June 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

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Enron:

Enron reorganization plan goes to judge today
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Enron tapes back case for refunds, Snohomish utility says
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Lockyer says he'll sue Enron
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Lockyer Suit to Accuse Enron of Manipulating State Power Market
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Enron bankruptcy marathon heads into Homestretch
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Enron's sordid 'heart, soul' revealed
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Just before trial, an earful about Enron - With video
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Enron bankruptcy hangs on court ruling
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California shortages a joke to Enron
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Enron 'cashed in on power crisis'
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Enron Tapes Anger Lawmakers -- " I'm just trying to be an honest camper so I only go to jail once."
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Nevada utilities want court to cancel Enron contracts
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Nevada Power appeals power contract decisions
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Telecoms:

Nortel Progresses in Accounting Probe
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Lawyer for Ex-WorldCom CEO Seeks Delay
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Leap Appoints William Freeman as Chief Executive Officer of Cricket Communications, Inc.
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Corporate Reform:

Adelphia founder's defense wraps fast
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Reliant avoids vote on stock options
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Wachtell Lipton hauled into Grasso controversy
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Forstmann claims influence at telcos
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Lawyer Testifies for Prosecution in Belnick Trial
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Eliot Spitzer, the Unloved Crusader
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More Scrutiny for Credit-Rating Agencies
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Steel:

ISG is making steel where failure loomed
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Accounting:

Adecco hit with 67m audit bill
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Firm Administrators' Top 'Survival' Tips
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IRS Accused of Failing to Aggressively Track Tax-Exempt Organizations
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Accounting and Finance Job Hiring Expected to Increase in Third Quarter
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Defenses to Preference Actions
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Model firms will ante up
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Industry slows to a troubled trot
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Federal judicial services in peril -- Bankruptcy Court may have to operate with 10 percent less money
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Carolina Investors: Owen trial to remain in Greenville
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Greenspan is vague on extent of rate rise
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Settlement checks in implant case go out June 15
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Monsour's county tax bill remains past due
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Toys R Us CEO looks to turn around ailing stores
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Calpine Comments on Solutia Contracts
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Penn Traffic's monthly losses shrink in April
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Banking and Financial Markets Litigation Commentaries
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Shipping Firm Workers Remain Unpaid as Executives Point Fingers
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Lincoln, Maine Paper Mill to Reopen Its Doors
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  Airlines:

Judge Tells UAL, Retiree Groups To Continue Negotiating
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United retirees rap cutbacks
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Air Canada CEO Milton Takes Salary Cut
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Is It The End Of Cheap Flights?
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Airline Execs Pessimistic for Future
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Airlines Take Their Problems to Congress
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Air Canada to cut 250 jobs, further reduce CEO's pay
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Plane maker Mooney bought
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Airlines can look to retail for lessons
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US Airways asks agents to give up $122 million
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Goldman hires CSFB's Narain -- may be angling for major restructuring mandates
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Asbestos:

ABB Seeking End to U.S. Legal Battle Over Asbestos Settlement
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ABB awaits court ruling on asbestos plan
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ABB rises on talk asbestos settlement deal is near
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Second Circuit Interprets New York's Fraudulent Conveyance Statute to Exclude Asymptomatic Asbestos Plaintiffs From Solvency Analysis
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Law:

Lawyers Find New Careers Among the Stacks of Law Libraries
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With rising premiums, high deductibles and bare-bones policies, attorneys are finding very little to celebrate in a continuing "hard market" for professional liability insurance
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Inflation-busting fee increases in sight as firms turn the screw
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20 Simple Ways to Spruce Up Your Web Site
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Participate in Hildebrandt Law Department Survey
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Attorney Found Liable for Firm's Taxes Despite Lack of Partnership Pact
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Baghdad, in Slow Motion
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Lathams shakes up LA management
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Morgan Chu Assumes Leadership of Irell and Manella"s Litigation Group
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Akin Gump Bankruptcy Partner Moves to White & Case
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Paul Hastings Associate's E-Mail Flame Sets Bridge Ablaze
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A 'Serious' Dispute Over Lawyer's Service Mark Slogan
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Summer Associates: Smooth Sailing on the Social Scene
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Law firms need to stop working as disparate individuals, begin to see themselves as part of a team
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NY Litigator's Behavior Not Bad Enough to Toss $16 Million Verdict
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Weil Hires Former Delaware Supreme Court Judge
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Milbank ushers in Freshfields to advise on 9bn M&S offer -- Did not have the capability to run a 9bn takeover bid alone
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McDermott raids Clifford Chance to bolster New York structured finance practice
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E-billing in UK ready to take off
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Chief of U.S. attorneys office named
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Pegasus Unit Files for Chapter 11
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DirecTV-Pegasus Battle Continues
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U.S. Jobs Index Points to Cooling in May
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Foundation behind fitness machines tells schools to be patient
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Cattle buyers sentenced to jail time in Missouri 'Phantom cattle scheme'
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New York Court Holds That Allegations Showing a Preexisting Relationship Between a Company and the Leading Underwriter of Its IPO Sustain a Cause of Action for Breach of Fiduciary Duty
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New Bankruptcy Opinions
(5 new opinions today) 

Bankruptcy Court Web/Pacer Site Directory

Recent Ch. 11 Filings
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Weird News
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Banks, Audit Firm Battle Over Millions Lost on Loan
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Supreme Court Invites Borrowers to Refinance at Prime Plus 1.5%
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Myers named new Chief Bankruptcy Judge for Idaho
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N.Y. Panel Overturns 81 Guilty Counts in Insider Trading Case
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Aerospace, Defense Sectors Face Headwinds
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S&P may still cut American Seafoods ratings
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Seitel Files Amended Balance Sheet
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IMF: Financial crises need quick response
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Dave & Buster's Saves Competitor, to Buy 9 Entertainment Complexes
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UK:

Court settles senior creditor insolvency rights
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Marks & Spencer wins law firm tiff
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Marks & Spencer brings in big guns
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UK credit card charge-offs seen rising
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Green set to replace Freshfields within hours
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Japan:

Mitsubishi Shares Hit Low on Recall Woes
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Mitsubishi apologizes for cover-up
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Korea:

Credit Defaulters Relieved of Pension Burdens
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S.Korea's Ssangyong Mtr creditors resume sale talks
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Australia:

Administrators appointed to Margaret Fulton Kitchens
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More time for Gympie Gold rescue
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Italy:

Parmalat insolvency dispute heads for ECJ
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Argentina:

Argentina makes a better offer to creditors
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Argentina's Offer Insults Its Bondholders
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Argentine Bondholders Swiftly Reject Debt Restructuring Offer
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Argentine debt offer disappoints
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France:

Hanging by a thread... the fashion house that dressed Brigitte Bardot
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Russia:

Gazprom is not going to buy YUKOS
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Moscow collapse part of wild west banking
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Yukos Proves a Slippery Slope
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Russian officials launch new search at Yukos
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Japan:

Cash-strapped Japanese desert luxury dining -- and dating
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Nauru:

Corruption, poor investing have bankrupted Nauru
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