March 12, 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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Banker Greenhill Files to Take Firm Public, Putting His Pay Package on View
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Greenhill looks to go public
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Accounting:

SEC files lawsuit against former Conseco financial officers
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Regulators say profit scheme cost Conseco
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IRS Planning More Audits of Wealthy, Cross Your T's and Dot Your I's
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SEC examines bonuses at Shell
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Qwest Accountant Says He Felt Trapped
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Airlines:

Swiss airline chief quits as he may be targeted in probe
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Bankrupt United rehiring mechanics at huge SFO base
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Hawaiian Air To Continue Operating Aircraft At Reduced Rates
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Air Canada Pension Battle With Unions To Be Heard In Court
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Airline Swiss in more storm clouds with departure of chief executive
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Asbestos:

No Asbestos Deal Yet, But Senate Eyes Vote
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Halliburton Unit Insurers Unlikely To Get More Prep Time
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Congoleum Corporation Reports 2003 Results
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Royal & Sun's asbestos struggle
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Armstrong ponders 175 more layoffs
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American Biltrite Reports 2003 Results
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Energy:

NorthWestern files bankruptcy plan
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PG&E Issues Statement After S&P Indicates the Company and Its Senior Secured Debt Will Be Rated at Investment Grade Levels
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NWC files plan for reorganization
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Rosemont in driver's seat to get riverboat casino
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Harrah's, Isle are top bidders for Ill. casino
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Corporate Reform:

Next: WorldCom's $11 Billion Case
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L.I. caterer has $1M, dream to be Martha
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Martha Good Thing
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Prison no place for lace doilies, haute couture
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SEC moves to broaden, speed up access to data
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Kmart knows risk of keeping Martha, but it's all business
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Stewart Near Deal with Company
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Sarbox: Biovail Executives Got $8 Mln in Loans From Melnyk
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Bank of America May Pay $250 Million in Fund Probe
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Rigas Defense Challenges Ex-Adelphia Exec
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Filling vacancies on corporate boards creates headaches for in-house lawyers
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ImClone Wants $21 Million from Jailed Founder

A precedent looms
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SEC adds 8 items to disclosure list
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Ground Round issues paychecks
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The Senior Debt Crisis
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Debt-Management Tips for Seniors
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Michigan Company Is High Bidder on Bankrupt Calvert City, Ky., Waste Firm
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Bankrupt Spokane, Wash., Mortgage Lender Focuses on Debt-for-Equity Swap
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Chicago: City to help homeowners avoid house foreclosures
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Luster Escape Is Called Coerced
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Lawsuit by bankruptcy trustee alleges Max Factor heir was coerced into fleeing country
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Telecoms:

MCI Restatement to Hit Results
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MCI is expected to disclose that its total accounting fraud reached about $11 billion as the telecom firm provides audited results for 2000, 2001 and 2002
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Supra gets approval for advisor
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Nortel Shares Fall After Company Delays Annual Report
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Enron:

Judge delays Skilling's trial date
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No Trial Date Yet for Ex-Enron CEO
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Beleaguered Enron Drops Plans for Power Plant in Shelby County, Tenn.
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Court Denies Move to Dismiss Charges vs. Ex-Enron Trader
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Enron Says It Won't Build Power Station Near Memphis
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Enron link to Nevada commission at issue
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Steel:

Weirton Noteholders Hire John Correnti to Help Formulate Stand-Alone Plan
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Insolvent Slater Steel to be delisted March 19; stock jumps 61%
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Slater shares race higher, company sees "no value"
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ISG to reopen part of Cleveland plant
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AK Steel expects first-quarter loss; ex-CEO wants $50 million
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Law:

Contract by partner 'to break legs of lawyer'
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Consultants Tell Partners: "Coffee Is for Closers!"
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Partner on the Lam's Litigious Ways Lead to Capture
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Tyson eyes June return to the ring Stephen Wood
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West Dade hospital files for bankruptcy protection
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Small firms forced to drop health benefits, bankruptcy risks increase for employees
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PPL collapses- Is Monsanto Next?
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More Dare deals go belly up
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Jobless white-collar workers fight to get to their feet
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Answers on Outsourcing
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How U.S. tax code encourages companies to send jobs overseas
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U.S. consumer spending helps retail real estate
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Trump's gamble not paying off at casino
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Galey & Lord emerges from bankruptcy
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Spokane: Bankruptcy filings hit record level again
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Retirement Capital Group Comments on Yates vs. Hendon
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"I think we're going to see some bankruptcies in the next few years in the department store sector"
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PET Capital Partners Offers $80 Million to Pay All General Media Creditor Classes in Full
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3rd Circuit Dismisses RICO Suit Against Banks
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President Casinos, Inc. To Evaluate Strategic Alternatives for Biloxi Subsidiaries
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Seventh Circuit Casts Doubt on Common Practice of Paying Critical Vendors in Bankruptcy Cases
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Awaiting buy, Castaways losing some equipment
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Court to hear motion to abandon two Eastern Pulp mills
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New Bankruptcy Opinions
(No new opinions today) 

Bankruptcy Court Web/Pacer Site Directory

Weird News
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Increasingly, red ink tints the sunset years
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Collusion alleged in PurchasePro asset sale
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New Plan Could Dump Guccione
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Penthouse has new reorg plan
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Bankruptcy Court Refuses To Re-Open Virginia Landfill
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Wickes seeks court approval for employee bonus plan
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UK:

Debt-dodge scam 'looks set to rise'
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Telewest sees restructuring deal soon
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Widow hits at lenders after debt suicide
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Clamp on debt management firms
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A handful of cards
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Rich banks 'could halt great pensions robbery'
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UK pension safety fund needs public money
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Canada:

Valentine pleads guilty in U.S.
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Ponzi: Money's gone - and so are Ferrucci, Lacroix
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QFL blasts Air Canada on jet deal
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Italy:

Prosecutors seize ex-banker's cash over Parmalat
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Parmalat Will Probably Keep Australian Unit
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Chile milk producers cut supply to Parmalat unit
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Parmalat Transferred $1 Billion From Brazil Units
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Parmalat Trying to Sell Chocolates Maker
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UBS denies Parmalat investigation
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Bankruptcy Spoils Parmalat USA
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Italy Unveils Post-Parmalat Regulatory Recommendations
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Parmalat developments on March 11
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Czech Republic:

New Bankruptcy Law Ready For Debate In Jan 2005
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Japan:

Kanebo bailout viewed with skepticism by analysts
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Japan Feb Corp Bankruptcies Down 23.8%; 14th Fall In Row
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France:

Rhodia sale fails to quell credit concerns
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South Africa:

Tempers flare at meeting of CNA's creditors
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__________________

Argentina:

Individuals bear cost of default
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Argentina Tries to Show the IMF Who's Boss
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Australia:

Liquidator convenes a One.Tel reunion
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Israel:

Local authorities owe NIS 1 billion in income tax
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________________

Thai TPI Lenders View Debt Plan Change Positively
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