May 3, 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:

Cautious optimism greets Air Canada plan to find new investor
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How creditors saved Air Canada
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Airline needs OK to find new investor
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Bankruptcy monitor backs Air Canada's fresh investor search
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United CEO says loan is deserved
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Airline collapse hits passengers
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New Delta CEO must rebuild his team
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Delta loses another executive
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Delta Air names new chief financial officer
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Analysts chart UAL's progress through bankruptcy
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Origin Pacific to cut 80 jobs
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Alitalia slowly gets back in the air after strikes
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Strike threatens Alitalia with bankruptcy
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Adapt or die
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NWA attendants cry foul over board seat
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Accounting:

PepsiCo Is Told It May Face SEC Complaint Over Kmart
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Kmart says has already disclosed Pepsi transactions
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Kmart Responds To PepsiCo Notice By SEC Staff
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Global Crossing Stock Tumbles on Auditor Move
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Global Crossing Retains Acctg Firm For Independent Review And Receives Nasdaq Delisting Notification
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The government investigation into whether Coca-Cola engaged in accounting fraud is intensifying
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Accountants can't shelter names of clients from IRS: Waddell & Reed CEO spent $500G
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Judge fines Ernst & Young for allegedly understating net worth
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Judge finds Ernst & Young in contempt of court
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PwC to decide on split cap compensation
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FASB Options Plan Poison to Small Biz
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Watchdog Says Accounting Firms Have Much to Do to Restore Credibility
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Telecoms:

Could Nortel Networks Go Bankrupt?
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How Nortel lost the race to redemption
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RCN Corp.'s bonds rise on bankruptcy hopes
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Corporate Reform:

NYSE's No-tell Nortel
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NYSE Sets Aside Funds Over Grasso Dispute
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Hat Trick: A 3rd Unit of Marsh Under Fire
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Reviewing corporate governance procedures post Shell
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Sentencing Dates for HealthSouth Execs
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MCI Needs To Come Clean, Simply
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Picking a Jury for a Case in the Headlines
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Opposite Portrayals of Ex-Banker at Trial
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Martha Stewart Awarded $500,000 Bonus
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Hollinger plaintiffs to add claims
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Trump:

Trump Hotels' debt payment in doubt
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Trump On Ropes
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$73 million payment may be late; bankruptcy denied
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Trump Hotels Reports $49 Million Quarterly Loss
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Trump Hotels to make payment
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Erpenbeck Pleads The Fifth In Bankruptcy Case
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Wyche reaches 'conditional' settlement in Carolina Investors suit
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Carolina Investors judge delays Owen's trial
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N.C.: State, bank challenge developer's bankruptcy
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Austin: Bradley bankruptcy decision delayed until summer
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Indianapolis: Fall Creek builder files bankruptcy at buyers' expense
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EPIQ Systems Announces Sale of Infrastructure Software Unit
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Bankruptcy Court Approves Process for Resolving Bankruptcy Proceeding by Selling or Refinancing the Anita Terrace Co-Op
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Office Depot to Pay $9.4 Million to Bankrupt Las Vegas-Based Internet Commerce Firm
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Suits target dominant credit bureaus
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Bankruptcy spike delayed reaction to downturn
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America's beef basket turns to dust bowl
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Marvin's files for bankruptcy
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Peregrine Systems Files Annual Report
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Asbestos:

Still waiting for fair asbestos fund
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AsbestosCrisis.Com
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Profits for Lancaster, Pa.-Based Building Products Maker Surge
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Firm's Attempt To Cut Losses Shows Toll Of Asbestos Use
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Asbestos Bill Threatened Again; This Time by Business
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Asbestos continues to cloud the present and the future
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Energy:

Federal Investigation Sheds Light on Gas Trading Tactics by Illinois Utility
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Law:

Fired Staffer Hacks Top Firm's Computers
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Filing Says Bogus Tax Shelters Sold to 1,100
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Big Law Firms Race to Find Space in District
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Judge Backs I.R.S. in Tax Case, Then Accepts Request for a Stay
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Former Head of Collapsed 300-Lawyer Firm Opens Two-Man Boutique
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Litigation Pair Switches Firms ... Again
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Top-Ranked Lobbying Shop Splits Up
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Supreme Court Justice Assaulted, But 'Fine'
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Associates work to gain prize of partnership
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Anything but stodgy: Law firm's office design defies law office stereotype
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Leadership, not management, important to law firm success
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In 'merger,' is Hale and Dorr in fact a takeover target?
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China's IPO boom stretches lawyers to limit
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Paperless, wireless technologies help law firms meet demand of clients and colleagues
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Fee strategies serve as marketing tools for law firms
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The oral defense
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Partner's "Toast" After Game Show Fumble
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New Jersey Law Firm Merger Complete; New Firm: McElroy, Deutsch, Mulvaney & Carpenter, LLP; 4th Largest in New Jersey
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Wireless tech a 'smart' move for attorneys
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Big firms will get bigger
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More law firms organizing along client, industry lines
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Those deep in debt may want to invest in a really good book
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Credit-card debt rises in sea of plastic
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Women First Healthcare Products Firm Files for Chapter 11 Protection; CEO Out
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Economy:

