August 19 , 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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Accounting:

Parmalat Sues Former Auditors for More Than $10 Billion
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Parmalat sues Grant Thornton, Deloitte over audits, seeks $10 bil.
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Auditing the auditors: Report cards coming
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Parmalat's new management sues audit firms for overlooking fraud
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Parmalat sues auditors for $10bn
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Administrator issues $10bn writ over Parmalat audits
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Final desperate attempts by UK accounting profession to persuade the government of the need for a liability cap
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Deloitte Probe On Nortel Financials Seen
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Auditor Turnover: SEC Seeks 'The Rest of the Story'
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Equity Wins Out Over Liability in FASB Debate Over Options

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Economy:

Crude Rockets to All-Time High of $47.50
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Corporate Reform:

Freddie Mac Says SEC May Seek Injunction After Restatement
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Citigroup faces probe over bonds
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White-Collar Wizard
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Lawsuits challenge unequal fund fees
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SEC Seen Banning Two-Decade Old Mutual Fund Practice
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Energy:

California sues Mirant, alleges energy scheme
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All Star Gas Corporation Emerges From Chapter 11 Protection
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Wild Oats Struggles in Natural Foods Market
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Gap's Turnaround Loses Momentum as Quarterly Sales Growth Slows
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Ed Lampert and the Allure of Kmart's Capital
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How to label Kmart is not a simple task for wary investors
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Former U.S. Banker to Become Pakistan Prime Minister
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Goodyear Announces Closing of $680 Million Credit Facility
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Scammers aim at people needing credit
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Aladdin deal clears FTC review
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Don't Let Credit Card Debt Ruin Retirement
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Penthouse Files Suit Vs NAFT Ventures, Alleges Fraud
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Penthouse Responds to Bell Group Misleading Press Release
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Telecoms:

Parts firm turns screws on Nortel
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S&P cuts Leucadia debt ratings to junk
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Leucadia prepares for MCI bid
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Does Leucadia-MCI make sense?
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Ill winds have shifted more of the insurance burden to policyholders
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Massey Energy Buys Some Horizon Natural Res Assets
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Miners' union unhappy with Massey purchase of mines
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Trustee Can't Use IRS Rights to Reach Debtor's Home
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Airlines:

Delta plans more job cuts, CEO eyes restructure
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Delta Takes Steps To Avoid Chap. 11
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Delta looks to restructure debt as secrecy surrounds key meetings
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Delta seeks permission to buy back certain bonds
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Will Delta survive in SLC?
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Delta CEO presents long-awaited plan to board
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Delta presents plan to avoid bankruptcy
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ATA Holdings could be headed for bankruptcy-analyst
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US Airways Chairman: Liquidation Possible
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US Airways turns to Capitol Hill
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US Airways boosts pressure on pilot pay, fly time
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The global airline industry is struggling to cope with the surge in oil prices, even with the use of fuel surcharges and hedging
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United, unions set for showdown
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United Airlines faces strike at Heathrow
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Airline boosts pressure on pay
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Talks to avoid BA strike resume
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Air Canada caterers walk out in Vancouver
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Air Canada Stock Plummets on Review
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Intelsat widens further on S&P news
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Hess Collection sues former executive - Winery alleges fraudulent transactions
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Law:

Fewer Trials, More Tribulations
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Bush names Jones Day partner as FTC head
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Freshfields forecasts turnover and profit growth
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Young Associates Find It Harder to Get Time in Court
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Classes Start Monday at Jerry Falwell's New Law School
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Tapes Show NY Judge Taking Cash, Saying "I Don't Give a S___" About His Job
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Four Insurers Ordered to Honor Broad Discovery Requests
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Four Senior Litigators Join Pillsbury Winthrop's Los Angeles Office
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Cost Recovery Systems: Out of Pocket, Out of Mind
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Trump:

Trump Is Chairman Of The 'board'
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Donald Trump's newest business venture is a board game
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Trump Goes Yahtzee!
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Eddie Bauer said to be delaying sale
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Fund pessimism grows
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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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Asbestos:

Bush 'Reckless' on Post-9/11 Health Risks
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Notification of Voting Rights, Deadlines and Hearing to Confirm Plan of Reorganization in Chapter 11 Reorganization of Federal-Mogul Corporation, T&N Limited, and Affiliated Companies
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Oglebay Norton Suitors Say May Increase $451M Bid
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Keith Walsh Named First Public Interest Fellow in Consumer Bankruptcy Law and Financial Literacy
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How Cheney Left With $35M Before Halliburton Probe
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NACM Discussion and Position Briefing on Federal Legislative Issues 2004
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Scuffle over Impath interest rates
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Candidate's bankruptcy causes tumult
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Scovill medical benefits at issue -- Pensions are safe despite successor's bankruptcy move
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Mooney Aerospace faces bumpy flight -- Being two days late may have cost the bankrupt group the support of its unsecured creditors
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Successor to former industrial giant seeks bankruptcy protection in New York
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Garden Ridge gets OK on amended DIP
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UK:

Ban for director of failed company
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Korea:

Banks Urged to Play Active Role in Reviving Economy
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Russia:

YUKOS Trials Grind On, Unlikely to Bring Respite
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China to pay Yukos rail fees to ensure oil shipments
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Yukos sells stake in Rospan
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Japan:

Wal-Mart to enter bid to rescue Japanese retailer Daiei
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Wal-Mart 'targets Japan retailer'
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UFJ racing to write off bad loans before merger
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Court declares foundation bankrupt
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Poland:

Court debt threat forces Elektrim to sell telecoms sectors
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Hong Kong:

Plastic debt write-offs fall
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Singapore:

Builder staves off wind-up with repayment plan
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Israel:

Judge: Loan shark debtors may not declare bankruptcy
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Right-wing Israeli Politician Flees To U.S. To Escape Creditors
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