May 7, 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:

Italy sacks Alitalia bosses
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Alitalia unions, management seen striking quick deal
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Three heads roll as price of union peace at Alitalia
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To rescue Alitalia, Italy fires the board
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Union plan for cost cuts not enough, says Alitalia
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Origin Pacific director confident rescue deal will be passed
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Air war alarm puts easyJet into a dive
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AMR CEO Builds On Strategy 1 Year After Near-Bankruptcy
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Delta Air Lines' Stock Is at Lowest Ebb in Decades
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Oil Prices Squeeze Airlines, But Southwest Can Gloat
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Bondholders Should Lease Former United Indianapolis Base in Pieces, Study Says
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ATA Posts Wider Loss
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Buyout Companies Ply the Skies for Profits
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Enron:

Lea Fastow expresses 'regret' at sentencing
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Ex-Enron official's wife gets year in jail
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Enron's Lea Fastow Pleads Guilty To Tax Crime
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Accounting:

The four Nortel executives put on paid leave amid the firm's accounting woes are the finance chiefs of its operating divisions
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Liu, husband sue accounting firm over tax plan Couple allege Arthur Andersen gave bad advice about fund shelter
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PCAOB Begins Inspections, Partner Pay to be Checked

House Passes Temporary Alternative Minimum Tax Relief

Friedman's CFO Abruptly Resigns
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Economy:

Greenspan reiterates stern deficit warning
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Telecoms:

Hollinet files for bankruptcy
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DOJ expands Arch-Metrocall probe
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Indianapolis: Proposed tech site sold at bankruptcy auction
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Texas Petrochemicals LP Closes New $130 Million Financing Package; Emerges From Chapter 11 Bankruptcy
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Martha Stewart Living posted a sharply wider net loss
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Senate to renew efforts on S 1637
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Conseco shares down 6 percent despite $50 million post-bankruptcy profit
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  Asbestos:

Asbestos Reform Talks End Without Agreement
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Hundreds of asbestos cases at stake in hearing
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Energy:

Power Alliance Gives Up Bid to Acquire Assets of NorthWestern
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Cities set to bid on NWC power utility system
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Law:

Sidley Austin clients round on tax shelter ruling
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Law professor alleged to be sexual predator
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One law firm takes two stances
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FBI arrests U.S. lawyer in Madrid bombings
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Corporate Reform:

Adelphia's auditor accused of deception
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Adelphia Auditors Wanted Rigas Debt Stated In '01
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Trial Under Way for Tyco Ex-GC Mark Belnick
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Feds allege lawyer paid to keep mum
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Eliot Spitzer's probe of insurance brokers is wider than previously known
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Steel:

Bankruptcy Crt OKs Weirton Settlement, Paves Way For Sale
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Solutia:

Retirees sue to ensure they'll get benefits out of Solutia bankruptcy
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Solutia bankruptcy costs county $3 million
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P___ Again
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Shares of Investment Bank Greenhill Rise after IPO
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MissChem files reorganization plan
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Credit Counseling Industry Lawyer Advises Debt Management Organizations to Prepare for Sea Change
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Rose Garden has its thorns
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Federal Signal: Up To $2.9M Exposure In Unit's Creditor Fraud Court Case
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U.S. Plastic Lumber Gets Default Notice From Lender
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Biomedex chief seeks bankruptcy protection
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Withholding payments: often a losing strategy
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Mortgage firm covered all bases in scheme, ex-employee testifies
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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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Life insurance case leads to Ponzi shutdown
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UK:

Personal bankruptcies near 11-year high
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UK Personal Bankruptcy Rates Lower Than Expected In 1Q
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Individual bankruptcy numbers soar
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Ski resorts' owner calls in receivers
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1m Britpop band scam
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'Star Struck' Brit Pop Accountant to Be Sentenced
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Prudential board heckled by protesters over pensions losses
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Still No Eurotunnel Creditor Meeting
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Canada:

Canada Payphone To File Plan By June 17
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Archibald Candy initiates Laura Secord sale process
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Personal, business bankruptcies up in March from Feb
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Korea:

LG Card Has First Profit in 6 Qtrs, Helped by Gain
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Japan:

Arrests darken clouds hovering over Mitsubishi Motors
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Japan's precarious pension plan
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Italy:

Parmalat Prosecutors Investigate Capitalia Chmn Geronzi
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Russia:

New raids on Yukos offices
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YUKOS faces first round in $3.5 bln tax battle
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Indonesia:

House To Discuss Amendment Of Bankruptcy Law Soon
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Israel:

Debtors facing imprisonment for nonpayment seek reprieve from courts
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Mexico:

Iusacell Auditors Say Wireless Company May Be Dissolved
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Australia:

Kaye's empire a 'washing machine'
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