U.S. Readies World for Higher Interest Rates
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What's up Greenspan's sleeve?
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US economy grew 4.2 percent in first quarter; inflation creeps higher
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Pace Of Growth Slower Than Expected
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Jobless Claims Fall Sharply Last Week
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Enron:

Enron Prosecutors Request Anonymous Jury
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Tenants and Landlords Claim Rental-Locator Firms Don't Pay
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Maryland state bar to unveil consumer bankruptcy arm
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Tampa: Hall Printworks ready to emerge from Chapter 11 bankruptcy
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Chip away at bankruptcy rate with education
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Bankruptcy filing jeopardizes refunds
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Hawaii: Startup HotU Inc. collapses
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Filing for Personal Bankruptcy May Not Be the Only Answer
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Bankruptcy ruling affects taxpayers -- Bankruptcy Court Exempts Business From Personal Property Taxes
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Kansas City's Union Station is on verge of bankruptcy
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Bankruptcy judge approves order for sale of Eastern Pulp mills
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Liberate Announces Reorganization Under Chapter 11
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Metropolitan Mortgage:

Grand jury probing Met Mortgage
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SEC probes Metropolitan land deals with Trillium
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Bankruptcy court on board with WNSA sale
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Entercom's record bid wins fight with rival for WNSA
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CashPoint collapse comes as a surprise
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CEO Helps Pull Irvine, Calif.-Based Health Care Firm out of Bankruptcy
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More cuts are likely for former USF&G staff
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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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Creditor Challenges Recoton Chapter 11 Liquidation
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Steel:

Weirton Reaches Tentative Deal Over Sale To ISG
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Steel Giant Affirms Interest in Bankrupt Georgetown, S.C., Mill
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Stelco says it's puzzled by union leader's position on government help
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War of words heating up over Stelco
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Kmart Has Newspapers Feeling Blue
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La Jolla, Calif., Man Gets Prison Term for International Forex Investment Ponzi-Scheme Role
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Westlake, Ohio, Firm to Buy Bankrupt Toledo-Area Vehicle Parts Maker
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Farmland Industries' Plan to Take Effect
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CHS Completes Purchase of Farmland's Ownership of Agriliance, LLC
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Columbus Symphony faces red ink again, even tougher '05
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All bets off for American Wagering
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Winn-Dixie:

Winn-Dixie will bag 156 stores and up to 10,000 jobs
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Struggling Supermarket Chain Winn-Dixie Sheds More Stores
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Winn-Dixie hires Blackstone
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Second Lien Financings - Answers to the Most Frequently Asked Questions
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Texas group makes unsolicited bid for Fleming unit
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Texans are dead last in credit scores among the states
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Gadzooks Won't File Annual Rpt On Time With SEC
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Judge cites NBA's $103 million assets, refuses loan
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Coram Healthcare Equity Panel Amends Chap 11 Plan For Co
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New Ownership Group Likely to Buy Aladdin Hotel-Casino in August
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Fewer go bankrupt in first quarter
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UK:

Soft landing or a crash? House price trends defy any pinning down
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Debt drives millions to drink and gambling
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DTI closes debt firms that cheated vulnerable
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Leeds United's survival hopes bolted by Bolton
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Korea:

Sewon Telecom Files Court Receivership
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Financial Risks Rise for Small Firms
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Japan:

Mitsubishi's new chief faces urgent challenges
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Japan may go through most convincing recovery in a decade
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Russia:

Russia Raises Pressure on Tycoon's Oil Firm: Investors, Analysts Fear Yukos Could Be Driven Into Bankruptcy
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Argentina:

Argentina: a test case
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Canada:

Court Issues Plan Order For Doman
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Canadian cattle industry in 'state of collapse'
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India:

Unsecured Dabhol Liabilities Cross $500 M
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Nauru:

Pacific island rescued from bankruptcy
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Baltics:

European Union membership brings fears of bankruptcy, rising inflation in Baltics
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France:

EU's Monti Set To Scrutinize France Proposals For Alstom
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Singapore:

Singapore opposition politician loses bankruptcy appeal
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Indonesia:

Jakarta judge lifts blight on Prudential
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