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The rise in hospital collection agency "body attachments"
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  Airlines:

Continental fare increase doesn't stick
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Fuel prices risk United loan
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UAL Can't Rule Out Furloughs
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Rising fuel prices to cost United $750M
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More layoffs at United?
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UAL proposes new retiree medical benefits plan
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Flight attendants: No more concessions for US Airways
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US Airways CEO Aims To Finish Labor Negotiations In June
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Boeing Capital To Sell Commercial Finance Unit to GE Commercial Finance
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Turbulence ahead as Air Canada tries to navigate return to profitability
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Trustee: Clear skies ahead for Hawaiian Airlines
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Song's new free ticket promotion could hit some turbulence

Mesa Air Plans a Life After U.S. Airways
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Losses to Persist Even as Airlines Plan Further Firings, Benefit Cuts
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American Airlines, Two Unions Respond to Vote-Eligibility Objections
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Energy:

California Senate passes PG&E refinancing bill
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PG&E Loses Bid to Avoid PUC Probe
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Problems from bankrupt pipeline fire expected to be solved today
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Trial for Ex-Duke Heads Likely
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Asbestos:

St. Paul Travelers Settles Asbestos Claims -- $90 Million
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St. Paul Travelers Settles Asbestos Suits
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Grace says it will file reorganization plan within four months
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Zimbabwe to triple asbestos export earnings this year
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Law:

Godwin Gruber planning July 1 opening for Houston office
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Michael Jackson's Father Hires Lawyer
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Secret Service: Firms Cashing In on Outsourcing Don't Like to Brag
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Overexposure
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Ring bling
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For In-House Attorneys, a 'Limited License' Looks Good
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Rival Firms Team Up to Teach Associates the Art of the Deposition
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Lawyer Fined for Making His 'Disgust' With Judge 'Obvious'
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Sullivan & Worcester LLP Continues to Attract Partners from Large Firms; Recruiting Success Underscores Strength of S&W's Mid-Size Law Firm Model
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Only 9% of global fund managers see an upturn
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Kmart's investors gather as stock soars
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Debtor's Assumption of an Executory Contract Is Really a Shield From Preference Liability
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Amazon sued by Toys 'R' Us
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Dan River Says It Doesn't Comply With DIP Loan Budget
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NBC plays its Trump card
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Trump Resorts expected to meet key debt payment
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Sentencing held in 'phantom cattle scheme'
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Young's cattle scheme had costly ripple effect
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The Babcock Group Retained as Exclusive Financial Advisor by Northeastern Internet Service Provider
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Former Eagle Building chairman gets jail
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Some at Cooker get last check, thanks to founders
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Equity group to buy Lason
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USF Closes Red Star Trucking Unit
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Adelphia Has Through June To Get OK Of Loan Fees
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Court OKs sale of Hotel Syracuse properties
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S&P lowers Monsanto's credit rating on Solutia concerns
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Shopping Centers: Use Clauses Must Be Honored In Tenants' Bankruptcies
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New Bankruptcy Opinions
(3 new opinions today) 

Bankruptcy Court Web/Pacer Site Directory

Recent Ch. 11 Filings
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Weird News
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Kaiser:

Russian RUSAL to pay $10 mln more for Kaiser Jamaica firm
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RusAl Plans To Up Bid For 65% Stake In Alpart Tp $316.2M
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Frantic bidding as Alpart deadline nears
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Best's 34-Year P/C Insolvency Study Finds Industry Remarkably Resilient
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Heavy debts put families in jeopardy of losing all
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UK:

Tiner suffers ridicule over split cap crisis
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Lawyers prepare for repossession rise
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Current Distressed Companies Update
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Banks refuse credit to launch Eurotunnel freight service
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UK debt brings accounts clerks 12% pay hikes
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Victims of the credit culture
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Mexico:

Without Changes PEMEX May Face Bankruptcy in 2005
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France:

EU Wants Alstom to Sell More Assets
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Paris faces hard choice on Alstom
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Japan:

Bankruptcy Law enacted to protect workers
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UFJ President Tamakoshi Has a Year to Halve Bad Loans
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Merrill to Invest 70 Bln Yen in UFJ Bad-Loan Fund
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Banking giants log black ink as stocks rise, bad loans fall
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Shinsei to settle 'fraudulent' sale of resort property
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GIMME GIMME: Shinsei Bank seeks tax money for suit
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IRCJ To Seek Aid From Creditor Banks For Kanebo
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Hong Kong:

Bankrupt group's properties sell for $1b
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Probe sparks personnel moves at Wah Sang -- A liquidity crisis is also deepening
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Korea:

75% of Firms Have No Ratings
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S.Korean groups bid for bankrupt Hanbo Steel
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Hynix owners urged to take $810 mln Citigroup deal
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Germany:

Citigroup loses top banker in Germany
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Australia:

One.Tel witnesses reluctant to travel
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The man who can solve Swiss puzzle
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Kenya:

Court frees grandpa, 87 from debtor's prison
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Singapore:

Synergy debts: creditors offered up to 25% back
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Iraq:

Debt offer depends on sovereignty, says Schröder
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Philippines:

BayanTel receiver opposing equal treatment of creditors
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Court urged to junk rehab case of Universal Rightfield
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Poland:

Green Light From Porta Holding Creditors
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Bulgaria:

Agency Disposes of Bankrupt Carrier's Stake in Ticket Seller Amadeus
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