February 24, 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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Lessons Learned the Hardest Way, by Going Belly-Up
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Tower sings the blues
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Steel:

ISG: From bankrupt remnants to top of steel industry
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Slater workers face deep cuts
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Slater Steel unit poised for sale, loss of workers
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Group wants all employers to cover Weirton's debt
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Stelco provides update on restructuring
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Steel group's discount plan: Buy bankrupt, then cut costs
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Corporate Reform:

Rigas' 2B fraud trial opens
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Trial begins in Adelphia fraud case
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First Martha and Tyco, now Adelphia's Rigas clan on trial
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Lawyer for Star Witness Testifies in Stewart Trial
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A Martha Stewart business manager testified Stewart's broker discussed selling her ImClone shares if they fell to $60 or $61
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Cable TV family accused of $1bn fraud
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Four accused execs trade blame
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Aide backs Stewart's story on ImClone share price
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Asbestos:

Book reveals asbestos still has a chokehold on us
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Crown Holdings down 4 percent after unfavorable asbestos ruling
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Bottom line, pad still Guccione's
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Real estate may aid Kmart
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Baltimore Schools Solvency Plan Rejected
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Cable System RCN to File for Bankruptcy
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Newport International Group, Inc. Eliminates Outstanding Debt
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Corrpro Posts Lower 3Q Net, Warns Of Chapter 11 Filing
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Yellow Roadway creditors will make $150M debt placement
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Record Shows Sen. Edwards Backing Business on Key Votes, Including Bankruptcy Reform
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Oglebay Norton Files Chapter 11 Bankruptcy
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American Wagering and Sub File Plan of Reorganization
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Texas charter school files for bankruptcy
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Court Appoints Trustee For Erpenbeck Bankruptcy
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Erpenbeck's money tracked
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Palmer Johnson: Work begins on first post-bankruptcy yacht
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Solutia Sues FMC In Bankruptcy Crt Seeking $322M For JV
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Washington Park reportedly considering bankruptcy
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  Airlines:

United Flight Attendants Receive Support from Senators In Fight to Save Retiree Health Benefits
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Hawaiian Airlines logs another month in the black
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Arrow's debt bought
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Spirit sells majority stake
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Air Canada Provides Update on Restructuring
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Air Canada unions refuse talks on pension changes
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Law:

A Lawyer’s Role Must Be Defined, and Also the Fees
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Chicago Law Partner to Join New York Firm
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US financial results ’03: Kirkland, Weil, Simpson have record years
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Exxon Valdez Case Generates Largest Law Firm Fee Award
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Law Firm Web Sites Raise a Shield of Language
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Clifford Chance is on a campaign against the 500-year-old brief fee
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Dallas-Area Legal Firms Cutting Back on Summer Internships
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Associates find that all pro bono is not treated equally
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Accounting:

Probe of KPMG Widens to Another Firm
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International Accounting Standards Take Hold
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Landwell given cutoff date by SEC
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KPMG Elects Deputy Chair
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Groups fight FASB stock option rule
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Telecoms:

AT&T, MCI settle lawsuit
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FCC's MCI Probe Continues Despite ATT Settlement
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NextWave seeks new reorg deadline
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Energy:

Power company bankruptcy could cripple school funding
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Aquila reloads request for Kansas collateral
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Fannie May: Utah firm to market bankrupt brands
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Greenspan calls U.S. households financially sound
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Consumer debt 'in good shape'
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Greenspan unfazed by Americans' debt
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Two-income families suffer through bankruptcy blues
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Bankruptcy court OKs Aurora Foods' reorganization plan
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New Bankruptcy Opinions
(5 new opinions today) 

Bankruptcy Court Web/Pacer Site Directory

Weird News
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If Footstar Folds, Its Boss Stands To Be $6m Man
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Going For Broke
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UK:

Brad Move
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Administration looms again for Bradford City
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Bank consortium lunges for Drax
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Millionaire vineyard owner facing hard times
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Equitable Life case to go to Europe
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CGE offers to buy Drax from creditors
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Consortium hoping to buy cash-strapped Leeds United
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Current Distressed Companies Update
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Takeover Panel to rock City with war on M&A loopholes
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EU:

Lawyers get thumbs-up to practice throughout EU
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France:

France's wine industry in decline
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Russia:

World Bank to support development of credit bureaus in Russia
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New bankruptcy law to defend debtor rights
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Italy:

Parmalat rescue plan due to be revealed this week
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Parmalat sparks calls for auditor rotation
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Parmalat Dairy Rescue Plan Gets Rid of the Fat
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Parmalat USA Files for Chapter 11
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Parmalat gives birth to single EU watchdog
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Italy Names Committee to Oversee Parmalat's Restructuring
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New Parmalat Targets EBITDA At 3.5% Of Sales By '06
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Indonesia:

Courts make monkey out of Indonesian debt agency
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India:

Noose tightens for defaulters
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Japan:

Cats files for bankruptcy amid management scandal
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Mergers no cure-all for failing firms
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